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10 August 2020

2020 Interim Result Data Pack

GPT provides its 2020 Interim Result Data Pack which has been approved for release by the GPT Group Company Secretary.

-ENDS-

For more information, please contact:

INVESTORS MEDIA Brett Ward Grant Taylor Head of Investor Relations & Corporate Communications Manager Affairs +61 437 994 451 +61 403 772 123

www.gpt.com.au

Level 51, MLC Centre, 19-29 Martin Place, Sydney NSW 2000

2020 Interim Result

Data Pack

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2020 Interim Result

Market Briefing 10 August 2020

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The GPT Group acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and community. We pay our respects to First Nations Elders past, present and emerging.

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|Agenda|Half Year Review |Bob Johnston
4
Financial Summary & Capital Management |Anastasia Clarke
9
Office & Logistics |Matthew Faddy
13
Retail |Chris Barnett
30
Funds Management, Sustainability & Outlook |Bob Johnston
36|
|---|---|

Interim Result 2020

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RESULTS PRESENTATION

Navigating Through the Pandemic

January & February 2020

GPT maintained the strong momentum from 2019

- Guidance for FFO per security (FFOps) & Distribution per security (DPS) growth of 3.5%
- High quality diversified portfolio with capital allocation focused on growing our logistics portfolio and development pipeline expected to enhance returns and growth
- Strong capital position and liquidity to fund growth initiatives

From March 2020

The operating environment became significantly more challenging

- Guidance was withdrawn for FFOps and DPS growth
- Health and safety of our people, our customers and our communities was paramount Increased safety measures to specifically address COVID-19
- Amended distribution policy to align with free cash flow, targeting a payout ratio of 95 to 105 per cent
- Prudent capital management and strong liquidity position further reinforced with deferral of development projects and non-essential capital expenditure
- Implemented initiatives to reduce on-going operating costs
- Engaged with industry bodies and the Government on the commercial tenancy ‘Code of Conduct’ and proactively engaged with tenants to begin negotiations

While we are dealing with the COVID-19 pandemic we are simultaneously preparing for the recovery and focused on the future

- Our high quality diversified portfolio, integrated management platform and optimal capital structure positions us well for the future
- Remain focused on growing our logistics portfolio
- Pipeline of attractive development opportunities when market conditions improve

2020 Interim Result

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Financial Summary
$
12.55CPS 9.30CPS 5.52 0.1 %
( )
FFO DISTRIBUTION NTA TOTAL
PER SECURITY PER SECURITY PER SECURITY RETURN [1]
Investment Portfolio
Portfolio Assets Under $
98.1% 24.5B
occupancy Management
Weighted Average Weighted Average
Lease Expiry 4.9 YRS Capitalisation Rate 5.00%
1. Total Return is defined 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. 50 Old Wallgrove Road, Eastern Creek
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RESULTS PRESENTATION

Reviewing the Half Year

Office

1 January + Positive fundamentals with low vacancy rates and manageable supply outlook
to + Occupancy at 97.5% and 27,600sqm of mid-March leasing completed
- Slowing in market rental growth rates anticipated
- Good progress on 32 Smith Street
Mid-March + Attendance rates declined significantly as tenants implemented
to work-from-home arrangements
30 June + Increase in sub-lease space and tenant leasing decisions being delayed
- 32 Smith Street remains on-track
- Deferred 300 Lonsdale Street development

Logistics

- Occupancy at 98.6% and 38,500sqm of leasing completed
- Growing through acquisitions and development, completing 3 new facilities and acquiring 2 new assets
- Low market vacancy rates and strong demand from occupiers and investors
- Occupancy increased to 99.8% at 30 June
- Progressing development pipeline with 2 projects underway
- Early re-zoning of Kemps Creek precinct
- Investment demand remains competitive

Retail

- Positive retail sales momentum with Total Centre sales growth of 3.0% and Combined Specialty sales growth of 3.9% in the first two months of 2020
- Specialty sales of $11,489psqm as at February 2020
- Centre foot traffic in-line with prior year in January and February
- Measures to contain the spread of COVID19 resulted in lower levels of foot traffic and a reduced number of stores trading
- Developments at Rouse Hill and Melbourne Central deferred
- Significant reduction in cashflow while negotiations underway
- 91% of stores open in June

COVID-19 Tenant Negotiations

- Commercial tenancies Code of Conduct was legislated in each state and territory requiring landlords to provide rent relief to qualifying tenants impacted by COVID-19 for a period of up to six months
- Relief has also been provided to certain tenants not eligible for assistance under the Code of Conduct materially impacted by COVID-19
- Rent collection rates for Q2 averaged 67% with retail the most impacted with collections of 36%
July collection rate of 81%
- Tenant negotiations advanced – all deals are bespoke and on a case-by-case basis
- Prudent approach taken on assumptions for rent waivers and provisioning for completed deals and deals yet to be finalised

Rent Collection	Office Logistics Retail Total 99% 100% 90% 95% 94% 98% 36% 67% 97% 99% 63% 81% Deals agreed1 Tenant rent waivers ($M)2 Provisions for receivables ($M)3 Total ($M) 50% $8.0 $1.6 $9.6 77% $0.8 $0.7 $1.5 26% $42.8 $32.7 $75.5 32% $51.6 $35.0 $86.6 ($52m) $539m ($438m) $100m ($35m) $14m Billed 100% Collected (81%) Outstanding 19% Rent Waivers (10%) Provisions (6%) Net 3% Group Cash Collection 2 3 $539m ($438m) $101m ($52m) ($35m) $13m
Quarter 1
Quarter 2
1H 2020

Sector
Office
Logistics
Retail
Total

As at 3 August for the managed portfolio
Total rent waivers include agreed deals and estimates for deals yet to be completed for the 6 months to 30 June
Provisions relate to uncollected rent not waived for the 6 months to 30 June

RESULTS PRESENTATION

Valuations & COVID-19 Impact

	Office	Logistics	Retail
Valuation change	-1.7%1	+2.3%	-10.5%1
Cap rates	+ Unchanged at 4.85%	+ Firmed by 11 basis points to 5.29%	+ Softened by 15 basis points to 5.04%
Discount rates	+ Firmed by 9 basis points to 6.32%	+ Firmed by 22 basis points to 6.39%	+ Firmed by 27 basis points to 6.35%
Market rents & growth rates	+ Market rents unchanged + 10-year average market rent growth reduced 40 basis points to 3.3%	+ Market rents unchanged + 10-year average market rent growth remains largely unchanged at 3.0%	+ Market rents lowered by 130 basis points + 10-year average market rent growth reduced 58 basis points to 2.74%
	+ Average incentive on current vacancy increased by
Leasing	400 basis points + Average downtime on current vacancy increased by	+ Allowances have been increased to account for short term leasing risk	+ Equivalent incentive increased by 600 basis points + Equivalent downtime increased by 2.2 months
	3.4 months
COVID-19 allowance	+ 0.2% of portfolio value	+ 0.1% of portfolio value	+ 1.7% of portfolio value

Reflects change in value of directly owned assets plus the change in equity value of the Group’s investment in the relevant wholesale fund.

Heading

Finance & Treasury

Interim Result 2020

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RESULTS PRESENTATION

Financial Summary


6 Months to 30 June ($ million)	2020	2019	Change

Funds From Operations (FFO)	244.5	295.9	(17.4%)	$519.1M
Valuation (decreases)/increases	(711.3)	130.8		STATUTORY NET LOSS
Treasury instruments marked to market	(51.5)	(82.3)		AFTER TAX

Other items Net (Loss) / Profit After Tax	(0.8) (519.1)	8.2 352.6		9.3CENTS DISTRIBUTION PER
Funds From Operations (cents per security)	12.55	16.36	(23.3%)	SECURITY

Operating Cash Flow Free Cash Flow	204.1 182.0	272.0 205.9	(25.0%) (11.6%)	99.6% OF FREE CASH FLOW
`
Distribution (cents per security)	9.30	13.11	(29.1%)

Segment Result & Free Cash Flow

6 Months to 30 June ($ million) 2020 2019	Change Comments
Retail 79.2 157.3	(49.7%) Income & fees reduced 37%; property cost savings 13%; COVID rent impact of $75.5m
Office 139.9 138.7	0.9% Contribution from acquisition of Darling Park; offset by dilution in GPT’S co- ownership stake in GWOF; COVID rent impact of $9.6m
Logistics 64.4 57.1	12.8% Contribution from acquisitions and developments fully leased on completion
Funds Management 24.2 22.7	6.6% Growth from GWOF acquisitions and developments partially offset by devaluations in GWSCF
Finance Costs (49.1) (59.5)	(17.5%) Cost of debt 3.1%, saving 70bps on comparable 1H19
Corporate (14.1) (20.4)	(30.9%) Bonus schemes cancelled, discretionary cost savings and JobKeeper received
Funds From Operations 244.5 295.9	(17.4%)
Maintenance capex (18.5) (30.8)	(39.9%) Reduction and deferral of discretionary capex
Lease incentives (28.9) (23.0)	25.7% Increase due to successful leasing in Office and Logistics portfolio
Adjusted Funds From Operations 197.1 242.1	(18.6%)

RESULTS PRESENTATION

Capital Management

- Modest gearing of 25.1%
- Liquidity in excess of $1.2 billion which fully funds all current commitments until 2023
- In February, issued $300 million 12-year debt in the domestic MTN market at margin of 160 basis points
- Prior to COVID-19, extended $1.2 billion of bank facilities by an average of 1.5 years
- Hedging at 86% over the next 12 months
- S&P A (stable) and Moody’s A2 (stable) credit ratings


Key Statistics Net tangible assets per security Net gearing Weighted average cost of debt	Jun 2020 $5.52 25.1% 3.1%	Dec 2019 $5.80 22.1% 3.6%
Weighted average term to maturity Interest cover ratio	7.8 years 6.0x	7.7 years 6.7x
Credit ratings (S&P / Moody’s)	A / A2	A / A2

Sources of

Drawn

Debt

As at 30 June 2020

Debt Maturity Profile As at 30 June 2020

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Domestic
CPI bank
Bonds debt Foreign
2% 2% bank
debt
17%
Secured
USPP bank debt
41% Bank Debt 2%
21% Commercial
Debt Capital Paper
Markets 4%
79%
Domestic
MTNs
Foreign MTNs 25%
7%
600 $1.2b
500 liquidity
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
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
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Office & Logistics

Interim Result 2020

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RESULTS PRESENTATION

Office Highlights

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Portfolio Size &
1.2% 97% 5.2years Geographic Exposure
OPERATIONS RENT COLLECTED OFFICE WALE
NET INCOME 1H 2020 (BY INCOME)
GROWTH
Office Retail
$6.1bn $5.7bn
Key Highlights Sydney 59%
Melbourne 32%
Brisbane 9%
+ Operations Net Income of $139.4 million, with fixed rent increases and portfolio
composition changes partially offset by lower occupancy and COVID-19 rental assistance
and provisions
+ Office occupancy of 94.4%¹ and Office WALE of 5.2 years¹
+ Collection rates remain high, reflecting diversity and quality of customer base Logistics
+ Office valuations moderated by 1.7%, WACR of 4.85% $2.6bn
+ High quality, modern portfolio of new or recently refurbished assets, well placed to
respond to evolving trends
1. Excludes Queen & Collins (undergoing redevelopment), 32 Flinders Street (currently configured as a carpark) and
87-91 George Street (held for development) Melbourne Central Tower
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Excludes Queen & Collins (undergoing redevelopment), 32 Flinders Street (currently configured as a carpark) and 87-91 George Street (held for development)

Office Return to Workplace

- Office assets remained open throughout the period, with some shared facilities within our assets closed in accordance with government directives
- A range of measures have been employed across the business and asset operations to support our tenants in returning to the office, including:
Increased cleaning frequency
Air-conditioning systems maximising fresh air volumes
Monitoring and management of lift capacities
Wayfinding and introduction of social distancing signage
- Working with customers to conclude temporary rental relief arrangements related to COVID-19

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COMMON AREA LIFT MONITORING ENTRY/EXIT HAND SANITISER CLEANING & MANAGEMENT MANAGEMENT STATIONS TENANCY CONCIERGE SOCIALLY END OF TRIP CLEANING SUPPORT & DISTANCED HYGIENE ASSISTANCE SEATING & MANAGEMENT LOBBY & VISITOR PARKING COVID-19 SUPPORTING MANAGEMENT AVAILABILITY CASE SIGNAGE MANAGEMENT & MATERIALS

RESULTS PRESENTATION

Office Leasing & Market Update

Office Leasing

1H 2020 Leasing:

- Signed leases totalling 37,800sqm concluded with an additional 19,600sqm of Heads of Agreement (HoA)
- Renewals concluded with McMillan Shakespeare, ShineWing and Salesforce

2H 2020 Leasing:

- Conversion of 1H 2020 heads of agreement to signed leases of 15,600sqm
- Heads of agreement of 27,100sqm in July 2020

Vacancy by Area	As at June 2020	Including July 2020 HoA¹
Uncommitted Vacancy²	5.6%	4.2%
Lease Expiry by Income	As at June 2020	Including July 2020 HoA¹
2020	2%	1%
2021²	10%	8%

Leasing Strategy:

- Virtual marketing to showcase space without the need for physical inspection, including virtual reality
- Increased engagement with customers across the portfolio
- Occupant user surveys to understand return to the office plans
- Proactively focused on securing renewals, minimising downtime

Market Update

- Increased vacancy with softer demand and new supply resulted in back-fill vacancy and increased levels of sublease space

Prime Vacancy	2Q 2020	10 year Average
Sydney CBD	7.0%	8.1%
Melbourne CBD	7.5%	6.2%
Brisbane CBD	11.0%	9.3%

Source: JLL Research

- Recovery in job ads a forward indicator of demand

Daily SEEK Job Ads - Australia

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Includes heads of agreement post balance date
Excludes expected development completions of 32 Smith Street, Parramatta and Queen & Collins, Melbourne

Office Customer Update

- Diverse and high quality tenant base proving resilient, with strong rent collection rate of 97% for 1H 2020
- Well managed, prime grade assets are best placed to support the safety, health and wellbeing of occupants with adaptable technology, building management and monitoring capabilities and experienced on-site teams

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Office Income by Industry¹
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Lift Movements²
(5 February 2020 = 100)
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Banking, 20% Information and
Communications Technology,
14% Index Sydney CBD (5 assets)
100 Melbourne CBD (4 assets)
90 Brisbane CBD (1 asset)
Insurance, 14% 80
Co-working/Serviced
offices, 3% 70
Mining & Energy,
3% 60
50
Other, 7%
40
30
Legal, 12%
Government, 7% 20
10
Other Business Services, 9% Accounting & Finance, 10% 0
5 Feb 19 Feb 4 Mar 18 Mar 1 Apr 15 Apr 29 Apr 13 May 27 May 10 Jun 24 Jun 8 Jul 22 Jul
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Reflective of office tenants, including signed leases commencing after the balance date
Lift calls each Wednesday during period across 10 assets. Reduced lift car capacities implemented in mid-June

RESULTS PRESENTATION

Evolution of Office

- High quality, adaptive workplaces will remain a relevant and important part of high performing businesses
- Culture and collaboration are best fostered face-to-face in communal spaces
- Office space design and agile working practices are likely to evolve with the need for physical distancing

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Corporate Culture 89% believe office will remain a necessity for Workspace Configuration
Fostered & enhanced corporate organisations Potential for space & usage changes
together in shared spaces – Savills Office FiT Survey with need for physical distancing
3:1 people in favour of the office for personal growth Business Building & Innovation 84% miss the social connection and face-to-
18-24 year olds are likely to Creative & collaborative activities face interaction they get from
prefer working in the office to help to learn, be seen, most effective & productive in face- their colleagues in the office
– Savills Office FiT Surveynetwork and collaborate to-face in groups – Bates Smart, Remote Working Survey
Education & Learning “Even with a highly distributed workforce, we’ll need a place to come together.” Flexibility & Hub/Spoke
“Now we can design this space especially for these Increased work from home, use of on-
Opportunities to gain knowledge, new ways of working.” demand space & potential for
working with & near colleagues - Scott Farquhar, Atlassian, in relation to new Sydney headquarters (AFR 25 June 2020) “distributed workforce”
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Sydney Metropolitan Office Update

- Greater Western Sydney has the third largest economy in Australia and is forecast to grow to 3 million people by 2036[1]
- Sydney Metropolitan Office markets are expected to benefit from occupiers considering hub/spoke model post COVID-19
- Office portfolio is ~10%[2] weighted to Sydney Metropolitan markets, to be increased through development pipeline

87-91 GEORGE STREET

Development site acquired, funded through GWOF Potential for 30,000 – 75,000sqm tower

32 SMITH STREET

26,400sqm tower due for completion in January 2021 64% leased including terms agreed

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SYDNEY
CBD
PARRAMATTA
CBD
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4 MURRAY ROSE AVENUE Occupancy of 97.1% 75% occupied by NSW Government entities

60 STATION STREET Acquired in 2018 Blue chip occupiers including Deloitte & NSW Government Occupancy of 100%

Western Sydney University (https://www.westernsydney.edu.au/rcegws/rcegws/About/about_greater_western_sydney)
Inclusive of 32 Smith Street underway

The GPT Group 2020 Interim Result | 10 Aug

RESULTS PRESENTATION

Office Development Pipeline

+ 32 Smith Street is progressing well	+ 32 Smith Street is progressing well	+ 32 Smith Street is progressing well	and is due for completion in January
2021
+ Pipeline of development opportunities within the existing portfolio,
progressing planning and approval processes
+ Expected end value of pipeline projects in excess of $3.5 billion¹
	Ownership	Status	Comment²
32 Smith Street Parramatta, NSW	100% GPT	Underway	64% leased including terms agreed, QBE anchoring with 51% of tower
Queen & Collins Melbourne, VIC	100% GWOF	Underway	Refurbishment including restoration of heritage aspects and creation of a distinctive ground floor plane
					Cockle Bay Park, Sydney		32 Smith Street, Parramatta
87-91 George Street Parramatta, NSW	100% GWOF	Pipeline	Site acquired in 1H 2020, with potential for ~30,000 – ~75,000sqm tower
Cockle Bay Park Sydney, NSW	25% GPT / 50% GWOF	Pipeline	Office comprising ~63,000sqm plus ~10,000sqm retail/entertainment precinct
Cnr of George & Bathurst Sydney, NSW	100% GWOF	Pipeline	Adjacent to 580 George Street, potential for ~6,500sqm office extension above existing retail
300 Lonsdale Street Melbourne, VIC	100% GPT	Pipeline	Above Melbourne Central, potential for ~20,000sqm of office space
51 Flinders Lane Melbourne, VIC	100% GWOF	Pipeline	Adjacent to 8 Exhibition Street, potential for ~29,000sqm tower
Skygarden Brisbane, QLD	100% GWOF	Pipeline	Adjacent to Riverside Centre, potential for ~25,000sqm tower	Queen & Collins, Melbourne Artists impression	87-91 George Street, Parramatta Artists impression	Artists impression	300 Lonsdale Street, Melbourne

Includes both GPT direct and Fund opportunities
NLAs are subject to authority approvals.

The GPT Group 2020 Interim Result | 10 August 2020

Office Portfolio Resilience

5.2years 100% OFFICE WALE PRIME ASSETS¹ (BY INCOME)

- GPT’s portfolio is made up of prime assets attractive to high-quality customers
- Prime grade assets have benefited from lower vacancy and higher rates of net absorption over the long term
- Office WALE >5 years, with a diverse customer base including Government, major Banks and Insurance companies, and global business such as Amazon
- New and recently upgraded assets with modern technology, airconditioning and lifting capacity well placed to respond to evolving customer requirements
- The benefits of a dynamic office environment cannot be fully replicated in a work from home setting
- Skilled workforce attracted to companies with collaborative, vibrant and engaging environments to facilitate growth, mentoring and creativity
- Continuing to progress activities to unlock development pipeline
Prime includes Premium and A Grade assets. Excludes 32 Flinders Street (configured as a carpark) and 87-91 George Street (development site)

RESULTS PRESENTATION

Logistics Highlights

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Portfolio Size &
Geographic Exposure
99.8% $55.7m 39,800sqm
PORTFOLIO VALUATION DEVELOPMENT
Office Retail
OCCUPANCY UPLIFT COMPLETIONS
$6.1bn $5.7bn
Sydney 64%
Key Highlights Melbourne 25%
Brisbane 11%
+ Operations Net Income of $64.7 million, up 13.7% on comparable period
+ High rent collection rate of 99% for 1H 2020
+ Continued portfolio growth with three developments completed and two assets acquired
growing portfolio to 1,083,100sqm Logistics
+ WALE of 6.9 years and lease expiry to December 2021 of 5.6% $2.6bn
+ Logistics valuations uplift of 2.3% with WACR firming to 5.29%
+ Development land at Mamre Road, Kemps Creek achieved re-zoning
+ Pipeline of development projects with an expected end value of ~$1billion¹
1. Inclusive of projects underway 2 Ironbark Close, Berrinba
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Logistics Customer & Leasing

99.8% PORTFOLIO OCCUPANCY

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70%
ASX LISTED /
GLOBAL ENTITIES
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6.9years WALE (BY INCOME)

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+ Occupancy increased Transport, Postal & Trade (Retail &
with let up of vacancies Warehousing Wholesale)
together with addition of
fully let development completions and Toll Coles
acquisitions Rand Transport Australian
+ Completed 118,300sqm TNT 30% 35% Pharmaceutical Industries
of signed leases with an DHL
additional 8,700sqm at Linfox Portfolio Unilever
terms agreed Super Retail Group
+ Introduction of new Schenker Income Woolworths
tenants into the portfolio by Industry Wesfarmers
including DHL & JB Hi-Fi JB Hi-Fi
12%
Other Manufacturing
23%
Vodafone Hutchison IVE Group
QBE Pact Group
Computershare Goodman Fielder
Infrabuild
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RESULTS PRESENTATION

Evolution of Logistics

- Acceleration in e-commerce and parcel delivery volumes, with potential for increased inventory to be held locally to provide resilience
- Pipeline of infrastructure projects and government stimulus expected to drive economic recovery post COVID-19
- Lower population growth in the near term, however growth expected over longer term with Australia expected to remain a destination of choice

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e-commerce Australia Post reported parcel Last Mile
Acceleration in e-commerce deliveries in April averaging almost
Consumer desire for speed
penetration with evolving consumer 2 million parcels and convenience
behaviour per day, up by 90% compared to last year [1]
Online accounts for US research estimates that an incremental US$1bn
~10.7% of total retail trade Infrastructure Investment growth in e-commerce sales requires an additional
in Australia, growing ~23.1% Governments focused on shovel ready ~115,000sqm
compared to 12 months prior projects that create jobs and drive of distribution space to support this growth
investment
NAB Online Retail Sales Index, June 2020 Forrester Research, CBRE Research, 2018
In June 2020 the Federal Government committed
Supply Chain Scrutiny $1.5 billion to immediately commence “Just in Time” to “Just in Case”
Scrutiny beyond Tier 1 suppliers to work on priority infrastructure projects; with joint assessment teams working on Potential for increased inventory to
assess/manage exposure to risk accelerating projects worth more than provide resilience
$72 billion in public and private investment [2]
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Australia Post (https://newsroom.auspost.com.au/article/expanding-operations-and-casual-hires-to-manage-parcel-demand)
Speech to CEDA by the Hon Scott Morrison, sourced from SBS (https://www.sbs.com.au/news/scott-morrison-announces-additional-1-5-billion-towardsshovel-ready-projects)

Logistics Portfolio Growth

$ 2.6BB

2.6BB 8.4% PORTFOLIO VALUE 1H 2020 PORTFOLIO GROWTH

- Acquired two facilities totalling $75 million and completed three developments totalling $89 million
- Valuation uplift of 2.3% with WACR firming by 11 basis points to 5.29%
- Strong investor demand for prime logistics facilities, with volume transacted in Q2 2020 being the second strongest on record¹

	National	NSW	VIC	QLD
Number of assets Investment Portfolio²	40 $2.4b	26 $1.5b	9 $0.6b	5 $0.3b
WACR	5.29%	5.17%	5.46%	5.52%
Portfolio Occupancy WALE by Income	99.8% 6.9 years	100.0% 7.5 years	99.3% 5.1 years	100.0% 7.6 years

Cushman & Wakefield, Marketbeat Q2 2020
Inclusive of assets held for sale of $103.0m; exclusive of land and assets under development of $196.3m

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$42.2M
PURCHASE PRICE
23,800sqm
GLA
9.9years
WALE BY INCOME
4.8%
1 Botero Place, Truganina INITIAL YIELD
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$32.4M
PURCHASE PRICE
7,200sqm
GLA
5.5years
WALE BY INCOME
21-23 Wirraway Drive, Port Melbourne INITIAL YIELD 4.9%
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RESULTS PRESENTATION

Logistics Development Completions

39,800sqm $89.1m 1H 2020 COMPLETIONS (GLA) 1H 2020 COMPLETIONS - VALUE

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2 Ironbark Close, Berrinba, QLD
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30 Ironbark Close, Berrinba, QLD

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$48.5m 5.25% $27.6m 5.63%
FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020) FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020)
20,600sqm 6.1% 14,400sqm 6.5%
GLA YIELD ON COST GLA YIELD ON COST
9.7years DHL (pre-lease) TENANT 5.0years JB Hi-Fi & Windoware
WALE BY INCOME WALE BY INCOME TENANT
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38A Pine Road, Yennora, NSW
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$13.0m 5.00% FAIR VALUE (30 JUNE 2020) CAP RATE (30 JUNE 2020) 4,800sqm 5.8% GLA YIELD ON COST 4.7years Westcon (pre-lease) TENANT WALE BY INCOME

Logistics Developments Underway

67,200sqm UNDERWAY PROJECTS - GLA

$129m UNDERWAY PROJECTS – EXPECTED END VALUE ON COMPLETION

- Two projects underway in Western Sydney
- Penrith is due for completion in 2H 2020 and is pre-leased for a 10 year term
- Glendenning is being developed on a speculative basis, with positive leasing enquiry and limited competing stock

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128 Andrews Road, Penrith, NSW
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$85m
FORECAST END VALUE
50,100sqm
GLA
2H 2020
FORECAST COMPLETION
Artists impression
$44m
FORECAST END VALUE
17,100sqm
GLA
1H 2021
FORECAST COMPLETION
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42 Cox Place, Glendenning, NSW
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RESULTS PRESENTATION

Logistics Development Pipeline | Kemps Creek Update

33.4ha ~$445m SITE AREA EXPECTED END VALUE ON COMPLETION

- The Mamre Road precinct achieved rezoning in June 2020
Designated a warehousing industrial hub providing ~17,000 new jobs in Western Sydney
The precinct is located within the Western Sydney Employment Area and includes site of a potential Western Sydney freight intermodal terminal

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- GPT’s 33.4ha site was acquired in 2019 on delayed settlement terms
Land settling October 2020 - April 2021
Expected to support approximately 160,000sqm of prime logistics space when complete, subject to authority approvals
Flexible configuration options with warehouses of ~19,000sqm to ~47,000sqm expected to be constructed

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Adjacent to established
industrial precinct of
Erskine Park
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~10km Close proximity to <5km to future Western M4 & M7 to proposed Sydney Airport interchange intermodal

Logistics Development Pipeline

~$1.0b >500,000sqm PIPELINE EXPECTED END VALUE¹ PIPELINE CAPACITY¹

State
Estimated
Area GLA¹
Estimated
End Value
Estimated
Delivery
Comment
Wembley Business Park, Berrinba
QLD
38,200sqm
$75m
2021-2022
Stage 1 & 2 delivered in 1H 2020 with 2 stages remaining
Gateway Logistics Hub, Truganina
VIC
115,400sqm
$169m
2021-2023
First facility delivered in 2H 2019 with 5 stages remaining
Boundary Road, Truganina
VIC
128,200sqm
$205m
2023+
To be delivered in multiple stages following buildout of Gateway Logistics Hub
Mamre Road, Kemps Creek
NSW
~160,000sqm
$445m
2022+
Located in close proximity to the future Western Sydney Airport
1. Expected end value on completion. Net of stages already delivered and inclusive of projects underway at Penrith and Glendenning (expected end value of $129 million and expected GLA of 67,200sqm). GLA subject to authority approvals.

RESULTS PRESENTATION

Retail

Interim Result 2020

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Melbourne Central, Melbourne

Retail Highlights

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Portfolio Size &
Geographic Exposure
98% 91% $
9,910
PORTFOLIO STORES OPEN SPECIALTY SALES
OCCUPANCY AT 30 JUNE PRODUCTIVITY PER SQUARE Office
METRE $6.1bn Retail
$5.7bn
Key Overview NSW 40%
VIC 45%
QLD 10%
+ Retail Segment FFO contribution of $79.2 million for 6 months to June 2020 NT 4%
impacted by:
+ Lower property income due to rental assistance and provisions offset by
savings in property expenses
+ Reduction in fees from property income and deferment of development
Logistics
projects
$2.6bn
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- Valuation decline of 10.5% for 6 months to June 2020, and a WACR of 5.04%

RESULTS PRESENTATION

COVID-19 Update

Portfolio

Update

As at

31 July 2020

Traffic and Stores Open

Outside of retail assets in Victoria, managed portfolio demonstrating signs of recovery:
- 95% of stores now open and trading
- Customer visitation returning with traffic at 85% of 2019 levels

Marketing and Communications

Retailer Assistance

- Across managed portfolio , + Focused on signage and messaging to completed 26% of expected deals encourage shopper adherence to with retailers required by Code of government restrictions Conduct + Targeted shopper communications via
- In majority of cases preferred online platforms
- In majority of cases preferred online platforms position by retailers is not to defer + Supporting retailers with marketing rent beyond Dec 2020 initiatives (such as Retailer Runner) to assist driving sales

Victoria

Update

As at

31 July 2020

- Victoria based assets have 62% stores open with traffic numbers at 73% of 2019 levels (excluding Melbourne Central)
- Melbourne Central impacted given reliance on CBD workers, tourists and students, with traffic averaging 15-20% of its normal levels and only 37% of the stores open
- Finalisation of discussions with retailers regarding rental assistance may take longer given uncertainty of impacts from recent restrictions
- Focus on providing safe environments promoting adherence to government guidelines

Portfolio Performance

Retail Sales and Traffic

- Heavily impacted from mid March through to May with government restrictions introduced
- Recovery evident from May in line with relaxation of restrictions

MAT at 30 June 2020:

- Centre Sales down 10% and Total Specialty Sales down 11%

Categories that have performed well despite conditions:

- Supermarkets up 1.2%; Discount Department Stores up 0.3%
- Technology, Food Retail and General Retail, on average down 2.7%

Categories impacted by government restrictions include:

- Cinemas, Dining and Retail Services, average decline of 16.9%

Market Share (Physical vs Online)

- Government restrictions led to significant store closures and a corresponding shift to online retail purchasing
- Omni-channel retailers benefited most from this shift
- The result was a loss in market share across the portfolio, with sales diverting to online and smaller local centres out-performing as shoppers sought to limit travel movements
- Since late April, there has been a rebound as shoppers begin to return to established shopping behaviours

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10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
-80%
Jan-20 Feb-20 Mar-20 Mar-20 Apr-20 Apr-20 May-20 Jun-20
Government Peak
measures COVID-19
implemented related impacts
Centre Sales growth (%) Spec/Mini Majors growth (%) Traffic growth (%) Traffic growth - ex Melb Central (%)
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Data: Based on weighted portfolio

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25% 12%
20% 10%
8%
15%
6%
10%
4%
5% 2%
0% 0%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Portfolio online leakage (%) - LHS Portfolio market share (%) - RHS
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Source: Quantium

RESULTS PRESENTATION

Portfolio Performance

Retail Leasing

- Whilst leasing deals have slowed over last 3 months, 173 deals have been completed for the 6 months to June
- Occupancy remains strong at 98.0%
- In conjunction with COVID-19 discussions we are addressing holdovers and imminent lease expiries
- New leasing deals are consistent with pre-COVID-19 conditions and include base rent, fixed increases and structured lease terms

Portfolio Leasing Statistics

	JUN 2020
Portfolio Occupancy	98.0%
Retention Rate	66%
Avg. Annual Fixed Increase1,2	4.7%
Avg. Lease Term1,2	4.5 years
Leasing Spread1,2	(5.2%)
Holdovers as a % of Base Rent2	9.8%
Specialty Occupancy Cost2	19.7%

Retail Valuations

- 100% of retail portfolio independently valued as at 30 June 2020
- GPT retail portfolio outcomes in line with market update in May 2020
- WACR expanded 15 basis points, now at 5.04%
- Valuers have considered the Code of Conduct through short term rental assistance assumptions in addition to adjustments to forecast growth rates, vacancy downtime and market rents

ASSET	JUNE 2020 VALUATION ($M) FAIR VALUE ADJUSTMENT ($M) CHANGE CAP RATE MOVEMENT
Melbourne Central	$1,595.5 ($36.6) (2.3%) -
Rouse Hill Town Centre	$635.2 ($48.5) (7.1%) -
Sunshine Plaza (50%)	$617.5 ($69.6) (10.2%) +25bps
Westfield Penrith (50%)	$655.5 ($80.0) (10.9%) +25bps
Highpoint (16.67%)	$358.3 ($57.0) (13.8%) +25bps
Charlestown Square	$865.0 ($140.0) (14.0%) +25bps
Casuarina Square (50%)	$207.8 ($41.6) (16.8%) +25bps
GPT ASSETS	$4,934.8 ($473.3) (8.8%)
GWSCF Equity Interest (28.5%)	$767.2 ($188.7) (19.9%)
TOTAL	$5,702.0 ($662.0) (10.5%)

New leases
Specialties <400sqm Statistics exclude development impacted centres (Sunshine Plaza) & holdovers

Portfolio Strategy

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Responding to Changing Customer Preferences
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GPT Portfolio Quality
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- Customers now demand convenience and during COVID have increased consumption of home delivery and online services
- GPT’s “Retail Runner” responds to this customer demand which also supports retailers to maximise sales during and post-COVID

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Online ordering platform

Pickup from retailer or from a designated “Click and Collect” location at Centre
Initially focused on food retailers, with intention to expand to other retail categories

Portfolio of Leading Retail Assets

- Melbourne Central ranked #1 with highest centre sales productivity[1]
- 70% of GPT’s retail portfolio (by value) is ranked in the Top 20 in Australia based on specialty sales productivity[1]
- GPT retail assets have an average annual sales turnover of ~$550 million

Located in Quality Markets

- GPT retail assets located in top 35% of Australia’s markets with exposure to strong population growth markets in NSW & VIC[2]

Investment in Assets to Meet Customer Expectations

Ensuring our retail assets have responded to customer needs across retailer offer, amenity and experience

- 76% of portfolio has had refresh capital invested in last 5 years + Re-mixed to growth categories with over 530 new retailers introduced to portfolio over last 5 years
Source: Shopping Centre Industry Big Guns – March 2020
The quality of the market is evaluated across 320 different “SA3” market regions, weighted across Population Growth, Household Income, Retail Expenditure and Retail Supply

RESULTS PRESENTATION

Funds Management

Interim Result 2020

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Funds Management

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Funds Management
Financial Summary ($M)
$ $
12.8B 6.6% 289M
ASSETS UNDER EARNINGS NEW EQUITY Segment 2020 2019 CHANGE
MANAGEMENT GROWTH RAISED IN GWOF Result
24.2 22.7 6.6%
GPT Wholesale Office Fund GPT Wholesale Shopping Centre Fund
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- Well positioned with a high quality portfolio and 14.6% net gearing
- Raised $289 million of new equity with five new investors participating
- Expanded development pipeline to an estimated end value of approximately $3 billion with the George Street, Parramatta, acquisition
- Over $1 billion of debt capacity to fund organic development pipeline or new acquisition opportunities
- On-track to achieve Carbon Neutral certification for the portfolio in 2020
- Next investor liquidity event in July 2026
- Performance impacted by portfolio devaluations
- Near-term focus on pandemic response and positioning for subsequent recovery
- High quality portfolio of assets with mixed use opportunities over the longer term
- Prudent capital management
Net gearing 28.4%
Next maturity in September 2022
Distribution payout ratio reduced
- Next investor liquidity event in March 2027

RESULTS PRESENTATION

Sustainability

- GPT is bringing forward its Carbon Neutral portfolio commitment to 2024 (previously 2030)
GWOF remains on-track to achieve its carbon neutral target by the end of 2020
- The Group’s target covers all GPT managed assets
- Launched our inaugural Climate Disclosure Statement in February and our new Sustainability Report in May 2020
These reports demonstrate GPT’s commitment to embedding sustainability and governance principles in our day-to-day operations

Responding near-term | Long-term growth

Well positioned for forecast economic conditions

- Near-term economic and community conditions present challenges
- Strong balance sheet with low gearing and high level of liquidity
- High quality diversified portfolio with a focus on growing our Logistics exposure

Attractive pipeline of development opportunities in key sectors

- 32 Smith Street progressing well and on track for completion
- Logistics development pipeline a key source of growth with an estimated end value of ~$1 billion
- Progressing Cockle Bay Park detailed planning

Clear strategic priorities

- Progress delivery of Logistics development pipeline
- Complete COVID-19 tenant negotiations
- Strong focus on leasing and asset management
- Leading the way with Carbon Neutral 2024 commitment

RESULTS PRESENTATION

Thank you for joining us

Questions

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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 2020 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 2020. 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.

RESULTS PRESENTATION

GPT Overview	42
Financial Performance	46
Retail Portfolio	56
Offce Portfolio	66
Logistics Portfolio	84
Development	104
Funds Management	106

interest in the Wholesale Funds (GWOF and GWSCF) unless otherwise stated.

GPT Overview

Interim Result 2020

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GPT Overview

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

GPT Portfolio Diversity

Retail Portfolio

12 shopping centres
960,000 sqm GLA
3,200 + tenants
$5.7b portfolio
$8.8b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

25 assets
1,080,000 sqm NLA
460 + office tenants
$6.1b portfolio
$13.1b AUM

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580 George Street, Sydney

Logistics Portfolio

40 assets
1,080,000 sqm GLA
90 + tenants
$2.6b portfolio
$2.6b AUM

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TNT Erskine Park, Sydney

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As at 30 June 2020
Retail 40%
Office 42%
Logistics 18%
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GPT OVERVIEW

GPT Portfolio Metrics

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

	Portfolio Size ($b)	WALE1(years)	Occupancy (%)	WACR (%)

Retail	5.70	3.8	98.0	5.04
Ofce	6.07	5.2	94.4	4.85
Logistics	2.64	6.9	99.8	5.29
Total	14.41	4.9	98.1	5.00

Structured Rental Increases[2]

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Retail
Office Logistics
(Specialties)
Fixed 85% Fixed 93%
Fixed 75%
Other 15% Other 7%
4.7% Other 25% 3.9% 3.1%
Average fixed Average fixed Average fixed
Increase Increase Increase
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Rental assistance provided to tenants affected by COVID-19 has not been reflected in metrics due to temporary nature of these arrangements.
Structured rent reviews for the 12 months to 31 December 2020. Other includes market reviews and expiries in 2020.

Glossary

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A-Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
AFFO Adjusted Funds From Operations: Adjusted Funds From Operations is
defined as FFO less maintenance capex, leasing incentives and one-off
items calculated in accordance with the PCA ‘Voluntary Best Practice
Guidelines for Disclosing FFO and AFFO’
AREIT Australian Real Estate Investment Trust
ASX Australian Securities Exchange
AUM Assets under management
Bps Basis Points
Capex Capital expenditure
CBD Central Business District
CO2 Carbon Dioxide
CPI Consumer Price Index
cps Cents per security
DPS Distribution per security
EBIT Earning Before Interest and Tax
EPS Earnings per security: Earnings per security is defined as Funds From
Operations per security
FFO Funds From Operations: Funds From Operations is defined as the
underlying earnings calculated in accordance with the PCA ‘Voluntary Best
Practice Guidelines for Disclosing FFO and AFFO’
FUM Funds under management
Gearing The level of borrowings relative to assets
GFA Gross Floor Area
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GLA Gross Lettable Area
GWOF GPT Wholesale Office Fund
GWSCF GPT Wholesale Shopping Centre Fund
HoA Heads of Agreement
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IRR Internal Rate of Return
LBP Logistics & Business Parks
Major Tenants Retail tenancies including Supermarkets, Discount Department Stores,
Department Stores and Cinemas
MAT Moving Annual Turnover
MER Management Expense Ratio: Management Expense Ratio is defined as
management expenses divided by assets under management
Mini-Major Tenants Retail tenancies with a GLA above 400 sqm not classified as a
Major Tenant
MTN Medium Term Notes
N/A Not Applicable
NABERS National Australian Built Environment Rating System
NAV Net Asset Value
Net Gearing 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
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GPT OVERVIEW

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NPAT Net Profit After Tax
NTA Net Tangible Assets
Ordinary Securities Ordinary securities are those that are most commonly traded on the ASX:
The ASX defines ordinary securities as those securities that carry no
special or preferred rights. Holders of ordinary securities will usually have
the right to vote at a general meeting of the company, and to participate in
any dividends or any distribution of assets on winding up of the company
on the same basis as other ordinary securityholders
PCA Property Council of Australia
Premium Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
Prime Grade Includes assets of Premium and A-Grade quality
psm Per square metre
PV Present Value
Retail Sales Based on a weighted GPT interest in the assets and GWSCF portfolio.
GPT reports retail sales in accordance with the Shopping Centre Council of
Australia (SCCA) guidelines
ROCE Return on capital employed
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Specialty Tenants Retail tenancies with a GLA below 400 sqm
Sqm Square metre
TR Total Return: Total Return at GPT Group level is calculated as the change
in Net Tangible Assets (NTA) per security plus distributions per security
declared over the year, divided by the NTA per security at the beginning of
the year
TSR Total Securityholder Return: Total Securityholder Return is defined as
distribution per security plus change in security price
Total Tangible Assets Total tangible assets is defined as per the Constitution of the Trust and
equals Total Assets less Intangible Assets reported in the Statement of
Financial Position
USPP United States Private Placement
VWAP Volume weighted average price
WACD Weighted average cost of debt
WACR Weighted average capitalisation rate
WALE Weighted average lease expiry
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Financial Performance

Interim Result 2020

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Financial Summary

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6 months to 30 June 2020 2019 Change
Funds From Operations ($m) 244.5 295.9 17.4%
Net (loss)/profit after tax ($m) (519.1) 352.6 [247.2%]
FFO per ordinary security (cents) 12.55 16.36 [23.3%]
FFO yield (based on period end price) 6.1% 5.4%
Distribution per ordinary security (cents) [1] 9.30 13.11 29.1%
Distribution yield (based on period end price) [1] 4.5% 4.3%
Net interest expense ($m) (49.1) (59.5) 17.5%
Interest capitalised ($m) 4.9 5.0 [0.1m]
Weighted average cost of debt 3.1% 3.8% [70 bps]
Interest cover 6.0 times 6.0 times Unchanged
1. Distribution has been declared on 10th August for 9.3 cents for the six months to June 2020.
The weighted average number of ordinary stapled securities was 1,947.9 million for 2020 and 1,808.5 million for 2019.
The period end price was $4.17 at 30 June 2020 and $6.15 at 30 June 2019.
As at 30 Jun 20 As at 31 Dec 19 Change
Total assets ($m) 15,672.6 15,867.8 1.2%
Total borrowings ($m) 4,488.2 3,897.5 15.2%
NTA per security ($) 5.52 5.80 4.8%
Net gearing 25.1% 22.1% 300 bps
Net look through gearing 27.5% 24.8% 270 bps
Weighted average term to maturity of debt 7.8 years 7.7 years 0.1 years
Credit ratings (S&P/Moody's) A stable/A2 stable A stable/A2 stable Unchanged
Weighted average term of interest rate hedging 2.9 years 4.0 years 1.1 years
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FINANCIAL PERFORMANCE

Results Summary

Segment performance 6 months to 30 June ($m)	2020	2019

Retail
Operations net income	74.7	158.0
Development net income	4.5	(0.7)
	79.2	157.3
Ofce
Operations net income	139.4	137.7
Development net income	0.5	1.0
	139.9	138.7
Logistics
Operations net income	64.7	56.9
Development net income	(0.3)	0.2
	64.4	57.1
Funds Management	24.2	22.7
Net fnancingcosts	(49.1)	(59.5)
Corporate management expenses	(7.6)	(14.4)
Tax expenses	(6.5)	(6.0)
Funds From Operations (FFO)	244.5	295.9
Valuation (decrease)/increase	(711.3)	130.8
Financial instruments mark to market movements and net foreign exchange movements	(51.5)	(82.3)
Other items	(0.8)	8.2
Net (Loss)/Proft After Tax (NPAT)	(519.1)	352.6

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2020	2019

Core business	307.7	375.8
Financing and corporate overheads	(63.2)	(79.9)
Funds From Operations	244.5	295.9
Maintenance capital expenditure	(18.5)	(30.8)
Lease incentives (including rent free and leasing costs)	(28.9)	(23.0)
Adjusted Funds From Operations	197.1	242.1

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Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

Securities on Issue		Number of Securities (million)

Opening balance 1 January 2020		1,947.9
Issue of securities		0.0
30 June 2020 balance		1,947.9

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)

NTA position as at 31 December 2019	11,291.3	1,947.9	5.80

FFO	244.5		0.13
Revaluations	(711.3)		(0.37)
Mark to market of Treasury	(54.3)		(0.03)
Distribution	–		–
Other	(26.0)		(0.01)
Movement in NTA	(547.1)		(0.28)

NTA position as at 30 June 2020	10,744.2	1,947.9	5.52

Capital Management Summary

Gearing ($m)		As at 30 June 2020

Total assets		15,672.6
Less: Intangible assets		(41.1)
Less: Right of use asset		(47.6)
Less: Lease Liabilities – investment properties		(7.9)
Less: Cross currency swap assets		(703.4)
Adjusted total tangible assets		14,872.6
Current borrowings		148.7
Non-current borrowings		4,339.5
Less: Net cross currency derivative positions		(703.4)
Total borrowings1		3,784.8
Net Gearing2		25.1%

Interest Cover ($m)		30 June 2020

Funds From Operations		244.5
Add: taxes deducted		6.5
Add: Finance Costs for the period1		50.0
Earnings Before Interest and Tax (EBIT)		301.0
Finance Costs1		50.0
Interest Cover		6.0 times

Excludes Finance costs – leases.
Includes unamortised establishment costs and other adjustments. As at 30 June 2020, external drawn debt is $3,743 million.
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.

FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 30 June 2020	GPT Group	GWOF	GWSCF	Other2	Total

Share of assets of non-consolidated entities
Group adjusted total tangible assets	14,872.6				14,872.6
Plus: GPT share of assets of non-consolidated entities		1,899.3	1,110.1	2,006.5	5,015.9
Less: total equity investment in non-consolidated entities		(1,566.4)	(767.2)	(1,952.7)	(4,286.3)
Total look through assets	14,872.6	332.9	342.9	53.8	15,602.2
Group total borrowings	3,784.8				3,784.8
Plus: GPT share of external debt of non-consolidated entities		282.1	318.6	0.0	600.7
Total look through borrowings	3,784.8	282.1	318.6	0.0	4,385.5
Total Look through cash	68.1	5.5	4.5	44.3	122.4
Look through gearing based on net debt1					27.5%

Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.
Retail, office and other assets (held in joint ventures).

Debt Maturity Profile

Existing liquidity is sufficient to cover all near term maturities with undrawn committed facilities and cash of $1,219 million.

Debt Maturity Profile As at 30 June 2020

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600
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
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
A$ millions
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Assumes commercial paper is refinanced with committed bank facilities.

FINANCIAL PERFORMANCE

Proforma Liquidity Profile

Liquidity Profile

As at 30 June 2020

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1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development/Capex Acquisitions Retained Liquidity at
30 June 2020 facilities liquidity earnings 31 December 2020
($bn)
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Hedging Profile

70% hedged over the next 3 years at an average rate of 1.6%.

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100
90
80
70
60
50
40
30
20
10
0
Fixed rate debt Interest rate swaps Floating rate debt
Per cent of drawn debt
Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25
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50 Old Wallgrove Road, Eastern Creek

FINANCIAL PERFORMANCE

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Riverside Centre, Brisbane

Retail Portfolio

Interim Result 2020

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.7 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

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Darwin
1
NT
QLD
Brisbane
WA 1
SA
NSW Sydney
5
VIC
5 Melbourne
Number of assets in each state
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New South Wales

GPT Owned

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

GWSCF Owned

Macarthur Square (50%)[1]
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 annually (as at 31 December 2019). All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio.

RETAIL PORTFOLIO

Retail Portfolio Summary

Top Ten Tenants[1] As at 30 June 2020

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Cotton On
Woolworths Myer Wesfarmers Just Group Clothing
4.0% 2.7% 2.6% 2.5% 2.4%
2.0% 1.6% 1.6% 1.5% 1.3%
Coles Group Retail Apparel Accent Country Road BB Retail Capital
Group Footwear Ltd Group
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Geographic Weighting[2] As at 30 June 2020

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NSW 40%
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VIC 45%
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QLD 10% NT 4%
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Based on gross rent (including turnover rent).
Difference due to rounding.

Retail Portfolio Summary

			GLA	30 Jun 20	30 Jun 20	Independent		Centre	Specialty	Specialty
		Ownership	(100% Interest)	Fair Value	Cap Rate	or Internal	Occupancy	MAT	Occupancy	MAT1
	State	(%)	(sqm)	($m)	(%)	Valuation	(%)	($m)	Cost1(%)	($psm)

GPT Portfolio
Casuarina Square	NT	50	54,900	207.8	6.25	Independent	95.9	340.7	19.1	9,144
Charlestown Square	NSW	100	94,900	865.0	5.50	Independent	98.7	504.3	18.1	10,013
Highpoint ShoppingCentre	VIC	17	150,900	358.3	4.50	Independent	96.2	902.0	22.2	9,937
Melbourne Central	VIC	100	56,300	1,595.5	4.50	Independent	97.8	471.7	23.7	10,826
Rouse Hill Town Centre	NSW	100	69,700	635.2	5.50	Independent	98.9	460.5	14.8	9,474
Sunshine Plaza	QLD	50	107,700	617.5	5.00	Independent	N/A	568.0	21.0	8,511
Westfeld Penrith	NSW	50	91,400	655.5	5.00	Independent	99.6	607.5	20.8	11,047
GWSCF Portfolio
Casuarina Square	NT	50	54,900	207.8	6.25	Independent	95.9	340.7	19.1	9,144
Chirnside Park	VIC	100	39,000	266.0	6.00	Independent	99.3	292.6	16.3	11,358
Highpoint ShoppingCentre	VIC	83	150,900	1,791.7	4.50	Independent	96.2	902.0	22.2	9,937
Macarthur Square	NSW	50	107,200	481.0	5.25	Independent	97.5	556.8	19.4	7,992
Northland ShoppingCentre	VIC	50	97,000	427.5	5.50	Independent	98.4	497.6	19.2	7,988
Parkmore ShoppingCentre	VIC	100	36,800	259.3	6.00	Independent	98.9	269.5	16.4	9,081
WollongongCentral	NSW	100	55,000	391.8	6.00	Independent	95.8	314.2	17.5	8,038
GPT Weighted Total			960,800		5.04		98.02	2,723.42	19.72	9,9102

Represents specialty tenancies less than 400 sqm.
Excludes development impacted centres (Sunshine Plaza).

RETAIL PORTFOLIO

Income and Fair Value Schedule

	Income 6 months to 30 Jun ($m) 2019 2020 Variance 8.5 4.4 (4.1) 26.4 15.5 (10.9) 9.0 4.8 (4.2) 39.0 17.7 (21.3) 19.3 12.5 (6.8) 12.6 6.3 (6.3) 17.6 9.7 (7.9) 22.5 6.3 (16.2) 154.9 77.2 (77.7)	Fair Value Reconciliation
		Fair Value 31 Dec 19 ($m) Development Capex ($m) Maintenance Capex ($m) Incentive Capex ($m) Acquisitions/Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 20 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		248.0 0.3 0.9 0.2 0.0 (41.6) 0.0 207.8 3.6
Charlestown Square		1,003.0 0.4 1.0 0.6 0.0 (140.0) 0.0 865.0 15.2
Highpoint Shopping Centre		412.5 2.1 0.5 0.2 0.0 (57.0) 0.0 358.3 6.3
Melbourne Central		1,618.0 8.5 3.0 2.6 0.0 (36.6) 0.0 1,595.5 28.0
Rouse Hill Town Centre		680.2 2.6 0.6 0.3 0.0 (48.5) 0.0 635.2 11.1
Sunshine Plaza		683.5 (0.4) 2.9 1.1 0.0 (69.6) 0.0 617.5 10.8
Westfeld Penrith		736.0 (1.3) 0.4 0.4 0.0 (80.0) 0.0 655.5 11.5
Equity Interests
GPT Equity Interest in GWSCF (28.5%)1		949.8 (188.7) 6.1 767.2 13.5
Total Retail Portfolio2		6,331.0 12.2 9.3 5.4 0.0 (662.0) 6.1 5,702.0 100.0

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 2020 represents GPT’s share of FFO for the period.
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	340.7	(5.9)	(11.1)	9,144	19.1
Charlestown Square	504.3	(12.5)	(14.7)	10,013	18.1
Highpoint Shopping Centre	902.0	(12.5)	(17.6)	9,937	22.2
Melbourne Central	471.7	(18.2)	(19.9)	10,826	23.7
Rouse Hill Town Centre	460.5	(0.6)	(2.7)	9,474	14.8
Westfeld Penrith2	607.5	(9.8)	(11.6)	11,047	20.8
GWSCF Portfolio
Casuarina Square	340.7	(5.9)	(11.1)	9,144	19.1
Chirnside Park	292.6	(4.2)	(9.3)	11,358	16.3
Highpoint Shopping Centre	902.0	(12.5)	(17.6)	9,937	22.2
Macarthur Square3	556.8	(3.7)	(8.5)	7,992	19.4
Northland Shopping Centre4	497.6	(8.4)	(13.4)	7,988	19.2
Parkmore Shopping Centre	269.5	(2.9)	(9.1)	9,081	16.4
Wollongong Central	314.2	(9.2)	(10.8)	8,038	17.5
GPT Weighted Total5	2,723.4	(10.0)	(13.5)	9,910	19.7

Represents Specialty Tenancies less than 400 sqm.
Analysis provided by Scentre Group.
Analysis provided by Lendlease.
Analysis provided by Vicinity.
Excludes development impacted centres (Sunshine Plaza).

RETAIL PORTFOLIO

Comparable Change in Retail Sales by Category

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Comparable Change in Retail Sales by Category as at 30 June 2020 MAT ($m) 12 Months Growth (%)
Department Store 95.8 (15.0)
Discount Department Store 238.3 0.3
Supermarket 474.7 1.2
Cinemas 41.6 (32.7)
Other Retail¹ 140.6 (29.3)
Total Specialties 1,732.3 (11.0)
• Specialties >400sqm 494.9 (3.9)
• Specialties <400sqm 1,237.4 (13.5)
Total Centre 2,723.4 (10.0)
Total Specialty Sales Split
Fashion, Footwear & Accessories 467.1 (16.1)
Technology & Appliances 347.1 (1.2)
Dining 266.4 (13.6)
Health & Beauty 257.6 (11.5)
Leisure 125.4 (12.2)
Food Retail 94.4 (4.7)
General Retail 73.2 (6.8)
Jewellery 63.4 (15.8)
Homewares 30.6 (9.8)
Retail Services 7.2 (21.9)
Total Specialties 1,732.3 (11.0)
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Note: Based on weighted GPT Interest and excludes development impacted centres (Sunshine Plaza).

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

Retail Sales

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Specialty MAT Growth [1]
6.5%
5.9%
4.2% 4.2%
2.1% 1.2% 1.5% 1.1% 1.8% 2.7% 2.6% 2.1% 1.7% 2.5%
0.2% 0.5% 0.4% 0.3%
-0.1%
-0.5%
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-13.5%

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 Dec 19 Jun 20

Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Sunshine Plaza). 1. Represents Specialty Tenancies less than 400 sqm.

RETAIL PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50 30 Jun 20 Urbis 207.8 6.25
Charlestown Square NSW 100 30 Jun 20 CBRE 865.0 5.50
Highpoint Shopping Centre VIC 17 30 Jun 20 Savills 358.3 4.50
Melbourne Central VIC 100 30 Jun 20 JLL 1,595.5 4.50
Rouse Hill Town Centre NSW 100 30 Jun 20 Colliers 635.2 5.50
Sunshine Plaza QLD 50 30 Jun 20 CBRE 617.5 5.00
Westfield Penrith NSW 50 30 Jun 20 Savills 655.5 5.00
GWSCF Portfolio
Casuarina Square NT 50 30 Jun 20 Urbis 207.8 6.25
Chirnside Park VIC 100 30 Jun 20 CBRE 266.0 6.00
Highpoint Shopping Centre VIC 83 30 Jun 20 Savills 1,791.7 4.50
Macarthur Square NSW 50 30 Jun 20 CBRE 481.0 5.25
Northland Shopping Centre VIC 50 30 Jun 20 Savills 427.5 5.50
Parkmore Shopping Centre VIC 100 30 Jun 20 Urbis 259.3 6.00
Wollongong Central NSW 100 30 Jun 20 Colliers 391.8 6.00
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Note: Valuations include ancillary assets.

Retail Sustainability

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Water (Total) Emissions Waste %
Area GLA Litres/m [2] kg CO2-e/m [2] Recycled/Diverted
GPT Portfolio
Casuarina Square 54,900 1,764 88 26
Charlestown Square 94,900 508 62 32
Highpoint Shopping Centre 150,900 1,045 69 34
Melbourne Central 56,300 1,017 155 25 [1]
Rouse Hill Town Centre 69,700 1,341 40 31
Sunshine Plaza 107,700 655 70 48
Westfield Penrith 91,400 1,638 76 35
GWSCF Portfolio
Casuarina Square 54,900 1,764 88 26
Chirnside Park 39,000 849 44 28
Highpoint Shopping Centre 150,900 1,045 69 34
Macarthur Square 107,200 1,307 67 28
Northland Shopping Centre 97,000 909 96 30
Parkmore Shopping Centre 36,800 875 67 47
Wollongong Central 55,000 677 76 37
Total Portfolio Average 1,046 75 33
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Note: Sustainability data as at 31 December 2019 and assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards 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

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Broad Category Sub Category Tenant Examples
Department Store Department Store David Jones, Myer
Discount Department Store Discount Department Store Kmart, Big W, Target
Supermarkets Supermarket Woolworths, Coles, 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
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
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, Riot Art & Craft, T2, Lincraft, Casey Toys, Tobacco Station,
Pets, Toys, Miscellaneous 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
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Office Portfolio

Interim Result 2020

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Office Portfolio Overview

GPT’s office portfolio comprises ownership in 25 high quality assets[1] with a total investment of $6.1 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

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NT
QLD
Brisbane
WA 2
SA
NSW Sydney
12
VIC
11 Melbourne
l Number of assets in each state
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New South Wales

GPT Owned

Australia Square (50%)
2 Park Street (50%)
Governor Phillip Tower & Governor Macquarie Tower (25%)
Darling Park 1 & 2 (25%)
60 Station Street, Parramatta
4 Murray Rose Avenue, Sydney Olympic Park

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%)
Queen & Collins
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
87–91 George Street, Parramatta

All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWOF portfolio. 1. Includes 87–91 George Street (held for development) and 32 Flinders Street (currently configured as a carpark).

OFFICE PORTFOLIO

Office Portfolio Summary

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

Top Ten Office Tenants[1]

As at 30 June 2020

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Amazon Web
Government CBA IAG Services QBE
6.9% 6.3% 5.5% 3.8% 3.4%
3.1% 2.3% 2.2% 2.2% 1.8%
ME Bank NAB Citibank ANZ NBN Co
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Office Tenant Mix by Industry [2]
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As at 30 June 2020
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Geographic Weighting
As at 30 June 2020
SYDNEY
59%
MELBOURNE
32%
BRISBANE
9%
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Banking 19% Government 9% Insurance 16% Other Business Services 8% Info and Comms Technology 14% Other 8% Legal 11% Mining & Energy 3% Accounting & Finance 9% Co-working/Serviced offices 3%

Note: Includes signed leases. 1. Based on gross rent. 2. By area.

Income and Fair Value Schedule

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Income Fair Value Reconciliation
6 months to
30 Jun ($m) Capex
Development
Fair Value & Other Maintenance Lease Net Other Fair Value % of
31 Dec 19 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 20 Portfolio
2019 2020 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 12.8 12.5 (0.3) 593.5 – 0.7 2.8 – – (20.5) – 576.5 9.5
2 Park Street, Sydney 18.8 17.9 (0.9) 795.0 – 0.7 3.2 – – 1.1 – 800.0 13.2
MLC Centre, Sydney 8.9 – (8.9) – – – – – – – – – –
Governor Phillip Tower & Governor
13.6 13.2 (0.4) 601.8 1.7 1.0 1.5 – – (21.4) – 584.6 9.6
Macquarie Tower, Sydney
Darling Park 1 & 2, Sydney – 12.8 12.8 544.4 0.3 1.6 0.5 – – (20.0) – 526.8 8.7
60 Station Street, Parramatta 7.5 7.6 0.1 282.0 0.1 0.0 – – – (3.1) – 279.0 4.6
4 Murray Rose Avenue, Sydney Olympic Park 2.0 2.9 0.9 131.5 1.2 0.0 0.3 – – 3.0 – 136.0 2.2
Melbourne Central Tower, Melbourne 18.3 20.7 2.4 696.5 13.1 1.8 3.8 – – (1.2) – 714.0 11.8
181 William and 550 Bourke Streets, Melbourne 10.7 9.6 (1.1) 404.0 2.1 0.0 1.0 – – 2.4 – 409.5 6.7
One One One Eagle Street, Brisbane 10.6 10.5 (0.1) 303.0 0.3 0.0 4.9 – – (11.9) – 296.3 4.9
Assets Under Development
32 Smith Street, Parramatta – – – 122.0 47.9 – – – – 14.6 – 184.5 3.0
Equity Interests
GPT Equity Interest in GWOF (21.90%) [1] 37.2 34.7 (2.5) 1,610.6 – – – – – (48.0) 3.8 1,566.4 25.8
Total Office Portfolio 140.4 142.4 2.0 6,084.3 66.7 5.8 18.0 – – (105.0) 3.8 6,073.6 100.0
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GPT Equity Interest in GWOF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income represents GPT’s share of FFO for the period.

OFFICE PORTFOLIO

Office Portfolio Summary

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Office Occupancy
Office NLA Office
(100% 30 Jun 20 30 Jun 20 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 56,500 775.0 4.38 100.0 100.0 100.0 7.9
Darling Park 1, Sydney DP1: 5.00 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 3.5
NSW 50 101,900 1,053.5
Darling Park 2, Sydney DP2: 5.00 DP2: 96.2 DP2: 100.0 DP2: 100.0 DP2: 8.0
Darling Park 3, Sydney NSW 100 29,800 595.0 4.88 100.0 100.0 100.0 5.5
580 George Street, Sydney NSW 100 37,100 624.0 4.88 94.0 97.3 97.3 4.5
workplace [6] , Sydney NSW 100 16,300 305.0 5.13 100.0 100.0 100.0 8.4
87-91 George Street, Parramatta NSW 100 N/A 71.6 N/A N/A N/A N/A N/A
2 Southbank Boulevard, Melbourne VIC 100 53,400 650.0 4.88 89.7 91.9 91.9 5.8
8 Exhibition Street, Melbourne VIC 50 44,500 288.0 4.75 100.0 100.0 100.0 3.6
32 Flinders Street, Melbourne VIC 100 N/A 82.0 N/A N/A N/A N/A N/A
Queen & Collins, Melbourne VIC 100 34,900 322.0 4.75 N/A N/A N/A N/A
150 Collins Street, Melbourne VIC 100 19,100 269.0 4.75 100.0 100.0 100.0 6.0
530 Collins Street, Melbourne VIC 100 65,200 727.0 4.75 93.2 93.2 93.2 3.7
655 Collins Street, Melbourne VIC 100 16,600 171.0 4.75 100.0 100.0 100.0 9.4
750 Collins Street, Melbourne VIC 100 41,400 385.0 4.75 0.0 100.0 100.0 15.3
800/808 Bourke Street, Melbourne VIC 100 59,600 583.5 5.13 100.0 100.0 100.0 7.1
181 William and 550 Bourke Streets, Melbourne VIC 50 76,200 409.5 5.00 68.8 70.8 70.8 4.4
One One One Eagle Street, Brisbane QLD 66.7 63,800 592.7 5.00 97.2 97.2 97.2 5.6
Riverside Centre, Brisbane QLD 100 51,400 730.0 5.00 92.0 93.1 93.1 6.9
Total 1,083,600 [1] 4.85 89.9 [2] 94.4 [2] 94.5 [2] 5.2
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Total Office NLA excludes 87-91 George Street (held for development) and 32 Flinders Street (currently configured as a carpark).
Portfolio Occupancy metrics exclude Queen & Collins (undergoing redevelopment).

OFFICE PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Australia Square, Sydney NSW 50 30 Jun 20 CBRE 576.5 4.81
2 Park Street, Sydney NSW 50 30 Jun 20 Knight Frank 800.0 4.75
Governor Phillip Tower & Governor Macquarie Tower, Sydney NSW 25 30 Jun 20 Cushman & Wakefield 584.6 4.39
Darling Park 1 & 2, Sydney NSW 25 30 Jun 20 Cushman & Wakefield 526.8 DP1: 5.00 DP2: 5.00
60 Station Street, Parramatta NSW 100 30 Jun 20 Colliers 279.0 5.13
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 30 Jun 20 Colliers 136.0 5.25
Melbourne Central Tower, Melbourne VIC 100 30 Jun 20 Colliers 714.0 4.88
181 William and 550 Bourke Streets, Melbourne VIC 50 30 Jun 20 CBRE 409.5 5.00
One One One Eagle Street, Brisbane QLD 33.3 30 Jun 20 Colliers 296.3 5.00
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Queen & Collins, Melbourne

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50 30 Jun 20 Knight Frank 775.0 4.38
Darling Park 1 & 2, Sydney NSW 50 30 Jun 20 Cushman & Wakefield 1,053.5 DP1: 5.00 DP2: 5.00
Darling Park 3, Sydney NSW 100 30 Jun 20 Cushman & Wakefield 595.0 4.88
580 George Street, Sydney NSW 100 30 Jun 20 Colliers 624.0 4.88
workplace [6] , Sydney NSW 100 30 Jun 20 JLL 305.0 5.13
87-91 George Street, Parramatta NSW 100 30 Jun 20 JLL 71.6 N/A
2 Southbank Boulevard, Melbourne VIC 100 30 Jun 20 Colliers 650.0 4.88
8 Exhibition Street, Melbourne VIC 50 30 Jun 20 Savills 288.0 4.75
32 Flinders Street, Melbourne VIC 100 30 Jun 20 CBRE 82.0 N/A
Queen & Collins, Melbourne VIC 100 30 Jun 20 JLL 322.0 4.75
150 Collins Street, Melbourne VIC 100 30 Jun 20 M3 269.0 4.75
530 Collins Street, Melbourne VIC 100 30 Jun 20 Savills 727.0 4.75
655 Collins Street, Melbourne VIC 100 30 Jun 20 JLL 171.0 4.75
750 Collins Street, Melbourne VIC 100 30 Jun 20 Savills 385.0 4.75
800/808 Bourke Street, Melbourne VIC 100 30 Jun 20 Colliers 583.5 5.13
181 William and 550 Bourke Streets, Melbourne VIC 50 30 Jun 20 CBRE 409.5 5.00
One One One Eagle Street, Brisbane QLD 66.7 30 Jun 20 Colliers 592.7 5.00
Riverside Centre, Brisbane QLD 100 30 Jun 20 CBRE 730.0 5.00
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OFFICE PORTFOLIO

Office Sustainability

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181 William & 550 Bourke Streets, Melbourne

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Climate NABERS Energy Rating NABERS Energy Rating NABERS Waste
Active (including Green Power) (excluding Green Power) NABERS Water Rating Rating
Carbon Neutral 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2018 2019 2020
GWOF Portfolio
Liberty Place, 161 Castlereagh
5.0 5.5 5.0 6.0 6.0 5.0 5.0 5.0 5.0 5.0 3.5 4.0 4.0 4.0 4.0 3.0 3.0
Street, Sydney
Darling Park 1, Sydney 5.0 5.0 5.0 5.5 5.5 5.0 5.0 5.0 5.0 5.0 3.5 4.0 3.5 3.5 3.5 2.0 2.0
Darling Park 2, Sydney 5.5 5.5 5.5 6.0 6.0 5.5 5.5 4.0 5.5 5.5 3.5 3.5 3.5 4.0 4.0 2.5 2.5
Darling Park 3, Sydney 6.0 6.0 5.0 5.5 6.0 5.0 5.0 4.5 5.0 5.0 3.0 3.5 3.5 3.0 3.5 2.0 2.0
580 George Street, Sydney 5.5 5.5 5.0 6.0 6.0 4.0 3.0 4.5 5.0 5.0 3.0 3.0 3.0 3.5 3.5 3.5 4.0 4.0
certified
workplace [6] , Sydney 5.5 5.5 5.5 6.0 6.0 5.0 5.0 5.0 5.0 5.0 3.5 4.5 4.5 4.5 4.5 3.5 4.0 4.0
carbon neutral
2 Southbank Boulevard, Melbourne 5.5 5.5 4.5 5.5 5.5 4.5 4.5 4.5 4.5 4.5 4.0 3.5 3.5 3.5 3.5 3.0
certified
8 Exhibition Street, Melbourne 4.5 5.0 4.5 6.0 6.0 5.0 4.5 4.5 5.0 5.0 3.5 3.5 3.5 3.0 3.0 4.0 3.0
carbon neutral
Queen & Collins, Melbourne [1] 3.0 3.0 3.0 NR NR 3.0 3.0 3.0 NR NR 2.0 2.0 NR NR NR NR
150 Collins Street, Melbourne 4.5 5.0 5.0 6.0 3.5 5.0 5.0 4.5 2.5 4.0 3.5 3.5 2.5
530 Collins Street, Melbourne 5.5 5.5 5.0 6.0 6.0 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 3.0 4.0
655 Collins Street, Melbourne 5.0 5.0 4.5 4.5 6.0 4.0 4.0 4.5 4.5 4.5 3.5 3.0 3.0 3.0 3.0 2.5 3.5
750 Collins Street, Melbourne [2] 5.5 5.5 5.0 6.0 6.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 5.0 5.0 3.5 NR
181 William and 550 Bourke Streets,
5.0 5.0 5.5 6.0/5.5 6.0/5.5 5.0 5.0 5.0 5.0/5.0 5.0 4.5 4.0 3.5 3.5 3.5 2.0
Melbourne [3]
800/808 Bourke Street, Melbourne [4] 5.5 5.5 5.5 6.0 6.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.5 3.5 3.5 NR NR NR
certified
One One One Eagle Street, Brisbane 5.5 6.0 5.5 6.0 6.0 5.5 5.5 5.5 5.5 5.5 4.5 4.5 4.5 4.0 4.0 3.5
carbon neutral
Riverside Centre, Brisbane 5.5 5.5 5.0 6.0 6.0 4.5 4.5 4.5 5.0 5.0 3.5 3.5 3.5 3.5 3.5 3.5
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Prior year ratings are as at 31 December of that year. 2020 Ratings are as at 30 June.

Queen & Collins was acquired in December 2016 and was under tenant management until redevelopment commenced in 2019. 2016, 2017 and 2018 ratings are whole building scope and excluded from portfolio averages. The asset is ineligible for NABERS while under redevelopment.
750 Collins Street waste management is conducted by the tenant and is excluded from Waste rating scope.
181 William and 550 Bourke Streets have a combined NABERS Water rating.
4 .800/808 Bourke Street waste management is conducted by the tenant and is excluded from Waste rating scope.

OFFICE PORTFOLIO

Office Sustainability

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GPT Portfolio
Australia Square, Sydney 51,700 869 64 42
2 Park Street, Sydney 73,400 673 64 39
4 Murray Rose Avenue, Sydney Olympic Park 15,600 404 41 19
60 Station Street, Parramatta 25,100 582 57 8
Governor Phillip Tower & Governor Macquarie Tower, Sydney 84,500 707 76 43
Darling Park 1 & 2, Sydney [1] 101,900 620 33 46
Melbourne Central Tower, Melbourne [2] 65,500 595 41 25
181 William and 550 Bourke Streets, Melbourne 76,200 677 29 29
One One One Eagle Street, Brisbane 63,800 566 28 34
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One One One Eagle Street, Brisbane

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 56,500 784 7 44
Darling Park 1 & 2, Sydney [1] 101,900 620 33 46
Darling Park 3, Sydney 29,800 840 34 37
580 George Street, Sydney 37,100 721 38 40
workplace [6] , Sydney 16,300 521 -15 43
2 Southbank Boulevard, Melbourne 53,400 579 35 39
8 Exhibition Street, Melbourne 44,500 571 4 27
Queen & Collins, Melbourne [3] 34,900 N/A N/A N/A
150 Collins Street, Melbourne 19,100 604 8 34
530 Collins Street, Melbourne 65,200 567 28 31
655 Collins Street, Melbourne 16,600 594 41 41
750 Collins Street, Melbourne [4] 41,400 N/A N/A N/A
800/808 Bourke Street, Melbourne 59,600 554 1 29
181 William and 550 Bourke Streets, Melbourne 76,200 677 29 29
One One One Eagle Street, Brisbane 63,800 566 28 34
Riverside Centre, Brisbane 51,400 821 33 42
Portfolio Average 655 35 40
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Note: Sustainability data as at 31 December 2019 and assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability. 1. Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.
Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
Queen & Collins was acquired in December 2016 and was under tenant management until redevelopment commenced in 2019.
Asset is currently under tenant management.

OFFICE PORTFOLIO

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
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16%
15%
14%
11% 11%
10%
7%
6%
5% 5%
2%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+
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Note: Office income, includes Signed Leases.

Office – Sydney CBD

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• Sydney CBD vacancy increased during the past six months to Sydney CBD: Rents and Incentives [1]
7.5%, with negative net absorption driven by reduced demand and increased sublease space. Minimal new supply has been $1,300 Sydney CBD: Rents and Incentives $1,203+4.6% 35%
brought to market, and a small amount of office space has $1,100 30%
been withdrawn. 23.3%
$900 +392 bps 25%
• In the past 12 months net face rents grew 4.6%, with growth
skewed towards the second half of 2019. Incentives have $700 -2.5%$814 20%
increased, offsetting the growth in face rent and resulting in $500 15%
effective rents moderating by 2.5% over the past 12 months.
• Average prime yields have remained stable since $300 10%
December 2019, with limited transactional activity.
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Sydney CBD: Demand, Supply and Vacancy Sydney CBD: Upper and Lower Prime Yields
300,000 Hist. 20y Vacancy Avg. 12%
7.8% 7.5% 8%
200,000 8%
100,000 4% 6%
3,427 4.75%
0%
4% 4.25%
-100,000 -4%
2%
-200,000 -164,082 -8%
0.87%
-300,000 -12% 0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS) 10Y Bond Yield Upper Prime Lower Prime
$/sqm pa
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-21
Yield
sqm per annum
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-21 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-21
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Source: JLL Research Q2 2020, GPT Research.

Note: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL’s ‘dynamic’ vacancy calculation, whereby any space being marketed for lease is included in the vacant space count.

Change during the past 12 months.

OFFICE PORTFOLIO

Office – Melbourne CBD

Melbourne’s vacancy rate increased to 7.7%. This was driven by new supply resulting in backfill space, together with negative net absorption. Sublease space has also increased.
During 1H 2020, ~160,000 sqm reached completion with ~96% pre-committed. Looking forward, there is ~170,000 sqm to be completed in 2H 2020 with 91% pre-commitment.
Net face rents grew 6.4% in the past 12 months, moderating at the end of the period to $623/sqm. Incentives have increased, resulting in a lower net effective rent growth of 3.3%.
Average prime yields softened by 6 bps in the past six months. Transactional activity has been limited.

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Melbourne CBD: Rents and Incentives [1]
$700 $623 40%
+6.4%
$600 35%
30.7% 30%
$500 +183 bps
25%
$400
$399 20%
$300 +3.3% 15%
$200 10%
Net Face Rent (LHS) Net Effective Rent (LHS) Net Incentives (RHS)
$/sqm pa
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-21
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Melbourne CBD: Demand, Supply and Vacancy

Melbourne CBD: Upper and Lower Prime Yields

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300,000 12% 10%
Hist. 20y Vacancy Avg.
7.7% 8%
200,000 7.2% 8%
6%
100,000 4% 5.25%
162,719 4% 4.38%
0%
2%
-32,826 0.87%
-100,000 -4% 0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS) 10Y Bond Yield Upper Prime Lower Prime
Yield
sqm per annum
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-21 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-21
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Source: JLL Research Q2 2020, GPT Research.

Office – Brisbane CBD

Brisbane’s CBD vacancy rate softened in the past six months to 12.8%. Net absorption was negative over the first half.
There was limited supply delivered in the half. For the remainder of 2020, only one building is due for completion providing ~13,000 sqm with 35% pre-commitment.
Net effective rent growth was steady in the past 12 months, increasing 4.4%, but has moderated in the past six months. Incentives have also remained flat.
Average prime yields have remained unchanged over the past six months.

Brisbane CBD: Rents and Incentives[1]

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$800 50%
38.5%
$700 +16 bps 40%
$600
$632 30%
$500 +4.3%
20%
$400 $287
$300 +4.4% 10%
$200 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
$/sqm pa
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-21
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Brisbane CBD: Demand, Supply and Vacancy

Brisbane CBD: Upper and Lower Prime Yields

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250,000 20% 10%
Hist. 20y
200,000 Vacancy Avg. 12.8% 16% 8%
150,000 8.9% 12%
100,000 8% 6% 6.25%
61,163
50,000 4% 5.00%
4%
0%
-50,000 13,819 -4% 2%
-100,000 -8% 0.87%
-150,000 -12% 0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS) 10Y Bond Yield Upper Prime Lower Prime
Yield
sqm per annum
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-21 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-21
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Source: JLL Research Q2 2020, GPT Research.

Change during the past 12 months.

OFFICE PORTFOLIO

Office – Parramatta

Parramatta CBD: Rents and Incentives[1]

The Parramatta office market experienced an increase in the total vacancy rate to 9.7%. This was primarily driven by the expected relocation of CBA to the Sydney Fringe.

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$650 $594 30%
expected relocation of CBA to the Sydney Fringe. +12.7%
$550 25%
• In the past six months, 44,000 sqm was delivered at
24.5% 20%
3 Parramatta Square and is leased to NAB. Net absorption $450 +773 bps
was moderately negative at 6,000 sqm. 15%
• Net face rents have continued to grow strongly by 12.7% in the $350 $382-3.5% 10%
past 12 months driven by new supply re-basing net face rent. $250 5%
However incentives have increased and have offset the growth
in face rent, resulting in negative effective rent growth of 3.5%. $150 0%
• Average prime yields have compressed 6 bps in the past
six months.
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Parramatta CBD: Demand, Supply and Vacancy Parramatta CBD: Upper and Lower Prime Yields
100,000 93,376 12% 10%
75,000 Hist. 20y Vacancy Avg. 9.7% 9% 8%
50,000 6.4% 6% 6.13%
6%
25,000 41,861 4% 4.88%
3%
2%
0.87%
-25,000 0% 0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS) 10Y Bond Yield Upper Prime Lower Prime
$/sqm pa
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-21
Yield
sqm per annum
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-21 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-21
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Source: JLL Research Q2 2020, GPT Research.

Change during the past 12 months.

Location Map – Darling Park & Cockle Bay

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Barangaroo
Pyrmont
Wynyard
Martin
Place
Pyrmont
Bay Park
Pitt Street
Mall
Hyde
Park
Darling
Harbour
Train
Ferry
Town
Hall Light rail
Sydney Metro
ICC Sydney (expected
Convention & Tumbalong future station
Exhibiton Centre Park locations)
Pedestrian
bridge
Market Street
Park Street
Bathurst Street
King Street
Cockle
Bay
Wharf
Liverpool Street
Pyrmont Bridge
Harbour Street
Western Distributor
Kent Street York Street
Sussex Street Clarence Street George Street
Pitt Street
Macquarie Street
Elizabeth Street
Castlereagh Street
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OFFICE PORTFOLIO

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Melbourne Central Tower, Melbourne

Logistics Portfolio

Interim Result 2020

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Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 40 high quality investment assets located across Australia’s Eastern Seaboard.

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NT
QLD
Brisbane
WA
5
SA
NSW Sydney
26
VIC
9 Melbourne
l Number of investment assets in each state
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New South Wales

Rosehill Business Park, Camellia
10 Interchange Drive, Eastern Creek
16–34 Templar Road, Erskine Park
36–52 Templar Road, Erskine Park
54–70 Templar Road, Erskine Park
67–75 Templar Road, Erskine Park
29–55 Lockwood Road, Erskine Park
57–87 Lockwood Road, Erskine Park
89–99 Lockwood Road, Erskine Park
407 Pembroke Road, Minto (50%)
4 Holker Street, Newington
83 Derby Street, Silverwater
Sydney Olympic Park Town Centre[1]
Quad 1, Sydney Olympic Park
Quad 4, Sydney Olympic Park
372–374 Victoria Street, Wetherill Park
38 Pine Road, Yennora
38A Pine Road, Yennora

Victoria

Citiwest Industrial Estate, Altona North
Citiport Business Park, Port Melbourne
Austrak Business Park, Somerton (50%)
Sunshine Business Estate, Sunshine
399 Boundary Road, Truganina
396 Mount Derrimut Road, Derrimut
21 Shiny Drive, Truganina
21–23 Wirraway Drive, Port Melbourne
1 Botero Place, Truganina

Queensland

16–28 Quarry Road, Yatala
59 Forest Way, Karawatha
55 Whitelaw Place, Wacol
2 Ironbark Close, Berrinba
30 Ironbark Close, Berrinba
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
104 Vanessa Street, Kingsgrove
Includes properties at 3, 5, 7 Figtree Drive and 6, 8 Herb Elliot Drive, Sydney Olympic Park. Note: All totals and averages are based on GPT’s balance sheet portfolio.
64 Biloela Street, Villawood
30–32 Bessemer Street, Blacktown

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

The GPT logistics portfolio has exposure to high quality assets with a long WALE.

Top Ten Tenants[1] As at 30 June 2020

Rand Coles Group IVE Group Toll Transport TNT Australia 12.4% 6.9% 5.5% 4.4% 4.3%

Geographic Weighting[2] As at 30 June 2020

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NSW 64%
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QLD 11%
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2.9% 2.8%

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VIC 25%
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Pact Group DHL Australian Goodman Schenker Pharmaceutical Fielder Australia Industries

Based on net rent.
Excludes assets under development.

Lease Expiry Profile

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Lease Expiry Profile
(by Income) 21%
14%
14%
12%
11%
8%
7% 7%
3%
2%
0%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+
Note: Includes signed leases.
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LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income
6 months to 30 Jun ($m) Fair Value Reconciliation
Fair Value Development & Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 19 Other Capex Capex Incentives & Sales Revaluations Adjustments 30 Jun 20 Portfolio
2019 2020 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 3.3 3.3 0.0 91.5 0.1 0.1 0.4 – 0.3 – 92.4 3.5
10 Interchange Drive, Eastern Creek 1.4 1.5 0.1 39.5 – 0.7 0.2 – 0.1 – 40.5 1.5
16–34 Templar Road, Erskine Park 2.0 2.0 0.0 69.5 – – – – 0.5 – 70.0 2.6
36–52 Templar Road, Erskine Park 3.1 3.1 0.0 112.0 – – – – 6.5 – 118.5 4.5
54–70 Templar Road, Erskine Park 5.4 5.5 0.1 162.0 – – – – 10.0 – 172.0 6.5
67–75 Templar Road, Erskine Park 1.0 1.0 0.0 26.0 – – – – 1.3 – 27.3 1.0
29–55 Lockwood Road, Erskine Park 2.9 3.0 0.1 113.5 – 0.1 – – 3.7 – 117.3 4.4
57–87 & 89–99 Lockwood Road, Erskine Park – 2.7 2.7 107.0 – – – – 0.2 – 107.2 4.1
407 Pembroke Road, Minto 1.3 1.1 (0.2) 32.0 – – 0.1 – 0.2 – 32.3 1.2
4 Holker Street, Newington 1.1 1.2 0.1 37.7 – 0.4 – – 0.5 – 38.6 1.5
83 Derby Street, Silverwater 1.2 0.8 (0.4) 41.3 – – – – 0.0 – 41.3 1.6
Sydney Olympic Park Town Centre [1] 2.7 1.2 (1.5) 137.5 – – – – 1.7 (90.7) 48.5 1.8
Quad 1, Sydney Olympic Park 1.0 1.0 0.0 29.0 0.4 0.1 – – 0.3 – 29.8 1.1
Quad 4, Sydney Olympic Park 1.8 1.0 (0.8) 62.8 0.8 0.1 – – (12.7) – 51.0 1.9
372–374 Victoria Street, Wetherill Park 1.0 1.1 0.1 31.3 – 0.4 0.8 – 0.3 – 32.8 1.2
38 Pine Road, Yennora 1.9 1.9 0.0 67.0 – 0.4 0.7 – 0.3 – 68.4 2.6
38A Pine Road, Yennora – Completed March 2020 – 0.2 0.2 10.7 2.0 – – – 0.3 – 13.0 0.5
18–24 Abbott Road, Seven Hills 1.1 1.1 0.0 41.6 – – – – 0.9 – 42.5 1.6
1A Huntingwood Drive, Huntingwood 1.2 0.8 (0.4) 46.8 – – – – 0.7 – 47.5 1.8
1B Huntingwood Drive, Huntingwood 0.7 0.7 0.0 26.6 – – – – 0.3 – 26.9 1.0
54 Eastern Creek Drive, Eastern Creek 1.5 1.5 0.0 52.0 – – 0.3 – 3.1 – 55.4 2.1
50 Old Wallgrove Road, Eastern Creek 1.5 1.6 0.1 70.3 – – – – 0.8 – 71.1 2.7
104 Vanessa Street, Kingsgrove 0.2 0.6 0.4 24.0 – – – – 0.8 – 24.8 0.9
64 Biloela Street, Villawood 0.1 1.2 1.1 39.5 – – – – 0.8 – 40.3 1.5
30–32 Bessemer Street, Blacktown 0.2 1.2 1.0 41.5 – – – – 0.3 – 41.8 1.6
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Income
6 months to 30 Jun ($m) Fair Value Reconciliation
Fair Value Development & Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 19 Other Capex Capex Incentives & Sales Revaluations Adjustments 30 Jun 20 Portfolio
2019 2020 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
Citiwest Industrial Estate, Altona North 2.9 3.3 0.4 102.6 – 0.2 1.8 – 5.4 – 110.0 4.2
Citiport Business Park, Port Melbourne 2.6 3.0 0.4 90.8 – 0.2 0.4 – 1.6 – 93.0 3.5
Austrak Business Park, Somerton 5.8 6.0 0.2 195.2 0.3 0.1 0.2 – 0.4 – 196.2 7.4
Sunshine Business Estate, Sunshine 2.3 1.6 (0.7) 79.1 – – – – 0.0 – 79.1 3.0
399 Boundary Road, Truganina 0.5 0.5 0.0 18.4 – – – – 0.1 – 18.5 0.7
396 Mount Derrimut Road, Derrimut 0.3 0.3 0.0 12.9 – – – – 0.1 – 13.0 0.5
21 Shiny Drive, Truganina – 1.0 1.0 34.7 2.7 – – – 0.9 – 38.3 1.4
21–23 Wirraway Drive, Port Melbourne
– 0.7 0.7 – – – – 34.2 (1.8) – 32.4 1.2
– Acquired March 2020
1 Botero Place, Truganina – Acquired May 2020 – 0.3 0.3 – – – – 44.6 (2.4) – 42.2 1.6
16–28 Quarry Road, Yatala 1.1 1.2 0.1 45.7 0.4 0.5 0.6 – 2.9 – 50.1 1.9
59 Forest Way, Karawatha 3.7 3.9 0.2 125.0 – – – – 0.5 – 125.5 4.7
55 Whitelaw Place, Wacol 0.5 0.5 0.0 17.5 – – – – 0.3 – 17.8 0.7
2 Ironbark Close, Berrinba – Completed March 2020 – 0.8 0.8 36.3 8.7 – – – 3.5 – 48.5 1.8
30 Ironbark Close, Berrinba – Completed March 2020 – 0.5 0.5 16.1 8.3 – – – 3.2 – 27.6 1.0
Assets Under Development
128 Andrews Road, Penrith – Under development – – – 24.1 29.3 – – – 6.6 – 60.0 2.3
42 Cox Place, Glendenning – Under development – – – 16.7 3.6 – – – 0.6 – 20.9 0.8
407 Pembroke Road, Minto – Land – – – 5.8 – – – – 2.1 – 7.9 0.3
2, 6 & 10 Prosperity Street, Truganina – Land – – – 10.7 0.7 – – – 0.0 – 11.4 0.4
66 & 67 Niton Drive, Truganina – Land – – – 36.2 0.2 – – – 0.0 – 36.4 1.4
Austrak Business Park, Somerton – Land – – – 38.8 0.7 – – – (0.7) – 38.8 1.5
Wembley Business Park, Stage 3 & 4, Berrinba – Land – – – 19.2 1.6 – – – 0.1 – 20.9 0.8
Assets Held for Sale
Sydney Olympic Park Town Centre – Metro assets [1] – 1.5 1.5 – 1.1 0.1 – – 11.1 90.7 103.0 3.9
Total Logistics Portfolio 57.3 65.4 8.1 2,438.4 60.9 3.4 5.5 78.8 55.7 – 2,642.7 100.0
----- End of picture text -----

GPT received an offer of compensation from Sydney Metro following commercial negotiation regarding the compulsory acquisition for three of GPT’s properties at Sydney Olympic Park Town Centre. At 30 June 2020, these three assets have been classified as assets held for sale with a carrying value of $103.0 million based on the offer received.

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 30 Jun 20 30 Jun 20 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 41,900 92.4 5.50 100.0 100.0 100.0 2.7
10 Interchange Drive, Eastern Creek NSW 100 15,200 40.5 4.75 100.0 100.0 100.0 7.3
16–34 Templar Road, Erskine Park NSW 100 15,200 70.0 4.75 100.0 100.0 100.0 9.0
36–52 Templar Road, Erskine Park NSW 100 24,500 118.5 5.00 100.0 100.0 100.0 14.6
54–70 Templar Road, Erskine Park NSW 100 21,000 172.0 5.00 100.0 100.0 100.0 15.0
67–75 Templar Road, Erskine Park NSW 100 12,700 27.3 5.25 100.0 100.0 100.0 1.6
29–55 Lockwood Road, Erskine Park NSW 100 32,200 117.3 4.63 100.0 100.0 100.0 9.5
57–87 & 89–99 Lockwood Road, Erskine Park NSW 100 37,700 107.2 4.63 100.0 100.0 100.0 9.8
407 Pembroke Road, Minto NSW 50 18,400 32.3 6.00 100.0 100.0 100.0 4.4
4 Holker Street, Newington NSW 100 7,400 38.6 5.75 100.0 100.0 100.0 6.3
83 Derby Street, Silverwater NSW 100 17,000 41.3 5.25 100.0 100.0 100.0 5.5
Sydney Olympic Park Town Centre [1] NSW 100 26,500 151.5 N/A 100.0 100.0 100.0 2.0
Quad 1, Sydney Olympic Park NSW 100 4,800 29.8 5.75 100.0 100.0 100.0 2.2
Quad 4, Sydney Olympic Park NSW 100 7,600 51.0 6.00 100.0 100.0 100.0 9.7
372–374 Victoria Street, Wetherill Park NSW 100 20,500 32.8 5.75 100.0 100.0 100.0 4.7
38 Pine Road, Yennora NSW 100 33,800 68.4 5.50 100.0 100.0 100.0 2.7
38A Pine Road, Yennora NSW 100 4,800 13.0 5.00 100.0 100.0 100.0 4.7
18–24 Abbott Road, Seven Hills NSW 100 18,100 42.5 5.25 100.0 100.0 100.0 4.2
1A Huntingwood Drive, Huntingwood NSW 100 21,100 47.5 5.25 100.0 100.0 100.0 7.1
1B Huntingwood Drive, Huntingwood NSW 100 11,300 26.9 5.25 100.0 100.0 100.0 3.2
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Logistics Occupancy
GLA (100% 30 Jun 20 30 Jun 20 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 55.4 5.25 100.0 100.0 100.0 4.6
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 71.1 5.00 100.0 100.0 100.0 6.6
104 Vanessa Street, Kingsgrove NSW 100 7,100 24.8 5.00 100.0 100.0 100.0 4.0
64 Biloela Street, Villawood NSW 100 23,300 40.3 5.75 100.0 100.0 100.0 7.0
30–32 Bessemer Street, Blacktown NSW 100 20,100 41.8 5.50 100.0 100.0 100.0 5.5
Citiwest Industrial Estate, Altona North VIC 100 90,100 110.0 5.73 100.0 100.0 100.0 4.4
Citiport Business Park, Port Melbourne VIC 100 27,000 93.0 5.75 91.0 91.0 91.0 3.1
Austrak Business Park, Somerton VIC 50 210,000 196.2 5.25 100.0 100.0 100.0 4.8
Sunshine Business Estate, Sunshine VIC 100 52,800 79.1 5.75 100.0 100.0 100.0 6.5
399 Boundary Road, Truganina VIC 100 11,900 18.5 5.25 100.0 100.0 100.0 8.7
396 Mount Derrimut Road, Derrimut VIC 100 10,700 13.0 5.75 100.0 100.0 100.0 1.5
21 Shiny Drive, Truganina VIC 100 26,500 38.3 5.50 100.0 100.0 100.0 6.0
21–23 Wirraway Drive, Port Melbourne VIC 100 7,200 32.4 5.00 100.0 100.0 100.0 5.5
1 Botero Place, Truganina VIC 100 23,800 42.2 4.88 100.0 100.0 100.0 9.9
16–28 Quarry Road, Yatala QLD 100 40,700 50.1 6.50 69.9 100.0 100.0 3.6
59 Forest Way, Karawatha QLD 100 44,000 125.5 5.25 100.0 100.0 100.0 8.7
55 Whitelaw Place, Wacol QLD 100 5,600 17.8 5.25 100.0 100.0 100.0 11.9
2 Ironbark Close, Berrinba QLD 100 20,600 48.5 5.25 100.0 100.0 100.0 9.7
30 Ironbark Close, Berrinba QLD 100 14,400 27.6 5.63 100.0 100.0 100.0 5.0
Total 1,083,100 5.29 98.5 99.8 99.8 6.9
----- End of picture text -----

Note: Excludes assets under development.

GPT received an offer of compensation from Sydney Metro following commercial negotiation regarding the compulsory acquisition for three of GPT’s properties at Sydney Olympic Park Town Centre. At 30 June 2020, these three assets have been classified as assets held for sale with a carrying value of $103.0 million based on the offer received.

LOGISTICS PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 30 Jun 20 Knight Frank 92.4 5.50
10 Interchange Drive, Eastern Creek NSW 100 30 Jun 20 Colliers 40.5 4.75
16–34 Templar Road, Erskine Park NSW 100 30 Jun 20 CBRE 70.0 4.75
36–52 Templar Road, Erskine Park NSW 100 30 Jun 20 Savills 118.5 5.00
54–70 Templar Road, Erskine Park NSW 100 30 Jun 20 CBRE 172.0 5.00
67–75 Templar Road, Erskine Park NSW 100 30 Jun 20 JLL 27.3 5.25
29–55 Lockwood Road, Erskine Park NSW 100 30 Jun 20 Colliers 117.3 4.63
57–87 & 89–99 Lockwood Rd, Erskine Park NSW 100 30 Jun 20 M3 107.2 4.63
407 Pembroke Road, Minto NSW 50 30 Jun 20 JLL 32.3 6.00
4 Holker Street, Newington NSW 100 30 Jun 20 Knight Frank 38.6 5.75
83 Derby Street, Silverwater NSW 100 30 Jun 20 JLL 41.3 5.25
Sydney Olympic Park Town Centre [1] NSW 100 30 Jun 20 Colliers 142.3 N/A
Quad 1, Sydney Olympic Park NSW 100 30 Jun 20 Colliers 29.8 5.75
Quad 4, Sydney Olympic Park NSW 100 30 Jun 20 Colliers 51.0 6.00
372–374 Victoria Street, Wetherill Park NSW 100 30 Jun 20 M3 32.8 5.75
38 Pine Road, Yennora NSW 100 30 Jun 20 Colliers 68.4 5.50
38A Pine Road, Yennora NSW 100 30 Jun 20 Colliers 13.0 5.00
18–24 Abbott Road, Seven Hills NSW 100 30 Jun 20 Colliers 42.5 5.25
1A Huntingwood Drive, Huntingwood NSW 100 30 Jun 20 Knight Frank 47.5 5.25
1B Huntingwood Drive, Huntingwood NSW 100 30 Jun 20 Knight Frank 26.9 5.25
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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
54 Eastern Creek Drive, Eastern Creek NSW 100 30 Jun 20 Colliers 55.4 5.25
50 Old Wallgrove Road, Eastern Creek NSW 100 30 Jun 20 Knight Frank 71.1 5.00
104 Vanessa Street, Kingsgrove NSW 100 30 Jun 20 M3 24.8 5.00
64 Biloela Street, Villawood NSW 100 30 Jun 20 M3 40.3 5.75
30–32 Bessemer Street, Blacktown NSW 100 30 Jun 20 M3 41.8 5.50
Citiwest Industrial Estate, Altona North VIC 100 30 Jun 20 Savills 110.0 5.73
Citiport Business Park, Port Melbourne VIC 100 30 Jun 20 Savills 93.0 5.75
Austrak Business Park, Somerton VIC 50 30 Jun 20 CBRE 196.2 5.25
Sunshine Business Estate, Sunshine VIC 100 30 Jun 20 JLL 79.1 5.75
399 Boundary Road, Truganina VIC 100 30 Jun 20 Savills 18.5 5.25
396 Mount Derrimut Road, Derrimut VIC 100 30 Jun 20 Savills 13.0 5.75
21 Shiny Drive, Truganina VIC 100 30 Jun 20 JLL 38.3 5.50
21–23 Wirraway Drive, Port Melbourne VIC 100 5 Mar 20 Savills 32.4 5.00
1 Botero Place, Truganina VIC 100 15 May 20 Savills 42.2 4.88
16–28 Quarry Road, Yatala QLD 100 30 Jun 20 Savills 50.1 6.50
59 Forest Way, Karawatha QLD 100 30 Jun 20 JLL 125.5 5.25
55 Whitelaw Place, Wacol QLD 100 30 Jun 20 JLL 17.8 5.25
2 Ironbark Close, Berrinba QLD 100 30 Jun 20 Savills 48.5 5.25
30 Ironbark Close, Berrinba QLD 100 30 Jun 20 Savills 27.6 5.63
----- End of picture text -----

Note: Excludes assets under development.

GPT received an offer of compensation from Sydney Metro following commercial negotiation regarding the compulsory acquisition for three of GPT’s properties at Sydney Olympic Park Town Centre. At 30 June 2020, these three assets have been classified as assets held for sale with a carrying value of $103.0 million based on the offer received. The above value reflects the independent valuation completed as at 30 June 2020.

LOGISTICS PORTFOLIO

Logistics – Sydney

Demand has strengthened in Sydney with leasing volumes in the six months equivalent to ~70% of the 10 year average. Demand has been dominated by Retail Trade, with significant pre-leases announced by Amazon, Woolworths and Coles.
Supply levels as expected are strong in 2020, with 40% pre-commitment of remaining ~205,000 sqm under construction.
Vacancy remains low, and prime face rents have grown 2.9% in the past 12 months on the back of increased demand from e-commerce and warehousing tenants.
Average prime yields have remained stable in the past 12 months.

Sydney Industrial: Total vacant stock by grade

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800,000 Prime Secondary
600,000
400,000
200,000
0
sqm
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 Oct-19 Apr-20
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Sydney Industrial Supply

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1,200,000
1,000,000
800,000
10 Year
600,000 Average
400,000
200,000
0
2016 2017 2018 2019 2020
sqm
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Sydney Industrial Demand

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Pre-lease and D&C All Other
1,200,000
1,000,000
10 Year
800,000 Average
600,000
400,000
200,000
0
2016 2017 2018 2019 2020
sqm
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Source: Knight Frank Research April 2020, JLL Research Q2 2020, GPT Research. * YTD.

Logistics – Melbourne

Demand continues to be strong, with leasing volumes in the six months equivalent to ~75% of the 10 year average. Retail Trade, followed by Transport, Postal & Warehousing have been key drivers of demand.
Approximately 250,000 sqm of supply was completed in 1H 2020 and was 51% pre-committed. There is approximately 700,000 sqm remaining for 2020 and is 80% pre-committed.
Prime vacant stock remains low, falling 7.7% in the 12 months to April 2020 with tenants upgrading to prime assets.
Prime face rents and incentives were stable in the 12 months to June 2020.

Melbourne Industrial Supply

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1,400,000
1,200,000
1,000,000
800,000
10 Year
600,000
Average
400,000
200,000
0
2016 2017 2018 2019 2020
sqm
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Average prime yields were unchanged from December 2019.

Melbourne Industrial: Total vacant stock by grade

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Prime Secondary
800,000
600,000
400,000
200,000
0
sqm
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 Oct-19 Apr-20
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Melbourne Industrial Demand

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1,400,000 Pre-lease and D&C All Other
1,200,000
1,000,000
10 Year
800,000 Average
600,000
400,000
200,000
0
2016 2017 2018 2019 2020
sqm
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Source: Knight Frank Research April 2020, JLL Research Q2 2020, GPT Research.

YTD.

LOGISTICS PORTFOLIO

Logistics – Brisbane

Supply of ~400,000 sqm will be delivered in 2020. Of the stock completed, 81% was pre-committed. The remaining supply is 60% pre-committed and focused in the Southern region.
Demand has been driven by Retail Trade, Transport, Postal & Warehousing, and Manufacturing groups.
Tenants are upgrading to prime assets, resulting in prime vacant stock falling 13.1% in the past 12 months and secondary vacant stock increasing by 27.6% over the same period.
Prime net face rents experienced growth of 1.2% in the past 12 months and prime incentives have remained stable.
Average prime yields have compressed 13 basis points during the half.

Brisbane Industrial: Total vacant stock by grade

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500,000 Prime Secondary
400,000
300,000
200,000
100,000
0
sqm
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 Oct-19 Apr-20
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Brisbane Industrial Supply

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600,000
500,000
400,000
10 Year Average
300,000
200,000
100,000
0
2016 2017 2018 2019 2020
sqm
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Brisbane Industrial Demand

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600,000 Pre-lease and D&C All Other
10 Year
500,000 Average
400,000
300,000
200,000
100,000
0
2016 2017 2018 2019 2020
sqm
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Source: Knight Frank Research April 2020, JLL Research Q2 2020, GPT Research. * YTD.

Delivering on strategy with quality developments

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29-55 Lockwood Road, 59 Forest Way, 54-70 Templar Road, 36-52 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 44,000sqm for Retail Ready Meats distribution facility for Rand
32,200sqm 21,000sqm 24,500sqm
55 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 Redevelopment of facility for Easy Auto car showroom for AHG
5,600sqm facility for Silk Logistics Cahill Transport IVE – Blue Star Printing and Hills Distribution Centre
25,400sqm 11,300sqm 21,100sqm 18,100sqm
50 Old Wallgrove Road, 21 Shiny Drive, 2 Ironbark Close, 30 Ironbark Close, 38A Pine Road,
Eastern Creek NSW Truganina VIC Wembley Business Park QLD Wembley Business Park QLD Yennora NSW
Speculative facility fully leased Speculative facility completed Facility completed in March 2020 Speculative facility completed in Facility completed in March 2020
to ACR Supply Partners in December 2019. Leased to for DHL March 2020. Leased to JB Hi-Fi for Westcon Group
30,100sqm Godfrey Hirst and Petstock 20,600sqm and Windoware 4,800sqm
26,500sqm 14,400sqm
2014 2015 2017
2018
2019 2020
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LOGISTICS PORTFOLIO

Logistics Development Pipeline

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The Gateway Logistics Hub,
Truganina, Victoria thegatewaylogisticshub.com
23.0ha ~141,900sqm ~ [$] 205m
site located in prime logistics space expected end
Melbourne’s West when complete value [1]
4
6
3 2 1
5
1 26,500sqm completed 2019
Stage 1 leased to
2 24,000sqm DA approved Godfrey Hirst &
Petstock
3 29,700sqm DA approved
4 16,300sqm
5 16,300sqm
6 29,100sqm
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865 Boundary Road
Truganina, Victoria
32.8ha ~128,200sqm ~ [$] 205m
site located in prime logistics space expected end
Melbourne’s West when complete value
RAVENHALL
Expected to
commence in 2023
865 BOUNDARY RD
TARNEIT
TRUGANINA
LAVERTON
~20km ~15km ~25km B-Double
to Melbourne CBD to Port of Melbourne to Melbourne Airport approved road network
BOUNDARY RD
LEAKS RD
DOHERTY RD
HOPKINS RD
FITZGERALD RD
MOUNT DERRIMUT RD
ROBINSONS RD
ROBINSONS RD
STATION RD
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Inclusive of Stage 1, 21 Shiny Drive that was completed in 2019.

Denotes underway or completed stages.

Logistics Development Pipeline

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Wembley Business Park
Berrinba, Queensland wembleybusinesspark.com.au
16.1ha ~73,200sqm ~ [$] 150m
site located prime logistics space Expected end value
in Brisbane when complete on completion¹ Stage 1 & 2
fully leased
1 2
Logan Interchange
Stage 4 4 1 20,600 sqm
Stage 1
Stage 3 FULLY LEASED – completed 2020
3
2 14,400 sqm
– completed 2020
Stage 2
FULLY LEASED 3 21,800 sqm
4 16,400 sqm
~25km ~40km ~35km Close proximity to Logan
to Brisbane CBD to Port of Brisbane to Brisbane Airport Motorway interchange
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Inclusive of Stage 1 & 2 that were completed in 2020.

Denotes underway or completed stages.

LOGISTICS PORTFOLIO

Logistics Development Pipeline

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Mamre Road
Kemps Creek, New South Wales
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33.4ha ~160,000sqm ~ [$] 445m
site located in prime logistics space Expected end value Land rezoning
Sydney’s West when complete [1] on completion achieved in
June 2020
1
3
2
4
Artist’s impression [2]
5
~10km Close proximity to <5km Adjacent to established
to future Western M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park Artist’s impression [2]
----- End of picture text -----

Masterplan subject to authority approvals.
Artist’s impressions reflective of comparable GPT development product.

Logistics Developments Underway

Andrews Road Penrith, New South Wales

Cox Place Glendenning, New South Wales

10.2ha ~50,100sqm ~[$] 85m site located in pre-leased facility Expected end value Sydney’s West on completion Under Construction expected completion 2H 2020

3.1ha ~17,100sqm ~[$] 44m site located in speculative facility Expected end value Sydney’s West on completion

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Expected
completion
1H 2021
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Artist’s impression
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~60km ~70km ~20km Close proximity to
to Sydney CBD to Sydney Port to future Western A9 & A44
Sydney Airport
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~45km ~55km ~25km Close proximity to
to Sydney CBD to Sydney Port to future Western M7 & M2
Sydney Airport
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100

LOGISTICS PORTFOLIO

101

LOGISTICS PORTFOLIO

Sydney Logistics Portfolio

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17 M7
Penrith 16
11
14 M2
Seven Hills
Blacktown A40
M4 A6
A44 3 A28
Erskine Park
2 M4 Parramatta A3
1 Eastern A44 6 Silverwater A1
A9 15 Creek A28 7 8 A3 A40
4 Smithfield 9
M12 Wetherill 5 Yennora A6
A9 WesternBadgerysCreek M7 Park A28 A22 13 VillawoodChullora A22 A4 A22 SydneyCBD
Sydney Airport Kingsgrove A34 A36 M1
(planned) A34 A6 12
M5
Sydney
A9 City centres Planned Motorway Airport
Arterial roads Airport
10 Minto
Motorways West Connex
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1 Erskine Park (7 Assets)

10 Pembroke Rd, Minto

2 Eastern Creek (3 Assets)
11 Abbott Rd, Seven Hills
3 Huntingwood Dr, Huntingwood (2 Assets)
12 Vanessa St, Kingsgrove
4 Victoria St, Wetherill Park
13 Biloela St, Villawood
14 Bessemer St, Blacktown
5 Pine Rd, Yennora
15 Mamre Rd, Kemps Creek (land)
6 Rosehill Business Park, Camellia
16 Cox Pl, Glendenning (under development)
7 Derby St, Silverwater
17 Andrews Rd, Penrith (under development)
8 Holker St, Newington
9 Sydney Olympic Park (7 Assets)

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Old Wallgrove Rd, Eastern Creek, NSW
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TNT Erskine Park, NSW

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Abbott Rd, Seven Hills, NSW
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Melbourne Logistics Portfolio

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A39 A58 10 A58
M31
Campbellfield A29
A35
A55
City centre M2 M80
A46
Motorways M79
Arterial roads A40 M80 A27
Airport A41 M79
A40
A21
A35
M80 A40
M8 M2
C702
Derrimut Sunshine A35 M3
7
3
5 2 1 M80 A83 9
Truganina M1 8 Melbourne
4 6 Port CBD
Melbourne M1
M1 A24 A26
1 Boundary Rd, Truganina 6 Citiwest Industrial Estate, Altona North
2 Botero Pl, Truganina 7 Sunshine Business Estate, Sunshine
3 Mount Derrimut Rd, Derrimut 8 Wirraway Dr, Port Melbourne
4 Gateway Logistics Hub, Truganina 9 Citiport Business Park, Port Melbourne
(under development) 10 Austrak Business Park, Somerton
5 Boundary Rd, Truganina (land)
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Botero Pl, Truganina
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Gateway Logistics Hub (Shiny Dr, Truganina – complete)
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Sunshine Business Estate, Sunshine
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102

LOGISTICS PORTFOLIO

103

LOGISTICS PORTFOLIO

Brisbane Logistics Portfolio

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M1
A3
M7 Brisbane
Airport
City centre M4
Brisbane
Arterial roads CBD
Motorways
Airport
M5 M1
A7
M3
M7
Wacol
1
M2
M2 Springwood
M2 3
2
Berrinba
A5 M6
M1
4
Yatala
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1 Whitelaw Pl, Wacol

2 Forest Way, Karawatha

3 Wembley Business Park, Berrinba (under development)

4 Quarry Rd, Yatala

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Whitelaw Pl, Wacol
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Forest Way, Karawatha
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2 Ironbark Close, Wembley Business Park, Berrinba
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Development

Interim Result 2020

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Development Overview

Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Underway
128 Andrews Road,Penrith,NSW Logistics 100% GPT 78	24 0 2H 2020 18 0 1H 2021 113 0 1H 2021 0 170 1H 2021
42 Cox Place,Glendenning,NSW Logistics 100% GPT 39
32 Smith Street,Parramatta,NSW Ofce 100% GPT 266
Queen & Collins,Melbourne,VIC Ofce 100% GWOF 238
Total Underway 621	155 170

104

DEVELOPMENT

105

DEVELOPMENT

Development Overview

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Forecast Cost to Complete
Forecast
Sector Ownership Interest (%) Total Cost ($m) GPT’s Share ($m) Fund’s Share ($m)
Future Pipeline
Office 200 189 0
Melbourne Central, VIC 100% GPT
Retail 70 67 0
Cockle Bay Park, Sydney, NSW Office 25% GPT/50% GWOF 1,275 425 850
51 Flinders Lane, Melbourne, VIC Office 100% GWOF 450 0 447
Skygarden, Brisbane, QLD Office 100% GWOF 400 0 400
Corner George & Bathurst, Sydney, NSW Office 100% GWOF 150 0 150
87-91 George St, Parramatta, NSW Office 100% GWOF 790 0 790
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, Stages 3 & 4, Berrinba, QLD Logistics 100% GPT 70 48 0
The Gateway Logistics Hub, Truganina, VIC Logistics 100% GPT 150 102 0
865 Boundary Road, Truganina, VIC [1] Logistics 100% GPT 193 189 0
Mamre Road, Kemps Creek, NSW [1] Logistics 100% GPT 378 366 0
Rouse Hill Town Centre, NSW Retail 100% GPT 200 200 0
Total Future 4,408 1,640 2,637
Total Underway and Future Pipeline 5,029 1,794 2,807
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Land secured on deferred settlement terms.

Funds Management

Interim Result 2020

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GPT Funds Management Summary

The Group’s Funds Management platform provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income stream through a significant co-investment in the Group’s managed funds. GPT’s Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF).

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Fund Summary as at 30 June 2020	GWOF	GWSCF

Number of Assets	19	7
Total Assets	$8.9b	$3.9b
Net Gearing	14.6%	28.4%
Fund Details as at 30 June 2020

GPT's OwnershipInterest	21.9%	28.5%
GPT's Investment	$1,566.4m	$767.2m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	4.87%	5.16%
Portfolio Occupancy	95.5%	97.2%
GPT’s Share of Fund FFO	$34.7m	$6.3m
GPT Base Management Fee	$21.1m	$10.1m

181 William & 550 Bourke Streets, Melbourne

106

FUNDS MANAGEMENT

107

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 30 June 2020

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$13.3b
$12.6b $12.8b
$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 Dec 2018 Dec 2019 Jun 2020
GWOF performance versus benchmark
4.0 12.8
11.9 12.0
10.9 11.4 11.0
0.5 8.9 9.2
6.8
7.0 5.8
3.9
3.5
0.0
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWOF MSCI/Mercer All Office Index
11.9
Total return (%)
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$13.3b $0.4b $0.0b $0.1b $12.8b
Jun 19 FUM Developments Acquisitions Divestments Jun 20 FUM
& Asset Growth
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GWSCF performance versus benchmark

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4.0 4.4 5.4
2.2 2.7
-2.7
-4.7
-8.4
-10.6
-17.9
-21.1
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWSCF MSCI/Mercer All Retail Index
0.7
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Source: MSCI/Mercer.

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 2020, the Fund had a value of $8.9 billion.

	June 2020	June 2019

Number of Assets	191	182
Total Assets	$8.9b	$8.5b
Net Gearing	14.6%	16.8%

Fund Details as at 30 June 2020

GPT's OwnershipInterest (%)		21.9%
GPT's OwnershipInterest ($m)		$1,566.4m
Established		July2006
Weighted Average Capitalisation Rate		4.87%
Portfolio Occupancy(%)		95.5%
GPT’s Share of Fund FFO ($m)		$34.7m
GPT Base Management Fee ($m)		$21.1m

GWOF Ownership Composition As at 30 June 2020

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Domestic Super Funds 43%
GPT 22%
Offshore Pension Funds 16%
Domestic – Other 9%
Offshore – Other 8%
Sovereign Wealth Funds 2%
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Includes 32 Flinders Street, Melbourne (currently configured as a carpark) and 87-91 George Street, Parramatta (held for future development).
Includes 32 Flinders Street, Melbourne (currently configured as a carpark).

108

FUNDS MANAGEMENT

109

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 30 June 2020 were $1,284 million resulting in net gearing of 14.6%.

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GWOF Capital Management Summary as at 30 June 2020

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|||
|---|---|
|Net Gearing|14.6%|
|Weighted Average Cost of Debt|3.8%|
|Fees and Margins (included in above)|1.9%|
|Weighted Average Debt Term|8.1 years|
|Drawn Debt Hedging|88%|
|Weighted Average Hedge Term|2.7 years|

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Debt Maturity Profile

As at 30 June 2020

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500
450
400
350
300
250
200
150
100
50
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes US Private Placement
$ millions
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workplace[6] , Sydney

GWSCF Overview

GWSCF provides wholesale investors with exposure to 7 high quality retail assets. At 30 June 2020, the Fund had a value of $3.9 billion.

	June 2020	June 2019

Number of Assets	7	8
Total Assets	$3.9b	$4.8b
Net Gearing	28.4%	24.9%

Fund Details as at 30 June 2020

GPT's OwnershipInterest (%)		28.5%
GPT's OwnershipInterest ($m)		$767.2m
Established		March 2007
Weighted Average Capitalisation Rate		5.16%
Portfolio Occupancy(%)		97.2%
GPT’s Share of Fund FFO ($m)		$6.3m
GPT Base Management Fee ($m)		$10.1m

GWSCF Ownership Composition As at 30 June 2020

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Domestic Super Funds 38%
GPT 28%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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110

FUNDS MANAGEMENT

111

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2020 were $1,123 million resulting in net gearing of 28.4%.

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GWSCF Capital Management Summary as at 30 June 2020

Net Gearing		28.4%
Weighted Average Cost of Debt		3.7%
Fees and Margins (included in above)		1.6%
Weighted Average Debt Term		4.6years
Drawn Debt Hedging		93%
Weighted Average Hedge Term		2.6years

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Debt Maturity Profile
As at 30 June 2020
600
500
400
300
200
100
0
2020 2021 2022 2023 2024 2025 2026 2027 2028
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes
$ millions
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Highpoint Shopping Centre, VIC

AI assistant

GPT GROUP — Interim / Quarterly Report 2020

65009_rns_2020-08-09_c3a48311-53ba-435a-8b06-350301af4f31.pdf

2020 Interim Result Data Pack

Navigating Through the Pandemic

January & February 2020

From March 2020

2020 Interim Result

Reviewing the Half Year

Office

Logistics

Retail

COVID-19 Tenant Negotiations

Valuations & COVID-19 Impact

Financial Summary

Segment Result & Free Cash Flow

Capital Management

Sources of

Drawn

Debt

Office Highlights

Office Return to Workplace

Office Leasing & Market Update

Office Leasing

1H 2020 Leasing:

2H 2020 Leasing:

Leasing Strategy:

Market Update

Daily SEEK Job Ads - Australia

Office Customer Update

Evolution of Office

Sydney Metropolitan Office Update

87-91 GEORGE STREET

32 SMITH STREET

Office Development Pipeline

Office Portfolio Resilience

Logistics Highlights

Logistics Customer & Leasing

Evolution of Logistics

Logistics Portfolio Growth

$ 2.6BB

2.6BB 8.4% PORTFOLIO VALUE 1H 2020 PORTFOLIO GROWTH

Logistics Development Completions

30 Ironbark Close, Berrinba, QLD

Logistics Developments Underway

Logistics Development Pipeline | Kemps Creek Update

Logistics Development Pipeline

~$1.0b >500,000sqm PIPELINE EXPECTED END VALUE¹ PIPELINE CAPACITY¹

Retail

Retail Highlights

COVID-19 Update

Portfolio

Update

Traffic and Stores Open

Marketing and Communications

Retailer Assistance

Victoria

Update

Portfolio Performance

Retail Sales and Traffic

MAT at 30 June 2020:

Categories that have performed well despite conditions:

Categories impacted by government restrictions include:

Market Share (Physical vs Online)

Portfolio Performance

Retail Leasing

Portfolio Leasing Statistics

Retail Valuations

Portfolio Strategy

Online ordering platform

Portfolio of Leading Retail Assets

Located in Quality Markets

Investment in Assets to Meet Customer Expectations

Funds Management

Funds Management

Sustainability

Responding near-term | Long-term growth

Well positioned for forecast economic conditions

Attractive pipeline of development opportunities in key sectors

Clear strategic priorities

GPT GROUP Interim / Quarterly Report 2020