GPT GROUP — Interim / Quarterly Report 2024

Aug 18, 2024

ASX Announcement

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19 August 2024

2024 Interim Result Presentation (with speaker notes)

The GPT Group (‘GPT’) provides its 2024 Interim Result Presentation (with speaker notes).

-ENDS-

Authorised for release by The GPT Group’s CEO and Managing Director, Russell Proutt.

For more information, please contact:

Investors and Media

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

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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
2024 Interim Result
Market Briefing
GPT – 2024 INTERIM RESULT PRESENTATION 1
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Good morning everyone and thank you for joining us for the 2024 Interim Results Briefing for The GPT Group.

1

Agenda

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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
2024 Interim Result Overview and Strategy Update Russell Proutt 3 business.
Financials Merran Edwards 8
Retail Chris Barnett 13
Office Martin Ritchie 18
Logistics Chris Davis 23
Outlook and 2024 Guidance Russell Proutt 28 Artwork: ‘Saltwater Spirit’ by Lowell
Hunter (proud Nyul Nyul Saltwater
man) and Bobbi Lockyer (proud
Ngarluma, Kariyarra, Nyul Nyul and
Yawuru woman).
GPT – 2024 INTERIM RESULT PRESENTATION 2
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Joining me for today’s presentation are four members of our executive team:

• Merran Edwards, our CFO

• And our sector heads:

• Chris Barnett, Head of Retail

• Martin Ritchie, Head of Office, and

• Chris Davis, Head of Logistics.

I would like to start by acknowledging the traditional custodians of the lands on which our business and our assets operate. The team presenting today is on Gadigal country. I pay my respect to elders past and present and to any First Nations people that have joined this briefing.

This morning we will address the interim results; provide an update on the strategy and direction for the organisation and then provide a review of the performance and outlook for each of our primary sectors; followed by an update regarding the Group’s outlook and 2024 earnings guidance.

2

2024 Interim Result Highlights

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Group Returns Real Estate Portfolio
$309.1m 16.14c Management Platform - $34.4b AUMInvestment Portfolio [1 ] ($b) Funds Total
Funds From Operations Funds From Operations Sectors Balance Sheet (+ Co-investments) Management [2] ($b) ($b)
per security
Retail 4.8 (+0.8) 8.9 13.7
Office 3.7 (+1.3) 11.2 14.9
Logistics 3.8 (+0.3) 0.8 4.6
$258.4m 12.0c Living - 1.2 1.2
Adjusted Funds From Operations Distribution per security 12.3 (+2.4) 22.1 34.4
($249.4m) 98.1% 3.0% $2.4b
Net loss for the half year after tax Occupancy income growth Comparable (6 months to June 2024Incremental FUM )
Balance Sheet 5.7% 5.4% 7.4%
$5.36 $1.4b 29.6% WACR Property Funds
NTA per security Liquidity Net gearing Investment Yield [3] Management Yield [4]
1. Adjusted for divestment of Austrak Business Park, Somerton (contracted for sale).
2. Includes value of GPT co-investments ($2.4b total) in GPT Wholesale Shopping Centre Fund (GWSCF), GPT Wholesale Office
Fund (GWOF) and GPT QuadReal Logistics Trust (GQLT).
3. Stabilised Investment Portfolio Funds From Operations (FFO) yield (including co-investments) for the 12 months to June 2024.
4. Co-investment FFO yield inclusive of Funds Management net income for the 12 months to June 2024.
GPT – 2024 INTERIM RESULT PRESENTATION 3
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The financial performance for the first half is in-line with expectation and the guidance provided for 2024 including Funds From Operations of 16.1 cents per security and a distribution of 12.0 cents per security.

We have achieved solid revenue growth, underpinned by strong leasing activity.

Our balance sheet remains robust, providing us with the financial flexibility to pursue investments and navigate market challenges and opportunities.

Our financial performance for the first half reflects the strength of our diversified portfolio and our disciplined approach to capital management.

3

The GPT platform

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2-year FUM CAGR of 26% Funds Under Management
bringing our Funds Under Management Jun-24
to $22.1b at the half year $22.1b
Jun-23 $19.0b
Jun-22
$13.9b
Wholesale funds Partnership Mandates
Management Platform - $34.4b AUM
Investment Portfolio - $14.7b Funds Management - $22.1b [2]
Balance Sheet [1] Wholesale Funds Partnerships Mandates
$12.3b $12.0b $0.6b $9.5b
Co-
investments GPT GPT Wholesale GPT
$4.8b Retail Office$3.7b Logistics$3.8b $2.4b Office FundWholesale Centre Fund Shopping Logistics TrustQuadReal UniSuper ACRT [3] QuadReal PBSA CSC
$8.5b $3.5b $0.6b
GPT 21.7% | $1.3b GPT 28.5% | $0.8b GPT 50.1% | $0.3b
99.6% Occupancy 92.4% Occupancy 99.4% Occupancy
5.44% WACR5.8% Yield 6.06% WACR5.2% Yield 5.55% WACR5.0% Yield 93.5% Occupancy5.95% WACR 99.5% Occupancy5.42% WACR 93.8% Occupancy 5.51% WACR
1. Balance Sheet Occupancy, WACR and Yield includes look-through impact of co-investments. Adjusted for divestment
of Austrak Business Park, Somerton (contracted for sale).
2. Includes value of GPT co-investments ($2.4b total) in GWSCF, GWOF and GQLT.
3. Australian Core Retail Trust.
GPT – 2024 INTERIM RESULT PRESENTATION 4
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Now the graphic on this slide illustrates the current scale and breadth of the GPT Platform.

At 30 June, our Assets Under Management were $34.4 billion and comprised $12.3 billion of direct property interests across our three core sectors as well as a further $22.1 billion of assets under management in Funds, Partnerships and Mandates.

Over the past 2-years, our Funds Under Management have grown significantly with additional mandates and partnerships being brought on board with investor partners.

Over time, it is planned that there will be a significant shift in the balance of capital on the left hand side of the chart to the right.

While I won’t provide a target as to the quantum and timing as it will largely depend on market conditions and opportunities, I would say it is clear that we will be better utilising the expertise and capability in the business to drive higher returns on capital through partnering.

4

Our ambition

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Position GPT to become Our execution strategy
is underpinned by four Build upon Enduring value
Australia’s leading fundamental elements existing creation
diversified real estate foundations
investment manager, Exceptional operational capability is core to GPT’s Investment proficiency and effective capital
dedicated to providing value proposition to our investors and partners allocation to drive long-term performance
exceptional value,
innovation, and sustainable
growth for our investors Continued operational excellence Superior outcomes
and stakeholders
Diversified Aligned
platform partnering
Breadth of expertise Fostering trusted
provides strategic relationships underpins
flexibility and enables successful and
a superior offering to sustainable growth
partners
Resilience Capital alignment for
through cycles mutual success
GPT – 2024 INTERIM RESULT PRESENTATION 5
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Our ambition is to be Australia’s leading diversified real estate investment manager.

This ambition and the strategy to achieve this goal is underpinned by four fundamental elements.

• Firstly, exceptional operating capability is the foundation of our value proposition to all stakeholders. We take the view that we are owner’s first and act accordingly.

• By employing this capability – we have the ability to drive superior outcomes. We believe there is an opportunity for GPT to take advantage of investment opportunities with partners to drive sustained earnings growth.

• Our diversified platform provides the capability and expertise to optimise capital allocation for both our own and our partners’ capital.

• And the fourth element is that we will develop and execute strategies where we are not only underwriting the opportunity but also investing meaningfully alongside our partners.

It is important to emphasise that this is an evolution of our strategy, with an acceleration and greater emphasis on our investment and management segment.

I would like to thank the Board and the entire senior management team for their support and contribution in setting this strategic direction.

Ultimately, our success will be determined by our execution and I am confident we will be successful.

We will take aggressive steps to accelerate the execution of our strategy but recognise it will take time and requires sound investment and operational decisions.

5

Implementation plan

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2024 Priorities
Clarify and embed strategy
Focus Areas
Align operational capability to
support strategic growth areas
Source Growth Capital Platform Performance Enhance Active Management
Position GPT as an active
investment partner across existing
funds and partnerships • Initially using balance • Drive performance, returns • Grow and expand market
sheet portfolio as a and enhance portfolio leading retail management
Execution and commencement of catalyst composition platform
Executive Team appointments • Source investment • Achieve outperformance • Continue to build scale in
(CEO, CFO, CIO)
opportunities to build across our platform logistics development
On-board Commonwealth and diversify funds • Align capital allocation through aligned partnerships
Superannuation Corporation management platform with our partners • Primary focus on execution
(CSC) mandate of office asset management
strategies to drive value
Continued focus on GWOF & through leasing and active
GWSCF performance management
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GPT – 2024 INTERIM RESULT PRESENTATION 6
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Key areas of focus in 2024 include:

• Setting the team – and this has included a new CEO, CFO and CIO

• Clarify and embed the strategy, both within the business and with the external market

• Optimise resource alignment and prioritisation within the business, which is underway, and

• Deliver performance for our investors, which has always been a priority

• And finally, expand and build the investment and management platform, and that is also underway.

After nearly 6 months in the role, I am confident in our team, our portfolio and the potential of the platform to achieve our goals.

6

Integrated ESG strategy

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100% $2.3b #2
Owned and managed Retail of Sustainable financing Ranked REIT in S&P Global
and Office Investment and /or Green debt across Corporate Sustainability
Portfolio assets operating on the Management Platform Assessment 2024 Yearbook
a carbon neutral basis [1] Global Report
Retail Office Logistics
• Investment Portfolio 2023 NABERS ratings • Investment Portfolio 2023 NABERS ratings • Solar PV arrays installed across 34%
— Energy: 4.4 stars — Energy: 5.1 stars of Investment Portfolio assets, and all
— Water: 3.1 stars — Water: 4.5 stars future development projects
• Solar PV arrays installed across 60% of • Solar PV arrays installed across 41% of
Investment Portfolio assets Investment Portfolio operating assets
• Smart Energy Hub innovations at two
assets in the Investment Portfolio, with
installation of one additional underway
Minimum 5 Star Green Star ratings and upfront embodied carbon [2] neutral certification through Climate Active for all new developments
1. Excludes assets held for development or under the operational control of tenants.
2. As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.
GPT – 2024 INTERIM RESULT PRESENTATION 7
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In terms of ESG and our business it is important to highlight that ESG considerations are integral to our operations and investment strategies.

Our activities are aligned with our strategy and enhance our competitive position.

And given the nature of our business, an important priority is the energy, water and waste associated with the assets we own and manage. This focus aligns with the nature of the business we are in and governs our resource allocation.

And as you can see across the business and in each of our core sectors – meaningful achievements and high standards of performance are maintained.

Our commitment is to deliver sustainable value to our investors and our approach to ESG is an important contributor.

I will now hand to Merran to go through the financial result for the half.

7

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Experience First
Financials
GPT – 2024 INTERIM RESULT PRESENTATION 8
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Thank you Russell and good morning everyone.

8

1H 2024 earnings drivers

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FFO composition Direct property
investments | 77.0%
Trading profits Retail
0.8% 30.8%
Management operations
9.7%
Office
Co-investment earnings 23.9%
12.5%
Logistics
22.3%
Direct property Co-investment Management
investments earnings operations
77.0% 12.5% 9.7%
of FFO of FFO of FFO
Note: FFO contribution is calculated before finance costs, corporate expenses and tax. Management operations FFO includes funds management, operations and development management net income. Highpoint Shopping Centre, VIC
GPT – 2024 INTERIM RESULT PRESENTATION 9
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I will commence on slide 9 initially focussing on our earnings drivers.

In line with our strategy which Russell has just taken you through, we are now presenting our earnings drivers to disclose FFO from Management operations, which we expect will increase as a percentage of FFO over time.

For the period, Management operations contributed 9.7% of FFO, and our Coinvestment earnings were 12.5%.

FFO from our direct property investments totalled 77%, comprising Retail of 31, Office of 24 and Logistics of 22.

9

Investment Portfolio valuation metrics

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2024 Valuation movement Capitalisation Rate Discount Rate Investment Portfolio Total Return [1]
6 months to 30 June 2024 Movement since Dec 2023 Movement since Dec 2023 12 months to 30 June 2024
Total Investment Portfolio Retail
(1.5%) 0.8%
-$566.8m $41.7m 5.44% 6.81% 5.8% 5.1%
+0.8% +1 bps +4 bps Income Yield Capital Return Capital Return Total Return
-3.6% (6mths to Dec 23) (6mths to Jun 24)
Office
-$579.1m 6.06% 6.91% 5.2% (5.6%)
-10.4% +57 bps +44 bps
(10.4%) (10.8%)
Income Yield Capital Return Capital Return Total Return
(6mths to Dec 23) (6mths to Jun 24)
Logistics
-$29.4m 5.55% 7.15% 5.0% (2.8%) (1.3%) 0.9%
1. Stabilised Investment Portfolio total return (including co-investments) for the 12 months to June 2024. -0.7% +29 bps +31 bps Income Yield (6mths to Dec 23)Capital Return (6mths to Jun 24)Capital Return Total Return
GPT – 2024 INTERIM RESULT PRESENTATION 10
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Moving now to page 10.

Overall, our portfolio experienced a 3.6% decline in value over the period.

Pleasingly, our high occupancy and positive leasing spreads have underpinned property-level earnings across the portfolio demonstrated by the strong income yield across all sectors.

The strength of our Retail portfolio proving the most resilient followed by the income yield in our Logistics portfolio offsetting the cost of capital impact.

Strong income returns across our Office portfolio have not been sufficient to offset capital value movements.

Sector dynamics will be expanded upon by our Heads of Retail, Office and Logistics in the following sections.

10

Segment result

• Retail portfolio income growth driven by rent reviews, positive leasing spreads and higher turnover rent

Retail portfolioincome growth driven by rent reviews, positive leasing spreads and higher turnover rent Slight decline inOffice portfolioincome from delayed lease commencements partially offset by rent reviews Positive leasing spreads and structured rent reviews across theLogistics portfolio Lower income fromFund co-investments primarily due to higher interest costs in GWOF and GWSCF offset by higher GQLT income Highermanagement net incomefrom full period impact of new mandates, partially offset by asset devaluations Trading profitsrealised from Rouse Hill land sale GPT – 2024 INTERIM RESULT PRESENTATION	($m) 1H 2024 1H 2023 Change
	Investment Portfolio Retail 137.7 131.8 4.5%
	Office 107.0 107.6 (0.6%)
	Logistics 99.4 93.6 6.2%
	Income from Funds 56.1 59.1 (5.1%)
	Total 400.2 392.1 2.1%
	Management Management Operations1 43.3 42.4 2.1%
	Trading profits 3.4 (0.1) n/a
	Total 46.7 42.3 10.4%
	Total Investment Portfolio & Management FFO 446.9 434.4 2.9%
	Finance costs (100.4) (82.5) 21.7%
	Corporate overhead (28.8) (28.8) -
	Tax expense (8.6) (6.4) 34.4%
	FFO 309.1 316.7 (2.4%)
	Maintenance and leasing capex (50.7) (50.9) -
	AFFO 258.4 265.8 (2.8%)
	Net loss for the half year after tax (249.4) (1.1)
	11 1. Management Operations FFO includes the net contribution from funds management, property management and development management.

• Slight decline in Office portfolio income from delayed lease commencements partially offset by rent reviews

• Positive leasing spreads and structured rent reviews across the Logistics portfolio

• Lower income from Fund co-investments primarily due to higher interest costs in GWOF and GWSCF offset by higher GQLT income

• Higher management net income from full period impact of new mandates, partially offset by asset devaluations

• Trading profits realised from Rouse Hill land sale

Now turning to slide 11.

I will take you through the actual segment result for the half year.

Overall, we have seen an increase in Total Investment Portfolio and Management FFO for the half year of 3%, however this was more than offset by a 22% increase in finance costs, resulting in an overall decrease in FFO of 2% to $309 million.

Our Retail investment portfolio income grew 5% driven by rent reviews, positive leasing spreads and higher turnover rent.

Despite a challenging environment, we only saw a slight decline in Office portfolio income of 1%.

And the Logistics portfolio continues to perform well, up 6%, supported by high occupancy, strong leasing spreads and fixed rental reviews.

Income from Funds was down 5% primarily due to higher interest costs.

Higher Management operations were achieved due to a full period impact of new mandates, partially offset by asset devaluations.

We continued to exercise prudent cost control, with corporate costs remaining flat.

Our net loss for the half year after tax was $249 million, driven by asset devaluations offsetting a strong AFFO period.

11

Strong financial position

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Key Statistics Jun 2024 Comments Debt maturity profile
<br>Within stated range of 1,600 Undrawn Bank FacilitiesDrawn Bank Facilities
Net gearing 29.6% 25%-35% and material 1,400 Medium Term Notes
headroom to 50% covenant 1,200 US Private Placements
CPI Bonds
Liquidity $1.4b No unfunded capital commitments 1,000800
600
Increased cost of debt
Weighted average cost of debt 4.9% due to higher rate hedges 400
commencing 200
0
Weighted average Well-laddered maturity 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
5.6 years
term to maturity profile with duration
Hedge Profile
Interest cover ratio 4.1x 2.1x headroom to covenant 110%100% 99% 10.0%9.0%
of 2.0x 90%80% 72% 8.0%
70% 61% 7.0%
Credit ratings (S&P/Moody’s) A-(stable)/A2 (stable) Credit ratings maintained 60%50%40% 6.0%5.0%4.0%
30%20%10% 3.2% 3.7% 3.8% 3.0%2.0%
0% 1.0%
2024 2025 2026
Drawn debt % hedged Hedged rate
GPT – 2024 INTERIM RESULT PRESENTATION 12
Millions ($)
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Turning now to our financial position on slide 12.

Our balance sheet remains strong with net gearing of 29.6% in the middle of our stated range of 25-35% and material headroom to our 50% covenant.

We continue to take a disciplined approach to capital management, conscious of the uncertain outlook for valuations, and the increased cost of capital.

We have no unfunded capital commitments, with $1.4 billion of liquidity, and we continue to hold our A- S&P and A2 Moody’s ratings.

Our weighted average cost of debt has increased to 4.9% due to higher rate hedges commencing during the period.

The Group maintained high hedging levels throughout the period, and this continues into the full year with our interest rate exposure 99% hedged in 2024.

For the three years ended 31 December 2026, we are hedged 77% on average at a fixed base rate of 3.5%, providing protection against further interest rate volatility.

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

12

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Experience First
Retail
GPT – 2024 INTERIM RESULT PRESENTATION 13
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Thank you Merran and good morning everyone.

13

GPT Retail platform

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Retail assets under management
Investment portfolio results
17 GPT $4.8b $4.8b
Owned or managed assets GWSCF $3.5b Balance Sheet portfolio($5.6b including $0.8b
$13.7b (GPT 28.5% equity interest) co-investment in GWSCF)
$11.5b
Moving Annual Turnover (MAT) Mandates $5.4b $183.8m
Segment contribution [2] , up 7.2%
1.4m sqm Geographic spread [1] 5.8%
GLA
Comparable income growth
4,300+ Brisbane 23% 5.44%
Tenancies Weighted average capitalisation
Perth 10% rate, up 1 bps on Dec 2023
Sydney 30%
Melbourne 37%
1. AUM basis. 5.1%
2. Segment contribution includes $137.7m investment
portfolio income, $20.6m income from funds, $21.9m 12 month total return
management operations income and $3.6m trading
profits (before tax).
GPT – 2024 INTERIM RESULT PRESENTATION 14
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We commenced 2024 with a level of optimism that GPT Retail could continue to outperform, given the quality of our portfolio, the strong fundamentals for the Australian economy and the positive sentiment from our retail partners who are looking to grow with limited floor space supply.

Our Investment Portfolio has delivered comparable income growth of 5.8% for the half, predominantly as a result of strong rental growth and higher sales leading to increased turnover rental.

GPT’s Retail platform has continued to expand, now comprising 17 shopping centres valued at just under $14 billion. These centres, which are owned and or managed by GPT have over 4,300 retailer partners generating $11.5 billion in annual retail sales.

14

Leasing and occupancy

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271 99.6% 3.9 [years]
Deals completed Portfolio occupancy Weighted average lease
(Jun 2023: 343) (Dec 2023: 99.8%) expiry (Dec 2023: 3.9 years)
Total Specialty leasing metrics (Deals completed) Occupancy & Leasing Spreads
1H 2024 1H 2023 100% 10%
Average annual fixed increase 4.9% 4.8% 5%
99%
0%
Leasing spreads 4.3% 3.4%
-5%
Weighted average lease term 5.2 years 5.2 years 98%
-10%
Occupancy Cost (Specialty<400sqm) 15.8% 15.7% 97% -15%
Holdovers as % of base rent at period end 4.4% 5.8%
Occupancy (LHS) Leasing Spread (RHS)
GPT – 2024 INTERIM RESULT PRESENTATION 15
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24
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Now turning to slide 15, where our leasing teams continue to achieve solid results, building on the momentum of the past couple of years, delivering a portfolio occupancy of 99.6%.

Strong Total Centre sales to 30 June has driven Specialty productivity to over $13,000 per square metre and delivered a portfolio Specialty occupancy cost of 15.8%.

The combination of Total Specialty sales growth and strong retailer demand has resulted in positive leasing spreads of 4.3% for the deals concluded to June.

And for those deals completed during the half, all were structured with fixed base rents and annual increases averaging 4.9% and our lease terms have continued to average over 5 years.

15

Centre sales performance

• Sales growth remains positive over the period compared to 1H 2023 up 4.0%

• Continued growth in General Retail, Food Retail, Leisure and Health & Beauty

• Specialty productivity of $13,052 psm up 2.3% on June 2023

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Sales growth by category – 1H 2024 vs 1H 2023 Sales growth 1H 2024 vs 1H 2023
14.3%
8.4% 7.5% 8.1% [1]
7.4% 7.3%
6.3% 6.7% 6.2% 6.1%
4.0% 5.1% 3.7% 4.1% 4.4% 4.0% 3.8% 3.6% 3.6% 4.0% 3.7%
1.8% 1.6% 2.1% 2.7% 2.4%
0.3%
-0.2%
-1.6% Jan Feb Mar Apr May Jun 1H 2024
-3.0%
-14.2%
Total Centre Total Specialty
GPT – 2024 INTERIM RESULT PRESENTATION 1. June 2024 five weekends vs. June 2023 four weekends. 16
Total Centre DS DDS Supermarket Cinemas Other Retail Total Specialty General Retail Food Retail Leisure Health & Beauty Dining Retail Services Technology Jewellery Fashion Homewares
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Turning to Retail sales on slide 16 where our centres continue to perform strongly, with Total Centre sales growing 4.0% and our Total Specialties up 3.7% when compared to the very productive first half of last year.

Our Major retailers delivered solid growth, with our Discount Department Stores up 5.1% and Supermarkets up 6.3% for the half.

Similarly, our Total Specialties have also grown, with Fresh Food, Dining, Leisure, Health and Beauty all benefiting from higher customer demand.

Our Specialty sales per square metre productivity is now 30% higher than pre-COVID levels at over $13,000 per square metre.

16

Portfolio growth drivers

• Portfolio outperformance in Total Centre sales relative to ABS retail sales over 1H 2024

• Limited new supply of Gross Lettable Area (GLA) underpins strong rental levels and retailer demand — Specialty retailers expanding store footprints (~120sqm-200sqm) in regional centres, ensuring continued high occupancy and supporting positive leasing spreads

• Optimise retail offerings and boost income through strategic re-mixing

• • Asset enhancement via accretive redevelopments at our most productive assets, in strong growth catchment areas — Rouse Hill Town Centre: Additional 10,200sqm of GLA, with expected commencement early 2025

• — Melbourne Central: Master planning well underway, with expected commencement early 2026

• • Leveraging our robust retail platform to attract and expand our client base and capital partners

• Highpoint Shopping Centre, VIC

• GPT – 2024 INTERIM RESULT PRESENTATION 17

Now looking at slide 17 and as stated earlier, we optimistically entered the year confident our assets would continue to outperform. We are pleased with our first half results, and we maintain our optimism for the remainder of the year.

We believe retail sales will benefit from strong consumer demand, off the back of the July tax cuts coupled with high levels of employment and the current wage growth environment.

Our leasing metrics will continue to be positive as there is limited new retail GLA supply to a market which is underpinned by strong retailer appetite to expand.

This retailer demand has led us to finalise preparation for the expansion of Rouse Hill Town Centre with a projected commencement in early 2025. The 10,000 square metre development will allow us to present a modern retail tenancy mix aligned to the needs of the fast-growing trade area.

Off the back of the incredible performance of Melbourne Central we continue to develop a master plan for a retail expansion with planning documents being prepared for lodgment later this year.

The outlook for the second half of 2024 remains positive. Our assets are in great shape and our quality portfolio and operating platform is well positioned for future growth, and we will continue to leverage our success to attract new clients and partners.

And I’ll now hand you to Martin for the Office sector update.

17

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Experience First
Office
GPT – 2024 INTERIM RESULT PRESENTATION 18
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Thank you Chris and good morning everyone.

18

GPT Office platform

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Office assets under management Investment portfolio results
Mandates $2.7b
32 $3.7b
Owned or managed assets Balance Sheet portfolio
GPT $3.7b ($5.0b including $1.3b
$14.9b co-investment in GWOF)
1.26NLA m sqm GWOF $8.5b $158.3m
(GPT equity interest 21.7%) Segment contribution [3] , down 3.4%
620+ Geographic spread [2] -1.3%
Customers
Comparable income growth
97% Brisbane 13%
Platform certified carbon neutral [1] 6.06%
Weighted average capitalisation
Perth 2% rate, up 57 bps on Dec 2023
Sydney & ACT 41%
1. GPT, GWOF and mandate operational office assets. Melbourne 44%
Excludes assets under or held for development or under
the operational control of the tenant. -10.8%
2. AUM basis.
3. Segment contribution includes $107.0m investment 12 month total return
portfolio income, $31.7m income from funds and $19.6m
management operations income (before tax).
GPT – 2024 INTERIM RESULT PRESENTATION 19
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The platform has grown significantly, with Office assets under management increasing to $14.9 billion with the addition of the CSC portfolio, which includes the super-premium 101 Collins Street in Melbourne and a 50% interest in the premium QV1 in Perth.

We now own or manage 32 assets, comprising 1.26 million square metres of Prime Grade net lettable area, and over 620 customers.

The direct Office investment portfolio makes up 24% of Group earnings, and comparable income declined by 1.3%, whilst the segment contribution was down 3.4%, as a result of increased GWOF interest costs.

19

Leasing and occupancy

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92.4% 4.9
80,700sqm years
Total leasing [1 ] (incl. HoA), 78 deals Portfolio occupancy (incl. HoA) Weighted average lease expiry (incl. HoA)
(Jun 2023: 42,400sqm, 65 deals) (Dec 2023: 92.3%) (Dec 2023: 4.7 years)
Leasing metrics on deals completed Lease renewal outcomes
Based on sqm re-leased
1H 2024 1H 2023
Average gross face spread 4.2% 4.5%
1H 2024 29% 62% 9%
Lease renewals (%) 53% 52%
New leasing (%) 47% 48%
Average lease term 5.4 years 4.7 years
CY 2023 15% 44% 41%
Average gross incentive 43% 37%
Increased sqm Unchanged sqm Decreased sqm
1. GPT and GWOF ownership Net Lettable Area.
GPT – 2024 INTERIM RESULT PRESENTATION 20
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Slide 20 demonstrates that we leased approximately 9% of the portfolio in the first half of 2024, being 80,700 square metres.

This is a 90% increase in volume compared to last year, and reflects the high quality people, relationships and systems that we have in place. As a result, portfolio occupancy including Heads of Agreement is 92.4%.

Of the deals done:

• face rents increased by 4.2%

• the balance of new customers to renewals was approximately 50-50

• the average lease term struck was 5.4 years, and

• incentives are in line with market, averaging 43% of gross rent.

We are seeing that 91% of our lease renewal space is for the same or larger amounts of space, demonstrating the attractiveness and flexibility of our offering.

As a result, our portfolio weighted average lease expiry has increased to 4.9 years.

20

Leasing performance and expiries

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Key leasing Lease expiry profile [3]
Tenancy Area [1] Term
Asset (levels) (sqm) (years)
111 Eagle St, Brisbane Confidential 7,500 6
51 Flinders Ln, Melbourne L4-9 4,500 10 Canberra
Brisbane
Melbourne Central Tower, Melbourne L3-5 4,400 8 Sydney Metro & Parramatta
Melbourne
580 George St, Sydney Confidential 3,900 5 Sydney CBD
15%
Darling Park 1, Sydney L4-5 3,700 8
Darling Park 1, Sydney L11-12 3,700 5
GPT Office vs Market Prime Grade Average Occupancy [2] 9%
8%
92.4% 5%
89.5%
3%
82.5%
Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Vacant 2H 2024 2025 2026 2027
GPT incl. HoA GPT incl. Signed Leases Eastern Seaboard Prime incl. Signed Leases
1. 100% basis.
2. JLL research. Eastern seaboard includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
GPT – 2024 INTERIM RESULT PRESENTATION 3. Includes HoA. Vacant % by area. Lease expiry % by income. 21
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Slide 21 gives more detail on our leasing success. The table on the left shows the key deals, which indicate larger tenancies being secured.

Key leasing progress includes 17,000 square metres at Darling Park and 12,500 square metres at Melbourne Central Tower.

Our portfolio occupancy is high compared to the Eastern Seaboard Prime Grade average of 82.5%.

The lease expiry chart on the right of the slide shows that vacancy is 8%, with 3% expiry in the second half.

2025 lease expiry is 5%, and we will address the 2026 expiry over the next 18 months.

21

Portfolio growth drivers

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• 100% Prime Grade Investment Portfolio [1] concentrated on the eastern
seaboard benefitting from a large share of leasing activity, with 92.4%
occupancy
• 75% of operating assets in the Investment Portfolio are new or
refurbished since 2012, providing modern, appealing amenity for existing
and prospective tenant customers
• Innovative, flexible space offering GPT Space&Co remains a key
attractor in lease negotiations, supplementing primary leasing needs of
major portfolio tenants, and a standalone incubator for smaller
customers
— Expanding to 11 locations across the Investment Portfolio by the end
of 2024
• Commenced property management of 2 Park Street, Sydney with 85% of
operating buildings across the Investment Portfolio now managed by
GPT [1]
1. Excludes assets under or held for development. Darling Park, Sydney
GPT – 2024 INTERIM RESULT PRESENTATION 22
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Our strong first half of leasing demonstrate that our buildings are in demand.

We have achieved over 92% occupancy and hope to see this in the mid-90s by year end.

In terms of great customer amenity, a new GPT Space&Co just opened in Darling Park to support leasing. Two further new locations will open by year end, at 530 Collins Street and 181 William Street. These locations provide high quality, well managed flex space solutions to our major portfolio customers and incubates smaller customers to grow in the portfolio.

With 2 Park Street, Sydney transitioning to GPT property management, we now manage over 85% of our operating buildings, expanding our touch points with our customers.

I will now pass to Chris Davis to present the Logistics result.

22

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Experience First
GPT – 2024 INTERIM RESULT PRESENTATION Logistics23
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Thank you Martin and good morning everyone.

23

GPT Logistics platform

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Logistics assets under management Investment portfolio results
GPT $3.8b
71 $3.8b
Owned or managed assets Balance Sheet portfolio
($4.1b including $0.3b
$4.6b co-investment in GQLT)
GQLT $0.6b
1.36m sqm (GPT equity interest 50.1%) $104.8m
GLA Mandates $0.3b Segment contribution [3] , up 5.9%
90+ 5.9%
Geographic spread [2]
Customers Comparable income growth
>$3b QLD 17% 5.55%
Development pipeline [1] Weighted average capitalisation
WA 2% rate, up 29 bps on Dec 2023
1. Estimated end value on completion, AUM basis inclusive of NSW 47%
capital partnerships and mandates.
2. AUM basis. Excludes assets under development.3. Segment contribution includes $99.4m investment portfolio income, $3.8m income from funds, $1.8m SA 2% VIC 32% 0.9%
management operations income and ($0.2m) trading
profits (before tax). 12 month total return
Note: Logistics portfolio metrics exclude Austrak Business
Park, Somerton (contracted for sale).
GPT – 2024 INTERIM RESULT PRESENTATION 24
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Strong momentum for our Logistics portfolio has continued into the first half of 2024.

We have $4.6 billion of assets under management across GPT’s balance sheet portfolio, our QuadReal partnership, and mandate with UniSuper. Complementing the current 1.4 million square metre portfolio, we have a significant development pipeline of projects in key markets.

A strong financial result has been delivered, driven by comparable income growth of 5.9% through positive leasing outcomes, structured rent increases and continued high occupancy.

We are well placed to deliver further growth in the Logistics sector, through development and the expansion of our funds platform.

24

Leasing and occupancy

62,400 sqm

99.4%

Total leasing (incl. HoA) Portfolio occupancy (incl. HoA) (Jun 2023: 85,600sqm) (Dec 2023: 99.5%)

5.4 36% years

Weighted average lease expiry Average leasing spread (incl. HoA) (Dec 2023: 5.4 years) (Dec 2023: 39%)

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Lease expiry profile (incl. HoA) [1]
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• Quality tenant covenants with >70% of income from ASX listed or multi-national corporations

• Major customers include Coles Group, Toll, DHL, IVE Group, Woolworths Group, FedEx and Mars

GPT – 2024 INTERIM RESULT PRESENTATION 1.Vacant % by area. Lease expiry % by income. Location Tenant Area (sqm) Term (years) Eastern Creek, NSW Silk Logistics 25,400 5 Wetherill Park, NSW InfraBuild 20,500 3 Altona North, VIC Confidential HoA 6,100 8 • Major customers include Coles Group, Toll, DHL, IVE Group, Woolworths Group, FedEx and Mars • Executing leasing strategies to maximise income upside through upcoming lease expiries Key 1H 2024 Leasing

1% 4% 3% 14% 14%

Vacant 2H 2024 2025 2026 2027

Now on slide 25.

Our portfolio is over 99% occupied with a weighted average lease expiry of 5.4 years.

Our modern portfolio attracts high quality customers, with the majority of income generated by ASX listed or multi-national corporations, including Coles and Woolworths and transport operators Toll, DHL and FedEx.

Leasing spreads averaged 36% in the half, and we are seeing deal momentum continue, with 32,000 square metres of terms agreed in July. First half deal volumes were weighted to Sydney including Silk Logistics and InfraBuild, with a number of Heads of Agreement in place in Melbourne.

Our expiry profile is well balanced and provides opportunity to capture income upside as leases expire, with the portfolio estimated to be at least 15% underrented.

25

Development pipeline

• Progressing milestones across the >$3b Yiribana East Logistics Estate, Kemps Creek, NSW | Indicative Master Plan development pipeline[1] , inclusive of UniSuper’s >$1b Deer Park project in Melbourne

• • Pipeline ~90% weighted to Sydney and Melbourne

• • Commencing projects at Kemps Creek and Truganina

• • Strong track record of delivering developments, with $2.3b of facilities delivered

• • Modern, future-proofed, high clearance facilities are best placed to attract demand and meet customers’ net zero aspirations

• 1. Estimated end value on completion, AUM basis Artist’s impression inclusive of capital partnerships and mandates. GPT – 2024 INTERIM RESULT PRESENTATION 26

Now on slide 26.

Our extensive development pipeline has an estimated end value on completion of over $3 billion, and is over 90% weighted to Sydney and Melbourne.

The pipeline has grown, with UniSuper’s acquisition of a large-scale site at Deer Park in Melbourne’s Inner West.

In the last 12 months we have achieved development approvals for our key projects in Sydney, Melbourne and Brisbane, positioning us well as we engage with major occupiers on their future requirements. This includes estates in Kemps Creek and Truganina that will deliver portfolio growth in prime markets and capitalise on limited land ready to develop.

Close to 60% of our portfolio has been delivered through development, allowing us to invest in features that future proof assets and attract high performing tenants. This investment also supports our customers’ net zero aspirations, with over half of the top 100 occupiers now having publicly stated targets.

26

Portfolio growth drivers

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Logistics sector underpinned by customer supply chain
requirements, population growth and e-commerce
Market vacancy of 1.9% nationally and current enquiry
expected to convert into increased take-up in 2H 2024
GPT portfolio dominated by modern assets located in
Sydney and Melbourne
Continuing to grow funds under management through
development and aligned partnerships
Keylink Estate – North, Keysborough, VIC
GPT – 2024 INTERIM RESULT PRESENTATION 27
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• Logistics sector underpinned by customer supply chain requirements, population growth and e-commerce

• Market vacancy of 1.9% nationally and current enquiry expected to convert into increased take-up in 2H 2024

• GPT portfolio dominated by modern assets located in Sydney and Melbourne

• Continuing to grow funds under management through development and aligned partnerships

Turning now to growth drivers on slide 27.

Conditions for the Logistics sector remain positive, underpinned by occupiers investing in their supply chains, population growth and e-commerce.

Market vacancy remains low at 1.9%, with Australia one of the tightest markets globally.

We are seeing a healthy volume of leasing briefs in the market, and take-up is anticipated to be higher in the second half compared to the first 6 months of the year.

Supply is set to increase, albeit the pace of these deliveries will be impacted by authority approval delays being experienced across the market.

We are well positioned to drive continued growth for the Logistics segment. This will be achieved through the execution of leasing strategies across existing assets and our development pipeline; and through further growth of funds under management.

Our significant balance sheet portfolio, and controlled development projects, provides the opportunity to create new products and form partnerships in a sector where investors are looking to upweight.

I will now hand back to Russell.

27

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Experience First
Outlook and
2024 Guidance
GPT – 2024 INTERIM RESULT PRESENTATION 28
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Thanks Chris.

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Outlook and 2024 guidance

Outlook

• Improving market conditions in terms of transaction activity and capital mobility

• GPT is well positioned with a premium multisector portfolio, complemented by a conservative capital profile and deep operational experience

• Active pursuit of strategy to optimise existing and to establish new partnerships to facilitate platform growth

• Position the business to execute on the strategic emphasis of investment management and capital partnering

Guidance

• We continue to expect to deliver 2024 Funds from Operations of approximately 32.0 cents per security and a distribution of 24.0 cents per security

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Melbourne Central, VIC

GPT – 2024 INTERIM RESULT PRESENTATION 29

We have outlined our plan to position the business for long-term growth by focusing on building our investment management platform.

GPT has a very strong and sound foundation from which to grow.

Our portfolio is very well positioned to deliver resilient and growing earnings.

And we see increased capital engagement supporting the successful execution of our strategy.

For the year 2024, we affirm our expectation for earnings and distributions of 32 and 24 cents per security, respectively.

Before we take questions, I would like to take this opportunity to thank investors for their support and confidence in our business, and the entire GPT Team who deliver on a daily basis.

It has been my honour to step into the role of CEO.

Operator – we will now take questions, thank you.

29

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Experience First
Thank you
for joining us
Questions
GPT – 2024 INTERIM RESULT PRESENTATION 30
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Disclaimer

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This Presentation ( Presentation ) has been prepared by The GPT Group comprising GPT RE To the maximum extent permitted by law, The GPT Group, its related companies, officers,
Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General Property Trust, and employees and agents will not be liable to you in any way for any loss, damage, cost or
GPT Management Holdings Limited (ACN 113 510 188) (together, GPT ). It has been prepared for expense (whether direct or indirect) howsoever arising in connection with the contents of,
the purpose of providing GPT’s investors with general information regarding GPT’s performance or any errors or omissions in, this Presentation.
and plans for the future and risks. It is not intended to be and does not constitute an offer or a
recommendation to acquire or sell any securities in The GPT Group. Information is stated as at 30 June 2024 unless otherwise indicated. Except as required
by applicable laws or regulations, GPT does not undertake to publicly update or review
The information provided in this Presentation is for general information only. It is not intended any forward-looking statements, whether as a result of new information or future events
to be investment, legal or other advice and should not be relied upon as such. You should or circumstances.
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 All values are expressed in Australian currency unless otherwise indicated. Some totals may not
form and is to be read in conjunction with GPT’s other announcements released to the add up to 100% due to rounding.
Australian Securities Exchange (available at www.asx.com.au).
Funds from Operations (FFO) is reported in the Segment Note disclosures which are included
You should note that past performance is not necessarily a guide to future performance. in the financial report of The GPT Group for the 6 months ended 30 June 2024. FFO is a financial
While every effort is made to provide accurate and complete information, The GPT Group does measure that represents The GPT Group’s underlying and recurring earnings from
not represent or warrant that the information in this Presentation is free from errors or omissions, its operations. This is determined by adjusting statutory net profit after tax under Australian
is complete or is suitable for your intended use. In particular, no representation or warranty is Accounting Standards for certain items which are non-cash, unrealised or capital in nature.
given as to the accuracy, likelihood of achievement or reasonableness of any forward-looking FFO has been determined based on guidelines established by the Property Council of Australia.
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 Key statistics for the Retail, Office and Logistics divisions include The GPT Group’s weighted
of GPT’s control. Actual results, circumstances and developments may differ materially from interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund
those expressed or implied in this Presentation. (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.
GPT – 2024 INTERIM RESULT PRESENTATION 31
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