GPT GROUP — Interim / Quarterly Report 2024

May 7, 2024

ASX Announcement

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8 May 2024

March 2024 Quarterly Update

The GPT Group (‘GPT’) provides its update for the quarter ended 31 March 2024.

-ENDS-

Authorised for release by The GPT Group Board.

For more information, please contact:

Investors

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

Media

Grant Taylor Group External Communications Manager +61 403 772 123

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

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

Experience First

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GPT – MARCH 2024 QUARTERLY UPDATE
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March 2024 Quarterly Update

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Overview

Portfolio performance

• Retail portfolio occupancy of 99.6% and Total Specialty sales up 4.9%

• Office portfolio occupancy[1] of 92% and leasing volume of 33,700sqm

$35.3b

Total AUM[2]

• Logistics portfolio occupancy[1] of 99.5% and leasing volume of 20,500sqm

Management platform

• Commenced as investment manager for Commonwealth Superannuation Corporation (CSC) portfolio on 1 April 2024

• Total assets under management[2] (AUM) increased to $35.3b

Funds management platform growth profile AUM[2] ($b)

Leadership team appointments

• Russell Proutt commenced as CEO on 1 March 2024

• Merran Edwards appointed as CFO, to commence by 1 July 2024

Guidance

• 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

• Includes heads of agreement (HoA).

• Pro-forma for CSC which transitioned 1 April 2024.

GPT – MARCH 2024 QUARTERLY UPDATE

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Retail portfolio

• Total Centre sales up 4.8%

• Total Specialty sales up 4.9%

• Melbourne Central achieved record MAT and awarded Australia’s most

• productive retail centre at ‘SCN Big Guns 2024’

Sales growth by category - March 2024 quarter vs March 2023 quarter

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Sales growth 2024 vs 2023

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GPT – MARCH 2024 QUARTERLY UPDATE

Retail portfolio

• Leasing market remains strong, high occupancy and positive leasing spreads

• Portfolio occupancy of 99.6% (Dec 2023: 99.8%)

• Total Specialty leasing spreads +4.4% (Dec 2023: +5.3%), with average lease terms increasing to 5.3 years (Dec 2023: 5.2 years)

Ownership (%) Centre MAT ($m)	Comparable MATgrowth(%) Specialty1
	Centre Total Specialty MAT ($psm) Occupancy cost (%)
GPT portfolio Charlestown Square 100 585	0.5 0.3 12,974 14.8
Highpoint Shopping Centre 16.7 1,276	4.9 3.1 12,856 17.4
Melbourne Central 100 633	13.4 12.2 14,725 19.0
Rouse Hill Town Centre 100 625	3.0 (0.1) 12,991 13.4
Sunshine Plaza 50 823	4.1 3.2 11,501 15.6
Westfield Penrith 50 728	4.9 0.5 13,208 17.5
GWSCF portfolio Chirnside Park 100 359	5.6 3.9 13,245 15.4
Highpoint Shopping Centre 83.3 1,276	4.9 3.1 12,856 17.4
Macarthur Square 50 718	0.3 0.5 10,078 15.0
Northland ShoppingCentre 50 666	5.7 6.9 10,519 14.1
Parkmore Shopping Centre 100 309	6.5 8.0 12,697 13.3
GPT weighted total 3,523	5.0 3.9 12,992 16.2

1. Specialty GLA <400sqm.

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Office portfolio

sqm 33,700

Total leasing[1 ] (incl. HoA) (Mar 2023: 16,300sqm)

92.0%

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

4.9 years

Weighted average lease expiry (Dec 2023: 4.7 years)

Key leasing

Lease expiry profile[3]

Key leasing
Asset	Tenancy (levels) Area2 (sqm) Term (years)
Melbourne Central Tower, Melbourne	3-5 4,400 8
Melbourne Central Tower, Melbourne	Confidential 3,100 7.3
Melbourne Central Tower, Melbourne	6-7 2,900 8
Darling Park 1, Sydney	4-5 3,700 7.5
Darling Park 3, Sydney	12-13 3,000 2
2 Park St, Sydney	14-15 3,400 10

1. GPT and GWOF ownership Net Lettable Area.

2. 100% basis.

3. Includes HoA. Vacant % by area. Lease expiry % by income.

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Logistics portfolio

sqm 20,500

Total leasing (incl. HoA) (Mar 2023: 16,500sqm)

99.5%

Portfolio occupancy (incl. HoA) (Dec 2023: 99.5%)

5.2 years

Weighted average lease expiry (Dec 2023: 5.4 years)

Leasing

Lease expiry profile[2]

• Strong positive leasing spreads continue to be achieved

• lnfraBuild at Wetherill Park in Western Sydney renewed

• Portfolio under-rented compared to market, 30% by income expiring by December 2026 with >15% leasing spreads expected on average

Development pipeline

• Progressing >$3b AUM development pipeline[1] , inclusive of UniSuper’s recently announced Deer Park acquisition in Melbourne

• Construction of the first two facilities at Yiribana East Logistics Estate in Western Sydney expected to commence in 2H 2024

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1. Estimated end value on completion, inclusive of capital partnerships and mandates.

2. Vacant % by area. Lease expiry % by income.

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GPT – MARCH 2024 QUARTERLY UPDATE

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 31 March 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 12 months ended 31 December 2023. FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia.

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 – MARCH 2024 QUARTERLY UPDATE

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