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GPT GROUP Interim / Quarterly Report 2019

Aug 11, 2019

65009_rns_2019-08-11_896d4f17-55ee-4f48-9bbc-891fefbe3ab2.pdf

Interim / Quarterly Report

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2019 Interim Result Market Briefing

12 August 2019

Agenda

3

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

Interim Result 2019

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Our Strategic
Focus
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    • Growing our Office & Logistics portfolio
    • Retaining high weighting to NSW and VIC markets
    • Increased the development pipeline to an expected end value of over $1.6 billion
    • Total Assets Under Management of $24.8 billion

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1
Shifting our
2010 2019 FOCUS
strategic
SYDNEY & MELBOURNE
asset
allocation Office32% Logistics Office41% Logistics16% NSW
9% 53%
30 June VIC
2019 35%
Retail Retail NT
59% 43% 2% QLD
10%
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Delivering attractive returns

  • 5yr avg. NTAps 8.2%

  • growth 5yr avg. FFOps 4.3%

  • growth 5yr avg. DPS 4.6%

  • growth

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GROUP EARNINGS
COMPOSITION
Logistics
Office
15%
37%
30 June
2019
Funds Retail
Management 42%
6%
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  1. Portfolio metrics includes acquisitions concluded post balance date

3

The GPT Group | 2019 Interim Result | 12 August 2019

Executing on growth strategy

Office and Retail Developments

Darling Park Acquisition & Development Opportunity

Expected end value of $800 million

Current

    • 32 Smith Street, Parramatta, office development
  • Expected yield on cost of approximately 6.75% and an end value >$300 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 rental growth profile of 4.0% per annum
    • 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)

Proposed

Growing GPT’s Investment in Logistics

    • 300 Lonsdale office development - Expected yield on cost of >6.5% and an Logistics 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% -
    • Rouse Hill Town Centre, Sydney, retail + Truganina, Melbourne logistics development -
  • expansion - $200 million expenditure with an expected + -

  • yield on cost of >6.0%

  • Acquisition of 5 assets for $212 million with an initial yield of 5.4%

    • 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 - 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

4

The GPT Group | 2019 Interim Result | 12 August 2019

2019 Consistently delivering strong returns Interim Result $5.66 2.0% 4.0% FINANCIAL FFO GROWTH DISTRIBUTION HIGHLIGHTS PER SECURITY GROWTH PER SECURITY

$5.66 5.66 9.6% NTA PER TOTAL SECURITY RETURN UP 1.4 PER CENT

$5.66

Investment Portfolio

Portfolio 95.7% occupancy[1] Like for like 3.5% income growth

Revaluation $ 131M gains Weighted Average 4.99% Capitalisation Rate[1]

161 Castlereagh Street, Sydney

  1. Portfolio metrics includes acquisitions concluded post balance date

5

The GPT Group | 2019 Interim Result | 12 August 2019

Finance & Treasury Interim Result 2019

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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

The GPT Group | 2019 Interim Result | 12 August 2019

7

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

The GPT Group | 2019 Interim Result | 12 August 2019

8

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 Dec
2019 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 8.2 years 6.3 years
Interest cover ratio 6.0x 5.7x
Credit ratings (S&P / Moody’s) A / A2 A / A2
Drawn debt hedging1 75% 83%
  1. Proforma for transactions post 30 June

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Domestic bank debt
2%
CPI Bonds Foreign bank debt
2% 5%
Secured bank debt
3%
Sources of Commecial Paper
9%
Drawn Bank Debt
USPP
10%
Debt 47%
Debt Capital
As at 30 June 2019 [1] Markets
90%
Domestic MTNs
24%
Foreign MTNs
Debt 8%
800
700
Maturity
Profile 600
500
As at 30 June 2019 [1]
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
$ millions
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CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities

The GPT Group | 2019 Interim Result | 12 August 2019

9

Office & Logistics Interim Result 2019

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Office Highlights

$ 6.5% 10.9% 114.8M PORTFOLIO TOTAL PORTFOLIO VALUATION LIKE FOR LIKE RETURN UPLIFT INCOME GROWTH (12 MONTHS)

Key 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 growth and including the effect of acquisitions and divestments

Portfolio Size & Geographic Exposure[1]

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Sydney 59%
Melbourne 31%
Brisbane 10%
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Office $5.9bn

Retail $6.3bn

Logistics $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

Space&Co., 530 Collins Street, Melbourne

  1. Portfolio metrics includes acquisitions concluded post balance date

11

The GPT Group | 2019 Interim Result | 12 August 2019

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

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Net Supply (LHS) Vacancy Rate (RHS) Vacancy Rate - 10y Avg.
sqm
300,000 20%
250,000
15%
200,000 12.8%
150,000 1 10%
7.8% 7.6% 11.0%
100,000 1 1
4.1% 3.8%
5%
50,000
0
0%
-50,000
-100,000 -5%
Syd CBD Melb CBD Bris CBD
Sydney CBD Melbourne CBD Brisbane CBD
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
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Prime Net Effective Rental Growth by Market 12 Month
Growth
$/sqm pa
$900 Sydney CBD 3.4%
$800 $835 3.4%
$700
$600
2.7%
$500 Melbourne CBD 2.7%
$400 $386
$300
$275
$200 4.6%
Brisbane CBD
$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
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  • Source: Data includes all grades; JLL Research, GPT Research. 1. Vacancy rate as at 2Q19

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The GPT Group | 2019 Interim Result | 12 August 2019

Office Leasing

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

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

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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
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  1. Portfolio metrics includes acquisitions concluded post balance date

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The GPT Group | 2019 Interim Result | 12 August 2019

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Darling Park
Acquisition
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$ 531.3M

PURCHASE PRICE

5.3%

INITIAL YIELD

    • 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]

5.6 year

WALE[1]

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Blue-chip occupiers CBA, IAG and Adobe

SQM 101,900 OFFICE

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SQM 9,800 RETAIL

  1. Metrics reflective of Office component, excludes Cockle Bay Wharf

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The GPT Group | 2019 Interim Result | 12 August 2019

Office Development Pipeline

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Artists impression
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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

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Artists impression
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    • 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

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Artists impression
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    • 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

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The GPT Group | 2019 Interim Result | 12 August 2019

Logistics Highlights

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

Portfolio Size & Geographic Exposure[1]

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Office
Retail
$5.9bn
$6.3bn
Sydney 69%
Melbourne 22%
Brisbane 9%
Logistics
$2.3bn
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    • 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

  1. Portfolio metrics includes acquisitions concluded post balance date

16

The GPT Group | 2019 Interim Result | 12 August 2019

Logistics Portfolio Performance

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

VALUATION UPLIFT

SQM 148,300 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

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50 Old Wallgrove Road, Eastern Creek
Eastern sqm Gross Take-Up Take-Up 10y Avg. Vacancy
1,400,000
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
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The GPT Group | 2019 Interim Result | 12 August 2019

Logistics Portfolio Growth

Brisbane, QLD

Underway $75m | Active Pipeline $75m

Berrinba

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    • $282 million of acquisitions and development completions across six assets in Western Sydney, increasing exposure to 69%[1]
    • $200 million of developments currently underway
    • Landbank replenished with strong pipeline with ability to deliver
  • projects with an end value of

  • ~$240 million

Melbourne, VIC

Underway $36m | Active Pipeline $164m

Truganina

    • Acquired 15ha site on deferred settlement terms adjacent to the site acquired in 2018
    • Combined 23ha site has the capacity to deliver ~140,000sqm of prime space
    • Commenced 26,400sqm speculative development, due for completion in 2H 2019
    • Pre-commitment with international logistics company across 20,500sqm, due for completion 1H 2020
    • Speculative development of 14,400sqm on adjoining lot
    • Remaining land has the ability to deliver ~39,000sqm of logistics space

Sydney, NSW

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

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

Underway $89m

Western Sydney

    • Fund-through of a new 50,000sqm development on a 10 year lease

Yennora

    • Pre-leased 4,800sqm development, activating surplus land at 38 Pine Road, to be completed in 1H 2020
  • Portfolio metrics includes acquisitions concluded post balance date

18

The GPT Group | 2019 Interim Result | 12 August 2019 18

Retail

Interim Result 2019

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Retail Highlights

$11,512 SPECIALTY SALES PRODUCTIVITY PER SQUARE METRE

1.4% 99.5% PORTFOLIO PORTFOLIO LIKE FOR LIKE OCCUPANCY INCOME GROWTH

Key Outcomes

    • 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%

Portfolio Size & Geographic Exposure

Office $5.9bn Retail $6.3bn NSW 41% VIC 44% QLD 10% NT 5% Logistics $2.3bn

    • 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

Melbourne Central, Melbourne

  1. Weighted Average Capitalisation Rate

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The GPT Group | 2019 Interim Result | 12 August 2019

Retail Sales

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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%
$ -5.4% -5.7%
11,512 1.0%
-10.9%
Specialty Sales Specialty Sales
per sqm per sqm growth
SPECIALTY MAT GROWTH
SPECIALTIES >400sqm SPECIALTIES <400sqm
3.2% (0.1)%
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
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Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong)

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The GPT Group | 2019 Interim Result | 12 August 2019

Retail Leasing

Strong portfolio occupancy

Quality portfolio with new retailer demand

Unique retailer offers responding to customer trends

247 58 LEASING DEALS NEW RETAILERS completed 1H 2019 introduced

New F&B precincts at both Melbourne Central and Charlestown which are due for completion in second half of 2019

Portfolio
Leasing
Statistics
JUN 2019
DEC 2018
Portfolio Occupancy
99.5%
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%

Growing network of existing retailers

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New retailers opening stores

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Non retail usages | online to physical

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  1. New leases

  2. Specialties <400sqm Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong) & holdovers

22

The GPT Group | 2019 Interim Result | 12 August 2019

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

Rouse Hill Town Centre

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Rouse Hill Town Centre expansion and TOD - artists impression
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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

23

The GPT Group | 2019 Interim Result | 12 August 2019

Funds Management Interim Result 2019

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Funds Management Highlights Funds Management Financial Summary ($M) $ 13.3B 8.2% 7.6% 1H 2019 ASSETS UNDER TOTAL FFO Segment MANAGEMENT RETURN GROWTH Result (7.2% annual increase) 22.7

Segment
Result
1H 2019
1H 2018
CHANGE
22.7
21.1
7.6%
FUND
TOTAL
ASSETS
FUND RETURN
GPT
INVESTMENT
1 year
3 years
GWOF
$8.5b
9.7%
12.4%
$1.6b
GWSCF
$4.8b
1.3%
7.7%
$1.0b
Total
$13.3b
$2.6b

Key Outcomes

    • GWOF exercised pre-emptive right to acquire a 50% interest in 2 Southbank Boulevard, Melbourne, for $326 million
    • GWOF raised $320 million of new equity from a mix of existing and new investors following commencement of the raising in Q4 2018
    • GWOF also completed a $200 million medium term note issue. The notes were issued for an average term of 6.5 years with a fixed coupon of 2.525%
    • GWSCF continues its asset recycling strategy with the sale of Norton Plaza

25

The GPT Group | 2019 Interim Result | 12 August 2019

Summary & Outlook

Market Outlook

Group 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
    • 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%

26

The GPT Group | 2019 Interim Result | 12 August 2019

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.

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The GPT Group | 2019 Interim Result | 12 August 2019