GPT GROUP — Interim / Quarterly Report 2023

Aug 13, 2023

ASX Announcement

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14 August 2023

2023 Interim Result Presentation (with speaker notes)

The GPT Group (‘GPT’ or ‘Group’) provides its 2023 Interim Result Presentation (with speaker notes).

-ENDS-

Authorised for release by The GPT Group’s Managing Director and Chief Executive Officer, Bob Johnston.

For more information, please contact:

Investors

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

Media

Grant Taylor Group External Communications Manager +61 403 772 123

GPT Management Holdings Limited (ACN 113 510 188) and GPT RE Limited (ABN 27 107 426 504) as responsible entity of General Property Trust (ARSN 090 110357), together GPT.

Level 51, 25 Martin Place Sydney NSW 2000 gpt.com.au

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Experience First
2023 Interim Result
Market Briefing
GPT – 2023 INTERIM RESULT PRESENTATION 1
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Good morning everyone and welcome to GPT’s 2023 Interim Results briefing.

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Agenda
2023 Half year in review - Bob Johnston 4
Results and Capital management - Anastasia Clarke 7
Retail - Chris Barnett 12
Office - Martin Ritchie 20
Logistics - Chris Davis 29
Outlook and 2023 Guidance - Bob Johnston 37
GPT – 2023 INTERIM RESULT PRESENTATION 2
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Joining me for today’s presentation are:

• Anastasia Clarke, our Group CFO

• Chris Barnett, Head of Retail and Mixed Use

• Martin Ritchie, Head of Office; and

• Chris Davis, Head of Logistics

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GPT acknowledges the Traditional Custodians of Artwork: Aunty Denise
the lands on which our
business operates. We
pay our respects to
Elders past, present and
emerging; and to their
knowledge, leadership
and connections. We
honour our responsibility
for Country, culture and
community in the places
we create and how we
do business.
GPT – 2023 INTERIM RESULT PRESENTATION 3
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I would like to start by acknowledging the traditional custodians of the land on which our business, and our assets operate, and pay my respects to elders past, present and emerging. I extend that respect to Aboriginal and Torres Strait Islander peoples participating in this briefing.

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2023 Interim Result
Financial summary Investment portfolio
Portfolio Occupancy
97.9% (Incl. HoA)
16.53c 12.5c
Funds From Operations Distribution per security,
per security, down 3.0% down 1.6%
Weighted average
lease expiry
4.7yrs
$5.85 $32.2b
Net Tangible Assets per Assets under management
security, down 2.2%
Weighted average
5.11% capitalisation rate
GPT – 2023 INTERIM RESULT PRESENTATION 4
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I am pleased to report that we have delivered a solid result for the first half in what continues to be a challenging environment, with the RBA cash rate increasing 400 basis points since May last year impacting earnings and valuations.

FFO per security for the half was 16.53 cents per security, down 3.0%, and the Group has declared an interim distribution of 12.5 cents, which is down 1.6% on the prior period.

NTA and Total Return were impacted as a result of the valuation of the investment portfolio declining approximately 2%. The weighted average cap rate softened 25 basis points to 5.11% and the occupancy of the Group’s diversified portfolio was close to 98%.

Including the new mandates we secured last year, the Group has $19 billion of funds under management and $32.2 billion in assets under management providing diversification across the sectors and a valuable funds management earnings stream for the Group.

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Overview of operations $32.2b
Assets under management
• Strong performance in Retail portfolio − Occupancy 99.5%, with high sales productivity and sustainable occupancy cost GPT Portfolio [2]
− Melbourne Central occupancy 99.7% and sales up 26.5% on 1H 2022 Logistics
Office $4.6b
• Strong leasing outcomes in Logistics portfolio $5.8b
− Continued strength in tenant demand, limited uncommitted supply and low vacancy
− Development pipeline, with $2b estimated end value provides future opportunity $15.9b
• Office portfolio occupancy maintained at 88.5% [1] despite challenging leasing market
− Customers attracted to our portfolio of modern assets with high sustainability credentials
− Differentiated fitted and flexible workplace offerings remain a key attractor for customers Retail
$5.6b
• Balance sheet remains in good shape at 28.1% net gearing despite investment property
valuation declines
Funds under management
• First full period Funds Management contribution from the $2.8b UniSuper direct real estate mandate and $2.7b Australian Core Retail Trust Mandates
$5.5b
• Commitment to ESG leadership maintained, with Group on track for all owned and managed
Office and Retail assets to be certified operating carbon neutral by December 2024 $19.0b
Partnerships
$0.6b
1. Includes heads of agreement (HoA). Wholesale Funds
2. Includes co-investments in wholesale funds. $12.9b
GPT – 2023 INTERIM RESULT PRESENTATION 5
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Our Retail platform has continued to deliver strong results, with occupancy of 99.5%, positive leasing spreads being achieved, and sustainable occupancy costs. Melbourne Central has recovered with sales up 26% on first half of 2022. While sales growth has slowed as higher interest rates flow through to the consumer, unemployment remains low, population growth is rebounding and house prices have stabilised which should provide a level of support for retail sales.

Our Logistics portfolio is also delivering strong results. Ongoing tenant demand and low vacancy in each of the key markets is driving rents higher and we are capturing this through leasing spreads and through our development completions. During the period there were three development completions and we are targeting to complete a further two developments in the second half.

The office sector however remains challenging due to elevated levels of market vacancy, and the reduction in workspace requirements as a result of remote and hybrid working. During the period, 58,800sqm of leasing was achieved, and portfolio occupancy at June 30 was 88.5% in line with December last year. While we have some further lease expiry in the second half, we are currently targeting to achieve portfolio occupancy of approximately 90% by the end of the year. Clearly Office leasing remains a key focus for the Group.

In May, we commenced a marketing campaign for our 50% interest in Australia Square, however investor appetite remains cautious and the sale process remains ongoing at this point in time.

The Group’s balance sheet remains in good shape with gearing below the midpoint of our target gearing range. We are holding high levels of liquidity, and have

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modest debt maturities over the next two years.

We have also continued with our focus on ESG leadership. This continues to be important for investors in GPT, but also investors in our funds and mandates.

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Portfolio valuation metrics

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Investment property
valuation movements of
negative $341.3m [1] Office Retail Logistics
2023 Valuation
movement -$241.8m -$103.7m +$3.2m
(6 months to 30 Jun 2023)
-4.0% -1.8% +0.1%
Capitalisation Rate 5.24% 5.23% 4.78%
(+21 bps since Dec 2022) (+20 bps since Dec 2022) (+38 bps since Dec 2022)
Discount Rate 6.25% 6.52% 6.33%
(+19 bps since Dec 2022) (+21 bps since Dec 2022) (+58 bps since Dec 2022)
1. Includes +$1.0m of revaluations on other assets.
GPT – 2023 INTERIM RESULT PRESENTATION 6
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All our investment assets were independently re-valued as at June 30 and as mentioned earlier, this resulted in a decline in the portfolio valuation of approximately 2% or $341 million during the period. This was largely driven by the Office portfolio with a valuation decline of 4% with cap rates expanding 21 basis points to 5.24%.

Investment metrics for Retail softened a similar amount, however this was partially offset by increases in market rents leading to a valuation decline of 1.8%.

Investment metrics for Logistics saw the greatest movement during the period, with cap rates for our portfolio expanding 38 basis points to 4.78%. The strong growth in market rents has offset the softening of investment metrics, with the Logistics portfolio valuation effectively flat for the period.

As you know there has been limited transaction evidence in the first half for valuers to rely on, however with confidence emerging that the interest rate hiking cycle is now likely to be close to peak, I expect that we will see more transaction evidence emerge over the next 6-9 months.

In summary, it has been a solid half from each of the sectors offset by a material increase in finance costs reflecting the higher interest rate environment. I will now hand over to Anastasia to provide more detail on the financial results before we

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hear from each of the sector heads.

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Experience First
Results and Capital
GPT – 2023 INTERIM RESULT PRESENTATION management7
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Thank you Bob and good morning.

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Financial result
($m) June 2023 June 2022 Change
Net (loss)/profit after tax (1.1) 529.7
Valuation (decreases) / increases (341.3) 219.5 ($1.1m)
Treasury instruments marked to market and other items 23.5 (16.3) Net Loss After Tax
Funds from operations (FFO) 316.7 326.5 (3.0%)
FFO per security (cents) 16.53 17.04 (3.0%)
AFFO 265.8 270.6 (1.8%)
Free Cash Flow 249.7 243.3 2.6% $316.7m
Funds From Operations
Distribution per security (cents) 12.5 12.7 (1.6%)
Payout Ratio 95.9% 100.0%
GPT – 2023 INTERIM RESULT PRESENTATION 88
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Commencing with the financial result for the six months to 30 June.

Today we are reporting a slight statutory loss of $1.1 million. Funds From Operations of $316.7 million, and the positive $23.5 million mark to market of treasury instruments was offset by decreases in valuations of $341.3 million from Office and Retail.

FFO per security declined 3% on the comparative first half, which I will provide more detail on in a moment.

Free cash flow grew 2.6%, driven by favourable working capital movements and lower Office lease incentives due to less office lease commencements in the half.

The distribution per security of 12.5 cents represents a 95.9% payout of free cash flow and a comparative reduction in distribution of 1.6%.

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Segment result
($m) 1H2023 1H2022 Change Comments
Retail 158.8 145.0 9.5% Rent reviews and higher turnover rent (+$15.5m), debtor collections (+$4.1m) and asset divestments (-$5.8m)
Office 143.7 148.9 (3.5%) Lower average occupancy offset by rent reviews (-$0.3m), and lower GWOF
FFO due to higher interest costs (-$4.9m)
Logistics 97.6 91.2 7.0% Rent reviews and positive leasing spreads (+$3.2m), development completions (+$5.3m) and asset divestments (-$2.1m)
Funds Management 34.3 27.5 24.7% Management fees from new mandates
Finance costs (82.5) (54.1) 52.5% Increased average cost of debt to 4.1%
Corporate and tax (35.2) (32.0) 10.0% Higher income tax (-$2.7m) and corporate costs (-$0.5m)
FFO 316.7 326.5 (3.0%)
Maintenance capex (15.8) (14.8) 6.8%
Lease incentives (35.1) (41.1) (14.6%) Primarily driven by lower Office lease commencements
AFFO 265.8 270.6 (1.8%)
GPT – 2023 INTERIM RESULT PRESENTATION 9
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Turning to each portfolio’s performance in the segment result.

Retail segment income grew 9.5% to deliver $158.8 million in FFO. Strong growth in retail earnings was driven by underlying rent increases, high growth in retail sales delivering turnover rent and the collection of previously provisioned aged debtors.

The Office segment income declined 3.5% to $143.7 million of FFO as a result of lower average occupancy and lower income from the Wholesale Office Fund due to higher interest costs.

Logistics income grew 7%, contributing $97.6 million to FFO, with growth driven from base rent increases, positive leasing spreads and the contribution from developments fully leased on completion.

Funds Management profit grew 24.7% to $34.3 million as a result of the contribution from new mandates.

Finance costs increased materially to $82.5 million, up from $54.1 million, due to a higher cost of debt of 4.1% compared to the comparative half of 2.5%. I will speak further about the Group’s hedging and cost of debt shortly.

Tax expense increased by $2.7 million in line with the increased fee income from the new mandates.

Lease incentives declined due to a lower level of new office lease commencements during the half.

Overall the Group has delivered AFFO of $265.8 million.

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Interest rate hedge profile 2023-2026
Hedge Profile
98%
72%
89%
hedged over the next 3.5 years
at an average fixed rate of 3.5%
58%
~4.7% 44%
3.4% 3.3% 3.6% 3.6%
Full year 2023 forecast
all-in-cost of debt
2H 23 2024 2025 2026
% Hedged% Drawn debt hedged Hedge rate
GPT – 2023 INTERIM RESULT PRESENTATION 10
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Now turning to the Group’s hedge position and projected cost of debt.

Our floating interest rate exposure has reduced during the half, with the Group lengthening hedge duration and increasing the level of interest rate protection. This has resulted in the next 18 months being approximately 90% hedged and our average fixed rate over the next 3.5 years is 3.5%.

Combining base rates with margin and fees, which have remained stable, our forecast all-in cost of debt increases from 4.1% in the first half to 5.2% in the second half, resulting in an estimated full year cost of debt of 4.7%.

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Capital management
Key Statistics Jun 2023 Dec 2022 Comments
Net Tangible Assets per security $5.85 $5.98 Driven by a valuation decrease of $341.3m
Net gearing 28.1% 28.5% Within stated range of 25%-35% and material headroom to 50% covenant
Liquidity $1.5b $1.1b Funds capital commitments and debt maturities through to mid-2026
Weighted average cost of debt 4.1% 3.2% Increased cost of debt due to RBA rate rises of 400bps in 2022/23
Weighted average term to maturity 6.1 years 6.2 years Long debt maturity maintained
Interest cover ratio 4.6x 5.5x 2.6x headroom to covenant of 2.0x
Credit ratings (S&P/Moody’s) A(neg)/A2(stable) A(neg)/A2(stable) Credit ratings within the target "A" range
Debt maturity profile
700 As at 30 June 2023
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
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
GPT – 2023 INTERIM RESULT PRESENTATION 11
$m
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Turning to Capital Management on Slide 11.

NTA has decreased to $5.85 per security due to Office and Retail portfolio valuation decreases at 30 June.

Net gearing is stable at 28.1%, remaining in the lower half of our management target range of 25-35%.

The Group further increased available liquidity to $1.5 billion, which funds the Group’s debt refinancing and capital commitments through to mid-2026, and we maintain a long average loan duration of 6.1 years.

We are mindful of the risk of further asset valuation decreases, informing our ongoing disciplined approach to capital management, noting that the Group has limited capital commitments.

In summary the Group is positioned well, our credit ratings remain within our target A space range, and we maintain a strong balance sheet heading into the second half.

I will now pass to Chris Barnett for an update on our Retail portfolio.

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Experience First
Retail
GPT – 2023 INTERIM RESULT PRESENTATION 12
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Thank you Anastasia and good morning everyone.

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Retail overview
$171.5m 6.4% 99.5%
Segment contribution, up 13.7% Comparable Portfolio occupancy
income growth
5.23% $12.9b $12,716psm 11.8%
Weighted average capitalisation Assets under management, Specialty sales productivity Total Centre sales growth
rate, up 20bps on Dec 2022 down 0.8% on Dec 2022
GPT – 2023 INTERIM RESULT PRESENTATION 13
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I’d now like to take you through the results of our Retail business which has continued to perform strongly off the back of our exceptional year last year.

Our financial results for the half have delivered comparable income growth of 6.4% over the prior period predominantly as a result of rental growth, strong sales driving higher turnover rent and our continued success in debtor collections.

Our leasing team continues to perform strongly, following the momentum from last year with our portfolio occupancy now at 99.5%.

Our Total Centre sales grew 11.8% to 30 June and are now almost 17% up on prepandemic.

This growth in sales has also driven Specialty productivity to over $12,700 psm and delivered a portfolio specialty occupancy cost of 15.7%.

Off the back of the recent trading environment, our retail partners are in great shape with retailer sentiment and outlook remaining positive.

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Retailer performance
Retailer profit margins since 2017
Retail sales moderating following 3 years
of above average growth 7% 6Y avg EBIT
• FY2022 growth up 11.4% on 2021 and 1H 2023 up 5.5% on 2022 6% margin (5.7%)
– Sales growth has been supported by a tight 5%
labour market, high household savings levels 4%
and population growth 3%
Performance 2%
• ASX-listed retailers (~43% of Australian retail sales) 1%
achieved FY2021 and FY2022 performance above trend 0%
• FY2023 also expected to be above trend, despite softening FY17 FY18 FY19 FY20 FY21 FY22 FY23e
in the second half in line with market conditions Source: Company reports, Forecast - MST Marquee and Visible Alpha June 2023
Stores recapturing sales share
• Online share has fallen 2.0% over the last 12 months Total Value Australian Retail sales ($b)
• Over 90% of retail sales are attached to physical stores, $500
through in-store purchase or online fulfilment $400
(Source: GPT Research & Urbis)
$300
$200
$100
$0
FY17 FY18 FY19 FY20 FY21 FY22 FY23
Source: ABS Retail Trade June 2023
GPT – 2023 INTERIM RESULT PRESENTATION 14
EBIT margin
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Now turning to slide 14, where the retail market in Australia continues to grow strongly during the first half of 2023.

This growth in sales results in the size of the market being over 20% larger than pre-pandemic and is strongly supported by low levels of unemployment, high household savings and population growth.

Retail price inflation has had a positive impact on retail sales and as retailers have been able to pass increased operating costs on to consumers their profitability has outperformed over the past three years.

2023 has also seen physical stores continue to recapture market share from online, with over 90% of all retail spending in Australia now involving a physical retail shop.

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Leasing demand and occupancy resilient

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• Strong occupancy with high levels of deal activity and tenant retention
• Positive leasing spreads achieved across renewals and new leases
• Specialty occupancy cost of 15.7%
• Average lease terms of 5.2 years all with fixed base rents and annual increases
• 46 new brands added to the portfolio
6 months 12 months
to to
June 2023 Dec 2022
Portfolio occupancy at period end 99.5% 99.4%
Total Specialty leasing metrics:
Deals completed 343 581
Retention rate 71% 73%
Average annual fixed increase 4.8% 4.4%
Average lease term 5.2 years 4.7 years
Leasing spreads 3.4% (2.8%)
Holdovers as % of base rent at period end 5.8% 2.7%
Rouse Hill Town Centre, NSW
GPT – 2023 INTERIM RESULT PRESENTATION 15
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Now turning to slide 15, and continuing off the success of last year, our leasing teams have been able to maintain their momentum to improve all of our key leasing metrics for the half.

The growth in Total Specialty sales has delivered a historically low occupancy cost resulting in strong retailer demand and high centre occupancy.

The combination of the above has enabled our leasing spreads to achieve a positive 3.4% for the 343 deals concluded to June.

And for the deals completed during the half, all were structured with fixed base rents and annual increases averaging 4.8% and our leasing terms have now extended to over 5 years.

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Centre sales performance
• Total Centre sales continued above average growth of 11.8% on 1H 2022
• Total Centre sales up 16.9% on pre-pandemic 1H 2019
• Sales growth has eased in Q2 2023 to long term trend
Sales half year growth by category 2023 vs 2022 Sales half year growth 2023 vs 2022
16.5%
15.4%
84.9%
27.5%
11.8%
20.9% 10.1%
17.1% 17.1% 7.8%
11.8% 13.1% 10.1% 13.9% 5.5%
7.1% 6.3% 4.5%
1.9% 1.2%
-1.7% 1Q 2Q 1H23 vs 1H22
-5.2% -5.4% Total Centre Total Specialty
GPT – 2023 INTERIM RESULT PRESENTATION 16
Total Centre DS DDS Supermarket Cinemas Other Retail Total Specialty Retail Services Dining Health & Beauty General Retail Food Retail Leisure Technology Fashion Jewellery Homewares
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Turning to Retail sales on slide 16, where our centres continue to perform strongly growing at 11.8% and our Total Specialties were up 10.1% for the half.

Our Major Retailers have all continued to grow when compared to the very productive first half of ‘22. Supermarkets have grown 13.1% for the half which is 20% higher than 2021.

Similarly our Total Specialties have also grown by more than 10% resulting in a 20% increase from ’21.

The graph on the left of the slide highlights that the majority of our specialty categories are showing strong growth with Dining, Health, Beauty and fresh food leading the way.

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Leading assets in
strong growth
markets
Melbourne Central Highpoint Shopping Centre
• Total Centre MAT $578.5m exceeding • Top 3 retail asset in Australia with
pre-pandemic levels with growth of Total Centre MAT of $1.2b and
26.5% on 1H 2022 growth of 11.4% on 1H 2022
• Total Specialty sales $15,200 psm • Specialty sales >$13,000 psm
• Strong leasing demand improving • Positive leasing spreads +6.3% on
occupancy to 99.7% (Dec 22: 98.0%) deals concluded
• Leasing spread on renewal +7.2% • Continued accretive investment
• New brand openings include focused on entertainment,
experiential and first to market
National Geographic, Bath & Body brands such as Foodle and
Works, Koko Black, Chemist
SuperPark
Warehouse, LSKD, Nude Lucy,
Stylerunner
GPT – 2023 INTERIM RESULT PRESENTATION 17
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Now turning to slide 17 where I wanted to provide an update on Melbourne Central which continues its remarkable recovery.

The Total Centre MAT is now exceeding pre-pandemic levels and our Total Specialty productivity has improved to $15,200 psm.

Strong leasing demand has driven occupancy to 99.7% as the asset continues to attract first to market retailers. And it’s this demand that has allowed the centre to achieve positive leasing spreads of 7.2% on average for tenants that have renewed throughout the year.

Our outlook for the centre remains extremely positive which will only benefit further from the expected increase in inbound tourism.

Highpoint has also continued to go from strength to strength with MAT now exceeding $1.2 billion. The centre is benefitting from the successful introduction of Coles and Foodle, with the recent opening of the first to market full-line Asian Supermarket which is owned and operated by renowned Melbourne restaurateur David Loh.

The centre is effectively fully leased and off the back of our Specialty sales productivity at around $13,000 psm we have achieved positive leasing spreads of 6.3% on deals concluded for the half.

Highpoint continues to outperform and the asset is well positioned for future growth.

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GPT Retail platform
GPT is a leading retail property and asset 4,000+ 1.3m sqm $9.2b
management platform Retail tenants GLA Total MAT
in Australia
16 +225 188m
Assets owned Retail Property Customer Visits
and/or managed Professionals
Pacific Fair Shopping Centre, QLD
New South Wales Victoria
Charlestown Square Chirnside Park
Dapto Mall Highpoint Shopping Centre
2 Brisbane Macarthur Square (50%)Macquarie Centre (50%) Malvern CentralMelbourne Central
Marrickville Metro Northland Shopping Centre (50%)
1 7 Rouse Hill Town CentreWestfield Penrith (50%) Parkmore Shopping Centre
Perth 6 Sydney
Melbourne Western Australia Queensland
KarrinyupShopping Centre Pacific Fair Shopping Centre
Karrinyup Shopping Centre, WA Sunshine Plaza (50%)
GPT – 2023 INTERIM RESULT PRESENTATION 18
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With the complementary introduction of the UniSuper and ACRT mandates, GPT has established an enviable portfolio of quality retail assets.

Our Retail platform of 16 centres includes over 4,000 retailers generating sales in excess of $9 billion per year.

The scale of our Retail platform gives us access to around 190 million customer visits a year, who provide us with rich data and insights which informs us to continuingly improve their experiences within our assets.

The quality of our portfolio allows our leasing teams to enhance relationships across all sectors of the retail market, from the highly productive luxury houses through to the daily needs and services which anchor our successful fresh food precincts.

Our focus on the customer remains our highest priority as we curate our assets to drive retailer sales productivity.

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Retail outlook

• Our outlook for 2023 remains positive

• Retailers have experienced high levels of profitability and low occupancy costs

• • Continue leasing strategies to drive sales productivity and position our assets to attract first to market retailers

• • Excess in household savings and population growth to provide ongoing support to future consumption rates, however we anticipate retailers' sales will soften in 2H 2023

• • The Group will continue exploring retail development opportunities, subject to favorable market conditions Highpoint Shopping Centre, VIC

• GPT – 2023 INTERIM RESULT PRESENTATION 19

Finally on slide 19.

Our outlook for the second half of 2023 remains positive.

Retail sales growth has been exceptionally strong over the past 18 months but we do expect that sales growth will moderate in the second half of the year.

Our Retailers are in good shape heading into a period of slower retail growth having experienced high levels of profitability over the past three years coupled with low occupancy costs.

Our customers are enjoying high levels of employment and whilst household savings ratios have returned to pre-pandemic levels, Australian households have built up over $250 billion in excess savings when compared to 2019.

Our Retailers remain optimistic which continues to drive leasing demand ensuring that our assets are in great shape and coupled with our quality portfolio and operating platform we are well positioned for future growth.

I will now hand you to Martin for the Office sector update.

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Experience First
Office
GPT – 2023 INTERIM RESULT PRESENTATION 20
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Thank you Chris and good morning everyone.

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Office overview
$163.9m -3.4% 88.5%
Segment contribution, down 3.4% Comparable income growth Portfolio occupancy (incl. HoA)
5.24% 4.8 $14.4b
yrs
Weighted average capitalisation Weighted average lease expiry Assets under management,
rate, up 21 bps on Dec 2022 down 2.2% on Dec 2022
GPT – 2023 INTERIM RESULT PRESENTATION 21
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I would now like to take you through the results of the Office business.

The portfolio has delivered $163.9 million of income in the first half, which is a solid result in the challenging market conditions.

The team is very focussed on leasing, and despite lease expiry of approximately 4% this year to June 30, our portfolio has demonstrated its resilience by maintaining stable occupancy of 88.5% and WALE of 4.8 years.

Office assets under management sits at $14.4 billion.

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Highly competitive
office leasing market
• Vacancy remains elevated across major CBD markets
• Preference for prime over secondary assets is evident, with high quality,
amenity rich workplaces sought after to attract and retain talent
• Strong demand continues for space under 1,000sqm, with increasing activity
from medium sized occupiers
• Notwithstanding the challenging market, face rents are increasing and
incentives remain high
Office CBD market metrics Sydney Melbourne Brisbane
Total Vacancy 14.4% 16.2% 12.6%
Prime Net Absorption (12 mths, sqm) -11,495 42,715 58,407
Secondary Net Absorption (12 mths, sqm) -40,401 -34,158 1,937
Prime Net Face Rental Growth (12 mths) 7.99% 2.72% 6.75%
Prime Incentive (year on year change) Gross: 34.5%(+25 bps) (+149 bps) Net: 40.1% Gross: 42.5% (-51 bps)
Source: JLL Q2 2023 2 Park Street, Sydney
GPT – 2023 INTERIM RESULT PRESENTATION 22
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Vacancy remains elevated across our core markets and demand is low, with negative net absorption in Sydney but positive net absorption in Melbourne and Brisbane.

Customers have numerous options and can command substantial incentives, making it a highly competitive leasing market.

Our leasing strategy is designed to differentiate our assets from the competition. It assists us greatly that our portfolio is entirely prime grade as we are clearly seeing that customers prefer high quality space with great amenity to attract employees.

Small occupiers under 1,000sqm continue to be the most active and we are seeing increased activity from medium size occupiers in the 2,000sqm – 4,000sqm range.

In respect of commercial terms, we see face rents increasing whilst incentives are expected to remain elevated.

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Positive leasing result Leasing activity breakdown
77%
58%
Currently targeting 20
portfolio occupancy 42%
(including HoA) of ~90%
by December 2023
66 23%
sqm Greater than 1,000sqm Greater than 1,000sqm GPT DesignSuites
58,800 leased 4.9 years Less than 1,000sqm Less than 1,000sqm Balance
Across 86 deals (incl. HoA) Average lease term by NLA by number of deals by NLA
GPT and GWOF NLA
Upcoming lease expiry by income
12%
6% up 36%
Gross face leasing spread Average gross incentive level 7%
3%
2H 2023 2024 2025
Sydney CBD Sydney Metro & Parramatta Melbourne Brisbane
GPT – 2023 INTERIM RESULT PRESENTATION 23
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Leasing is the key focus for the team. We have achieved 58,800sqm across 86 transactions, for an average lease term of 4.9 years. This is a positive result for the first half.

Larger customers accounted for nearly 60%, and the balance was smaller customers under 1,000sqm.

Our fully fitted workplace offering, GPT DesignSuites, made up almost a quarter of the leased space.

Expiry for the second half of the year is 3%, and we are targeting occupancy of 90% by year end.

I will now take you through the 4 aspects of our strategy to lease vacant and expiring space.

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Fitted out space continues to drive leasing activity

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GPT DesignSuites provide
high quality, fully fitted
and technology enabled
workplaces for customers ~9%
to move straight into
Face rent premium
Compared to June 2023
independent valuation market
rents for vacant whole floors
Melbourne Central Tower, Melbourne 60 Station St, Parramatta
48,800sqm 13 assets
Total suites Number of
delivered since assets with GPT
Jan 2022 DesignSuites
2023 2023 PROJECT 4.3 months 4.3 years
FINALIST FOR 3 AWARDS INNOVATION FINALIST 181 William St, Melbourne 550 Bourke St, Melbourne Average time to lease post PC Average lease term achieved
GPT – 2023 INTERIM RESULT PRESENTATION 24
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The first aspect of our leasing strategy is providing fitted out space.

GPT’s DesignSuites are fully fitted to a very high standard and include all the technology required for our customers to connect and start working immediately.

The design is adaptable and can be modified to serve different users over time.

Our customers tell us these suites are enticing their people back to the workplace as they provide an exceptional experience and foster collaboration.

GPT’s DesignSuites have been listed as award finalists for innovation by the Property Council of Australia and The Urban Developer.

The suites provide the portfolio with greater diversity as we increase our exposure to sub-1,000sqm customers which make up approximately 40% of the market.

They have been successful. Since January 2022, a total of nearly 50,000sqm of GPT DesignSuites have been delivered.

Those leased to date were leased on average within 4.3 months of Practical Completion, achieving an average lease term of 4.3 years and higher rents compared to an unfitted whole floor rates.

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Flexible space enhances asset appeal
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Through GPT Space&Co.
we provide our customers a
‘core & flex’ workplace solution
Established in
2014 ~14,000 [sqm]
meeting
8 assets 98 rooms
530 Collins St, Melbourne 580 George St, Sydney
months
1,943desks 25 average tenure
In the pipeline
3 [assets] ~5,000 [sqm]
Melbourne Central Tower, Melbourne 8 Exhibition St, Melbourne
GPT – 2023 INTERIM RESULT PRESENTATION 25
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Providing flexible space is the second aspect of our leasing strategy.

GPT Space&Co. is regarded as a key attractor for customers to come to our buildings. It supports our customers’ increasing desire for flexibility, offering a ‘core & flex’ workplace solution.

Customers get access to ‘plug & play’ workstations, small offices and meeting room facilities across all GPT Space&Co. venues in Australia.

This facility means that customers can take up extra areas as and when they need them, and only for as long as they need them.

There are 8 venues in the portfolio occupying 14,000sqm, with 3 more under development.

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Sustainability in action:
High sustainability
GPT DesignSuites
credentials are
a necessity Upfront
embodied
Leadership in ESG is core to GPT's strategy carbon neutral
Target certification using Green Star
100% Upfront and Climate Active
carbon neutral embodied
Portfolio operating carbon neutral [1] carbon neutral >75% 20%
Target for all new Office
developments of furniture verified of materials
by Environmental sourced from
Product existing fitouts
5.1 Star 4.8 Star Declarations
NABERS Energy portfolio rating NABERS Waterportfolio rating 50% 6 Star
of furniture
58% 75% 39% procured through Spatial Hub – Targeting 6 Star Green Star -
a First Nations Interiors rating
Energy intensity Water intensity Closed loop waste owned business,
reduction on our reduction on our recovery in 2022 certified by Supply
2005 baseline 2005 baseline Nation
1 GPT and GWOF operational office assets. Excludes assets under or held for
development or under the operational control of the tenant. GPT DesignSuites, 550 Bourke Street, Melbourne
GPT – 2023 INTERIM RESULT PRESENTATION 26
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The third key aspect of our leasing strategy is maintaining high sustainability credentials.

Almost all customers specify high ESG credentials in their workplace accommodation briefs. Therefore, it’s an advantage for GPT to be a leader in this area.

For example, the GWOF operating portfolio has been certified as carbon neutral since 2020, and all GPT Office assets are now operating carbon neutral with Climate Active Certification for the last few assets by the end of 2023.

As you can see from the slide, the reductions in energy, waste and water are significant and also generate operational cost efficiency.

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Demand strongest for high quality new space
Melbourne
Central Tower
Refurbishment
78% of portfolio constructed or refurbished since 2012
Prime portfolio Amenity rich ~6 minutes 71 Net Promoter 4 Murray Rose New construction 8 Exhibition St Refurbishment 530 Collins St Refurbishment
in key eastern F&B, concierge, Average asset Score
seaboard markets end of trip, wellness walking distance to train station High customer satisfaction Riverside Centre Refurbishment 2 Southbank Blvd Refurbishment 750 Collins St Refurbishment Queen & Collins Refurbishment 181 William St Refurbishment
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
60 Station St New construction Liberty Place New construction 150 Collins St New construction 580 George St Refurbishment Darling Park 3 Refurbishment Darling Park 2 Refurbishment 550 Bourke St Refurbishment New construction 32 Smith St Darling Park 1 Refurbishment
One argon One
New construction Eagle St
GPT – 2023 INTERIM RESULT PRESENTATION 27
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The fourth key attribute is the high quality and amenity of our buildings.

They are all prime grade and significant investment has been made over the last few years.

78% of the portfolio has been constructed or refurbished since 2012.

The portfolio aesthetic and amenity meets the very high standard demanded from our customers.

Premium amenity is provided to our customers through hotel-like concierge services, food & beverage offerings, exceptional end of trip facilities, appealing third spaces, wellness and community events.

Our high net promoter score of 71 reflects our customer’s satisfaction with GPT’s offering.

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Office portfolio outlook
Portfolio well positioned for
successful 2H 2023 leasing
• Market vacancy is expected
to remain elevated however quality
assets with appealing amenity will
continue to be in demand
• Significant investment made
in the assets and workplace products,
with ~18,000sqm of GPT DesignSuites
expected to lease in 2H 2023
• Development approvals being
progressed for next cycle
• We expect the leasing market to
remain competitive, and we are
currently targeting occupancy
(including HoA) of ~90% by the
end of the year
181 William Street, Melbourne
GPT – 2023 INTERIM RESULT PRESENTATION 28
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Finally on slide 28, our outlook for the market is that high vacancy and low levels of demand will persist. We expect customers to remain cautious about making longer term workplace commitments in this environment however the office will continue to play a vital role in building company culture and attracting and retaining talent.

We expect leasing to remain very competitive for some time, and our portfolio will continue to appeal to existing and new customers as our assets have been recently refurbished with excellent amenity.

Notably we have approximately 18,000sqm of GPT DesignSuites well progressed which will help drive second half leasing.

I am confident that the four aspects of our experience-led workplace strategy means our portfolio is positioned well for a successful second half of leasing, and continue to target 90% occupancy by the end of the year.

I’ll now handover to Chris to provide the Logistics Portfolio update.

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Experience First
GPT – 2023 INTERIM RESULT PRESENTATION 29
Logistics
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Thank you Martin and good morning.

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Logistics overview
$99.0m 5.1% 99.8%
Segment contribution, up 7.4% Comparable income growth Portfolio occupancy
(Incl. HoA)
4.78% 5.7 $4.9b
yrs
Weighted average capitalisation Weighted average Assets under management,
rate, up 38bps on Dec 2022 lease expiry up 4% on Dec 2022
GPT – 2023 INTERIM RESULT PRESENTATION 30
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The Logistics portfolio has performed strongly in the first half, achieving a segment contribution of $99 million, up 7.4% as a result of underlying income growth, together with development completions.

Comparable income growth was 5.1%, driven by releasing spreads, structured rent increases and high portfolio occupancy of 99.8%.

Assets under management has increased to $4.9 billion, as we grow our partnership with QuadReal and deliver enhanced returns through development.

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Eastern seaboard occupier demand outpacing supply

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• Historic low market vacancy with occupiers unable to access space in current
market, resulting in sustained rental growth of ~8% in 6 months [1]
• Supply / demand dynamics to result in continued low vacancy
• Market leasing enquiry currently ~2.7 million sqm
Industrial & Logistics Market Sydney Melbourne Brisbane
Vacancy [2] 0.2% 1.1% 0.6%
Prime net face rental growth (6 months) [1] +9% +8% +5%
Under construction supply due to complete in next 12 months and precommitment level [2] 1.4m sqm47% 1.2m sqm 76% 0.4m sqm 68%
1. JLL Research, 2Q 2023.
2. CBRE Research, 1H 2023. 42 Cox Place, Glendenning, NSW
GPT – 2023 INTERIM RESULT PRESENTATION 31
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Turning to slide 31, occupier demand continues to outpace supply, with market rents growing by a further 8% in the first half. This is seen most acutely in Sydney with vacancy of just 0.2%.

The low vacancy environment and limited uncommitted supply underway means many occupiers are not able to satisfy facility requirements in the immediate term.

There is currently 2.7 million sqm of live market enquiry, and when comparing this to the uncommitted supply, we expect to see vacancy remain low over the next 12 months.

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Strong leasing outcomes achieved
• High portfolio occupancy [1] of 99.8% and WALE of 5.7 years +40%
• Total leasing [1] of 109,100sqm including 31,700sqm in developments Portfolio
leasing spread
Key Operational
Leasing
Seven Hills, NSW [1] Berrinba, QLD Altona North, VIC [1]
Re-leased facility at market rents Expanded DHL in Wembley estate by ~50% HoA to renew a major tenant
Development
Leasing
Wacol, QLD Keysborough, VIC 1. Including HoA.
Leased 17,600sqm to Mainfreight Leased to trade and transport users
GPT – 2023 INTERIM RESULT PRESENTATION 32
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Now turning to leasing, where we’ve completed 109,000sqm of deals in the first half. Leasing outcomes are helping drive income growth with our portfolio achieving a positive leasing spread of 40% on expiries and renewals.

Our developments have contributed strongly to portfolio performance, achieving rents well in excess of feasibility commerce and the projects completed in the half are all fully leased.

Transport operators and 3PLs are the most active sector in the market, representing around 40% of take-up. We have secured deals with a number of these groups, including leases to existing customers Australia Post, DHL and Mainfreight.

This leasing activity continues to enhance the quality and diversity of our customer base, with over 70% of income generated from ASX listed or multinational companies.

32

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Rental upside GPT lease expiry profile by income
18%
through re-leasing
12%
• Portfolio under-rented compared to market with ~50% expiring to December 2027 10%
• Market rents have increased significantly in past 18 months, expect to see average 8%
rental spreads >15% for expiries over the next 3 years
1%
2H 2023 2024 2025 2026 2027
Market rental growth [1]
Sydney - Outer Central West Melbourne - West
$198/sqm
$150/sqm
$130/sqm
$83/sqm $125/sqm
$100/sqm
25 Niton Drive, Truganina, VIC 1. JLL Research (prime grade, existing).
GPT – 2023 INTERIM RESULT PRESENTATION 33
Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
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Turning to slide 33

We have the opportunity to achieve further rental upside, with nearly half of the portfolio expiring over the next four years.

The logistics markets have seen sustained rent growth over the past 12 months, on top of the increases experienced in previous periods.

We estimate that for upcoming expires we are on average at least 15% under rented compared to market. We are well positioned to capture higher rents through the quality of our portfolio and execution of leasing and retention strategies.

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• Three completions in 1H 2023 of ~$170m AUM and two projects completing in 2H 2023 of ~$110m AUM, delivering
Development a forecast yield on cost of 6.4% [1 ]
• Future pipeline has an estimated end value on completion of ~$2b AUM (50% Sydney, 39% Melbourne, 11%
completions Brisbane)
• $2b target GPT QuadReal Logistics Trust (GQLT) now $600m AUM
Completions 1H 2023
24A & 24B Niton Drive, Truganina, VIC Keylink Estate – North, Keysborough, VIC [2] 149 & 153 Coulson Street, Wacol, QLD [2]
Expected Completions 2H 2023
Artist’s impression
Artist’s impression
22 Hume Drive, Apex Business Park , Bundamba, QLD [2,3] 30 Niton Drive, Gateway Logistics Hub, Truganina, VIC
1. Forecast Yield on Cost excludes project completed on a fund through basis at Keylink Estate North, Keysborough.
2. Held in GQLT (GPT 50.1%).
3. Reached completion in August 2023.
GPT – 2023 INTERIM RESULT PRESENTATION 34
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Now on slide 34

We are seeing strong demand for new facilities in the best locations, as our customers invest to make their supply chains more efficient.

Across our partnership with QuadReal and our balance sheet portfolio we will deliver 5 projects in 2023, with a forecast yield on cost of 6.4%.

Our $2 billion development pipeline is approximately 90% weighted to Sydney and Melbourne, and we expect to commence additional projects later this year to capitalise on pent up tenant demand.

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Tenant demand for efficient and
sustainable assets
• Increased demand from tenants for assets with sustainability attributes,
with ~53% of Australia’s top 100 industrial/logistics occupiers now having net zero targets [1]
• GPT developments support sustainability outcomes and are future-proofed
for introduction of new technologies
5 Star Green Star ratings and upfront embodied targeting minimum All new buildingscarbon neutral and introducing battery charging capacity Electric vehicle technology and bio retention harvesting/tanks Rainwatersystems
Use of reduced Rooftop solar panels
carbon concrete and energy efficient Customer amenity
where possible hot water units and wellbeing
Preference for Energy efficient glazing LED lighting
locally-made products and roof insulation and lighting controls
1. “Accelerating logistics and industrial sector sustainability”, JLL Research (March 2023).
GPT – 2023 INTERIM RESULT PRESENTATION 35
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We’ve been pleased to see a noticeable increase in the demand from customers seeking logistics facilities with strong sustainability attributes.

Over half of Australia’s top 100 industrial and logistics occupiers now have net zero targets, increasing the focus from these groups on sustainability over the past 12 months.

We are supporting our customers on this journey through leveraging GPT’s sustainability strategies.

Our developments target minimum 5 Star Green Star ratings and upfront embodied carbon neutral certification. We’re deploying a range of initiatives to maximise the efficiency of energy, waste and water resources; and to preference locally-made construction materials.

We are also engaged in programs to support the wellbeing of our customers’ staff, including through our partnership with a not-for-profit foundation focused on improving mental health in the transport and logistics sector.

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Logistics outlook
• Authority approval delays
constraining market supply,
particularly acute in Sydney
• Demand for well located, efficient
and sustainable assets to continue
• Vacancy to remain low, with
continuation of supply/demand
imbalance with occupiers unable to
access space
• Opportunity to capture income
upside through the expiry profile and
development
• Engaging with customers on future
space requirements to secure early
lease renewals
• Sector supported by strong
fundamentals and ongoing investor
preference
Yiribana Logistics Estate – East, Kemps
Creek, NSW (artist’s impression)
GPT – 2023 INTERIM RESULT PRESENTATION 36
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Now to the outlook.

We expect vacancy will remain low into the second half of 2023, with this being exacerbated by planning approval delays, particularly in Sydney.

Rents are expected to increase, albeit the rate of growth will moderate from the historic highs we saw last year.

Our Logistics strategy remains:

• To maximise income opportunities

• Enhance returns through development and our QuadReal partnership, and

• To broaden our relationships with customers and partner with them to deliver leading ESG outcomes.

Our portfolio is concentrated in Australia’s deepest markets of Sydney, Melbourne and Brisbane and is complemented by a pipeline of development projects that will further enhance the quality and scale of our portfolio.

I will now hand back to Bob.

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Experience First
Outlook and
2023 Guidance
GPT – 2023 INTERIM RESULT PRESENTATION 37
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Thanks Chris.

37

• Outlook and 2023 Guidance Outlook 2023 Guidance • Economic growth is expected to • GPT expects to deliver FFO of slow due to higher interest rates approximately 31.3 cents per and inflationary pressures security and a distribution of

• • Retail portfolio well positioned with 25.0 cents per security for 2023, in line with previous high occupancy, ongoing tenant guidance demand, fixed rental increases and sustainable retailer occupancy costs

• • Office leasing market expected to remain competitive due to subdued customer demand. Currently targeting ~90% Office portfolio occupancy (including HoA) by year end

• • Logistics portfolio well positioned to deliver further income growth through rental increases and development completions

• • GPT has a high quality diversified portfolio, a strong balance sheet and an experienced management team focused on creating long term value for securityholders Keylink Estate – North, Keysborough, VIC GPT – 2023 INTERIM RESULT PRESENTATION 38

We have seen a rapid change in economic conditions over the last twelve months, with high inflation, and the RBA responding aggressively with interest rate rises. It would appear that we are now close to the end of the rate rising cycle, with the economy slowing and inflation trending lower. While the full impact of the rate rises is yet to flow through, unemployment remains low and house prices have stabilised, which should provide support to our Retail and Logistics businesses.

As flagged by Anastasia, our cost of debt has increased reflecting higher rates, and this will move higher in the second half as we continue to transition from ultra-low rates.

We continue to see good momentum across our Retail portfolio with ongoing tenant demand. While retail sales are expected to moderate as the economy slows, our portfolio is well placed with high occupancy, sustainable occupancy costs and fixed rental increases.

For the Office portfolio, market conditions are expected to remain challenging due to elevated levels of market vacancy, and the reduction in workspace requirements as a result of remote and hybrid working. However, our portfolio is well positioned to satisfy tenant preferences for high quality buildings, with strong sustainability credentials and amenity. There is clearly a flight to quality, as businesses use both flexibility and their workplace to attract talent.

In Logistics, our portfolio remains well positioned to deliver further rental growth given the ongoing tenant demand, low market vacancy rates and limited uncommitted supply. These favourable conditions will also support our development opportunities for both the balance sheet and our partnership with

38

QuadReal.

Expanding our relationships with existing and new capital partners is also an area we will continue to pursue, following the successful integration of the UniSuper mandate and ACRT last year.

We have a healthy balance sheet, however given the economic uncertainty and the potential for further softening of investment metrics and valuations, we will continue to take a measured and prudent approach to capital management.

In terms of earnings and distribution guidance for the year, the Group expects to deliver FFO of approximately 31.3 cents per security, and a distribution of 25.0 cents per security for the full year 2023.

And finally, in terms of the CEO succession process, the Board is continuing to work with its advisers, Russell Reynolds to bring the process to a conclusion as soon as possible. There will obviously be an announcement at the appropriate time.

That concludes our remarks, and I’d like to now hand back to the operator for your questions.

38

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Experience First
Thank you
for joining us
Questions
GPT – 2023 INTERIM RESULT PRESENTATION 39
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Disclaimer

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This Presentation ( Presentation ) has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and
426 504; AFSL 286511), as responsible entity of the General Property Trust, and GPT Management Holdings agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect)
Limited (ACN 113 510 188) (together, GPT ). howsoever arising in connection with the contents of, or any errors or omissions in, this Presentation.
The information provided in this Presentation is for general information only. It is not intended to be Information is stated as at 30 June 2023 unless otherwise indicated. Except as required by applicable laws or
investment, legal or other advice and should not be relied upon as such. You should make your own regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether
assessment of, or obtain professional advice about, the information in this Presentation to determine as a result of new information or future events or circumstances.
whether it is appropriate for you. The information is in a summary form and is to be read in conjunction with
GPT’s other announcements released to the Australian Securities Exchange (available at www.asx.com.au). All values are expressed in Australian currency unless otherwise indicated.
You should note that past performance is not necessarily a guide to future performance. While every effort is Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial
made to provide accurate and complete information, The GPT Group does not represent or warrant that the report of The GPT Group for the 6 months ended 30 June 2023. FFO is a financial measure that represents The
information in this Presentation is free from errors or omissions, is complete or is suitable for your intended GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory
use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised
reasonableness of any forward-looking statements contained in this Presentation or the assumptions on or capital in nature. FFO has been determined based on guidelines established by the Property Council of
which they are based. Such material is, by its nature, subject to significant uncertainties and contingencies Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.
outside of GPT’s control. Actual results, circumstances and developments may differ materially from those expressed or implied 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.
GPT – 2023 INTERIM RESULT PRESENTATION 40
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