GPT GROUP — Investor Presentation 2024

Feb 18, 2024

ASX Announcement

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19 February 2024

2023 Annual Result Presentation

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

-ENDS-

Authorised for release by The GPT Group Board.

For more information, please contact:

Investors

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

Media

Grant Taylor Group External Communications Manager +61 403 772 123

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

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

Experience First

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2023 Annual Result Market Briefing

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GPT – 2023 ANNUAL RESULT PRESENTATION

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Agenda

2023 Annual Result - Bob Johnston	4
Results and Capital management – Dean McGuire	7
Retail - Chris Barnett	12
Office - Martin Ritchie	19
Logistics - Chris Davis	26
Outlook and 2024 Guidance - Bob Johnston	33

GPT – 2023 ANNUAL RESULT PRESENTATION

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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.

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

GPT – 2023 ANNUAL RESULT PRESENTATION

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2023 Annual Result

Financial summary

31.37c Funds From Operations per security, down 3.2%

25.0c Distribution per security, unchanged

$5.61 $32.6b Net Tangible Assets per Assets under management security, down 6.2%

Investment portfolio

98.2% 4.5yrs

5.41%

Portfolio Occupancy (Incl. HoA)

Weighted average lease expiry

Weighted average capitalisation rate

GPT – 2023 ANNUAL RESULT PRESENTATION

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Overview of operations

• Strong leasing results achieved in Retail portfolio

• Occupancy 99.8%, with high sales productivity and sustainable occupancy cost

• Melbourne Central occupancy 100% and Moving Annual Turnover (MAT) up 17.1% on 2022

• Office portfolio occupancy of 92.3%[1] achieved

• Customers attracted to our portfolio of modern assets with high sustainability credentials

• Differentiated fitted and flexible workplace offerings remain a key attractor for customers

• Positive leasing outcomes continue in Logistics portfolio

• High occupancy of 99.5%[1] and achieved leasing spreads of 39%

• Development pipeline with an estimated end value of $2.0b assets under management (AUM) provides future opportunity

$32.6b

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AUM
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GPT Portfolio [2]
Office Logistics
$5.5b $4.4b
$15.4b
Retail
$5.5b
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• Continued expansion of the Funds Management platform

• Selected by QuadReal as the investment manager for its 5,000 bed Student Accommodation portfolio which transitioned to GPT management in 4Q 2023

Funds management platform growth AUM $b (excluding CSC)

• Commonwealth Superannuation Corporation (CSC) has selected GPT as the investment manager for a portfolio of office and retail assets, with transition planned for 2Q 2024

• Balance sheet gearing remains below mid-point of target range at 28.3%

• All owned and managed Office and Retail assets are now operating carbon neutral with independent certification to be complete by December 2024

• Includes heads of agreement (HoA).

• Includes co-investments in GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF).

GPT – 2023 ANNUAL RESULT PRESENTATION

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Portfolio valuation metrics

Investment property valuation decline of $819.0m[1 ] or 5.1%

Retail

Office

Lo istics g

2023 Valuation movement 12 months to 31 December 2023

-$178.7m -$555.8m -$84.7m -3.1% -9.2% -1.9%

Capitalisation Rate Movement since 31 December 2022

5.43% 5.49% 5.26% +40 bps +46 bps +86 bps

Discount Rate Movement since 31 December 2022

6.77% 6.47% 6.84% +46 bps +41 bps +109 bps

1. Includes +$0.2m of revaluations on other assets.

GPT – 2023 ANNUAL RESULT PRESENTATION

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Experience First

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Results and Capital management

GPT – 2023 ANNUAL RESULT PRESENTATION

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Financial result

($m)	Dec 2023	Dec 2022	Change
Net (loss)/profit after tax	(240.0)	469.3
Valuation decrease	819.0	159.3
Treasury instruments marked to market and other items	21.9	(8.0)
Funds from operations (FFO)	600.9	620.6	(3.2%)
FFO per security (cents)	31.37	32.40	(3.2%)
Adjusted FFO (AFFO)	488.0	510.8	(4.5%)
Free Cash Flow (FCF)	498.9	499.0	-
Distribution per security (cents)	25.0	25.0	-
Payout Ratio (% of FCF)	96.0%	96.0%	-

GPT – 2023 ANNUAL RESULT PRESENTATION

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Segment result

($m)	2023	2022	Change	Comments
Retail	317.5	289.8	9.6%	Rent reviews, higher turnover rent and occupancy partially offset by divestments (+$32.2m), and lower GWSCF FFO (-$4.5m) primarily due to interest costs
Office	283.9	293.0	(3.1%)	Lower average occupancy partially offset by rent reviews (-$6.6m), and lower GWOF FFO (-$2.5m) primarily due to interest costs, partially offset by higher property income
Logistics	195.8	186.3	5.1%	Rent reviews and positive leasing spreads (+$6.3m), and higher GPT QuadReal Logistics Trust FFO (+$3.2m) inclusive of development completions and asset divestments
Funds Management	65.6	57.4	14.3%	Management fees from full year impact of new mandates, partially offset by asset devaluations
Finance costs	(193.0)	(139.9)	38.0%	Average cost of debt increased to 4.7%
Corporate overhead	(58.2)	(57.6)	1.0%
Tax expense	(10.7)	(8.4)	27.4%	Higher tax from higher management net income
FFO	600.9	620.6	(3.2%)
Maintenance capex	(32.8)	(31.7)	3.5%
Lease incentives	(80.1)	(78.1)	2.6%
AFFO	488.0	510.8	(4.5%)

GPT – 2023 ANNUAL RESULT PRESENTATION

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Interest rate hedge profile

2024-2026

Hedge Profile

71%

hedged over the next 3 years at an average fixed base rate of 3.5%

5.2% Full year 2024 forecast all-in-cost of debt

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96%
65%
51%
3.6% 3.7%
3.2%
2024 2025 2026
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% Drawn debt hedged

Hedged rate

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Capital management

Key Statistics	Dec 2023	Dec 2022	Comments
Net Tangible Assets per security	$5.61	$5.98	Driven by a valuation decrease of $819m
Net gearing	28.3%	28.5%	Within stated range of 25%-35% and material headroom to 50% covenant
Liquidity	$1.5b	$1.1b	Funds capital commitments and debt maturities through to mid-2026
Weighted average cost of debt	4.7%	3.2%	Increased cost of debt due to RBA rate rises of 425 bps in 2022-2023
Weighted average term to maturity	5.9 years	6.2 years	Long debt maturity maintained
Interest cover ratio	4.0x	5.5x	2.0x headroom to covenant of 2.0x
Credit ratings (S&P/Moody’s)	A-(stable)/A2(stable)	A(neg)/A2(stable)	Credit ratings within the target "A" range

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700 Debt maturity profile
As at 31 December 2023
600
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
Millions ($)
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Experience First

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Retail
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Retail overview

$340.9m 12.5% 99.8% Segment contribution, up 12.3% Comparable income growth Portfolio occupancy 5.43% 7.4% $12.8b Weighted average capitalisation Total Centre sales growth Assets under management rate, up 40 bps

Assets under management

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Excellent leasing outcomes achieved

• High tenant demand for quality retail space

• Positive leasing spreads across renewals and new leases

• Average lease terms of 5.2 years all with fixed base rents and annual increases

• Specialty occupancy costs of 16.1% (78 bps below long-term average)

12 months to 31 December	2023	2022
Portfolio occupancy atperiod end	99.8%	99.4%
Total Specialty leasing metrics
Deals completed	678	581
Retention rate	72%	73%
Average annual fixed increase	4.8%	4.4%
Average lease term	5.2years	4.7years
Leasingspreads	5.3%	(2.8%)
Holdovers as % of base rent atperiod end	4.0%	2.7%

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Karrinyup Shopping Centre, WA

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Centre sales performance

• Total Centre MAT up 7.4% on 2022

• Total Centre sales in the December 2023 quarter up 3.3% on prior year

• Black Friday sales event continues to grow in customer popularity and bolstered sales in November, delivering a 5.6% uplift compared to the prior year

• Specialty Productivity of $12,824 psm up 4.8% on 2022

MAT Sales growth by category 2023 vs 2022

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48.7%
18.2%
13.4%
12.5%
10.2%
9.5% 9.1%
7.4% 7.0%
6.1%
3.0% 3.3%
0.2%
-0.3% -0.3%
-2.1%
-7.1%
Total centre DS DDS Supermarket Cinemas Other retail Total specialty Retail services Dining Health & Beauty Food retail General retail Technology Leisure Fashion Jewellery Homewares
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Sales growth 2023 vs 2022
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16.5%
15.4%
7.8% 7.4%
6.1%
5.5%
4.0%
3.3%
2.4% 2.5%
1Q 2Q 3Q 4Q Full Year
Total centre Total specialty
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Melbourne Central achieves record MAT

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• Record Total Centre MAT of $612.3m (+17.1% growth on 2022) as customers return to Melbourne CBD

• Market share and customer penetration have fully recovered, with number of visits per customer now at a record high

• Total Specialty productivity of $15,988 psm

• 100% occupied with Total Specialty leasing spreads of 5.0%

• Monopoly Dreams successfully opened for trade November 2023, creating a unique experience for Melbourne Central

• Potential for further accretive retail development project on the asset

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Melbourne Central 2013 – 2023
Total Specialty Productivity (psm)
$15,988
$14,431 $14,269
$14,002
$12,379
$11,512
$10,458
$9,403
$8,978
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 2020-2021 Dec-22 Dec-23
Total Centre MAT $612m
$585m
$574m
$527m $523m
$498m
$443m
$402m
$381m
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Pandemic2020-2021 Dec-22 Dec-23
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GPT – 2023 ANNUAL RESULT PRESENTATION

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GPT Retail Platform

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

16 Assets owned and/or managed

$10.3b 1.3m sqm

GLA Total MAT

New South Wales

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2 Brisbane
Perth 1
7 Sydney
6
Melbourne
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Charlestown Square Dapto Mall Macarthur Square Macquarie Centre Marrickville Metro Rouse Hill Town Centre Westfield Penrith

Victoria

Chirnside Park

Highpoint Shopping Centre Malvern Central Melbourne Central Northland Shopping Centre Parkmore Shopping Centre

Western Australia

Karrinyup Shopping Centre

Queensland

Pacific Fair Shopping Centre Sunshine Plaza

207m

4,000+

Customer Visits

Retail tenancies

Customer advocacy continues to grow

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Net Promoter Score - GPT property managed assets
72
63
55
2021 2022 2023
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Retail outlook

• We expect retail sales growth to remain positive over 2024

• Retailers expected to maintain healthy levels of profitability and sustainable occupancy costs

• The Group will continue leasing strategies to drive sales productivity and position our assets to attract first to market retailers

• Low unemployment and above-trend population growth should provide support to retail sales over the year

• Supply of retail floorspace should remain low, underpinning support of established quality assets with limited vacancy

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Highpoint Shopping Centre, VIC

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Experience First

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Office
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Office overview

$323.4m -0.8% 92.3% Segment contribution, down 3.4% Comparable income growth Portfolio occupancy (incl. HoA) 5.49% $13.9b 4.7yrs Weighted average capitalisation Weighted average lease expiry Assets under management rate, up 46 bps

92.3% Portfolio occupancy (incl. HoA)

GPT – 2023 ANNUAL RESULT PRESENTATION

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Office leasing market remains challenging

• Vacancy rates in Sydney and Melbourne are elevated, with subdued demand and high incentives

• Brisbane prime market outperformed with solid demand, vacancy trending lower and strong rental growth

• Customers continue to prefer prime, high-quality workplaces with exceptional amenity and high sustainability credentials

• Worker activity in both Sydney and Melbourne CBDs has increased, with large corporates starting to mandate a return to the office

CBD Prime Grade market
December 2023	Sydney	Melbourne	Brisbane
Vacancy	15.9%	18.8%	9.8%
Net Absorption (sqm, 12 months)	-59,499	9,842	66,461
Net Face Rental Growth (12 months)	6.8%	2.8%	10.2%
Net Effective Rental growth (12 months)	3.5%	-5.4%	17.0%
Incentive	Gross: 35.0%	Net: 42.2%	Gross: 41.3%
(year on year change)	(+42 bps)	(+299 bps)	(-164 bps)

Source: JLL Q4 2023.

1. Propella.ai Worker Activity Index, week ending 15 December 2023.

Worker activity in Sydney CBD, Melbourne CBD & Fringe[1] % of pre-COVID worker activity

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80%
60%
40%
20%
0%
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sydney CBD - Average Melbourne CBD & Fringe - Average
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Strong leasing results

sqm 133,800

5.1 years

35%

506

Leased across 167 deals (incl. HoA) GPT and GWOF NLA

Average lease term

Average gross incentive

Customers, up 13%

Leasing activity breakdown

Key Leasing 2023

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By NLA
67%
33%
Greater than 1,000sqm
Less than 1,000sqm
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By number of deals
44
123
Greater than 1,000sqm
Less than 1,000sqm
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Key Leasing 2023
Customer	Area (sqm)	**Term (years) **	Asset
Confidential (HoA)	12,300	7.0
Citibank	7,000	7.0	2 Park St, Sydney
Property NSW	4,000	5.0	60 Station St, Parramatta
Slater & Gordon	3,900	7.0	530 Collins St, Melbourne
Baker McKenzie	3,900	3.5	181 William St, Melbourne
Collins Biggers Paisley	3,800	7.0	2 Park St, Sydney
Hall & Wilcox	3,600	10.0	Queen & Collins, Melbourne

GPT – 2023 ANNUAL RESULT PRESENTATION

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Leasing remains a core focus

• Portfolio occupancy increased to 92.3% (including HoA) at December 2023

• 11% of the portfolio expiring in 2024 of which 6% occurs in the first half

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GPT Office vs Market Prime Grade Average Occupancy Lease expiry profile (incl. HoA) [2]
17%
14%
13%
11%
92.3%
8%
90.3% 8%
6%
83.6%
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Vacant 2024 2025 2026 2027 2028 2029
GPT incl. HoA GPT incl. Signed Leases Eastern Seaboard Prime incl. Signed Leases¹ Sydney CBD Sydney Metro & Parramatta Melbourne Brisbane Canberra
1. JLL research. Eastern seaboard includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
2. Vacant % by area. 2024-2029 lease expiry % by income.
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GPT – 2023 ANNUAL RESULT PRESENTATION

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Portfolio well positioned for leasing in 2024

Three distinctive office products with a focused leasing strategy

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100%

Prime portfolio

100%

Portfolio certified carbon neutral[1]

GPT Space&Co

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78%

Portfolio constructed or refurbished since 2012

5.1 stars

NABERS energy portfolio rating[2]

GPT DesignSuites

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Traditional Space

1

2

4.6 stars

73

NABERS water portfolio rating[2]

Net Promoter Score

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

Calculated in accordance with the NABERS Rules for Conducting a Portfolio Rating.

GPT – 2023 ANNUAL RESULT PRESENTATION

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Office outlook

• Market vacancy is expected to remain elevated however prime assets with appealing amenity will continue to be in demand

• Leasing to stay competitive. GPT’s three distinctive office products designed to cater to all market segments

• GPT’s high quality portfolio is well located, offering strong amenity and high sustainability credentials

• Leasing incentives expected to remain elevated

• Operations net income in 2024 expected to be in line with 2023

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One One One Eagle Street, Brisbane

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Experience First

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GPT – 2023 ANNUAL RESULT PRESENTATION

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26 Logistics

Logistics overview

$198.5m 5.5% 99.5% Segment contribution, up 5.5% Comparable income growth Portfolio occupancy (Incl. HoA) 5.26% $4.7b 5.4yrs Weighted average capitalisation Weighted average lease expiry Assets under management

5.26% Weighted average capitalisation rate, up 86bps

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Market conditions remain favourable

Industrial & Logistics Market	Sydney	Melbourne	Brisbane
Vacancy1	0.5%	1.6%	1.4%
Prime net face rental growth (12 months)2	+20%	+18%	+14%
Under Construction supply due to complete in 2024 and precommitment level1	1.0m sqm 47%	0.8m sqm 28%	0.4m sqm 49%

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18-24 Abbott Road, Seven Hills, NSW
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• 2023 gross take-up of 2.2 million sqm with demand normalising to the 10-year average (2.4 million sqm)[2]

• Transport/Postal users are the dominant occupier group, accounting for 41% of 2023 demand[2] , reflecting continued growth of 3PLs

• Supply is increasing however vacancy rates remain tight

• CBRE Research.

• JLL Research. All figures reflect Eastern states unless otherwise stated.

GPT – 2023 ANNUAL RESULT PRESENTATION

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Strong leasing outcomes achieved

• Total leasing[1] of 168,000sqm and leasing spreads of 39%

• High occupancy[1] maintained at 99.5%

• Portfolio under-rented compared to market, 32% by income expiring in next three years with >15% average leasing spreads expected

Key Leasing 2023
Customer	Asset	Area (sqm)
Super Retail Group	Citiwest Industrial Estate, Altona North, VIC	41,700
Mainfreight	149 & 153 Coulson Street, Wacol, QLD	17,600
Couriers Please	Foundation Estate, Truganina, VIC	14,800
[Followmont]	89-99 Lockwood Road, Erskine Park, NSW	12,300
DHL	30 Ironbark Close, Berrinba, QLD	10,000

1. Including HoA.

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30 Ironbark Close, Berrinba, QLD

GPT – 2023 ANNUAL RESULT PRESENTATION

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Development completions

• Five projects of $259.3m AUM delivered, adding 111,200sqm of prime logistics stock

• Half of the Logistics portfolio has been created via the development pipeline[1]

• providing customers with high quality product and delivering enhanced returns

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24A & 24B Niton Drive, Gateway Logistics Hub, Truganina, VIC

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Keylink Estate – North, Keysborough, VIC[2]

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

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30 Niton Drive, Gateway Logistics Hub, Truganina, VIC

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

1. By value.

2. Held in GPT QuadReal Logistics Trust (GPT 50.1%).

GPT – 2023 ANNUAL RESULT PRESENTATION

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Developing high quality sustainable product

Mamre Road Precinct, Kemps Creek, NSW

• Progressing ~$2b AUM pipeline[1] (52% Sydney, 36% Melbourne, 12% Brisbane)

• Onsite works at Yiribana East Logistics Estate, Kemps Creek to commence this quarter

• DA achieved for two of six facilities, targeting 1H 2025 completion for first phase

• The precinct caters to pent up demand from large occupiers adjacent to established industrial markets

• Site servicing underway at our Truganina estate, with planning approval achieved for first two facilities in the ~123,600sqm estate

• Developing highly sustainable assets with GPT recognised as a Global Sector Leader for the Industrial sector in the 2023 GRESB Development Benchmark

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Yiribana East Logistics Estate, Kemps Creek, NSW (Artist’s impression)

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w E
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• E Yiribana East Logistics Estate • Ownership: GPT 100% • Site Area: 36.9ha • Future GLA: ~182,000sqm

• w Yiribana West Logistics Estate • Ownership: GQLT (GPT 50.1%)

• • Site Area: 10.3ha industrial zoned • Future GLA: ~38,900sqm

• Mamre Road Precinct (indicative boundary)

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M12 Motorway (under construction)
Proposed Southern Link Road
Proposed Intermodal Terminal
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1. Estimated end value.

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Logistics outlook

• Market vacancy expected to remain low through 2024, supporting rent growth

• Market supply expected to increase, however timing dependent on authority approvals, with delays particularly acute in Sydney

• Executing leasing strategies to maximise income upside with 7% lease expiry in 2024

• Activating new projects in the development pipeline and growing the QuadReal partnership

• While investment metrics have softened, investor appetite for the sector remains strong

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55 Whitelaw Place, Wacol, QLD

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Experience First

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Outlook and 2024 Guidance

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Outlook and 2024 Guidance

Outlook

• Operating environment remains uncertain, however interest rates appear close to peak and inflation is trending lower. Transaction market remains subdued but is expected to improve as bond yields stabilise

• Retail sales growth moderated in 2H 2023, however we expect our portfolio to continue to benefit from high occupancy and fixed rental increases

• Office leasing market expected to remain competitive with elevated vacancy, new supply and subdued demand. Despite 11% expiry in 2024 we are targeting the Office portfolio to deliver a net income result in line with 2023

• Our Logistics portfolio is well positioned to benefit from favorable market conditions, positive leasing spreads and development

2024 Guidance

• GPT expects to deliver FFO of approximately 32.0 cents per security and a distribution of 24.0 cents per security

• Net income growth across the diversified portfolio is expected to be offset by higher interest costs. Trading profits from contracted sales at Sydney Olympic Park are expected to contribute circa 4% of FFO, which is higher than the historical average

• Higher Office lease incentives and a lower distribution payout ratio from GWOF impacts free cash flow and the 2024 distribution

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Highpoint Shopping Centre, VIC

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Experience First

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Thank you for joining us Questions

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Disclaimer

This Presentation ( Presentation ) has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188) (together, GPT ). 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 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 December 2023 unless otherwise indicated. Except as required by applicable laws or regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events or circumstances.

All values are expressed in Australian currency unless otherwise indicated. 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. A reconciliation of FFO to Statutory Profit is included in this presentation.

Key statistics for the Retail, Office and Logistics divisions include The GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.

GPT – 2023 ANNUAL RESULT PRESENTATION

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