GPT GROUP — Interim / Quarterly Report 2023

Aug 13, 2023

ASX Announcement

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14 August 2023

2023 Interim Result Presentation

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

-ENDS-

Authorised for release by The GPT Group Board.

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

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2023 Interim Result Market Briefing

GPT – 2023 INTERIM RESULT PRESENTATION

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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

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Artwork: Aunty Denise

GPT acknowledges the Traditional Custodians of 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.

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GPT – 2023 INTERIM RESULT PRESENTATION

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2023 Interim Result

Financial summary

16.53c 12.5c Funds From Operations Distribution per security, per security, down 3.0% down 1.6% $5.85 $32.2b Net Tangible Assets per Assets under management security, down 2.2%

Investment portfolio

97.9% 4.7yrs

5.11%

Portfolio Occupancy (Incl. HoA)

Weighted average lease expiry

Weighted average capitalisation rate

GPT – 2023 INTERIM RESULT PRESENTATION

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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

• Melbourne Central occupancy 99.7% and sales up 26.5% on 1H 2022

• Strong leasing outcomes in Logistics portfolio

• Continued strength in tenant demand, limited uncommitted supply and low vacancy

• − Development pipeline, with $2b estimated end value provides future opportunity

• 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

• Balance sheet remains in good shape at 28.1% net gearing despite investment property valuation declines

• First full period Funds Management contribution from the $2.8b UniSuper direct real estate mandate and $2.7b Australian Core Retail Trust

• 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

• Includes heads of agreement (HoA).

• Includes co-investments in wholesale funds.

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GPT Portfolio [2]
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Logistics
Office $4.6b
$5.8b
$15.9b
Retail
$5.6b
Funds under management
Mandates
$5.5b
$19.0b
Partnerships
$0.6b
Wholesale Funds
$12.9b
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Funds under management
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GPT – 2023 INTERIM RESULT PRESENTATION

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Portfolio valuation metrics

Investment property valuation movements of negative $341.3m[1]

2023 Valuation

movement (6 months to 30 Jun 2023)

Office Retail Logistics -$241.8m -$103.7m +$3.2m

-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% (+19 bps since Dec 2022) (+21 bps since Dec 2022)

6.33% (+58 bps since Dec 2022)

1. Includes +$1.0m of revaluations on other assets.

GPT – 2023 INTERIM RESULT PRESENTATION

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Experience First

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Results and Capital management

GPT – 2023 INTERIM RESULT PRESENTATION

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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
Treasury instruments marked to market and other items	23.5	(16.3)
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%
Distribution per security (cents)	12.5	12.7	(1.6%)
Payout Ratio	95.9%	100.0%

$1.1m ( ) Net Loss After Tax

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$316.7m
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Funds From Operations

8 8

GPT – 2023 INTERIM RESULT PRESENTATION

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

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Interest rate hedge profile 2023-2026

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72%
hedged over the next 3.5 years
at an average fixed rate of 3.5%
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~4.7%
Full year 2023 forecast
all-in-cost of debt
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Hedge Profile
98%
89%
58%
44%
3.6% 3.6%
3.4%
3.3%
2H 23 2024 2025 2026
% Hedged% Drawn debt hedged Hedge rate
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GPT – 2023 INTERIM RESULT PRESENTATION

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Capital management

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Key Statistics Jun 2023 Dec 2022 Comments
Net Tangible Assets per security $5.85 $5.98 Driven by a valuation decrease of $341.3m
Within stated range of 25%-35% and material headroom to 50%
Net gearing 28.1% 28.5%
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
$m
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GPT – 2023 INTERIM RESULT PRESENTATION

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Experience First

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Retail
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GPT – 2023 INTERIM RESULT PRESENTATION

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Retail overview

$171.5m 6.4% 99.5% Segment contribution, up 13.7% Comparable Portfolio occupancy income growth

5.23% Weighted average capitalisation rate, up 20bps on Dec 2022

$12.9b

Assets under management, down 0.8% on Dec 2022

$12 716 11.8% , psm Specialty sales productivity Total Centre sales growth

GPT – 2023 INTERIM RESULT PRESENTATION

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Retailer performance

Retail sales moderating following 3 years of above average growth

• FY2022 growth up 11.4% on 2021 and 1H 2023 up 5.5% on 2022

• Sales growth has been supported by a tight labour market, high household savings levels and population growth

Performance

• ASX-listed retailers (~43% of Australian retail sales) achieved FY2021 and FY2022 performance above trend

• FY2023 also expected to be above trend, despite softening in the second half in line with market conditions

Stores recapturing sales share

• Online share has fallen 2.0% over the last 12 months

• Over 90% of retail sales are attached to physical stores, through in-store purchase or online fulfilment

• (Source: GPT Research & Urbis)

Retailer profit margins since 2017

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7%
6Y avg EBIT
6% margin (5.7%)
5%
4%
3%
2%
1%
0%
FY17 FY18 FY19 FY20 FY21 FY22 FY23e
EBIT margin
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Source: Company reports, Forecast - MST Marquee and Visible Alpha June 2023

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Total Value Australian Retail sales ($b)
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$500
$400
$300
$200
$100
$0
FY17 FY18 FY19 FY20 FY21 FY22 FY23
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Source: ABS Retail Trade June 2023

GPT – 2023 INTERIM RESULT PRESENTATION

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Leasing demand and occupancy resilient

• 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

Average lease terms of 5.2 years all with fixed base ren 46 new brands added to the portfolio	ts and annua	l increases
	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%

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Rouse Hill Town Centre, NSW

GPT – 2023 INTERIM RESULT PRESENTATION

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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

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84.9%
27.5%
20.9%
17.1% 17.1%
13.1% 13.9%
11.8%
10.1%
7.1% 6.3%
4.5%
1.9% 1.2%
-1.7%
-5.2% -5.4%
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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Sales half year growth 2023 vs 2022

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16.5%
15.4%
11.8%
10.1%
7.8%
5.5%
1Q 2Q 1H23 vs 1H22
Total Centre Total Specialty
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GPT – 2023 INTERIM RESULT PRESENTATION

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Leading assets in strong growth markets

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Melbourne Central

• Total Centre MAT $578.5m exceeding pre-pandemic levels with growth of 26.5% on 1H 2022

• Total Specialty sales $15,200 psm

• Strong leasing demand improving occupancy to 99.7% (Dec 22: 98.0%)

• Leasing spread on renewal +7.2%

• New brand openings include National Geographic, Bath & Body Works, Koko Black, Chemist Warehouse, LSKD, Nude Lucy, Stylerunner

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Highpoint Shopping Centre

• Top 3 retail asset in Australia with Total Centre MAT of $1.2b and growth of 11.4% on 1H 2022

• Specialty sales >$13,000 psm

• Positive leasing spreads +6.3% on deals concluded

• Continued accretive investment focused on entertainment, experiential and first to market brands such as Foodle and SuperPark

GPT – 2023 INTERIM RESULT PRESENTATION

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GPT Retail platform

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GPT is a leading retail property and asset management platform in Australia

4 000+ ,

Retail tenants

16

Assets owned and/or managed

$9.2b

1.3 m sqm GLA Total MAT

+225

188m

Retail Property Professionals

Customer Visits

Pacific Fair Shopping Centre, QLD

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Karrinyup Shopping Centre, WA

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Brisbane
2
1
7
Perth 6 Sydney
Melbourne
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New South Wales

Charlestown Square Dapto Mall Macarthur Square (50%) Macquarie Centre (50%) Marrickville Metro Rouse Hill Town Centre Westfield Penrith (50%)

Western Australia

Karrinyup Shopping Centre

Victoria

Chirnside Park

Highpoint Shopping Centre Malvern Central Melbourne Central

Northland Shopping Centre (50%) Parkmore Shopping Centre

Queensland

Pacific Fair Shopping Centre Sunshine Plaza (50%)

GPT – 2023 INTERIM RESULT PRESENTATION

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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

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GPT – 2023 INTERIM RESULT PRESENTATION

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Experience First

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Office
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GPT – 2023 INTERIM RESULT PRESENTATION

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Office overview

$163.9m -3.4% Segment contribution, down 3.4% Comparable income growth 5.24% 4.8 yrs Weighted average capitalisation Weighted average lease expiry

5.24% Weighted average capitalisation rate, up 21 bps on Dec 2022

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88.5%
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Portfolio occupancy (incl. HoA)

$14.4b

Assets under management, down 2.2% on Dec 2022

GPT – 2023 INTERIM RESULT PRESENTATION

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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)	Net: 40.1% (+149 bps)	Gross: 42.5% (-51 bps)

Source: JLL Q2 2023

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2 Park Street, Sydney

GPT – 2023 INTERIM RESULT PRESENTATION

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Positive leasing result

Currently targeting portfolio occupancy (including HoA) of ~90% by December 2023

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sqm
58 800 leased 4.9
,
years
Across 86 deals (incl. HoA) Average lease term
GPT and GWOF NLA
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6% 36% up Gross face leasing spread Average gross incentive level

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Leasing activity breakdown
77%
58%
20
42%
23%
66
Greater than 1,000sqm Greater than 1,000sqm GPT DesignSuites
Less than 1,000sqm Less than 1,000sqm Balance
by NLA by number of deals by NLA
Upcoming lease expiry by income
12%
7%
3%
2H 2023 2024 2025
Sydney CBD Sydney Metro & Parramatta Melbourne Brisbane
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GPT – 2023 INTERIM RESULT PRESENTATION

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Fitted out space continues to drive leasing activity

GPT DesignSuites provide high quality, fully fitted and technology enabled workplaces for customers to move straight into

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2023 2023 PROJECT FINALIST FOR INNOVATION 3 AWARDS FINALIST

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Melbourne Central Tower, Melbourne

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181 William St, Melbourne

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60 Station St, Parramatta

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550 Bourke St, Melbourne

~9% Face rent premium

Compared to June 2023 independent valuation market rents for vacant whole floors

48,800sqm 13 assets

Total suites Number of delivered since assets with GPT Jan 2022 DesignSuites

4.3 months

4.3 years

Average time to Average lease lease post PC term achieved

GPT – 2023 INTERIM RESULT PRESENTATION

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Flexible space enhances asset appeal

Through GPT Space&Co. we provide our customers a ‘core & flex’ workplace solution

Established in 2014 ~14 000 , meeting 8 assets 98 rooms

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~14 000 [sqm]
,
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months desks 25 1,943 average tenure

In the pipeline

3[assets] ~5 000[sqm] ,

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530 Collins St, Melbourne

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Melbourne Central Tower, Melbourne

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580 George St, Sydney

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8 Exhibition St, Melbourne

GPT – 2023 INTERIM RESULT PRESENTATION

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High sustainability credentials are a necessity

Leadership in ESG is core to GPT's strategy

Upfront embodied carbon neutral

100% carbon neutral

Portfolio operating carbon neutral[1]

Target for all new Office developments

5.1 Star

4.8 Star NABERS Water portfolio rating

NABERS Energy portfolio rating

58%

75%

39%

Energy intensity reduction on our 2005 baseline

Water intensity reduction on our 2005 baseline

Closed loop waste recovery in 2022

1 GPT and GWOF operational office assets. Excludes assets under or held for development or under the operational control of the tenant.

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GPT DesignSuites, 550 Bourke Street, Melbourne

Sustainability in action: GPT DesignSuites

Upfront embodied carbon neutral

Target certification using Green Star and Climate Active

20%

75% 20% of furniture verified of materials by Environmental sourced from Product existing fitouts Declarations

50% 6 Star of furniture procured through Targeting 6 Star Spatial Hub – Green Star - a First Nations Interiors rating owned business, certified by Supply Nation

GPT – 2023 INTERIM RESULT PRESENTATION

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Demand strongest for high quality new space

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Melbourne
Central Tower
Refurbishment
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78% of portfolio constructed or refurbished since 2012
Prime Amenity ~6 71 Net 4 Murray Rose New construction 8 Exhibition St Refurbishment 530 Collins St Refurbishment
portfolio rich minutes Promoter
in key eastern F&B, concierge, Average asset Score
seaboard end of trip, walking distance
markets wellness to train station High customer
satisfaction Riverside Centre 2 Southbank Blvd 750 Collins St Queen & Collins 181 William St
Refurbishment Refurbishment Refurbishment Refurbishment Refurbishment
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
32 Smith St
60 Station St Liberty Place 150 Collins St 580 George St Darling Park 3 Darling Park 2 550 Bourke St New construction Darling Park 1
New construction New construction New construction Refurbishment Refurbishment Refurbishment Refurbishment Refurbishment
One One One
Eagle St
New construction
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78% of portfolio constructed or refurbished since 2012

GPT – 2023 INTERIM RESULT PRESENTATION

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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

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181 William Street, Melbourne

GPT – 2023 INTERIM RESULT PRESENTATION

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Experience First

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GPT – 2023 INTERIM RESULT PRESENTATION

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29 Logistics

Logistics overview

$99.0m Segment contribution, up 7.4%

4.78% Weighted average capitalisation rate, up 38bps on Dec 2022

5.1%

Comparable income growth 5.7 yrs Weighted average lease expiry

99.8%

Portfolio occupancy (Incl. HoA)

$4.9b

Assets under management, up 4% on Dec 2022

GPT – 2023 INTERIM RESULT PRESENTATION

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Eastern seaboard occupier demand outpacing supply

• 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
Vacancy2	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 level2	1.4m sqm 47%	1.2m sqm 76%	0.4m sqm 68%

1. JLL Research, 2Q 2023.

2. CBRE Research, 1H 2023.

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42 Cox Place, Glendenning, NSW

GPT – 2023 INTERIM RESULT PRESENTATION

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Strong leasing outcomes achieved

• High portfolio occupancy[1] of 99.8% and WALE of 5.7 years

• Total leasing[1] of 109,100sqm including 31,700sqm in developments

+40%

Portfolio leasing spread

Key Operational Leasing

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Seven Hills, NSW[1]

Re-leased facility at market rents

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Berrinba, QLD

Expanded DHL in Wembley estate by ~50%

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Altona North, VIC[1]

HoA to renew a major tenant

Development Leasing

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Wacol, QLD Leased 17,600sqm to Mainfreight

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Keysborough, VIC

1. Including HoA.

Leased to trade and transport users

GPT – 2023 INTERIM RESULT PRESENTATION

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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%
• 8%
Market rents have increased significantly in past 18 months, expect to see average
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
$125/sqm
$83/sqm
$100/sqm
25 Niton Drive, Truganina, VIC 1. JLL Research (prime grade, existing).
Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
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GPT lease expiry profile by income
18%
12%
10%
8%
1%
2H 2023 2024 2025 2026 2027
Market rental growth [[1]]
Sydney - Outer Central West Melbourne - West
$198/sqm
$150/sqm
$130/sqm
$125/sqm
$83/sqm
$100/sqm
1. JLL Research (prime grade, existing).
Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23
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• Portfolio under-rented compared to market with ~50% expiring to December 2027

• Market rents have increased significantly in past 18 months, expect to see average rental spreads >15% for expiries over the next 3 years

GPT – 2023 INTERIM RESULT PRESENTATION

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Development completions

• Three completions in 1H 2023 of ~$170m AUM and two projects completing in 2H 2023 of ~$110m AUM, delivering 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% Brisbane)

• $2b target GPT QuadReal Logistics Trust (GQLT) now $600m AUM

Completions 1H 2023

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24A & 24B Niton Drive, Truganina, VIC

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Keylink Estate – North, Keysborough, VIC[2]

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149 & 153 Coulson Street, Wacol, QLD[2]

Expected Completions 2H 2023

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22 Hume Drive, Apex Business Park , Bundamba, QLD[2,3]

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Artist’s impression
Artist’s impression
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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%).

2. Reached completion in August 2023.

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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

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All new buildings
Electric vehicle Rainwater
targeting minimum
charging capacity harvesting/tanks
5 Star Green Star ratings
and introducing battery and bio retention
and upfront embodied
technology systems
carbon neutral
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
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1. “Accelerating logistics and industrial sector sustainability”, JLL Research (March 2023).

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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)

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Experience First

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Outlook and 2023 Guidance

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Outlook and 2023 Guidance

Outlook

• Economic growth is expected to slow due to higher interest rates and inflationary pressures

• Retail portfolio well positioned with high occupancy, ongoing tenant 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

2023 Guidance

• GPT expects to deliver FFO of approximately 31.3 cents per security and a distribution of 25.0 cents per security for 2023, in line with previous guidance

Keylink Estate – North, Keysborough, VIC

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Experience First

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Thank you for joining us Questions

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Disclaimer

This Presentation ( 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) (together, GPT ).

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. 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).

You should note 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 forward-looking statements contained in this Presentation or the assumptions on which they are based. Such material is, by its nature, subject to significant uncertainties and contingencies outside of GPT’s control. Actual results, circumstances and developments may differ materially from those expressed or implied in this Presentation.

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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 2023 unless otherwise indicated. Except as required by applicable laws or regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events or circumstances.

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 2023. 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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