ASX Announcement

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19 August 2024

2024 Interim Result Data Pack

The GPT Group (‘GPT’ or ‘Group’) provides its 2024 Interim Result Data Pack.

-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

2024 Interim Result

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Experience First

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2024 Interim Result Market Briefing

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Agenda

2024 Interim Result Overview and Strategy Update	Russell Proutt	3
Financials	Merran Edwards	8
Retail	Chris Barnett	13
Office	Martin Ritchie	18
Logistics	Chris Davis	23
Outlook and 2024 Guidance	Russell Proutt	28

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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 business.

Artwork: ‘Saltwater Spirit’ by Lowell Hunter (proud Nyul Nyul Saltwater man) and Bobbi Lockyer (proud Ngarluma, Kariyarra, Nyul Nyul and Yawuru woman).

2024 Interim Result Highlights

Group Returns $309.1m Funds From Operations

16.14c Funds From Operations per security 12.0c Distribution per security

$258.4m Adjusted Funds From Operations

($249.4m) Net loss for the half year after tax Balance Sheet $5.36 $1.4b 29.6% NTA per security Liquidity Net gearing

Real Estate Portfolio

Management Platform - $34.4b AUM Investment Portfolio1 ($b)	Management Platform - $34.4b AUM Investment Portfolio1 ($b)	Funds	Total
Sectors Retail	Balance Sheet (+ Co-investments) 4.8 (+0.8)	Management2($b) 8.9	($b) 13.7
Office Logistics Living	3.7 (+1.3) 3.8 (+0.3) -	11.2 0.8 1.2	14.9 4.6 1.2
	12.3 (+2.4)	22.1	34.4
	98.1% 3.0%	$2.4b
	Occupancy Comparable income growth	Incremental FUM (6 months to June 2024)
	5.7% WACR 5.4% Property	7.4% Funds
	Investment Yield3	Management Yield4

Adjusted for divestment of Austrak Business Park, Somerton (contracted for sale).
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).
Stabilised Investment Portfolio Funds From Operations (FFO) yield (including co-investments) for the 12 months to June 2024.
Co-investment FFO yield inclusive of Funds Management net income for the 12 months to June 2024.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

The GPT platform

Funds Under Management

2-year FUM CAGR of 26% bringing our Funds Under Management to $22.1b at the half year

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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
Retail$4.8b 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% WACR 6.06% WACR 5.55% WACR
5.8% Yield 5.2% Yield 5.0% Yield 93.5% Occupancy 99.5% Occupancy 93.8% Occupancy
5.95% WACR 5.42% WACR 5.51% WACR
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Australian Core Retail Trust.
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.

Our ambition

Position GPT to become Australia’s leading diversified real estate investment manager, dedicated to providing exceptional value, innovation, and sustainable growth for our investors and stakeholders

Our execution strategy is underpinned by four fundamental elements

Build upon existing foundations

Build upon Enduring value existing creation foundations Exceptional operational Investment proficiency capability is core to GPT’s and effective capital value proposition to our allocation to drive investors and partners long-term performance

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Continued operational Superior outcomes
excellence
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
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GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Implementation plan

2024 Priorities

Clarify and embed strategy

Focus Areas

Align operational capability to support strategic growth areas

Position GPT as an active investment partner across existing funds and partnerships

Execution and commencement of Executive Team appointments (CEO, CFO, CIO)

On-board Commonwealth Superannuation Corporation (CSC) mandate

Continued focus on GWOF & GWSCF performance

Enhance Active Management

Source Growth Capital

Platform Performance

Drive performance, returns • Grow and expand market and enhance portfolio leading retail management composition platform
Initially using balance sheet portfolio as a catalyst
Source investment • Achieve outperformance opportunities to build across our platform and diversify funds • Align capital allocation management platform
Continue to build scale in logistics development through aligned partnerships
Align capital allocation with our partners
Primary focus on execution of office asset management strategies to drive value through leasing and active management

Integrated ESG strategy

100%

Owned and managed Retail and Office Investment Portfolio assets operating on a carbon neutral basis[1]

$2.3b

of Sustainable financing and /or Green debt across the Management Platform

2 Ranked REIT in S&P Global Corporate Sustainability Assessment 2024 Yearbook Global Report

Retail

Office

Logistics

Investment Portfolio 2023 NABERS ratings
Energy: 4.4 stars
- Water: 3.1 stars
Solar PV arrays installed across 60% of Investment Portfolio assets
Investment Portfolio 2023 NABERS ratings
Energy: 5.1 stars
- Water: 4.5 stars
Solar PV arrays installed across 41% of Investment Portfolio operating assets
Solar PV arrays installed across 34% of Investment Portfolio assets, and all future development projects
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

Excludes assets held for development or under the operational control of tenants.

As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Experience First

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Financials

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.
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Highpoint Shopping Centre, VIC
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Note: FFO contribution is calculated before finance costs, corporate expenses and tax. Management operations FFO includes funds management, operations and development management net income.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

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
(6mths to Dec 23) (6mths to Jun 24)
-3.6%
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 -0.7% +29 bps +31 bps Income Yield Capital Return Capital Return Total Return
to June 2024. (6mths to Dec 23) (6mths to Jun 24)
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Stabilised Investment Portfolio total return (including co-investments) for the 12 months to June 2024.

Segment result

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

($m) Investment Portfo Retail Office Logistics Income from Fund Total Management Management Op Trading profits Total Total Investment Finance costs Corporate overhe Tax expense FFO Maintenance and AFFO Net loss for the ha	($m) Investment Portfo Retail Office Logistics Income from Fund Total Management Management Op Trading profits Total Total Investment Finance costs Corporate overhe Tax expense FFO Maintenance and AFFO Net loss for the ha				1H 2024 1H 2023 Change 137.7 131.8 4.5% 107.0 107.6 (0.6%) 99.4 93.6 6.2% 56.1 59.1 (5.1%) 400.2 392.1 2.1% 43.3 42.4 2.1% 3.4 (0.1) n/a 46.7 42.3 10.4% 446.9 434.4 2.9% (100.4) (82.5) 21.7% (28.8) (28.8) - (8.6) (6.4) 34.4% 309.1 316.7 (2.4%) (50.7) (50.9) - 258.4 265.8 (2.8%) (249.4) (1.1)
($m) Investment Portfo Retail Office Logistics Income from Fund Total Management Management Op Trading profits Total Total Investment Finance costs Corporate overhe Tax expense FFO Maintenance and AFFO Net loss for the ha	($m)				1H 2024 1H 2023 Change
	Investment Portfo Retail	li	o		137.7 131.8 4.5%
	Office				107.0 107.6 (0.6%)
	Logistics				99.4 93.6 6.2%
	Income from Fund	s			56.1 59.1 (5.1%)
	Total				400.2 392.1 2.1%
		er	ati	ons1	43.3 42.4 2.1%
	Trading profits				3.4 (0.1) n/a
	Total				46.7 42.3 10.4%
	Total Investment	Po	rt	folio & Management FFO	446.9 434.4 2.9%
	Finance costs				(100.4) (82.5) 21.7%
	Corporate overhe	a	d		(28.8) (28.8) -
	Tax expense				(8.6) (6.4) 34.4%
	FFO				309.1 316.7 (2.4%)
	Maintenance and	le	a	sing capex	(50.7) (50.9) -
	AFFO				258.4 265.8 (2.8%)

	Net loss for the ha	lf	y	ear after tax	(249.4) (1.1)

Management Operations FFO includes the net contribution from funds management, property management and development management.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Strong financial position

	Key Statistics	Jun 2024 Comments	Jun 2024 Comments	Jun 2024 Comments
		Within stated range of
	Net gearing	29.6% 25%-35% and material
		headroom to 50% covenant
	Liquidity Weighted average cost of debt	$1.4b No unfunded capital commitments 4.9% Increased cost of debt due to higher rate hedges commencing
	Weighted average term to maturity	5.6 years Well-laddered maturity profile with duration
	Interest cover ratio	4.1x 2.1x headroom to covenant of 2.0x
	Credit ratings (S&P/Moody’s)	A-(stable)/ A2 (stable) Credit ratings maintained

Debt maturity profile

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<br>1,600 Undrawn Bank Facilities
Drawn Bank Facilities
1,400
Medium Term Notes
1,200 US Private Placements
CPI Bonds
1,000
800
600
400
200
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Millions ($)
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Hedge Profile
110% 99%
100%
90%
80% 72%
70% 61%
60%
50%
40%
30%
20% 3.2% 3.7% 3.8%
10%
0%
2024 2025 2026
Drawn debt % hedged Hedged rate
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Experience First

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Retail

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT Retail platform

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Retail assets under management
17 GPT $4.8b
Owned or managed assets
GWSCF $3.5b
$13.7b (GPT 28.5% equity interest)
$11.5b
Moving Annual Turnover (MAT) Mandates $5.4b
1.4
m sqm Geographic spread [1]
GLA
+ Brisbane 23%
4,300
Tenancies
Perth 10%
Sydney 30%
Melbourne 37%
1. AUM basis.
2. Segment contribution includes $137.7m investment
portfolio income, $20.6m income from funds, $21.9m
management operations income and $3.6m trading
profits (before tax).
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Investment portfolio results
$4.8b
Balance Sheet portfolio
($5.6b including $0.8b
co-investment in GWSCF)
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$183.8m
Segment contribution [2] , up 7.2%
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5.8% Comparable income growth

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5.44%
Weighted average capitalisation
rate, up 1 bps on Dec 2023
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5.1%
12 month total return
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AUM basis.
Segment contribution includes $137.7m investment portfolio income, $20.6m income from funds, $21.9m management operations income and $3.6m trading profits (before tax).

Leasing and occupancy

99.6%

271

Portfolio occupancy (Dec 2023: 99.8%)

Deals completed (Jun 2023: 343)

Total Specialty leasing metrics (Deals completed)	Total Specialty leasing metrics (Deals completed)	Total Specialty leasing metrics (Deals completed)
	1H 2024		1H 2023
Average annual fixed increase		4.9%	4.8%
Leasing spreads		4.3%	3.4%
Weighted average lease term	5.2 years		5.2 years
Occupancy Cost(Specialty<400sqm)	15.8%		15.7%
Holdovers as % of base rent at period end		4.4%	5.8%

3.9 years

Weighted average lease expiry (Dec 2023: 3.9 years)

Occupancy & Leasing Spreads

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100% 10%
5%
99%
0%
-5%
98%
-10%
97% -15%
Occupancy (LHS) Leasing Spread (RHS)
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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GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Centre sales performance

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• 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
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%
5.1%
4.4%
4.0% 3.7% 4.1% 4.0% 3.8% 3.6% 3.6% 4.0% 3.7%
2.7% 2.4%
1.8% 1.6% 2.1%
0.3%
-0.2%
-1.6% Jan Feb Mar Apr May Jun 1H 2024
-3.0%
-14.2%
Total Centre Total Specialty
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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June 2024 five weekends vs. June 2023 four weekends.

Portfolio growth drivers

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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 DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Experience First

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Office

GPT Office platform

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Office assets under management
Mandates $2.7b
32
Owned or managed assets
$14.9b GPT $3.7b
1.26
m sqm
NLA GWOF $8.5b
(GPT equity interest 21.7%)
620++
Geographic spread [2]
Customers
97% Brisbane 13%
Platform certified carbon neutral [1]
Perth 2%
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.
2. AUM basis.
3. Segment contribution includes $107.0m investment
portfolio income, $31.7m income from funds and $19.6m
management operations income (before tax).
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620++
Customers
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Investment portfolio results

$3.7b Balance Sheet portfolio ($5.0b including $1.3b co-investment in GWOF)

$158.3m

Segment contribution[3] , down 3.4%

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-1.3%
Comparable income growth
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6.06%

Weighted average capitalisation rate, up 57 bps on Dec 2023

-10.8% 12 month total return

GPT, GWOF and mandate operational office assets. Excludes assets under or held for development or under the operational control of the tenant. 2. AUM basis.
Segment contribution includes $107.0m investment portfolio income, $31.7m income from funds and $19.6m management operations income (before tax).

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Leasing and occupancy

80,700sqm

Total leasing[1 ] (incl. HoA), 78 deals (Jun 2023: 42,400sqm, 65 deals)

92.4%

Portfolio occupancy (incl. HoA) (Dec 2023: 92.3%)

4.9 years

Weighted average lease expiry (incl. HoA) (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
1GPT and GWOF ownership Net Lettable Area

GPT and GWOF ownership Net Lettable Area. GPT – 2024 INTERIM RESULT PRESENTATION
GPT and GWOF ownership Net Lettable Area.

Leasing performance and expiries

g p	g p			p				le3 3% 5% 15% 9% 2024 2025 2026 2027 amatta
Key leasing Asset Tenanc (levels		y )		Area1 (sqm) Term (years)
					Lease expiry p 8% Canberra Brisbane Sydney Metro & Melbourne Sydney CBD	ro Pa	fi rr	le3 3% ama
111 Eagle St, Brisbane Confiden		ti	al	7,500 6
51 Flinders Ln, Melbourne L4-9				4,500 10
Melbourne Central Tower, Melbourne L3-5				4,400 8
580 George St, Sydney Confiden		ti	al	3,900 5
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 Occu Eastern Se GPT incl. Signed Leases GPT incl. HoA Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-2		p	an	cy2 rd Prime incl. Signed Leases 92.4% 89.5% 82.5% un-22 Jun-23 Jun-24
	Eastern Se GPT incl. Signed Leases GPT incl. HoA n-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-2	ab 1	oa J		Vacant		2H	20

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Canberra
Brisbane
Sydney Metro & Parramatta
Melbourne
Sydney CBD
15%
9%
8%
5%
3%
Vacant 2H 2024 2025 2026 2027
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100% basis.
JLL research. Eastern seaboard includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
Includes HoA. Vacant % by area. Lease expiry % by income.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Portfolio growth drivers

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]
Excludes assets under or held for development.

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Darling Park, Sydney

Excludes assets under or held for development.

Experience First

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Logistics

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT Logistics platform

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Logistics assets under management
GPT $3.8b
71
Owned or managed assets
$4.6b
GQLT $0.6b
1.36m sqm (GPT equity interest 50.1%)
GLA
Mandates $0.3b
90+
Geographic spread [2]
Customers
>$3b QLD 17%
Development pipeline [1]
WA 2%
NSW 47%
1. Estimated end value on completion, AUM basis inclusive of
capital partnerships and mandates.
2. AUM basis. Excludes assets under development.3. Segment contribution includes $99.4m investment SA 2% VIC 32%
portfolio income, $3.8m income from funds, $1.8m
management operations income and ($0.2m) trading
profits (before tax).
Note: Logistics portfolio metrics exclude Austrak Business
Park, Somerton (contracted for sale).
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Note: Logistics portfolio metrics exclude Austrak Business Park, Somerton (contracted for sale).

Investment portfolio results

$3.8b Balance Sheet portfolio ($4.1b including $0.3b co-investment in GQLT)

$104.8m Segment contribution[3] , up 5.9%

5.9% Comparable income growth

5.55% Weighted average capitalisation rate, up 29 bps on Dec 2023

0.9% 12 month total return

Estimated end value on completion, AUM basis inclusive of capital partnerships and mandates.
AUM basis. Excludes assets under development.
Segment contribution includes $99.4m investment portfolio income, $3.8m income from funds, $1.8m management operations income and ($0.2m) trading profits (before tax).

Note: Logistics portfolio metrics exclude Austrak Business Park, Somerton (contracted for sale).

Leasing and occupancy

62,400 sqm 99.4% Total leasing (incl. HoA) Portfolio occupancy (incl. HoA) (Jun 2023: 85,600sqm) (Dec 2023: 99.5%)

Total leasing (incl. HoA) (Jun 2023: 85,600sqm)

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
Executing leasing strategies to maximise income upside through upcoming lease expiries

Key 1H 2024 Leasing		~~Area~~	~~Term~~
Location	Tenant	(sqm)	(years)
Eastern Creek, NSW	Silk Logistics	25,400	5
Wetherill Park, NSW	InfraBuild	20,500	3
Altona North, VIC	Confidential HoA	6,100	8

Vacant % by area. Lease expiry % by income.

5.4 years

36%

Weighted average lease expiry (incl. HoA) (Dec 2023: 5.4 years)

Average leasing spread (Dec 2023: 39%)

Lease expiry profile (incl. HoA)[1]

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14% 14%
4%
3%
1%
Vacant 2H 2024 2025 2026 2027
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Vacant % by area. Lease expiry % by income.

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Development pipeline

Progressing milestones across the >$3b 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
Estimated end value on completion, AUM basis inclusive of capital partnerships and mandates.

Yiribana East Logistics Estate, Kemps Creek, NSW | Indicative Master Plan

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Artist’s impression
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Estimated end value on completion, AUM basis inclusive of capital partnerships and mandates.

Portfolio growth drivers

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

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Keylink Estate – North, Keysborough, VIC

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Experience First

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Outlook and 2024 Guidance

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 DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK

PRESENTATION

Experience First

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Thank you for joining us Questions

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 ). It has been prepared for the purpose of providing GPT’s investors with general information regarding GPT’s performance 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.

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 2024 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. Some totals may not add up to 100% due to rounding.

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 2024. 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.

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 – 2024 INTERIM RESULT DATA PACK

PRESENTATION

GPT – 2024 INTERIM RESULT DATA PACK PRESENTATION 32

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Melbourne Central, VIC.
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Data Pack

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Experience First

Note: All totals and averages referenced in this Data Pack are based on GPT’s balance sheet portfolio and GPT’s weighted ownership interests in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively. Some totals may not add up to 100% due to rounding.

	Contents
	Overview	35
	Financials	39
	Retail Investment Portfolio	43
	Offce Investment Portfolio	49
	Logistics Investment Portfolio	59
	Funds Management	71
	Development	75
	Glossary	79

GPT – 2024 INTERIM RESULT DATA PACK

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25 Niton Drive, Truganina, VIC.
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Experience First

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Overview

GPT’s $34.4 billion Management Platform is comprised of a $14.7 billion Investment Portfolio, which includes $12.3 billion of direct property interests and $2.4 billion of co-investments across our core Retail, Office and Logistics sectors, and $22.1 billion of assets under management[1] in Wholesale Funds, Partnerships and Mandates.

Management Platform | $34.4b

Retail

$13.7b AUM
17 assets
1.4m sqm GLA
4300+ tenants

Office

$14.9b AUM
32 assets
1.3m sqm NLA
620+ office tenants

Logistics

$4.6b AUM
71 assets
1.4m sqm GLA
90+ tenants

Living

$1.2b AUM
9 assets
5,000+ beds

Investment Portfolio | $14.7b

Sector weighting

Geographic weighting

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Retail 38% | $5.6b
Office 34% | $5.0b
Logistics 28% | $4.1b
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NSW 48%
VIC 38%
QLD 13%
Other 1%
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Includes the 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).

GPT – 2024 INTERIM RESULT DATA PACK

OVERVIEW

GPT – 2024 INTERIM RESULT DATA PACK

OVERVIEW

Investment Portfolio operational metrics

	Portfolio size ($b)	(years)	Occupancy1 (%)	WACR (%)
Retail	5.6	3.9	99.6	5.44
Offce	5.0	4.9	92.4	6.06
Logistics	4.1	5.4	99.4	5.55
Total	14.7	4.6	98.1	5.69

Average structured rental increases[2]

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Specialty retail Office Logistics
+4.8% +3.7% +3.3%
Fixed 63% Other 28% CPI linked 9% Fixed 83% Other 15% CPI linked 2% Fixed 63% Other 9% CPI linked 28%
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1. Includes Heads of Agreement.

Fixed rent and CPI linked reviews for the 12 months to 31 December 2024. CPI assumption of 3.5% utilised, CPI linked includes a range of review provisions that have reference to CPI. Other includes market reviews and expiries in 2024.

Investment Portfolio environmental metrics

NABERS Ratings	Dec 2023	Dec 2022
Offce
Energy	5.1 stars	5.1 stars
Water	4.5 stars	4.9 stars
Retail
Energy	4.4 stars	4.1 stars
Water	3.1 stars	3.3 stars
As at 31 December	20231	2022
Energy
Energyintensity(MJ/m2)	272	271
Greenhouse gas emissions
Scope 1 (tCO2e)	7,525	8,757
Scope 2 – Location-based (tCO2e)	84,235	87,485
Scope 2 – Market-based (tCO2e)	26,532	37,037
Scope 1 & 2 intensity– Net of offsets (kgCO2e/m2)	11	19
Scope 3 – Selected operational (tCO2e)	24,489	25,191
Scope 1, 2 & 3 intensity– Net of offsets (kgCO2e/m2)	10	24
Water
Water intensity(L/m2)	670	620
Materials and resource circularity
Closed loop(A-grade) waste recovery	34%	35%

Data assured as at 31 December 2023. GPT 2023 Sustainability Assurance Statement may be found here.

Note: Refer to GPT’s Sustainability Data Dashboard for further information regarding our management approach, priorities and performance in addressing material environmental and social matters.

GPT – 2024 INTERIM RESULT DATA PACK

OVERVIEW

GPT – 2024 INTERIM RESULT DATA PACK OVERVIEW 38

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Solar photovoltaic (PV) arrays, Chirnside Park, VIC.
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Experience First

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Financials

Financial summary

Financial summary
6 months to 30 June	2024	2023	Change
Funds From Operations (FFO) ($m)	309.1	316.7	(2.4%)
Net loss after tax ($m)	(249.4)	(1.1)	Lge
FFO per ordinary security (cents)1	16.14	16.53	(2.4%)
FFO yield (based on period end price)1	7.7%	7.7%
Distribution per ordinary security (cents)1	12.00	12.50	(4.0%)
Distribution yield (based on period end price)1	6.1%	6.0%
Net interest expense ($m)	(100.4)	(82.5)	21.7%
Interest capitalised ($m)	5.4	4.6	17.4%
Weighted average cost of debt	4.9%	4.1%	▲80bps
Interest cover	4.1 times	4.6 times	▼0.5 times
	Jun 2024	Dec 2023	Change
Total assets ($m)	15,802.5	16,279.8	(2.9%)
Total borrowings ($m)	4,861.7	4,796.3	1.4%
Net Tangible Assets (NTA) per security ($)	5.36	5.61	(4.5%)
Net gearing	29.6%	28.3%	▲130bps
Net look through gearing	32.1%	30.7%	▲140bps
Weighted average term to maturity of debt	5.6 years	5.9 years	▼0.3 years
Credit ratings (S&P/Moody's)	A- (stable) / A2 (stable)	A- (stable) / A2 (stable)	Unchanged
Weighted average term of interest rate hedging	2.6 years	2.8 years	▼0.2 years

The weighted average number of ordinary stapled securities was 1,915.6m for 2023 and 2024. The period end price was $4.00 at 30 June 2024 and $4.14 at 30 June 2023.

FFO and Distribution yield calculated on a 12 month rolling basis.

GPT – 2024 INTERIM RESULT DATA PACK

FINANCIALS

GPT – 2024 INTERIM RESULT DATA PACK

FINANCIALS

Segment performance

FINANCIALS GPT – 2024 INTERIM RESULT DATA PACK Segment performance		40
6 months to 30 June($m)	2024	2023
Retail
Investmentportfolio income	137.7	131.8
Income from funds	20.6	20.9
Management operations	21.9	18.9
Trading proft/(loss)	3.6 183.8	(0.1) 171.5
Offce
Investmentportfolio income	107.0	107.6
Income from funds	31.7	34.8
Management operations	19.6	21.5
	158.3	163.9
Logistics
Investmentportfolio income	99.4	93.6
Income from funds	3.8	3.4
Management operations	1.8	2.0
Trading proft/(loss)	(0.2) 104.8	— 99.0
Corporate
Net fnancingcosts	(100.4)	(82.5)
Corporate management expenses	(28.8)	(28.8)
Tax expense	(8.6)	(6.4)
FFO	309.1	316.7
Valuation decrease	(566.8)	(341.3)
Financial instruments mark to market movements, net foreign exchange movements and other items	8.3	23.5
Net loss after tax	(249.4)	(1.1)

FFO to AFFO reconciliation

FFO to AFFO reconciliation
6 months to 30 June ($m)	2024	2023
Business segment income	446.9	434.4
Financing and corporate overheads	(137.8)	(117.7)
FFO	309.1	316.7
Maintenance and leasing capex	(50.7)	(50.9)
Adjusted FFO (AFFO)	258.4	265.8

GPT – 2024 INTERIM RESULT DATA PACK

FINANCIALS

GPT – 2024 INTERIM RESULT DATA PACK

FINANCIALS

Net tangible assets

	NTA ($m)	NTA per security2 ($)
NTA at 31 December 20231	10,743.5	5.61
FFO	309.1	0.16
Revaluations	(566.8)	(0.29)
Mark to market of Treasury	23.3	0.01
Distribution	(229.9)	(0.12)
Other	(18.3)	(0.01)
Movement in NTA	(482.6)	(0.25)
NTA at 30 June 20241	10,260.9	5.36

Includes right of use assets.
Securities on issue at 1 January 2024 1,915.6m. 30 June 2024 balance 1,915.6m.
Includes unamortised establishment costs and other adjustments. As at 30 June 2024, external drawn debt is $4,607m.
Excludes Finance costs - leases.

Gearing and interest cover

Gearing ($m)	Jun 2024
Total assets	15,802.5
Less: Intangible assets	(21.5)
Less: Right of use asset	(10.9)
Less: Lease liabilities - investment properties	(13.7)
Less: Cross currency swap assets	(329.6)
Adjusted total tangible assets	15,426.8
Current borrowings	870.8
Non-current borrowings	3,990.9
Less: Net cross currency derivative positions	(261.0)
Total borrowings3	4,600.7
Cash	49.4
Net gearing	29.6%
Look through gearing based on net debt	32.1%

Interest cover ($m)	Jun 2024
FFO	309.1
Add: taxes deducted	8.6
Add: Finance costs for the period4	102.2
Earnings before interest and tax (EBIT)	419.9
Finance costs4	102.2
Interest cover	4.1 times

Experience First

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Retail

Retail Platform overview

GPT's retail Investment Portfolio comprises ownership in ten high quality assets with a total investment of $5.6 billion. The portfolio includes assets held on the Group’s balance sheet and a co-investment in the GPT Wholesale Shopping Centre Fund (GWSCF). Assets under management of $13.7 billion include a further seven assets managed on behalf of the UniSuper direct real estate mandate, Australian Core Retail Trust (ACRT) and Commonwealth Superannuation Corporation (CSC).

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NT
QLD
WA 3 Brisbane
SA
Perth 1 NSW
7 Sydney
VIC
l Number of assets in each state 6 Melbourne
TAS
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New South Wales

GPT

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

GWSCF

Macarthur Square (50%)

Mandates

Dapto Mall Marrickville Metro Macquarie Centre (50%)

Victoria

GPT

Melbourne Central Highpoint Shopping Centre (16.7%)

GWSCF

Chirnside Park

Highpoint Shopping Centre (83.3%) Northland Shopping Centre (50%) Parkmore Shopping Centre

Mandates

Malvern Central

Queensland

GPT

Sunshine Plaza (50%)

Mandates

Pacific Fair Shopping Centre Indooroopilly Shopping Centre (50%)

Western Australia

Mandates

Karrinyup Shopping Centre

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

Investment Portfolio summary

Top ten tenants[1]

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Woolworths Accent
Group Myer Wesfarmers Group Just Group
3.4% 2.9% 2.7% 2.7% 2.4%
2.3% 2.3% 1.8% 1.6% 1.3%
Cotton On Coles Group Hoyts Mecca Country Road
Clothing Group
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Geographic weighting

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VIC 48%
NSW 42%
QLD 10%
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Based on gross rent (including turnover rent).

Investment Portfolio performance

Investment Portfolio performance
Ownership interest (%) Fair value ($m)1 Capitalisation rate (%) GLA (100% basis, sqm) Occupancy by area (%) Total Centre MAT ($m)	Comparable MATgrowth (%)	Specialty2
	Total Centre Specialty2	MAT ($psm) Occupancy cost (%)
GPT portfolio Charlestown Square 100 875.0 6.00 91,300 99.5 591.3	1.3 1.4	12,903 14.2
Highpoint Shopping Centre 16.7 395.8 5.00 151,400 99.5 1,277.5	2.7 (2.1)	12,872 16.8
Melbourne Central 100 1,517.2 5.06 55,800 100.0 643.3	10.5 9.9	14,874 18.4
Rouse Hill Town Centre 100 747.1 5.75 70,100 100.0 628.8	2.0 2.6	13,117 12.9
Sunshine Plaza 50 589.5 5.50 106,500 99.1 835.0	4.7 3.8	11,735 15.5
Westfeld Penrith 50 676.0 5.50 91,300 99.5 725.7	2.5 0.4	13,183 17.8
GWSCF 28.5 803.8 5.42 433,100 99.5 2,434.5	2.9 (0.6)	11,918 15.5
GPT weighted total3 5,604.4 5.44 848,200 99.6 3,550.5	3.9 3.1	13,052 15.8

Ownership share.
Specialty GLA < 400sqm.
GPT’s equity accounted interest in the net assets of GWSCF including net revaluations of investment property and mark to market movements of financial instruments. Assets co-owned with GWSCF included once in GLA at 100%.

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

Investment Portfolio sales

GPT – 2024 INTERIM RESULT DATA PACK Investment Portfolio sales	RETAIL	46
		Comparable MAT
Total Centre sales	MAT ($m)	growth (%)
Department store	146.8	(1.1)
Discount department store	291.8	1.7
Supermarket	573.5	6.8
Cinemas	47.6	(1.6)
Other Retail	192.4	16.7
Total Specialty	2,298.5	3.0
Total	3,550.5	3.9
Total Specialty by category
Fashion	600.5	(3.1)
Technology	415.2	3.7
Dining	380.8	6.5
Health & Beauty	367.3	8.4
Leisure	182.6	3.3
General Retail	113.2	6.8
Food Retail	113.1	8.8
Jewellery	80.2	(0.8)
Homewares	33.4	(6.0)
Retail services	12.3	4.6
Total	2,298.5	3.0
Specialty GLA >400sqm	656.1	2.9
Specialty GLA <400sqm	1,642.3	3.1

Note: Based on weighted GPT Interest.

Retail sales categories

Broad category	Sub category	GPT Retailportfolio tenant examples
Department store	Department store	David Jones, Myer
Discount department store	Discount department store	BigW, Kmart, Target
Supermarkets	Supermarket	Aldi, Coles, Woolworths
Fashion	Childrenswear, Fashion accessories, Footwear, Menswear, Unisex,	Best & Less, Connor, Cotton On, Country Road, Foot Locker, H&M,
	Womenswear	Lovisa, Peter Alexander, Platypus, Sportsgirl, Strand, Sunglass Hut,
		Uniqlo, Witchery, Zara
Dining	Cafes, Restaurants, Takeaway – Food court,	Boost Juice, Donut King, Grill’d, Guzman y Gomez, KFC,
	TakeawayNon-food court	McDonalds, The Coffee Club
Food Retail	Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit &	Bakers Delight, Breadtop, Costi Seafood, Dan Murphy, Deliworld,
	Vegetables, Liquor, Other specialtyfood, Poultry, Seafood	HealthyLife, Rainbow Meats
Health & Beauty	Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail bars,	Chemist Warehouse, Just Cuts, Laser Clinics, Mecca, OPSM,
	Optometrist, Pharmacy	Priceline, Sephora, Specsavers, TerryWhite
General Retail	Car show room, Discount variety, Educational, Florist, Giftware, Pets, Toys, Miscellaneous	Casey Toys, Daiso, Lego, Lincraft, T2, The Reject Shop, Toyota
Homewares	General homewares	Adairs, Bed Bath & Table, Dusk, Habitania, Robins Kitchen
Jewellery	Jewellery	Angus & Coote, Michael Hill, Pandora, Prouds, Swarovski
Leisure	Athleisure, Books, Newsagents, Sports, Stationery	Dymocks, InSport, Kathmandu, Lorna Jane, Nextra, Nike, Puma,
		QBD The Bookshop, Rebel, Smiggle, Typo
Retail services	Key cutting/Watch repair & Shoe repair, Other retail services	Bay Audio, Dry Cleaners, Looksmart Alterations, Mister Minit
Technology	Aggregators, Film processing/Photography, Mobile &	Apple, Camera House, EB Games, JB Hi-Fi, Optus, Samsung,
	Accessories, Music/Video/Games, Pure brands	Shaver Shop, Telstra
Cinemas	Cinemas	Hoyts, ReadingCinemas
Other Retail	Automotive, Car wash, Entertainment, Fitness, Lotto, Pad sites/	Anytime Fitness, Fitness First, Flight Centre, Holey Moley, Lotto,
	Bulky goods, Travel agent	Star Car Wash, Strike Bowling, Timezone
Non-retail	ATM, Banks/Insurance/Other fnancial, Education, Medical, Petrol station, Other non-retail	ANZ, Australia Post, BUPA, CBA, Currency Exchange, Medicare, Westpac

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

GPT – 2024 INTERIM RESULT DATA PACK

RETAIL

Independent valuation summary

	Ownership	Valuation1	Capitalisation
	interest (%)	($m)	rate (%)	Date	Valuer
GPT portfolio
Charlestown Square	100	875.0	6.00	30 Jun 24	Knight Frank
Highpoint ShoppingCentre	16.7	395.8	5.00	30 Jun 24	JLL
Melbourne Central1	100	1,517.2	5.06	30 Jun 24	CBRE
Rouse Hill Town Centre	100	730.0	5.75	31 Dec 23	Savills
Sunshine Plaza	50	589.5	5.50	30 Jun 24	JLL
Westfeld Penrith	50	676.0	5.50	31 Dec 23	CBRE

Note: Valuations include ancillary assets.

Weighted average capitalisation rate is 5.06%, comprising retail 5.00% and car park 6.00%.

Experience First

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Office

Office Platform overview

GPT’s office Portfolio comprises ownership in 28 assets with a total investment of $5.0 billion. The portfolio includes assets held on the Group’s balance sheet and a co-investment in the GPT Wholesale Office Fund (GWOF). Assets under management of $14.9 billion include a further two assets managed on behalf of the UniSuper direct real estate mandate and two assets managed on behalf of Commonwealth Superannuation Corporation.

New South Wales

Victoria

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NT
QLD
WA
2 Brisbane
1 SA
Perth
NSW
16 Sydney
1
Canberra
VIC
12 Melbourne
l Number of assets in each state
TAS
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GPT

Australia Square (50%) 2 Park Street (50%) Darling Park 1 & 2 (25%)

60 Station Street, Parramatta 32 Smith, Parramatta

4 Murray Rose Avenue, Sydney Olympic Park

GWOF

Liberty Place (50%) Darling Park 1 & 2 (50%) Darling Park 3

580 George Street workplace6

155 Walker Street, North Sydney 81 George Street, Parramatta 91 George Street, Parramatta

Mandates

Brookfield Place (24.9%) 7 Macquarie Place

Australian Capital Territory

GPT

Melbourne Central Tower 181 William & 550 Bourke Streets (50%)

GWOF

2 Southbank Boulevard 8 Exhibition Street (50%)

Queen & Collins 150 Collins Street

530 Collins Street

655 Collins Street

750 Collins Street 800/808 Bourke Street

181 William & 550 Bourke Streets (50%) 51 Flinders Lane

Mandates

101 Collins Street

Queensland

GPT

One One One Eagle Street (33.3%)

GWOF

One One One Eagle Street (66.7%) Riverside Centre

62 Northbourne Avenue, Canberra

Western Australia

Mandates

QV1, Perth (50%)

GPT – 2024 INTERIM RESULT DATA PACK

OFFICE

GPT – 2024 INTERIM RESULT DATA PACK

OFFICE

Investment Portfolio summary

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Top ten tenants [1] Tenant mix by industry [2] Geographic weighting
Amazon
Web
Government IAG Services ME Bank QBE
11.3% 5.5% 5.3% 3.3% 3.2%
2.4% 2.4% 1.8% 1.7% 1.6%
CBA Citibank ANZ Monash EY
Government 15% NSW 52%
Information and Commications Technology 14% VIC 34%
Banking 13% QLD 13%
Other Business Services 12% ACT 1%
Other 12%
Insurance 12%
Legal 10%
Accounting & Finance 7%
Mining & Energy 4%
Note: Includes Signed Leases. Co-working/Serviced Offices 2%
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Note: Includes Signed Leases. 1. Based on gross rent.
By area.

Investment Portfolio performance

Ownership interest (%) Fair value1 ($m)	Capitalisation rate (%) NLA2 (100% basis, sqm)	Offce occupancy by area (%) WALE3 by income (years) Actual Total3
GPT portfolio Australia Square, Sydney 50 509.8	6.05 51,200	79.1 84.6 2.9
2 Park Street, Sydney 50 715.0	5.75 73,300	85.2 92.5 4.7
Darling Park 1 & 2, Sydney 25 428.4	DP 1: 6.38 101,600 DP 2: 6.00	DP 1:46.8 78.7 4.3
		DP 2: 93.2 95.9 5.7
60 Station Street, Parramatta 100 182.0	7.25 24,700	81.1 84.5 3.7
32 Smith, Parramatta 100 286.5	6.25 25,900	88.6 90.1 6.1
4 Murray Rose Avenue, Sydney Olympic Park 100 117.0	6.88 15,600	98.8 98.8 5.5
62 Northbourne Avenue, Canberra 100 37.2	7.50 10,200	100.0 100.0 2.0
Melbourne Central Tower, Melbourne 100 644.0	6.13 65,800	80.4 93.7 5.3
181 William & 550 Bourke Streets, Melbourne 50 401.0	6.13 77,300	92.4 94.4 4.7
One One One Eagle Street, Brisbane 33.3 356.7	5.75 63,600	93.9 96.4 5.7
GWOF 21.7 1,317.1	5.95 767,500	90.1 93.5 5.1
GPT weighted total4 4,994.7	6.06 1,034,200	86.6 92.4 4.9

Ownership share.
Landlord operated flexible space included in NLA but excluded from occupancy metrics. Excludes assets under or held for development.
Includes Signed Leases and Heads of Agreement.
GPT’s equity accounted interest in the net assets of GWOF including net revaluations of investment property and mark to market movements. Assets co-owned with GWOF included once in NLA at 100%.

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Lease expiry by income (%)

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15 15
13
9 9
5 5
4
3 3
2H 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+
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Note: Office income, includes Heads of Agreement.

Independent valuation summary

Independent valuation summary
Ownership interest (%) Valuation ($m)	Capitalisation rate (%) Date Valuer
GPT portfolio NSW Australia Square, Sydney 50 509.8	6.05 Jun 2024 Knight Frank
2 Park Street, Sydney 50 715.0	5.75 Jun 2024 Savills
Darling Park 1 & 2, Sydney 25 428.4	DP1: 6.38 Jun 2024 Knight Frank DP2: 6.00
60 Station Street, Parramatta 100 182.0	7.25 Jun 2024 Knight Frank
32 Smith, Parramatta 100 286.5	6.25 Jun 2024 M3 Property
4 MurrayRose Avenue, SydneyOlympic Park 100 117.0	6.88 Jun 2024 JLL
ACT 62 Northbourne Avenue, Canberra 100 37.2	7.50 Jun 2024 M3 Property
VIC Melbourne Central Tower, Melbourne 100 644.0	6.13 Jun 2024 Savills
181 William & 550 Bourke Streets, Melbourne 50 401.0	6.13 Jun 2024 Colliers
QLD One One One Eagle Street, Brisbane 33.3 356.7	5.75 Jun 2024 JLL

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CBD office market metrics

	Sydney	Parramatta	Melbourne	Brisbane
Net absorption (sqm, 12 months)
Prime	48,303	1,457	(93,821)	43,171
Secondary	(57,862)	(7,598)	(2,727)	(25,100)
Total	(9,559)	(6,141)	(96,548)	18,071
Stock (sqm, 12 months)
Completions	92,157	10,000	114,390	–
Withdrawals	35,858	–	12,803	10,932
Total	5.28m	0.99m	5.37m	2.29m
Vacancy
Prime	16.7%	19.8%	21.1%	8.4%
Total	15.6%	24.7%	19.6%	10.3%
Prime Rent
Average net face rents ($/sqm)	$1,407	$596	$675	$779
Change (Annual)	3.3%	0.2%	3.0%	9.6%
Average net effective rents ($/sqm)	$710	$262	$328	$330
Change (Annual)	(0.6%)	(8.4%)	(6.2%)	17.3%
Prime Incentives1	34.8%	46.6%	43.0%	39.8%
Prime Yield
Lower	7.00%	8.50%	8.00%	8.00%
Upper	5.50%	6.88%	5.75%	6.00%
Average mid-point	6.25%	7.69%	6.88%	7.00%

Source: JLL Research 2Q 2024.

Net incentives in Melbourne and Parramatta, Gross incentives in Sydney and Brisbane.

Prime rents and incentives

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Sydney Melbourne
$1,400 $1,408 40% $800 50%
$1,200 34.8% 30% 43.0%$675 40%
$1,000 $600
30%
$800 20%
$710 20%
$600 $400
10%
$400 $328 10%
$200 0% $200 0%
Gross incentive (RHS) Net incentive (RHS)
Parramatta Brisbane
$800 46.6% 50% $800 $779 50%
40% 39.8% 40%
$600 $596 $600
30% 30%
20% 20%
$400 $400
10% $330 10%
$262
$200 0% $200 0%
Net incentive (RHS) Gross incentive (RHS)
Net face rent (LHS) Net effective rent (LHS)
Jun-24
Jun-24
$/sqm per annum $/sqm per annum
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
$/sqm per annum $/sqm per annum
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
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Source: JLL Research 2Q 2024. Notes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term.

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Total demand, supply and vacancy

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Sydney Melbourne
300,000 20% 400,000 19.6% 20%
15.6% 15% 300,000 15%
200,000
9.1% 10% 200,000 8.8% 10%
100,000 64,311 5% 100,000 101,587 5%
0 -9,559 0% 0%
-5% -100,000 -96,548 -5%
-100,000
-10% -200,000 -10%
-200,000 -15% -300,000 -15%
-300,000 -20% -400,000 -20%
Parramatta Brisbane
200,000 24.7% 25% 300,000 20%
150,000 20% 15%
15% 200,000 10.4%
100,00050,000 9.7% 10%5% 100,000 10.3% 10%5%
0 8,200 0% 0 18,071 0%
-50,000 -6,141 -5% -39,659 -5%
-10% -100,000
-100,000 -10%
-150,000 -20% -15% -200,000 -15%
-200,000 -25% -300,000 -20%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 20 year vacancy average
sqm per annum sqm per annum
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
sqm per annum sqm per annum
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
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Source: JLL Research 2Q 2024.

Change during the past 12 months.

Notes: Vacancy is inclusive of sublease vacancy and uses JLL’s ‘dynamic’ vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20 year vacancy average calculated as 3Q 2004 to 2Q 2024.

Upper and lower Prime yields

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Sydney Melbourne
10% 10%
9% 9%
8% 8% 8.00%
7% 7.00% 7%
6% 5.50% 6% 5.75%
5% 5%
4% 4.24% 4% 4.24%
3% 3%
2% 2%
1% 1%
0% 0%
Parramatta Brisbane
10% 10%
9% 9%
8.50%
8% 8% 8.00%
7% 6.88% 7%
6% 6% 6.00%
5% 5%
4% 4.24% 4% 4.24%
3% 3%
2% 2%
1% 1%
10 year bond yield Upper Prime Lower Prime
Yield Yield
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
Yield Yield
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24
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Source: JLL Research 2Q 2024, RBA (June 2024).
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111 Eagle Street, Brisbane, QLD.
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Experience First

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Logistics

Logistics Platform overview

GPT’s logistics Portfolio consists of ownership in 71 high quality investment assets located across Australia together with a landbank for future development. The portfolio of $4.1 billion includes assets held on the Group’s balance sheet and a co-investment in the GPT QuadReal Logistics Trust (GQLT).

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1 Townsville
NT
QLD
WA 14 Brisbane
SA
NSW 1 Newcastle
Perth 4
Adelaide 5 25 Sydney
1
VIC Canberra
20 Melbourne
l Number of investment assets in each state
TAS
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407 Pembroke Road, Minto (50%) 4 Holker Street, Newington Sydney Olympic Park Town Centre[1] Quad 1, Sydney Olympic Park Quad 4, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park 38 Pine Road, Yennora 38A Pine Road, Yennora 18-24 Abbott Road, Seven Hills 1A Huntingwood Drive, Huntingwood 1B Huntingwood Drive, Huntingwood 104 Vanessa Street, Kingsgrove 30-32 Bessemer Street, Blacktown 21 Pipeclay Avenue, Thornton

New South Wales

10 Interchange Drive, Eastern Creek 54 Eastern Creek Drive, Eastern Creek 50 Old Wallgrove Road, Eastern Creek 16-34 Templar Road, Erskine Park 36-52 Templar Road, Erskine Park 54-70 Templar Road, Erskine Park 67-75 Templar Road, Erskine Park 29-55 Lockwood Road, Erskine Park 57-87 Lockwood Road, Erskine Park 88-99 Lockwood Road, Erskine Park 128 Andrews Road, Penrith 42 Cox Place, Glendenning

Victoria

Citiwest Industrial Estate, Altona North Sunshine Business Estate, Sunshine 521 Geelong Road, Brooklyn 396 Mount Derrimut Road, Derrimut 40 Fulton Drive, Derrimut 21 Shiny Drive, Truganina 2 Prosperity Street, Truganina 24A & 24B Niton Drive, Truganina 25 Niton Drive, Truganina 30 Niton Drive, Truganina 1 Botero Place, Truganina Foundation Estate, Truganina 143 Foundation Road, Truganina 399 Boundary Road, Truganina 235-239 Boundary Road, Laverton North 79 Cherry Lane, Laverton North 16 Henderson Road, Knoxfield

GQLT

1 Hurst Drive, Tarneit Keylink Estate – South, Keysborough Keylink Estate – North, Keysborough

South Australia

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

Queensland

59 Forest Way, Karawatha 55 Whitelaw Place, Wacol 2 Ironbark Close, Berrinba 30 Ironbark Close, Berrinba 1 Wattlebird Court, Berrinba 2 Wattlebird Court, Berrinba 102-108 Magnesium Drive, Crestmead 248 Fleming Road, Tingalpa 48 Miller Street, Murarrie 4 Enterprise Street, Wulkuraka 15 Northern Link Circuit, Townsville

GQLT

100 Metroplex Place, Wacol 149 & 153 Coulson Street, Wacol 18 Gorrick Court, Bundamba 22 Hume Drive, Bundamba

Western Australia

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

Australian Capital Territory

12 Faulding Street, Symonston

Includes properties at 3 Figtree Drive and 6 Herb Elliott Avenue, Sydney Olympic Park held in inventory. Note: Logistics portfolio metrics exclude Austrak Business Park, Somerton which is contracted for sale unless otherwise stated.

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GPT – 2024 INTERIM RESULT DATA PACK

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Investment Portfolio summary

Top ten tenants[1]

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Coles IVE Woolworths
Group Toll DHL Group Group
6.7% 4.7% 4.6% 4.5% 4.0%
3.6% 3.2% 2.5% 2.4% 2.4%
FedEx Mars Goodman Visy Glass Asahi
Australia Fielder
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Geographic weighting[2]

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New South Wales 49% South Australia 2%
Victoria 30% Western Australia 2%
Queensland 17% Australian Capital Territory 0.4%
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Based on net rent.
Excludes assets under development.

Investment Portfolio performance

Investment Portfolio performance
Ownership interest (%) Fair value ($m) Capitalisation rate (%) GLA (100% basis, sqm)	Occupancy by area(%) WALE by income (years)1 Actual Total1
GPT portfolio NSW 10 Interchange Drive, Eastern Creek 100 50.0 5.38 15,200	100.0 100.0 3.3
54 Eastern Creek Drive, Eastern Creek 100 77.5 5.50 25,400	100.0 100.0 5.6
50 Old Wallgrove Road, Eastern Creek 100 104.0 5.50 30,100	100.0 100.0 2.6
16-34 Templar Road, Erskine Park 100 81.8 5.25 15,200	100.0 100.0 5.0
36-52 Templar Road, Erskine Park 100 146.0 5.13 24,500	100.0 100.0 10.6
54-70 Templar Road, Erskine Park 100 204.0 5.25 21,000	100.0 100.0 11.0
67-75 Templar Road, Erskine Park 100 43.5 5.38 12,800	100.0 100.0 2.6
29-55 Lockwood Road, Erskine Park 100 146.0 5.25 32,200	100.0 100.0 5.5
57-87 & 89-99 Lockwood Road, Erskine Park 100 141.0 5.13 37,700	100.0 100.0 7.5
128 Andrews Road, Penrith 100 105.0 5.38 50,200	100.0 100.0 6.2
42 Cox Place, Glendenning 100 52.4 5.75 17,200	100.0 100.0 6.7
407 Pembroke Road, Minto 50 47.1 5.50 15,400	100.0 100.0 0.4
4 Holker Street, Newington 100 41.0 6.00 7,400	100.0 100.0 2.3
Quad 1, SydneyOlympic Park 100 21.5 7.63 4,700	86.2 86.2 3.1
Quad 4, SydneyOlympic Park 100 52.0 6.75 7,600	100.0 100.0 7.5
372-374 Victoria Street, Wetherill Park 100 63.0 6.00 20,500	100.0 100.0 3.7
38 Pine Road, Yennora 100 122.0 5.75 33,200	100.0 100.0 2.7
38A Pine Road, Yennora 100 21.4 5.25 4,800	100.0 100.0 2.7
18-24 Abbott Road, Seven Hills 100 76.8 5.38 18,100	100.0 100.0 3.8
1A Huntingwood Drive, Huntingwood 100 65.2 5.50 21,100	100.0 100.0 3.1
1B Huntingwood Drive, Huntingwood 100 38.5 5.38 11,300	100.0 100.0 1.2
104 Vanessa Street, Kingsgrove 100 33.8 5.25 7,100	100.0 100.0 6.1
30-32 Bessemer Street, Blacktown 100 45.0 5.75 20,100	100.0 100.0 1.5
21 PipeclayAvenue, Thornton 100 3.7 5.75 1,400	100.0 100.0 6.3

Includes Signed Leases and Heads of Agreement.

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Investment Portfolio performance (continued)

Investment Portfolio performance (continued)
Ownership interest (%) Fair value ($m) Capitalisation rate (%) GLA (100% basis, sqm)	Occupancy by area(%) WALE by income (years)1 Actual Total1
GPT portfolio ACT 12 FauldingStreet, Symonston 100 15.5 6.50 3,300	100.0 100.0 4.2
VIC Citiwest Industrial Estate, Altona North 100 167.3 5.61 90,100	100.0 100.0 4.8
Sunshine Business Estate, Sunshine 100 104.3 5.63 52,800	100.0 100.0 2.5
521 GeelongRoad, Brooklyn 100 43.2 N/A 12,600	100.0 100.0 4.8
396 Mount Derrimut Road, Derrimut 100 19.9 5.75 10,700	100.0 100.0 1.5
40 Fulton Drive, Derrimut 100 15.0 5.50 6,500	100.0 100.0 6.3
21 ShinyDrive, Truganina 100 46.5 5.25 26,500	100.0 100.0 2.0
2 ProsperityStreet, Truganina 100 49.5 5.63 24,000	100.0 100.0 2.5
24A & 24B Niton Drive, Truganina 100 60.0 5.63 27,300	100.0 100.0 3.5
25 Niton Drive, Truganina 100 62.5 5.63 29,800	100.0 100.0 2.2
30 Niton Drive, Truganina 100 62.6 5.63 31,700	100.0 100.0 0.3
1 Botero Place, Truganina 100 48.0 5.63 23,800	100.0 100.0 5.9
Foundation Estate, Truganina 100 124.0 5.50 44,100	100.0 100.0 6.0
143 Foundation Road, Truganina 100 20.5 5.75 10,700	100.0 100.0 5.1
399 BoundaryRoad, Truganina 100 28.3 5.50 11,900	100.0 100.0 4.7
235-239 BoundaryRoad, Laverton North 100 66.2 5.50 33,500	100.0 100.0 2.0
79 CherryLane, Laverton North 100 37.5 5.25 17,000	100.0 100.0 14.2
16 Henderson Road, Knoxfeld 100 27.8 5.25 14,500	100.0 100.0 8.3

Ownership interest (%) Fair value ($m) Capitalisation rate (%) GLA (100% basis, sqm)	Occupancy by area(%) WALE by income (years)1 Actual Total1
QLD 59 Forest Way, Karawatha 100 158.0 5.75 44,000	100.0 100.0 4.7
55 Whitelaw Place, Wacol 100 19.8 5.88 5,600	100.0 100.0 7.9
2 Ironbark Close, Berrinba 100 56.0 5.50 20,600	100.0 100.0 5.7
30 Ironbark Close, Berrinba 100 36.0 5.50 14,400	100.0 100.0 2.4
1 Wattlebird Court, Berrinba 100 41.0 5.50 16,300	100.0 100.0 3.0
2 Wattlebird Court, Berrinba 100 53.5 5.50 21,900	100.0 100.0 4.8
102-108 Magnesium Drive, Crestmead 100 21.5 5.75 8,800	100.0 100.0 7.7
248 FlemingRoad, Tingalpa 100 23.5 6.00 5,200	100.0 100.0 2.0
48 Miller Street, Murarrie 100 20.0 7.00 4,000	100.0 100.0 4.4
4 Enterprise Street, Wulkuraka 100 85.5 5.25 25,900	100.0 100.0 17.2
15 Northern Link Circuit, Townsville 100 21.2 6.75 4,800	100.0 100.0 7.5

Includes Signed Leases and Heads of Agreement.

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GPT – 2024 INTERIM RESULT DATA PACK

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Investment Portfolio performance (continued)

Investment Portfolio performance (continued)
Ownership interest (%) Fair value ($m) Capitalisation rate (%) GLA (100% basis, sqm)	Occupancy by area(%) WALE by income (years)1 Actual Total1
GPT portfolio SA 1 VimyAvenue, Adelaide Airport 100 16.8 6.25 9,800	100.0 100.0 4.9
26 Butler Boulevard, Adelaide Airport 100 15.5 5.50 6,800	100.0 100.0 6.4
176 Eastern Parade, Gillman 100 17.3 5.75 6,800	100.0 100.0 1.5
1A Symonds Street, Royal Park 100 5.3 6.00 2,700	100.0 100.0 6.3
6-10 Senna Road, Wingfeld 100 30.1 5.75 13,400	100.0 100.0 2.0
WA 15 Modal Crescent, CanningVale 100 22.0 6.25 9,600	100.0 100.0 6.3
23 DestinyWay, Wangara 100 21.8 5.75 4,700	100.0 100.0 4.2
50 Triumph Avenue, Wangara 100 8.9 5.75 3,700	100.0 100.0 1.5
56 Triumph Avenue, Wangara 100 5.9 6.00 2,800	100.0 100.0 1.2
GQLT2 50.1 294.6 5.51 189,800	93.8 93.8 5.9
Assets held in inventory3 100 56.8 9,200	91.4 91.4 3.4
Assets contracted for sale4 50 296.6
Assets under development Various 274.0
GPT weighted total5 4,382.4 5.55 1,355,900	99.4 99.4 5.4

Includes Signed Leases and Heads of Agreement.
GPT’s equity accounted interest in the net assets of GQLT including net revaluations of investment property.
Sydney Olympic Park Town Centre incorporating 3 Figtree Drive and 6 Herb Elliot Avenue.
Austrak Business Park, Somerton.
All totals and averages are based on GPT’s balance sheet portfolio and weighted interest in GQLT.

Lease expiry by income (%)

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17
16
14
14
12
10
7
4
3
3
2H 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+
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Note: Includes Heads of Agreement.

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GPT – 2024 INTERIM RESULT DATA PACK

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Independent valuation summary

	Ownership interest(%)	Valuation($m)	Capitalisation rate(%)	Date	Valuer
GPT portfolio
NSW
10 Interchange Drive, Eastern Creek	100	50.0	5.38	Jun 2024	Savills
54 Eastern Creek Drive, Eastern Creek	100	77.5	5.50	Jun 2024	CBRE
50 Old Wallgrove Road, Eastern Creek	100	104.0	5.50	Jun 2024	Knight Frank
16-34 Templar Road, Erskine Park	100	81.8	5.25	Jun 2024	JLL
36-52 Templar Road, Erskine Park	100	146.0	5.13	Jun 2024	Savills
54-70 Templar Road, Erskine Park	100	204.0	5.25	Jun 2024	CBRE
67-75 Templar Road, Erskine Park	100	43.5	5.38	Jun 2024	JLL
29-55 Lockwood Road, Erskine Park	100	146.0	5.25	Jun 2024	CBRE
57-87 & 89-99 Lockwood Road, Erskine Park	100	141.0	5.13	Jun 2024	Savills
128 Andrews Road, Penrith	100	105.0	5.38	Jun 2024	JLL
42 Cox Place, Glendenning	100	52.4	5.75	Jun 2024	Knight Frank
407 Pembroke Road, Minto1	50	47.1	5.50	Jun 2024	JLL
4 Holker Street, Newington	100	41.0	6.00	Jun 2024	Knight Frank
Quad 1, SydneyOlympic Park	100	21.5	7.63	Jun 2024	CBRE
Quad 4, SydneyOlympic Park	100	52.0	6.75	Jun 2024	CBRE
372-374 Victoria Street, Wetherill Park	100	63.0	6.00	Jun 2024	CBRE
38 Pine Road, Yennora	100	122.0	5.75	Jun 2024	CBRE
38A Pine Road, Yennora	100	21.4	5.25	Jun 2024	Savills
18-24 Abbott Road, Seven Hills	100	76.8	5.38	Jun 2024	JLL
1A Huntingwood Drive, Huntingwood	100	65.2	5.50	Jun 2024	Savills
1B Huntingwood Drive, Huntingwood	100	38.5	5.38	Jun 2024	Savills
104 Vanessa Street, Kingsgrove	100	33.8	5.25	Jun 2024	JLL
30-32 Bessemer Street, Blacktown	100	45.0	5.75	Jun 2024	Savills
21 PipeclayAvenue, Thornton	100	3.7	5.75	Jun 2024	Knight Frank

Does not include land component.

	Ownership interest(%)	Valuation($m)	Capitalisation rate(%)	Date	Valuer
ACT
12 FauldingStreet, Symonston	100	15.5	6.50	Jun 2024	JLL
VIC
Citiwest Industrial Estate, Altona North	100	167.3	5.61	Jun 2024	Savills
Sunshine Business Estate, Sunshine	100	104.3	5.63	Jun 2024	Savills
521 GeelongRoad, Brooklyn	100	43.2	N/A	Jun 2024	Knight Frank
396 Mount Derrimut Road, Derrimut	100	19.9	5.75	Jun 2024	Colliers
40 Fulton Drive, Derrimut	100	15.0	5.50	Jun 2024	Colliers
21 ShinyDrive, Truganina	100	46.5	5.25	Jun 2024	JLL
2 ProsperityStreet, Truganina	100	49.5	5.63	Jun 2024	Savills
24A & 24B Niton Drive, Truganina	100	60.0	5.63	Jun 2024	CBRE
25 Niton Drive, Truganina	100	62.5	5.63	Jun 2024	CBRE
30 Niton Drive, Truganina	100	62.6	5.63	Jun 2024	Savills
1 Botero Place, Truganina	100	48.0	5.63	Jun 2024	Savills
Foundation Estate, Truganina	100	124.0	5.50	Jun 2024	CBRE
143 Foundation Road, Truganina	100	20.5	5.75	Jun 2024	CBRE
399 BoundaryRoad, Truganina	100	28.3	5.50	Jun 2024	Colliers
235-239 BoundaryRoad, Laverton North	100	66.2	5.50	Jun 2024	Savills
79 CherryLane, Laverton North	100	37.5	5.25	Jun 2024	Knight Frank
16 Henderson Road, Knoxfeld	100	27.8	5.25	Jun 2024	JLL

GPT – 2024 INTERIM RESULT DATA PACK

LOGISTICS

GPT – 2024 INTERIM RESULT DATA PACK

LOGISTICS

Independent valuation summary (continued)

	Ownership interest(%)	Valuation($m)	Capitalisation rate(%)	Date	Valuer
GPT portfolio
QLD
59 Forest Way, Karawatha	100	158.0	5.75	Jun 2024	JLL
55 Whitelaw Place, Wacol	100	19.8	5.88	Jun 2024	CBRE
2 Ironbark Close, Berrinba	100	56.0	5.50	Jun 2024	Savills
30 Ironbark Close, Berrinba	100	36.0	5.50	Jun 2024	Savills
1 Wattlebird Court, Berrinba	100	41.0	5.50	Jun 2024	Savills
2 Wattlebird Court,Berrinba	100	53.5	5.50	Jun 2024	Savills
102-108 Magnesium Drive,Crestmead	100	21.5	5.75	Jun 2024	Knight Frank
248 FlemingRoad,Tingalpa	100	23.5	6.00	Jun 2024	JLL
48 Miller Street,Murarrie	100	20.0	7.00	Jun 2024	JLL
4 Enterprise Street,Wulkuraka	100	85.5	5.25	Jun 2024	Knight Frank
15 Northern Link Circuit,Townsville	100	21.2	6.75	Jun 2024	Knight Frank
SA
1 VimyAvenue,Adelaide Airport	100	16.8	6.25	Jun 2024	Knight Frank
26 Butler Boulevard,Adelaide Airport	100	15.5	5.50	Jun 2024	JLL
176 Eastern Parade,Gillman	100	17.3	5.75	Jun 2024	JLL
1A Symonds Street,Royal Park	100	5.3	6.00	Jun 2024	Knight Frank
6-10 Senna Road,Wingfeld	100	30.1	5.75	Jun 2024	JLL
WA
15 Modal Crescent,CanningVale	100	22.0	6.25	Jun 2024	Knight Frank
23 DestinyWay,Wangara	100	21.8	5.75	Jun 2024	Knight Frank
50 Triumph Avenue,Wangara	100	8.9	5.75	Jun 2024	JLL
56 Triumph Avenue, Wangara	100	5.9	6.00	Jun 2024	JLL

Note: Excludes assets in GQLT, assets held in inventory, assets contracted for sale and assets under development.

Logistics market metrics

Logistics market metrics
	Sydney	Melbourne	Brisbane
Industrial demand (Gross take-up, sqm)
1H 2024	272,100	514,200	126,200
1H 2023	530,300	468,100	438,600
Change	(49%)	10%	(71%)
Industrial supply (Completions, sqm)
1H 2024	455,800	639,600	307,400
– 1H 2024 Pre-Commitment Level	84%	74%	89%
1H 2023	150,000	183,800	281,100
Change	204%	248%	9%
Vacancy1,2
1H 2024	2.0%	2.0%	2.7%
1H 2023	0.2%	1.1%	0.6%
Change (percentage points)	1.8%	0.9%	2.1%
Prime net face rent1 ($/sqm pa)
2Q 2024	$260	$155	$170
2Q 2023	$225	$132	$145
Change	16.0%	17.8%	17.4%
Prime mid-point yield1
2Q 2024	5.59%	5.66%	5.96%
2Q 2023	4.85%	4.84%	5.33%
Change	74 bps	82 bps	63 bps

City wide average.
Sydney and Melbourne >5,000sqm, Brisbane >3,000sqm. Source: JLL Research, CBRE Research.

GPT – 2024 INTERIM RESULT DATA PACK

LOGISTICS

GPT – 2024 INTERIM RESULT DATA PACK

LOGISTICS

Industrial supply and demand

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

SYDNEY MELBOURNE BRISBANE
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000 1H 1H 1H
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
0
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000 1H 1H 1H
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
0
Supply Demand (Pre-Lease and Design & Construct) Demand (All Other) 10 year average (2014 – 2023)
Source: JLL 2Q 2024.
Industrial supply (sqm)
Industrial demand (sqm)
----- End of picture text -----

Experience First

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Funds Management

Overview

GPT has $22.1 billion of assets under management in the retail, office, logistics and living sectors, providing the Group with income through investment management, property management and development management fees.

The Funds Management platform includes GPT managed Wholesale Funds – GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF), a strategic capital partnership with QuadReal Property Group known as the GPT QuadReal Logistics Trust (GQLT) and management of the UniSuper, Australian Core Retail Trust (ACRT), QuadReal Student Accommodation (QRSA) and Commonwealth Superannuation Corporation (CSC) mandates.

Funds Under Management ($b)

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22.1
19.7
19.1
13.3 13.3
12.0 12.6 12.9
9.6 10.0 10.4
7.1
June
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Funds Partnership Mandates
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	Wholesale Funds Partnership Mandates
	GWOF GWSCF GQLT Various
Established	July 2006 March 2007 November 2020 Various
Number of assets	21 5 11 21
Assets under management ($b)	8.5 3.5 0.6 9.5
GPT ownership interest (%)	21.68 28.48 50.10 1,317.1 803.8 294.6
GPT co-investment ($m)

GPT – 2024 INTERIM RESULT DATA PACK

FUNDS MANAGEMENT

GPT – 2024 INTERIM RESULT DATA PACK

FUNDS MANAGEMENT

Wholesale funds

GWOF

Wholesale funds GWOF
	Jun 2024	Dec 2023
Gross Asset Value ($b)	8.7	9.3
Weighted average capitalisation rate (%)	5.95	5.41
Net gearing (%)	25.9	23.5
Credit rating	A-	A-

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Performance versus benchmark 6.8 6.9
Total return (%)
3.6 4.0
0.5
-3.0
-3.8
-8.8
-10.6
-12.1
-16.4
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWOF MSCI/Mercer Australia Core Wholesale Office Fund Index
0.4
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Ownership composition

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Domestic Super Funds	44%
GPT	22%
Offshore Pension Funds	13%
Domestic – Other	10%
Sovereign Wealth Funds	10%
Offshore – Other	1%

GWSCF

GWSCF
	Jun 2024	Dec 2023
Gross Asset value ($b)	3.5	3.5
Weighted average capitalisation rate (%)	5.42	5.42
Net gearing (%)	16.6	16.3
Credit rating	BBB+ (Stable)	BBB+ (Stable)

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Performance versus benchmark
Total return (%)
5.5
3.8
3.2
3.0
2.5
2.1
0.7 0.2
-0.9
-2.0
-2.5
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWSCF MSCI/Mercer All Retail Index
-0.9
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Ownership composition

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Domestic Super Funds	41%
GPT	28%
Offshore Pension Funds	12%
Domestic – Other	11%
Sovereign Wealth Funds	5%
Offshore – Other	3%

GPT – 2024 INTERIM RESULT DATA PACK

FUNDS MANAGEMENT

GPT – 2024 INTERIM RESULT DATA PACK

FUNDS MANAGEMENT

Partnership and Mandates

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Karrinyup Shopping Centre, WA
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GPT QuadReal Logistics Trust (GQLT)

Logistics partnership between GPT (50.1%) and QuadReal Property Group (49.9%) with a target capital commitment of $2 billion. The partnership currently totals $0.6 billion, with seven investment assets and a further four pipeline projects situated across Australia’s east coast.

UniSuper

$3.0 billion mandate for management of four retail assets - Karrinyup Shopping Centre, WA, Marrickville Metro and Dapto Mall, NSW and Malvern Central, VIC, two office assets - 7 Macquarie Place and a 25% interest in Brookfield Place, Sydney and one pipeline Logistics asset, Deer Park Estate, VIC.

QuadReal Student Accommodation (QRSA)

Investment management of QuadReal’s portfolio of nine purpose-built student accommodation facilities. Located in key locations across Australia and New Zealand with a total of ~5,000 beds.

Australian Core Retail Trust (ACRT)

$2.7 billion mandate for management of Australian Core Retail Trust (ACRT), with exposure to the premium retail assets of Macquarie Centre, Sydney and Pacific Fair, Gold Coast.

Commonwealth Superannuation Corporation (CSC)

$2.6 billion mandate for management of one retail asset – a 50% interest in Indooroopilly Shopping Centre, QLD and two office assets – 101 Collins Street, Melbourne and a 50% interest in QV1, Perth.

Experience First

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Development

Development pipeline

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GPT Earliest Estimated Estimated
share (%) completion date project size [1] (sqm) end value [2] ($m)
UNDERWAY DEVELOPMENT
GWOF
51 Flinders Lane, Melbourne, VIC 2H 2025 29,000 563
Total underway 29,000 563
FUTURE PIPELINE
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GPT Portfolio
Retail
Rouse Hill Town Centre, NSW	100.0	2H 2026	10,200	195
Melbourne Central, VIC	100.0	2H 2026	7,400	150
Offce
Lighthouse, Sydney, NSW	25.0	2030+	76,000	600
Logistics
Yiribana Logistics Estate - East, Mamre Road, Kemps Creek, NSW	100.0	2025+	185,300	840
Djeembana Estate, Truganina, VIC	100.0	2025+	123,600	330
407 Pembroke Road, Minto, NSW	50.0	2026+	19,500	25
Funds Management Platform
GWSCF		2H 2027	13,100	135
GWOF		2030+	119,000	2,200
GQLT		2025+	250,800	770
Logistics mandates		2026+	330,000	1,000+
Total futurepipeline				6,245
Total developmentpipeline				6,808

100% basis, NLA for Office, and GLA for Logistics and Retail, subject to authority approvals.
AUM basis, inclusive of Funds Management Platform.

GPT – 2024 INTERIM RESULT DATA PACK

DEVELOPMENT

GPT – 2024 INTERIM RESULT DATA PACK

DEVELOPMENT

Development track record

Logistics

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

2015 2017 2018 2019 2020 2021 2022 2023
54-70 Templar Road, 55 Whitelaw Place, 1B Huntingwood Drive, 50 Old Wallgrove Road, 2 Ironbark Close, 42 Cox Place, 100 Metroplex Place, 24A & 24B Niton Drive,
Erskine Park, NSW Wacol, QLD Huntingwood, NSW Eastern Creek, NSW Wembley Business Park, Glendenning, NSW Wacol, QLD Gateway Logistics Hub,
Berrinba, QLD Truganina, VIC
36-52 Templar Road, 18-24 Abbott Road, 21 Shiny Drive, 30 Ironbark Close, 1 Wattlebird Court, 143 Foundation Road, 149 & 153 Coulson Street,
Erskine Park, NSW Seven Hills, NSW Gateway Logistics Hub, Wembley Business Park, Wembley Business Park, Truganina, VIC Wacol, QLD
Truganina, VIC Berrinba, QLD Berrinba, QLD
1A Huntingwood Drive, 38A Pine Road 25 Niton Drive, 2 Wattlebird Court, 22 Hume Drive,
Huntingwood, NSW Yennora, NSW Gateway Logistics Hub, Wembley Business Apex Business Park,
Truganina, VIC Park, Berrinba, QLD Bundamba, QLD
54 Eastern Creek Drive, 128 Andrews Road, 2 Prosperity Street, Keylink Estate, South, 30 Niton Drive,
Eastern Creek, NSW Penrith, NSW [1] Gateway Logistics Hub, Keysborough, VIC [1] Gateway Logistics Hub,
Truganina, VIC Truganina, VIC
1 Botero Place, 1 Hurst Drive, Keylink Estate, North,
Truganina, VIC [1] Tarneit, VIC [1] Keysborough, VIC [1]
18 Gorrick Court,
Bundamba, QLD [1]
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Office

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2008 2012 2013 2014 2018 2021
Workplace 6, Pyrmont, NSW [2] One One One Eagle Street, Liberty Place, Sydney, VIC [1] 150 Collins Street, 4 Murray Rose Avenue, 32 Smith,
Brisbane, QLD Melbourne, VIC [1] Sydney Olympic Park, NSW Parramatta, NSW
Queen & Collins,
Melbourne, VIC
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Fund-through development.
Office JV development.

GPT – 2024 INTERIM RESULT DATA PACK

DEVELOPMENT

GPT – 2024 INTERIM RESULT DATA PACK DEVELOPMENT 78

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Underway development (Artists impression), 51 Flinders Lane, Melbourne, VIC.
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Experience First

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Glossary

A-grade	As per the Property Council of Australia’s ‘a guide to
	offce building quality’
AFFO	Adjusted Funds From Operations is defned as FFO less
	maintenance capex, leasing incentives and one-off
	items calculated in accordance with the Property
	Council of Australia ‘voluntary best practice guidelines
	for disclosing FFO and AFFO’
AREIT	Australian Real Estate Investment Trust
ASX	Australian Securities Exchange
AUM	Assets under management
bps	Basis points
Capex	Capital expenditure
CBD	Central business district
Carbon neutral	Carbon neutral means reducing emissions where
	possible and compensating for the remainder by
	investing in carbon offset projects to achieve net
	zero overall emissions, as defned in the Australian
	Government Climate Active Carbon Neutral Standards
Climate Active	Climate Active is an ongoing partnership between the
	Australian Government and Australian businesses to
	drive voluntary climate action. Climate Active certifes
	businesses and organisations that have proven that
	they are measuring, reducing and offsetting their
	emissions, with a net result of zero emissions. www.
	climateactive.org.au
CO2	Carbon dioxide
CPI	Consumer price index
cps	Cents per security

DPS	Distribution per security
EBIT	Earnings before interest and tax
Embodied carbon	As per the World Green Building Council 2019 report,
	“Bringing embodied carbon upfront”
EPS	Earnings per security is defned as Funds From
	Operations per security
FFO	Funds From Operations is defned as the underlying
	earnings calculated in accordance with the Property
	Council of Australia ‘voluntary best practice guidelines
	for disclosing FFO and AFFO’
Free cash fow	Defned as operating cash fow less maintenance and
	leasing capex and inventory movements. The Group
	may make other adjustments in its determination of free
	cash fow for one-off or abnormal items
FUM	Funds under management
GAV	Gross asset value
GFA	Gross foor area
GLA	Gross lettable area
Group total return	Calculated at the Group level as the change in NTA per
	security plus distributions per security declared over the
	year, divided by the NTA per security at the beginning of
	the year
HoA	Heads of Agreement
IRR	Internal rate of return
Major tenants	Retail tenancies including supermarkets, discount
	department stores, department stores and cinemas
MAT	Moving annual turnover

GPT – 2024 INTERIM RESULT DATA PACK

GLOSSARY

GPT – 2024 INTERIM RESULT DATA PACK

GLOSSARY

Glossary (continued)

Glossary	(continued)
Mini-major tenants	Retail tenancies with a GLA above 400sqm not classifed
	as a major tenant
MTN	Medium term notes
NABERS	National Australian Built Environment Rating System
NAV	Net asset value
Net gearing	Defned as debt less cash less cross currency derivative
	assets plus cross currency derivative liabilities divided
	by total tangible assets less cash less cross currency
	derivative assets less right-of-use assets less lease
	liabilities - investment properties
NLA	Net lettable area
NPAT	Net proft after tax
NTA	Net tangible assets
Occupancy	The proportion of lettable area of a portfolio or
	asset that is occupied, divided by the asset’s total
	lettable area. Offce and Logistics report three layers of occupancy (1) actual occupancy, (2) occupancy
	(including signed leases and HoA).
Ordinary securities	As per the ASX, those securities that carry no special
	or preferred rights. Holders of ordinary securities will
	usually have the right to vote at a general meeting of
	the company, and to participate in any dividends or any
	distribution of assets on winding up of the company on
	the same basis as other ordinary securityholders
Portfolio total return	Calculated as the sum of the net income and
	revaluation movement of the portfolio divided by the
	average book value of the portfolio, compounded
	monthly for a rolling 12 month period

ppt/s	Percentage point/s
Premium grade	As per the Property Council of Australia’s ‘a guide to
	offce building quality’
Prime grade	Includes assets of premium and A-grade quality
psm	Per square metre
Retail Sales	Based on a weighted GPT interest in the assets and
	GWSCF portfolio. GPT reports retail sales in accordance
	with the Shopping Centre Council of Australia (SCCA)
	guidelines.
Specialty tenants	Retail tenancies with a GLA below 400sqm
sqm	Square metre
Total specialties	Retail tenancies including specialty tenants and mini-
	major tenants
Total tangible assets	Defned as per the Constitution of the Trust and equals
	total assets less intangible assets reported in the
	statement of fnancial position
TSR	Total securityholder return is defned as distribution per
	security plus change in security price
USPP	United States Private Placement
VWAP	Volume weighted average price
WACD	Weighted average cost of debt
WACR	Weighted average capitalisation rate
WALE	Weighted average lease expiry

AI assistant

GPT GROUP — Interim / Quarterly Report 2024

65009_rns_2024-08-18_6531c07c-9633-44a1-894a-8fda8b035db1.pdf

ASX Announcement

19 August 2024

2024 Interim Result Data Pack

Investors and Media

2024 Interim Result

Experience First

Agenda

2024 Interim Result Highlights

Real Estate Portfolio

The GPT platform

Funds Under Management

Our ambition

Implementation plan

2024 Priorities

Focus Areas

Platform Performance

Integrated ESG strategy

$2.3b

2 Ranked REIT in S&P Global Corporate Sustainability Assessment 2024 Yearbook Global Report

Retail

Office

Logistics

1H 2024 earnings drivers

Investment Portfolio valuation metrics

Segment result

Strong financial position

Debt maturity profile

Experience First

Retail

GPT Retail platform

Leasing and occupancy

99.6%

271

3.9 years

Centre sales performance

Portfolio growth drivers

Experience First

GPT Office platform

Investment portfolio results

$158.3m

6.06%

Leasing and occupancy

80,700sqm

92.4%

4.9 years

Leasing performance and expiries

Portfolio growth drivers

Experience First

Logistics

GPT Logistics platform

Investment portfolio results

Leasing and occupancy

5.4 years

36%

Development pipeline

Portfolio growth drivers

Experience First

Outlook and 2024 Guidance

Outlook and 2024 guidance

Outlook

Guidance

Thank you for joining us Questions

Disclaimer

Data Pack

Experience First

Overview

Management Platform | $34.4b

Retail

Office

Logistics

Living

Investment Portfolio | $14.7b

Sector weighting

Geographic weighting

Investment Portfolio operational metrics

Average structured rental increases[2]

1. Includes Heads of Agreement.

GPT GROUP Interim / Quarterly Report 2024