GPT GROUP — Regulatory Filings 2003

May 4, 2003

General Property Trust ASX Announcement

GPT MARCH QUARTERLY UPDATE

5 May 2003

GPT Management Limited provides a quarterly update for the March and September quarters to supplement the Mid-vear and Annual Results disclosures. The following information provides investors with an update on the activities of the Trust for the March 2003 quarter.

SUMMARY

A distribution of 5.2 cents per unit for the March quarter was announced on 30 April 2003.

GPT remains on track for continued earnings growth for the 2003 calendar year. Each of the property portfolios remain well positioned to ensure growth is maximised over the longer term.

In the Retail Portfolio, sales growth continues to be positive, with total centre sales per square metre up 2.8% for the 12 months to March 2003. GPT's Portfolio is well positioned for growth, with high levels of specialty productivity and comparatively low specialty occupancy costs. The progress on leasing the developments currently underway is encouraging and work continues on the development pipeline, which will enhance earnings growth over the next five years.

The Office Portfolio is at 97% occupancy with an average lease term of 5.3 years. providing protection from the weakness in the key office markets. Further leasing at the Citigroup Centre has resulted in the asset now being 99% leased and the development of the National Building at Docklands in Melbourne is on program for practical completion, with the first building (of 33,500 sqm) due to be complete in October this year.

In the Hotel & Tourism Portfolio, each of the assets traded well in the first quarter, reflecting the value of the recent refurbishment work. The war with Iraq and the outbreak of severe acute respiratory syndrome (SARS) in Asia has, however, had a significant impact on international tourism, which has reduced demand across the portfolio. Programs are in place to mitigate these impacts. In particular, marketing has been redirected to domestic and short haul markets.

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The Industrial & Business Park Portfolio maintains its strong fundamentals, with an average lease term of 5.5 years and limited vacancy (only 5%) across the Portfolio. Progress has been made on the development of Quad 3, with GPT exercising its right to acquire the leasehold title on 31 March 2003.

Following an announcement in February that GPT, in conjunction with Lend Lease, had been selected as preferred tenderer for the development of the Rouse Hill Regional Centre, negotiations with Landcom have continued to progress and are expected to be finalised in August. The Rouse Hill Regional Centre is an approximately \$1 billion masterplanned community, which will incorporate residential. retail, leisure and community facilities.

GPT's debt, at 22% of gross assets, remains at conservative levels, providing significant capacity to pursue attractive acquisition opportunities and to fund the existing \$600 million in capital works underway across the Portfolio.

Retail Portfolio

Sales Performance Update

GST Inclusive Sales Reporting

From 1 July 2002, sales are reported inclusive of GST in accordance with new quidelines from the Shopping Centre Council of Australia (SCCA). GST inclusive sales are calculated by applying a GST mark-up factor to sales provided by retailers. The mark-up factor is taken from the JHD Report 'The New Australian Tax System - Implications for Shopping Centre Retail Sales Performance', (October 2000) and is consistent with SCCA guidelines. This approach has been taken to ensure consistency in sales reporting across the industry

Impact of GST Inclusive Sales Reporting

The inclusion of GST increases the amount of sales reported, as a result occupancy costs appear lower as rent remains constant but sales have increased. For this reason, all sales figures from July 2000 have been adjusted to include GST to ensure a consistent comparison and the movements quoted are therefore like for like.

The Retail Portfolio's sales performance continues to be positive, with total centre sales per square metre up 2.8% for the 12 months to March 2003, only slightly down on the 3% increase to December 2002. Across GPT's shopping centres, occupancy costs remain reasonable and, importantly, vacancies and arrears are low.

Total centre sales growth per square metre for the 12 months to 31 March 2003 was up 2.8% on the previous year (up 3.0% for the 12 months to December 2002).

Total specialty sales growth per square metre for the 12 months to 31 March 2003 was up 2.8% on the previous year (up 3.3% for the 12 months to December 2002).

The specialty occupancy cost for the Retail Portfolio is 14.2% as at 31 March 2003. This compares favourably with the JHD regional retail average (2001/2002) of 15.3%

Note: The above sales figures are exclusive of Floreat Forum, Erina Fair and Melbourne Central, which are currently impacted by development.

Within the major retailers, the Discount Department Stores are showing the strongest performance, with MAT per square metre up 6.0%. Supermarkets have also shown growth over the last 12 months, up 2.3%. Department Stores have improved slightly, up 0.9%, while cinemas are showing growth of 2.6%.

The strongest performing specialty commodity groups include household equipment, mini-majors and commercial sales. The weaker commodity groups included fast food and discount variety.

Sales Performance Update (cont'd)

	Moving Annual Turnover / PSM				Occupancy Costs 64
GENTRE NAME	Centre (\$)^	Tolar Centre Growth 34	Specialty (63)	Specialty Growth iea)	Gentre (%)	Specialty 134
Carlingford Court	5,798	1.7%	7,511	3.3%	8.2%	14.1%
Casuarina Square *	5,244	1.3%	7,474	1.1%	10.3%	14.8%
Charlestown Square*	5,834	5.6%	9,569	3.3%	9.7%	15.0%
Chirnside Park	6,096	5.2%	7,630	$(1.1\%)$	6.1%	13.0%
Dandenong Plaza	3,474	$(2.0\%)$	6,023	0.0	10.9%	15.6%
Forestway	10,166	$(10.1\%)$	7,777	$(5.2\%)$	6.5%	11.9%
Macarthur Square	5,043	2.6%	8,703	4.7%	9.0%	13.9%
Parkmore	5,034	3.3%	5,607	$(0.4\%)$	6.9%	14.0%
Penrith Plaza *	6,217	3.3%	10,841	4.3%	9.5%	14.3%
Sunshine Plaza *	6,086	2.7%	8,702	3.3%	9.2%	14.6%
Woden Plaza	6,205	5.8%	8,384	5.2%	8.2%	13.8%
Wollongong Central	5,083	3.7%	8,074	5.3%	9.7%	13.5%
Roal Portfolio	6514	2.8%	8,285	2.8%	$6.9\%$	14.2%
Contract Labor

Retail Portfolio Moving Annual Turnover per square metre as at 31 March 2003

(GST Inclusive)

Centres Under Development
lFloreat Forum	6,798	(6.5%)	6.029	$(20.5\%)$	7.2%	13.4%
Melbourne Central	4,429	12.8%	6.901	(11.2%)	13.9%	16.9%
lErina Fair	5.840	$(0.9\%)$	10.153	2.9%	7.8%	14.1%

* Casuarina does not include Monterey House; Charlestown does not include Charlestown Convenience Centre; Sunshine does not include Maroochydore Superstore. Horton Parade or Plaza Parade: Penrith does not include Red Cow Land. Riley Square. Borec House or High Street.

^ Total Centre Sales do not include Commercial Sales that largely comprise Travel and Mobile Phones.

Retail Development Update

Developments

Melbourne Central - Works are now well underway at Melbourne Central, where the \$226.5 million refurbishment and repositioning is due for completion at the end of 2004. Works began in December last year, and will be staged over the two year construction period. Leasing for the new centre is progressing well, with a number of key retailers and approximately 35% of the income, already committed.

Erina Fair - Construction is progressing well on the \$105m (GPT 50% share) major expansion of Erina Fair. The first stage, 'The Corner', which consists of a Coles Supermarket anchored specialty food and convenience precinct, opened fully leased in February, three weeks ahead of schedule, and is trading well. The remainder of the development is on schedule for completion at the end of 2003, with over 80% of the income committed.

Floreat Forum - Stage 1 of the \$46 million redevelopment of Floreat Forum, which includes refurbishment of the existing centre, was completed in December 2002. Stage 2, which is adiacent to the new regional library and community centre and incorporates 2,000 sam of eating establishments and associated retail, will form the new Town Square precinct. This precinct is anticipated to be complete in mid 2003. Stage 1 has only one vacancy, and 7 deals remain to be finalised in Stage 2.

Forestway – A revised \$4.7 million scheme for the centre has been finalised. The works include upgrading Woolworths, introducing a second supermarket, specialty remixing and service upgrades. The works will commence in May 2003 and are programmed for completion in October 2003.

Chirnside Park – The construction of a \$3.5 million remix to the foodhall has commenced. The new offer will include the portfolio's first Aldi supermarket. The project is on program for completion in mid 2003.

Sunshine Plaza - The \$20m (GPT 50% share) Plaza Parade and Riverwalk development, incorporating Woolworths, six additional cinemas and a restaurant and lifestyle precinct opened fully leased in December 2002, and is trading well. The Riverwalk now includes the Pig & Whistle English Pub and lifestyle retailers including Bay Swiss. The works were completed on program with practical completion in December, producing a forecast Year 1 yield of 9.5%, above the targeted yield of $9.0\%$ .

Masterplanning

Masterplanning is advanced at both Macarthur Square and Penrith Plaza. We propose to formalise development schemes and lodge development applications on both centres in mid 2003.

Masterplanning is progressing on both Charlestown Square and Wollongong Central where we anticipate formalising schemes and lodging development applications early next year.

Homemaker Portfolio

GPT's \$340 million Homemaker City Portfolio has continued to perform well. Occupancy across the 180,000 sqm portfolio remains high at 99% and rents have continued to show strong growth, with an average increase of 7% at review opportunity during the first quarter of 2003.

The newest additions to the Portfolio, the Fortitude Valley and Moorabbin Homemaker City centres are trading well, after opening in the second half of 2002. Both centres are fully leased.

Castle Hill Homemaker Centre - Planning for an expansion of the centre, on 2 hectares of adjacent land is progressing. A Development Application is expected to be lodged in mid 2003.

Office Portfolio

GPT's Office Portfolio continues to perform well, with over 8,000 sam of space leased or renewed in buildings across the Portfolio this quarter, resulting in the occupancy remaining at 97%. Average lease term to expiry is 5.3 years, with limited expiry in the short term. This is a strong result in a market which continues to display 'soft' conditions

The east coast office market fundamentals remain sound, with vacancies, although increasing, still at relatively low levels, limited new supply (except in Melbourne) and forecast white collar employment growth that is expected to flow through to strengthening demand for office space later this year.

Leasing Update

At Melbourne Central, a major lease has been signed with Accenture at Melbourne Central for six years from 1 November 2003. Accenture will occupy 5,200 sqm of the existing 11,835 sam Andersen lease expiring at the end of October 2003.

At the Citigroup Centre in Sydney, vacancy is now down to 1.4% with good interest in the remaining two tenancies. This is well down on the vacancy of 11% at acquisition fifteen months ago, again demonstrative of the stronger demand for quality assets in adverse markets.

At the HSBC Centre, rent reviews have been concluded with NRMA. The increase achieved provides strong evidence for current rent reviews with the NSW Ombudsman, Motor Accidents Authority, and United Medical Protection.

Darling Park continues to perform well, with all tenants that have recent lease expiries including Australian Broadcasting Authority, JAL/Jalpak, and Wesfarmers either agreeing terms or renewing their leases.

Continued strong leasing at the Riverside Centre in Brisbane has resulted in a small 276 sqm suite being the only vacancy at this asset. A recent major lease was signed with the Australian Taxation Office.

At 179 Elizabeth Street in Sydney, leasing is underway for the 5,273 sqm space previously occupied by Westpac. Whilst the soft market is proving challenging. a number of tenancies have been leased, and there is strong interest from several potential tenants in a number of floors.

The focus on major lease expiries to maximise certainty of long term income continues.

Other Activities

At Australia Square, the \$5.5 million (GPT share) upgrade of the Plaza Building and public areas will commence shortly, with the majority of the works to be completed by early 2004. The upgrade will improve the prospects of leasing the Lend Lease space, which will become available in 2004.

The \$5.5 million refurbishment of the Melbourne Central Office Tower lobby is underway to ensure this asset retains its status as one of Melbourne's prime office towers. The works will extend and enhance the foyer and create a stronger link with the retail centre.

The structure of Stage 1 of the National Building at Victoria Harbour, Melbourne, is complete, with handover scheduled for October 2003. Stage 2 is underway with a targeted completion in July 2004. The retail leasing program has resulted in strong interest from quality operators and the space is expected to be fully tenanted upon completion.

Industrial & Business Park Portfolio

GPT's Industrial & Business Park Portfolio has strong fundamentals, with a high level of occupancy of 95% and a long average lease term of 5.5 years across the Portfolio.

The maior industrial markets of Sydney and Melbourne continue to be characterised by strengthening levels of construction supported by pre-commitments from large space users who are looking to re-locate away from city centres to take advantage of improved infrastructure and lower occupancy costs.

Investment demand continues to exceed supply and despite softer leasing demand during 2002, investors continue to be attracted to the sector by the relatively higher vields available.

Average rental growth forecasts over 10 years for each market vary from 2-3% per annum compound. Sydney remains the preferred market and is forecast to show the highest 5 and 10 year compound growth rates of all the major industrial markets in Australia.

Development Update

At GPT's Camellia estate in NSW, construction of Stage 2 is well underway on a 12,000 sqm office and warehouse facility. The facility will comprise 2 units with one already leased for 6.5 years to Cassons - Australia's leading motorcycle accessories distributor. The new facility will be completed by September 2003 and a good level of leasing enguiry has been received on the remaining unit. Both units will provide high clearance warehouse and office space with views over Rosehill Racecourse.

GPT exercised its right to acquire the Quad 3 leasehold title on 31 March 2003 for \$2.55 million, following the successful development of Quad 2. Quad 3 is the next planned stage of the Quad Business Park development and GPT is currently in discussions with authorities regarding the DA conditions of the proposed development.

Hotel/Tourism Portfolio

Despite the Hotel/Tourism Portfolio experiencing solid recovery through 2002 after absorbing the negative impacts of late 2001, the Irag war and the risk of SARS has resulted in another setback for the hotel industry.

GPT's three hotels will be impacted to varying degrees in the short term. However, it is difficult to make an assessment of the medium term impact, as this will depend on how soon the SARS outbreak dissipates. This issue, whilst becoming progressively clearer. is still surrounded by a large amount of uncertainty.

GPT has been working with the management of each of the Trust's hotels to mitigate any near term impacts on our assets. This includes both cost initiatives and tactical domestic sales efforts to boost revenue.

Despite these short-term impacts, it remains our strong view that GPT's Hotel/Tourism Portfolio comprises fundamentally sound assets located in markets which continue to have positive longer-term growth profiles.

Market Conditions

Domestic corporate demand has been steady to marginally improving within the Portfolio due to relatively stable economic conditions whilst domestic leisure demand has seen good growth as a result of reduced overseas travel by Australians. International tourism, the largest demand source for GPT's hotel assets - has seen continued volatility, as a direct result of various compounding events including the impacts of S11, the Bali bombing, Iraq and SARS.

Whilst there is considerable uncertainty in predicting short-term demand patterns, our expectation is that progressive recovery will occur in the second half of 2003 and into 2004. This pattern of recovery is consistent with our experience post S11.

Avers Rock Resort

Ayers Rock Resort traded well during the second half of 2002 and in the first quarter of 2003. Occupancy, on an adjusted basis, was in line with the previous corresponding period, and both room rate and revenue were up. Demand, however, softened in the second half of March, as visitors began to postpone their travel due to the threat of war in Iraq. Performance in the June quarter is anticipated to be impacted by the reduction in inbound tourism since the end of March.

Notwithstanding, the Resort is well placed to benefit as the market recovers with all major refurbishment and expansion works now complete. Longitude 131 continues to build its business base and has received strong quest support and recognition from around the world.

Ayers Rock Resort		March Qtr March Qtr
	2002	2003	Variance
Rooms Available	70,990	83,790	18.0%
Rooms Sold	48.300	47.560	$-1.5%$
Occupancy	68%	57%	$-16.2%$
Room Rate	\$188	\$200	$6.4\%$
Total Revenue (000)	\$23,500	\$24,690	5.1%

Note: Occupancy is lower primarily due to increased room supply. On an unadjusted room supply basis, occupancy for the March 2003 quarter is 67%.

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Four Points by Sheraton Hotel, Sydney

The Sydney hotel market remains relatively weak due to oversupply and the continuing negative impacts on international travel to Australia. The impact of room oversupply has, however, been lessened by the conversion of a number of older hotels to residential apartments. This reduction in supply is expected to benefit the market in the near term.

Notwithstanding overall market weakness, the Four Points Hotel traded strongly in the first quarter, with occupancy, room rate and revenue all up on the previous corresponding period. We believe this is due to the resilience of the four star sector in which it competes, the strengthening brand position, strong location and positive impacts of the Hotel's refurbishment. Total revenue to March was up 15% on the previous corresponding period, however performance in the June quarter is expected to be impacted by the reduction in international demand.

The key performance indicators to March 2003 are shown below.

Four Points Sydney	March Qtr	March Qtr
	2002	2003	Variance
Rooms Available	58,050	57,870	$-0.3%$
Rooms Sold	41,773	48,194	15.4%
Occupancy	72%	83%	15.3%
Room Rate	\$138	\$140	1.4%
Total Revenue (000)	\$8,190	\$9,430	15.1%

Holiday Inn Brisbane

The Brisbane market has continued its progressive improvement, although room rates have not vet increased in response. Reflecting these general market conditions, the Holiday Inn continues to grow its revenues, with total revenue up 15.6% on the previous corresponding period.

Holiday Inn Brisbane	March Qtr	March Qtr
	2002	2003	Variance
Rooms Available	17,190	17,190	0.0%
Rooms Sold	11,493	13,203	14.9%
Occupancy	67%	77%	14.9%
Room Rate	\$101	\$102	1.0%
Total Revenue (000)	\$1,977	\$2,286	15.6%

Cape Tribulation Resort

The \$6 million refurbishment of the Coconut Beach questrooms and other general upgrades are now complete. The Resort, which was acquired by GPT in March 2002. has now been relaunched in the market and, subject to current disruptions to world travel, we expect to see increased business levels through the balance of 2003 and further arowth in 2004.

Hamilton Island Resort

GPT's offer (via a Scheme of Arrangement) for Hamilton Island Resort was accepted by the Board of Hamilton Island Limited (HAM) in April. A competing proposal was received from a management led consortium on 23 April 2003. This offer, at a higher price per share, was accepted by the Board of HAM and is to be put to shareholders in July. Management is currently considering this higher offer and GPT's options.

GPT Board

The appointment of Mr Peter Joseph (AOM) to the Board of GPT, was ratified by GPT investors at the recent Meeting of Unitholders. Mr Joseph replaces Bill Cairns as an external director of GPT. Mr Cairns retired from the Board after a strong contribution to the Trust over many years. Mr Joseph has extensive experience as a merchant banker and brings to the Board his exposure to the operations of a number of diverse corporations, having previously been a non executive Director of the BT Funds Management group of companies and currently serving as Chairman for Dominion Mining.

Mr Joseph also sits on a number of charitable and community Boards and is a leader in the field of business ethics. He is Chairman of the St James Ethics Centre and St Vincent's Hospital (Sydney).

GPT's Capital Management

GPT continues to have the strongest credit ratings (long term A+, short term A-1) of any entity in the listed property trust sector. Debt as a proportion of gross assets at 31 March 2003 was 22%, at the lower end of the stated policy guideline of 20-30%.

GPT's floating rate exposure was 14.5% of total outstanding debt (\$1,467 million) at 31 March 2003. The current effective interest rate (after fees and margins) is 6.08%.

Attached is the GPT Portfolio Swap & Debt Issuance Schedule as at 31 March 2003.

For further information please call:

Nic Lyons	Chief Executive	02 9237 5816
Michael O'Brien	Fund Manager	02 9236 6235
Donna Byrne	Investor Relations Manager	02 9237 5844
Mark Fookes	General Manager Retail Investment	02 9237 5664
Tony Cope	Office Portfolio Manager	02 9236 6003
Bruce Morris	Hotel/Tourism Portfolio Manager	02 9237 5641
Victor Georos	Industrial/Business Park Portfolio Manager	02 9237 5875
Kieran Pryke	Chief Financial Officer	02 9236 6024

GPT Portfolio Swap & Debt Issuance Schedule As at 31 March 2003

GPT Debt	\$m
Short Term Notes, due (or rolled) within 3 months		\$462
Medium Term Notes Floating rate, due in 2 years Floating rate, due in 3 years Fixed Rate, due in 2 years Fixed Rate, due in 3 years Fixed Rate, due in 4 years Fixed Rate, due in 5 years	(1) (2)	\$80 \$150 \$100 \$100 \$200 \$250
CPI Bonds, due in 2029		\$125
Total Debt		\$1,467
GPT Interest Rate Management
Floating Current Swaps (details below) Fixed CPI.	(1), (2)	\$212 \$730 \$400 \$125

Total

GPT Swap Schedule

Swap Start	Swap Maturity	Swap Amount	Swap Rate (%)
Date	Date	(\$m)
March 2001	March 2004	75.0	5.260%
October 2002(3)	April 2004	65.0	6.330%
November 2001	November 2004	50.0	5.120%
May 2001	February 2005	50.0	5.465%
March 2001	September 2006	60.0	5.580%
April 2001	July 2007	50.0	6.660%
September 2002(4)	September 2007	100.0	6.125%
November 2002(5)	May 2008	100.0	6.200%/6.680%
June 2002(6)	December 2008	80.0	6.240%
April 1999	April 2009	100.0	6.610%
Total Current Swaps		730.0
April 2004(3)	April 2006	35.0	6.330%
October 2003	October 2006	50.0	5.075%
August 2003	August 2006	50.0	4.970%
August 2003	August 2008	50.0	5.175%
May 03(7)	August 2003	100.0	4.330%
Total Forward Start Swaps		335.0
Fixed to Floating May 02(1)	May 2005	100.0	Margin of 0.440%
Fixed to Floating February 02(2)	October 2007	150.0	Margin of 0.465%

Current effective interest rate after fees & margins is 6.078% on \$1,467m of debt outstanding.

Notes:

• $(1)$ \$100m of fixed rate issue swapped back to floating at 90 day BBSW + 0.440%
• (2) \$150m of fixed rate issue swapped back to floating at 90 day BBSW + 0.465%
• (3) Swap acquired with Homemaker Retail Trust. It is an amortising swap at the following rates:
• Oct 2002 April 2004 \$65m 6.330% April 2004 - April 2006 $$35m$ 6.330%
• (4) If 90 day BBSW is above 4.4% and below 6.125% for the first 2 years (Sep 2002 to Sep 2004), GPT only pays BBSW. GPT also sold a payer swaption for 3 years commencing September 2004 at 6.125%. This enabled the barrier on the knockout floor to be lowered from 4.7% to 4.4%. In Jan 2003, the above sold 3 year payer swaption was cancelled and was replaced with a vanilla swap that runs from 27 Sep 2005 to 27 Sep 2007 at a reduced rate of 5.76% (from 6.125%). GPT also sold a receiver swaption for 5 years starting 27 Sep 2007 at the same strike of 5.76%.
• (5) In October 2002, GPT sold a payer swaption against its existing May 2008 swap. The sold 6.68% payer swaption has an expiry date of 27 October 2003 and a swap term from 3 November 2003 to 1 May 2008. The swaption premium was utilised to reduce the existing swap from 6.68% to 6.20% from 1 November 2002 to 3 November 2003.
• (6) If 90 day BBSW is above 8.000%, GPT pays BBSW for only that quarter.
• (7) At each roll date, Deutsche Bank retains the right to call the 2 year cancellable swap rate.

\$1,467