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15 August 2022

2022 Interim Result Data Pack

The GPT Group (“ GPT ”) provides its 2022 Interim Result Data Pack which is authorised for release by The GPT Group’s Managing Director and Chief Executive Officer Bob Johnston.

-ENDS-

For more information, please contact:

INVESTORS AND MEDIA

Penny Berger Head of Investor Relations and Corporate Affairs +61 402 079 955

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

Interim Result 2022

Market Briefing 15 August 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION 1

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.

Interim Result 2022

|2022 Half Year in Review | Bob Johnston|4|
|---|---|
|Finance and Treasury | Anastasia Clarke|7|
|Offce | Martin Ritchie|12|
|Logistics | Chris Davis|21|
|Retail | Chris Barnett|29|
|Outlook and 2022 Guidance | Bob Johnston|38|

Agenda

Interim Result 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION 3

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

2022 Interim Result

Financial summary

17.04 cents 12.70 cents Funds From Operations Distribution per security, up 9.0% per security, down 4.5%

$ 6.26

10.8 % 12 month Total Return[1]

Net Tangible Assets per security, up 2.8%

Investment portfolio

Portfolio occupancy 97.5 %

Weighted average lease expiry 4.7 yrs

Assets under management $ 27.4 b

Weighted average capitalisation rate 4.67 %

Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 July 2021 to 30 June 2022, divided by the NTA per security at 1 July 2021.

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THE GPT GROUP 25 NITON DRIVE, TRUGANINA, VIC| 2022 INTERIM RESULT
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Executing on strategic priorities

» Logistics portfolio expanded to $4.6b, representing 28% of the portfolio
$265m of completions in year to date[1]
$1.9b development pipeline providing enhanced returns[1]
» Executing on Office developments while growing the pipeline to $5.5b[2]
GWOF acquired North Sydney development site and commenced 51 Flinders Lane
Providing customer solutions via next generation assets and innovative product offerings
» Sale of Casuarina Square and progressing mixed-use developments
Rouse Hill mixed-use expansion expected to commence in 1H 2023
Highpoint Shopping Centre first stage DA to be lodged in 4Q 2022
» Funds Management platform expanded to $17b in AUM[3]
Awarded $2.8b direct real estate mandate by UniSuper
GPT QuadReal partnership (GQLT) committed capital $1.0b of $2.0b target[4]
» Innovation driving improved sustainability outcomes
Upfront embodied carbon[5] neutral developments
On track to achieve operating carbon neutral certification in 2024[6]

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Expand and optimise the portfolio Grow Funds Management Exceed customer expectations Leadership in ESG

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Portfolio Diversity
As at 30 June 2022
Logistics Retail
28% 34%
$ 4.6 b $ 5.6 b
Office
38%
$ 6.2 b
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Estimated end value, includes GPT and GQLT share.
Includes the GPT Wholesale Office Fund (GWOF) development at 51 Flinders Lane. 3. Assets under management (AUM). 4. Includes pipeline projects.
As defined in World Green Building Council report, “Bringing embodied carbon upfront”, 2019.
Target to achieve independent Climate Active carbon neutral certification of all GPT owned and managed assets by the end of 2024.

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Our priorities – Carbon neutral and nature positive

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Leadership in ESG
What we deliver Our impact
Carbon neutral Upfront Climate 55 % energy [2]
operational embodied resilient
assets carbon [1] neutral assets
developments 82 % emissions [2]
Nature positive initiatives
How we deliver delivered
More carbon neutral certified
floorspace than any other
Eliminate emissions Offset Climate Australian property owner
via optimisation residual adaptation
and renewables emissions plans
Innovation
Supporting restoration of 1,100 hectares of Australian biodiverse native koala habitat in partnership with Greenfleet and the Traditional
AgendaOwners for permanent removal of development pipeline residual carbon emissions
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For detail see GPT’s Sustainability Report and Climate Disclosure Statement at gpt.com.au/sustainability.

As defined in World Green Building Council report, “Bringing embodied carbon upfront”, 2019.
Against the baseline of 2005.

Finance and Treasury

Interim Result 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Financial summary

$ 529.7 m

$ 326.5 m

$529.7m	$326.5m
Statutory Net Profit After Tax ($m)	Funds From Operations 1H 2022 1H 2021 Change
Funds From Operations (FFO)	326.5 302.3 8.0%
Valuation increases	219.5 471.7
Treasury instruments marked to market	(16.8) 0.5
Other items	0.5 (14.0)
Net Profit After Tax	529.7 760.5
Funds From Operations per security (cents) 17.04 15.64 9.0%
Operating Cash Flow 271.8 289.0 (6.0%)
Free Cash Flow 243.3 255.1 (4.6%)
Distribution per security (cents) 12.7 13.3 (4.5%)
Payout Ratio 100.0% 99.9%

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Segment result

($m)
1H 2022
1H 2021
Change
Comments
Retail
145.0
140.8
3.0%
Lower COVID-19 allowances and land tax refunds ($9.8m) offset by
divestment of Casuarina and Wollongong ($5.5m)
Office
148.9
134.5
10.7%
Reduced vacancy ($5.6m), Ascot acquisition ($2.2m), fixed base rent
increases ($5.3m) and higher management fee income ($2.0m)
Logistics
91.2
75.5
20.8%
Ascot acquisition ($12.6m) and development completions ($3.3m)
Funds Management
27.5
23.9
15.1%
Higher base management fees from GWOF revaluations and developments
($2.4m), higher fees from GQLT developments ($1.2m), GWSCF flat
Finance Costs
(54.1)
(44.3)
(22.1%)
Higher debt from acquisitions and developments
Corporate
(32.0)
(28.1)
(13.8%)
Higher technology ($2.3m) and reorganisation ($2.6m) costs offset by lower
income tax ($1.0m)
Funds From Operations
326.5
302.3
8.0%
Maintenance capex
(14.8)
(12.9)
(14.7%)
Lease incentives
(41.1)
(23.1)
(78.0%)
2H 2021 leasing volume driving 1H 2022 increase in Office
Adjusted Funds From Operations
270.6
266.3
1.6%

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Capital management

300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%	300 400 500 600 700 $m Key Statistics 30 Jun 2022 31 Dec 2021 Net Tangible Assets per security $6.26 $6.09 Net Gearing 27.3% 28.2% Weighted average cost of debt 2.5% 2.4% Weighted average term to maturity 6.3 years 6.3 years Interest cover ratio 7.1x 7.5x Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (negative) /A2 (stable) $1.1b Liquidity Sources of Drawn Debt As at 30 June 2022 Debt Maturity Profile As at 30 June 2022 Debt Capital Markets 78% Bank Debt 22%
300 400 500 600 700 $m
	$1.1b Liquidity As at 30 June 2022









	1H 2H 2022	1H 2H 2023	1H 2H 2024	1H 2H 2025	1H 2H 2026	1H 2H 2027	1H 2H 2028	1H 2H 2029	1H 2H 2030	1H 2H 2031	1H 2H 2032	1H 2H 2033	1H 2H 2034	1H 2H 2035

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Debt Maturity Profile
700 As at 30 June 2022
600
$ 1.1 b
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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
$m
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USPP 33% Foreign bank debt 4% Domestic MTNs 21% Secured bank debt 2% Domestic bank debt 15% CPI Bonds 2% Foreign MTNs 12% Commercial Paper 11%

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Hedging profile

71% hedged over the next 2.5 years at an average fixed rate of 2.8%[1]

(31 Dec 2021: 50% hedged, 1.5 years at 1.5%)

Key Statistics1	30 Jun 2022	31 Dec 2021
Interest rate hedging	65%	69%
Weighted average hedge term	2.5 years	1.5 years
Average fixed hedge rate 2022	1.7%	1.4%
Average fixed hedge rate 2023	2.6%	2.0%

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Hedge profile [1]
Agenda
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Includes hedging transacted in late July 2022.

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THE GPT GROUP 42 COX PLACE, GLENDENNING, NSW| 2022 INTERIM RESULT
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Office

Interim Result 2022

Office overview

$ 169.6 m 8.9 % Segment contribution[1] up 11.0%,comparable 12 month growth up 5.0% Total Return[3]

92.0 % 4.77 % Portfolio Weighted Average Occupancy Capitalisation Rate

Weighted Average Lease Expiry 4.7 yrs DevelopmentPipeline[4] $ 5.5 b TotalLeasing[2] 51,900 sqm Total Leasing Transactions 79 (1H 2021: 49,700sqm) (1H 2021: 78)

Includes share of Funds Management net income. 2. Includes Signed Leases and Heads of Agreement (HoA) based on GPT and GWOF ownership Net Lettable Area (NLA).
Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.
Estimated end value on AUM basis, inclusive of GPT and GWOF share, includes 51 Flinders Lane. THE GPT GROUP 2 SOUTHBANK BOULEVARD, ME| 2022 INTERIM RESU L BOURNET

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Increased leasing enquiry

» Office enquiry is showing positive momentum, up on 1H 2021
» Smaller occupiers have been the most active during the period[1]
» Occupiers ‘flight to quality’ continues

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Office Enquiry (sqm) [1] Prime Net Face and Effective Rent ($/sqm p.a.) [2]
400,000
$1,400
350,000
$1,200
300,000
250,000 $1,000
200,000
$800
150,000
$600
100,000
$400
50,000
- $200
1 H 20191 2019 2HH2 2019 1HH1 20 2020 H2 20202H 2020 H1 20211H 2021 H2 20212H 2021 H1 20221H 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Melbourne CBD Sydney CBD Brisbane CBD
Melbourne CBD - Face Melbourne CBD - Effective Sydney CBD - Face
Sydney CBD - Effective Brisbane CBD - Face Brisbane CBD - Effective
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1. Colliers ‘Office Demand Index’ 1H 2022.
2. JLL Research July 2022.
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Our leasing strategy

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Space&Co. Customers
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» Our three space products allow us to access a deeper pool of customers from a diverse range of industries
» Traditional Space appeals to larger occupiers seeking exceptional quality building amenity, high sustainability credentials and flexible lease terms
» Space on Demand through Space&Co. provides flexibility for our customers and incubates emerging businesses
» Premium Suites set a benchmark in high quality fitted out space with the latest workplace design features and technology

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Target Portfolio Makeup [1] Portfolio Tenant Mix [2]
1% 1% 3% 5%
12% 15% 20% 25% Banking 16%
Government 15%
Info and Comms Technology 14%
Insurance 13%
87% 84% 77% 70% Other 11%
Other Business Services 9%
Legal 9%
Accounting & Finance 8%
Mining & Energy 3%
Current Portfolio Makeup End of 2022 End of 2023 End of 2025
- as at 30 June 22 Ambition Ambition Ambition Co-working/Serviced offices 3%
Traditional Space Premium Suites Space on Demand
1. GPT and GWOF ownership NLA.
2. Weighted office portfolio by area.
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Our leasing results

» Continuing to achieve leasing results in a changing economic environment, with 51,900sqm of space transacted across 79 deals
» Our occupancy has been consistently higher than the national prime grade average

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Deals GPT Office Occupancy vs National Prime Grade Average
(sqm by ownership)1H 2022 Leasing Signed Leases HoAs LeasingTotal <1,000sqm Deals 1,000sqm
and over 100%
GPT + GWOF 28,300 23,600 51,900 23,900 28,000 95%
Weighted Office 90% 92.0%
14,200 15,300 29,500 13,900 15,600
Portfolio
85% 86.7%
Transactions (#) 45 34 79 65 14
80%
GPT Occupancy National Prime CBDs (JLL Research)
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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Leasing volume expected to improve in 2H

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While expiries remain elevated, leasing volume in 2H 2022 is expected to increase
due to our high quality, well presented products and customer focus
GPT Lease Expiry Profile [1]
As at 30 June 2022
13%
11%
8% 9%
6%
(sqm by Ownership) VacantVacant 20222022 20232023 20242024 20252025 Total Portfolio
GPT + GWOF 74,600 48,900 71,400 83,800 49,600 895,500
Weighted Office
34,000 34,900 39,600 42,700 23,200 422,500
Portfolio
Total HoAs Signed By Period [2]
100,800
70,300 74,600
62,800
49,200
39,100 35,100 40,100
22,600
Agenda
1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022
1. Vacant % by Area. 2022 – 2025 Lease Expiry % by Income.
2. GPT and GWOF ownership by NLA, based on HoA signature date. THE GPT GROUP | 2022 INTERIM RESULT111 EAGLE STREET, BRISBANE
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» While expiries remain elevated, leasing volume in 2H 2022 is expected to increase due to our high quality, well presented products and customer focus

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Positioning for growth

» Pipeline opportunities for the next cycle grew 22% to $5.5b[1] , providing an opportunity for GPT and its funds to develop next generation assets and enhance returns
» GWOF secured a North Sydney development site at 155 Walker Street
» Commencement of developments customer led with timing in our control
» Continuing to seek new development opportunities in core markets

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Underway Master planning
51 Flinders Lane Cockle Bay Park 300 Lonsdale George Street Skygarden 155 Walker Street
Melbourne Sydney Melbourne Parramatta Brisbane North Sydney
100% GWOF 25% GPT/50% GWOF 100% GPT 100% GWOF 100% GWOF 100% GWOF
Estimated end value $539m Estimated end value $1.7b Estimated end value $260m Estimated end value $1.6b Estimated end value $530m Estimated end value $870m
Underway and pipeline images are Artists’ impressions.
1. Estimated end value on AUM basis, includes GPT and GWOF share, and 51 Flinders Lane Melbourne, currently underway.
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Carbon neutral leadership

All new office developments upfront embodied carbon[1] neutral

» 51 Flinders Lane will be GPT’s first Office development to be upfront embodied carbon[1] neutral and certified on completion through Green Star and Climate Active

Upfront embodied carbon[1] neutral development pathway Operational carbon neutral pathway

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Measure Reduce and eliminate Energy Use of Electrification of
efficiencies renewable heating & improved
Embodied carbon Identify efficiencies in electricity refrigerants
inventory, targets design, construction
and performance practices, materials and 49% 38% 2% 100%
metrics products
= 89% of emissions [2] eliminated GWOF’s
operational
portfolio
certified
carbon
Support restoration of 1,100 hectares of Australian biodiverse native koala habitat in partnership with
neutral
Agenda Offset residual Greenfleet and the Traditional Owners for permanent removal of residual carbon emissions from development pipeline and existing operating assets since 2020
emissions
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As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019.
Against the baseline of 2005 emissions intensity.

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Office portfolio strategy and outlook

Continuing to prioritise Sustainability

» GPT’s commitment to sustainability provides a competitive advantage
» High ratings of 5.8 star NABERS Energy[1] , GWOF is carbon neutral since 2020, GPT by 2024
» All new Office developments to be upfront embodied carbon[2] neutral

Positioning for growth

» GWOF has grown to $10.1b in assets and is well positioned with low gearing of 18.8%
» Development pipeline has further expanded to $5.5b, providing the opportunity to create next generation assets and enhanced returns

Outlook

» Significant investment has been made across the portfolio to create distinct and desirable places for our customers
» Our space products respond to our customers’ needs and provide them with the flexibility they desire
» Our space offering and our customer centric approach will support a successful second Agenda half of leasing
5.8 stars with GreenPower, 5.2 stars without GreenPower.
As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019.

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THE GPT GROUP 8 EXHIBITION STREET, MELBOURNE| 2022 INTERIM RESULT
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Logistics

Interim Result 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Logistics overview

$ 92.2 m

Segment contribution[1] up 22.4%, comparable growth of 2.4%

14.0% 12 month Total Return[3]

98.7 % 4.09 % Portfolio Weighted Average Occupancy Capitalisation Rate

Weighted Average Lease Expiry 6.2 yrs

GQLT 50% of $2b commited[4]

$ 1.0 b

Total Leasing[2] 228,000[sqm]

DevelopmentPipeline[4,5] $ 1.9 b

Includes share of Funds Management net income.
Includes Signed Leases and HoA on 100% area basis. 3. Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.
Includes post balance date activity, acquisitions yet to settle and pipeline.
Estimated end value of underway and pipeline projects ADDRESS, STATE on an AUM basis, inclusive of GQLT share. THE GPT GROUP | 2021 ANNUAL RESULT 50 OLD WALLGROVE ROAD, EASTERN CREEK, NSW

Logistics portfolio of $4.6b, executing on growth strategy

Development

» Two development completions delivering a yield on cost of 5.6% and four developments underway[1]
» Replenishing land bank, GQLT secured 35.2 hectares in Epping in Melbourne’s north
» Development pipeline of $1.9b across the eastern seaboard[1]

Development Completions[1] $69m

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100 Metroplex Place, Wacol, QLD Completed June 2022 Fair Value[1 ] $45.4m | GQLT (GPT 50.1%)

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143 Foundation Road, Truganina, VIC Completed July 2022 Fair Value $23.4m | GPT 100%

Funds Management

» GQLT $2b partnership with QuadReal progressing well with $1b committed
Eastern seaboard focus
Targeting development and value-add opportunities

Fund-through Completions[1] $196m

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18 Gorrick Court, Bundamba, QLD Completed May 2022 Fair Value[1 ] $42.5m | GQLT (GPT 50.1%)

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1 Hurst Drive, Tarneit, VIC Completed June 2022 Fair Value[1 ] $153.5m | GQLT (GPT 50.1%)

Reflects AUM, includes GQLT share.

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Tailwinds driving occupier take-up

» Demand driven by Transport (35%) and Retail Trade (26%) user groups[1]
» Significant proportion of market leasing enquiry from expanding occupiers
» Strong market rental growth with tightening vacancy rates nationwide

	Sydney	Melbourne	Brisbane	Adelaide	Perth
Average VacancyRate2	0.3%	1.1%	1.4%	0.9%	0.5%

Trends impacting the Logistics market

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Investment in the supply chain to ensure efficient movement of goods

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Building resilience with higher inventory levels

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Omnichannel retail and continued e-commerce growth Increasing use of automation and robotics Growing consideration of ESG in real estate decision-making

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JLL Research, 1H 2022.
CBRE Research, 1H 2022.

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ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
1 HURST DRIVE, TARNEIT, VIC
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Strong leasing and rent growth

» High occupancy of 98.7% and WALE of 6.2 years
» Total leasing of 228,000sqm[1 ] with 108,000sqm in developments (2021: 182,300sqm)
» 2022 speculative development leasing outpacing rent expectation at construction commencement by ~9%
» Capturing market rental growth in phased developments:

GatewayLogistics Hub, Truganina	Year 1 Net Face Rent
25 Niton Drive (PC 2021)	$80.00/sqm
2 Prosperity Street (PC 2021)	$82.50/sqm	+19%
24A/B Niton Drive(underway)	$95.00/sqm

Includes Signed Leases (149,700sqm) and HoA (78,200sqm) on 100% area basis.

Key Leasing YTD 2022

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40,700sqm Austrak Business Park Somerton, VIC

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15,100sqm Wembley Business Park (Stage 3) Berrinba, QLD

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13,600sqm Gateway Logistics Hub (24A Niton Drive) Truganina, VIC

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29,900sqm Rosehill Business Park Camellia, NSW

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8,800sqm 100 Metroplex Place Wacol, QLD

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13,700sqm Gateway Logistics Hub (24B Niton Drive) Truganina, VIC

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THE GPT GROUP 2 PROSPERITY STREET, TRUGANINA, VIC| 2022 INTERIM RESULT
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Driving sustainability outcomes

GPT leads the way with certified upfront embodied carbon[1] neutral logistics development

» 143 Foundation Road, Truganina is Australia’s first upfront embodied carbon[1] neutral logistics development certified by the Green Building Council of Australia and Climate Active

How we deliver

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Measure and Reduce and Offset residual
target eliminate emissions
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Future proofing for transition to a low carbon future

» Developing efficient buildings and installing rooftop solar
» Strong engagement with customers of existing facilities to install on-site solar
» Both development completions designed and built to achieve 5 Star Green Star ratings
» Future proofing developments for onsite battery storage and electrification of vehicle fleets
As defined in World Green Building Council Report, “Bringing embodied carbon upfront”, 2019.

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ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
143 FOUNDATION ROAD, TRUGANINA, VIC
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Future growth through build-out of $1.9b pipeline

» Targeting an average yield on cost of >5.25% for developments, strong rental growth offsetting higher construction and funding costs
» Two completions due 4Q 2022 with a further two speculative developments underway
» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022

» Progressing planning milestones for pipeline, with planning approvals for Yiribana East expected in 2H 2022
Suburb State GPT Ownership (%) Underway (sqm) Pipeline (sqm) Estimated End Value ($m)	Estimated Timing
	2022	2023	2024	2025+
GatewayLogistics Hub Truganina VIC 100 27,200 31,600 135
BoundaryRoad Truganina VIC 100 128,200 255
EppingEstate Epping VIC 50 134,400 330
Austrak Business Park Somerton VIC 50 121,300 100
Yiribana Logistics Estate - East Kemps Creek NSW 100 182,000 600
Yiribana Logistics Estate - West Kemps Creek NSW 50 38,900 140
Pembroke Road Minto NSW 50 19,500 25
WembleyBusiness Park Berrinba QLD 100 21,800 50
Coulson Street Wacol QLD 50 17,500 40
CrestLink Business Park Crestmead QLD 50 40,000 95
Apex Business Park Bundamba QLD 50 11,600 48,500 150

All estimated end values on AUM basis, inclusive of GPT and GQLT share. Lettable areas subject to authority approvals.

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ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
YIRIBANA LOGISTICS ESTATE (ARTIST’S IMPRESSIO N)
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Logistics portfolio strategy and outlook

Grow through development and funds management

» Build out development pipeline located in key growth corridors
» Replenish landbank to provide future growth
» Grow logistics partnership with QuadReal

Operational excellence supporting customer success

» Broaden relationships with our high-quality and diverse customer base
» Build on GPT’s leadership position in ESG
» Capture expected strong market rent growth, with half of portfolio expiring in next five years and through development leasing

Outlook

» Global capital underweight to logistics, Sydney and Melbourne preferred markets
» Tenant demand for prime, well-located space to continue
» Vacancy rates to remain extremely low 2022-2023, with limited availability of zoned and serviced land

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ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT
1 WATTLEBIRD COURT, BERRINBA, QLD
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Retail

Interim Result 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Retail overview

5.9 % 12 month Total Return[2]

$ 150.8 m Segment Contribution[1] up 2.9%

99.3 %

4.98 % Weighted Average Capitalisation Rate

Portfolio Occupancy

Total Specialty Sales Growth on 1H 2021 Total Specialty Sales Growth on1H 2019

11.6 %

Specialty Sales Productivity[3] $ 9,593 psm Leasing Deals Completed 405

6.5 %

Includes share of Funds Management net income.
Investment portfolio total return is calculated as net income and revaluation movement divided by property book value, compounded monthly for a rolling 12 month period.
Specialties <400sqm.

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THE GPT GROUP | 2022 INTERIM RESULTMELBOURNE CENTRAL, VIC
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UniSuper mandate

» Four Retail assets
Karrinyup Shopping Centre, WA
Marrickville Metro, NSW
Dapto Mall, NSW
Malvern Central, VIC
» Direct benefits of scale with 40% increase to Gross Lettable Area under GPT management
» Highly complementary to GPT’s portfolio of regional and super regional assets with the ability to leverage tenant relationships across an additional 500 stores
» Management to commence 1 September 2022

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KARRINYUP SHOPPING CENTRE, WAArtist’s impression
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Leasing momentum continues

» Strong occupancy with high levels of deal activity and tenant retention
» 76 new brands introduced to the portfolio
» Average lease term of 4.6 years all with fixed base rents and annual increases
» Leasing tailwinds anticipated for remainder of 2022

	6 months	12 months
	to	to
	June 2022	Dec 2021
Deals Completed	405	561
Portfolio Occupancy1	99.3%	99.1%
Retention Rate2	72%	73%
Average Annual Fixed Increase2	4.4%	4.3%
Average Lease Term2	4.6 years	4.3 years
Leasing Spreads2	(4.9%)	(8.5%)
Holdovers as % of Base Rent1,2	5.9%	6.5%
~~Agenda~~

As at period end.
Specialties < 400sqm.

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THE GPT GROUP | 2022 INTERIM RESULTMELBOURNE CENTRAL, VIC
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Centre sales growth

» Strong 1H 2022 trading despite Omicron disruptions in early 2022
» Total Centre sales up 11.5% on 1H 2021 and up 2.9% on 1H 2019
» Growth in Total Centre sales on 1H 2021 driven by Fashion (+13.1%); all retail categories up except Discount Department Stores stable off a high base
» Total Specialty sales up 6.5% on 1H 2019, driven by Fashion and Tech & Appliances

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Sales
(Monthly Growth)
1H 2022 vs 1H 2021 34.2%
31.0%
10.9% 10.9% 8.7% 8.6% 10.9% 10.7% 13.5% 13.5% 11.5% 11.6%
-4.0% -5.1%
Jan-22Jan Feb-22Feb Mar-22Mar Apr-22Apr May-22May Jun-22Jun 1H22 v 1H211H22 v 1H21
Total Centre Total Specialty
1H 2022 vs 1H 2019
13.2%
3.0% 7.8% 4.9% 6.0% 9.2% 6.1% 9.6% 2.8% 9.1% 2.9% 6.5%
-6.4%
-8.7%
Jan-22Jan Feb-22Feb Mar-22Mar Apr-22Apr May-22May Jun-22Jun 1H22 v 1H19
Total Centre Total Specialty
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Sales growth by category

» Retailers across the portfolio performed well over most categories on the prior corresponding period
» Melbourne Central (+36.9%), Highpoint (+21.4%) and Rouse Hill (+9.1%) were among the highest growth centres driving firm results
» Cinemas and Travel Agents (Other Retail) contributed to lifting Total Centre sales growth and accelerating to reach pre-COVID levels (+9.5% excl. Other)

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Sales Growth by Category (1H 2022 v 1H 2021)
89.3%
56.1%
15.4% 14.9% 14.0% 13.1%
11.5% 11.6%
10.2%
7.8% 8.7% 8.3% 7.5% 6.8%
4.5% 4.8%
0.0%
Total Centre Department Store Discount Dep't Store Supermarket Cinemas Other Retail Total Specialty Health & Beauty Dining Retail Services Fashion General Retail Leisure Tech and Appliances Food Retail Homewares Jewellery
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Melbourne Central delivering new retail experiences

» Delivering customer experiences through new concepts such as Monopoly Dreams (opening late 2022)
» Continued investment in flagship and CBD stores from new and on-trend brands
1H 2022 openings include LEGO, rebel, Glue and Guess
» New stores from Lush, CK, Fine Day, All Kinds and Under Armour in 2H 2022
» Sales per square metre near pre-COVID levels while yet to benefit from a return of office workers and tourists to the CBD

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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Retail and mixed-use development focus

Rouse Hill Town Centre

Highpoint Shopping Centre

» Mixed-use expansion targeted to commence early 2023
10,800sqm incremental retail, with 41 specialties, four mini majors including Pavilion-fronting new Town Green
218 residential apartments across four buildings
» Master Plan includes 70,000sqm incremental retail, 148,000sqm office and 3,000 apartments
» Development Applications to be lodged 4Q 2022
- Residential Stage 1: 240 apartments
» Advancing Master Planning 6.8 hectare Northern Precinct – commercial, health and residential uses

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Rouse Hill Town Centre – Pavilion Building and Town Green

Commercial Stage 1: 18,000sqm GFA
» Opening of new Coles in 4Q 2022 and Waterman’s co-working space in 1H 2023

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Highpoint – Future Urban Village Master Plan and Stage 1 Commercial

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Retail portfolio strategy and outlook

Leadership in ESG

» Our priorities – carbon neutral and nature positive
» Chirnside Park Smart Energy Hub

Growing Funds Management

» GPT Wholesale Shopping Centre Fund positioned to take advantage of future opportunities with low gearing of 13.2%
» Management of UniSuper mandate to commence September 2022

Outlook

» Retail market has adapted to live with COVID
» Melbourne Central recovery expected to continue throughout 2022
» High household savings and low unemployment should soften the impact of interest rate increases
Agenda
» Retail sales growth expected to moderate from current high levels

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THE GPT GROUP CHARLES| 2022 IN T ERIM RESOWN SQ U ARE, NSWLT
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Outlook and 2022 Guidance

Interim Result 2022

Outlook and 2022 Guidance

Outlook

» Economic conditions expected to moderate in next 12 months as interest rates rise to curb inflation
» Higher interest rates present a headwind to earnings and may lead to a softening of valuation metrics
» Retail portfolio well positioned with high occupancy, fixed rental increases and ongoing tenant demand
» Improvement in Office leasing volume expected in 2H 2022 as our portfolio benefits from the ‘flight to quality’
» Structural tailwinds, low vacancy and limited supply will drive sustained market rent growth in logistics
» Development pipeline with an estimated end value of $8.1b provides organic growth opportunities for GPT and managed funds
» Management of UniSuper mandate to commence September 2022

Guidance

» GPT expects to deliver 2022 FFO of approximately 32.4 cents per security and a distribution of 25.0 cents per security for the full year
Agenda
» GPT has a strong balance sheet, a high quality diversified portfolio, and an experienced management team focused on creating long term value for securityholders

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THE GPT GROUP 550 BOURKE STREET, ME| 2022 INTERIM RESU L TBOURNE
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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Interim Result 2022

Thank you for joining us Questions

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 2022 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 2022. 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, Office and Logistics divisions include The GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.

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THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Data Pack

Interim Result 2022

GPT Overview	43
Financial Performance	49
Offce Portfolio	59
Logistics Portfolio	73
Retail Portfolio	103
Development	113
Funds Management	115
Sustainability	121
Note: All information included in this pack includes GPT owned
assets and GPT’s interest in Funds (GWOF, GWSCF and GQLT) unless
otherwise stated.

Interim Result 2022

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32 Smith, Parramatta
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GPT Overview

Interim Result 2022

GPT Overview

GPT’s 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.

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Retail portfolio
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» 10 shopping centres
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» 850,000 sqm GLA
» 2,700 + tenants

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GPT Portfolio Diversity
As at 30 June 2022
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» $5.6b portfolio
» $8.2b AUM Melbourne Central, VIC Office portfolio » 28 assets » 1,040,000 sqm NLA » 420 + office tenants » $6.2b portfolio » $14.4b AUM Riverside Centre, Brisbane
Logistics portfolio » 72 assets
» 1,500,000 sqm GLA

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Logistics
28%
NSW: 49%
VIC: 38%
QLD: 11%
Retail
Other: 2%
34%
Office
38%
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» 110 + tenants
» $4.6b portfolio » $4.8b AUM 25 Niton Drive, Truganina, VIC

THE GPT GROUP | OVERVIEW

GPT Portfolio Metrics

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

	Portfolio Size ($b)	WALE (years)	Occupancy (%)	WACR (%)
Retail	5.58	3.9	99.3	4.98
Offce	6.22	4.7	92.0	4.77
Logistics	4.60	6.2	98.7	4.09
Total	16.40	4.7	97.5	4.67

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Structured Rental Increases [1]
Retail
Office Logistics
(Specialties)
Fixed 83% Fixed 92%
Fixed 68%
Other 17% Other 8%
4.7% Other 32% 3.8% 3.2%
Average Fixed Average Fixed Average Fixed
Increase Increase Increase
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Structured rent reviews for the 12 months to 31 December 2022. Other includes market reviews and expiries in 2022.

Portfolio valuation metrics

Overall portfolio revaluation gain of $219.5m[1] (+1.4%)

	Offce	Logistics1	Retail
2022 Valuation movement (6 months to 30 Jun 22)	+$6.8m	+$115.4m	+$97.3m
	+0.1%	+2.6%	+1.8%
Capitalisation Rate	4.77%	4.09%	4.98%
	(0 bps since Dec 21)	(-2 bps since Dec 21)	(-5 bps since Dec 21)
Discount Rate	5.90%	5.46%	6.18%
	(-1 bps since Dec 21)	(-8 bps since Dec 21)	(-3 bps since Dec 21)

Includes operational assets held in inventory.

THE GPT GROUP | OVERVIEW

Glossary

A-Grade	As per the Property Council of Australia’s ‘A Guide to Offce
	Building Quality’
AFFO	Adjusted Funds From Operations, defned as FFO less
	maintenance capex, leasing incentives and one-off items
	calculated in accordance with the Property Council
	of Australia ‘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 defned as
	Funds From Operations per security
FFO	Funds From Operations. Funds From Operations is defned
	as the underlying earnings calculated in accordance with
	the Property Council of Australia ‘Voluntary Best Practice
	Guidelines for Disclosing FFO and AFFO’
Free Cash Flow	Operating cash fow less maintenance and leasing capex
	and inventory movements
FUM	Funds under management
Gearing	The level of borrowings relative to assets
GFA	Gross Floor Area
GLA	Gross Lettable Area

GQLT	GPT QuadReal Logistics Trust
GWOF	GPT Wholesale Offce Fund
GWSCF	GPT Wholesale Shopping Centre Fund
HoA	Heads of Agreement
IFRS	International Financial Reporting Standards
IRR	Internal Rate of Return
Major Tenants	Retail tenancies including Supermarkets, Discount
	Department Stores, Department Stores and Cinemas
MAT	Moving Annual Turnover
Mini-Major Tenants	Retail tenancies with a GLA above 400 sqm not classifed
	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	Defned 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
NPAT	Net Proft After Tax
NTA	Net Tangible Assets
Ordinary securities	Those that are most commonly traded on the ASX. The ASX defnes 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 Offce
	Building Quality’
Prime Grade	Includes assets of Premium and A-Grade quality
psm	Per square metre
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
Specialty Tenants	Retail tenancies with a GLA below 400 sqm
sqm	Square metre
Total tangible assets	Total tangible assets is defned as per the Constitution of
	the Trust and equals Total Assets less Intangible Assets
	reported in the Statement of Financial Position

TR	Total Return, calculated at the Group level 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, defned as distribution per
	security plus change in security price
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

THE GPT GROUP | OVERVIEW

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THE GPT GROUP | OVERVIEW 48
Highpoint Shopping Centre, VIC
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Financial Performance

Interim Result 2022

Financial Summary

6 months to 30 June	2022	2021	Change
Funds From Operations ($m)	326.5	302.3	8.0%
Net proft after tax ($m)	529.7	760.5	(30.3%)
FFO per ordinary security (cents)	17.04	15.64	9.0%
FFO yield (based on period end price)	8.1%	6.4%
Distribution per ordinary security (cents)1	12.70	13.30	(4.5%)
Distribution yield (based on period end price)1	6.1%	5.5%
Net interest expense ($m)	(54.1)	(44.3)	22.1%
Interest capitalised ($m)	3.1	2.8	10.7%
Weighted average cost of debt	2.5%	2.7%	Down 20bps
Interest cover	7.1 times	7.9 times	Down 0.8 times
	As at 30 June 2022	As at 31 December 2021	Change
Total assets ($m)	17,317.9	17,179.7	0.8%
Total borrowings ($m)	4,907.3	5,139.3	(4.5%)
NTA per security ($)	6.26	6.09	2.8%
Net gearing	27.3%	28.2%	Down 90bps
Net look through gearing	29.0%	29.9%	Down 90bps
Weighted average term to maturity of debt	6.3 years	6.3 years	Unchanged
Credit ratings (S&P/Moody's)	A negative/A2 stable	A negative/A2 stable	Unchanged
Weighted average term of interest rate hedging2	2.5 years	1.5 years	Up 1 year

Distribution has been declared post balance date on 15 August for the six months to June 2022.
Includes hedging transacted post 30 June 2022.

The weighted average number of ordinary stapled securities was 1,915.6 million for 2022 and 1,933.2 million for 2021. The period end price was $4.22 at 30 June 2022 and $4.90 at 30 June 2021.

THE GPT GROUP | FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 6 months to 30 June ($m)	2022	2021
Retail
Operations net income	144.8	141.0
Funds management net income	5.8	5.8
Development net income	0.2	(0.2)
	150.8	146.6
Offce
Operations net income	148.0	133.3
Funds management net income	20.7	18.3
Development net income	0.9	1.2
	169.6	152.8
Logistics
Operations net income	90.7	73.5
Funds management net income	1.0	(0.2)
Development net income	0.5	2.0
	92.2	75.3
Net fnancing costs	(54.1)	(44.3)
Corporate management expenses	(28.3)	(23.4)
Tax expenses	(3.7)	(4.7)
Funds From Operations (FFO)	326.5	302.3
Valuation increase	219.5	471.7
Financial instruments mark to market movements, net foreign exchange movements and other items	(16.3)	(13.5)
Net Proft After Tax (NPAT)	529.7	760.5

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2022	2021
Funds From Operations	326.5	302.3
Maintenance capital expenditure	(14.8)	(12.9)
Lease incentives (including rent free and leasing costs)	(41.1)	(23.1)
Adjusted Funds From Operations	270.6	266.3

32 Smith, Parramatta

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THE GPT GROUP | FINANCIAL PERFORMANCE

NTA Movement

	Number of Securities
Securities on Issue	(m)
Opening balance 1 January 2022	1,915.6
30 June 2022 balance	1,915.6

	Net Tangible Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(m)	($)
NTA position as at 31 December 20211	11,660.3	1,915.6	6.09

FFO	326.5		0.17
Revaluations	219.5		0.11
Mark to market of Treasury	(20.1)		(0.01)
Distribution	(189.6)		(0.10)
Other	(0.8)		0.00
Movement in NTA	335.5		0.17

NTA position as at 30 June 20221	11,995.8	1,915.6	6.26

Includes right of use assets.

Capital Management Summary

Gearing ($m)	As at 30 June 2022
Total assets	17,317.9
Less: Intangible assets	(14.9)
Less: Right of use asset	(27.9)
Less: Lease Liabilities – investment properties	(15.4)
Less: Cross currency swap assets	(276.9)
Adjusted total tangible assets	16,982.8
Current borrowings	570.2
Non-current borrowings	4,337.1
Less: Net cross currency derivative positions	(240.9)
Total borrowings1	4,666.4
Cash	49.0
Net Gearing2	27.3%

Interest Cover ($m)	30 June 2022
Funds From Operations	326.5
Add: taxes deducted	3.7
Add: Finance Costs for the period1	54.2
Earnings Before Interest and Tax (EBIT)	384.4
Finance Costs1	54.2
Interest Cover	7.1 times

Excludes Finance costs – leases.
Includes unamortised establishment costs and other adjustments. As at 30 June 2022, external drawn debt is $4,647 million.
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.

THE GPT GROUP | FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 30 June 2022	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group adjusted total tangible assets	16,982.8				16,982.8
Plus: GPT share of assets of non-consolidated entities		2,178.3	992.9	1,725.7	4,896.9
Less: total equity investment in non-consolidated entities		(1,705.5)	(817.5)	(1,631.6)	(4,154.6)
Total look through assets	16,982.8	472.8	175.4	94.1	17,725.1
Group total borrowings	4,666.4				4,666.4
Plus: GPT share of external debt of non-consolidated entities		415.8	135.8	0.0	551.6
Total look through borrowings	4,666.4	415.8	135.8	0.0	5,218.0
Total look through cash	49.0	8.5	5.0	39.7	102.2
Look through gearing based on net debt1					29.0%

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).

Mezzanine, Queen & Collins, Melbourne

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Debt Maturity Profile

Liquidity of $1.1 billion funds all current commitments until 2024.

Debt Maturity Profile

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700
As at 30 June 2022
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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities
A$ (m)
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Assumes commercial paper is refinanced with committed bank facilities.

THE GPT GROUP | FINANCIAL PERFORMANCE

Liquidity Profile

Liquidity Profile As at 30 June 2022

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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 Asset – Divestments Debt maturities
30 June 2022 facilities liquidity /Capex /Acquisitions
($b)
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Liquidity at
31 December 2022
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Source of Drawn Debt

Sources of Drawn Debt

As at 30 June 2022

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USPP 33% Foreign bank debt 4% Domestic MTNs 21% Secured bank debt 2% Domestic bank debt 15% CPI Bonds 2% Foreign MTNs 12% Commercial Paper 11%

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Debt Capital Markets 78%
Bank Debt 22%
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THE GPT GROUP | FINANCIAL PERFORMANCE

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THE GPT GROUP | FINANCIAL PERFORMANCE
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Northland Shopping Centre, VIC
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Office Portfolio

Interim Result 2022

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 28 high quality assets[1] with a total investment of $6.2 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
WA
2 Brisbane
SA
NSW
14 Sydney
1
Canberra
VIC
11 Melbourne
l Number of assets in each state
TAS
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New South Wales

GPT Owned

» Australia Square (50%)
» 2 Park Street (50%)
» Darling Park 1 & 2 (25%)
» 60 Station Street, Parramatta
» 32 Smith, 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]
» 155 Walker Street, North Sydney
» 81 George Street, Parramatta
» 91 George Street, Parramatta

Victoria

GPT Owned

» Melbourne Central Tower
» 181 William & 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
» 800/808 Bourke Street
» 181 William & 550 Bourke Streets (50%)
» 51 Flinders Lane

Queensland

GPT Owned

» One One One Eagle Street (33.3%)

GWOF Owned

» One One One Eagle Street (66.7%) » Riverside Centre

Australian Capital Territory GPT Owned

» 62 Northbourne Avenue, Canberra

All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWOF portfolio. 1. Includes assets under or held for development (81 George Street, 91 George Street, 155 Walker Street and 51 Flinders Lane).

THE GPT GROUP | OFFICE PORTFOLIO

Office Portfolio Summary

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

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Top Ten Office Tenants [1] Office Tenant Mix by Industry [2]
As at 30 June 2022 As at 30 June 2022
Amazon
Web
Government CBA IAG Services ME Bank
11.5% 6.7% 5.5% 4.8% 3.1%
3.0% 2.2% 2.0% 1.6% 1.6%
QBE Citibank ANZ Monash Allianz
Banking 16% Other Business Services 9%
Government 15% Legal 9%
Info and Comms Technology 14% Accounting & Finance 8%
Insurance 13% Mining & Energy 3%
Other 11% Co-working/Serviced offices 3%
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Geographic Weighting
As at 30 June 2022
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NSW
55%
VIC
34%
QLD
10%
ACT
1%
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Note: Includes signed leases. 1. Based on gross rent.

By area.

Income and Fair Value Schedule

	Income 6 months to 30 Jun ($m) 2021 2022 Variance 14.0 15.6 1.6 19.6 20.6 1.0 14.4 14.4 0.0 8.1 7.3 (0.8) 2.2 7.2 5.0 3.7 3.9 0.2 — 2.2 2.2 19.3 20.2 0.9 7.1 7.3 0.2 9.1 11.6 2.5 36.9 37.7 0.8 134.4 148.0 13.6	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 22 ($m) % of Portfolio (%)
GPT Portfolio
Australia Square, Sydney		623.5 0.7 1.2 3.4 — 15.0 — 643.8 10.3
2 Park Street, Sydney		850.0 6.3 0.4 2.5 — — — 859.2 13.8
Darling Park 1 & 2, Sydney		575.8 0.8 0.3 1.9 — 0.5 — 579.3 9.3
60 Station Street, Parramatta		277.4 1.8 0.1 1.6 — (19.9) — 261.0 4.2
32 Smith, Parramatta–Completed Jan 2021		335.7 12.0 — 0.4 — 4.4 — 352.5 5.7
4 Murray Rose Avenue, Sydney Olympic Park		152.0 — 0.0 0.0 — — — 152.0 2.4
62 Northbourne Avenue, Canberra–Acquired Nov 2021		79.5 — — 0.6 — 0.4 — 80.5 1.3
Melbourne Central Tower, Melbourne		785.5 4.4 1.6 11.2 — — — 802.7 12.9
181 William & 550 Bourke Streets, Melbourne		449.0 7.2 2.6 1.0 — 5.7 — 465.5 7.5
One One One Eagle Street, Brisbane		316.7 1.8 0.5 1.3 — 1.7 — 322.0 5.2
Equity Interests
GPT Equity Interest in GWOF (21.8%)1		1,702.9 — — — — (1.0) 3.6 1,705.5 27.4
Total Offce Portfolio		6,148.0 35.0 6.7 23.9 — 6.8 3.6 6,224.0 100.0

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.

THE GPT GROUP | OFFICE PORTFOLIO

Office Portfolio Summary

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Office Occupancy (By Area)
Office NLA 30 Jun 22 30 Jun 22 Inc. Signed Inc. Heads of Office WALE
Ownership (100% Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GPT Portfolio
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Australia Square, Sydney NSW 50 51,700 643.8	4.83 93.9 94.7 96.6 3.2
2 Park Street, Sydney NSW 50 73,400 859.2	4.50 84.5 91.6 92.1 3.9
Darling Park 1, Sydney NSW 25 101,800 579.3 Darling Park 2, Sydney	DP1: 4.63 100.0 100.0 100.0 2.3
	DP2: 4.50 97.6 97.6 97.9 6.4
60 Station Street, Parramatta NSW 100 25,100 261.0	5.13 94.7 100.0 100.0 2.0
32 Smith, Parramatta NSW 100 26,900 352.5	5.00 81.7 81.7 83.9 8.0
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 15,600 152.0	4.88 100.0 100.0 100.0 7.0
62 Northbourne Avenue, Canberra ACT 100 10,200 80.5	5.25 100.0 100.0 100.0 4.0
Melbourne Central Tower, Melbourne VIC 100 65,800 802.7	4.88 94.3 94.6 95.0 4.7
181 William & 550 Bourke Streets, Melbourne VIC 50 76,100 465.5	4.88 71.5 76.8 80.6 5.4
One One One Eagle Street, Brisbane QLD 33.3 63,700 322.0	4.88 95.6 97.1 97.7 4.0

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Liberty Place, 161 Castlereagh Street, Sydney NSW 50 56,400 796.9	4.38 86.8 92.0 97.1 7.0
Darling Park 1, Sydney NSW 50 101,800 1,158.5 Darling Park 2, Sydney	DP1: 4.63 100.0 100.0 100.0 2.3
	DP2: 4.50 97.6 97.6 97.9 6.4
Darling Park 3, Sydney NSW 100 29,800 613.0	4.63 95.0 95.0 95.0 4.1
580 George Street, Sydney NSW 100 37,100 681.6	4.88 100.0 100.0 100.0 3.6
workplace6, Sydney NSW 100 16,300 355.3	4.63 100.0 100.0 100.0 6.4
155 Walker Street, North Sydney1 NSW 100 N/A 125.5	N/A N/A N/A N/A N/A
81 George Street, Parramatta NSW 100 N/A 64.6	N/A N/A N/A N/A N/A
91 George Street, Parramatta NSW 100 N/A 83.8	N/A N/A N/A N/A N/A
2 Southbank Boulevard, Melbourne VIC 100 53,900 735.0	4.75 87.7 91.4 92.7 4.9
8 Exhibition Street, Melbourne VIC 50 44,500 331.5	4.75 93.7 94.3 94.3 3.4
51 Flinders Lane, Melbourne VIC 100 N/A 101.5	N/A N/A N/A N/A N/A
Queen & Collins, Melbourne2 VIC 100 33,600 518.7	4.63 39.0 50.4 66.9 6.0
150 Collins Street, Melbourne VIC 100 19,100 274.3	4.63 100.0 100.0 100.0 4.0
530 Collins Street, Melbourne VIC 100 65,100 819.7	4.75 76.9 77.8 79.0 4.8
655 Collins Street, Melbourne VIC 100 16,600 179.1	4.75 100.0 100.0 100.0 7.4
750 Collins Street, Melbourne VIC 100 41,400 528.0	4.50 100.0 100.0 100.0 13.3
800/808 Bourke Street, Melbourne VIC 100 60,000 632.0	4.75 100.0 100.0 100.0 7.0
181 William & 550 Bourke Streets, Melbourne VIC 50 76,100 465.5	4.88 71.5 76.8 80.6 5.4
One One One Eagle Street, Brisbane QLD 66.7 63,700 644.0	4.88 95.6 97.1 97.7 4.0
Riverside Centre, Brisbane QLD 100 51,200 797.0	5.00 97.6 97.6 97.6 5.5
Total3 1,035,300	4.77 89.8 92.0 93.2 4.7

The site comprises two existing office buildings at 157 Walker Street which settled in June 2022 and 153 Walker Street structured under a deferred settlement due to occur in 2024. The fair value adopted reflects the value of 157 Walker Street.
Landlord operated flexible space excluded from occupancy metrics.
Excludes assets under or held for development (81 George Street, 91 George Street, 155 Walker Street and 51 Flinders Lane).

THE GPT GROUP | OFFICE PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
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Australia Square, Sydney	NSW	50	30 Jun 22	Savills	643.8	4.83
2 Park Street, Sydney	NSW	50	31 Dec 21	Cushman & Wakefeld	850.0	4.50
Darling Park 1 & 2, Sydney	NSW	25	30 Jun 22	Colliers	579.3	DP1: 4.63, DP2: 4.50
60 Station Street, Parramatta	NSW	100	30 Jun 22	CBRE	261.0	5.13
32 Smith, Parramatta	NSW	100	30 Jun 22	Knight Frank	352.5	5.00
4 Murray Rose Avenue, Sydney Olympic Park	NSW	100	31 Dec 21	Cushman & Wakefeld	152.0	4.88
62 Northbourne Avenue, Canberra	ACT	100	30 Jun 22	Savills	80.5	5.25
Melbourne Central Tower, Melbourne	VIC	100	31 Dec 21	CBRE	785.5	4.88
181 William & 550 Bourke Streets, Melbourne	VIC	50	30 Jun 22	Savills	465.5	4.88
One One One Eagle Street, Brisbane	QLD	33.3	30 Jun 22	Cushman & Wakefeld	322.0	4.88

Melbourne Central Tower, Melbourne

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GWOF Portfolio
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Liberty Place, 161 Castlereagh Street, Sydney	NSW	50	31 Mar 22	JLL	794.0	4.38
Darling Park 1 & 2, Sydney	NSW	50	30 Jun 22	Colliers	1,158.5	DP1: 4.63, DP2: 4.50
Darling Park 3, Sydney	NSW	100	30 Jun 22	Colliers	613.0	4.63
580 George Street, Sydney	NSW	100	31 Mar 22	Knight Frank	679.0	4.88
workplace6, Sydney	NSW	100	31 Mar 22	Savills	355.0	4.63
155 Walker Street, North Sydney1	NSW	100	30 Jun 22	Colliers	125.5	N/A
81 George Street, Parramatta2	NSW	100	30 Jun 22	Knight Frank	70.0	N/A
91 George Street, Parramatta	NSW	100	30 Jun 22	Knight Frank	83.8	N/A
2 Southbank Boulevard, Melbourne	VIC	100	30 Jun 22	CBRE	735.0	4.75
8 Exhibition Street, Melbourne	VIC	50	30 Jun 22	Colliers	331.5	4.75
51 Flinders Lane, Melbourne	VIC	100	30 Jun 22	Savills	101.5	N/A
Queen & Collins, Melbourne	VIC	100	31 Mar 22	Colliers	514.0	4.63
150 Collins Street, Melbourne	VIC	100	31 Mar 22	CBRE	274.0	4.63
530 Collins Street, Melbourne	VIC	100	31 Mar 22	JLL	810.0	4.75
655 Collins Street, Melbourne	VIC	100	31 Mar 22	Cushman & Wakefeld	179.0	4.75
750 Collins Street, Melbourne	VIC	100	30 Jun 22	M3	528.0	4.50
800/808 Bourke Street, Melbourne	VIC	100	31 Mar 22	Knight Frank	632.0	4.75
181 William & 550 Bourke Streets, Melbourne	VIC	50	30 Jun 22	Savills	465.5	4.88
One One One Eagle Street, Brisbane	QLD	66.7	30 Jun 22	Cushman & Wakefeld	644.0	4.88
Riverside Centre, Brisbane	QLD	100	30 Jun 22	Colliers	797.0	5.00

The site comprises two existing office buildings at 157 Walker Street which settled in June 2022 and 153 Walker Street structured under a deferred settlement due to occur in 2024. The fair value adopted reflects the value of 157 Walker Street.
The valuation of 81 George Street, Parramatta reflects 100% of the site value including the value of an outstanding lot yet to settle. As at 30 June 2022, the fair value of 81 George Street, Parramatta is $64.6m.

THE GPT GROUP | OFFICE PORTFOLIO

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
14%
13%
13%
11% 11%
9%
7%
6%
6%
5%
5%
2H 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+
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Note: Office income, includes signed leases.

Office – Sydney CBD

» Sydney CBD recorded negative 6,459 sqm of net absorption in 1H 2022. This was largely driven by two consecutive quarters of negative demand for secondary stock, which contributed negative 5,934 sqm over the last six months. As at 2Q 2022, the total vacancy rate is 13.0%.

Sydney CBD: Rents and Incentives*

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34.3%
for secondary stock, which contributed negative 5,934 sqm over the last +169 bps 35%
six months. As at 2Q 2022, the total vacancy rate is 13.0%. $1,200 $1,262+3.9% 30%
Net supply of 21,768 sqm entered the market during 1H 2022. $1,000 25%
The Quay Quarter development was the sole contributor, which 20%
totaled 88,000 sqm. This was mostly offset by over 60,000 sqm of asset withdrawals.asset withdrawals. $800 15%
$600 $674 10%
Over the past 12 months prime net face rents increased by 3.9% to 0.7%
$1,261.8 per sqm. Incentives remain elevated, increasing slightly to $400 5%
34.3% gross, resulting in net effective rents moderating by 0.7% over 0%
the year.
Average prime yields have compressed by 13 bps over the past six
months to 4.44%. 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 20% 9%
200,000 20Y Vacancy Avg. 8.6% 13.0% 15%10% 8%7%
100,000 5% 6%
29,020
0 22,212 0% 5% 4.75%
-5% 4% 4.13%3.66%
-100,000
3%
-10%
-200,000 -15% 2%
1%
-300,000 -20%
0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
10 Year Bond Yield Upper Prime Lower Prime
$/sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Yield
sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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» Net supply of 21,768 sqm entered the market during 1H 2022. The Quay Quarter development was the sole contributor, which totaled 88,000 sqm. This was mostly offset by over 60,000 sqm of asset withdrawals.asset withdrawals.
» Over the past 12 months prime net face rents increased by 3.9% to $1,261.8 per sqm. Incentives remain elevated, increasing slightly to 34.3% gross, resulting in net effective rents moderating by 0.7% over the year.
» Average prime yields have compressed by 13 bps over the past six months to 4.44%.

Source: JLL Research 2Q 2022, GPT Research.

*Change during the past 12 months.

Notes: 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. Historic 20y Vacancy Average calculated as 2002 – 2022.

THE GPT GROUP | OFFICE PORTFOLIO

Office – Melbourne CBD

» Melbourne CBD recorded negative 15,442 sqm of net absorption in 1H 2022. Demand for prime space in the CBD was positive with prime net absorption totaling 16,768 sqm over 1H 2022, however this was largely offset by secondary stock, which contributed negative 32,210 sqm over the period. As at 2Q 2022, the total vacancy rate is 15.0%.
» Total supply decreased by 19,638 sqm during 1H 2022, with no new completions or refurbishments.
» Over the past 12 months prime net face rents increased by 2.0% to $638.4 per sqm. Incentives remain elevated, increasing to 38.6% (+309 bps) net, resulting in a fall in net effective rents of 3.5% over the year.
» Average prime yields have compressed 6.5 bps over the past six months to 4.69%.

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Melbourne CBD: Demand, Supply and Vacancy
400,000 20%
300,000 15.0% 15%
200,000 20Y Vacancy Avg. 7.9%
10%
100,000 76,233
5%
0 21,336
0%
-100,000
-200,000 -5%
-300,000 -10%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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Melbourne CBD: Rents and Incentives*

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38.6%
$700 +309 bps 40%
$600 $638+2.0% 30%
$500
20%
$400
$356 10%
$300 -3.5%
$200 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Net Incentive (RHS)
Melbourne CBD: Upper and Lower Prime Yields
10%
9%
8%
7%
6%
5% 5.13%
4.25%
4% 3.66%
3%
2%
1%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Yield
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
----- End of picture text -----

Source: JLL Research 2Q 2022, GPT Research.

*Change during the past 12 months.

Office – Brisbane CBD

» Brisbane CBD recorded positive 26,501 of net absorption in 1H 2022. This was driven by a strong level demand for prime space in 2Q 2022 which totaled 29,384 sqm of positive net absorption. As at 2Q 2022, the total vacancy rate is 15.5%.

Brisbane CBD: Rents and Incentives*

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$800 43.0% 50%
+161 bps
$700 40%
$600 $666+5.0% 30%
$500
20%
$400
$300 $2681.0% 10%
$200 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Brisbane CBD: Upper and Lower Prime Yields
9%
8%
7%
6% 6.25%
5% 5.00%
4% 3.66%
3%
2%
1%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Yield
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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» Net supply of 30,061 sqm entered the market during 1H 2022. The Heritage Lanes development was the sole contributor, which totaled 60,243 sqm. This was mostly offset by over 30,000 sqm of asset withdrawals.
» Over the past 12 months prime net face rents increased by 5.0% to $666 per sqm. Incentives remain elevated, increasing to 43.0% (+161 bps) gross, resulting in net effective rents moderating by 1.0% over the year.
» Average prime yields continue to hold firm at 5.63%.

Brisbane CBD: Demand, Supply and Vacancy

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300,000 20% 9%
15.5% 15% 8%
200,000 20Y Vacancy Avg. 9.8% 10% 7%
100,000 40,807 5% 6%
0 34,853 0% 5%
-5% 4%
-100,000
3%
-10%
-200,000 -15% 2%
1%
-300,000 -20%
0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
10 Year Bond Yield Upper Prime
Source: JLL Research 2Q 2022, GPT Research.
Change during the past 12 months.
Notes: 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.
Historic 20y Vacancy Average calculated as 2002 – 2022.
Yield
sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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THE GPT GROUP | OFFICE PORTFOLIO

Office – Parramatta

» Parramatta’s office market recorded negative 17,631 sqm of net absorption in 1H 2022. This was largely driven by two consecutive quarters of negative demand for secondary stock, which contributed negative 38,355 sqm of net absorption over the last six months. The total vacancy rate increased by 619 basis points to 18.3% over 1H 2022.
» Total stock increased by approximately 5% over 1H 2022. This was attributed to the completion of the 8 Parramatta Square development which delivered 50,000 sqm of stock in 2Q 2022. There were no withdrawals during this period.
» Over the past 12 months prime net face rents increased marginally by 0.2% to $597 per sqm. Incentives remain elevated, increasing to 37.0% (+213 bps) gross, resulting in net effective rents decreasing by 4.4% over the year.
» Average prime yields have compressed 12 bps over the past six months to 5.13%.

Parramatta CBD: Demand, Supply and Vacancy

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120,000 147,284 20%
18.3%
100,000 96,101 15%
80,000
60,000 20Y Vacancy Avg. 8.0% 10%
40,000
5%
20,000
0 0%
-20,000
-5%
-40,000
-60,000 -10%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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Parramatta CBD: Rents and Incentives*

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$700 50%
$597
$600 +0.2% 40%
$500 37.0%
+213 bps 30%
$400
20%
$300
$289
$200 -4.4% 10%
$100 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Parramatta CBD: Upper and Lower Prime Yields
10%
9%
8%
7%
6% 5.63%
5%
4.63%
4%
3.66%
3%
2%
1%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Yield
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
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Source: JLL Research 2Q 2022, GPT Research.

*Change during the past 12 months.

Office – North Sydney

» North Sydney’s office market recorded negative 1,574 sqm of net absorption in 1H 2022. In 1Q 2022 over 40,000 sqm of prime stock was reclassified to secondary, which resulted in a large prime negative absorption figure of 48,089 sqm in 1H 2022. This was offset by the positive 44,903 sqm of secondary net absorption over the same period. As at 2Q 2022, the total vacancy rate is 17.1%.

North Sydney: Rents and Incentives*

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$900 $888 50%
+5.2%
$800
36.7% 40%
+333 bps
$700
$600 30%
$511
$500 -0.9% 20%
$400
10%
$300
$200 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
North Sydney: Upper and Lower Prime Yields
10%
9%
8%
7%
6%
5% 5.25%
4.50%
4%
3.66%
3%
2%
1%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Yield
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
----- End of picture text -----

» Total stock decreased over the 1H 2022 as 4,650 sqm at 68 Alfred Street South was withdrawn from the market.
» Over the past 12 months prime net face rents increased by 5.2% to $888.2 per sqm. Incentives remain elevated, increasing to 36.7% (+333 bps) gross, resulting in net effective rents decreasing by 0.9% over the year.
» Average prime yields continue to hold firm at 4.88%.

North Sydney: Demand, Supply and Vacancy

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120,000 20% 10%
100,000 17.1% 9%
15%
80,000 20Y Vacancy Avg. 10.6% 8%
60,000 10% 7%
40,000 6%
20,000 5% 5%
0 8,529-5,941 0% 4%
-20,000 3%
-40,000 -5% 2%
1%
-60,000 -10%
0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
10 Year Bond Yield Upper Prime
Source: JLL Research 2Q 2022, GPT Research.
Change during the past 12 months.
Notes: 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.
Historic 20y Vacancy Average calculated as 2002 – 2022.
Yield
sqm per annum
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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THE GPT GROUP | OFFICE PORTFOLIO

Sydney CBD Office Portfolio

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

1 Australia Square
Barangaroo 2 workplace [6]
3 Cockle Bay Wharf
4 Darling Park 1 & 2
5 Darling Park 3
Pyrmont 1 6 2 Park Street
Wynyard 7 Liberty Place, 161 Castlereagh Street
8 580 George Street
2 Martin
Place
Pyrmont
Bay Park
Pitt Street
Mall
Hyde
Park
Darling 4 Liberty Place, Sydney
Harbour
3
5
Train
7
6
Ferry
Town
Hall Light rail
Sydney Metro
ICC Sydney 8 (expected future
Convention & Tumbalong station locations)
Exhibiton Centre Park
Pedestrian
walkway Darling Park 1, 2 & 3, Sydney
Market Street
Bridge Street
Bathurst Street
King Street
Park Street
Hunter Street
Liverpool Street
Pyrmont Bridge
Bent Street
Harbour Street
Western Distributor
Kent Street York Street
Sussex Street Clarence Street
George Street
Pitt Street
Phillip Street
Castlereagh Street
Macquarie Street
Elizabeth Street
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Logistics Portfolio

Interim Result 2022

THE GPT GROUP | 2022 INTERIM RESULT PRESENTATION

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 72 high quality investment assets located across Australia together with a landbank for future development. The portfolio of $4.6 billion includes assets held on the Group’s balance sheet and an interest in the GPT QuadReal Logistics Trust (GQLT).

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Darwin 1
1 Cairns
1 Townsville
NT
QLD
WA 11 Brisbane
SA
Perth 4 NSW 1 Newcastle
Adelaide 5 1 28 Sydney
VIC Canberra
18 Melbourne
l Number of investment assets in each state
TAS
1 Hobart
» 128 Andrews Road, Penrith
» 42 Cox Place, Glendenning
10 Interchange Drive, Eastern Creek » 407 Pembroke Road, Minto (50%)
54 Eastern Creek Drive, Eastern Creek » 4 Holker Street, Newington
50 Old Wallgrove Road, Eastern Creek » 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
29-55 Lockwood Road, Erskine Park » 38 Pine Road, Yennora
57-87 Lockwood Road, Erskine Park » 38A Pine Road, Yennora
88-99 Lockwood Road, Erskine Park » 18-24 Abbott Road, Seven Hills
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New South Wales

» Rosehill Business Park, Camellia
» 10 Interchange Drive, Eastern Creek
» 54 Eastern Creek Drive, Eastern Creek » 50 Old Wallgrove Road, 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 » 88-99 Lockwood Road, Erskine Park
» 1A Huntingwood Drive, Huntingwood
» 1B Huntingwood Drive, Huntingwood
» 104 Vanessa Street, Kingsgrove
» 64 Biloela Street, Villawood
» 30-32 Bessemer Street, Blacktown
» 21 Pipeclay Avenue, Thornton

Victoria

» Citiport Business Park, Port Melbourne » 21-23 Wirraway Drive, Port Melbourne » Citiwest Industrial Estate, Altona North » Sunshine Business Estate, Sunshine » 521 Geelong Road, Brooklyn
» 396 Mount Derrimut Road, Derrimut
» 40 Fulton Drive, Derrimut
» 21 Shiny Drive, Truganina
» 2 Prosperity Street, Truganina
» 25 Niton Drive, Truganina
» 1 Botero Place, Truganina
» Foundation Estate, Truganina
» 399 Boundary Road, Truganina
» 1 Hurst Drive, Tarneit (50.1%)[2]
» 235-239 Boundary Road, Laverton North
» 79 Cherry Lane, Laverton North
» 16 Henderson Road, Knoxfield

» Austrak Business Park, Somerton (50%)

South Australia

» 1 Vimy Avenue, Adelaide Airport
» 26 Butler Boulevard, Adelaide Airport
» 176 Eastern Parade, Gillman
» 1A Symonds Street, Royal Park
» 6-10 Senna Road, Wingfield

Queensland

» 59 Forest Way, Karawatha
» 55 Whitelaw Place, Wacol
» 100 Metroplex Place, Wacol (50.1%)[2]
» 2 Ironbark Close, Berrinba
» 30 Ironbark Close, Berrinba
» 1 Wattlebird Court, Berrinba
» 102-108 Magnesium Drive, Crestmead
» 248 Fleming Road, Tingalpa
» 48 Miller Street, Murarrie
» 18 Gorrick Court, Bundamba (50.1%)[2]
» 4 Enterprise Street, Wulkuraka
» 15 Northern Link Circuit, Townsville
» 2-8 Ridley Close, Cairns

Western Australia

» 15 Modal Crescent, Canning Vale
» 23 Destiny Way, Wangara
» 50 Triumph Avenue, Wangara » 56 Triumph Avenue, Wangara

Australian Capital Territory

» 12 Faulding Street, Symonston

Northern Territory

» 16 Anictomatis Road, Berrimah

Tasmania

» 229 Kennedy Drive, Cambridge
Includes properties at 3 Figtree Drive and 6 Herb Elliott Drive, Sydney Olympic Park.
Assets held in the GQLT.

Note: All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in GQLT and are also inclusive of three operational assets held within inventory.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Portfolio Summary

Top Ten Tenants[1]

As at 30 June 2022

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Scott’s
Refrigerated
Coles Group IVE Group Toll DHL Logistics
9.9% 5.4% 4.5% 3.7% 3.6%
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3.4% 3.0% 2.3% 2.3% 2.2%
FedEx Pact Group Goodman Visy Glass Asahi
Fielder
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Geographic Weighting[2]

As at 30 June 2022

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NSW 48% WA 1%
VIC 33% ACT 0.5%
QLD 15% NT 0.1%
SA 2% TAS 0.1%
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Based on net rent.
Excludes assets under development.

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
20%
18%
13%
10%
9%
8% 8%
5%
3% 3%
2%
2H 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+
Note: Includes signed leases.
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THE GPT GROUP | LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income 6 months to
30 Jun ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 21 & Other Capex Capex Incentives & Sales Revaluations Adjustments 30 Jun 22 Portfolio
2021 2022 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
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NSW Rosehill Business Park, Camellia 3.2 3.2 0.0 10 Interchange Drive, Eastern Creek 1.0 1.0 0.0 54 Eastern Creek Drive, Eastern Creek 1.5 1.5 0.0 50 Old Wallgrove Road, Eastern Creek 1.9 1.9 0.0 16-34 Templar Road, Erskine Park 2.1 2.1 0.0 36-52 Templar Road, Erskine Park 3.2 3.3 0.1 54-70 Templar Road, Erskine Park 5.6 5.8 0.2 67-75 Templar Road, Erskine Park 1.1 0.8 (0.3) 29-55 Lockwood Road, Erskine Park 3.1 3.2 0.1 57-87 & 89-99 Lockwood Road, Erskine Park 2.8 2.8 0.0 128 Andrews Road, Penrith 2.1 2.1 0.0 42 Cox Place, Glendenning Completed Feb 2021 0.7 1.1 0.4 407 Pembroke Road, Minto 1.1 1.1 0.0 4 Holker Street, Newington 1.2 1.2 0.0 83 DerbyStreet, Silverwater 1.4 1.2 (0.2) SydneyOlympic Park Town Centre 1.3 1.0 (0.3) Quad 1, SydneyOlympic Park 1.0 1.1 0.1 Quad 4, SydneyOlympic Park 1.9 1.9 0.0 372-374 Victoria Street, Wetherill Park 1.1 1.1 0.0 38 Pine Road, Yennora 2.0 2.0 0.0 38A Pine Road, Yennora 0.3 0.3 0.0
	118.0 0.3 — — — 23.3 — 141.6 3.1
	47.7 — — — — 1.3 — 49.0 1.1
	74.5 — — — — — — 74.5 1.6
	100.5 — — — — — — 100.5 2.2
	77.0 — 0.1 — — 5.3 — 82.4 1.8
	148.3 — 0.3 — — 0.9 — 149.5 3.3
	202.2 — — — — 5.4 — 207.6 4.5
	39.8 — — 0.2 — 1.2 — 41.2 0.9
	148.0 — — — — 2.0 — 150.0 3.3
	124.1 — 0.1 — — 5.0 — 129.2 2.8
	105.7 — — — — 1.8 — 107.5 2.3
	52.7 (0.1) — — — 2.9 — 55.5 1.2
	45.5 — — — — — — 45.5 1.0
	50.0 — — — — — — 50.0 1.1
	56.1 — — — — — — 56.1 1.2
	54.8 0.5 — 0.1 — — — 55.4 1.2
	32.0 — — 0.1 — — — 32.1 0.7
	60.0 — — 0.4 — — — 60.4 1.3
	40.2 — 0.1 — — 1.2 — 41.5 0.9
	83.3 — — — — 7.9 — 91.2 2.0
	15.5 — — — — 0.9 — 16.4 0.4

	Income 6 months to 30 Jun($m) 2021 2022 Variance 1.2 1.2 0.0 1.5 1.3 (0.2) 0.7 0.8 0.1 0.6 0.7 0.1 1.2 1.2 0.0 1.2 1.3 0.1 1 — 0.1 0.1 1 — 0.6 0.6 2.6 2.4 (0.2) 0.8 0.8 0.0 3.4 3.3 (0.1) 2.9 2.5 (0.4) 1 — 0.9 0.9 0.3 0.4 0.1 1 — 0.3 0.3 1.1 1.1 0.0 1 — 0.9 0.9 1 — 1.1 1.1 1.0 1.0 0.0 2.4 2.5 0.1 0.6 0.6 0.0 1 — 1.4 1.4 1 — 0.9 0.9 1 — 0.6 0.6 5.7 5.6 (0.1)	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 22 ($m) % of Portfolio (%)
18-24 Abbott Road, Seven Hills		55.0 — — — — — — 55.0 1.2
1A Huntingwood Drive, Huntingwood		63.3 — — — — — — 63.3 1.4
1B Huntingwood Drive, Huntingwood		34.3 — — — — — — 34.3 0.7
104 Vanessa Street, Kingsgrove		34.0 — — 0.1 — — — 34.1 0.7
64 Biloela Street, Villawood		48.0 0.1 0.2 — — 2.2 — 50.5 1.1
30-32 Bessemer Street, Blacktown		46.5 — 0.2 — — 2.3 — 49.0 1.1
21 PipeclayAvenue, Thornton Acquired Nov 202		4.0 — — — — 0.2 — 4.2 0.1
ACT
12 FauldingStreet, Symonston Acquired Nov 202		22.6 — — — — 0.1 — 22.7 0.5
VIC
Citiport Business Park, Port Melbourne		117.5 0.1 — 0.8 — — — 118.4 2.6
21-23 WirrawayDrive, Port Melbourne		36.5 — — — — — — 36.5 0.8
Citiwest Industrial Estate, Altona North		154.0 — 0.2 0.3 — — — 154.5 3.4
Sunshine Business Estate, Sunshine		108.0 — — — — — — 108.0 2.3
521 GeelongRoad, Brooklyn Acquired Nov 202		50.9 — — — — 1.6 — 52.5 1.1
396 Mount Derrimut Road, Derrimut		18.8 — — 0.2 — — — 19.0 0.4
40 Fulton Drive, Derrimut Acquired Nov 202		17.2 — — — — 0.4 — 17.6 0.4
21 ShinyDrive, Truganina		55.5 — — — — — — 55.5 1.2
2 ProsperityStreet, Truganina Completed Dec 202		49.0 (0.2) — — — 3.1 — 51.9 1.1
25 Niton Drive, Truganina Completed Sep202		59.0 (0.2) — — — 3.5 — 62.3 1.4
1 Botero Place, Truganina		54.5 — — — — 2.5 — 57.0 1.2
Foundation Estate, Truganina		148.0 — 0.1 — — 0.4 — 148.5 3.2
399 BoundaryRoad, Truganina		27.0 — — — — — — 27.0 0.6
235-239 Boundary Road, Laverton North Acquired Aug202		72.8 — — — — 3.5 — 76.3 1.7
79 CherryLane, Laverton North Acquired Nov 202		48.3 — — — — 0.2 — 48.5 1.1
16 Henderson Road, Knoxfeld Acquired Nov 202		34.2 — — — — 0.1 — 34.3 0.7
Austrak Business Park, Somerton		255.3 — 0.2 — — — — 255.5 5.6

THE GPT GROUP | LOGISTICS PORTFOLIO

	Income 6 months to 30 Jun($m) 2021 2022 Variance 0 0.1 — (0.1) 4.0 4.1 0.1 0.5 0.5 0.0 1.3 1.4 0.1 0.8 0.8 0.0 1 — 0.9 0.9 1 — 0.5 0.5 1 — 0.6 0.6 1 — 0.9 0.9 1 — 2.1 2.1 1 — 0.7 0.7 1 — 0.5 0.5 1 — 0.5 0.5 1 — 0.6 0.6 1 — 0.1 0.1 1 — 0.9 0.9	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 22 ($m) % of Portfolio (%)
QLD
16–28 QuarryRoad, Yatala Divested Dec 202		— — — — — — — — —
59 Forest Way, Karawatha		157.5 — — — — — — 157.5 3.4
55 Whitelaw Place, Wacol		23.3 — — — — — — 23.3 0.5
2 Ironbark Close, Berrinba		66.3 — — — — — — 66.3 1.4
30 Ironbark Close, Berrinba		34.7 0.1 — — — — — 34.8 0.8
1 Wattlebird Court, Berrinba Completed Jul 202		40.6 (0.1) — — — — — 40.5 0.9
102-108 Magnesium Drive, Crestmead Acquired Nov 202		26.8 — — — — — — 26.8 0.6
248 FlemingRoad, Tingalpa Acquired Nov 202		29.6 — — — — 0.9 — 30.5 0.7
48 Miller Street, Murarrie Acquired Nov 202		39.8 — — — — 0.1 — 39.9 0.9
4 Enterprise Street, Wulkuraka Acquired Nov 202		117.5 — — — — 1.0 — 118.5 2.6
15 Northern Link Circuit, Townsville Acquired Nov 202		28.7 — — 1.3 — 0.8 — 30.8 0.7
SA
1 VimyAvenue, Adelaide Airport Acquired Nov 202		20.2 — — — — 1.2 — 21.4 0.5
26 Butler Boulevard, Adelaide Airport Acquired Nov 202		16.5 — — 0.3 — 0.7 — 17.5 0.4
176 Eastern Parade, Gillman Acquired Nov 202		19.5 — — — — — — 19.5 0.4
1A Symonds Street, Royal Park Acquired Nov 202		6.8 — — — — — — 6.8 0.1
6-10 Senna Road, Wingfeld Acquired Nov 202		38.5 — — — — — — 38.5 0.8

	Income 6 months to 30 Jun($m) 2021 2022 Variance 1 — 0.5 0.5 1 — 0.7 0.7 1 — 0.2 0.2 1 — 0.1 0.1 — — — — — — — — — — — — — — — — — — 0.1 1.1 1.0 1 0.7 — (0.7) 1 — 0.1 0.1 1 — 0.1 0.1 1 — 0.1 0.1 74.3 91.2 16.9	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 22 ($m) % of Portfolio (%)
WA
15 Modal Crescent, Canning Vale Acquired Nov 202		23.8 — — — — 0.2 — 24.0 0.5
23 Destiny Way, Wangara Acquired Nov 202		25.5 — — — — 0.3 — 25.8 0.6
50 Triumph Avenue, Wangara Acquired Nov 202		7.3 — — — — 0.2 — 7.5 0.2
56 Triumph Avenue, Wangara Acquired Nov 202		4.9 — — — — 0.2 — 5.1 0.1
Assets Under Development
Wembley Business Park, Stage 3, Berrinba		15.1 8.8 — — — 4.3 — 28.2 0.6
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek		147.7 4.0 — — — — — 151.7 3.3
407 Pembroke Road, Minto		13.3 — — — — — — 13.3 0.3
The Gateway Logistics Hub, Stage 4-6, Truganina		30.6 8.0 — — — 14.5 — 53.1 1.2
143 Foundation Road, Truganina		8.0 10.3 — — — 5.1 — 23.4 0.5
Austrak Business Park, Somerton		64.8 0.9 — — — — — 65.7 1.4
Equity Interests
GPT Equity Interest in GQLT (50.1%)1		100.5 — — — — 6.7 40.1 147.3 3.2
Assets Held for Sale
Sydney Olympic Park Town Centre – Metro Assets Divested Mar 202		— — — — — — — — —
2-8 Ridley Close, Cairns2 Acquired Nov 202		2.5 — — — — — — 2.5 0.1
16 Anictomatis Road, Berrimah2Acquired Nov 202		3.0 — — — — — — 3.0 0.1
229 Kennedy Drive, Cambridge2 Acquired Nov 202		2.9 — — — — — — 2.9 0.1
Total Logistics Portfolio		4,406.3 32.5 1.5 3.8 — 115.4 40.1 4,599.6 100.0

GPT Equity Interest in the GQLT represents GPT’s equity accounted interest in the net assets of the Trust, including net revaluations of investment property. Net income represents GPT’s share of FFO for the period.
Operational assets held within inventory.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Portfolio Summary

Logistics Portfolio Summary
State Ownership (%) GLA (100% Interest) (sqm) 30 Jun 22 Fair Value ($m) 30 Jun 22 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 41,900 141.6 4.25	100.0 100.0 100.0 0.9
10 Interchange Drive, Eastern Creek NSW 100 15,200 49.0 4.00	100.0 100.0 100.0 5.3
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 74.5 4.00	100.0 100.0 100.0 2.6
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 100.5 3.75	100.0 100.0 100.0 4.6
16-34 Templar Road, Erskine Park NSW 100 15,200 82.4 4.00	100.0 100.0 100.0 7.0
36-52 Templar Road, Erskine Park NSW 100 24,500 149.5 3.88	100.0 100.0 100.0 12.6
54-70 Templar Road, Erskine Park NSW 100 21,000 207.6 3.88	100.0 100.0 100.0 13.0
67-75 Templar Road, Erskine Park NSW 100 12,800 41.2 3.75	100.0 100.0 100.0 4.6
29-55 Lockwood Road, Erskine Park NSW 100 32,200 150.0 3.88	100.0 100.0 100.0 7.5
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 37,700 129.2 3.88	100.0 100.0 100.0 8.1
128 Andrews Road, Penrith NSW 100 50,200 107.5 4.00	100.0 100.0 100.0 8.2
42 Cox Place, Glendenning NSW 100 17,200 55.5 4.00	100.0 100.0 100.0 8.7
407 Pembroke Road, Minto NSW 50 15,400 45.5 4.00	100.0 100.0 100.0 2.4
4 Holker Street, Newington NSW 100 7,400 50.0 5.00	100.0 100.0 100.0 4.3
83 DerbyStreet, Silverwater NSW 100 17,000 56.1 4.13	100.0 100.0 100.0 3.5
SydneyOlympic Park Town Centre NSW 100 11,200 55.4 N/A	36.9 36.9 36.9 0.1
Quad 1, SydneyOlympic Park NSW 100 4,700 32.1 5.75	82.7 86.2 86.2 2.4
Quad 4, SydneyOlympic Park NSW 100 7,600 60.4 5.25	100.0 100.0 100.0 8.3
372-374 Victoria Street, Wetherill Park NSW 100 20,500 41.5 4.75	100.0 100.0 100.0 2.7
38 Pine Road, Yennora NSW 100 33,800 91.2 4.25	100.0 100.0 100.0 0.7
38A Pine Road, Yennora NSW 100 4,800 16.4 4.25	100.0 100.0 100.0 2.7
18-24 Abbott Road, Seven Hills NSW 100 18,100 55.0 4.00	100.0 100.0 100.0 2.2

State Ownership (%) GLA (100% Interest) (sqm) 30 Jun 22 Fair Value ($m) 30 Jun 22 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
1A Huntingwood Drive, Huntingwood NSW 100 21,100 63.3 3.88	100.0 100.0 100.0 5.1
1B Huntingwood Drive, Huntingwood NSW 100 11,300 34.3 3.88	100.0 100.0 100.0 1.2
104 Vanessa Street, Kingsgrove NSW 100 7,100 34.1 3.75	100.0 100.0 100.0 8.1
64 Biloela Street, Villawood NSW 100 23,300 50.5 4.75	100.0 100.0 100.0 5.0
30-32 Bessemer Street, Blacktown NSW 100 20,100 49.0 4.50	100.0 100.0 100.0 3.5
21 PipeclayAvenue, Thornton NSW 100 1,400 4.2 4.38	100.0 100.0 100.0 8.3
12 FauldingStreet, Symonston ACT 100 3,300 22.7 5.13	100.0 100.0 100.0 2.6
Citiport Business Park, Port Melbourne VIC 100 27,000 118.4 4.75	93.3 93.3 93.3 2.7
21-23 WirrawayDrive, Port Melbourne VIC 100 7,200 36.5 4.38	100.0 100.0 100.0 3.5
Citiwest Industrial Estate, Altona North VIC 100 90,100 154.5 4.25	100.0 100.0 100.0 2.9
Sunshine Business Estate, Sunshine VIC 100 52,800 108.0 4.00	100.0 100.0 100.0 4.5
521 GeelongRoad, Brooklyn VIC 100 12,600 52.5 N/A	100.0 100.0 100.0 6.8
396 Mount Derrimut Road, Derrimut VIC 100 10,700 19.0 4.00	100.0 100.0 100.0 3.5
40 Fulton Drive, Derrimut VIC 100 6,500 17.6 3.75	100.0 100.0 100.0 8.3
21 ShinyDrive, Truganina VIC 100 26,500 55.5 4.00	100.0 100.0 100.0 4.0
2 ProsperityStreet, Truganina VIC 100 24,000 51.9 4.00	100.0 100.0 100.0 4.5
25 Niton Drive, Truganina VIC 100 29,800 62.3 4.00	100.0 100.0 100.0 4.2
1 Botero Place, Truganina VIC 100 23,800 57.0 3.75	100.0 100.0 100.0 7.9
Foundation Estate, Truganina VIC 100 44,100 148.5 3.75	100.0 100.0 100.0 6.6
399 BoundaryRoad, Truganina VIC 100 11,900 27.0 3.75	100.0 100.0 100.0 6.7
235-239 BoundaryRoad, Laverton North VIC 100 33,500 76.3 3.75	100.0 100.0 100.0 4.0
79 CherryLane, Laverton North VIC 100 17,000 48.5 3.63	100.0 100.0 100.0 16.2
16 Henderson Road, Knoxfeld VIC 100 12,200 34.3 3.75	100.0 100.0 100.0 10.3
Austrak Business Park, Somerton VIC 50 210,000 255.5 4.00	92.2 92.2 92.2 3.8
59 Forest Way, Karawatha QLD 100 44,000 157.5 4.00	100.0 100.0 100.0 6.7
55 Whitelaw Place, Wacol QLD 100 5,600 23.3 4.00	100.0 100.0 100.0 9.9

THE GPT GROUP | LOGISTICS PORTFOLIO

State Ownership (%) GLA (100% Interest) (sqm) 30 Jun 22 Fair Value ($m) 30 Jun 22 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
2 Ironbark Close, Berrinba QLD 100 20,600 66.3 4.00	100.0 100.0 100.0 7.7
30 Ironbark Close, Berrinba QLD 100 14,400 34.8 4.38	100.0 100.0 100.0 1.3
1 Wattlebird Court, Berrinba QLD 100 16,300 40.5 4.38	100.0 100.0 100.0 5.0
102-108 Magnesium Drive, Crestmead QLD 100 8,800 26.8 3.88	100.0 100.0 100.0 9.7
248 FlemingRoad, Tingalpa QLD 100 5,200 30.5 4.13	100.0 100.0 100.0 4.0
48 Miller Street, Murarrie QLD 100 4,000 39.9 4.50	100.0 100.0 100.0 6.4
4 Enterprise Street, Wulkuraka QLD 100 25,900 118.5 3.50	100.0 100.0 100.0 19.2
15 Northern Link Circuit, Townsville QLD 100 4,800 30.8 4.38	100.0 100.0 100.0 9.5
2-8 RidleyClose, Cairns QLD 100 1,000 2.5 5.50	100.0 100.0 100.0 8.3
1 VimyAvenue, Adelaide Airport SA 100 9,800 21.4 4.25	100.0 100.0 100.0 6.9
26 Butler Boulevard, Adelaide Airport SA 100 6,800 17.5 4.25	100.0 100.0 100.0 8.4
176 Eastern Parade, Gillman SA 100 6,800 19.5 5.00	100.0 100.0 100.0 3.5
1A Symonds Street, Royal Park SA 100 2,700 6.8 4.00	100.0 100.0 100.0 8.3
6-10 Senna Road, Wingfeld SA 100 13,400 38.5 4.50	100.0 100.0 100.0 4.0
15 Modal Crescent, CanningVale WA 100 9,600 24.0 4.50	100.0 100.0 100.0 8.3
23 DestinyWay, Wangara WA 100 4,600 25.8 5.25	100.0 100.0 100.0 2.2
50 Triumph Avenue, Wangara WA 100 3,700 7.5 5.00	100.0 100.0 100.0 3.5
56 Triumph Avenue, Wangara WA 100 2,800 5.1 5.50	100.0 100.0 100.0 0.2
16 Anictomatis Road, Berrimah NT 100 1,100 3.0 5.00	100.0 100.0 100.0 8.3
229 KennedyDrive, Cambridge TAS 100 1,200 2.9 5.00	100.0 100.0 100.0 8.3
GQLT Portfolio(GPT share 50.1%)
1 Hurst Drive, Tarneit VIC 100 70,100 153.5 3.63	100.0 100.0 100.0 10.0
100 Metroplex Place, Wacol QLD 100 17,100 45.4 4.25	100.0 100.0 100.0 4.9
18 Gorrick Court, Bundamba QLD 100 12,500 42.5 4.00	100.0 100.0 100.0 5.9
GPT Weighted Total 1,504,000 4.09	98.7 98.7 98.7 6.2

Note: Excludes assets under development.

Independent Valuation Summary

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

Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
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Rosehill Business Park, Camellia	NSW	100%	30 Jun 22	Colliers	141.6	4.25
10 Interchange Drive, Eastern Creek	NSW	100%	30 Jun 22	Savills	49.0	4.00
54 Eastern Creek Drive, Eastern Creek	NSW	100%	31 Dec 21	Colliers	74.5	4.00
50 Old Wallgrove Road, Eastern Creek	NSW	100%	31 Dec 21	JLL	100.5	3.75
16-34 Templar Road, Erskine Park	NSW	100%	30 Jun 22	Colliers	82.4	4.00
36-52 Templar Road, Erskine Park	NSW	100%	30 Jun 22	JLL	149.5	3.88
54-70 Templar Road, Erskine Park	NSW	100%	30 Jun 22	Colliers	207.6	3.88
67-75 Templar Road, Erskine Park	NSW	100%	30 Jun 22	Colliers	41.2	3.75
29-55 Lockwood Road, Erskine Park	NSW	100%	30 Jun 22	Savills	150.0	3.88
57-87 & 89-99 Lockwood Road, Erskine Park	NSW	100%	30 Jun 22	Colliers	129.2	3.88
128 Andrews Road, Penrith	NSW	100%	30 Jun 22	Knight Frank	107.5	4.00
42 Cox Place, Glendenning	NSW	100%	30 Jun 22	Colliers	55.5	4.00
407 Pembroke Road, Minto	NSW	50%	31 Dec 21	JLL	45.5	4.00
4 Holker Street, Newington	NSW	100%	31 Dec 21	Colliers	50.0	5.00
83 Derby Street, Silverwater	NSW	100%	31 Dec 21	Colliers	56.1	4.13
Sydney Olympic Park Town Centre	NSW	100%	31 Dec 21	Colliers	54.8	N/A
Quad 1, Sydney Olympic Park	NSW	100%	31 Dec 21	Knight Frank	32.0	5.75
Quad 4, Sydney Olympic Park	NSW	100%	31 Dec 21	Knight Frank	60.0	5.25
372-374 Victoria Street, Wetherill Park	NSW	100%	30 Jun 22	Knight Frank	41.5	4.75
38 Pine Road, Yennora	NSW	100%	30 Jun 22	Knight Frank	91.2	4.25
38A Pine Road, Yennora	NSW	100%	30 Jun 22	Knight Frank	16.4	4.25
18-24 Abbott Road, Seven Hills	NSW	100%	31 Dec 21	Colliers	55.0	4.00

THE GPT GROUP | LOGISTICS PORTFOLIO

					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
1A Huntingwood Drive, Huntingwood	NSW	100%	31 Dec 21	Savills	63.3	3.88
1B Huntingwood Drive, Huntingwood	NSW	100%	31 Dec 21	Savills	34.3	3.88
104 Vanessa Street, Kingsgrove	NSW	100%	31 Dec 21	Knight Frank	34.0	3.75
64 Biloela Street, Villawood	NSW	100%	30 Jun 22	CBRE	50.5	4.75
30-32 Bessemer Street, Blacktown	NSW	100%	30 Jun 22	CBRE	49.0	4.50
21 Pipeclay Avenue, Thornton	NSW	100%	30 Jun 22	Savills	4.2	4.38
12 Faulding Street, Symonston	ACT	100%	30 Jun 22	Savills	22.7	5.13
Citiport Business Park, Port Melbourne	VIC	100%	31 Dec 21	Savills	117.5	4.75
21-23 Wirraway Drive, Port Melbourne	VIC	100%	31 Dec 21	CBRE	36.5	4.38
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 21	CBRE	154.0	4.25
Sunshine Business Estate, Sunshine	VIC	100%	31 Dec 21	JLL	108.0	4.00
521 Geelong Road, Brooklyn	VIC	100%	30 Jun 22	Savills	52.5	N/A
396 Mount Derrimut Road, Derrimut	VIC	100%	31 Dec 21	JLL	18.8	4.00
40 Fulton Drive, Derrimut	VIC	100%	30 Jun 22	Savills	17.6	3.75
21 Shiny Drive, Truganina	VIC	100%	31 Dec 21	Savills	55.5	4.00
2 Prosperity Street, Truganina	VIC	100%	30 Jun 22	Savills	51.9	4.00
25 Niton Drive, Truganina	VIC	100%	30 Jun 22	Savills	62.3	4.00
1 Botero Place, Truganina	VIC	100%	30 Jun 22	CBRE	57.0	3.75
Foundation Estate, Truganina	VIC	100%	30 Jun 22	JLL	148.5	3.75
399 Boundary Road, Truganina	VIC	100%	31 Dec 21	JLL	27.0	3.75
235-239 Boundary Road, Laverton North	VIC	100%	30 Jun 22	CBRE	76.3	3.75
79 Cherry Lane, Laverton North	VIC	100%	30 Jun 22	Savills	48.5	3.63
16 Henderson Road, Knoxfeld	VIC	100%	30 Jun 22	Savills	34.3	3.75
Austrak Business Park, Somerton	VIC	50%	31 Dec 21	JLL	255.3	4.00
59 Forest Way, Karawatha	QLD	100%	31 Dec 21	Savills	157.5	4.00

					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
55 Whitelaw Place, Wacol	QLD	100%	31 Dec 21	JLL	23.3	4.00
2 Ironbark Close, Berrinba	QLD	100%	31 Dec 21	JLL	66.3	4.00
30 Ironbark Close, Berrinba	QLD	100%	31 Dec 21	JLL	34.7	4.38
1 Wattlebird Court, Berrinba	QLD	100%	31 Dec 21	JLL	40.6	4.38
102-108 Magnesium Drive, Crestmead	QLD	100%	30 Jun 22	Savills	26.8	3.88
248 Fleming Road, Tingalpa	QLD	100%	30 Jun 22	Savills	30.5	4.13
48 Miller Street, Murarrie	QLD	100%	30 Jun 22	Savills	39.9	4.50
4 Enterprise Street, Wulkuraka	QLD	100%	30 Jun 22	Savills	118.5	3.50
15 Northern Link Circuit, Townsville	QLD	100%	30 Jun 22	Savills	30.8	4.38
2-8 Ridley Close, Cairns	QLD	100%	30 Jun 22	Savills	2.5	5.50
1 Vimy Avenue, Adelaide Airport	SA	100%	30 Jun 22	Savills	21.4	4.25
26 Butler Boulevard, Adelaide Airport	SA	100%	30 Jun 22	Savills	17.5	4.25
176 Eastern Parade, Gillman	SA	100%	30 Jun 22	Savills	19.5	5.00
1A Symonds Street, Royal Park	SA	100%	30 Jun 22	Savills	6.8	4.00
6-10 Senna Road, Wingfeld	SA	100%	30 Jun 22	Savills	38.5	4.50
15 Modal Crescent, Canning Vale	WA	100%	30 Jun 22	Savills	24.0	4.50
23 Destiny Way, Wangara	WA	100%	30 Jun 22	Savills	25.8	5.25
50 Triumph Avenue, Wangara	WA	100%	30 Jun 22	Savills	7.5	5.00
56 Triumph Avenue, Wangara	WA	100%	30 Jun 22	Savills	5.1	5.50
16 Anictomatis Road, Berrimah	NT	100%	30 Jun 22	Savills	3.0	5.00
229 Kennedy Drive, Cambridge	TAS	100%	30 Jun 22	Savills	2.9	5.00
GQLT Portfolio (GPT share 50.1%)
1 Hurst Drive, Tarneit	VIC	100%	30 Jun 22	Savills	153.5	3.63
100 Metroplex Place, Wacol	QLD	100%	30 Jun 22	JLL	45.4	4.25
18 Gorrick Court, Bundamba	QLD	100%	30 Jun 22	JLL	42.5	4.00

Note: Excludes assets under development.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics – Sydney

» Take up during 1H 2022 across Sydney totalled 379,000 sqm, with about 75% of space representing a pre-lease commitment. The Outer Central West precinct has driven demand throughout Sydney, accounting for approximately half of take up in 1H 2022 and Transport users made up 41% of take up.
» Supply in 1H 2022 totalled 690,000 sqm, which represents a 40% increase above the 10 year annual average. Development activity has rebounded following delays and constraints in 2021, and approximately 75% of supply deliveries in the half were pre-committed.
» Vacancy has reduced further to 0.3%, and remains the lowest vacancy rate across the Eastern Seaboard cities.
» Average prime face rents have grown 8.0% in the past six months and 13.4% over the past 12 months, driven by continued elevated occupier activity, limited stock availability and appreciating land values.

Sydney Industrial Supply

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1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000 10 Year Average
400,000
200,000
2018 2019 2020 2021 2022
sqm
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» Average prime yields compressed 11 bps in the half to 3.57%.

Sydney Industrial Vacancy Rate

Sydney Industrial Demand

sqm Pre-L 10 2018 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 Source: CBRE 1H2022 (+5,000sqm Syd & Mel, +3,000sqm Bris), JLL 2Q 2022, GPT Research. ^ 1H 2022 2H 2021 Central West 0.3% 0.6% Inner South West 0.6% 0.8% North^ 0.0% 1.2% North Sydney^ 1.0% 2.5% South 0.4% 0.6% Metropolitan West 0.0% 0.5% Outer North West 0.3% 0.1% Outer South West 0.2% 0.1% Sydney Total 0.3% 0.4%	ease and Design & Construct All Other Year Average
	2019 2020 2021 2022*

sqm
Pre-L
10
2018
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Source: CBRE 1H2022 (+5,000sqm Syd & Mel, +3,000sqm Bris), JLL 2Q 2022, GPT Research.
^
1H 2022
2H 2021
Central West
0.3%
0.6%
Inner South West
0.6%
0.8%
North^
0.0%
1.2%
North Sydney^
1.0%
2.5%
South
0.4%
0.6%
Metropolitan West
0.0%
0.5%
Outer North West
0.3%
0.1%
Outer South West
0.2%
0.1%
Sydney Total
0.3%
0.4%

ease and Design & Construct
All Other
Year Average

2019
2020
2021
2022*

Source: CBRE 1H2022 (+5,000sqm Syd & Mel, +3,000sqm Bris), JLL 2Q 2022, GPT Research. ^ North Sydney separated from North in 2H 2021.

YTD; 10 Year Averages calculated 2012 – 2021.

Logistics – Melbourne

» Strong occupier demand throughout the sector has continued through 1H 2022. Take up over the past six months across Melbourne totalled 713,000 sqm. The West precinct has driven demand, accounting for 60% of total take up. Transport users were the most active group, making up 41% of take up, followed closely by Retail users.
» Supply in 1H 2022 totalled 503,000 sqm, almost in line with the historic 10 year annual average. Approximately 70% of this stock was leased prior to completion.
» Vacancy has decreased further to 1.1%, with a vacancy rate of 0.7% in the West precinct.
» Prime face rents grew 14.7% during the year, with 7.9% rent growth in the half. Prime incentives have also decreased 4.2 percentage points to 15% in the past year.

Melbourne Industrial Supply

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2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000 10 Year Average
400,000
200,000
2018 2019 2020 2021 2022
sqm
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» Average prime yields have remain unchanged as 3.63% over the past six months.

Melbourne Industrial Vacancy Rate

Melbourne Industrial Demand

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1H 2022 2H 2021
2,000,000 Pre-Lease and Design & Construct All Other
East & South East 1.4% 1.4% 1,800,000
North 1.5% 1.7% 1,600,000
1,400,000
West 0.7% 1.2%
1,200,000
Melbourne Total 1.1% 1.3%
1,000,000 10 Year Average
800,000
600,000
Source: CBRE 1H2022 (+5,000sqm Syd & Mel, +3,000sqm Bris), JLL 2Q 2022, GPT Research.
YTD; 10 Year Averages calculated 2012 – 2021. 400,000
200,000
2018 2019 2020 2021 2022
sqm
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THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics – Brisbane

» Take up over 1H 2022 across Brisbane totalled 358,000 sqm. The Southern precinct continues to drive occupier demand, accounting for approximately 70% of total take up in 1H 2022.
» Trade users (Retail & Wholesale) continue to demonstrate elevated levels of activity in Brisbane as increased e-commerce activity translates to larger space requirements. Trade users contributed 45% of take up in 1H 2022.
» Supply in the half totalled 137,000 sqm, with approximately 90% being delivered in 2Q 2022. The majority of supply was delivered in the Southern precinct and all but two projects in this precinct were leased prior to completion.
» Vacancy has tightened by 90 bps to 1.4%. All precincts recorded a decline in vacancy, apart from the M1 Corridor, which was driven by heightened development activity in this area.
» Average prime face rents grew by 10.4% in the past 12 months, with 6.7% growth in the first half of 2022.
» Average prime yields have compressed 9 bps to 4.58% during 1H 2022.

Brisbane Industrial Vacancy Rate

	1H 2022	2H 2021
Near City	0.0%	0.0%
Trade Coast	0.9%	3.1%
North	0.2%	0.6%
South	1.7%	3.3%
M1 Corridor	2.6%	0.8%
Western Corridor	1.5%	2.9%
Brisbane Total	1.4%	2.3%

Source: CBRE 1H2022 (+5,000sqm Syd & Mel, +3,000sqm Bris), JLL 2Q 2022, GPT Research. * YTD; 10 Year Averages calculated 2012 – 2021.

Brisbane Industrial Supply

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700,000
600,000
500,000
400,000
10 Year Average
300,000
200,000
100,000
2018 2019 2020 2021 2022
Brisbane Industrial Demand
700,000 Pre-Lease and Design & Construct All Other
600,000
500,000 10 Year Average
400,000
300,000
200,000
100,000
2018 2019 2020 2021 2022
sqm
sqm
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Logistics Development Track Record

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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 55 Whitelaw Place, 18-24 Abbott Road, 1A Huntingwood Drive, 54 Eastern Creek Drive, Wacol QLD Seven Hills NSW Huntingwood NSW Eastern Creek NSW

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1B Huntingwood Drive, Huntingwood NSW

50 Old Wallgrove Road, 21 Shiny Drive, 2 Ironbark Close, 30 Ironbark Close, Eastern Creek NSW Gateway Logistics Hub, Wembley Business Wembley Business Truganina VIC Park, Berrinba QLD Park, Berrinba QLD

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38A Pine Road, 128 Andrews Road, Yennora NSW Penrith NSW

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42 Cox Place, 1 Wattlebird Court, 25 Niton Drive, 2 Prosperity Street, Glendenning NSW Wembley Business Gateway Logistics Hub, Gateway Logistics Hub, Park, Berrinba QLD Truganina VIC Truganina VIC

100 Metroplex Place, 143 Foundation Road, Wacol QLD Truganina VIC

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

Wembley Business Park Berrinba, Queensland

~[$] 16.1ha ~73,100sqm 170m

site located prime logistics space expected end value in Brisbane when complete on completion[1] Stage 3 underway, Artist’s impression expected completion 2H 2022

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Artist’s impression
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1 2
1 2 Ironbark Close, Berrinba
4 20,600sqm – completed 2020
3 2 30 Ironbark Close, Berrinba
14,400sqm – completed 2020
3 2 Wattlebird Court, Berrinba
21,800sqm – underway
4 1 Wattlebird Court, Berrinba
16,300sqm – completed 2021
Denotes underway or completed stages.
~25km ~30km ~30km Close proximity to
to Brisbane to Port of to Brisbane Logan Motorway
CBD Brisbane Airport interchange
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Inclusive of completed stages.

Logistics Development Pipeline

149 & 153 Coulson Street Wacol, Queensland

Apex Business Park Bundamba, Queensland

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~ [$]
3.2ha ~17,500sqm 40m
site located facility expected end value
in Brisbane on completion [1]
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Development underway
Artist’s impression
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~15km ~35km ~30km Close proximity
to Brisbane to Port of to Brisbane Ipswich
CBD Brisbane Airport Motorway
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~ [$]
15.5ha ~60,100sqm 150m
site located prime logistics space expected end value
in Brisbane when complete on completion [1]
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First facility underway
Artist’s impression
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~30km ~45km ~40km Close proximity to Brisbane to Port of to Brisbane Cunningham CBD Brisbane Airport Highway and Warrego Highway

End value based on 100% ownership (GPT share 50.1%).

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

CrestLink Business Park Crestmead, Queensland

8.1ha ~40,000sqm site located in prime logistics space Brisbane when complete

~[$] 95m expected end value on completion[1]

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Artist’s impression
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~25km ~35km to Brisbane to Port CBD of Brisbane

~35km Close proximity to Brisbane Logan Motorway Airport interchange

End value based on 100% ownership (GPT share 50.1%).

Logistics Development Pipeline

Gateway Logistics Hub Truganina, Victoria

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~ [$]
23.0ha ~139,100sqm 280m
site located in prime logistics space expected end value
Melbourne’s West underwayStage 4/5 when completeHOUSEPUMP SPRINKLER TANK 2 STOREY2 STOREY500 SQM500 SQMOFFICE OFFICE FIRE ACCESS TRACK31,000 SQM (APPROX)STAGE 6WAREHOUSE INC. DOCK OFFICE 6 38000 1500 WATER WATER TANKTANK18500 STAGE 4 STAGE 513,110 13,202 SQMEXC. DOCK OFFICEEXC. DOCK OFFICE 45 SQM on completion400 SQM400 SQMOFFICE OFFICE 441.85 m (99° 57' 30")SITE BOUNDARY 3000 [1] 3 2 1
401.62 m (279° 57' 40")SITE BOUNDARY 6m DRAINAGE EASEMENT TRUCK ENTRYTRUCK ENTRYENTRY/EXITCAR INTERNAL ROAD ELECTRICAL KIOSK
1 21 Shiny Drive, Truganina
26,500sqm – completed 2019
2 2 Prosperity Street, Truganina
24,000sqm – completed 2021
Artist’s impression
SUPER CANOPY OVER
20M CANOPY OVER SUPER CANOPY OVER
111.94 m (359° 22' 20")SITE BOUNDARY
140.88 m (1° 47' 20")SITE BOUNDARY
1000
OUTDOOR AREA
CARPARK
38M HARDSTAND CARPARK 151 BAYS
OUTDOOR AREA
6000
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25 Niton Drive, Truganina 29,800sqm – completed 2021

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~20km ~20km ~20km B-Double
to Melbourne to Port of to Melbourne approved road
CBD Melbourne Airport network
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/ 5 24A & 24B Niton Drive, Truganina 27,200sqm – underway

30 Niton Drive, Truganina 31,600sqm

Denotes underway or completed stages.

Inclusive of completed stages.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

865 Boundary Road Truganina, Victoria

Epping Estate Epping, Victoria[1]

~[$] 32.8ha ~128,200sqm 255m site located in prime logistics space expected end value Melbourne’s West when complete[2] on completion

RAVENHALL 865 BOUNDARY RD TRUGANINA LAVERTON ~20km ~20km ~20km B-Double to Melbourne to Port of to Melbourne approved road CBD Melbourne Airport network

~[$] 35.2ha ~134,400sqm 330m

site located in Melbourne’s North

prime logistics space expected end value when complete[2] on completion[3]

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Artist’s impression of comparable development product
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~20km ~20km ~10km Close proximity to Melbourne to Port of to Melbourne Western Ring Road CBD Melbourne Airport and Hume Freeway

Acquisition exchange occurred in July 2022. 2. Masterplan subject to authority approvals. 3. End value based on 100% ownership (GPT share 50.1%).

Logistics Development Pipeline

Keylink Estate Keysborough, Victoria – fund-through acquisition

~[$] 10.5ha ~60,600sqm 155m site located in prime logistics space expected end value Melbourne’s South East when complete on completion[1]

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Due for completion
2H 2022 and 1H 2023
Artist’s impression
~30km ~30km
to Melbourne to Port
CBD of Melbourne
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Stage 1 leased to
Early Settler
~50km B-Double
to Melbourne approved road
Airport network
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Artist’s impression
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End value based on 100% ownership (GPT share 50.1%).

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

Yiribana Logistics Estate – East, Mamre Road Kemps Creek, New South Wales

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~ [$]
37.2ha ~182,000sqm 600m
site located in prime logistics space expected end value
Sydney’s West when complete [1] on completion
~10km to Close proximity <5km Adjacent to established
future Western to M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
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Artist’s impression
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Artist’s impression
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Masterplan subject to authority approvals.

Logistics Development Pipeline

Yiribana Logistics Estate – West, Mamre Road Kemps Creek, New South Wales

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~ [$]
10.3ha ~38,900sqm 140m
industrial zoned land prime space when complete [1] expected end value
in Sydney’s West on completion [2]
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Located opposite
Yiribana Logistics
Estate – East
Artist’s impression of comparable development product
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----- Start of picture text -----

~10km Close proximity to <5km Adjacent to established
to future Western M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
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Masterplan subject to authority approvals. 2. End value based on 100% ownership (GPT share 50.1%).

THE GPT GROUP | 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
A9 15 1 EasternCreek2 M4 A28ParramattaA44 6 Silverwater7 8 A3 A3 A40 A1
4 Smithfield 9
M12 Wetherill 5 Yennora A6
Badgerys M7 Park 13 Villawood A22A4 Sydney
A9 WesternCreek A28 A22 Chullora A22 A36 CBD
Sydney Airport A34 M1
(planned) A34 A6 12 Kingsgrove M8
M5
Sydney
A9 City centres Planned Motorway Airport
10 Minto Arterial roads Airport Port
Port of
Motorways West Connex Sydney
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10 407 Pembroke Road, Minto
1 Erskine Park (7 assets)
2 Eastern Creek (3 assets)
11 18-24 Abbott Road, Seven Hills
3 Huntingwood Drive, Huntingwood (2 assets)
12 104 Vanessa Street, Kingsgrove
4 372-374 Victoria Street, Wetherill Park
13 64 Biloela Street, Villawood
5 Pine Road, Yennora (2 assets)
14 30-32 Bessemer Street, Blacktown
6 Rosehill Business Park, Camellia
15 Yiribana Logistics Estate, Mamre Rd, Kemps Creek (2 future developments)
7 83 Derby Street, Silverwater
16 42 Cox Place, Glendenning
8 4 Holker Street, Newington
9 Sydney Olympic Park (4 assets)
17 128 Andrews Road, Penrith

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50 Old Wallgrove Road, Eastern Creek
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42 Cox Place, Glendenning
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1B Huntingwood Drive, Huntingwood
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Melbourne Logistics Portfolio

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Melbourne A58 12 M31 A58
Airport A39
Campbellfield 13
City centre
A35 A55
M2 M80 A46 Arterial roads
M79
A40 M80 A45 A27 Motorways
A41 M79 Airport
A40
M80 A35 A40 Port
M8 M2
C702 Derrimut Sunshine Doncaster
3/4 51 M80 79 A83 10 A3511 CBDMelbourneM3 Box Hill A34
Truganina 2 8 6
MelbournePort of A24 M1 A26
M1 A23 Glen Waverley
M3 15
C109 Brighton
Moorabin
A33 A3 Springvale
M1
A10 A23
14 Keysborough
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8 Laverton North (2 assets)
1 Truganina (3 assets)
9 521 Geelong Road, Brooklyn
2 Gateway Logistics Hub, Truganina (3 assets and underway)
10 21-23 Wirraway Drive, Port Melbourne
3 865 Boundary Road, Truganina (future development)
11 Citiport Business Park, Port Melbourne
4 1 Hurst Drive, Tarneit
12 Austrak Business Park, Somerton
5 Derrimut (2 assets)
13 Epping Estate, Epping (future development)
6 Citiwest Industrial Estate, Altona North
14 Keylink Estate, Keysborough (underway)
15 16 Henderson Road, Knoxfield
7 Sunshine Business Estate, Sunshine

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1 Botero Place, Truganina
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21 Shiny Drive, Gateway Logistics Hub, Truganina
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25 Niton Drive, Gateway Logistics Hub, Truganina
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THE GPT GROUP | LOGISTICS PORTFOLIO

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THE GPT GROUP | LOGISTICS PORTFOLIO

Brisbane Logistics Portfolio

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Brisbane
Airport
City centre A3 M1 Port of Brisbane
Arterial roads M7
Motorways
M4
Murarrie
Airport Brisbane 7 6 Tingalpa
Port CBD
M5 M1
A7
M3
A17
M7
Wacol
1
M2
Wulkuraka 8 9 Bundamba 2 M2 Springwood
M2 3 4
Berrinba
A5 M6
Crestmead 5
M1
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1 Wacol (2 assets)
5 Crestmead (1 asset and future development)
2 149 & 153 Coulson Street, Wacol (underway)
6 248 Fleming Road, Tingalpa
3 59 Forest Way, Karawatha
7 48 Miller Street, Murarrie
8 4 Enterprise Street, Wulkuraka
4 Wembley Business Park, Berrinba (3 assets and underway)
9 Bundamba (1 asset and underway)

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18 Gorrick Court, Bundamba
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100 Metroplex Place, Wacol
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2 Ironbark Close, Wembley Business Park, Berrinba
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Adelaide Logistics Portfolio

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A20
Gillman A9 M2
3 5
Wingfield A16
Port of Adelaide A16
A10
4 A2
Royal A1
Park A7
A11
City centre
A14 Arterial roads
A15
Motorways
A17
A6 AdelaideCBD Airport
1 A2 Port
2
Adelaide
Airport
A3
M1
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1 1 Vimy Avenue, Adelaide Airport
2 26 Butler Boulevard, Adelaide Airport
3 176 Eastern Parade, Gillman
4 1A Symonds Street, Royal Park
5 6-10 Senna Road, Wingfield

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26 Butler Boulevard, Adelaide Airport
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176 Eastern Parade, Gillman
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1A Symonds Street, Royal Park
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THE GPT GROUP | LOGISTICS PORTFOLIO

Perth Logistics Portfolio

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Wangara 34 2 A84
A95
A4
A81 A52
A56
A50
A60 A53 M1
A76
A75
A72 A2
A64
Perth
Airport A41
A3
Perth
A5 CBD A8
City centre
M1
A7 Arterial roads
A6
Port of Perth A27 Motorways
A3 A30 A4 Airport
A13 1
A12 A2 Port
Canning Vale
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1 15 Modal Crescent, Canning Vale
2 23 Destiny Way, Wangara
3 50 Triumph Avenue, Wangara
4 56 Triumph Avenue, Wangara

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15 Modal Crescent, Canning Vale
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23 Destiny Way, Wangara
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50 Triumph Avenue, Wangara
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Retail Portfolio

Interim Result 2022

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.6 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

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

GPT Owned

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

GWSCF Owned

» Macarthur Square (50%)[1]

Victoria

GPT Owned

» Melbourne Central
» Highpoint Shopping Centre (16.7%)

GWSCF Owned

» Chirnside Park
» Highpoint Shopping Centre (83.3%)
» Northland Shopping Centre (50%)[1]
» Parkmore Shopping Centre

Queensland

GPT Owned

» Sunshine Plaza (50%)[1]
Not Managed by GPT.

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

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Retail Portfolio Summary

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Top Ten Tenants [1]
As at 30 June 2022
Woolworths Myer Accent Group Wesfarmers Just Group
VIC 48%
3.6% 2.9% 2.7% 2.6% 2.4%
2.4% 2.4% 1.7% 1.6% 1.4%
Cotton On Coles Group Hoyts Country Road Westpac
Clothing Group
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Geographic Weighting[2] As at 30 June 2022

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QLD 11%
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NSW 42%
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Based on gross rent (including turnover rent).
Difference due to rounding.

Retail Portfolio Summary

			GLA	30 Jun 22	30 Jun 22	Independent	Occupancy	Centre	Specialty	Specialty
		Ownership	(100% Interest)	Fair Value	Cap Rate	or Internal	(By Area)	MAT	Occupancy	MAT1
	State	(%)	(sqm)	($m)	(%)	Valuation	(%)	($m)	Cost1(%)	($psm)
GPT Portfolio
Charlestown Square	NSW	100	91,100	885.0	5.50	Independent	99.4	495.4	15.5	10,258
Highpoint Shopping Centre	VIC	17	149,800	390.0	4.50	Independent	99.7	881.8	18.7	10,069
Melbourne Central	VIC	100	56,200	1,514.0	4.50	Independent	98.5	359.7	24.0	8,551
Rouse Hill Town Centre	NSW	100	70,100	702.0	5.50	Independent	100.0	491.8	13.9	9,780
Sunshine Plaza	QLD	50	106,700	608.5	5.00	Independent	99.1	698.5	16.9	10,334
Westfeld Penrith	NSW	50	90,900	665.2	5.00	Internal	99.2	513.7	22.6	9,532
GWSCF Portfolio
Chirnside Park	VIC	100	38,800	294.5	5.75	Internal	99.2	300.4	15.6	11,629
Highpoint Shopping Centre	VIC	83	149,800	1,950.0	4.50	Independent	99.7	881.8	18.7	10,069
Macarthur Square	NSW	50	107,900	505.0	5.25	Internal	99.7	567.6	17.6	7,556
Northland Shopping Centre	VIC	50	96,900	408.5	5.50	Internal	99.1	506.0	18.6	8,012
Parkmore Shopping Centre	VIC	100	36,900	291.7	5.75	Internal	99.5	243.8	15.2	8,926
GPT Weighted Total					4.98		99.3	2,617.1

Represents specialty tenancies less than 400 sqm.

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Income and Fair Value Schedule

	Income 6 months to 30 Jun ($m) 2021 2022 Variance 25.5 24.1 (1.4) 8.2 8.9 0.7 23.9 30.7 6.8 20.5 20.4 (0.1) 14.2 14.3 0.1 17.6 16.5 (1.1) 0.2 0.0 (0.2) 8.1 4.4 (3.7) 22.8 23.5 0.7 141.0 142.8 1.8	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development Capex ($m) Maintenance Capex ($m) Incentive Capex ($m) Acquisitions/ Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 22 ($m) % of Portfolio (%)
GPT Portfolio
Charlestown Square		864.4 0.3 1.2 2.4 0.0 16.7 0.0 885.0 15.9
Highpoint Shopping Centre		366.7 4.3 0.7 0.7 0.0 17.6 0.0 390.0 7.0
Melbourne Central		1,492.0 11.7 1.8 6.1 0.0 2.4 0.0 1,514.0 27.1
Rouse Hill Town Centre		672.8 3.4 1.3 1.6 0.0 22.9 0.0 702.0 12.6
Sunshine Plaza		596.2 0.0 0.9 1.6 0.0 9.8 0.0 608.5 10.9
Westfeld Penrith		660.0 4.0 0.3 0.9 0.0 0.0 0.0 665.2 11.9
Assets Held for Sale
142-158 Pacifc Highway, Charlestown		0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Casuarina Square		198.6 0.0 0.4 0.1 (198.6) (0.5) 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.5%)1		787.1 0.0 0.0 0.0 0.0 28.4 2.0 817.5 14.6
Total Retail Portfolio		5,637.8 23.7 6.6 13.4 (198.6) 97.3 2.0 5,582.2 100.0

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 represents GPT’s share of FFO for the period.

Retail Sales Summary

		Comparable	Comparable		Specialty
	Centre MAT	Centre MAT Growth	Specialty MAT Growth1	Specialty MAT1	Occupancy Cost1
	($m)	(%)	(%)	($psm)	(%)
GPT Portfolio
Charlestown Square	495.4	(11.4)	(16.4)	10,258	15.5
Highpoint Shopping Centre	881.8	18.8	23.5	10,069	18.7
Melbourne Central	359.7	37.2	40.4	8,551	24.0
Rouse Hill Town Centre	491.8	(3.7)	(10.1)	9,780	13.9
Sunshine Plaza2	698.5	2.6	2.0	10,334	16.9
Westfeld Penrith2	513.7	(15.0)	(18.8)	9,532	22.6
GWSCF Portfolio
Chirnside Park	300.4	6.8	(1.9)	11,629	15.6
Highpoint Shopping Centre	881.8	18.8	23.5	10,069	18.7
Macarthur Square2	567.6	(6.3)	(18.0)	7,556	17.6
Northland Shopping Centre2	506.0	14.6	14.8	8,012	18.6
Parkmore Shopping Centre	243.8	4.2	11.5	8,926	15.2
GPT Weighted Total	2,617.1

Represents specialty tenancies less than 400 sqm.
Analysis provided by external manager.

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Comparable Change in Retail Sales by Category

Comparable Change in Retail Sales by Category as at 30 June 2022	MAT ($m)	12 Months Growth (%)
Department Store	120.6	2.6
Discount Department Store	253.6	(7.5)
Supermarket	469.4	2.3
Cinemas	38.7	98.8
Other Retail1	77.0	49.1
Total Specialties	1,657.8	0.5
• Specialties >400sqm	494.5	2.8
• Specialties <400sqm	1,163.3	(0.4)
Total Centre	2,617.1	1.8

Total Specialty Sales Split
Fashion, Footwear & Accessories	457.2	1.0
Tech & Appliances	332.5	(0.2)
Dining	238.6	5.7
Health & Beauty	236.4	3.6
Leisure	130.7	(1.7)
Food Retail	84.7	1.3
General Retail	74.8	(3.0)
Jewellery	64.6	(10.1)
Homewares	28.7	(14.8)
Retail Services	9.6	(2.2)
Total Specialties	1,657.8	0.5

Note: Based on weighted GPT Interest.

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

Retail Sales

Specialty MAT Growth[1]

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5.9% 6.5% 6.4%
4.2% 4.2%
1.5% 1.1% 1.8% 2.7% 2.6% 2.1% 1.7% 2.5%
0.4% 0.3%
-0.1% -0.5% -0.4%
-3.4%
-13.5%
-28.3%
----- End of picture text -----

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 Dec 20 Jun 21 Dec 21 Jun 22

Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres.

Represents specialty tenancies less than 400 sqm.

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THE GPT GROUP | RETAIL PORTFOLIO

Independent Valuation Summary

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
GPT Portfolio
Charlestown Square	NSW	100	30 Jun 22	Urbis	885.0	5.50
Highpoint ShoppingCentre	VIC	17	30 Jun 22	CBRE	390.0	4.50
Melbourne Central	VIC	100	30 Jun 22	Colliers	1,514.0	4.50
Rouse Hill Town Centre	NSW	100	30 Jun 22	JLL	702.0	5.50
Sunshine Plaza	QLD	50	30 Jun 22	Savills	608.5	5.00
Westfeld Penrith	NSW	50	31 Dec 21	Savills	660.0	5.00
GWSCF Portfolio
Chirnside Park	VIC	100	31 Mar 22	Urbis	290.5	5.75
Highpoint ShoppingCentre	VIC	83	30 Jun 22	CBRE	1,950.0	4.50
Macarthur Square	NSW	50	31 Mar 22	Savills	502.5	5.25
Northland ShoppingCentre	VIC	50	31 Mar 22	CBRE	407.0	5.50
Parkmore ShoppingCentre	VIC	100	31 Mar 22	JLL	290.0	5.75

Note: Valuations include ancillary assets.

Macarthur Square, NSW

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Retail Sales Categories

Retail	Broad Category Sub Category Tenant Examples
	Department Store Department Store David Jones, Myer
	Discount Department Store Discount Department Store Big W, Kmart, Target
	Supermarkets Supermarket Aldi, Coles, Woolworths
	Fashion, Footwear & Accessories Childrenswear, Fashion Accessories, Footwear, Menswear, Unisex, Womenswear Best & Less, Connor, Cotton On, Country Road, Foot Locker, H&M, Lovisa, Peter Alexander, Platypus, Sportsgirl, Strandbags, Sunglass Hut, Uniqlo, Witchery, Zara
	Dining Cafes, Restaurants, Takeaway – Food Court, Takeaway Non-Food Court Boost Juice, Donut King, Grill’d, Guzman y Gomez, KFC, McDonalds, The Coffee Club
	Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Vegetables, Liquor, Other Specialty Food, Poultry, Seafood 7-eleven, Bakers Delight, Costi Seafood, Dan Murphy, Deliworld, Healthy Life, Michel’s Patisserie, Rainbow Meats
	Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Optometrist, Pharmacy Chemist Warehouse, Just Cuts, Laser Clinics, Mecca, OPSM, Priceline, Sephora, Specsavers, Terry White
	General Retail Car Show Room, Discount Variety, Educational, Florist, Giftware, Pets, Toys, Miscellaneous Casey Toys, Daiso, Lincraft, T2, The Reject Shop, Tobacco Station, Toyota
	Homewares General Homewares Adairs, Babyco, Bed Bath & Table, Dusk, Robins Kitchen
	Jewellery Jewellery Angus & Coote, Michael Hill, Pandora, Prouds, Swarovski
	Leisure Athleisure, Books, Newsagents, Sports, Stationery Anaconda, Dymocks, InSport, Kathmandu, Lorna Jane, Nextra, Nike, Puma, QBD The Bookshop, Rebel, Smiggle, Typo
	Retail Services Key Cutting/Watch Repair & Shoe Repair, Other Retail Services Bay Audio, Dry Cleaners, Looksmart Alterations, Mister Minit
	Technology & Appliances Aggregators, Film Processing/Photography, Mobile & Accessories, Music/Video/Games, Pure Brands Apple, Camera House, EB Games, JB Hi-Fi, Optus, Samsung, Shaver Shop, Telstra
	Cinemas Cinemas Hoyts, Reading Cinemas
	Other Retail Automotive, Car Wash, Entertainment, Fitness, Lotto, Pad Sites/Bulky Goods, Travel Agent Anytime Fitness, Fitness First, Flight Centre, Holey Moley, Kmart Tyre and Auto, Lotto, Star Car Wash, Strike Bowling, Timezone
	Non-retail ATM, Banks/Insurance/Other Financial, Education, Medical, Petrol Station, Other Non Retail ANZ, Australia Post, BUPA, CBA, Currency Exchange, Medicare, Mortgage Choice, Westpac

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THE GPT GROUP | RETAIL PORTFOLIO
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112
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Highpoint Shopping Centre, VIC
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Development

Interim Result 2022

Development Overview

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Forecast Forecast Cost to Complete
Total Cost Target
Sector Ownership Interest ($m) GPT’s Share ($m) Fund’s Share ($m) Completion Date
Underway
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Stage 3, WembleyBusiness Park, Berrinba, QLD	Logistics	100% GPT	42	20		2H 2022
Stage 4/5, GatewayLogistics Hub, Truganina, VIC	Logistics	100% GPT	45	23		2H 2022
Keylink Estate Site 1, Keysborough, VIC(fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	92	25	25	2H 2022
Keylink Estate Site 2, Keysborough, VIC(fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	53	16	16	1H 2023
149 & 153 Coulson Street, Wacol, QLD	Logistics	50.1% GPT/49.9% QR1	38	14	14	1H 2023
Stage 2, Apex Business Park, Bundamba, QLD	Logistics	50.1% GPT/49.9% QR1	24	10	10	2H 2023
51 Flinders Lane, Melbourne, VIC	Offce	100% GWOF	484		384	2H 2025
Total Underway			778	108	449

Held in the GPT QuadReal Logistics Trust.

Stage 4/5, Gateway Logistics Hub, Truganina, VIC (Artist’s impression).

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THE GPT GROUP | DEVELOPMENT

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Development Overview

	Sector Ownership Interest	Forecast Total Cost ($m)	Forecast Cost to Complete
			GPT’s Share ($m) Fund’s Share ($m)
Future Pipeline
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek, NSW	Logistics 100% GPT	475	330
Yiribana Logistics Estate – West, Mamre Road, Kemps Creek, NSW2	Logistics 50.1% GPT/49.9% QR1	125	60 60
407 Pembroke Road, Minto, NSW	Logistics 50% GPT	18	12
Stage 6, GatewayLogistics Hub, Truganina, VIC	Logistics 100% GPT	53	38
865 BoundaryRoad, Truganina, VIC	Logistics 100% GPT	225	186
Austrak Business Park, Somerton, VIC	Logistics 50% GPT	81	59
EppingEstate, Epping,VIC2	Logistics 50.1% GPT/49.9% QR1	278	139 139
CrestLink Business Park, Crestmead, QLD2	Logistics 50.1% GPT/49.9% QR1	81	39 39
Stage 1, 3 & 4, Apex Business Park, Bundamba, QLD	Logistics 50.1% GPT/49.9% QR1	109	45 45
Cockle BayPark, Sydney, NSW	Offce 25% GPT/50% GWOF	1,524	496 991
81 George Street, Parramatta, NSW	Offce 100% GWOF	607	514
91 George Street, Parramatta, NSW	Offce 100% GWOF	832	737
Corner George & Bathurst, Sydney, NSW	Offce 100% GWOF	170	139
155 Walker St, North Sydney, NSW	Offce 100% GWOF	739	606
Skygarden, Brisbane, QLD	Offce 100% GWOF	447	409
300 Lonsdale, Melbourne, VIC	Offce 100% GPT Retail	207	207
		87	81
Rouse Hill Town Centre, NSW	Retail 100% GPT	170	166
Chirnside Park, VIC	Retail 100% GWSCF	108	— 108
Total Future		6,336	1,858 3,787
Total Underway and Future Pipeline		7,114	1,966 4,236

Held in the GPT QuadReal Logistics Trust.
Land secured on deferred settlement terms.

Funds Management

Interim Result 2022

GPT Funds Management Summary

GPT’s Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF). It 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. A strategic capital partnership was announced with QuadReal Property Group in 2021. The GPT QuadReal Logistics Trust (GQLT) has an objective to acquire and develop a high quality portfolio of Australian prime logistics assets. The initial targeted investment of $800 million was increased to $1 billion in August 2021 and to $2 billion in February 2022.

Highpoint Shopping Centre, VIC

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Fund Summary as at 30 June 2022	GWOF	GWSCF	GQLT1
Number of Assets	21	5	9
Total Assets	$10.1b	$3.5b	$1.0b
Net Gearing	18.8%	13.2%	N/A

Fund Details as at 30 June 2022

Fund Details as at 30 June 2022
GPT's Ownership Interest	21.8%	28.5%	50.1%
GPT's Investment	$1,705.5m	$817.5m	$147.3m
Established	July 2006	March 2007	November 2020
Weighted Average Capitalisation Rate	4.71%	4.94%	3.81%
Portfolio Occupancy	91.4%	99.5%	100.0%
GPT’s Share of Fund FFO	$37.7m	$23.5m	$1.1m
GPT Base Management Fee	$23.6m	$7.9m	$0.7m

Reflects committed capital including post balance date activity, acquisitions yet to settle and pipeline projects. Deployed capital at 30 June 2022 of $0.3b.

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GPT Funds Management Overview

Historical Growth in Funds under Management

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Change in Funds under Management for the 6 months
to 30 June 2022
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$14.6b
$14.0b
$12.6b $13.3b $12.9b $14.0b $0.3b $0.3b¹ $14.6b
$10.4b $0.0b
$9.6b
$7.1b
$6.6b
$5.6b
Dec Dec Dec Dec Dec Dec Dec Dec Dec Jun December 2021 GWOF & GWSCF GWOF & GWSCF GQLT June 2022
2011 2012 2013 2014 2016 2018 2019 2020 2021 2022 Acquisitions Developments
& Divestments & Asset Growth
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GWOF performance versus benchmark

GWSCF performance versus benchmark

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5
9.8 11.4 10.0 10.5 11.0 12.0 11.1 11.2
0 8.8 8.6 8.9 8.5
7.1
6.0 5.9
4.8
5 3.2 4.0
2.2
0.6
0
-2.7
-5 -4.0
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
[GWOF ] [MSCI/Mercer All Office Index] [GWSCF ] [MSCI/Mercer All Retail Index]
9.0
-0.6
Total return (%)
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Source: MSCI.

Reflects committed capital including post balance date activity, acquisitions yet to settle and pipeline projects. Deployed capital at 30 June 2022 of $0.3b.

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 2022, the Fund had a value of $10.1 billion.

	June 2022	June 2021
Number of Assets	211	192
Total Assets	$10.1b	$9.3b
Net Gearing	18.8%	16.5%

Fund Details as at 30 June 2022
GPT's Ownership Interest	21.8%
GPT's Ownership Interest	$1,705.5m
Established	July 2006
Weighted Average Capitalisation Rate	4.71%
Portfolio Occupancy	91.4%
GPT’s Share of Fund FFO	$37.7m
GPT Base Management Fee	$23.6m

GWOF Ownership Composition

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As at 30 June 2022
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Domestic Super Funds 44%
GPT 22%
Offshore Pension Funds 13%
Domestic – Other 10%
Sovereign Wealth Funds 10%
Offshore – Other 1%
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Includes 51 Flinders Lane, Melbourne which is currently a development site and 81 George Street, Parramatta, 91 George Street, Parramatta and 155 Walker Street, North Sydney which are being held as future development sites.
Includes 51 Flinders Lane, Melbourne which was configured as a carpark, and 91 George Street, Parramatta which was held as future development site.

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THE GPT GROUP | FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 30 June 2022 were $1,914 million resulting in net gearing of 18.8%.

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Queen & Collins, Melbourne
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GWOF Capital Management Summary as at 30 June 2022
Net Gearing	18.8%
Weighted Average Cost of Debt1	3.0%
Fees and Margins(included in above)1	1.8%
Weighted Average Debt Term2	7.0years
Interest cover ratio1	8.9x
Drawn Debt Hedging	39%
Weighted Average Hedge Term	2.1years

For the financial year.
Includes credit approved facilities and extensions.

Debt Maturity Profile

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As at 30 June 2022
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800
700
600
500
400
300
200
100
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes US Private Placement
$ millions
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Note: Assumes commercial paper is refinanced with committed bank facilities and includes credit approved facilities and extensions.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 5 high quality retail assets. At 30 June 2022, the Fund had a value of $3.5 billion.

	June 2022	June 2021
Number of Assets	5	7
Total Assets	$3.5b	$3.9b
Net Gearing	13.2%	26.3%

Fund Details as at 30 June 2022
GPT's Ownership Interest	28.5%
GPT's Ownership Interest	$817.5m
Established	March 2007
Weighted Average Capitalisation Rate	4.94%
Portfolio Occupancy	99.5%
GPT’s Share of Fund FFO	$23.5m
GPT Base Management Fee	$7.9m

GWSCF Ownership Composition

As at 30 June 2022

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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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THE GPT GROUP | FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2022 were $479 million resulting in net gearing of 13.2%.

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Northland Shopping Centre, VIC
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GWSCF Capital Management Summary as at 30 June 2022

GWSCF Capital Management Summary as at 30 June 2022
Net Gearing	13.2%
Weighted Average Cost of Debt1	2.3%
Fees and Margins (included in above)1	2.1%
Weighted Average Debt Term	5.2 years
Interest cover ratio1	7.8x
Drawn Debt Hedging	78%
Weighted Average Hedge Term	1.6 years

For the financial year.

Debt Maturity Profile

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As at 30 June 2022
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300
250
200
150
100
50
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes
$ millions
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Sustainability

Interim Result 2022

Demonstrated leadership in ESG

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55% reduction World-leading in energy intensity disclosures since 2005[2] Climate Risk Assessment Stretch and Disclosures[3] Reconciliation Action Plan Industry-leading $480,000 endorsed for a second Stretch RAP in 2022 ESG performance direct funding to Foundation and non-profit partners in 2021[[2]] 2nd globally

Maximum 5 Star status for GPT, GWOF and GWSCF

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Climate Positive & Industry-leading $480,000 Restoring Nature ESG performance direct funding to Certified carbon neutral Foundation and non-profit buildings on average remove a partners in 2021[[2]] further 11 kg CO2-e/m2 beyond Climate Active requirements 5.8 Star Employer of Industry-leading weighted average Energy Choice Certified ISO14001 Rating for Office portfolio[1] Fourth consecutive citation Environmental Management System

in real estate[4]

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Participant in United Nations Global Compact Early Adopter Program

5.8. Star weighted average NABERS Energy Rating (including GreenPower) for the Office portfolio, as at 30 June 2022.
As at 31 December 2021.
The Climate Disclosure Standards Board has recognised GPT’s Climate Disclosure Statements as world-leading.
S&P Global Corporate Sustainability Assessment was previously known as the DJSI Corporate Sustainability Assessment.

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2024
arbon Neutral
C
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Building Certifications – Office assets

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Climate Active NABERS Energy Rating NABERS Energy Rating
Carbon Neutral (including Green Power) (excluding Green Power) NABERS Water Rating NABERS Waste Rating
2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
GPT Portfolio
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Climate Active Carbon Neutral 2019 2020 2021 2022	NABERS Energy Rating (including Green Power)	NABERS Energy Rating (excluding Green Power)	NABERS Water Rating	NABERS Waste Rating
	2019 2020 2021 2022	2019 2020 2021 2022	2019 2020 2021 2022	2019 2020 2021 2022
GPT Portfolio

Australia Square, Sydney (Tower) – – – –	5.0 5.0 5.0 5.0	4.5 5.0 5.0 5.0	4.0 4.0 4.0 4.0	4.0 2.5 3.5 3.5
Australia Square, Sydney (Plaza) – – – –	5.5 5.5 5.5 6.0	5.5 5.5 5.5 5.5	4.0 4.0 4.5 5.0	4.0 2.5 3.5 3.5
2 Park Street, Sydney – – – –	5.0 5.0 5.5 5.5	4.5 5.0 5.5 5.5	4.0 4.0 4.5 4.5	3.0 3.5 3.5 3.5
Darling Park 1, Sydney – certifed certifed certifed	5.5 6.0 6.0 6.0	5.0 5.5 5.5 5.5	3.5 4.0 4.5 4.5	2.0 2.5 2.5 2.5
Darling Park 2, Sydney – certifed certifed certifed	6.0 6.0 6.0 6.0	5.5 5.5 5.5 5.5	4.0 4.5 4.5 4.5	2.5 3.0 3.5 3.5
60 Station Street, Parramatta – – certifed certifed	5.0 5.5 6.0 6.0	5.0 5.5 5.5 5.5	4.0 4.0 5.0 5.0	– – – –
32 Smith Street, Parramatta1 – NR NR	NR NR	NR NR	NR NR	NR NR
4 Murray Rose Avenue, Sydney Olympic Park1 – NR certifed certifed	NR 6.0 6.0	NR 5.5 5.5	NR 5.5 5.5	NR 1.5 1.5
62 Northbourne Avenue, Canberra2 – – –	4.5 4.5	4.5 4.5	– –	– –
Melbourne Central Tower, Melbourne – – – –	5.5 5.5 5.0 5.0	5.0 5.0 5.0 5.0	3.0 4.0 5.5 5.5	NR NR NR NR
181 William & 550 Bourke Streets, Melbourne – certifed certifed certifed	6.0/5.5 6.0/6.0 6.0 6.0	5.0/5.0 5.5/5.0 5.5 5.5	3.5 3.5 5.5 5.5	2.0 – 3.0 3.0
One One One Eagle Street, Brisbane – certifed certifed certifed	6.0 6.0 6.0 6.0	5.5 5.5 6.0 6.0	4.0 4.0 4.5 4.5	– 3.5 3.5 3.5

Tindo Solar Panels, The Gateway Logistics Hub, Truganina, VIC

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Climate Active Carbon Neutral 2019 2020 2021 2022	NABERS Energy Rating (including Green Power)	NABERS Energy Rating (excluding Green Power)	NABERS Water Rating	NABERS Waste Rating
	2019 2020 2021 2022	2019 2020 2021 2022	2019 2020 2021 2022	2019 2020 2021 2022
GWOF Portfolio

Liberty Place, 161 Castlereagh Street, Sydney – certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.0 5.0 5.0	4.0 4.5 5.0 5.0	3.0 3.0 3.5 3.5
Darling Park 1, Sydney – certifed certifed certifed	5.5 6.0 6.0 6.0	5.0 5.5 5.5 5.5	3.5 4.0 4.5 4.5	2.0 2.5 2.5 2.5
Darling Park 2, Sydney – certifed certifed certifed	6.0 6.0 6.0 6.0	5.5 5.5 5.5 5.5	4.0 4.5 4.5 4.5	2.5 3.0 3.5 3.5
Darling Park 3, Sydney – certifed certifed certifed	5.5 6.0 6.0 6.0	5.0 5.0 5.5 5.5	3.0 4.5 5.0 5.0	2.0 2.5 2.5 2.5
580 George Street, Sydney – certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.0 5.0 5.0	3.5 5.0 5.0 5.0	4.0 3.5 – 3.0
workplace6, Sydney certifed certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.5 5.5 5.5	4.5 5.0 5.0 5.0	4.0 3.5 – 3.0
155 Walker Street, North Sydney3 – – – –	– – – 3.0	– – – 3.0	– – – 3.5	– – – 1.0
2 Southbank Boulevard, Melbourne – certifed certifed certifed	5.5 6.0 6.0 6.0	4.5 5.0 5.0 5.0	3.5 4.0 5.0 5.0	– 3.0 3.0 3.0
8 Exhibition Street, Melbourne certifed certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.0 5.5 5.5	3.0 NR NR 4.5	– 3.0 2.5 2.5
Queen & Collins, Melbourne1 – NR NR NR	NR NR NR NR	NR NR NR NR	NR NR NR NR	NR NR NR NR
150 Collins Street, Melbourne – certifed certifed certifed	5.0 6.0 6.0 6.0	5.0 4.5 5.0 5.0	3.5 4.0 5.5 5.5	– 2.5 3.0 3.0
530 Collins Street, Melbourne – certifed certifed certifed	6.0 6.0 6.0 6.0	4.5 5.0 5.0 5.0	3.0 3.5 5.5 5.5	– 2.5 3.5 3.5
655 Collins Street, Melbourne – certifed certifed certifed	4.5 6.0 6.0 6.0	4.5 4.5 4.5 4.5	3.0 4.5 5.5 5.5	2.5 3.5 2.0 2.0
750 Collins Street, Melbourne4 – NR NR NR	6.0 NR NR NR	5.0 NR NR NR	5.0 NR NR NR	– NR NR NR
181 William & 550 Bourke Streets, Melbourne5 – certifed certifed certifed	6.0/5.5 6.0/6.0 6.0 6.0	5.0/5.0 5.5/5.0 5.5 5.5	3.5 3.5 5.5 5.5	2.0 – 3.0 3.0
800/808 Bourke Street, Melbourne6 – certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.0 5.5 5.5	3.5 4.0 6.0 6.0	NR NR NR NR
One One One Eagle Street, Brisbane – certifed certifed certifed	6.0 6.0 6.0 6.0	5.5 5.5 6.0 6.0	4.0 4.0 4.5 4.5	– 3.5 3.5 3.5
Riverside Centre, Brisbane – certifed certifed certifed	6.0 6.0 6.0 6.0	5.0 5.0 5.0 5.0	3.5 4.0 4.0 4.0	– 3.5 3.5 3.5

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. 2022 certifications as at 30 June, and as at 31 December for all previous years.

8 Exhibition Street not rated due to faulty water utility meter.
32 Smith Street and Queen & Collins are not rateable as they have recently completed construction. Both assets are operating on a carbon neutral basis using 100% renewable electricity and will be rated once eligible.
62 Northbourne Avenue rating is a NABERS Energy Whole Building Rating.
155 Walker Street rating is for 157 Walker Street, the existing building held for redevelopment.
750 Collins Street is not rated as the asset is managed by the tenant and ineligible for NABERS for Offices.
2021 NABERS Ratings are for 181 William Street. 550 Bourke Street was not rateable due to a major refurbishment.
800/808 Bourke Street waste management is conducted by the tenant and is excluded from Waste rating scope.

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Environmental performance data – Office assets

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GPT Portfolio
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Australia Square, Sydney	51,700	457	35	40
2 Park Street, Sydney	73,400	438	12	43
Darling Park 1 & 2, Sydney1	101,800	303	-16	49
60 Station Street, Parramatta	25,100	375	-2	15
32 Smith Street, Parramatta2	26,900	N/A	N/A	N/A
4 Murray Rose Avenue, Sydney Olympic Park	15,600	207	-2	16
62 Northbourne Avenue, Canberra2	10,200	N/A	N/A	N/A
Melbourne Central Tower, Melbourne3	65,800	177	20	23
181 William and 550 Bourke Streets, Melbourne	76,100	152	-5	37
One One One Eagle Street, Brisbane	63,700	474	-19	42

32 Smith, Parramatta

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GWOF Portfolio
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Liberty Place, 161 Castlereagh Street, Sydney	56,400	444	-4	50
Darling Park 1 & 2, Sydney1	101,800	303	-16	49
Darling Park 3, Sydney	29,800	246	-3	38
580 George Street, Sydney	37,100	349	-4	43
workplace6, Sydney	16,300	314	-1	42
155 Walker Street, North Sydney2	N/A	N/A	N/A	N/A
2 Southbank Boulevard, Melbourne	53,900	286	-5	39
8 Exhibition Street, Melbourne	44,500	255	-5	38
Queen & Collins, Melbourne2	33,600	N/A	N/A	N/A
150 Collins Street, Melbourne	19,100	284	-7	37
530 Collins Street, Melbourne	65,100	215	-4	46
655 Collins Street, Melbourne	16,600	183	-11	28
750 Collins Street, Melbourne4	41,400	N/A	N/A	N/A
800/808 Bourke Street, Melbourne	60,000	113	-5	32
181 William and 550 Bourke Streets, Melbourne	76,100	152	-5	37
One One One Eagle Street, Brisbane	63,700	474	-19	42
Riverside Centre, Brisbane	51,200	567	0	49
GPT Group Offce Portfolio Average		313	-1	44

Note: Sustainability data as at 31 December 2021 assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability.

Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.
32 Smith Street, 62 Northbourne Avenue, 155 Walker Street and Queen & Collins are not yet reported as they were acquired or completed construction within the period. 32 Smith Street and Queen & Collins are operating on a carbon neutral basis using 100% renewable electricity.
Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
750 Collins Street is currently under redevelopment and will be under tenant management once complete.

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Environmental performance data – Retail assets

		Water (Total)	Emissions	Waste %
	Area GLA	Litres/m2	kg CO2-e/m2	Recycled/Diverted
GPT Portfolio
Charlestown Square	91,100	512	53	39
Highpoint Shopping Centre	149,800	652	41	37
Melbourne Central1	56,200	984	91	23
Rouse Hill Town Centre	70,100	999	25	35
Sunshine Plaza	106,700	778	62	43
Westfeld Penrith	90,900	1,180	55	41
GWSCF Portfolio
Chirnside Park	38,800	829	19	18
Highpoint Shopping Centre	149,800	652	41	37
Macarthur Square	107,900	838	55	44
Northland Shopping Centre	96,900	700	56	37
Parkmore Shopping Centre	36,900	425	28	41
GPT Group Retail Portfolio Average		832	53	36

Melbourne Central retail centre waste recycling is a shared service with Melbourne Central Tower.
Wollongong Central is not reported as it was divested within the period.

AI assistant

GPT GROUP — Interim / Quarterly Report 2022

65009_rns_2022-08-14_1bfbfef7-0c9b-4330-8616-5d0a3661e5e7.pdf

2022 Interim Result Data Pack

INVESTORS AND MEDIA

2022 Interim Result

Financial summary

Investment portfolio

Executing on strategic priorities

Our priorities – Carbon neutral and nature positive

Financial summary

$ 529.7 m

$ 326.5 m

Segment result

Capital management

Hedging profile

Office overview

Increased leasing enquiry

Our leasing strategy

Our leasing results

Leasing volume expected to improve in 2H

Positioning for growth

Carbon neutral leadership

Office portfolio strategy and outlook

Continuing to prioritise Sustainability

Positioning for growth

Outlook

Logistics overview

Logistics portfolio of $4.6b, executing on growth strategy

Development

Funds Management

Fund-through Completions[1] $196m

Tailwinds driving occupier take-up

Trends impacting the Logistics market

Strong leasing and rent growth

Key Leasing YTD 2022

Driving sustainability outcomes

How we deliver

Future growth through build-out of $1.9b pipeline

Logistics portfolio strategy and outlook

Grow through development and funds management

Operational excellence supporting customer success

Outlook

Retail overview

UniSuper mandate

Leasing momentum continues

Centre sales growth

Sales growth by category

Melbourne Central delivering new retail experiences

Retail and mixed-use development focus

Rouse Hill Town Centre

Highpoint Shopping Centre

Retail portfolio strategy and outlook

Leadership in ESG

Growing Funds Management

Outlook

Outlook and 2022 Guidance

Outlook and 2022 Guidance

Outlook

Guidance

Disclaimer

Contents

GPT Overview

GPT Portfolio Metrics

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

Portfolio valuation metrics

Glossary

Financial Performance

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt Maturity Profile

Debt Maturity Profile

Liquidity Profile

Source of Drawn Debt

Sources of Drawn Debt

Office Portfolio Overview

GPT GROUP Interim / Quarterly Report 2022