GPT GROUP — Regulatory Filings 2004

Nov 1, 2004

General Property Trust ASX Announcement

GPT SEPTEMBER QUARTER OPERATIONAL UPDATE

1 November 2004

GPT Management Limited provides a quarterly update for the March and September quarters to supplement the Mid-year and Annual Results disclosures. The following provides a brief summary of key portfolio statistics for the quarter.

Retail Portfolio

Operations Update

The Retail Portfolio's sales performance continues to be positive, with strong sales growth in the year to September 2004. Total centre sales were up 4.3% and specialty sales up 6.0% in the year to September 2004. Across GPT's shopping centres, occupancy costs remain reasonable and, importantly, vacancies and arrears are very low.

Total centre sales growth per square metre for the 12 months to 30 September 2004 was up 4.3% (up 2.7% for the 12 months to June 2004).

Total specialty sales growth per square metre for the 12 months to 30 September 2004 was up 6.0% (up 3.8% for the 12 months to June 2004).

The specialty occupancy cost for the Retail Portfolio was 14.3% at 30 September 2004. This compares favourably with the JHD regional retail average (2002/2003) of 15.3%.

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

Amongst the major retailers, the Discount Department Stores are showing the strongest performance, with MAT per square metre up 5%. Department Stores have also shown strong growth over the last 12 months, up 4%.

The strongest performing specialty commodity groups include Eating Establishments, Household Equipment, Fast Food, Newsagency/Books, Jewellery, Clothing, and Large Format Stores. The weaker commodity groups include Pharmacy/Cosmetics, Specialty Food and Discount Variety.

Continued.....

ww.community
		Moving Annual Turnover / PSM				Occupancy Costs (%)
CENTRE NAME	Centre (\$) A	Total Centre Growth $(%)$	Speecify (S)	Specialty
				Growth (%)		Centre (%) Specialty (%)
Carlingford Court	5,749	(0.5%)	7,660	1.2%	8.5%	14.8%
Casuarina Square *	5,571	6.6%	8,287	9.3%	9.7%	13.5%
Charlestown Square	6,277	6.2%	10,153	6.0%	9.5%	14.6%
Chirnside Park	6,386	5.1%	8,077	6.8%	6.1%	13.0%
Dandenong Plaza	3,519	2.2%	6,117	1.7%	10.9%	15.8%
Forestway	10,042	$(0.2\%)$	8,089	5.8%	7.2%	12.6%
Macarthur Square	5,214	3.3%	9,374	6.8%	9.3%	14.1%
Parkmore	5,175	1.6%	5,880	2.5%	7.0%	14.3%
Penrith Plaza *	6,544	4.9%	11,471	6.7%	9.7%	14.6%
Sunshine Plaza *	6,546	7.8%	9,457	9.4%	8.9%	14.4%
Woden Plaza	6,329	3.3%	8,815	4.0%	8.6%	14.2%
Wollongong Central	5,159	1.6%	8,223	2.9%	10.1%	13.8%
Total Portfollo	5920	4.3%	87768	6.0%	9:0%	04.3%

Retail Portfolio Moving Annual Turnover per square metre as at 30 September 2004 (GST Inclusive)

Contres Under Development
Floreat Forum	6.246	$(0.2\%)$	4,760	$(6.6\%)$	8.2%	15.3%
Melbourne Central	4,429	(27.5%)	5,188	(20.9%)	20.3%	20.1%
Erina Fair	5,385	$(4.9\%)$	6,910	(27.0%)	10.6%	18.3%

* Casuarina does not include Monterey House; Charlestown does not include Charlestown Convenience Centre or Pacific Highway;
Sunshine includes Plaza Parade but does not include Maroochydore Superstore or Horton Parade; Pen Cow Land, Riley Square, Borec House or High Street

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

Centres under development are shown for information only. Until centres have traded for a full 12 month period post development these figures do not accurately reflect underlying performance.

Homemaker Portfolio

The Homemaker Portfolio has continued to perform well, with high occupancy and continued solid rental growth. Occupancy across the Portfolio is at 98% and rental increases have averaged 7.7% at review opportunity during the third quarter of 2004.

Retail Development Update

Melbourne Central - The \$245 million refurbishment and repositioning of Melbourne Central is progressing well with approximately 98% of leasing (by base rent) now committed. The remaining stages of the development will open progressively through the remainder of this year and the level 3 leisure and entertainment precinct mid 2005.

Penrith Plaza – Construction continues on the \$140 million expansion of Penrith Plaza. which is due to be completed in late 2005.

Macarthur Square - Construction has commenced on the \$100 million (GPT 50% share) expansion of Macarthur Square. The first stage of the development is due to open in late 2005, with the second stage, due to be complete in early 2006.

Rouse Hill - In March 2004, the masterplan DA was approved for the \$1 billion Rouse Hill Regional Centre. The Town Centre, which forms part of the development, is one of the last major greenfield regional opportunities within the Sydney metropolitan area. Construction is targeted to commence early 2005 with completion anticipated in mid 2007.

Aspley Homemaker City - The \$7 million repositioning of Aspley Homemaker City. which includes the construction of a new 2,100sqm, Nick Scali showroom is on programme for completion in late 2004.

Fortitude Valley Homemaker City (Stage 2) - The 16,000sqm Stage 2 is currently 64% committed and due to be completed late 2004. The completed building is being acquired for approximately \$49 million, including land, and is expected to deliver a year 1 yield of 8.0% (7.8% post acquisition costs). The vendor is providing a 12 month rental guarantee upon practical completion.

Transactions

Sunshine Plaza – The Joint Venture Investment Arrangement (JVIA) with Retail Investor Pty Limited (Commonwealth Bank) was terminated on 30 September 2004. giving GPT and APPF Retail (50% joint owner) full entitlement to all future income from the centre. GPT's cost to terminate the JVIA was approximately \$57 million, providing a year 1 yield of approximately 10%.

Homemaker Portfolio - Contracts have now been exchanged for the sale of two non core homemaker centres acquired as part of the Homemaker Retail Group in 2001. The centres to be sold are the IKEA Building, Prospect (for \$7.5 million) and the Springwood Homemaker Centre (for \$13.0 million). These sales will be settled in mid November. Following these sales and on completion of construction of the second stage of Fortitude Valley at the end of 2004, GPT's Homemaker Portfolio will consist of 13 centres with a value of approximately \$445 million.

Office Portfolio

GPT's Office Portfolio continues to perform well, with 18,600 sqm leased and terms agreed over a further 15,400 sqm across the Portfolio in the three months to 30 September 2004. As a result, occupancy has increased to 93.6% across the Portfolio.

Leasing Update

The leasing results achieved over the last quarter have further improved the Portfolio's position, reducing the expiry to the end of 2005 from 14.6% of the Portfolio at June 2004 to 12.2%.

In Sydney, leasing progress continues to be made at Australia Square with 2,500 sqm leased over the quarter including: leases to JWS Services over 1,030 sqm in the Tower mid rise for 5 years commencing 1 July 2004 and to Project Control Group over 783 sqm in the Plaza Building for 5 years commencing 1 August 2004. Negotiations are in progress with a number of potential tenants for the remaining space to be leased in the Tower low rise and Plaza Building.

At the MLC Centre, ASIC have leased 1,310 sqm for a period of 2 years commencing 1 June 2004.

At 580 George Street, Lawcover have leased 850 sqm over a 10 year term commencing 1 October 2004.

At 2 Park Street, Sydney, Aldoga Aluminium has leased 530 sqm for a 10 year term and Parage Pty Limited have leased 495 sqm for a period of 8.8 years. The building is now 100% occupied, with a weighted average lease expiry of 7.4 years.

At 179 Elizabeth Street, Sydney, The Learning Group have leased 800 sqm for 8 years, commencing 18 October 2004. Upon commencement of this lease, the building's occupancy will be over 70% and there continues to be interest from several potential tenants in the remaining vacant tenancies.

At 1 Farrer Place, Merrill Lynch has leased 5,150 sqm for a 10.5 year term commencing 1 March 2005.

In Melbourne, National Wealth Management have leased 755 sqm at 530 Collins Street for a 6 year term commencing 1 October 2004.

At Melbourne Central, KAZ Technology has leased 680 sqm for a six month term commencing 1 September 2004 and 2,880 sqm for a 5 year term commencing 1 July 2005. In addition, DFS Advisory Services have leased 280 sqm for 5 years commencing 1 October 2004. The building has now achieved 99.8% occupancy in a very challenging market.

Also in Melbourne, the second of the two National@Docklands Buildings has been completed and is now occupied by the National. 570 sqm of retail space at the new National Buildings has been leased, resulting in 100% occupancy for the entire development.

In Brisbane, over 1,700 sqm has been leased at Riverside to various tenants. The building is now 99.5% occupied.

The Portfolio's focus on forward leasing to reduce potential vacancy continues, with negotiations at an advanced stage to renew a number of large tenants across the portfolio whose leases expire in 2005 and 2006.

Office Development Update

Darling Park, Stage 3 - Construction work is progressing in line with the planned program with practical completion due in mid 2006. Marsh and Mercer have leased additional space (2 floors), taking their pre-commitment to 60% of the building's space. The remaining space is being actively marketed.

Industrial & Business Park Portfolio

GPT's Industrial & Business Park Portfolio continues to maintain strong fundamentals. with occupancy of 97% and an average lease term of 5.3 years across the Portfolio.

At 11 Grand Avenue, Camellia, Brother International has leased 6,970 som for a period of 5 years, taking Stage 2 of the development to 100% occupancy. Progress is also being made on plans for Stage 3 of the development.

At Sydney Olympic Park, Quad 3, which was completed in June of this year, is currently 75% leased, with solid enquiry for the remaining space. Work on the development of Quad 4 has commenced and GPT is currently reviewing design options for the proposed building. A development application is expected to be lodged at the end of this year.

At the Austrak Business Park in Somerton, Victoria, management is in discussion with several parties for space at the development.

Subsequent to the end of the quarter, 6,080 sqm of space has been leased at the Citiwest Industrial Estate at Altona on a short-term lease until 30 June 2005. This takes the estate to 100% occupancy.

Hotel & Tourism Portfolio

The Hotel/Tourism Portfolio is showing solid growth. Both domestic and international demand has been strong. International visitation to Australia in 2004 is forecast to reach an all time high of 5.2 million visitors, representing 9.9% growth over 2003. The majority of this growth has been from Asia (ex Japan) and New Zealand. As highlighted in previous updates, we expect the hotel markets will continue to improve into 2005.

Ayers Rock Resort

Trading at Ayers Rock Resort is improving, in line with the growth in international visitation and as a result of the introduction of the direct Melbourne flights in June of this year. Total revenue was up 3.9% on 2003 or 5.8% up, on a like for like basis, given that Longitude 131 was closed during the first 6 months of 2004.

Longitude 131 reopened in July and is trading well.

The key performance indicators to September 2004 are shown below.

Ayers Rock Resort	YTD Sept	YTD Sept
(incl. Alice Springs)	2003	2004	Variance
Rooms Available	254,200	252,400	$-0.7%$
Rooms Sold	148,700	154,500	3.9%
Occupancy	58%	61%	3.0%
Room Rate	\$205	\$206	0.5%
Total Revenue (000)	\$77,800	\$80,800	3.9%

Note: On a like with like basis after adjustment for the closure of Longitude 131, room rates grew by 1.7% and revenue by 5.8% to September 2004.

Four Points by Sheraton Hotel, Sydney

The Sydney four star hotel market remains strong and Four Points is performing very well within this market. Occupancy remains high and room rate growth has increased significantly, demonstrating the benefit of the refurbishment completed in ?.

The key performance indicators to September 2004 are shown below.

Four Points Sydney	YTD Sept	YTD Sept
	2003	2004	Variance
Rooms Available	173,300	172,700	$-0.3%$
Rooms Sold	134,400	145,100	8.0%
Occupancy	78%	84%	6.0%
Room Rate	\$143	\$162	13.3%
Total Revenue (000)	\$26,900	\$32,700	21.6%

Note: The reduction in rooms available is due to the conversion of some level 1 guest rooms into the Hotel's new business centre.

P&O Resorts Portfolio

GPT acquired the P&O Resort portfolio in late July 2004. This 571 room portfolio includes eight high quality nature based resorts. Since the acquisition, integration of the portfolio has progressed well. Voyages Hotels and Resorts (the lessee of GPT's resort assets) is well advanced with the merger of all finance, marketing and related operational areas in order to maximise the synergies of the acquisition. The integration should be fully complete by early 2005.

The performance of the P&O portfolio to September 2004 is shown below:

Voyages Lodges	YTD Sept	YTD Sept
	2003	2004	Variance
Rooms Available	150,200	152,800	1.7%
Rooms Sold	105,800	104,400	$-1.3%$
Occupancy	70%	68%	$-2.0\%$
Room Rate	\$248	\$262	5.6%
Total Revenue (000)	\$58,100	\$60,300	3.8%

Holiday Inn Brisbane

The Holiday Inn is performing solidly with both occupancy and room rate growth over last year. Our expectation is that this will continue into 2005.

The hotel's key performance indicators are shown below.

Holiday Inn Brisbane	YTD Sept	YTD Sept
	2003	2004	Variance
Rooms Available	52,100	52,600	1.0%
Room Sold	44,500	46,600	$4.7\%$
Occupancy	85%	89%	4.0%
Room Rate	\$108	\$117	8.3%
Total Revenue (000)	\$8,200	\$8,900	8.5%

Note: Rooms Available has increased due to the addition of one guest room.

Masterplanned Urban Communities Portfolio

Rouse Hill Regional Centre - Planning is almost complete for the Town Centre and it is expected that a development application will be submitted to council by the end of 2004. Planning is also well progressed in relation to the first stage of residential development.

Twin Waters - Council have provided a preliminary approval for the first stage of development and the first dwellings have now been released for pre-sale. To date sales have progressed well with deposits having been placed on 65% of the first stage released.

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
Kieran Pryke	Chief Financial Officer	02 9236 6024
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
Martin Janes	Masterplanned Urban Communities Portfolio Manager	02 9277 2450

GPT Portfolio Swap & Debt Issuance Schedule As at 30 September 2004

Overview

• Credit Rating A+ (long term), currently on credit watch ٠
• Current gearing is 30.6%
• Weighted average cost of debt including fees and margins is 6.05%
• Weighted average length of debt is 2.9 yrs.

GPT Debt		\$m
Short Term Notes, due (or rolled) within 3 months		\$992
Medium Term Notes Floating Rate due in 1 year Fixed Rate, due in 1 year Floating rate, due in 2 years Fixed Rate, due in 2 years Fixed Rate, due in 4 years	(1) (2)	\$225 \$100 \$330 \$260 \$250
Floating rate, due in 4 years Floating rate, due in 9 years Fixed Rate, due in 9 years	(3)	\$100 \$12 \$200
CPI Bonds, due in 2029 Total Debt		\$125 \$2,594
GPT Interest Rate Management
Floating Current Swaps Fixed CPI	(4) (1)(2)(3)	\$134 \$1,975 \$360 \$125
Total		\$2,594

(1) \$100m has been swapped to floating

(2) \$150m has been swapped to floating

(3) \$200m has been swapped to floating
(4) Floating debt after taking into account current swaps

Current effective interest rate after fees & margins is 6.05% on \$2,594m of debt outstanding.

Current Interest Rate Hedging

Hedging Position As at	Average Rate Incl Margins & Feesl	Total Principal Amount	Principal amount of derivative financial instruments	Principal amount of fixed rate borrowings
		\$ millionsi	\$ millions	\$ millions!
30 September 2004	6.05%	2.460	1,975	485
31 December 2004	6.06%	2.550	2,065	485
I31 December 2005	6.16%	2.660	2.175	485
31 December 2006	6.13%	2,376	2,151	225
131 December 2007	6.11%	1,888	1.722	166
131 December 2008	5.97%	$-1,249$	1.124	125
31 December 2009	6.01%	855	730	125
[31 December 2010	6.05%	655	530	125

esses Fixed Exposures sease Swaps (Callable & Knockout Swaps (6%, 6.5%, 6.75% & 7% KO) -- Average Fixed Rate