GPT GROUP - Interim / Quarterly Report 2019

==> picture [195 x 533] intentionally omitted <==

2019 Interim Result

==> picture [150 x 43] intentionally omitted <==

==> picture [194 x 533] intentionally omitted <==

Agenda

3 2019 Interim Result Highlights | Bob Johnston

6 Financial Summary & Capital Management | Anastasia Clarke

10 Office & Logistics | Matthew Faddy

19 Retail | Chris Barnett

24 Funds Management | Nicholas Harris

26 Summary & Outlook | Bob Johnston

2019 Interim Result

==> picture [66 x 54] intentionally omitted <==

RESULTS PRESENTATION

==> picture [189 x 160] intentionally omitted <==

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

Our Strategic
Focus
----- End of picture text -----

Delivering attractive returns

- Growing our Office & Logistics portfolio
- Retaining high weighting to NSW and VIC markets
- Increased the development 5yr avg. NTAps growth 8.2% pipeline to an expected end value 5yr avg. FFOps
of over $1.6 billion growth 4.3%
- Total Assets Under Management of $24.8 billion 5yr avg. DPS growth 4.6%

==> picture [557 x 159] intentionally omitted <==

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

Shifting our 2010 2019 1 FOCUS GROUP EARNINGS
strategic SYDNEY & MELBOURNE COMPOSITION
asset
allocation Office32% Logistics Office41% Logistics16% NSW Office Logistics15%
9% 53% 37%
30 June VIC 30 June
2019 35% 2019
Funds Retail
Retail59% Retail43% 2%NT QLD10% Management6% 42%
1. Portfolio metrics includes acquisitions concluded post balance date
----- End of picture text -----

Executing on growth strategy

Office and Retail Darling Park Acquisition & Developments Development Opportunity
Expected end value of $800 million Expected end value, including Cockle Bay Park development, of >$1 billion[1] + Darling Park 1&2 and Cockle Bay Wharf - 25% interest in the premium Sydney CBD $2.1 billion office and retail complex with an initial yield of 5.3% and average fixed
32 Smith Street, Parramatta, office rental growth profile of 4.0% per annum development - Expected yield on cost of approximately6.75% and an end value >$300 million6.75% and an end value >$300 million + Cockle Bay Park Development - 25% interest in a $2 billion landmark Sydney CBD office development opportunity that will provide future growth with an expected IRR of >12%. Development cost of approximately $400 million (GPT’s share)
300 Lonsdale office development Growing GPT’s Investment in - Expected yield on cost of >6.5% and an Logistics

Expected end value of $800 million Current + 32 Smith Street, Parramatta, office development

Expected yield on cost of approximately6.75% and an end value >$300 million6.75% and an end value >$300 million
Proposed
- 300 Lonsdale office development
Expected yield on cost of >6.5% and an end value of $200 million
- Subject to securing a pre-commitment
Melbourne Central retail expansion Expected end value of >$800 million - $70 million expansion and an expected + Western Sydney logistics acquisitions yield on cost of >6.5% - Acquisition of 5 assets for $212 million with an initial yield of 5.4%
- Melbourne Central retail expansion
- - Truganina, Melbourne logistics development - Stage 1: 26,400sqm uncommitted development targeting a yield on cost of >6%, with 5 future stages planned
- - Wembley Business Park, Brisbane logistics development
- Rouse Hill Town Centre, Sydney, retail expansion
$200 million expenditure with an expected yield on cost of > 6 .0 %
Commencing construction of three new facilities, two of which are pre-committed to an international logistics company, with an expected yield on cost of >6%
- Western Sydney Logistics Opportunity - Secured 50,000sqm fund-through opportunity
- Future acquisitions - Target an average of $200 million per annum of investment assets and replenish land bank
GPT direct interest

The GPT Group | 2019 Interim Result | 12 August 2019 4

RESULTS PRESENTATION

==> picture [550 x 323] intentionally omitted <==

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

2019
Consistently delivering strong returns
Interim
Result 2.0% 4.0% $5.66 9.6%
FINANCIAL FFO GROWTH DISTRIBUTION NTA PER TOTAL
HIGHLIGHTS PER SECURITY GROWTH PER SECURITY RETURN
SECURITY UP 1.4 PER CENT
Investment
Portfolio Portfolio Revaluation $
95.7% 131M
occupancy [1] gains
Like for like 3.5% Weighted Average 4.99%
income growth Capitalisation Rate [1]
161 Castlereagh Street, Sydney
1. Portfolio metrics includes acquisitions concluded post balance date
----- End of picture text -----

Finance & Treasury

Interim Result 2019

RESULTS PRESENTATION

Financial Summary

6 Months to 30 June ($ million)	2019	2018	Change
Funds From Operations (FFO) Valuation increases	295.9 130.8	289.4 456.7	2.2%
Treasury instruments marked to market	(82.3)	(8.9)
Other items	8.2	(8.7)

Net Profit After Tax (NPAT)	352.6	728.5	(51.6%)
Funds From Operations (cents per stapled security)	16.36	16.04	2.0%
Funds From Operations (FFO)	295.9	289.4	2.2%

Maintenance capex Lease incentives	(30.8) (23.0)	(26.7) (29.8)
Adjusted Funds From Operations (AFFO)	242.1	232.9	4.0%
Distribution (cents per stapled security)	13.11	12.61	4.0%

$ 352.6M

STATUTORY NET PROFIT AFTER TAX

2.0% FFO PER SECURITY GROWTH

4.0% DISTRIBUTION PER SECURITY GROWTH

Segment Result

6 Months to 30 June ($ million)	2019	2018	Change	Comments
Retail	157.3	157.8	▼(0.3%)	Operations net income up 0.8% due to fixed rent increases offset by lower turnover rent, downtime and a lower development contribution.
Office	138.7	133.5	▲3.9%	Strong comparable income growth of 6.5% driven by leasing success and fixed rental reviews, offset by lost income from the sale of MLC Centre.
Logistics	57.1	57.8	▼(1.2%)	Operations net income up 9.8% driven by acquisitions and development completions, offset by a lower development contribution.
Funds Management	22.7	21.1	▲7.6%	Strong growth due to an increase in assets under management.
Net Income	375.8	370.2
Net interest expense	(59.5)	(58.8)	▲1.2%	Higher average debt levels offset by lower average cost of debt.
Corporate overheads	(14.4)	(14.0)
Tax expense	(6.0)	(8.0)
Corporate	(79.9)	(80.8)
Funds From Operations	295.9	289.4

RESULTS PRESENTATION

Capital Management

- Conservative gearing policy of 25-35% with preference to be below 30%
- Successfully completed $867 million equity raising to fund acquisition and growth opportunities
- Hedging reduced following the sale of MLC Centre
- Increased liquidity to $1.4 billion
- Issued US$400 million US Private Placement for an average term of 12.9 years and margin of 170 basis points
- S&P A and Moody’s A2 credit ratings

Key Statistics	Jun 2019	Dec 2018
Net tangible assets per security	$5.66	$5.58
Net gearing1	22.0%	26.3%
Weighted average cost of debt	3.8%	4.2%
Weighted average term to maturity1 Interest cover ratio Credit ratings (S&P / Moody’s)	8.2 years 6.0x A / A2	6.3 years 5.7x A / A2
Drawn debt hedging1	75%	83%

Proforma for transactions post 30 June

==> picture [341 x 276] intentionally omitted <==

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

Domestic bank debt
Sources of 2%
CPI Bonds Foreign bank debt
Drawn 2% 5%
Secured bank debt
Debt 3%
As at 30 June 2019 [1] Commecial Paper
9%
Bank Debt
USPP 10%
47%
Debt Capital
Markets
90%
Domestic MTNs
24%
Debt
Maturity Foreign MTNs8%
Profile 800
As at 30 June 2019 [1] 700
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 1H 2H
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities
$ millions
----- End of picture text -----

Office & Logistics Interim Result 2019

RESULTS PRESENTATION

Office Highlights

==> picture [497 x 221] intentionally omitted <==

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

Portfolio Size &
$ Geographic Exposure [1]
6.5% 10.9% 114.8M
PORTFOLIO TOTAL PORTFOLIO VALUATION
LIKE FOR LIKE RETURN UPLIFT Office Retail
$6.3bn
INCOME GROWTH (12 MONTHS) $5.9bn
Sydney 59%
Key Melbourne 31%
Brisbane 10%
Highlights
+ Office valuation gains driven by Melbourne and Sydney assets, WACR of 4.94% [1]
+ Portfolio occupancy of 97.1% [1] and WALE of 5.0 years [1]
+ Operations Net Income up 3.6% to $137.7 million as result of strong like for like portfolio Logistics
growth and including the effect of acquisitions and divestments $2.3bn
+ Divested MLC Centre for $800 million and acquired stake in Darling Park 1 & 2 for
$531.3 million
+ Leases signed totalling 37,900sqm and terms agreed for a further 78,900sqm
+ Low vacancy in key markets of Sydney and Melbourne
----- End of picture text -----

Portfolio metrics includes acquisitions concluded post balance date

The GPT Group | 2019 Interim Result | 12 August 2019

Space&Co., 530 Collins Street, Melbourne

Office Valuations & Market Fundamentals

- Market rental growth has driven over 70% of valuation uplift

Office Portfolio

$ 114.8M

- Gains led by Melbourne Central Tower, 181 William/550 Bourke Streets and Australia Square
- Sydney and Melbourne experiencing low vacancy, with the Brisbane market improving, supporting effective rental growth in the 12 months to June 2019
- An increase in supply is expected, however, vacancy rates are forecast to remain below long term averages

VALUATION UPLIFT

Net Supply vs Vacancy Rate by Market

==> picture [248 x 129] intentionally omitted <==

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

sqm Net Supply (LHS) Vacancy Rate (RHS) Vacancy Rate - 10y Avg.
300,000 20%
250,000
15%
200,000 12.8%
150,000 7.8% 7.6% 11.0% 1 10%
100,000 4.1% 1 3.8% 1
50,000 5%
0
0%
-50,000
-100,000 -5%
Sydney CBD Syd CBD Melbourne CBD Melb CBD Brisbane CBD Bris CBD
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
----- End of picture text -----

==> picture [133 x 11] intentionally omitted <==

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

Source: Data includes all grades; JLL Research, GPT Research.
1. Vacancy rate as at 2Q19
----- End of picture text -----

==> picture [258 x 141] intentionally omitted <==

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

Prime Net Effective Rental Growth by Market 12 Month
Growth
$/sqm pa
$900 Sydney CBD 3.4%
$800 $835 3.4%
$700
$600
$500 Melbourne CBD 2.7%2.7%
$400 $386
$300 $275
$200 Brisbane CBD 4.6%
$100 4.6%
Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19
----- End of picture text -----

The GPT Group | 2019 Interim Result | 12 August 2019

RESULTS PRESENTATION

Office Leasing

==> picture [315 x 62] intentionally omitted <==

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

97.1% 5.0year 116,800sqm
PORTFOLIO WALE BY TOTAL LEASING VOLUME
OCCUPANCY [1] INCOME [1] Including 78,900sqm of terms agreed
----- End of picture text -----

- Renewals secured with Nine, William Buck, Sunsuper, Morgans Financial
- New Leases and expansions agreed with Momentum Energy, Heinz, Adobe and Amazon Web Services

==> picture [502 x 120] intentionally omitted <==

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

16% 0.6%
53,300sqm
Leasing Volume GPT Average GPT Vacancy
Incentive (inc. HoA)
Signed Leases Terms Agreed Signed Leases Terms Agreed Signed Leases Terms Agreed
14,100sqm 39,200sqm 16,600sqm 23,000sqm 7,200sqm 16,700sqm
Melbourne Sydney Brisbane
----- End of picture text -----

Portfolio metrics includes acquisitions concluded post balance date

The GPT Group | 2019 Interim Result | 12 August 2019 13

Darling Park Acquisition

==> picture [73 x 110] intentionally omitted <==

==> picture [101 x 45] intentionally omitted <==

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

$
531.3M
PURCHASE PRICE
----- End of picture text -----

==> picture [101 x 34] intentionally omitted <==

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

5.3%
----- End of picture text -----

INITIAL YIELD

Metrics reflective of Office component, excludes Cockle Bay Wharf
- Acquisition of a 25% interest in Darling Park 1 & 2 and Cockle Bay Wharf has been completed
- Two premium grade assets in central Sydney together with the attractive Cockle Bay Park development opportunity
- In close proximity to transport hubs and bordering Darling Harbour waterfront

99.7% OCCUPANCY[1]

5.6year WALE[1]

==> picture [242 x 170] intentionally omitted <==

Blue-chip occupiers CBA, IAG and Adobe

101,900SQM OFFICE

==> picture [126 x 55] intentionally omitted <==

9,800SQM RETAIL

==> picture [238 x 46] intentionally omitted <==

RESULTS PRESENTATION

Office Development Pipeline

==> picture [259 x 116] intentionally omitted <==

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

Artists impression
----- End of picture text -----

Cockle Bay Park, Sydney

- The Stage 1 Development Application for Cockle Bay Park has been approved by the Independent Planning Commission
- Next stage will involve an international design competition
- Targeting commencement in 2022
- Project will deliver approximately 63,000sqm of office space together with a 10,000sqm retail and entertainment precinct
- Expected end value of ~$2 billion with a development IRR >12%

300 Lonsdale Street, Melbourne Central

==> picture [126 x 97] intentionally omitted <==

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

Artists impression
----- End of picture text -----

- Seeking pre-commit for 20,000sqm complex above retail centre to be delivered in 2022
- Further enhance Melbourne Central as a dominant mixed use precinct. Office building connects with proposed rooftop entertainment and dining precinct
- Expected yield on cost for office component >6.50% and end value in excess of $200 million

32 Smith Street, Parramatta

==> picture [127 x 92] intentionally omitted <==

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

Artists impression
----- End of picture text -----

- Construction underway, due for completion in late 2020
- QBE pre-commitment across 13,600sqm, representing 51% of NLA
- Expected yield on cost of ~6.75% and an end value in excess of $300 million
- Parramatta office market experiencing record low vacancy rates, limited uncommitted supply

Logistics Highlights

2.2% 16.9% SQM 121,300 PORTFOLIO TOTAL PORTFOLIO LEASES LIKE FOR LIKE RETURN SIGNED INCOME GROWTH (12 MONTHS)

Key Outcomes

Portfolio Size & Geographic Exposure[1]

Office Retail $5.9bn $6.3bn Sydney 69% Melbourne 22% Brisbane 9%

- Acquisition of five investment assets in Western Sydney for $212 million and development land for $51.5 million
- $70 million development completed and $200 million of projects underway
- Operations Net Income up 9.8% to $56.9 million as a result of underlying portfolio growth, acquisitions and developments

Logistics $2.3bn

- Portfolio occupancy of 93.4%[1] and long WALE of 7.4 years[1]
- Valuation uplift of $51.4 million and WACR of 5.54%[1]

50 Old Wallgrove Road, Eastern Creek, Sydney

Portfolio metrics includes acquisitions concluded post balance date

The GPT Group | 2019 Interim Result | 12 August 2019

RESULTS PRESENTATION

Logistics Portfolio Performance

$ 51.4M >70% 34 VALUATION UPLIFT TENANTS ASX LISTED ASSETS / GLOBAL ENTITIES

148,300SQM TOTAL LEASING VOLUME Including 27,000sqm of terms agreed

- Eastern seaboard industrial markets continue to experience above average take-up levels and contractions in vacancy which is providing ongoing growth in rentals
- Demand has been underpinned by healthy state economies, infrastructure spending and ongoing demand shifts driving the requirement for supply-chain improvements

==> picture [303 x 225] intentionally omitted <==

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

50 Old Wallgrove Road, Eastern Creek
Eastern 1,400,000sqm Gross Take-Up Take-Up 10y Avg. Vacancy
Seaboard 1,200,000
Industrial: 1,000,000
Gross 800,000
600,000
Take-Up 400,000
and 200,000
Vacancy 0
Sydney Sydney Melbourne Melbourne Brisbane Brisbane
2014 2015 2016 2017 2018 2019 YTD 2014 2015 2016 2017 2018 2019 YTD 2014 2015 2016 2017 2018 2019 YTD
----- End of picture text -----

Logistics Portfolio Growth

Brisbane, QLD

Underway $75m | Active Pipeline $75m

Berrinba

- Pre-commitment with international logistics company across 20,500sqm, due for completion 1H 2020
- $282 million of acquisitions and development completions across six assets in Western Sydney, increasing exposure to 69%[1]
- Speculative development of 14,400sqm on adjoining lot
- Remaining land has the ability to deliver ~39,000sqm of logistics space
- $200 million of developments currently underway

==> picture [131 x 150] intentionally omitted <==

Sydney, NSW

- Landbank replenished with strong pipeline with ability to deliver projects with an end value of ~$240 million

Acquisitions & Development Completions $282m

Western Sydney

- Three assets with strong lease covenants, WALE of 6.8 years Erskine Park
- Two assets adjacent to existing estate, WALE of 10.4 years + Settled post period in July 2019

Eastern Creek

Melbourne, VIC

- Practical completion of 50 Old Wallgrove Road reached in January 2019, fully leased to 2027

Underway $36m | Active Pipeline $164m

Underway $89m

Truganina

- Acquired 15ha site on deferred settlement terms adjacent to the site acquired in 2018

Western Sydney

- Fund-through of a new 50,000sqm development on a 10 year lease
- Combined 23ha site has the capacity to deliver ~140,000sqm of prime space

Yennora

- Commenced 26,400sqm speculative development, due for completion in 2H 2019
- Pre-leased 4,800sqm development, activating surplus land at 38 Pine Road, to be completed in 1H 2020 The GPT Group | 2019 Interim Result | 12 August 2019 18 18
Portfolio metrics includes acquisitions concluded post balance date

RESULTS PRESENTATION

Retail

Interim Result 2019

Retail Highlights

==> picture [315 x 108] intentionally omitted <==

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

1.4% 99.5% $
11,512
PORTFOLIO PORTFOLIO SPECIALTY SALES
LIKE FOR LIKE OCCUPANCY PRODUCTIVITY
INCOME GROWTH PER SQUARE METRE
Key Outcomes
----- End of picture text -----

- Retail segment FFO contribution of $157.3 million, for 6 months to June, in line with 2018
- Total portfolio return for 12 months to June 2019 of 6.5%
- Portfolio valuation declined by $35 million for 6 months to June 2019, WACR[1] of 4.86%
- Comparable income growth impacted by the underperformance of Casuarina given the challenging economic conditions in Darwin
- Melbourne Central ranked most productive shopping centre in Australia
- Sunshine Plaza development successfully completed with the opening in March 2019

Portfolio Size & Geographic Exposure

==> picture [182 x 193] intentionally omitted <==

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

Office
$5.9bn Retail
$6.3bn
NSW 41%
VIC 44%
QLD 10%
NT 5%
Logistics
$2.3bn
Melbourne Central, Melbourne
----- End of picture text -----

Weighted Average Capitalisation Rate

RESULTS PRESENTATION

Retail Sales

==> picture [564 x 273] intentionally omitted <==

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

Portfolio MAT Growth by Category
0.7% 9.0%
TOTAL SPECIALTY MAT GROWTH 5.7% 4.9% 4.5%
2.7% [3.4%] 2.5% 1.9%
1.0% 0.7%
SPECIALTY SALES PRODUCTIVITY (<400sqm)
-0.7%
-4.3% -4.4%
$11,512 1.0% -5.4% -5.7% -10.9%
Specialty Sales Specialty Sales
per sqm per sqm growth
SPECIALTY MAT GROWTH
SPECIALTIES >400sqm SPECIALTIES <400sqm
3.2% %
(0.1)
Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong)
Total centre Department Stores DDS Supermarkets Cinemas Total Specialties Food Retail Tech & Appliances Health & Beauty Homewares Leisure Dining Retail Services General Retail Fashion, Footwear & Accessories Jewellery
----- End of picture text -----

Retail Leasing

Strong portfolio Quality portfolio occupancy with new retailer demand

Unique retailer offers responding to customer trends

New F&B precincts at both Melbourne Central 247 58 and Charlestown which LEASING DEALS NEW RETAILERS are due for completion completed 1H 2019 introduced in second half of 2019

Portfolio Occupancy	JUN 2019 99.5%	DEC 2018 99.6%
Retention Rate	70.8%	71.3%

Avg. Annual Fixed Increase1,2	4.8%	4.7%
Avg. Lease Term1,2	4.8 years	4.7 years
Leasing Spread2	(0.7%)	0.2%
% Debt of Annual Billings	0.6%	0.4%
Specialty Occupancy Cost2	17.1%	16.9%

New leases 2. Specialties <400sqm

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

Growing network of existing retailers

==> picture [81 x 24] intentionally omitted <==

==> picture [57 x 22] intentionally omitted <==

==> picture [43 x 25] intentionally omitted <==

New retailers opening stores

==> picture [53 x 54] intentionally omitted <==

==> picture [63 x 53] intentionally omitted <==

==> picture [70 x 23] intentionally omitted <==

Non retail usages | online to physical

==> picture [55 x 51] intentionally omitted <==

==> picture [57 x 30] intentionally omitted <==

==> picture [50 x 23] intentionally omitted <==

The GPT Group | 2019 Interim Result | 12 August 2019 22

RESULTS PRESENTATION

Retail Development

Melbourne Central

Continued progression on the proposed $70 million rooftop retail expansion including approximately 7,000sqm of retail over two levels

- Expansion of leisure and entertainment precinct including dining, education, wellness and retail markets
- Pre-leasing well progressed with 30% of income secured
- Planning Approval expected end 2019
- Forecast Return | ~ 6.5% stabilised yield
- Target Commencement | early 2020

==> picture [282 x 18] intentionally omitted <==

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

Rouse Hill Town Centre
----- End of picture text -----

==> picture [282 x 103] intentionally omitted <==

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

Rouse Hill Town Centre expansion and TOD - artists impression
----- End of picture text -----

Approximately $200 million expansion, including additional retail and commercial space totalling ~20,000sqm

- Pre-leasing progressing well with key catalyst retailers
- Development Applications lodged and being assessed by authorities
- Forecast Return | > 6.0% stabilised yield
- Target Commencement | 1H 2020
- Metro North West Rail opened May 2019
- Residential to be integrated within retail scheme and adjacent to existing asset

Funds Management Interim Result 2019

==> picture [52 x 42] intentionally omitted <==

RESULTS PRESENTATION

Funds Management Highlights

==> picture [550 x 245] intentionally omitted <==

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

Funds Management
Financial Summary ($M)
$
13.3B 8.2% 7.6%
1H 2019 1H 2018 CHANGE
ASSETS UNDER TOTAL FFO Segment
MANAGEMENT RETURN GROWTH Result
(7.2% annual increase) 22.7 21.1 7.6%
Key Outcomes
+ GWOF exercised pre-emptive right to acquire a 50% interest in 2
Southbank Boulevard, Melbourne, for $326 million FUND TOTAL FUND RETURN GPT
+ GWOF raised $320 million of new equity from a mix of existing and new ASSETS 1 year 3 years INVESTMENT
investors following commencement of the raising in Q4 2018
+ GWOF also completed a $200 million medium term note issue. The notes GWOF $8.5b 9.7% 12.4% $1.6b
were issued for an average term of 6.5 years with a fixed coupon of GWSCF $4.8b 1.3% 7.7% $1.0b
2.525%
+ GWSCF continues its asset recycling strategy with the sale of Norton Total $13.3b $2.6b
Plaza
----- End of picture text -----

Summary & Outlook

Market Outlook

- House price stabilisation, coupled with lower interest rates and tax cuts, should provide support for improved economic conditions and consumer sentiment
- Monetary policy expected to remain accommodative
- Ongoing investment in infrastructure in Sydney and Melbourne will provide support for GPT’s core markets and sectors

Group Outlook

- The Office portfolio continues to benefit from high occupancy and fixed rental increases
- The Logistics portfolio is expected to deliver strong growth in 2H as a result of acquisitions and development completions
- In Retail, we expect the 2H segment contribution to increase on 1H, driven by a 6 month contribution from the Sunshine Plaza expansion and reduced downtime

2019 Guidance

FFO per security growth of 2.5% DPS growth of 4%

RESULTS PRESENTATION

Disclaimer

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

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

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

Information is stated as at 30 June 2019 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 2019. 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. Key statistics for the Retail and Office divisions include GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Wholesale Office Fund (GWOF) respectively.

==> picture [195 x 497] intentionally omitted <==

2019 Interim Result

Data Pack

==> picture [150 x 44] intentionally omitted <==

==> picture [194 x 497] intentionally omitted <==

Contents

28 GPT Overview 32 Financial Performance 42 Retail Portfolio 52 Office Portfolio 68 Logistics Portfolio 84 Development 88

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.

GPT Overview

Interim Result 2019

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
980,000 sqm GLA
3,300 + tenants
$6.3b portfolio
$10.0b AUM

==> picture [120 x 182] intentionally omitted <==

Highpoint Shopping Centre, Victoria

Office Portfolio

24 assets
1,080,000 sqm NLA
470 + tenants
$5.9b portfolio
$12.5b AUM

==> picture [120 x 182] intentionally omitted <==

580 George Street, Sydney

Logistics Portfolio

34 assets
990,000 sqm GLA
80 + tenants
$2.3b portfolio
$2.3b AUM

==> picture [120 x 182] intentionally omitted <==

TNT Erskine Park, Sydney

As at 30 June 2019

==> picture [154 x 152] intentionally omitted <==

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

Retail 43%
Office 41%
Logistics 16%
----- End of picture text -----

Note: Figures prepared on a pro forma basis which adjusted for the post half year end acquisitions in the Office and Logistics portfolios.

GPT OVERVIEW

GPT Portfolio Metrics

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

	Size ($b)	Comparable Income Growth1(%)	WALE (years)	Occupancy (%)	WACR (%)
Retail	6.25	1.4	4.0	99.5	4.86

Ofce	5.85	6.5	5.0	97.1	4.94

Logistics	2.26	2.2	7.4	93.4	5.54

Total	14.36	3.5	4.9	95.7	4.99

Structured Rental Increases[2]

==> picture [517 x 131] intentionally omitted <==

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

Retail
Office Logistics
(Specialties)
Fixed 85% Fixed 91%
Fixed 74%
Other 15% Other 9%
4.8% Other 26% 3.9% 3.3%
Average fixed Average fixed Average fixed
Increase Increase Increase
----- End of picture text -----

Income for the 6 months to 30 June 2019 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2019. Other includes market reviews and expiries in 2019.

Glossary

==> picture [268 x 336] intentionally omitted <==

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

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
----- End of picture text -----

==> picture [268 x 334] intentionally omitted <==

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

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 and Business Parks
Major Tenants Retail tenancies including Supermarkets, Discount Department Stores,
Department Stores and Cinemas
MAT Moving Annual Turnover
MER Management Expense Ratio: Management Expense Ratio is defined as
management expenses divided by assets under management
Mini-Major Tenants Retail tenancies with a GLA above 400 sqm not classified as a
Major Tenant
MTN Medium Term Notes
N/A Not Applicable
NABERS National Australian Built Environment Rating System
NAV Net Asset Value
Net Gearing Net gearing is defined as debt less cash less cross currency derivative
assets add cross currency derivative liabilities divided by total tangible
assets less cash less cross currency derivative assets less right of use
assets less lease liabilities – investment properties
NLA Net Lettable Area
----- End of picture text -----

GPT OVERVIEW

==> picture [268 x 242] intentionally omitted <==

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

NPAT Net Profit After Tax
NTA Net Tangible Assets
Ordinary Securities Ordinary securities are those that are most commonly traded on the ASX:
The ASX defines ordinary securities as those securities that carry no
special or preferred rights. Holders of ordinary securities will usually have
the right to vote at a general meeting of the company, and to participate in
any dividends or any distribution of assets on winding up of the company
on the same basis as other ordinary securityholders
PCA Property Council of Australia
Premium Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
Prime Grade Includes assets of Premium and A-Grade quality
psm Per square metre
PV Present Value
Retail Sales Based on a weighted GPT interest in the assets and GWSCF portfolio. GPT
reports retail sales in accordance with the Shopping Centre Council of
Australia (SCCA) guidelines
ROCE Return on capital employed
Specialty Tenants Retail tenancies with a GLA below 400 sqm
----- End of picture text -----

==> picture [268 x 241] intentionally omitted <==

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

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
----- End of picture text -----

Financial Performance

Interim Result 2019

Financial Summary

==> picture [571 x 328] intentionally omitted <==

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

6 months to 30 June 2019 2018 Change
Funds From Operations ($m) 295.9 289.4 [2.2%]
Net profit after tax ($m) 352.6 728.5 [51.6%]
FFO per ordinary security (cents) 16.36 16.04 [2.0%]
FFO yield (based on period end price) 5.4% 6.4%
Distribution per ordinary security (cents) 13.11 12.61 [4.0%]
Distribution yield (based on period end price) 4.3% 5.0%
Net interest expense ($m) (59.5) (58.8) [1.2%]
Interest capitalised ($m) 5.0 6.5 [1.5m]
Weighted average cost of debt 3.8% 4.3% [50 bps]
Interest cover 6.0 times 6.0 times Unchanged
The weighted average number of ordinary stapled securities was 1,808.5 million for 2019 and 1,803.9 million for 2018.
The period end price was $6.15 at 30 June 2019 and $5.06 at 30 June 2018.
As at 30 Jun 19 As at 31 Dec 18 Change
Total assets ($m) 14,636.7 14,778.0 [1.0%]
Total borrowings ($m) 3,084.6 4,114.9 [25.0%]
NTA per security ($) 5.66 5.58 [1.4%]
Net gearing [1] 22.0% 26.3% [430 bps]
Net look through gearing [2] 25.0% 29.0% [400 bps]
Weighted average term to maturity of debt [3] 8.2 years 6.3 years [1.9 years]
Credit ratings (S&P/Moody's) A stable/A2 stable A stable/A2 stable Unchanged
Weighted average term of interest rate hedging 4.4 years 4.4 years Unchanged
----- End of picture text -----

Proforma for transactions post 30 June. As at 30 June 2019 was 18.7%.
Proforma for transactions post 30 June. As at 30 June 2019 was 22.0%.
Proforma for transactions post 30 June. As at 30 June 2019 was 7.3 years.

FINANCIAL PERFORMANCE

Results Summary

Segment performance 6 months to 30 June ($m)	2019	2018
Retail

Operations net income	158.0	156.8
Development net income	(0.7)	1.0
	157.3	157.8

Ofce
Operations net income	137.7	132.9
Development net income	1.0	0.6
	138.7	133.5

Logistics
Operations net income	56.9	51.8
Development net income	0.2	6.0
	57.1	57.8

Funds Management	22.7	21.1
Corporate management expenses	(14.4)	(14.0)
Net fnancingcosts	(59.5)	(58.8)
Tax expenses	(6.0)	(8.0)
Funds From Operations (FFO)	295.9	289.4
Valuation increase	130.8	456.7

Financial instruments mark to market movements and net foreign exchange movements	(82.3)	(8.9)
Other items	8.2	(8.7)

Net Proft After Tax (NPAT)	352.6	728.5

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2019	2018
Net Operating Income	375.8	370.2

Financing and corporate overheads	(79.9)	(80.8)

Funds From Operations	295.9	289.4

Maintenance capital expenditure	(30.8)	(26.7)

Lease incentives (including rent free and leasing costs)	(23.0)	(29.8)

Adjusted Funds From Operations	242.1	232.9

==> picture [550 x 184] intentionally omitted <==

Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

	Securities on Issue				Number of	Securities (million)
	Opening balance 1 January 2019					1,804.9

	Issue of securities					131.8

	30 June 2019 balance					1,936.7

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 2018	10,073.8	1,804.9	5.58



FFO	295.9		0.16

Revaluations	130.8		0.07

Mark to market of Treasury	(82.4)		(0.04)

Distribution	(253.9)		(0.14)

Issue of securities	787.2	131.8	0.03

Other	0.8		–

Movement in NTA	878.4		0.08



NTA position as at 30 June 2019	10,952.2	1,936.7	5.66

Capital Management Summary

==> picture [266 x 226] intentionally omitted <==

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

Gearing ($m) As at 30 June 2019
Total assets 14,636.7
Less: Intangible assets (26.8)
Less: Right of use asset (51.6)
Less: Lease liabilities – Investment properties (6.5)
Less: Cross currency swap assets (398.7)
Adjusted total tangible assets 14,153.1
Current borrowings 299.5
Non-current borrowings 2,785.1
Less: Net cross currency derivative positions (398.7)
Total borrowings [1] 2,685.9
Net Gearing [2] 18.7%
Proforma Net Gearing [3] 22.0%
----- End of picture text -----

	Interest Cover ($m)				30 June 2019
	Funds From Operations				295.9

	Add: taxes deducted				6.0

	Add: Finance Costs for the period1				60.1

	Earnings Before Interest and Tax (EBIT)				362.0

	Finance Costs1				60.1

	Interest Cover				6.0 times

Excludes Finance costs – leases.
Includes unamortised establishment costs and other adjustments. As at 30 June 2019, drawn debt is $2,650 million.
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.
Proforma for transactions post 30 June.

FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 30 June 2019	GPT Group	GWOF	GWSCF	Other1	Total
Share of assets of non-consolidated entities

Group adjusted total tangible assets	14,153.1				14,153.1

Plus: GPT share of assets of non-consolidated entities		1,950.6	1,365.1	1,406.6	4,722.3

Less: total equity investment in non-consolidated entities		(1,573.0)	(987.6)	(1,379.2)	(3,939.8)

Total look through assets	14,153.1	377.6	377.5	27.4	14,935.6

Group total borrowings	2,685.9				2,685.9

Plus: GPT share of external debt of non-consolidated entities		335.8	343.5	0.0	679.3

Total look through borrowings	2,685.9	335.8	343.5	0.0	3,365.2

Total Look through cash	56.3	10.6	4.0	29.8	100.7

Look through gearing based on net debt2					22.0%

Proforma Look through gearing based on net debt3					25.0%

Retail, office and other assets (held in joint ventures).
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.
Includes proforma adjustments for transactions post 30 June.

Debt Maturity Profile

Proforma undrawn committed facilities and cash of $1,436 million.

Debt Maturity Profile As at 30 June 2019

==> picture [550 x 236] intentionally omitted <==

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

800
700
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 1H 2H
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
A$ millions
----- End of picture text -----

CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities

*Assumes CP is refinanced with committed bank facilities.

FINANCIAL PERFORMANCE

Proforma Liquidity Profile

Liquidity Profile

As at 30 June 2019

==> picture [366 x 278] intentionally omitted <==

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

1.6
1.5
1.4
1.3
1.2
1.1
1.0
0.9
($bn)
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development/Capex
30 June 2019 existing liquidity
facilities
----- End of picture text -----

Retained earnings

==> picture [56 x 188] intentionally omitted <==

Excess liquidity at 31 December 2019

Hedging Profile

67% hedged over the next 4.4 years at an average rate of 1.8%.

==> picture [550 x 168] intentionally omitted <==

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

100
90
80
70
60
50
40
30
20
10
0
Fixed rate debt Fixed interest rate derivatives Floating rate debt
Per cent of drawn debt
Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24
----- End of picture text -----

==> picture [550 x 143] intentionally omitted <==

50 Old Wallgrove Road, Eastern Creek.

FINANCIAL PERFORMANCE

==> picture [550 x 393] intentionally omitted <==

Riverside Centre, Brisbane

Retail Portfolio

Interim Result 2019

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $6.3 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

==> picture [235 x 195] intentionally omitted <==

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

Darwin
1
NT
QLD
Brisbane
WA 1
SA
NSW Sydney
6
VIC
5 Melbourne
Number of assets in each state
----- End of picture text -----

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 (16.7%)

GWSCF Owned

Chirnside Park

Northern Territory

GPT Owned

Casuarina Square (50%)

GWSCF Owned

Casuarina Square (50%)

Queensland

GPT Owned

Sunshine Plaza (50%)[1]
Highpoint Shopping Centre (83.3%)
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 2018 (note: Sunshine Plaza as at 30 June 2019). All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio.

==> picture [51 x 8] intentionally omitted <==

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

RETAIL PORTFOLIO
----- End of picture text -----

RETAIL PORTFOLIO

Retail Portfolio Summary

Top Ten Tenants[1] As at 30 June 2019

==> picture [226 x 193] intentionally omitted <==

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

Cotton On
Woolworths Myer Just Group Clothing Wesfarmers
4.0% 2.7% 2.6% 2.6% 2.5%
2.1% 1.6% 1.6% 1.5% 1.4%
Coles Group Retail Apparel Hoyts Country Road BB Retail
Group Group Capital
----- End of picture text -----

Geographic Weighting As at 30 June 2019

==> picture [58 x 9] intentionally omitted <==

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

NSW 41%
----- End of picture text -----

==> picture [26 x 8] intentionally omitted <==

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

VIC 44%
----- End of picture text -----

==> picture [227 x 26] intentionally omitted <==

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

QLD 10% NT 5%
----- End of picture text -----

Based on gross rent (including turnover rent).

Retail Portfolio Summary

						GLA	30 Jun	30 Jun		Centre	Specialty	Specialty
		Ownership			(100% Interest)		Fair Value	Cap Rate	Occupancy	MAT	Occupancy	MAT1
GPT Portfolio	State		(%)			(sqm)	($m)	(%)	(%)	($m)	Cost1(%)	($psm)

Casuarina Square Charlestown Square	NT NSW		50 100			55,100 94,800	258.3 988.0	5.75 5.25	98.8 99.5	360.3 572.5	18.1 15.5	9,815 11,868
Highpoint ShoppingCentre	VIC			17		152,500	428.3	4.13	98.9	1,029.5	19.0	11,388
Melbourne Central	VIC		100			56,300	1,541.2	4.50	99.9	574.5	18.4	13,607
Rouse Hill Town Centre	NSW		100			69,800	642.3	5.50	100.0	462.7	14.0	9,687
Sunshine Plaza	QLD			50		107,800	674.5	4.75	N/A	526.9	17.9	11,186
Westfeld Penrith	NSW			50		91,600	733.0	4.75	99.5	656.0	18.3	12,294
GWSCF Portfolio

Casuarina Square	NT			50		55,100	258.3	5.75	98.8	360.3	18.1	9,815
Chirnside Park	VIC		100			37,800	313.9	5.50	99.9	304.9	15.2	12,475
Highpoint ShoppingCentre	VIC			83		152,500	2,141.7	4.13	98.9	1,029.5	19.0	11,388
Macarthur Square	NSW			50		107,600	603.4	4.75	N/A	572.0	17.2	8,897
Northland ShoppingCentre	VIC			50		98,600	504.3	5.25	99.1	542.0	18.2	8,985
Norton Plaza	NSW		100			11,800	151.7	5.50	99.4	129.4	15.0	11,431
Parkmore ShoppingCentre	VIC		100			36,800	274.2	6.00	99.9	276.8	14.5	9,994
WollongongCentral	NSW		100			54,900	490.8	5.75	N/A	321.6	15.5	8,842
GPT Weighted Total						975,400		4.86	99.52	2,865.12	17.12	11,5122

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

RETAIL PORTFOLIO

Income and Fair Value Schedule

				Income	Income
			6	months to
			30 Jun ($m)													Fair Value Reconciliation
								Fair Value		Development		Maintenance			Lease						Net		Other	Fair Value			% of
								31 Dec	18		Capex		Capex	Incentives			Acquisitions		Sales	Revaluations		Adjustments		30 Jun	19	Portfolio
GPT Portfolio	2018			2019		Variance		($m)			($m)		($m)		($m)			($m)	($m)		($m)		($m)	($m)			(%)

Casuarina Square		9.4			8.5		(0.9)	300.8			3.4		1.9		0.6			0.0	0.0		(48.4)		0.0	258.3			4.1

Charlestown Square	27.2			26.4			(0.8)	977.3			2.7		1.8		2.1			0.0	0.0		4.1		0.0	988.0			15.8

Highpoint Shopping Centre		9.1			9.0		(0.1)	435.0			1.4		0.5		0.8			0.0	0.0		(9.4)		0.0	428.3			6.8

Melbourne Central	37.8			39.0			1.2	1,513.0			18.1		8.3		1.8			0.0	0.0		0.0		0.0	1,541.2			24.6

Rouse Hill Town Centre	19.0			19.3			0.3	635.2			3.7		2.8		0.6			0.0	0.0		0.0		0.0	642.3			10.3

Sunshine Plaza	11.4			12.6			1.2	607.5			30.5		1.4		1.6			0.0	0.0		33.5		0.0	674.5			10.8

Westfeld Penrith	17.3			17.6			0.3	716.3			0.5		0.2		0.6			0.0	0.0		15.4		0.0	733.0			11.7

Equity Interests

GPT Equity Interest in GWSCF (28.5%)1	22.9			22.5			(0.4)	1,013.7			0.0		0.0		0.0			0.0	0.0		(30.6)		4.5	987.6			15.8

Total Retail Portfolio2	154.1			154.9			0.8	6,198.8			60.3		16.9		8.1			0.0	0.0		(35.4)		4.5	6,253.2

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 2019 represents GPT’s share of FFO for the period.
2018 income figure excludes income from Homemaker Maribyrnong ($0.4 million) which was sold in November 2018. Income for the period to 30 June 2018 including Homemaker Maribyrnong was $154.5 million. Note: Differences due to rounding.

Retail Sales Summary

		Comparable	Comparable		Specialty
	Centre MAT	Centre MAT Growth	Specialty MAT Growth1	Specialty MAT1	Occupancy Cost1
	($m)	(%)	(%)	($psm)	(%)
GPT Portfolio Casuarina Square Charlestown Square Highpoint Shopping Centre Melbourne Central Rouse Hill Town Centre Westfeld Penrith2	360.3 572.5 1,029.5 574.5 462.7 656.0	(4.9) (3.0) 1.2 3.1 5.1 1.0	(5.6) (3.9) (0.3) 0.8 7.1 (0.4)	9,815 11,868 11,388 13,607 9,687 12,294	18.1 15.5 19.0 18.4 14.0 18.3
GWSCF Portfolio Casuarina Square	360.3	(4.9)	(5.6)	9,815	18.1
Chirnside Park Highpoint Shopping Centre Northland Shopping Centre3 Norton Plaza	304.9 1,029.5 542.0 129.4	2.4 1.2 (0.3) 10.5	1.2 (0.3) (3.7) (3.6)	12,475 11,388 8,985 11,431	15.2 19.0 18.2 15.0
Parkmore Shopping Centre	276.8	6.3	1.8	9,994	14.5
GPT Weighted Total4	2,865.1	1.0	(0.1)	11,512	17.1

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

RETAIL PORTFOLIO

Comparable Change in Retail Sales by Category

==> picture [570 x 317] intentionally omitted <==

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

Comparable Change in Retail Sales by Category as at 30 June 2019 MAT ($m) 12 Months Growth (%)
Department Store 100.9 (5.4)
Discount Department Store 227.8 2.7
Supermarket 460.1 3.4
Cinemas 59.7 (5.7)
Other Retail¹ 171.1 1.7
Total Specialties 1,845.5 0.7
• Specialties >400sqm 487.4 3.2
• Specialties <400sqm 1,358.1 (0.1)
Total Centre 2,865.1 1.0
Total Specialty Sales Split
Fashion, Footwear & Accessories 526.3 (4.4)
Technology & Appliances 329.6 5.7
Dining 291.9 1.9
Health & Beauty 275.1 4.9
Leisure 131.1 2.5
Food Retail 104.6 9.0
Jewellery 70.8 (10.9)
General Retail 74.0 (4.3)
Homewares 33.5 4.5
Retail Services 8.7 (0.7)
Total Specialties 1,845.5 0.7
----- End of picture text -----

Note: Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).

Other Retail includes automotive accessories, car wash, general entertainment, fitness, lotto, pad sites/bulky goods and travel agencies.

Retail Sales

==> picture [550 x 253] intentionally omitted <==

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

Specialty MAT Growth [1]
6.5%
5.9%
4.2% 4.2%
3.6%
3.2%
2.7% 2.6% 2.5%
2.1% 2.1%
1.8%
1.7%
1.5%
1.2% 1.1%
0.5% 0.4%
0.3%
0.2%
-0.1%
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 Dec 18 Jun 19
----- End of picture text -----

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 400 sqm.

RETAIL PORTFOLIO

Independent Valuation Summary

==> picture [570 x 237] intentionally omitted <==

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

Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50 30 Jun 19 Savills 258.3 5.75
Charlestown Square NSW 100 30 Jun 19 Cushman & Wakefield 988.0 5.25
Highpoint Shopping Centre VIC 17 30 Jun 19 CBRE 428.3 4.13
Melbourne Central VIC 100 31 Dec 18 Savills 1,513.0 4.50
Rouse Hill Town Centre NSW 100 31 Dec 18 CBRE 635.2 5.50
Sunshine Plaza QLD 50 30 Jun 19 CBRE 674.5 4.75
Westfield Penrith NSW 50 30 Jun 19 M3 733.0 4.75
GWSCF Portfolio
Casuarina Square NT 50 30 Jun 19 Savills 258.3 5.75
Chirnside Park VIC 100 31 Mar 19 Colliers 311.3 5.50
Highpoint Shopping Centre VIC 83 30 Jun 19 CBRE 2,141.7 4.13
Macarthur Square NSW 50 31 Mar 19 Cushman & Wakefield 600.0 4.75
Northland Shopping Centre VIC 50 31 Mar 19 Savills 500.0 5.25
Norton Plaza NSW 100 30 Jun 19 Colliers 151.7 5.50
Parkmore Shopping Centre VIC 100 31 Mar 19 Urbis 270.3 6.00
Wollongong Central NSW 100 31 Mar 19 CBRE 487.6 5.75
----- End of picture text -----

Note: Valuations include ancillary assets.

Retail Sustainability

==> picture [570 x 275] intentionally omitted <==

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

Water (Total) Emissions Waste %
Area GLA Litres/m [2] kg CO2-e/m [2] Recycled/Reused
GPT Portfolio
Casuarina Square 55,100 1,753 91 23
Charlestown Square 94,800 514 60 59
Highpoint Shopping Centre 152,500 1,080 73 38
Melbourne Central 56,300 1,991 162 26¹
Rouse Hill Town Centre 69,800 1,387 37 69
Sunshine Plaza 107,800 1,112 77 50
Westfield Penrith 91,600 1,679 78 44
GWSCF Portfolio
Casuarina Square 55,100 1,753 91 23
Chirnside Park 37,800 964 43 30
Highpoint Shopping Centre 152,500 1,080 73 38
Macarthur Square 107,600 1,079 86 26
Northland Shopping Centre 98,600 731 104 36
Norton Plaza 11,800 1,490 100 39
Parkmore Shopping Centre 36,800 876 76 44
Wollongong Central 54,900 716 82 37
Total Portfolio Average 1,135 81 40
----- End of picture text -----

Note: Sustainability data as at 31 December 2018, assured according to Global Reporting Initiative (GRI) G4 Guidelines and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability 1. Figure reflects combined Melbourne Central and Melbourne Central Tower recycling service.

RETAIL PORTFOLIO

Retail Sales Categories

==> picture [552 x 348] intentionally omitted <==

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

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, Aldi
Fashion, Footwear & Unisex, Womenswear, Menswear, Footwear, Fashion Accessories, H&M, Uniqlo, Zara, Country Road, Peter Alexander, Witchery, Sportsgirl, Lovisa, Strandbags,
Accessories Childrenswear Best & Less, Cotton On, Sunglass Hut, Foot Locker, Connor, Bardot
Dining Cafes, Restaurants, Food Court, Takeaway The Bavarian, Grill’d, The Coffee Club, Guzman y Gomez, McDonalds, Donut King, Boost Juice
Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Bakers Delight, Michel’s Patisserie, Harris Farm, Dan Murphy, Healthy Life, Rainbow Meats,
Vegetables, Liquor, Poultry, Seafood, Other Specialty Food Deliworld, 7-Eleven, Costi Seafood, Red Lea Chickens
Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Mecca, Sephora, Just Cuts, Laserclinics, OPSM, Terry White, Priceline, Chemist Warehouse,
Optometrist, Pharmacy ProfessioNAIL
General Retail Car Show Room, Discount Variety, Educational, Florist, Giftware, Toyota, Daiso, The Reject Shop, Australian Geographic, Riot Art & Craft, T2, Lincraft,
Pets, Toys, Miscellaneous Casey Toys, Tobacco Station, Family Pets
Homewares General Homewares Adairs, Bed Bath and Table, Habitania, Dusk, Robins Kitchen, Babyco
Jewellery Jewellery Angus & Coote, Prouds, Swarovski, Pandora
Leisure Athleisure, Books, Newsagents, Sports, Stationery Nike, Puma, Lorna Jane, Dymocks, Rebel, Kathmandu, Anaconda, InSport, Kikki K, Typo,
Smiggle, QBD The Bookshop, Nextra
Retail Services Key Cutting/Watch Repair & Shoe Repair, Other Retail Services Mister Minit, Looksmart Alterations, Bay Audio, Dry Cleaners, Watch Works
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, Lotto
Non-retail ATM, Banks/Insurance/Other Financial, Education, Medical, Petrol ANZ, CBA, Westpac, BUPA, Medicare, Currency Exchange, Australia Post, TAB,
Station, Other Non Retail Mortgage Choice
RETAIL
----- End of picture text -----

Office Portfolio

Interim Result 2019

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 24 high quality assets with a total investment of $5.9 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

==> picture [253 x 210] intentionally omitted <==

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

NT
QLD
Brisbane
WA 2
SA
NSW Sydney
11
VIC
l Number of assets in each state 11 Melbourne
----- End of picture text -----

New South Wales

GPT Owned

Australia Square (50%)
2 Park Street (50%)
Governor Phillip Tower & Governor Macquarie Tower (25%)
Darling Park 1 & 2 (25%)[1]
60 Station Street
4 Murray Rose Avenue

GWOF Owned

Liberty Place (50%)
Darling Park 1 & 2 (50%)
Darling Park 3
580 George Street
workplace[6]

Victoria

GPT Owned

Melbourne Central Tower
181 William and 550 Bourke Streets (50%)

GWOF Owned

2 Southbank Boulevard
8 Exhibition Street (50%)
100 Queen Street
150 Collins Street
530 Collins Street
655 Collins Street
750 Collins Street
181 William and 550 Bourke Streets (50%)
800/808 Bourke Street
32 Flinders Street

Queensland

GPT Owned

One One One Eagle Street (33.3%)

GWOF Owned

One One One Eagle Street (66.7%)
Riverside Centre

1. Acquired by GPT in August 2019 (post period).

All totals and averages are based on GPT’s balance sheet portfolio and weighted interest the GWOF portfolio. This includes of the acquisition of Darling Park 1 & 2, Sydney which occurred post balance date.

OFFICE PORTFOLIO

Office Portfolio Summary

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

Top Ten Tenants[1]

As at 30 June 2019

==> picture [165 x 151] intentionally omitted <==

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

Amazon Web
CBA Government IAG Deloitte Services
6.2% 5.8% 5.4% 4.3% 3.4%
3.3% 3.1% 3.0% 2.5% 2.2%
QBE NBN Co Members NAB ANZ Banking
Equity Bank Group
----- End of picture text -----

Tenant Mix by Industry[2]

As at 30 June 2019

Geographic Weighting As at 30 June 2019

==> picture [34 x 145] intentionally omitted <==

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

SYDNEY
59%
MELBOURNE
31%
BRISBANE
10%
----- End of picture text -----

Banking 19% Other Business Services 8% Insurance 15% Other 8%

Info and Comms Technology 13% Government – State & Federal 7% Accounting & Finance 13% Mining & Energy 3% Legal 11% Co-working/Serviced offices 3%

Based on gross rent. 2. By area. Including signed leases.

Income and Fair Value Schedule

==> picture [571 x 333] intentionally omitted <==

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

Income Fair Value Reconciliation
6 months to
30 Jun ($m) Capex
Development
Fair Value & Other Maintenance Lease Net Other Fair Value % of
31 Dec 18 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 12.7 12.8 0.1 557.5 0.7 2.6 2.8 – – 11.9 – 575.5 10.8
2 Park Street, Sydney 17.9 18.8 0.9 762.5 – 0.5 1.9 – – – – 764.9 14.4
MLC Centre, Sydney 16.5 8.9 (7.6) 775.0 1.7 2.7 1.1 – (795.6) 15.1 – – –
Governor Phillip Tower & Governor
12.8 13.6 0.8 564.5 1.8 0.9 1.2 – – 3.9 – 572.3 10.8
Macquarie Tower, Sydney
60 Station Street, Parramatta – 7.5 7.5 278.0 – 0.1 – – – – – 278.1 5.2
4 Murray Rose Avenue, Sydney Olympic Park – 2.0 2.0 125.0 3.0 0.1 0.1 – – – – 128.2 2.4
Melbourne Central Tower, Melbourne 17.1 18.3 1.2 603.0 11.6 2.8 2.4 – – 20.9 – 640.7 12.0
181 William and 550 Bourke Streets, Melbourne 10.5 10.7 0.2 380.0 0.3 0.7 1.0 – – 13.5 – 395.5 7.4
One One One Eagle Street, Brisbane 10.5 10.6 0.1 300.0 – 0.2 0.7 – – 0.4 – 301.3 5.7
Assets Under Development
32 Smith Street, Parramatta – – – 62.0 28.3 – – – – 3.7 – 94.0 1.8
Equity Interests
GPT Equity Interest in GWOF (23.1%) [1] 35.3 37.2 1.9 1,524.0 – – – – – 45.4 3.6 1,573.0 29.5
Sub-total Office Portfolio 133.3 140.4 7.1 5,931.5 47.4 10.6 11.2 – (795.6) 114.8 3.6 5,323.5 –
Transactions post-balance date
Darling Park 1 & 2 acquisition (excl. – – – – – – – 531.3 – – – 531.3 –
transaction costs)
Total Office Portfolio 133.3 140.4 7.1 5,931.5 47.4 10.6 11.2 531.3 (795.6) 114.8 3.6 5,854.8 –
----- End of picture text -----

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

OFFICE PORTFOLIO

OFFICE PORTFOLIO 55

Office Portfolio Summary

==> picture [570 x 255] intentionally omitted <==

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

Office Occupancy
Office NLA
(100% 30 Jun 19 30 Jun 19 Inc. Signed Inc. Heads of WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GPT Portfolio
Australia Square, Sydney NSW 50 51,600 575.5 4.92 93.7 94.1 94.5 3.4
2 Park Street, Sydney NSW 50 73,300 764.9 4.88 95.9 98.4 98.8 4.3
Governor Phillip Tower & Governor
NSW 25 84,400 572.3 4.63 98.9 98.9 100.0 5.0
Macquarie Tower, Sydney
Darling Park 1, Sydney DP1: 5.00 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 2.5
NSW 25 101,900 531.3
Darling Park 2, Sydney DP2: 5.00 DP2: 95.7 DP2: 99.4 DP2: 99.4 DP2: 9.0
60 Station Street, Parramatta NSW 100 25,100 278.1 5.25 100.0 100.0 100.0 3.3
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 15,700 128.2 5.50 64.7 80.9 80.9 10.9
Melbourne Central Tower, Melbourne VIC 100 65,500 640.7 5.00 95.8 98.1 98.1 2.9
181 William and 550 Bourke Streets, Melbourne VIC 50 76,200 395.5 5.00 97.5 97.5 100.0 4.4
One One One Eagle Street, Brisbane QLD 33.3 63,800 301.3 5.00 94.3 97.2 100.0 5.3
----- End of picture text -----

==> picture [570 x 362] intentionally omitted <==

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

Office Occupancy
Office NLA
(100% 30 Jun 19 30 Jun 19 Inc. Signed Inc. Heads of WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50 56,500 737.5 4.50 100.0 100.0 100.0 9.5
Darling Park 1, Sydney DP1: 5.00 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 2.5
NSW 50 101,900 1,062.5
Darling Park 2, Sydney DP2: 5.00 DP2: 95.7 DP2: 99.4 DP2: 99.4 DP2: 9.0
Darling Park 3, Sydney NSW 100 29,800 590.0 4.88 100.0 100.0 100.0 6.3
580 George Street, Sydney NSW 100 37,100 634.5 5.00 99.7 99.7 100.0 4.6
workplace [6] , Sydney NSW 100 16,300 300.2 5.13 100.0 100.0 100.0 3.7
2 Southbank Boulevard, Melbourne VIC 100 53,400 656.4 5.00 97.1 97.7 99.2 5.9
8 Exhibition Street, Melbourne VIC 50 44,500 270.9 4.88 96.3 100.0 100.0 4.6
32 Flinders Street, Melbourne VIC 100 N/A 87.3 N/A N/A N/A N/A N/A
100 Queen Street, Melbourne VIC 100 34,900 289.0 4.75 N/A N/A N/A N/A
150 Collins Street, Melbourne VIC 100 19,100 263.3 4.75 100.0 100.0 100.0 7.0
530 Collins Street, Melbourne VIC 100 65,400 694.0 4.75 88.1 93.4 93.4 4.1
655 Collins Street, Melbourne VIC 100 16,600 159.3 4.75 100.0 100.0 100.0 10.4
750 Collins Street, Melbourne VIC 100 37,300 300.1 4.75 51.5 100.0 100.0 16.3
800/808 Bourke Street, Melbourne VIC 100 59,600 600.0 4.88 100.0 100.0 100.0 8.1
181 William and 550 Bourke Streets, Melbourne VIC 50 76,200 395.5 5.00 97.5 97.5 100.0 4.4
One One One Eagle Street, Brisbane QLD 66.7 63,800 602.7 5.00 94.3 97.2 100.0 5.3
Riverside Centre, Brisbane QLD 100 51,500 710.5 5.13 72.8 85.9 97.7 6.8
Total 1,079,500 4.94 93.8 97.1 98.1 5.0
----- End of picture text -----

Occupancy metrics exclude 100 Queen Street as it is currently undergoing redevelopment.

OFFICE PORTFOLIO

Independent Valuation Summary

==> picture [570 x 178] intentionally omitted <==

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

Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Australia Square, Sydney NSW 50 30 Jun 19 CBRE 575.5 4.92
2 Park Street, Sydney NSW 50 31 Dec 18 CBRE 762.5 4.88
Governor Phillip Tower & Governor Macquarie Tower, Sydney NSW 25 30 Jun 19 Savills 572.3 4.63
Darling Park 1 & 2, Sydney NSW 25 30 Jun 19 Cushman & Wakefield 531.3 DP1: 5.00, DP2: 5.00
60 Station Street, Parramatta NSW 100 31 Dec 18 Colliers 278.0 5.25
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 31 Dec 18 Cushman & Wakefield 125.0 5.50
Melbourne Central Tower, Melbourne VIC 100 30 Jun 19 CBRE 640.7 5.00
181 William and 550 Bourke Streets, Melbourne VIC 50 30 Jun 19 Savills 395.5 5.00
One One One Eagle Street, Brisbane QLD 33.3 30 Jun 19 Colliers 301.3 5.00
----- End of picture text -----

==> picture [550 x 173] intentionally omitted <==

Space&Co., 530 Collins Street, Melbourne

==> picture [571 x 295] intentionally omitted <==

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

Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50 30 Jun 19 Cushman & Wakefield 737.5 4.50
Darling Park 1 & 2, Sydney NSW 50 30 Jun 19 Cushman & Wakefield 1,062.5 DP1: 5.00, DP2: 5.00
Darling Park 3, Sydney NSW 100 30 Jun 19 Cushman & Wakefield 590.0 4.88
580 George Street, Sydney NSW 100 30 Jun 19 CBRE 634.5 5.00
workplace [6] , Sydney NSW 100 31 Mar 19 Cushman & Wakefield 300.0 5.13
2 Southbank Boulevard, Melbourne VIC 100 31 Mar 19 Colliers 655.0 5.00
8 Exhibition Street, Melbourne VIC 50 31 Mar 19 JLL 270.5 4.88
32 Flinders Street, Melbourne VIC 100 31 Mar 19 JLL 87.3 N/A
100 Queen Street, Melbourne VIC 100 30 Jun 19 JLL 289.0 4.75
150 Collins Street, Melbourne VIC 100 31 Mar 19 Savills 263.0 4.75
530 Collins Street, Melbourne VIC 100 30 Jun 19 Knight Frank 694.0 4.75
655 Collins Street, Melbourne VIC 100 31 Mar 19 CBRE 159.3 4.75
750 Collins Street, Melbourne VIC 100 31 Mar 19 Colliers 300.0 4.75
800/808 Bourke Street, Melbourne VIC 100 30 Jun 19 Colliers 600.0 4.88
181 William and 550 Bourke Streets, Melbourne VIC 50 30 Jun 19 Savills 395.5 5.00
One One One Eagle Street, Brisbane QLD 66.7 30 Jun 19 Colliers 602.7 5.00
Riverside Centre, Brisbane QLD 100 31 Mar 19 Urbis 692.0 5.13
----- End of picture text -----

OFFICE PORTFOLIO

Office Sustainability

==> picture [571 x 204] intentionally omitted <==

==> picture [551 x 151] intentionally omitted <==

800/808 Bourke Street, Melbourne

==> picture [571 x 289] intentionally omitted <==

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

NABERS Energy Rating (including Green Power) NABERS Water Rating NABERS Energy Rating (excluding Green Power)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 5.0 5.0 5.5 5.0 5.0 3.5 3.5 4.0 4.0 3.5 5.0 5.0 5.0 5.0 5.0
Darling Park 1, Sydney 5.0 5.0 5.0 5.5 5.5 [1] 3.5 3.5 4.0 3.5 3.5 5.0 5.0 5.0 5.0 5.0 [1]
Darling Park 2, Sydney 5.5 5.5 5.5 5.0 5.0 3.0 3.5 3.5 3.5 3.5 5.5 5.5 5.5 4.0 4.0
Darling Park 3, Sydney 5.5 6.0 6.0 5.0 5.0 3.5 3.0 3.5 3.5 3.0 5.0 5.0 5.0 4.5 4.5
580 George Street, Sydney 5.0 5.5 5.5 5.0 5.0 3.5 3.0 3.0 3.0 3.0 4.5 4.0 3.0 4.5 4.5
workplace [6] , Sydney 5.5 5.5 5.5 5.5 5.5 4.0 3.5 4.5 4.5 4.5 5.0 5.0 5.0 5.0 5.0
2 Southbank Boulevard, Melbourne 5.0 5.5 5.5 4.5 4.5 3.5 4.0 3.5 3.5 3.0 4.5 4.5 4.5 4.5 4.5
8 Exhibition Street, Melbourne 4.5 4.5 5.0 4.5 4.5 4.5 3.5 3.5 3.5 3.5 4.5 5.0 4.5 4.5 4.5
100 Queen Street, Melbourne [2] 3.0 3.0 3.0 3.0 2.0 2.0 3.0 3.0 3.0 3.0 3.0
150 Collins Street, Melbourne 4.5 5.0 5.0 2.5 4.0 3.0 3.5 5.0 5.0
530 Collins Street, Melbourne 5.0 5.5 5.5 5.0 5.0 3.0 3.0 3.0 3.0 3.0 4.5 4.5 4.5 4.5 4.5
655 Collins Street, Melbourne 4.0 5.0 5.0 4.5 4.5 4.5 3.5 3.0 3.0 3.0 4.0 4.0 4.0 4.5 4.5
750 Collins Street, Melbourne 4.5 5.5 5.5 5.0 5.0 4.0 5.0 5.0 4.5 4.5 5.0 5.0 5.0 5.0 5.0
181 William and 550 Bourke Streets, Melbourne 5.0 5.0 5.0 5.5 5.5 4.5 4.5 4.0 3.5 3.5 5.0 5.0 5.0 5.0 5.0
800/808 Bourke Street, Melbourne 5.0 5.5 5.5 5.5 5.5 3.5 3.0 3.0 3.5 3.0 5.0 5.0 5.0 5.0 5.0
One One One Eagle Street, Brisbane 5.5 5.5 6.0 5.5 6.0 4.5 4.5 4.5 4.5 4.0 5.5 5.5 5.5 5.5 5.5
Riverside Centre, Brisbane 5.0 5.5 5.5 5.0 6.0 3.5 3.5 3.5 3.5 3.5 4.5 4.5 4.5 4.5 5.0
----- End of picture text -----

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Ratings are as at 31 December, except for 2019 which reflects ratings as at 30 June 2019. 1. Rating as at 31 December 2018 due to a utility meter issue.

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

==> picture [571 x 148] intentionally omitted <==

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

Water Emissions Waste
Area NLA Litres/m kg CO2-e/m % Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,600 901 71 48
2 Park Street, Sydney 73,300 609 58 35
Governor Phillip Tower & Governor Macquarie Tower, Sydney 84,400 678 88 48
Darling Park 1 & 2, Sydney [1] 101,900 557 34 45
Melbourne Central Tower, Melbourne [2] 65,500 583 44 26
181 William and 550 Bourke Streets, Melbourne 76,200 655 34 25
One One One Eagle Street, Brisbane 63,800 606 19 21
----- End of picture text -----

==> picture [551 x 174] intentionally omitted <==

150 Collins Street, Melbourne

==> picture [571 x 300] intentionally omitted <==

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

Water Emissions Waste
Area NLA Litres/m kg CO2-e/m % Recycled/Reused
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 56,500 732 9 48
Darling Park 1 & 2, Sydney [1] 101,900 557 34 45
Darling Park 3, Sydney 29,800 759 32 29
580 George Street, Sydney 37,100 550 39 39
workplace [6] , Sydney 16,300 597 27 44
2 Southbank Boulevard, Melbourne 53,400 504 36 66
8 Exhibition Street, Melbourne 44,500 410 27 50
100 Queen Street, Melbourne [3] 34,900 N/A N/A N/A
150 Collins Street, Melbourne 19,100 577 1 40
530 Collins Street, Melbourne 65,400 529 40 47
655 Collins Street, Melbourne 16,600 586 45 27
750 Collins Street, Melbourne 37,300 352 27 47
800/808 Bourke Street, Melbourne 59,600 577 0 42
181 William and 550 Bourke Streets, Melbourne 76,200 655 34 25
One One One Eagle Street, Brisbane 63,800 606 19 21
Riverside Centre, Brisbane 51,500 718 35 41
Portfolio Average 652 41 41
----- End of picture text -----

Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.
Melbourne Central Tower Waste 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 currently under redevelopment.

OFFICE PORTFOLIO

Lease Expiry Profile

Lease Expiry Profile (by Income)

==> picture [550 x 203] intentionally omitted <==

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

16%
14%
13% 13%
12%
11%
6%
5% 5%
4%
1%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+
----- End of picture text -----

Note: Includes Signed Leases.

Office – Sydney CBD

Sydney continues to benefit from a low level of vacancy, with minimal new supply and additional building withdrawals. Net absorption was flat over the past 12 months.
Growth continued for both face and effective rents in the past 12 months, having moderated from the previous period.
Prime yields have remained stable for the past five quarters.

==> picture [288 x 145] intentionally omitted <==

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

Sydney CBD: Rents and Incentives (2Q19)
$1,200 $1,150 40%
$1,100 (+6.0% [1] )
Gross Incentive 35%
$1,000 (RHS)
$900 30%
$835
$800 (+3.4% [1] )
Net Face 25%
$700 Rent (LHS)
$600 Net Effective 20%
$500 Rent (LHS) * 19.4%
(+153bps [1] ) 15%
$400
$300 10%
a
p
m
q
$/s
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-20
----- End of picture text -----

==> picture [288 x 159] intentionally omitted <==

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

Sydney CBD: Demand, Supply & Vacancy (2Q19)
300,000 12%
200,000 Vacancy 8%
Rate (RHS) 4.1%
100,000 4%
-553
0 0%
-21,035
-100,000 Net Supply(LHS) Net Absorption -4%
(LHS)
-200,000 -8%
-300,000 -12%
m
u
n
n
are
p
m
q
s
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-20
----- End of picture text -----

==> picture [282 x 150] intentionally omitted <==

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

Sydney CBD: Upper & Lower Prime Yields (2Q19)
9%
8% 7.75%
Lower Prime
7%
6.50%
6%
Upper Prime
5% 5.00%
5.00%
4.50%
4%
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 Dec-19 Dec-20
----- End of picture text -----

JLL Research Q2 2019, GPT Research. * The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term 1 Change during the past 12 months

OFFICE PORTFOLIO

Office – Melbourne CBD

==> picture [295 x 152] intentionally omitted <==

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

Melbourne CBD: Rents and Incentives (2Q19)
$600 $585 45%
(+2.2% [1] )
$550 Net Face 40%
Rent (LHS)
$500 35%
28.9%
$450 Net Incentive (-15bps [1] ) 30%
$400 (RHS)
$386 25%
$350 Net Effective (+2.7% [1] )
$300 Rent (LHS) * 20%
$250 15%
$200 10%
a
p
m
q
$/s
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-20
----- End of picture text -----

Melbourne maintained solid demand levels during the past 12 months, above the long term average. Positive net absorption has resulted in a tightening of the vacancy rate to 3.8%.
Face and effective rental growth continued in the past 12 months, at a more moderate rate than the prior period. Incentives have remained stable for the past 12 months.
Prime yields have firmed by 19 bps in the past 12 months.

==> picture [557 x 152] intentionally omitted <==

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

Melbourne CBD: Demand, Supply & Vacancy (2Q19) Melbourne CBD: Upper & Lower Prime Yields (2Q19)
300,000 12% 9%
8.75%
250,000 Vacancy 10% Lower Prime
Rate (RHS) 8%
200,000 8%
Net Supply
150,000 (LHS) 93,655 6% 7% 7.00%
100,000 3.8% 4%
50,000 61,896 2% 6% Upper Prime
5.75%
0 0% 5.25%
5%
-50,000 Net Absorption -2% 4.50%
(LHS)
-100,000 -4% 4%
m
u
n
n are idlYe
p
m
q
s
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-20 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-20
----- End of picture text -----

Office – Brisbane CBD

Brisbane’s vacancy rate reduced significantly over the past 12 months to 11.0% from 14.4%, driven by aboveaverage demand, no new supply and further building withdrawals.
Effective rental growth has gained momentum in the past 12 months, with an increase of 4.6% due face rental growth and a small contraction in incentives.
Average prime yields firmed by 38 bps during the past 12 months.

==> picture [274 x 147] intentionally omitted <==

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

Brisbane CBD: Rents and Incentives (2Q19)
$800 38.4% 45%
(-47bps [1] )
$700 Net Face 40%
Rent (LHS)
$600 35%
$606 30%
$500 Gross Incentive (+1.6% [1] )
$400 (RHS) 25%
20%
$300
15%
$200 Net EffectiveRent (LHS) * (+4.6%$275 [1] ) 10%
$100 5%
$0 0%
a
p
m
q
$/s
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-20
----- End of picture text -----

==> picture [578 x 159] intentionally omitted <==

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

Brisbane CBD: Demand, Supply & Vacancy (2Q19) Brisbane CBD: Upper & Lower Prime Yields (2Q19)
250,000 Vacancy 20% 9%
Rate (RHS) 8.25% Lower Prime
200,000 16%
8%
150,000 11.0% 12%
100,000 Net Supply (LHS) 8% 7% 7.25%
50,000 34,188 4%
6.25%
0 0% 6%
Upper Prime
-100,000-50,000 Absorption (LHS)Net -45,992 -4%-8% 5% 5.50% 5.13%
-150,000 -12% 4%
m
u
n
n
are idle
p Y
m
q
s
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-20
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-20
----- End of picture text -----

OFFICE PORTFOLIO

==> picture [550 x 393] intentionally omitted <==

2 Park Street and 161 Castlereagh Street, Sydney

Logistics Portfolio

Interim Result 2019

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 34 high quality logistics and business park assets located across Australia’s Eastern Seaboard.

==> picture [243 x 189] intentionally omitted <==

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

NT
QLD
Brisbane
WA
3
SA
NSW Sydney
25
VIC
6 Melbourne
l Number of assets in each state
----- End of picture text -----

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
57 Lockwood Road, Erskine Park[1]
89 Lockwood Road, Erskine Park[1]
407 Pembroke Road, Minto (50%)
4 Holker Street, Newington
83 Derby Street, Silverwater
Sydney Olympic Park Town Centre[2]
Quad 1, Sydney Olympic Park
Quad 4, Sydney Olympic Park
372-374 Victoria Street, Wetherill Park

Victoria

Citiwest Industrial Estate, Altona North
Citiport Business Park, Port Melbourne
Austrak Business Park, Somerton (50%)
Sunshine Business Estate, Sunshine
396 Mount Derrimut Road, Derrimut
399 Boundary Road, Truganina

Queensland

  - 16-28 Quarry Road, Yatala

  - 59 Forest Way, Karawatha

  - 55 Whitelaw Place, Wacol

38 Pine Road, Yennora
18-24 Abbott Road, Seven Hills
1A Huntingwood Drive, Huntingwood
1B Huntingwood Drive, Huntingwood
54 Eastern Creek Drive, Eastern Creek
50 Old Wallgrove Road, Eastern Creek
Acquired in July 2019 (post period).
Includes properties at 3, 5, 7 Figtree Drive and 6, 8 Herb Elliot Drive, Sydney Olympic Park.
All totals and averages are based on GPT’s Balance Sheet portfolio inclusive of the acquisition of 57 & 89 Lockwood Road, Erskine Park which occurred post balance date.
104 Vanessa Street, Kingsgrove
64 Biloela Street, Villawood
30-32 Bessemer Street, Blacktown

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

The logistics portfolio delivered a Total Portfolio Return of 16.9%, underpinned by the high quality of the portfolio with a long weighted average lease expiry of 7.4 years.

Top Ten Tenants[1]

As at 30 June 2019

Rand Coles Group IVE Group Toll Transport TNT Australia 13.8% 7.6% 6.1% 4.9% 4.7%

Geographic Weighting As at 30 June 2019

==> picture [30 x 8] intentionally omitted <==

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

NSW 69%
----- End of picture text -----

==> picture [24 x 8] intentionally omitted <==

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

QLD 9%
----- End of picture text -----

2.8% 2.6%

==> picture [26 x 8] intentionally omitted <==

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

VIC 22%
----- End of picture text -----

Australian Goodman Schenker ACR Supply Pact Group Pharmaceutical Fielder Australia Partners Industries

Based on net rent.

Lease Expiry Profile

Lease Expiry Profile (by Income)

==> picture [13 x 7] intentionally omitted <==

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

35%
----- End of picture text -----

==> picture [551 x 188] intentionally omitted <==

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

14%
10%
9%
8% 7% 8%
4%
4%
3%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
----- End of picture text -----

Note: Based on signed leases.

LOGISTICS PORTFOLIO

Income and Fair Value Schedule

==> picture [572 x 360] intentionally omitted <==

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

Income
6 months to
30 Jun ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 18 & Other Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 2.7 3.3 0.6 86.0 – – 0.7 – – – – 86.7 4.1
10 Interchange Drive, Eastern Creek 1.3 1.4 0.1 33.3 – – – – – 0.1 – 33.4 1.6
16-34 Templar Road, Erskine Park 1.9 2.0 0.1 65.0 – – – – – 4.5 – 69.5 3.3
36-52 Templar Road, Erskine Park 3.0 3.1 0.1 107.0 – – – – – 5.0 – 112.0 5.3
54-70 Templar Road, Erskine Park 5.2 5.4 0.2 152.0 – – – – – 10.0 – 162.0 7.7
67-75 Templar Road, Erskine Park 0.9 1.0 0.1 26.0 – – – – – – – 26.0 1.2
29-55 Lockwood Road, Erskine Park 2.8 2.9 0.1 104.5 – 0.1 – – – 8.9 – 113.5 5.4
407 Pembroke Road, Minto 1.3 1.3 0.0 30.5 – – 0.7 – – 0.6 – 31.8 1.5
4 Holker Street, Newington 1.1 1.1 0.0 35.5 – – – – – – – 35.5 1.7
83 Derby Street, Silverwater 1.2 1.2 0.0 40.0 – 0.2 – – – – – 40.2 1.9
Sydney Olympic Park Town Centre 2.9 2.7 (0.2) 121.5 1.0 0.2 0.2 – – – – 122.9 5.9
Quad 1, Sydney Olympic Park 1.0 1.0 0.0 28.0 – 0.2 0.2 – – 0.4 – 28.8 1.4
Quad 4, Sydney Olympic Park 1.7 1.8 0.1 58.0 – 0.2 – – – 4.3 – 62.5 3.0
372-374 Victoria Street, Wetherill Park 1.0 1.0 0.0 26.5 – 0.6 – – – – – 27.1 1.3
38 Pine Road, Yennora 1.9 1.9 0.0 61.0 0.3 0.1 1.1 – – 0.3 – 62.8 3.0
18-24 Abbott Road, Seven Hills 1.1 1.1 0.0 39.3 – – – – – 2.3 – 41.6 2.0
1A Huntingwood Drive, Huntingwood 1.2 1.2 0.0 46.0 – – – – – 0.8 – 46.8 2.2
1B Huntingwood Drive, Huntingwood – 0.7 0.7 25.5 (0.1) – – – – 1.1 – 26.5 1.3
54 Eastern Creek Drive, Eastern Creek 1.2 1.5 0.3 51.8 (0.1) – – – – 0.3 – 52.0 2.5
50 Old Wallgrove Road, Eastern Creek – 1.5 1.5 – 6.6 – – – – 3.6 60.2 70.4 3.4
104 Vanessa Street, Kingsgrove – 0.2 0.2 – – – – 25.4 – (1.4) – 24.0 1.1
64 Biloela Street, Villawood – 0.1 0.1 – – – – 41.7 – (2.2) – 39.5 1.9
30-32 Bessemer Street, Blacktown – 0.2 0.2 – – – – 43.9 – (2.4) – 41.5 2.0
----- End of picture text -----

==> picture [572 x 355] intentionally omitted <==

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

Income
6 months to
30 Jun ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 18 & Other Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
Citiwest Industrial Estate, Altona North 3.1 2.9 (0.2) 90.0 – 1.4 0.2 – – – – 91.6 4.4
Citiport Business Park, Port Melbourne 3.1 2.6 (0.5) 82.5 – 0.1 0.6 – – 6.3 – 89.5 4.3
Austrak Business Park, Somerton 5.7 5.8 0.1 182.4 – – – – – – – 182.4 8.7
Sunshine Business Estate, Sunshine 2.0 2.3 0.3 78.0 – – – – – 1.0 – 79.0 3.8
396 Mount Derrimut Road, Derrimut – 0.3 0.3 12.4 – 0.1 – – – 0.4 – 12.9 0.6
399 Boundary Road, Truganina – 0.5 0.5 15.6 1.1 – – – – 1.0 – 17.7 0.8
16-28 Quarry Road, Yatala 1.1 1.1 0.0 44.8 – 0.1 – – – 0.4 – 45.3 2.2
59 Forest Way, Karawatha 3.6 3.7 0.1 114.0 – – – – – 6.0 – 120.0 5.7
55 Whitelaw Place, Wacol 0.5 0.5 0.0 16.5 – – – – – – – 16.5 0.8
Assets Under Development
50 Old Wallgrove Road, Eastern Creek – – – 60.2 – – – – – – (60.2) – –
(completed January 2019)
407 Pembroke Road, Minto – Land – – – 5.8 – – – – – – – 5.8 0.3
Austrak Business Park, Somerton – Land – – – 32.8 0.6 – – – – – – 33.4 1.6
21 Shiny Drive, Truganina (under development) – – – 11.0 5.4 – – – – – – 16.4 0.8
2,6 & 10 Prosperity Street, Truganina – Land – – – 10.0 0.2 – – – – – – 10.2 0.5
Lots 1 & 2, Wembley Business Park, Berrinba – – – – 1.2 – – – – 0.1 18.8 20.1 1.0
(under development)
Sub-total Logistics Portfolio 52.5 57.3 4.8 1,893.4 16.2 3.3 3.7 111.0 – 51.4 18.8 2,097.8
Transactions post-balance date
57 & 89 Lockwood Road, Erskine Park – – – – – – – 113.0 – (6.0) – 107.0 –
Western Sydney Land Holding, NSW – Land – – – – – – – 18.9 – (1.0) – 17.9 –
Niton Drive, Truganina – Land – – – – – – – 35.8 – (2.2) – 33.6 –
Total Logistics Portfolio 52.5 57.3 4.8 1,893.4 16.2 3.3 3.7 278.7 – 42.2 18.8 2,256.3
----- End of picture text -----

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

==> picture [571 x 350] intentionally omitted <==

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

Logistics Occupancy
GLA (100% 30 Jun 19 30 Jun 19 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 41,900 86.7 5.75 100.0 100.0 100.0 2.8
10 Interchange Drive, Eastern Creek NSW 100 15,100 33.4 5.50 100.0 100.0 100.0 1.0
16-34 Templar Road, Erskine Park NSW 100 15,200 69.5 5.00 100.0 100.0 100.0 10.0
36-52 Templar Road, Erskine Park NSW 100 24,500 112.0 5.25 100.0 100.0 100.0 15.6
54-70 Templar Road, Erskine Park NSW 100 21,000 162.0 5.25 100.0 100.0 100.0 16.0
67-75 Templar Road, Erskine Park NSW 100 12,700 26.0 5.50 100.0 100.0 100.0 2.6
29-55 Lockwood Road, Erskine Park NSW 100 32,200 113.5 4.75 100.0 100.0 100.0 10.5
57 & 89 Lockwood Road, Erskine Park [2] NSW 100 37,700 107.0 4.63 100.0 100.0 100.0 10.4
407 Pembroke Road, Minto NSW 50 18,400 31.8 6.00 100.0 100.0 100.0 5.4
4 Holker Street, Newington NSW 100 7,400 35.5 6.25 100.0 100.0 100.0 7.3
83 Derby Street, Silverwater NSW 100 17,000 40.2 5.50 100.0 100.0 100.0 6.5
Sydney Olympic Park Town Centre [1] NSW 100 26,500 122.9 N/A 100.0 100.0 100.0 2.7
Quad 1, Sydney Olympic Park NSW 100 4,800 28.8 6.25 100.0 100.0 100.0 2.9
Quad 4, Sydney Olympic Park NSW 100 8,100 62.5 5.63 100.0 100.0 100.0 10.7
372-374 Victoria Street, Wetherill Park NSW 100 20,500 27.1 6.50 100.0 100.0 100.0 0.7
38 Pine Road, Yennora NSW 100 33,800 62.8 5.75 100.0 100.0 100.0 0.7
18-24 Abbott Road, Seven Hills NSW 100 18,100 41.6 5.25 100.0 100.0 100.0 5.2
1A Huntingwood Drive, Huntingwood NSW 100 21,100 46.8 5.25 100.0 100.0 100.0 8.1
1B Huntingwood Drive, Huntingwood NSW 100 11,300 26.5 5.25 100.0 100.0 100.0 4.2
----- End of picture text -----

==> picture [571 x 280] intentionally omitted <==

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

Logistics Occupancy
GLA (100% 30 Jun 19 30 Jun 19 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 52.0 5.50 100.0 100.0 100.0 3.6
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 70.4 5.00 100.0 100.0 100.0 7.6
104 Vanessa Street, Kingsgrove [2] NSW 100 7,100 24.0 5.25 100.0 100.0 100.0 5.0
64 Biloela Street, Villawood [2] NSW 100 23,300 39.5 5.75 100.0 100.0 100.0 8.0
30-32 Bessemer Street, Blacktown [2] NSW 100 20,100 41.5 5.50 100.0 100.0 100.0 6.5
Citiwest Industrial Estate, Altona North VIC 100 90,100 91.6 6.29 79.1 79.1 79.1 3.7
Citiport Business Park, Port Melbourne VIC 100 27,000 89.5 6.00 89.1 100.0 100.0 3.0
Austrak Business Park, Somerton VIC 50 210,000 182.4 5.85 77.3 80.6 80.6 6.6
Sunshine Business Estate, Sunshine VIC 100 52,800 79.0 5.75 100.0 100.0 100.0 7.5
396 Mount Derrimut Road, Derrimut VIC 100 10,700 12.9 6.25 100.0 100.0 100.0 2.5
399 Boundary Road, Truganina VIC 100 11,900 17.7 5.50 100.0 100.0 100.0 9.7
16-28 Quarry Road, Yatala QLD 100 40,800 45.3 7.00 55.1 55.1 55.1 3.7
59 Forest Way, Karawatha QLD 100 44,000 120.0 5.50 100.0 100.0 100.0 9.7
55 Whitelaw Place, Wacol QLD 100 5,600 16.5 5.75 100.0 100.0 100.0 12.9
Total 986,200 5.54 92.7 93.4 93.4 7.4
----- End of picture text -----

Valued on ‘highest and best use’ basis following gazettal of Sydney Olympic Park Authority masterplan.
Metrics reflect acquisition valuations as at May 2019.

LOGISTICS PORTFOLIO

Independent Valuation Summary

71% of the logistics portfolio was valued independently in the 6 months to 30 June 2019.

==> picture [571 x 352] intentionally omitted <==

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

Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 31 Dec 18 Savills 86.0 5.75
10 Interchange Drive, Eastern Creek NSW 100 30 June 19 Colliers 33.4 5.50
16-34 Templar Road, Erskine Park NSW 100 30 June 19 Colliers 69.5 5.00
36-52 Templar Road, Erskine Park NSW 100 30 June 19 Savills 112.0 5.25
54-70 Templar Road, Erskine Park NSW 100 30 June 19 CBRE 162.0 5.25
67-75 Templar Road, Erskine Park NSW 100 30 June 19 CBRE 26.0 5.50
29-55 Lockwood Road, Erskine Park NSW 100 30 June 19 Colliers 113.5 4.75
57 & 89 Lockwood Road, Erskine Park NSW 100 24 May 19 m3 107.0 4.63
407 Pembroke Road, Minto NSW 50 30 June 19 CBRE 31.8 6.00
4 Holker Street, Newington NSW 100 31 Dec 18 JLL 35.5 6.25
83 Derby Street, Silverwater NSW 100 31 Dec 18 Savills 40.0 5.50
Sydney Olympic Park Town Centre [1] NSW 100 31 Dec 18 JLL 121.5 N/A
Quad 1, Sydney Olympic Park NSW 100 30 June 19 Colliers 28.8 6.25
Quad 4, Sydney Olympic Park NSW 100 30 June 19 Colliers 62.5 5.63
372-374 Victoria Street, Wetherill Park NSW 100 31 Dec 18 m3 26.5 6.50
38 Pine Road, Yennora NSW 100 30 June 19 Colliers 62.8 5.75
18-24 Abbott Road, Seven Hills NSW 100 30 June 19 Savills 41.6 5.25
1A Huntingwood Drive, Huntingwood NSW 100 30 June 19 Savills 46.8 5.25
----- End of picture text -----

==> picture [571 x 282] intentionally omitted <==

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

Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
1B Huntingwood Drive, Huntingwood NSW 100 30 June 19 Savills 26.5 5.25
54 Eastern Creek Drive, Eastern Creek NSW 100 30 June 19 CBRE 52.0 5.50
50 Old Wallgrove Road, Eastern Creek NSW 100 30 June 19 Savills 70.4 5.00
104 Vanessa Street, Kingsgrove NSW 100 15 May 19 m3 24.0 5.25
64 Biloela Street, Villawood NSW 100 15 May 19 m3 39.5 5.75
30-32 Bessemer Street, Blacktown NSW 100 15 May 19 m3 41.5 5.50
Citiwest Industrial Estate, Altona North VIC 100 31 Dec 18 Savills 90.0 6.29
Citiport Business Park, Port Melbourne VIC 100 30 June 19 JLL 89.5 6.00
Austrak Business Park, Somerton VIC 50 31 Dec 18 JLL 182.4 5.85
Sunshine Business Estate, Sunshine VIC 100 30 June 19 CBRE 79.0 5.75
396 Mount Derrimut Road, Derrimut VIC 100 30 June 19 Savills 12.9 6.25
399 Boundary Road, Truganina VIC 100 30 June 19 Savills 17.7 5.50
16-28 Quarry Road, Yatala QLD 100 30 June 19 Savills 45.3 7.00
59 Forest Way, Karawatha QLD 100 30 June 19 Savills 120.0 5.50
55 Whitelaw Place, Wacol QLD 100 31 Dec 18 Savills 16.5 5.75
----- End of picture text -----

Valued on ‘highest and best use’ basis following gazettal of Sydney Olympic Park Authority masterplan.

LOGISTICS PORTFOLIO

Logistics – Sydney

Demand and supply levels are forecast to be in line with longer term averages for 2019.
Increased infrastructure investment will benefit key logistics hubs in Western Sydney.
Vacancy levels continue to contract, providing solid average rental growth of 3.0%.
Yields decreased by an average of 42 bps in the past 12 months.

==> picture [283 x 129] intentionally omitted <==

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

sqm Sydney Industrial Supply ('000 m )
900
800
700
10 year
600 average
500
400
300
200
100
0
2014 2015 2016 2017 2018 2019
----- End of picture text -----

==> picture [562 x 161] intentionally omitted <==

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

sqm Sydney Industrial Demand ('000 m )
Sydney Industrial: Vacant stock by grade ('000 m )
sqm 1,400 All Other Pre-Lease and D & C
700
1,200
600 Prime
10 year
500 Secondary 1,000 average
800
400
600
300
200 400
100 200
- 0
2014 2015 2016 2017 2018 2019
Source: Knight Frank Research April 2019, JLL Research Q2 2019, GPT Research.
Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19
----- End of picture text -----

Logistics – Melbourne

Melbourne’s industrial demand has been driven primarily by the strength in the Western precinct.
Supply levels have been low for the past 12 months, and 2019 full year projections are well below the long term average, pointing to a further contraction in vacancy rates and continued rental growth.
In the past 12 months yields firmed by an average of 47 bps.

==> picture [284 x 135] intentionally omitted <==

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

sqm Melbourne Industrial Supply ('000 m )
700
600 10 year
average
500
400
300
200
100
0
2014 2015 2016 2017 2018 2019
----- End of picture text -----

==> picture [544 x 141] intentionally omitted <==

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

sqm Melbourne Industrial: Vacant stock by grade ('000 m ) sqm Melbourne Industrial Demand ('000 m )
700 1,200 All Other Pre-Lease and D & C
Prime
600 1,000
Secondary 10 year
500 800 average
400
600
300
400
200
200
100
- 0
Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 2014 2015 2016 2017 2018 2019
----- End of picture text -----

Source: Knight Frank Research April 2019, JLL Research Q2 2019, GPT Research.

LOGISTICS PORTFOLIO

Logistics – Brisbane

Demand has been positive and is expected to be slightly above the long term average in 2019.
After a year of low supply in 2018, it is expected that 2019 will deliver increased supply in line with the long term average.
Vacancy has declined as a result of the favourable conditions, resulting in rental growth.
Prime yields have firmed by an average of 25bps in the past 12 months.

==> picture [292 x 136] intentionally omitted <==

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

sqm Brisbane Industrial Supply ('000 m )
500
450
400 10 year
350 average
300
250
200
150
100
50
0
2014 2015 2016 2017 2018 2019
----- End of picture text -----

==> picture [612 x 168] intentionally omitted <==

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

sqm Brisbane Industrial: Vacant stock by grade ('000 m ) sqm Brisbane Industrial Demand ('000 m )
800
700 All Other Pre-Lease and D & C
Prime 700
600
Secondary 600 10 year
500 average
500
400
400
300
300
200
200
100 100
- 0
2014 2015 2016 2017 2018 2019
Source: Knight Frank Research April 2019, JLL Research Q2 2019, GPT Research.
Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19
----- End of picture text -----

Delivering on strategy with quality developments

==> picture [618 x 350] intentionally omitted <==

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

Lockwood Road, 59 Forest Way, Templar Road, Templar Road,
Erskine Park NSW Karawatha QLD Erskine Park NSW Erskine Park NSW
Cross-dock and distribution Logistics facility for Toll NQX Chilled food processing facility Refrigerated storage and
facility for TNT Australia 44,000m [2] for Retail Ready Meats distribution facility for Rand
32,200m [2] 21,000m [2] 24,500m [2]
Whitelaw Place, 54 Eastern Creek Drive, 1B Huntingwood Drive, 1A Huntingwood Drive, 18-24 Abbott Road,
Wacol QLD Eastern Creek NSW Huntingwood NSW Huntingwood NSW Seven Hills NSW
Distribution Centre for Loscam Warehouse and distribution New facility leased to Cahill Redevelopment of facility for Easy Auto car showroom for AHG
5,600m [2] facility for Silk Logistics Transport 11,300m [2] IVE – Blue Star Printing and Hills Distribution Centre
25,400m [2] 21,100m [2] 18,100m [2]
50 Old Wallgrove Road, 21 Shiny Drive, Stage 1, Wembley Stage 2, Wembley Pine Road,
Eastern Creek NSW Truganina VIC Business Park QLD Business Park QLD Yennora NSW
Speculative facility fully leased Uncommitted facility underway Pre-leased facility due for Speculative facility due for Pre-leased facility due for
to ACR Supply Partners – due for completion in 2019 completion in 2020 completion in 2020 completion in 2020
30,100m [2] 26,400m [2] 20,500m [2] 14,400m [2] 4,800m [2]
2014 2015 2017
2018
2019 2020
----- End of picture text -----

LOGISTICS PORTFOLIO

Logistics development pipeline

+[Stage 1 is underway ] The Gateway Logistics Hub, and due for completion Truganina Victoria in 4Q 2019

==> picture [255 x 147] intentionally omitted <==

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

23ha 140,000sqm $200m
site located in prime logistics space expected end
Melbourne’s West when complete value
4
6
3 2 1
5
----- End of picture text -----

1 26,400sqm speculative facility to be delivered in 4Q 2019, with an expected end value of $36 million, targeting a yield on cost of >6%
2 24,300sqm facility expected to be completed in 2020
3 29,300sqm facility which can be delivered from 2021
4 16,300sqm facility providing flexibility for smaller requirements which can be delivered from 2021
5 15,900sqm facility providing flexibility for smaller requirements which can be delivered from 2021
6 28,000sqm facility which can be delivered from 2021

==> picture [276 x 246] intentionally omitted <==

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

+ [Stages 1 & 2 ]
Wembley Business Park,
are underway
Queensland
16ha 74,000sqm $150m
site located south prime logistics space expected end
of Brisbane when complete value
1 2
3
----- End of picture text -----

1 20,500sqm pre-committed facility to be delivered in 1H 2020, leased to an international logistics provider, with an expected end value of $48 million and targeting a yield on cost of >6%
2 14,400sqm uncommitted facility scheduled for completion in 1H 2020. The facility has an expected end value of $27 million, targeting a yield on cost of >6%
The remaining land can support up to 39,000sqm of new logistics space, with an expected end value of >$75 million
3

Denotes underway or approved stages

Sydney Logistics Portfolio

TNT Erskine Park, NSW

1 Erskine Park (7 Assets)
2 Eastern Creek (3 Assets)
3 Huntingwood Dr, Huntingwood (2 Assets)
4 Victoria St, Wetherill Park
5 Pine Rd, Yennora
6 Rosehill Business Park, Camellia
7 Derby St, Silverwater
8 Holker St, Newington
9 Sydney Olympic Park (7 Assets)
10 Pembroke Rd, Minto
11 Abbott Rd, Seven Hills
12 Vanessa St, Kingsgrove
13 Biloela St, Villawood
14 Bessemer St, Blacktown

==> picture [154 x 106] intentionally omitted <==

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

Abbott Rd, Seven Hills, NSW
----- End of picture text -----

LOGISTICS PORTFOLIO

Melbourne Logistics Portfolio

==> picture [154 x 258] intentionally omitted <==

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

399 Boundary Road, Truganina
Artist’s impression
21 Shiny Drive, Truganina
----- End of picture text -----

1 399 Boundary Rd, Truganina 2 396 Mount Derrimut Rd, Derrimut
3 Sunshine Business Estate, Sunshine 4 Citiport Business Park, Port Melbourne
5 Austrak Business Park, Somerton 6 Citiwest Industrial Estate, Altona North 7 21 Shiny Drive, Truganina (under construction)

==> picture [154 x 106] intentionally omitted <==

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

Sunshine Business Estate, Sunshine
----- End of picture text -----

Development

Interim Result 2019

Development Overview

==> picture [572 x 320] intentionally omitted <==

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

Forecast Forecast Cost to Complete Target
Total Cost Completion
Sector Ownership Interest (%) ($m) GPT’s Share ($m) Fund’s Share ($m) Date
Underway
21 Shiny Drive, Truganina, VIC Logistics 100% GPT 33 16 0 2H 2019
38 Pine Road, Yennora, NSW Logistics 100% GPT 10 7 0 1H 2020
Wembley Business Park Stage 1, Berrinba, QLD Logistics 100% GPT 44 32 0 1H 2020
Wembley Business Park Stage 2, Berrinba, QLD Logistics 100% GPT 25 17 0 1H 2020
Western Sydney Logistics Fund Through, NSW [1] Logistics 100% GPT 78 59 0 2H 2020
32 Smith Street, Parramatta, NSW Office 100% GPT 266 184 0 2H 2020
100 Queen Street, Melbourne, VIC Office 100% GWOF 238 0 229 1H 2021
Total Underway 694 315 229
Future Pipeline
Office 180 175 0
Melbourne Central, VIC 100% GPT
Retail 70 68 0
Cockle Bay Park, Sydney, NSW Office 25% GPT/50% GWOF 1,200 400 800
407 Pembroke Road, Minto, NSW Logistics 50% GPT 15 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 45 0
Wembley Business Park Stage 3, QLD Logistics 100% GPT 70 52 0
The Gateway Logistics Hub, Truganina, VIC [1] Logistics 100% GPT 150 103 0
Rouse Hill Town Centre, NSW Retail 100% GPT 200 200 0
Chirnside Park, VIC Retail 100% GWSCF 85 0 85
Highpoint Shopping Centre, VIC Retail 16.67% GPT/83.33% GWSCF 100 17 83
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Total Future 2,167 1,068 998
Total Underway and Future Pipeline 2,861 1,383 1,228
----- End of picture text -----

Adjusted for post balance date events.

DEVELOPMENT

Rouse Hill

==> picture [437 x 249] intentionally omitted <==

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

Rouse Hill M1
Cudgegong Rd
Kellyville
A2 Showground
M7 Bella Vista Norwest Castle Hill Cherrybrook A28 A1
M2 Epping
A40
A6
A28 Macquarie ParkNorth Ryde
North Ryde
M4
City centres A28 A3 A40
Motorways
A6
Arterial roads
Metro Northwest
A28
West Connex A22
A34
Rouse Hill Town Centre development vision (Source: The GPT Group)
Rouse Hill is a significant regional centre in
----- End of picture text -----

==> picture [289 x 249] intentionally omitted <==

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

Rouse Hill M1
Cudgegong Rd
Kellyville A3
A2 Showground
M7 Bella Vista Norwest Castle Hill Cherrybrook A28 A1
Macquarie
M2 Epping University A1
A40
A6
A28 Macquarie ParkNorth Ryde A38 Chatswood
M4
City centres A28 A3 A40 Crows NestVictoria Cross
Motorways Barangaroo
Arterial roads A6 Martin PlacePitt St
Central Sydney
Metro Northwest A22 CBD
A28
West Connex A22 A34 A36 M1
Rouse Hill Location & Transport Map (Source: The GPT Group)
----- End of picture text -----

Rouse Hill is a significant regional centre in Sydney’s North West, located within 600 metres of Metro Northwest.

2019

2000

GPT lodged a mixed-use Transport Oriented Master Plan Development Application in April 2019.
The Master Plan covers an area of 10 hectares adjoining the existing Town Centre to the north.

SYDNEY METRO NORTHWEST

First stage became operational in 2019. Rouse Hill to Martin Place will take 45 minutes, with trains running every 4 minutes at peak times.

NEW APARTMENTS

Masterplan includes 2,000 apartments, 20,000sqm of retail, commercial and community spaces.

Sydney Olympic Park

==> picture [274 x 221] intentionally omitted <==

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

Sydney Olympic Park development vision (Source: SOPA Master Plan 2030
Review 2018 [1] )
----- End of picture text -----

==> picture [274 x 199] intentionally omitted <==

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

City centres
M7 Motorways
M2
Arterial roads
A40 A28 Proposed Metro West
A6
M4 Parramatta A3 West Connex
Camellia
A1
Sydney A40
A28 Olympic
Park
A6 Martin Place
Central SydneyCBD
A28 A22 A22 M1
A34 A36
A34 A6
M5
----- End of picture text -----

==> picture [274 x 23] intentionally omitted <==

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

Sydney Olympic Park Location & Transport Map (Source: The GPT Group)
----- End of picture text -----

Sydney Olympic Park (SOP) is located in the heart of metropolitan Sydney. GPT holds 5.3ha in the future town centre.

Future growth is guided by SOPA Masterplan 2030 gazetted in August 2018.
Vision is for SOP Town Centre to be an active and vibrant mixed-use hub incorporating Retail, Residential and Commercial use.

==> picture [35 x 35] intentionally omitted <==

LIGHT RAIL & SYDNEY METRO

NSW Govt has announced plans for both Light Rail and Sydney Metro West to serve Sydney Olympic Park.

248,000

SQM

Permissible GFA uplift from 179,500sqm to 248,000sqm.

SOPA Master Plan 2030 Review 2018 https://www.sopa.nsw.gov.au/Developing-our-Park/Master-Plan-2030.

DEVELOPMENT

Camellia

==> picture [437 x 234] intentionally omitted <==

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

GPT Site
Camellia development vision (Source: The GPT Group)
Strategically located close to the geographic centre
Grand Avenue
Parramatta River
M4 Motorway
James Ruse Drive
Parramatta CBD
----- End of picture text -----

==> picture [295 x 267] intentionally omitted <==

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

GPT Site Camellia Precinct
Camellia Town Centre
Location of Camellia Town Centre (Source: Draft Camellia Town Centre Master Plan [1] )
2023 1800+
Grand Avenue
Parramatta River
Duck River
M4 Motorway
James Ruse Drive
Parramatta CBD
----- End of picture text -----

Strategically located close to the geographic centre of the Sydney Metropolitan Region approximately 16km west of the Sydney CBD and 1.5 km east of the Parramatta CBD.[1]

	Current Value		$87 million
	Site Area		79,900 sqm
	Net Lettable Area		41,900sqm across 3 buildings

PARRAMATTA LIGHT RAIL

POTENTIAL NEW DWELLINGS

Stage 1 is due to be completed in 2023 – providing fast and GPT’s land identified within frequent services from Camellia the mixed-use area. to Parramatta.

Draft Camellia Town Centre Master Plan Planning Report https://www.planning.nsw.gov.au/~/media/Files/DPE/Reports/draft-camellia-town-centre-master-plan-planning-report-2018-02-09.ashx

Funds Management

Interim Result 2019

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).

==> picture [210 x 190] intentionally omitted <==

==> picture [348 x 192] intentionally omitted <==

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

Fund Summary as at 30 June 2019 GWOF GWSCF
Number of Assets 18 8
Total Assets $8.5b $4.8b
Net Gearing 16.8% 24.9%
One Year Equity IRR (post-fees) 9.7% 1.3%
Fund Details as at 30 June 2019
GPT's Ownership Interest 23.1% 28.5%
GPT's Investment $1,573.0m $987.6m
Established July 2006 March 2007
Weighted Average Capitalisation Rate 4.90% 4.82%
Portfolio Occupancy 97.3% 99.2%
GPT’s Share of Fund FFO $37.2m $22.5m
GPT Base Management Fee $19.6m $10.9m
----- End of picture text -----

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 2019

==> picture [268 x 131] intentionally omitted <==

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

$13.3b
$12.4b $12.6b
$12.0b
$10.4b
$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 Dec 2017 Jun 2018 Dec 2018 Jun 2019
----- End of picture text -----

==> picture [253 x 114] intentionally omitted <==

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

$0.5b $0.4b ($0.1b) $13.3b
$12.4b
Jun 18 Developments Acquisitions Divestments Jun 19 FUM
& Asset Growth
----- End of picture text -----

GWOF performance versus benchmark

==> picture [272 x 140] intentionally omitted <==

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

00
15.5
14.5 14.5 14.4
13.6 13.5 13.8 13.9
75 12.5 12.9 11.9 12.4 12.0 12.3 12.6 12.6
11.4 10.6 10.8 11.5 10.5
9.8 9.8 9.4
50
25
00
GWOF MSCI/Mercer Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
12.2
Total return (%)
----- End of picture text -----

GWSCF performance versus benchmark

==> picture [267 x 141] intentionally omitted <==

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

7.6 7.6 7.6 7.6 7.48.2 8.2 8.0 8.1 8.0 8.0 6.77.3 7.5 7.4 7.58.6 8.6 8.6 7.1 [8.1 8.28.4]
6.1
3.4
2.2 2.0 1.9
1.2
0.0
GWSCF MSCI/Mercer Peer 1 Peer 2 Peer 3 Peer 4
All Retail Index
1 Year 3 Years 5 Years 7 Years 10 Years
----- End of picture text -----

Source: MSCI/Mercer. Note: Differences due to rounding.

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 2019, the Fund had a value of $8.5 billion.

	June 2019	June 2018
Number of Assets	181	17

Total Assets	$8.5b	$7.5b

Net Gearing	16.8%	17.4%
One Year EquityIRR (post-fees)	9.7%	13.9%

	Fund Details as at 30 June 2019
	GPT's OwnershipInterest (%)				23.1%
	GPT's OwnershipInterest ($m)				$1,573.0m
	Established				July2006
	Weighted Average Capitalisation Rate				4.90%
	Portfolio Occupancy(%)				97.3%
	GPT’s Share of Fund FFO ($m)				$37.2m

	GPT Base Management Fee ($m)				$19.6m

	Equity IRR 1 July 2018 to 30 June 2019 Inception to Date (Annualised) 21 July 2006 to 30 June 2019 Post fees 9.7% 9.7%

==> picture [152 x 20] intentionally omitted <==

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

GWOF Ownership Composition
As at 30 June 2019
----- End of picture text -----

==> picture [198 x 203] intentionally omitted <==

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

Domestic Super Funds 44%
GPT 23%
Offshore Pension Funds 16%
Domestic – Other 8%
Offshore – Other 7%
Sovereign Wealth Funds 2%
----- End of picture text -----

Includes 32 Flinders Street carpark.

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 30 June 2019 were $1,449 million resulting in net gearing of 16.8%.

==> picture [157 x 333] intentionally omitted <==

750 Collins Street, Melbourne

	GWOF Capital Management Summary as at 30 June 2019	GWOF Capital Management Summary as at 30 June 2019
	Net Gearing				16.8%
	Weighted Average Cost of Debt				4.1%
	Fees and Margins(included in above)				1.7%
	Weighted Average Debt Term				7.8years1
	Drawn Debt Hedging				75%
	Weighted Average Hedge Term				4.1years

Pro forma average debt term to maturity including the $200m MTN issued in July 2019 is 8.2 years.

GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bilateral Facility	50.0	29 September 2020	47.0
Bilateral Facility	100.0	30 September 2021	0.0
Bilateral Facility	100.0	31 March 2022	100.0
Bilateral Facility	50.0	1 April 2022	50.0
Medium Term Notes	150.0	18 May2022	150.0
Bilateral Facility	50.0	31 March 2023	50.0
Bilateral Facility	75.0	1 April 2023	0.0
Bilateral Facility	100.0	31 May2023	100.0
Bilateral Facility	100.0	30 September 2023	100.0
Bilateral Facility	150.0	27 November 2023	103.0
Bilateral Facility	200.0	1 April 2024	0.0
Medium Term Notes	200.0	22 February2027	200.0
US Private Placement	99.1	18 June 2029	99.1

US Private Placement	99.1	18 June 2030	99.1

US Private Placement	175.5	7 February2032	175.5
US Private Placement	175.4	7 February2034	175.4
Total	1,874.1		1,449.1

GWSCF Overview

GWSCF provides wholesale investors with exposure to 8 high quality retail assets. At 30 June 2019, the Fund had a value of $4.8 billion.

	June 2019	June 2019	June 2018
Number of Assets		8	8

Total Assets	$4.8b		$4.9b

Net Gearing	24.9%		25.2%
One Year EquityIRR (post-fees)	1.3%		8.4%

	Fund Details as at 30 June 2019
	GPT's OwnershipInterest (%)				28.5%
	GPT's OwnershipInterest ($m)				$987.6m
	Established				March 2007

	Weighted Average Capitalisation Rate				4.82%
	Portfolio Occupancy(%)				99.2%
	GPT’s Share of Fund FFO ($m)				$22.5m

	GPT Base Management Fee ($m)				$10.9m

		Inception to Date
	1 July 2018 to	(Annualised) 31 March 2007
Equity IRR	30 June 2019	to 30 June 2019
Post fees	1.3%	5.8%

==> picture [198 x 230] intentionally omitted <==

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

GWSCF Ownership Composition
As at 30 June 2019
Domestic Super Funds 38%
GPT 28%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
----- End of picture text -----

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2019 were $1,210 million resulting in net gearing of 24.9%.

==> picture [157 x 317] intentionally omitted <==

==> picture [400 x 320] intentionally omitted <==

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

GWSCF Capital Management Summary as at 30 June 2019
Net Gearing 24.9%
Weighted Average Cost of Debt 4.0%
Fees and Margins (included in above) 1.6%
Weighted Average Debt Term 4.7 years
Drawn Debt Hedging 79%
Weighted Average Hedge Term 3.4 years
GWSCF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 1 October 2020 50.0
Bilateral Facility 50.0 8 January 2021 50.0
Bilateral Facility 50.0 1 July 2021 40.0
Bilateral Facility 75.0 30 August 2021 75.0
Bilateral Facility 50.0 1 April 2022 0.0
Bilateral Facility 200.0 14 September 2022 200.0
Bilateral Facility 100.0 1 October 2022 100.0
Bilateral Facility 100.0 31 March 2023 100.0
Bilateral Facility 125.0 30 June 2023 118.0
Bilateral Facility 75.0 30 August 2023 0.0
Bilateral Facility 100.0 31 October 2023 77.0
Medium Term Notes 200.0 11 September 2024 200.0
Medium Term Notes 200.0 28 February 2028 200.0
Total 1,375.0 1,210.0
----- End of picture text -----

Casuarina Square, NT

AI assistant

GPT GROUP — Interim / Quarterly Report 2019

65009_rns_2019-08-11_d2f1f235-9e02-46b9-9e6f-795be3480dca.pdf

Agenda

Delivering attractive returns

Executing on growth strategy

Expected end value of $800 million Current + 32 Smith Street, Parramatta, office development

Finance & Treasury

Financial Summary

Segment Result

Capital Management

Office Highlights

Office Valuations & Market Fundamentals

Office Portfolio

Net Supply vs Vacancy Rate by Market

Office Leasing

Darling Park Acquisition

Blue-chip occupiers CBA, IAG and Adobe

Office Development Pipeline

Cockle Bay Park, Sydney

300 Lonsdale Street, Melbourne Central

32 Smith Street, Parramatta

Logistics Highlights

Key Outcomes

Logistics Portfolio Performance

Logistics Portfolio Growth

Brisbane, QLD

Underway $75m | Active Pipeline $75m

Berrinba

Sydney, NSW

Acquisitions & Development Completions $282m

Western Sydney

Eastern Creek

Melbourne, VIC

Underway $36m | Active Pipeline $164m

Underway $89m

Truganina

Western Sydney

Yennora

Retail

Retail Highlights

Retail Sales

Retail Leasing

Growing network of existing retailers

New retailers opening stores

Non retail usages | online to physical

Retail Development

Melbourne Central

Continued progression on the proposed $70 million rooftop retail expansion including approximately 7,000sqm of retail over two levels

Approximately $200 million expansion, including additional retail and commercial space totalling ~20,000sqm

Funds Management Highlights

Summary & Outlook

Market Outlook

Group Outlook

2019 Guidance

Disclaimer

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

Structured Rental Increases[2]

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt Maturity Profile

Proforma Liquidity Profile

Liquidity Profile

Hedging Profile

Retail Portfolio

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT GROUP Interim / Quarterly Report 2019