GENERAL PROPERTY TRUST

29 July 2004

The Manager Companies Section Australian Stock Exchange Limited (Sydney) 20 Bridge Street SYDNEY NSW 2000

GPT Management Limited ABN 94 000 335 473 as Responsible Enlity and Trastee of General Property Trust ABN 58 071 755 609

Level 4 30 The Bond 30 Hickson Rosd Millers Point NSW 2000 Australia

GPT Unitholder Service Centre Freecall 1800 025 095 Facsimile 02 9236 6020

[email protected]

www.gpt.com.au

By electronic lodgement

Dear Sirs

$\mathcal{L}_{\rm{max}}$

GENERAL PROPERTY TRUST

1. Half Year Results

GPT Management Limited, as responsible entity of General Property Trust, releases the attached statement regarding the Trust's results for the six months to 30 June 2004. Also attached are audited financial statements for the six months to 30 June 2004 and ASX Appendix 4D.

$2.$ June Quarter Distribution

GPT Management Limited, the responsible entity of General Property Trust, announces the following distribution for the quarter ended 30 June 2004.

$(a)$ Distribution - Ordinary Units

A distribution for the three months ended 30 June 2004 of 5.5 cents per General Property Trust unit will be paid by the Trust on 23 August 2004 (the distribution for the three months ended 30 June 2003 was 5.3 cents per unit and the distribution for the three months ended 31 March 2004 was 5.4 cents per unit).

$(b)$ Income Tax Deferred Component - Ordinary Units

The distribution advice for the June quarter will advise that 2.322486 cents (capital works allowance, depreciation and other allowances) is income tax deferred for investors that hold their investment on capital account.

The income tax deferred component will reduce the cost base (or indexed base) in the case of units liable to capital gains tax on disposal.

$\left( \mathrm{c}\right)$ Books Closing Date

In accordance with Listing Rule 3A(5), we give formal notice that the register of unitholders of General Property Trust will close at 5.00pm, 10 August 2004 for the purpose of determining those unitholders entitled to participate in the distribution for the quarter ended 30 June 2004, payable on 23 August 2004.

Documents will be accepted for registration until 5.00 pm on the books closing date at the Sydney Register only:

Securities Registration Services ASX Perpetual Registrars Limited Level 8, 580 George Street SYDNEY NSW 2000

Yours faithfully

James A Coyne Legal Counsel & Company Secretary

Interim Financial Report General Property Trust and its Controlled Entities

30 June 2004

ABN 58 071 755 609

Directors' Report

The directors of GPT Management Limited, the Responsible Entity of the General Property Trust and GPT Split Trust. present their report together with the interim financial reports of General Property Trust and GPT Split Trust for the halfyear ended 30 June 2004 and the Audit Reports thereon.

Directors

The following persons were directors of GPT Management Limited during the reporting period:

Richard Longes (Chairman) Malcolm Latham Brian Norris Ross Taylor (appointed 28 April 2004)

Peter Joseph Ken Moss Elizabeth Nosworthy

Trust

General Property Trust (GPT)

GPT comprises General Property Trust (Parent Entity), its controlled entities and joint ownership vehicles as disclosed in Note 19 to the consolidated financial statement.

GPT Split Trust The Trust comprises GPT Split Trust.

Principal Activity

The principal activity of GPT is to invest in investment properties.

The principal activity of GPT Split Trust is to invest in GPT units.

Review of Operations and Changes in the State of Affairs

Financial Results

GPT

The operating result of GPT for the reporting period ended 30 June 2004 is a profit of \$216.5 million (Jun 2003: \$208.6 million).

GPT Split Trust

The operating result of GPT Split Trust for the reporting period ended 30 June 2004 is a profit of \$2,330 thousand (Jun 2003: \$2,348 thousand).

Earnings per Unit

The earnings per unit for the reporting period ended 30 June 2004 was 10.9 cents (Jun 2003: 10.7 cents).

During the reporting period, GPT acquired Darling Park Stage 3 in Sydney, a site adjoining Homemaker City Fortitude Valley in Queensland, Quad 4 land at Homebush Bay, and exchanged contracts to acquire 8 Herb Elliot and 7 Figtree Drive at Homebush Bay.

On 24 May 2004 GPT received a merger proposal from Lend Lease Corporation Limited. For the purpose of considering this proposal the board comprised the independent directors, namely, Peter Joseph, Malcolm Latham, Elizabeth Nosworthy and Ken Moss. On 27 July 2004 the independent directors announced that they were unable to recommend the proposal to GPT unitholders.

Distributions

GPT

The Responsible Entity has determined the payment of a distribution for the reporting period ended 30 June 2004 of 10.9 cents per unit (Jun 2003: 10.5 cents).

GPT Split Trust

The Responsible Entity has determined the payment of a distribution for the reporting period ended 30 June 2004 of 9.475 cents per Income Unit (Jun 2003: 9.375 cents) and 1.425 cents per Growth Unit (Jun 2003: 1.125 cents).

Dated at SYDNEY this $2\xi^{\mathcal{H}}$ day of $\int \mathcal{U} \mathcal{Y}$ $, 2004$

Signed in accordance with a resolution of the directors.

Director

Um Director

$\overline{c}$

$\overline{\phantom{a}}$

Statement of Financial Performance Half-Year ended 30 June 2004

		Consolidated
	Note	30 Jun 2004 3m	30 Jun 2003 \$m
Statement of Financial Performance
Revenue
Rents		319.4	295.6
Interest - Joint venture investment arrangements		2.4	2.1
Interest - Cash and short term money market securities		2.5	1.7
Proceeds on disposal of units in listed property trust			41.2
Share of net profits of associates	19	44.5	30.2
Other income			1,3
Revenue		368.8	372.1
Expenses
Rates, taxes and other property outgoings		71.6	65.5
Repairs and maintenance		5.5	4.6
Provision for doubtful debts		0.1	0.4
Audit and accounting fees	3	0.8	0.3
Borrowing costs		52.0	37.3
Responsible Entity's fee	3	19.7	12.6
Book value of units in listed property trust			41.2
Other expenses		2.6	1.6
Expenses		152.3	163.5
Net Operating Income		216.5	208.6
Increase in asset revaluation reserve	15	11.1	37.7
Total revenues, expenses and valuation adjustments attributable to members of the parent entity recognised directly in equity		11.1	37.7
Total changes in equity other than those resulting from transactions with Unitholders as owners		227.6	246.3

		Cents	Cents
Basic earnings per unit	18	10.9	10.7

The above Statement of Financial Performance should be read in conjunction with the accompanying notes.

		5m	\$m
Distribution
Net Operating Income		216.5	208.6
Undistributed income at the beginning of the period		7.6	0.7
Transfer from equity	14	2.6
Total available for distribution		226.7	209.3
Distribution paid and payable	2	(219.8)	(204.7)
Undistributed income at the end of the period		6.9	4.6

General Property Trust and its Controlled Entities

Statement of Financial Position As at 30 June 2004

			Consolidated
		30 Jun 2004	31 Dec 2003
	Note	\$m	\$m
Current Assets
Cash		52.5	44.0
Receivables	4	48.5	46.0
Other	5	12.0	14.6
		113.0	104.6
Non-current Assets
Investment properties	6	7,758.9	7,489.8
Investment in associates (masterplanned
urban communities)	8	9.2	6.5
Other assets	ā	99.7	94.2
		7,867.8	7,590.5
Total Assets		7,980.8	7,695.1
Current Liabilities
Payables	10	149.3	147.3
Interest bearing liabilities	11	1,170.0	775.0
Provisions	12	110.9	105.3
		1,430.2	1,027.6
Non-current Liabilities
Interest bearing liabilities	13	1,027.0	1,352.0
		1,027.0	1,352.0
Total Liabilities		2,457.2	2,379.6
Net Assets		5,523.6	5,315.5
Equity
Contributed equity	14	4,598.5
Asset revaluation reserve	15	918.2	4,400.8 907.1
Undistributed income		6.9	7.6
Total Equity	16	5,523.6	5,315.5

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

$\overline{\mathbf{4}}$

General Property Trust and its Controlled Entities

Statement of Cash Flows Half-Year ended 30 June 2004

			Consolidated
	Note	30 Jun 2004	30 Jun 2003
		\$m	\$m

Cash flows from operating activities
Cash receipts in the course of operations (inclusive of goods
and services tax)		324.1	292.5
Cash payments in the course of operations (inclusive of
goods and services tax)		(133.0)	(97.2)
Interest received		5.0	3.2
Distributions received from associates		48.2	29.2
		244.3	227.7
Borrowing costs		(59.8)	(43.3)
Net cash inflow from operating activities	17	184.5	184.4
Cash flows from investing activities

Payments for property investments (Increase) in masterplanned urban communities and		(226.6)	(173.6)
other assets		(5.5)
Investment in units in listed property trust			(41.2)
Net cash outflow from investing activities		(232.1)	(214.8)

Cash flows from financing activities
Net Short Term Notes issued		70.0	159.0
Net Medium Term Notes issued			75.0
Proceeds from issue of units		200.3
Distributions paid		(214.2)	(202.8)

Net cash inflow from financing activities		56.1	31.2
Net increase in cash		8.5	0.8
Cash at the beginning of the reporting period		44.0	45.6
Cash at the end of the reporting period	17	52.5	46.4

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

$\overline{\phantom{a}}$

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$\sim$ .

$\mathcal{L}^{\text{max}}{\text{max}}$ , where $\mathcal{L}^{\text{max}}{\text{max}}$

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Notes to Financial Statements Half-Year ended 30 June 2004

Summary of accounting policies 1.

This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 31 December 2003 and any public announcements made in respect of General Property Trust ('GPT') during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

(a) Basis of preparation

This general purpose financial report for the interim half year ended 30 June 2004 has been prepared in accordance with the Trust Constitution, Accounting Standard AASB 1029: Interim Financial Reporting, other mandatory professional reporting requirements (Urgent Issues Group Consensus Views), other authoritative pronouncements of the Australian Accounting Standards Board, and the Corporations Act 2001. It is prepared on the basis of the going concern and historical cost conventions and has not been adjusted to take account of either changes in the general purchasing power of the dollar or changes in the values of specific assets, except to the extent that GPT property investments have been revalued. The accounting policies adopted are consistent with those of the previous period unless otherwise specified. Comparative information has been reclassified where appropriate to enhance comparability.

(b) Principles of consolidation

The consolidated financial statements incorporate all the assets, liabilities and net operating results of the controlled entities. GPT and its controlled entities together are referred to in this financial report as the Trust. The effects of all transactions between controlled entities in the Trust have been eliminated in full.

Certain property investments are held via joint ownership arrangements (refer Note 25). These joint ownership arrangements include the ownership of units in single purpose unlisted trusts over which GPT exercises significant influence but does not control ('Associates').

The Trust has adopted the equity method of accounting for its property investments held via Associates in accordance with Accounting Standard AASB 1016: Accounting for Investments in Associates. The Responsible Entity believes that including this information in the Trust investment Properties note (Note 6) appropriately reflects the nature and substance of the Trust's operations.

(c) Accounting for acquisitions

On the acquisition of property trusts, the fair value of the consideration is compared with the fair value of the assets acquired. Any discount or goodwill arising on acquisition is accounted for in accordance with AASB 1013: Accounting for Goodwill.

(d) Investment properties

The Trust Compliance Plan requires that all Trust property investments be valued at intervals of not more than three years and that such valuations be reflected in the financial report of the Trust. It is the policy of the Responsible Entity to review the carrying value of each property every six months. Independent valuations of the individual investments are carried out each three years in accordance with the Corporations Act 2001 and the Trust Constitution, or earlier where the Responsible Entity believes there may be a material change in the carrying value of the property.

A revaluation increment is credited directly to the asset revaluation reserve, unless it is reversing a previous decrement charged as an expense in the Statement of Financial Performance in respect of that same class of assets, in which case the increment is credited to the Statement of Financial Performance.

A revaluation decrement is recognised as an expense in the Statement of Financial Performance, unless it is reversing a revaluation increment previously credited to, and still included in the balance of, the asset revaluation reserve in respect of that same class of assets, in which case it is debited directly to the asset revaluation reserve.

Some property investments are held through the ownership of units in single purpose unlisted trusts where GPT exerts significant influence but does not have a controlling interest. The Trust has adopted the equity method for these Associates (refer Note 1(b)). The property and other property related net assets of the Associates have been disclosed separately in Note 6. Investments in masterplanned urban communities which have been accounted for using the equity method have been disclosed separately in Note 8.

Interests held by GPT in controlled trusts and associated trusts are brought to account at valuation based on the net tangible asset backing at the end of sach quarter.

Land and buildings have the function of an investment and are regarded as a composite asset. The applicable Accounting Standards do not require that investment properties be depreciated. Accordingly, the buildings and any component thereof (including integral plant and equipment) are not depreciated.

Expenses capitalised to properties may include the cost of acquisition, additions, refurbishments, redevelopments, borrowing costs and fees incurred.

Summary of accounting policies (Continued) $\blacktriangleleft$

(e) Financial Instruments

Bank bill and money market investments are reported at historic cost. As it is the intention to hold these instruments to maturity they are not revalued to market. Interest accrued at balance date is included in the accounts as a receivable. Interest rate swaps are only entered into to protect the Trust from variable interest rates. These transactions are accounted for on an accruals basis over the life of the facility that they are hedging. The Trust has classified as current liabilities short term note borrowings and medium term notes expiring within one year, notwithstanding that the Trust may hedge the interest rate exposure beyond one year and the fact that the Trust maintains stand-by facilities to provide liquidity backup for the short term/medium term note programme as described in Note 20.

(f) Revenue

Revenue from rents and interest is brought to account on an accruals basis. Revenue not received at balance date is included in the accounts as a receivable. The Trusts proportionate share of net operating results of Associates is included in the net income available for distribution when earned. Such income has been separately disclosed in the Statement of Financial Performance.

(g) Leasing costs

Initial direct leasing costs are amortised over the term of the respective leases.

(h) Other expenditure

Other expenditure, including rates, taxes, interest and other outgoings is brought to account on an accruals basis.

(i) Income tax

Under current tax legislation the Trust is not liable for income tax, provided its taxable income and taxable realised gains are fully distributed to Unitholders each year.

(i) Cash flows

For the purposes of the Statement of Cash Flows, cash includes cash at bank, deposits at call and short term money market securities which are readily converted into cash.

(k) Distributions

Distributions are paid to Unitholders each quarter. Provision is made for the amount of any distribution declared, determined or publicly recommended by the directors on or before the end of the reporting period but not distributed at balance date.

仰 Borrowing costs

Borrowing costs are recognised as expenses in the period in which they are incurred, except where they are included in costs of qualifying assets (an asset that takes a substantial period of time to get ready for its intended purpose) - refer Note 1(d).

The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the entity's development borrowings during the period, in this case 6.87% (2003: 6.78%)

Borrowing costs include:

Interest on short term and long term borrowings,
Amortisation of discounts or premiums relating to borrowings, and
Amortisation of ancillary costs incurred in connection with the arrangement of borrowings.

(m) Rounding

The financial report of the Trust has been prepared in accordance with Class Order 98/0100 issued by the Australian Securities & Investments Commission, relating to the 'rounding off' of amounts in the financial report to the nearest tenth of a million dollars, unless otherwise stated. Amounts have been rounded off in the financial report in accordance with that Class Order.

	Consolidated
	30 Jun 2004	30 Jun 2003
	Śm	$3\pi$
2. Distributions
In respect of the six months ended 30 June 2004
Distribution of 5.4 cents per unit paid on 23 May 2004 (23 May 2003: 5.2 cents)	108.9	101.4
Distribution of 5.5 cents per unit payable on 23 Aug 2004 (25 Aug 2003: 5.3 cents)	110.9	103.3
Distribution for the six months ended 30 June 2004 10.9 cents per unit (30 Jun 2003; 10.5 cents)	219.8	204.7
Undistributed income at 30 June	6.9	4.6
3. Expenses	\$'000	\$'000
Expenses have been arrived at after charging the following items:
Auditors' remuneration:
Auditing the financial report	369.3	282.3
Other audit related work	70.9	60.2
Total audit and audit related work Other assurance services	440.2	342.5
	380.0 820.2	73.7 416.2
Total auditors' remuneration

Responsible Entity's fee	19,720.0	12,562.4
	______

From 1 January 2003, the base management fee payable by GPT has been reduced from 0.55% to 0.40% per annum of gross assets and a performance component has been introduced. The performance component, if applicable, is 5% of GPT's outperformance compared to the S&P/ASX Property 200 Accumulation Index. The total fee payable each six months is capped at 0.275% of the gross assets of the Trust. GPT Management Limited will receive all or part of the performance fee so that earnings per unit for each six month period is not less than the earnings per unit for the previous six month period. Based on GPT's performance for the twelve months to 30 June 2004, a performance fee of \$3,468,000 (Jun 2003: \$nil), is payable in respect of the six months to 30 June 2004.

		Consolidated
	30 Jun 2004	31 Dec 2003
	\$m	\$m
4. Receivables
Trade debtors	21.1	27.2
Provision for doubtful debts	(1.2)	(1.2)
	19.9	26.0
Distributions receivable from associates	6.8	10.6
Other debtors	21.8	9.4
	48.5	46.0
5. Other current assets
Prepayments	12.0	14.6
6. Investment properties
Retail	3,849.4	3,723.2
Office	3,030.8	2,946.7
Hotel & Tourism	553.2	530.1
Industrial	325.5	289.8
	7 758 0	7 420 R

The mixed class of assets (as referred to in the following table) has been allocated in the table above as follows: Melbourne Central : 54.1% Retail (\$346.9m) and 45.9% Office (\$294.3 m) (Dec 2003: 50% Retail and 50% Office) Due to the departure of Daimaru and the redevelopment of Melbourne Central, the allocation of the value was reviewed. Brisbane Transit Centre : 83% Office and 17% Hotel & Tourism

		Consolidated Half-Year
	30 Jun 2004 \$m	31 Dec 2003 \$m.
Reconciliation
Reconciliations of the carrying amounts of investment properties at the beginning and end of the current and previous reporting period are set out below.
Carrying amount at start of the reporting period	7.489.8	6.734.6
Additions	258.0	557.9
Disposals
Net increase in revaluation of investment	11.1	197.3
Carrying amount at end of the reporting period	7.758.9	7.489.8

General Property Trust and its Controlled Entities

Notes to Financial Statements

$\alpha$ , $\alpha$ , $\alpha$ , $\alpha$

√.

6. Investment properties (Continued)

Name	Ownership % (1)	Acquisition Dete	Acquisition Price \$m	Total Cost including Additions $S_{\rm IR}$	Date of Latest Valuation	Independent Valuer	Latest - independent Valuation \$m	Additions Since Valuation Sm	Book Value 30 Jun 04 \$m
RETAIL
Bonner House	100	Oct 2001	9.1	9.3	Mar 2003	Knight Frank	11,0		11.0
ACT	Leaschold					KL Goddard, FAPI
Borec House	100	Jul 2002	10.6	10.7	Sep 2003	CB Richard Ellis	10.8		10.8
NSW						M Steur, AAPI
Casuarina Square	100	Oct 1973	4.5	144.5	Sep 2002	Knight Frank	264.0	3.5	267.5
ΝT						KL Goddard, FAPI
Charlestown Square	100	Dec 1977	7.3	177.8	Sep 2003	Knight Frank	325.0	1.7	326.7
NSW						KL Goddard, FAPI
Pacific Highway, Charlestown	100	Oct 2002	7,1	7.1	Sep 2003	Knight Frank	7.0	0.0	7.0
NSW		Jul 2003	5.3	5.3		KL Goddard, FAPI			5.3
Dandenono Plaza	108	Dec 1993	60.2	191,1	Sep 2003	FPDSavills (NSW)	205.0	0.4	205.4
VIC		Dec 1999	60.3	60.3		AD Johnston, AAPI
Erina Fair NSW	33.3, Freehold 16.7, Units in Trust	Jun 1992	55.1	243.7	Sep 2003	Knight Frank KL Goddard, FAPI			223.9
							323.7	11.4	111.2 គេ 335.1

Pennth Plaza including Cinemas	100	Jun 1971	16.7	427.6	Sep 2003	CB Richard Ellis	505.0	9.6	514.6
NSW		Oct 2002	362.9			M Steur, AAPI
		Apr 1998	17.4
High Street, Penrith	100	Nov 2002	5.2	6.1	Sep 2003	CB Richard Ellis	6.1	$\blacksquare$	6.1
NSW		Jan 2003	0.8			M Sleur, AAPI
Riley Square	100	Jun 1994	11.6	17.2	Sep 2003	CB Richard Ellis	15.2	ä,	15.2
NSW Sunshine Plaza	50	Dec 1992	32.8	50.9	Sep 2003	M Steur, AAPI
QLD	Freehold, JVIA					FPDSavills (NSW) A Johnston, AAPI	32.0(2)	1.0	83.0
Plaza Parade	50	Jun 1999	4.7	11.9	Sep 2003	FPDSavills (NSW)	10.5	0.2	10.7
QLD						A Johnston, AAPI
Horton Parade	50	Jun 1998	3.8	7.8	Sep 2003	FPDSavils (NSW)	7.0	0.2	$7.2$ (3)
QLD	Units in Trust					A Johnston, AAPI
Maroochydore Superstore		Feb 1999	5.5	5.5	Sep 2003	FPDSavills (NSW)	6.0		$6.0.$ $(3)$
Plaza QLD				13.3		A Johnston, AAPI			13.2
									$0.2 - (4)$
Woden Plaza	100	Feb 1986	74.8	246.5	Mar 2003	Knight Frank	375.D	2.0	377.0
act	Leaschold					KL Goddard, FAPI
General Property Trust									2,188.8
Carlingford Court	100	Jul 1996	80.1	137.6	Mar 2002	Knight Frank	133.0	3.2	136.2
NSW						KL Goddard, FAPI
Chirnside Park	100	Jul 1996	80.5	136.3	Mar 2003	JEL Advisory	132.0	0.3	132.3
мc Wollongong Central	100	Jul 1996	54.0		Sep 2003	B Sweeney, AAPI
NSW		Oct 1998	34.8	.110.6		Jones Lang LaSalle	157.0	1.4	158.4
Floreat Forum	100	Jul 1996	33.3	87.1	Mar 2004	JK Dillon, AAPI Knight Frank	95.0		95.0
WA.						M Crowe, AAPI
Forestway Shopping Centre	100	Jul 1996	27.0	42.3	Sep 2001	Kriight Frank	39.0	12.8	51.8
NSW						KL Goddard, FAPI
Macarthur Square	50	Dec 1999	135.0	148.7	Sep 2003	Jones Lang LaSalle	165.0	9,6	174.6
NSW						D McLennan, AAPI
Parkmore Shopping Centre	109	Jul 1996	120.0	13D.4		Mar 2004 JLL Advisory	127.0	0.1	127.1
MС						8 Sweeney, AAPI
Homemaker City Aspley	100	Nov 2001	43.2	45.9	Jun 2002	JLL Capital Markets	43,5	2.6	46.1
QLD.						WR Wiemann, AAPI
Homemaker City Bankstown	100	Nov 2001	38.5	39.7	Sep 2003	FPDSaville	44.0	0.6	44.6
nsw Homemaker City Cannon Hill	100		13.9		Sep 2003	AD Johnston, AAPI	15.7		16.0
QLD		Nov 2001		14.7		Jones Lang LaSalle J Apted, FAPI		0.3
Homemaker City Castle Hill	100	Nov 2001	25.4	36.0	Mar 2002	WK Wolton	23.5	10.6	37.1
nsw		Jan 2003	8.7			W Wolten, FAPI
Homomaker City Epping	100	Aug 2003	37.7	37.8	¥,		$\omega$		37.8
VIC
Homemaker City Fortitude Valley	100	Dec 2001	7.2	31.2		Sep 2003 CB Richard Ellis	31.6	0.1	31.7
QLD						T Irving, AAPI

(1) Freehold, unless otherwise stated.

(2) Present value of termination right and land at latest valuation.
(2) Present value of termination right and land at latest valuation.
(3) Share of Associate's property assets. The value of the Trust's interest in the A

(4) Share of Associates other property related net assets which have been included as property (refer note 1(b))

(5) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred subsequent to valuation. Properties on which such capital expenditure has been incurred and properties which have not been independently valued in the last twelve months are carried at Directors' valuation.

JVIA = Joint Venture Investment Arrangement

The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing parties in an arm's tength transaction.

General Property Trust and its Controlled Entities Notes to Financial Statements

and the state of the state of the

$\mathcal{A}$

6. Investment properties (Continued)

Name	Ovmership 96 (1)	Acquisition Date.	Acquisition Price \$m	Total Cost including Additions Sm	Date of Latest Valuation	Independent Valuer	Lafest Independent Valuation \$m	Additions Since Valuation \$m	Book Value 30 Jun 04 \$m	$\langle 5 \rangle$
RETAIL (Continued)
Homemaker City Fortitude Valley Stage 2, QLD	100	Mar 2004	12.7	19.9	٠				19.9
Homemaker City Jindalee QLD	100	Nov 2001	38.7	40.5	Sep 2003	Jones Lang LaSalle J Apled, FAPI	47.6	0.4	48.0
Homemaker City Maribyrnong VЮ	100	Nov 2001	35.5	35.6	Sep 2003	Knight Frank MJ Schun, AAPI	47.3	u	47.3
Homamaker City Moorabbin VЮ	100	Jul 2002	33.3	33.4	$\overline{\phantom{a}}$		$\blacksquare$	$\blacksquare$	33.4
Homemaker City Mt Gravatt QLD	109	Nov 2001	17.9	18.2	Mar 2002	JLL Capital Markets WR Wiemann, AAPI	19.4	0.3	19.7
IKEA Building, Prospect MSW	100	Nov 2001	6.9	6.9	Sep 2003	Colliers International A Graham, AAPI	6.5	à.	6.5
Homemaker City Springwood QLD	100	Nov 2001	15.7	16.5	Mar 2002	JLL Capital Markets WR Wiemann, AAPI	16.0	0.8	16.8
Homemaker City Underwood QLD	100	Nov 2001	10.5	10.6	Jun 2002	JLL Capital Markets WR Wiemann, AAPf	12.6	0.1	12.7
Homemaker City Windsor QLD	100	Nov 2001	20.0	20.2	Jun 2002	JLL Capital Markets CJ Chatwood, AAPI	20.5	0.2	20.7
GEM Retail Property Trust									1,313.7
Total Retail									3,502.5
OFFICE Citigroup Centre	50	Jul 2001	51.2	268.5		Dec-03 FPDSavills (NSW)
NSW	Units in Trusts	Dec 2001	212.4
		(4)	0.8	268.5		A Pannifex, FAPt	287.5	0.2	267.7 (2)
1 Farrer Place NSW	50 Units in Trust	Dec-2003	253.6	259.6	$\blacksquare$	÷	÷	$\bullet$	$(1,2)$ (3) 259.6
Australia Square NSW	50	Sep 1981	42.5	140.6	Jun 2004	Jones Lang LaSalle J Dilion, AAPI	178.0	à,	178.0
MLC Centre NSW	50	Apr 1987	233.5	313.3	Mar 2004	CB Richard Ellis S Fairfax, AAPI	284.5	0.5	265.0
Riverside Centre QLD	100	Apr 1984	250.7	298.7	Sep 2002	CB Richard Ellis (C) J Porter, FAPI	245.0	5.3	250.3
Black ink House QLD	100	Apr 1984	9.1	15.5	Sep 2002	CB Richard Ellis (C) J Porter, FAPI	14,4	ù,	14,4
General Property Trust									1,273.8
179 Elizabeth Street NSW	100	Sep 1998	59.4	63.1	Sep 2003	FPDSavills A Pannifex FAPI	81.0	1.2	82.2
10 & 12 Mort Street ACT	100 Leasehold	Jul 1996	58.6	59.9	Dec 2003	Jones Lang LaSalle RJ Lawrie, AAPI	50.0	$\blacksquare$	50.0
530 Collins Street & 120 King Street ٧Ю	100	Jul 1996	310.0	319.7	Sep 2003	Urbis RJ Scrivener, FAPI	320.0	0.5	320.5
HSBC Centre, 580 George St NSW	100	Jul 1996	180.0	214.0	Mar 2004	CB Richard Ellis S Fairlax, AAPI	227.0		227.0
Darling Park Complex NSW	50 Unite in Trusts	Jun 2000 Mar 2001 $\left( \mathcal{L}\right)$	289,1 100.0 12.0	465.1
Darling Park 3	100	Apr 2004	32.1	465.1 49.4	Apr 2004	FPDSavills (NSW) A Pannifex, FAPI	457.5	1.5	459.0 (2) (1.7)	$(2)$
									49.4
The National, Stage 1 Victoria Harbour, VIC	100	Feb 2002	7.4	132.9	Mar 2004	Knight Frank MJ Schuh, AAPI	140.0	0.2	140.2
The National, Stage 2 Victoria Harbour, VIC	100	Feb 2002	6.3	90.0	$\blacksquare$		÷	$!!!\phantom{a}$	90.0
GEM Commercial Property Trust									1,416.6
Total Office									2,690.4

(1) Freehold, unless otherwise stated.

(2) Share of Associate's property assets. The value of the Trust's interest in the Associate's property assets is included in the valuation.

(3) Share of Associate's other property related net assets (liabilities) which have been included as property (refer Note 1(b)).

(4) Acquisition costs.

$\mathcal{L}_{\mathrm{in}}$

(5) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred subsequent to valuation. Properties on which such capilal expenditure has been incurred and properties which have not been independently valued in the lest twelve months are carried at Directors' valuation,

The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing parties in an arm's length transaction.

General Property Trust and its Controlled Entities Notes to Financial Statements

$\mathcal{D}_{\mathcal{A},\mathcal{A}}$

$\bar{z}$ $\sim 10^{-1}$

6. Investment properties (Continued) Name	Ownership % (1)	Acquisition Date	Acquisition Price \$m	Total Cost including Additions \$ _rn	Date of Latest Valuation	Independent Valuer	Latest Independent Valuation \$m	Additions Since Valuation \$m	Book Value 30 Jun 04 Şm (50)
MIXED
Brisbane Transit Centre QLD	50 Units in Trust Shares in Company	Nov 1997 Nov 1997	42.6 0.7	47.1 0.7 47.8	Jun 2004	Colliers International SR Andrew, FAPI	55.6		54.9 (2) 0.7 55.6
Melbourne Central VЮ	100	May 1999 Mar 2001	410.2 17.1.
		(3)	3,5 430.8	614.5	Sep 2001	Knight Frank JA Perillo, AAPI	465.0	176.2	641.2
Total Mixed									696.8
INDUSTRIAL
Harvey Road Kings Park NSW	100	May 1999	24.9	24.9	Mar 2002	JLL Capital Markets RJ Ewing, AAPI	24.9	÷	24.9
Part Citi-West Industrial Estate Grieve Pde & Dohertys Road Altona North VIC	100	Aug 1994	60.0	69.3	Mar 2003	FPDSavills R Bowman, AAPI	65.3	6.7	62.0
Quad 1, Parkview Drive Homebush Bay NSW	100 Leaschold	Jun 2001	15.5	15.6	Jun 2004	Colliers International A Graham, AAPI	16.5	٠	16.6
Quad 2, Parkview Drive Homebush Bay NSW	100 Leaschold	Dec 2001	2.3	15.8	Jun 2004	Colliers International A Graham, AAPI	18.7	$\overline{\phantom{a}}$	18.7
Quad 3, Parkview Drive Homebush Bay NSW	100 Leaschold	Mar 2003	2.7	16.3	$\blacksquare$	$\overline{a}$	$\ddot{\phantom{0}}$	ä,	16.3
Quad 4, Parkview Drive Homebush Bay NSW	100 Leaschold	Jun 2004	2.7	2.7	$\bullet$		$\blacksquare$	ä,	2.7
Herb Elliott Homebush Bay NSW	100 Leasehold	Jun 2004	8.5	8.5	$\blacksquare$	÷,	$\sim$	÷	8.5
Figtree Drive Homebush Bay NSW 7 Parkview Drive	100 Leasehold 100	Jun 2004	10.2 16.1	10.2 16.1	÷, ٠	÷ ä,	× ä,	u,	10.2
Homebush Bay NSW Austrak Business Park,	Leasehold 50	May 2002 Oct 2003	47.8	59.1	$\bullet$	$\bar{\phantom{a}}$	$\blacksquare$	$\tilde{\phantom{a}}$ $\overline{\phantom{a}}$	16.1 59.1
Somerton VIC 11 Grand Ave. Camellia	100	May 1998	9.9	57.0	Sep 2003	Knight Frank	58.0	1,1	59.1
Camellia NSW 15 Berry Street	100	Nov 2000	10.0	10.0	Sep 2003	WR Retallick, FAPI Knight Frank	10.8	ä,	10.8
Granville NSW 19 Berry Street	100	Dec 2000	18.8	18.9	Sep 2003	WR Retailick, FAPI Knight Frank	20.5	$\blacksquare$	20.5
Granville NSW General Property Trust						WR Retallick, FAPI			325.5
Total Industrial									325.5
HOTEL & TOURISM
Ayers Rock Resort Μľ	100 Part leasehold	Dec 1997	231.9	351.B	Mar 2004	JLL Hotels MA Cooper, AAPI	353.8 (4)	3.8	357.6
	Shares in Company	Sep-2003	8.0	8.0					3.0(6) 17.9(0)
Cape Tribulation Resorts QLD	100 Part leasehold	Mar 2002	11.5	19.1	$\ddot{\phantom{0}}$		ä,	$\overline{\phantom{a}}$	19.1
Wildman River NT	100 Part leasehold	Jun 2001	0.5	1,0	Mar 2004	JLL Hotels MA Cooper, AAPI	0.5		0.5
Four Points by Sheraton Hotel Sydney, NSW	100 Lessehold Security Deposit	May 2000	146.1	166.0	Mar 2002	Colliers International R McIntosh, FAPI	136.0	8.9	144.9 $(7.0)$ (7)
									137.9
161 Sussex St Pty Limited	Loan 40 Refer Note 6								$2.8$ (8) $(0.1)$ (0)
Total Hotel & Tourism									543.7
Total investment Properties									7,758.9

(1) Freehold, unless otherwise stated.

(2) Share of Associate's property assets. The value of the Trust's interest in the Associate's property assets is included in the valuation.

(3) Acquisition costs.

(4) Valuation for Ayers Rock Resort was \$360m, of which \$6.2m related to plant and equipment owned by Voyages Hotels & Resorts Piy Limited.

(5) Equity in Voyages Hotels & Resorts Pty Limited.

(6) Represents loan to Voyages Hotels & Resorts Pty Limited which primarily relates to Ayers Rock Resort

$(7)$ Security deposit held by GPT.

$\sim$ .

(8) Loan to 161 Sussex Street for purchase of business assels. Undrawn finance facilities of 161 Sussex Street at balance date total \$2 million (GPT share).

(9) Share of 161 Sussex Street property related net liabilities which have been included as property (refer Note 1(b)).

(10) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred subsequent to valuation. Properties on which such capital expenditure has been incurred and properties which have not been independently valued in the last Iwelve months are conted at Directors' valuation.

The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing parties in an arm's length transaction,

$\sim$

	Consolidated - Half-Year
30 Jun 2004	31 Dec 2003
w. .	\$m
---------------------------------------

6. Investment properties (Continued)

Additions to existing investments

During the period ended 30 June 2004 the following additions were made to existing property investments:

Retail	34.0	45.5
Office	75.9	69.9
Mixed	55.9	61.9
Industrial	10.4	24.1
Hotel & Tourism	12.6	12.1 _______
	188.8	213.5

Additions to property include capitalised interest on redevelopment of \$9.9 million using an interest rate of 6.87% (half-year to Dec 2003: \$11.2 million using 6.78%).

Melbourne Central

Daimaru vacated the centre in July 2002. Under the terms of the early lease cessation, the Trust received a cash sum equivalent to five years gross rent. Rental top up of \$9.0 million has been recognised during the period to June 2004. Construction commenced in November 2002 on the redevelopment of Melbourne Central. The total development cost is \$244.8 million with forecast completion in December 2004. A major expansion and refurbishment of the office tower lobby is forecast to complete in August 2004.

Macarthur Square

A Development Application was approved in December 2003 for the \$190 million (GPT's share \$95 million) expansion of Macarthur Square. Construction will commence in the second half of 2004 and is programmed for completion late 2005.

Penrith Plaza

A Development Application was approved in June 2004 for the \$138 million expansion of Penrith Plaza. Construction commenced in June 2004 and is programmed for completion mid 2006.

Forestway Shopping Centre

The upgrade of Forestway was completed in March 2004. The final development cost was \$4.7 million.

Homemaker City Aspley

A Development Application was approved in April 2004 for a \$7 million remix of Homemaker City Aspley. Construction commenced in June 2004 and is programmed for completion late 2004.

Rouse Hill Town Centre

A Masterplan Development Application was approved in March 2004 for the Rouse Hill Regional Centre. Construction on the town centre component is expected to commence in early 2005 and is programmed for completion late 2006.

The National Stage 1 and Stage 2

Stage 1 of the new National Australia Bank ('NAB') 56,000 sqm office development in Docklands, Melbourne achieved practical completion in October 2003. Stage 2 achieved practical completion in May 2004. The end cost of the development after enhancements agreed with the NAB is expected to be approximately \$242 million.

Australia Square, Sydney

Major upgrade works to the public areas and to the Plaza Building at an estimated cost of \$12 million (GPT's share \$6 million) were completed in June 2004.

Austrak Business Park, Somerton, Victoria

GFT acquired a 50% interest in the Austrak Business Park at Somerton, Victoria in October 2003 for \$47.8 million including acquisition costs. The investment comprises 56,000 sqm of investment properties, an intermodal rail terminal and 56 hectares of serviced industrial land. GPT has entered into a joint venture with Austrak AFM Pty Ltd (owners of the other 50% interest) to develop the land. As part of the acquisition GPT was required to reimburse the vendor for site works undertaken post acquisition.

The Quad, Parkview Drive, Homebush Bay

Construction of The Quad 3 building was completed in June 2004 at a cost of \$15.8 million.

Ayers Rock Resort

During the first half of the year, a new retail outlet was added to the Outback Pioneer Hotel (\$490,000) and the resort conference centre was refurbished (\$350,000). In addition, Longitude 131 reopened after closure due to bush fire damage in October 2003. The replacement cost of Longitude 131 is fully insured, although approximately \$1.5m of enhancements were included in the rebuild at GPT's cost (primarily increased fire protection and an improved arrival area).

Four Points Hotels - Retail/Commercial Precinct

The Corn Exchange building which adjoins the Four Points Hotel is currently being converted into office space. This space had previously been used for restaurant and retail uses. The cost of conversion is approximately \$2.0m and will be tenanted by Voyages Hotels & Resorts when completed in September 2004.

6. Investment properties (Continued)

Purchase of Investments

Darling Park Stage 3

In April 2004 GPT purchased the Darling Park 3 leasehold and entered a development agreement with Lend Lease Development to develop the 29,000som final tower of the Darling Park complex. Approximately 60% of the space has been precommitted to Marsh and Mercer. Forecast cost to completion in May 2006 is \$228 million.

Homemaker City Fortitude Valley - Stage 2

In March 2004, GPT acquired a land parcel on which Stage 2 of the Homemaker City Fortitude Valley will be developed. The completed centre is being acquired for approximately \$52 million, including land. The centre is programmed for completion late 2004.

The Quad, Parkview Drive, Homebush Bay

The Quad 4 leasehold title was acquired in June 2004 for \$2.7 million including acquisition costs. Quad 4 site forms part of the Quad Business Park complex which is being developed by GPT.

8 Herb Elliot Avenue, Homebush Bay

GPT exchanged contracts to acquire an investment in Homebush Bay NSW for \$8.5 million including acquisition costs.

7 Figtree Drive, Homebush Bay

GPT exchanged contracts to acquire an investment in Homebush Bay NSW for \$10.2 million including acquisition costs.

Joint venture investment arrangements

Sunshine Plaza

GPT and Australian Prime Property Fund Retail ('APPFR') entered into a JVIA with the Commonwealth Bank of Australia ('CBA') in 1994. Under the terms of the JVIA:

(a) A ground lease has been granted to the CBA for land owned by GPT and APPFR.

(b) GPT and APPFR make deposits with the CBA and receive a return on those deposits based on the income of the Centre. These deposits are repayable in 2006 or on termination of the ground lease or at its expiry.

(c) GPT has a right to terminate the ground lease each year over a five year period commencing June 2002. As contemplated under the terms of the JVIA, GPT and APPFR have lodged a notice to CBA to unwind the JVIA. When the right is exercised a payment is made to CBA under a formula based on the valuation of the Centre at development completion (\$284 million) and termination date and the CBA will refund the deposits made by GPT. GPT's obligations in the JVIA are limited to its 50% share.

Other information

Ayers Rock Resort

The property is owned by GPT. The hotel businesses are owned and operated by Voyages Hotels & Resorts Pty Limited, which is wholly owned by GPT Hotel Management Pty Limited. GPT has leased the resort to Voyages Hotels & Resorts Pty Limited. GPT Hotel Management Pty Limited is a company with A and B Class shares. The A Class shares of GPT Hotel Management Pty Limited carry only voting rights and they are owned by GPT Operating Company Trust on behalf of the Unitholders of GPT. The B Class shares of GPT Hotel Management Pty Limited are owned by GPT and carry the income entitlement.

Cape Tribulation Resorts

These properties are owned by GPT and leased to Voyages Hotels & Resorts Pty Limited.

Four Points by Sheraton Hotel

The property is wholly owned by GPT. GPT also has a 40% interest in an associated company, 161 Sussex Street Pty Limited ('the Company') which leases and operates the hotel. Starwood Pacific Hotels Pty Limited ('Starwood'), a wholly owned subsidiary of Starwood Hotels and Resorts Worldwide Inc. owns the remaining 60% interest.

In May 2000, the Company leased the hotel from GPT for ten years, with the Company having an option to extend the lease for a further term of five years. After May 2005 the lease may be terminated by GPT if the hotel is sold. The Company has provided a security deposit of \$7.0 million.

At the time of acquisition, GPT provided \$4.0 million by way of loan to the Company to fund its purchase of business assets, the payment of the security deposit and initial working capital requirements. Since acquisition GPT has invested an additional \$2.6 million in the Company. The Company has also repaid \$1.2 million of GPT's loan in previous years hence the loan balance at June 2004 is \$2.8 million.

General Property Trust and its Controlled Entities

Notes to Financial Statements

$\ddot{\phantom{a}}$

		Consolidated
	30 Jun 2004	31 Dec 2003
	\$m	\$m
7. Commitments
(a) Capital expenditure
At balance date capital expenditure approved but not provided for in the
financial report:
Directly held investment properties
Austrak Business Park, Somerton	1.6	5.6
Australia Square	3.9	5.2
Casuarina Square	0.5	0.7
Charlestown Square	4.1
Citi-West Industrial Park	$\overline{\phantom{0}}$	3.0
Erina Fair		0.2
11 Grand Avenue, Camellia	$0.2^{\circ}$	0.6
MLC Centre	5.0	4.6
Penrith Plaza	124.5	5.7
Plaza Parade	$\ddot{\phantom{1}}$	0.2
Quad 3	$\bullet$	8.6
Quad 4	1.0
Riverside Centre	0.7	3.9
Sunshine Plaza	0.4	0.1
Woden	1.5	0.3
Other properties	0.2	2.9
Unlisted controlled entities
530 Collins St	0.7	0.8
Homemaker City Aspley	5.4
Ayers Rock Resort	$2.2\,$	0.9
Homemaker City Castle Hill	1.1
Darling Park Stage 3	175.7
The National, Stages 1 & 2	16.3	59.5
Floreat Forum	0.1	1.1
Homemaker City Fortitude Valley Stage 2	32.8
Macarthur Square	3.9
Melbourne Central	90.0	124.5
Parkmore Shopping Centre	0.9	1.4
Other properties	2.4	6.5
Investments in Associates
Darling Park and Darling Park Property Trust	1.7	4.3
Erina Property Trust	a.	0.1
Horton Trust	à.	0.1
2 Park St Trust		2.1
	476.8	242.9
Due within 1 year	333.0	241.3
Due between 1 and 5 years	143.8	1.6
	476.8	242.9

(b) Investments

At balance date deposit commitments existed in respect of interests in JVIA contracted but not provided for in the financial report (refer
Notes 6 and 9):

Sunshine Plaza
Due within 1 year	4.7	4.7
Due between 1 and 5 years	9.0	9.0
Due later than 5 years	$\overline{\phantom{a}}$	$\overline{\phantom{0}}$
	13.7	13.7

(c) Operating leases

Estimated aggregate amount of operating lease expenditure agreed or contracted but not
provided for in the financial report.
Due within 1 year	0.2	0.3
Due between 1 and 5 years	0.9	0.9
Due between 5 years and expiry date of leases	2.4	2.6
	3.5	3.8

		Consolidated
	30 Jun 2004 \$m	31 Dec 2003 \$m
8. Shares in Associates (Masterplanned Urban Communities)
Lend Lease (Twin Waters) Pty Limited	6.9	5.5
Lend Lease GPT (Rouse Hill) Pty Limited	23	1.0
	9.2	6.5

Rouse Hill Regional Centre

In October 2003, a joint venture company owned 49% by GPT and 51% by Lend Lease entered into an . agreement with the Department of Infrastructure, Planning and Natural Resources ('DIPNR') and Landcom to jointly develop, under a land management model, a regional centre at Rouse Hill. The project includes over 1,500 residential lots, a mixed use Town Centre and supporting infrastructure. GPT will develop and own the Town Centre, consisting of a retail market place, home living retail, commercial and learning space.

Twin Waters Resort

In October 2003, a joint venture company owned 49% by GPT and 51% by Lend Lease acquired the Twin Waters Resort and golf course for redevelopment into a resort and residential community. The re-development will include 370 dwellings, whilst the golf course, central and leisure facilities are to be on-sold to specialist operators.

9. Other assets

Deposits
Deposits at cost - Sunshine Plaza	74.6	74.6
Loans to Associates
Lend Lease (Twin Waters) Pty Limited	16.5	16.7
Lend Lease GPT (Rouse Hill) Pty Limited	5.9	2.9
	22.4	19.6
Leasing Costs
Leasing costs at cost	2.8
Less accumulated amortisation	(0.1)
	2.7
	99.7	94.2

Reconciliation

Reconciliations of the carrying amounts of other assets at the

beginning and end of the current and previous reporting period are set out below.

Carrying amount at start of the reporting period	94.2	70.0
Additions to Deposits	$\blacksquare$	4.6
Additions to Loans to Associates	2.8	19.6
Additions to Leasing Costs	27	$\sim$
Carrying amount at end of the reporting period	99.7	94.2

$\frac{1}{2}$ .

Notes to Financial Statements

		Consolidated
	30 Jun 2004	31 Dec 2003
	Śm	\$π
10. Payables - Current
Trade creditors	133.0	135.4
Creditors - other	2.9	3.3
- related party	2.2	$2.2^{\circ}$
Responsible Entity's fee	11.2	6.4
	149.3	147.3
11. Interest bearing liabilities - Current
Short and Medium Term Notes (refer Note 1(e) and Note 20)	1,170.0	775.0
12. Provisions
Distributions payable	110.9	105.3
13. Interest bearing liabilities - Non-current
Medium Term Notes (refer Note 1(e) and Note 20)	902.0	1,227.0
CPI Coupon Indexed Bonds	125.0	125.0
	1,027.0	1,352.0
14. Contributed equity
2,016,716,610 (Dec 2003: 1,949,716,610) units	4.598.5	4.400.8
Movements in units at issue price
	Consolidated
	30 Jun 2004
	Number of Units	Amount at Issue Price
	millions	\$m
Balance at the beginning of the reporting period New issues: Private placement	1.949.7	4.400.8
Proceeds from issue of units (net of transaction costs)	67.0	200.3
Less: distribution entittement relating to pre issue Balance at the end of the reporting period	2,016.7	(2.6)
		4.598.5

On 2 April 2004, 67 million units were issued via a private placement to raise \$203 million. Units were allotted on 8 April 2004 at \$3.03 under the placement, representing a 1.5% discount to 3 day volume weighted average (VWAP) of \$3.077. The units were entitled to the full March 2004 quarter distribution and subsequent distributions.

	Consolidated	31 Dec 2003
	Number of Units millions	Amount at Issue Price \$m
Balance at the beginning of the reporting period New issues:	1.949.7	4.400.8
Balance at the end of the reporting period	1.949.7	4,400.8

Distribution reinvestment plan

The Trust operated a distribution reinvestment plan ('DRP') under which holders of ordinary units elected to have all or part of their distribution entitlements satisfied by the issue of new ordinary units rather than being paid in cash. Units were issued under the plan at a 2% discount to the market price. The DRP has been terminated and has not applied to the distribution for any of the quarters of 2003 and 2004. $\langle \cdot \rangle$

$\sim$

$\sim$ .

$\frac{1}{2}$ , $\frac{1}{2}$ , $\frac{1}{2}$

			Consolidated - Half-Year
-------	----	$\cdots$	30 Jun 2004 \$m⊓	31 Dec 2003 \$m -----------
_____

15. Asset revaluation reserve

Nature and purpose of reserve

Asset revaluation reserve

The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in accounting policy Note 1(d). The reserve is predominantly comprised of unrealised gains resulting from the revaluation of the Trust's property investments. The balance, or any part of the balance, standing to the credit of the reserve may be transferred to the Trust's distributions. During the reporting period \$Nil (half-year to Dec 2003: \$Nil) was transferred to distributions.

Balance at the beginning of the reporting period	907.1	709.8
Increases/(decreases):
Directly held investment properties
Australia Square	(9.3)
Borec House		0.1
11 Grand Ave, Camelia	u.	2.1
Charlestown Square		51.5
Charlestown Convenience Centre		(0.1)
Dandenong Plaza		2.0
Erina Fair		24.3
15 Berry Street, Granville	$\overline{ }$	0.8
19 Berry Street, Granville	i.	1.6
MLC Centre	(22.5)	÷.
Penrith Plaza		17.7
Plaza Parade Riley Square	$\overline{a}$	0.4 0.2
Quad 1, Homebush	1.0
Quad 2, Homebush	2.9
Sunshine Plaza	L.	4.6

Reserves attributable to controlled entities
Ayers Rock Resort	10.2
Wildman River	(0.5)
Wollongong Central		20.0
Floreat Forum	(0.7)
Macarthur Square		14.2
Parkmore Shopping Centre	25.9
Homemaker City Bankstown		4.4
Homemaker City Cannon Hill	-	$1.2\,$
Homemaker City Fortitude Valley		0.5
Homemaker City Jindalee		6.2
Homemaker City Maribymong		8.7
IKEA Building, Prospect 10 & 12 Mort Street		0.5
530 Collins Street & 120 King Street	w.	(1.0) (3.2)
179 Elizabeth Street		10.1
HSBC Centre, 580 George St	2.3	a.
The National, Stage 1	7.3

Reserves attributable to Associates
Brisbane Transit Centre	4.0
Darling Park	(9.5)
Erina Fair	٠	12.1
Horton Parade/Maroochydore Superstore	Į.	0.2
Citigroup Centre		18.2
Net increase in valuations	11.1	197.3

Balance at the end of the reporting period

÷.

907.1

$\gamma_{\rm{max}}$ $\mathcal{H}(\mathcal{A})$ $\langle \sigma_{\rm eff} \rangle$ $\sim$ $\sim$ $\sim$ $\mathcal{A}$ ${\bf 18}$

$\bar{a}$

$\bar{z}$ $\sim$

$\bar{\bar{z}}$

Notes to Financial Statements

	Consolidated
	30 Jun 2004	31 Dec 2003
	\$m	\$m
16. Total equity
This represents amounts subscribed for units and options together with total reserves resulting in a net tangible asset backing of \$2.74 (Dec 2003:\$2.73) per unit based on the number of GPT current units.	5,523.6	5,315.5

	Consolidated
	30 Jun 2004	30 Jun 2003
17. Notes to the Statement of Cash Flows
(a) Reconcillation of net operating income to net cash provided by operating activities
Net operating income	216.5	208.6
Interest capitalised	(9.9)	(6.3)
Net cash provided by operating activities before
changes in assets and liabilities	206.6	202.3
Responsible Entity's fee	4.8	(2.4)
(Increase)/decrease in receivables	(6.6)	3.0
Increase/(decrease) in payables	(20.3)	(18.5)
Net cash provided by operating activities	184.5	184.4
(b) Reconciliation of Cash Disclosed in Statement of Financial Position as:
Cash	52.5	46.4
18. Earnings per unit
	10.9	10.7
(Net operating income divided by weighted average number of units)
Weighted average number of ordinary units on issue during the reporting period used in the calculation of basic earnings per unit - (millions)	1,992.8	1,949.7

$\mathcal{L}$

$\mathcal{L}^{\pm}$ .

$\overline{a}$

÷,

Notes to Financial Statements		Consolidated - Half-Year 30 Jun 2004 \$m	30 Jun 2003 \$m
9. Investments in controlled entities and Associates
Name of Entity	Interest $\%$	Contribution to net operating income
Parent entity
General Property Trust		50.4	64.8
Controlled entities
GPT Hotel Trust	100
Ayers Rock Resort Trust	100	16.1	14.4
GPT Hotel (Darling Harbour) Trust	100	7.2	6.2
GPT Industrial Trust (formerly known as Wales House Trust)	100
GPT Industrial (Somerton) Trust	100	1.2
GPT Pty Limited	100
GPT Residential Trust (formerly GPT Office Trust)	100	w.
GPT Residential (Rouse Hill) Trust	100	0.1
GPT Residential (Twin Waters) Trust	100	0.7
GPT Subsidiary Holding Trust	100
GEM Retail Property Trust	100	30.3	29.7
Homemaker Retail Property Trust	100	16.9	15.3
Whitnall Pty Ltd	100
GEM Commercial Property Trust	100	(1.7)	0.4
Growth Equities 530 Collins Street Trust	100	11.8	12.9
Growth Equities 580 George Street Trust	100	9.6	8.9
New Property Investment Trust No. 1	100	2.8	2.8
GEM Allendale Trust	100	$\ddot{\phantom{a}}$
GPT Victoria Harbour No 1B Trust	100
GPT Victoria Harbour No 1A Trust	100	5.2
GPT Victoria Harbour No 2B Trust	100
GPT Victoria Harbour No 2A Trust	100	0.1
Melbourne Central Holdings Pty Ltd	100
Melbourne Central Unit Trust	100	21.3	23.0
Melbourne Central Custodian Pty Ltd	100
		121.6	113.6
Associates
Erina Property Trust	50	$3.8\,$	2.2
Darling Park Trust	50	11.4	9.5
Darling Park Property Trust	50	7.0	7.0
1 Farrer Place Trust	50	7.9
Horton Trust	50	0.6	0.5
Roma Street Trust	50	2.5	2.5
Lend Lease GPT (Rouse Hill) Pty Limited	49
Lend Lease Twin Waters Resort Pty Limited	49	0.5
2 Park Street Trust	50	10.4	9.4
161 Sussex St Pty Limited	40	0.4	(0.9)
		44.5	30.2
		216.5	208.6

All equity interests, as described in Note 6, issued by GPT and its controlled entities are ordinary interests.

$\bar{z}$

All Associates have a reporting period of 30 June, except for Horton Trust and 161 Sussex St Pty Limited which have a reporting period of 31 December.

$\mathcal{L}$

$\gamma=\gamma^2$ , we set $\gamma$

$\sim$ $\sim$

ΩÝ,

Notes to Financial Statements

	Consolidated - Half-Year
	30 Jun 2004 \$m	31 Dec 2003 \$m\$
19. Investments in controlled entities and Associates (Continued)
Reserves attributable to Associates
Asset revaluation reserve
Balance at the beginning of the reporting period	56.3	25.8
Revaluations during the reporting period	(5.5)	30.5
Balance at the end of the reporting period	50.8	56.3
Movements in carrying amount of Investments in Associates
Carrying amount of investments at the beginning of the reporting period	1.190.4	885.6
Net operating income attributable to associates	44.5	33.5
Less: Distributions received/receivable	(44.5)	(33.5)
Incidental costs on acquisition
issue of equity	29.5	274.3
Redemption of equity
Share of movements in asset revaluation reserve	(5.5)	30.5
Carrying amount of investments at the end of the reporting period	1,214.4	1,190.4
Summary of the financial position of Associates
The recognised amounts of aggregate assets and liabilities
of associates are:
Assets	1,263.0	1.230.0
Liabilities	(48.8)	(40.6)
Share of net assets of Associates	1.214.2	1.189.4
Incidental costs on acquisition prior to latest revaluation of Associates' assets	0.2	1.0 ₁
Carrying amount of investments at the end of the reporting period	1,214.4	1,190.4

Share of Associates' capital expenditure commitments - refer Note 7

Share of Associates' financing facilities - refer Note 6

	Consolidated
	30 Jun 2004 Sm -------	31 Dec 2003 5m
20. Finance facilities	___

Bank stand-by facilities

Contractor

$\alpha = 1/\alpha$

400.0 400.0

The Trust has stand-by facilities of \$400 million (Dec 2003: \$400 million) to provide liquidity backup for the Short Term/Medium Term Note Programme which were not utilised at balance date. \$200 million matures on 30 October 2004 and a further \$200 million matures on 22 November 2004. It is anticipated that it will be possible to extend all facilities.

Short Term Note / Medium Term Note Programme

The Short Term/Medium Term Note Programme ('the Programme') is a revolving, non-underwritten, debt programme. The Programme provides flexible short term and medium term funding to enable the Trust to fund commitments and to act promptly on investment opportunities. The Programme can be terminated at the discretion of the Trust and is unsecured. The value of the notes issued under the Programme is limited by the Trust constitution. The constitution limits the amount of debt to no more than 40% of the total assets. At 30 June 2004 the percentage of debt to total assets is 27.5%.

Maximum amount of Short Term Notes on issue during the period	665.0	595.0
Amount of Short Term Notes outstanding at the end of the period	665.0	595.0
Maximum amount of Medium Term Notes on issue during the period	1.407.0	1,407.0
Amount of Medium Term Notes outstanding at the end of the period	.,407.0	1,407.0

CPI Coupon Indexed Bonds

On 10 December 1999, the Trust issued CPI Coupon Indexed Bonds totalling \$125 million. The securities will expire on 10 December 2029 and have a current coupon of 6.87%. The coupon compounds quarterly at the rate of CPI.

Finance Facilities as at 30 June 2004

						FIXED INTEREST MATURING IN
	Notes	Total	Non-Interest bearing	Floating interest rate	1 year or less	Over 1 year to 5 years	More than 5 years
		\$m	\$m	\$m	\$m	\$m	\$m
Financial assets
Cash and deposits		52.5		52.5
Receivables	4	48.5	48.5
		101.0	48.5	52.5	$\tilde{\phantom{a}}$		÷.
Weighted average interest rate				5.2%
Financial liabilities
Interest bearing liabilities	11.13	2.197.0		1,287.0	200.0	510.0	200.0
Trade and other payables	10	149.3	149.3
Interest rate swaps				(1, 125.0)	450.0	745.0	(70.0)
Forward start interest rate swaps		(400.0)	٠		(450.0)	50.0
Forward start interest rate swap maturities		400.0				100.0	300.0
		2.346.3	149.3	162.0	200.0	1,405.0	430.0
Weighted average interest rate				5.9%	5.3%	5.7%	5.4%
Net financial liabilities		(2.245.3)	(100.8)	(109.5)	(200.0)	(1,405.0)	(430.0)

Unrealised losses on interest rate swaps totalling \$0.7 million (Dec 2003: \$3.8 million unrealised losses) have not been recognised in the financial statements as it is intended the Trust will retain these swaps to maturity.

The net fair value of all other financial assets and liabilities approximates their carrying value.

20. Finance facilities (Continued)

Finance facilities as at 31 December 2003

	Notes					FIXED INTEREST MATURING IN
		Total	Non-Interest bearing	Floating interest rate	1 year or less	Over 1 year to 5 years	More than 5 years
		\$m	\$m	\$m	\$m	\$m	\$m
Financial assets
Cash and deposits		44.0		44.0	$\blacksquare$	$\bullet$
Receivables	4	46.0	46.0
		90.0	46.0	44.0	$\bullet$	$\tilde{\phantom{a}}$	$\overline{\phantom{a}}$
Weighted average interest rate				4.8%
Financial liabilities
Interest bearing liabilities	11, 13	2.127.0		1,217.0	100.0	610.0	200.0
Trade and other payables	10.	147.3	147.3
Inferest rate swaps				(730.0)	190.0	640.0	(100.0)
Forward start interest rate swaps		(435.0)	$\overline{a}$		(285.0)	(100.0)	(50.0)
Forward start interest rate swap maturities		435.0	۰			185.0	250.0
		2,274.3	147.3	487.0	5.0	1,335.0	300.0
Weighted average interest rate				5.7%	5.7%	5.9%	6.5%
Net financial liabilities		(2, 184.3)	(101.3)	(443.0)	(5.0)	(1,335.0)	(300.0)

$23 - 1$

بدينة

$\frac{1}{2}$

$\sim$ $\sim$ $\bar{\beta}$

Notes to Financial Statements Half-Year ended 30 June 2004

	Retail \$m	Office \$m	Industrial 5m	Hotel and Tourism \$m	Masterplanned Urban Communities \$m	Consolidated \$m
21. Segment information
Primary reporting - business segments
Half-Year ended 30 June 2004
Total segment revenue Share of net profit of Associates Unallocated revenue Revenue from ordinary activities	188.2 4.4	97.9 38.9	12.6	23.8 0.7	0.7 0.5	323.2 44.5 1,1 368.8
Segment result Responsible Entity's fee and other Borrowing costs Net operating income	144.0	109.2	10.7	24.6	1.2	289.7 (21.2) (52.0) 216.5
Half-Year ended 30 June 2003
Total segment revenue Share of net profit of Associates Unallocated revenue Revenue from ordinary activities	175.2 2.6	91.2 28.2	10.3	21.7 (0.6)		298.4 30.2 43.5 372.1
Segment result Responsible Entity's fee and other Borrowing costs Net operating income	132.8	97.1	8.6	20.8		259.3 (13.4) (37.3) 208.6

22. Transactions with Lend Lease Group

The Responsible Entity of the Trust is GPT Management Limited, a wholly owned subsidiary of Lend Lease Corporation Limited.

Details of the Responsible Entity's fee are disclosed in Note 3. The Responsible Entity's immediate and ultimate holding company is Lend Lease Corporation Limited.

All dealings between the Trust and Lend Lease Corporation Limited and its controlled entities and related parties ('Lend Lease') are on normal commercial terms and conditions and material dealings are reviewed by the Audit and Risk Management Committee. All contracts are subject to commercial appraisal, on a basis acceptable to the Responsible Entity, by an external valuer or a qualified external party approved by the Responsible Entity.

The following transactions have taken place with the Lend Lease Group during the reporting period:

	Consolidated
	30 Jun 2004	30 Jun 2003
	\$m	\$m
Capital expenditure in relation to contracts for development, refurbishment and upgrades	134.8	122.0
Purchase of Darling Park Stage 3	30.0	0.9 ₁
Property management including property maintenance and insurance	14.4	13.8
Rental income from Lend Lease Group	5.8	4.1
Income guaranteed by Lend Lease under development and sale agreements	0.2	0.2
GPT's share of Associates Responsible Entity fee		0.9

Lend Lease Group companies or trusts managed by a Lend Lease Group company held units in the Trust at 30 June 2004 as follows:

	30 Jun 2004 Units	31 Dec 2003 Units
GPT Management Ltd as Trustee and Responsible Entity for the GPT Split Trust	21,535,001	22.109.712
Lend Lease Corporation Limited	17,300,373	٠

23. International Financial Reporting Standards

The Trust will prepare its audited financial statements for the half year ending 30 June 2005 and the year ending 31 December 2005 in compliance with Australian equivalents to International Financial Reporting Standards (IFRS). The financial statements for 2004 will be the last annual financial statements to be prepared according to Australian generally accepted accounting practices (AGAAP). The financial statements for the half year ending 30 June 2005 and the year ending 31 December 2005 will include comparative amounts that have been restated to comply with the Australian equivalents to IFRS. Most adjustments required on transition to IFRS will be made retrospectively against opening retained earnings on 1 January 2004.

23. International Financial Reporting Standards (Continued)

GPT Management Limited, the Responsible Entity of the Trust, started a project to address IFRS conversion in early March 2003, under the management of its Chief Financial Officer. IFRS training of personnel has been initiated and will continue during 2004. To date most of the IFRS have been analysed and a number of accounting policy changes that will be required have been identified. Based on management's current interpretation of those standards and proposals that are expected to apply to GPT from 1 January 2005, the following key differences in accounting policies are likely to arise:

(a) Investment Property. Investment properties will continue to be measured at fair value however. movements in fair value will be recognised in the Statement of Financial Performance instead of being recorded directly in equity.

Certain real estate investments currently classed as investment property, such as properties under construction, may not meet the IFRS definition of investment property. Therefore, a separate class of assets may be shown on the face of the Statement of Financial Position.

(b) Financial Instruments: Recognition and Measurement. The method of accounting for derivative financial instruments that are entered into to hedge the Trust's exposure to interest rate movements will change. The fair value movements in these instruments are not currently reflected on the face of the Statements of Financial Performance or Financial Position. Under IFRS these instruments will be stated at fair value on the face of the Statement of Financial Position and movements in fair value will be recorded in either equity or the Statement of Financial Performance depending on whether the instruments meet the IFRS hedge definition.

(c) Lease Incentives. IFRS provides guidance on the accounting treatment of lease incentives. As a result, where lease incentives are paid, a new asset will be created on the Statement of Financial Position and this will be amortised over the life of the lease(s) that it relates to. The amortisation charge will be taken to the Statement of Financial Performance.

The differences described above should not be regarded as a complete list of changes in accounting policies that will result from the transition to IFRS, as not all standards have been analysed as yet, and some decisions have not yet been made where choices of accounting policy are available. Furthermore, requlatory bodies that promulgate AGAAP and IFRS have significant ongoing projects that could affect the differences between AGAAP and IFRS described above. For these reasons it is not yet possible to quantify the impact of the transition to IFRS on the Group's financial position and reported results.

While the application of IFRS may introduce volatility into GPT's reported results this will not affect GPT's cash position or the distributions that it pays to unitholders. In April 2004, unitholders approved an amendment to the GPT Constitution which enables GPT to continue to distribute underlying earnings rather than its accounting Income as determined under IFRS.

24. Matters subsequent to the end of the reporting period

P&O Australian Resorts

On 7 July 2004, GPT in conjunction with Voyages Hotels & Resorts Pty Limited exchanged contracts for the purchase of P&O Australian Resorts (POAR), the largest owner-operator of nature-based resorts in Australia. The portfolio includes Silky Oaks Lodge and the Dunk, Bedarra, Bramption, Lizard, Heron and Wilson Island resorts, all located in Queensland as well as Cradle Mountain Lodge in Tasmania. GPT and Voyages investment, including acquisition and project completion costs (in respect of Dunk Island and Wrotham Park), is expected to be \$225 - \$227 million. Completion is expected by the end of July 2004.

Merger proposal from Lend Lease Corporation Pty Ltd

25. Other Information

Commencement date of the Trust

The Trust was constituted on 27 November 1970.

Life of the Trust

The life of the Trust is not limited by a term of years. The Trust shall continue whilst the units are listed on the Australian Stock Exchange Limited.

The principal activities of the Trust

GPT was established to provide a vehicle for investors to own a share in a diversified portfolio of Australian property. During the reporting period the Trust principally invested in property investments.

Policies for investments and borrowings by the Trust

The Trust invests in investment grade property to achieve income combined with the opportunity for capital growth for investors over a period of years. Investments in land and buildings are purchased at independent valuation plus acquisition costs. Investments in refurbishments and upgrades are at cost.

Deposits made under development agreements are at normal commercial money market terms.

Under the terms of the Trust Constitution, the Trust may borrow money unsecured or secured by the investments of the Trust. Trust borrowings at 30 June 2004 totalled \$2,197 million which is approximately 27.5% (Dec 2003: 27.6%) of total assets. This is within GPT's current policy range of 20-30% of total assets.

Property jointly owned

Retail

Erina Fair is owned 50% by the Trust, through its interest in the property and its 50% interest in Erina Property Trust. The other 50% is owned by Lend Lease Real Estate Investments Limited ('LLREI'), on behalf of the Unitholders in the Australian Prime Property Fund Retail ('APPFR').

Macarthur Square is owned 50% by the Trust. The remaining 50% of Macarthur Square is held by LLREI on behalf of the Unitholders in the APPFR.

The Trust and LLREI have an equal interest in the Sunshine Plaza JVIA. LLREI holds the interest on behalf of the Unitholders in the APPFR.

Horton Parade and the Maroochydore Superstore Plaza are owned 50% by the Trust through its 50% interest in Horton Trust. The remaining 50% of Horton Trust is held by LLREI on behalf of the Unitholders in the APPFR.

Plaza Parade in Maroochydore is owned 50% by the Trust. The remaining 50% of Plaza Parade is held by LLREI on behalf of the Unitholders in the APPFR.

Office

Australia Square is owned 50% by the Trust. The remaining 50% is owned by Paladin Australia Limited on behalf of the Unitholders in the Deutsche Office Trust.

The Trust has a 50% interest in the Darling Park Complex. This interest comprises a 50% interest in the Darling Park Trust (through GEM Commercial Property Trust) which holds a 60% interest in the Complex and a 50% Interest in Darling Park Property Trust (through GEM Commercial Property Trust) which holds a 40% interest in the Complex. An additional 50% interest in the Complex is held by funds comprising the remaining 50% interest in the Darling Park Trust owned by the Ronin Property Group, and the remaining 50% interest in Darling Park Property Trust is owned by AMP Capital Investors Limited on behalf of the AMP Wholesale Office Fund.

The MLC Centre is owned 50% by the Trust. The remaining 50% is owned by Queensland Investment Corporation.

25. Other Information (Continued)

Citigroup Centre is owned 50% by the Trust. The remaining 50% is owned by Macquarie Office Management Limited on behalf of the Unitholders in the Macquarie Office Trust.

1 Farrer Place is owned 50% by the 1 Farrer Place Trust, of which GPT has a 50% interest and the other 50% being owned by LLREI on behalf of the Unitholders in the Australian Prime Property Fund Commercial ('APPFC'). The remaining 50% is owned by Deutsche Asset Management (Australia) Limited on behalf of the Unitholders of Deutsche Office Trust.

Industrial

The Austrak Business Park is owned 50% by GPT (through the GPT Industrial Trust) with the remaining 50% being owned by Austrak AFM Pty Ltd.

Mixed

The Brisbane Transit Centre is owned by the Roma Street Trust. Roma Street Trust and the B Class shares of Roma Street Operations Pty Limited are owned 50% by the Trust. The remaining 50% interest in Roma Street Trust is held by LLREI on behalf of the Unitholders of APPFC.

Hotel & Tourism

The Trust owns a 40% interest in the assets of 161 Sussex Street Pty Limited. The remaining 60% interest is held by Starwood Pacific Hotels Pty Limited.

Masterplanned Urban Communities

The Trust has a 49% interest in the Twin Waters Resort (through the GPT Residential (Twin Waters) Trust. The remaining interest is held by Lend Lease Development Pty Ltd.

The Trust has a 49% interest in the residential and communities facilities components of the Rouse Hill Regional Centre project (through the GPT Residential (Rouse Hill) Trust. The remaining interest is held by Lend Lease Development Pty Ltd.

Buy-back arrangement

As the Trust is listed buy-back arrangements are not required.

Bonus issues

No bonus issues were made during the reporting period.

Directors' Declaration

The directors of the Responsible Entity declare that the financial statements and notes of the Trust set out on pages 3 to 28:

(a) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements' and
(b) give a true and fair view of the Trust's financial position as at 30 June 2004, and of its performance as represented by the results of its operations and its cash flows, for the reporting period ended on that date.

In the directors' opinion:

(a) the financial statements and notes are in accordance with the Corporations Act 2001, and
(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

Rhowp

Director

GPT Management Limited

Sydney
$\frac{\partial \mathcal{S}}{\partial \mathcal{S}}$ July 2004

the Min

Director

PRICEWATERHOUSE COPERS @

Independent Audit Report to the Unitholders of General Property Trust

PricewaterhouseCoopers ABN 52 780 433 757

Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia www.pwcglobal.com/au Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999

Audit opinion

In our opinion, the financial report of General Property Trust:

gives a true and fair view, as required by the Corporations Act 2001 in Australia, of the financial position of the General Property Trust Group (defined below) as at 30 June 2004 and of its performance for the half-year ended on that date, and
is presented in accordance with the Corporations Act 2001, Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001.

This opinion must be read in conjunction with the rest of our audit report.

Scope

The financial report and directors' responsibility

The financial report comprises the statement of financial position, statement of financial performance, statement of cash flows, accompanying notes to the financial statements and the directors' declaration for the General Property Trust Group (the consolidated entity) for the halfyear ended 30 June 2004. The consolidated entity comprises both General Property Trust and the entities it controlled during that half-year.

The directors of GPT Management Limited (the 'Responsible Entity') are responsible for the preparation and true and fair presentation of the financial report in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.

Audit approach

We conducted an independent audit in order for the trust to lodge the financial report with the Australian Securities and Investments Commission. Our audit was conducted in accordance with Australian Auditing Standards, in order to provide reasonable assurance as to whether the financial report is free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence.

Therefore, an audit cannot guarantee that all material misstatements have been detected.

PRICEWATERHOUSE COPERS &

which is consistent with our understanding of the consolidated entity's financial position, and its performance as represented by the results of its operations and cash flows.

We formed our audit opinion on the basis of these procedures, which included:

examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and
assessing the appropriateness of accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors.

When this audit report is included in a document containing information in addition to the financial report, our procedures include reading the other information to determine whether it contains any material inconsistencies with the financial report.

While we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls.

Our audit did not involve an analysis of the prudence of the business decisions made by directors or management.

Independence

In conducting our audit, we followed applicable independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001.

William Lee

PricewaterhouseCoopers

R D Deutsch Partner

Sydney z8 July 2004

PRICEWATERHOUSE COPERS ®

Independent Audit Report to the Unitholders of General Property Trust

PricewaterhouseCoopers ABN 52 780 433 757

Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia www.pwcglobal.com/au Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999

Matters relating to the electronic presentation of the audited financial report

This audit report relates to the financial report of the General Property Trust Group for the halfyear ended 30 June 2004 included on the General Property Trust web site. The directors of General Property Trust Management Limited (the Responsible Entity) are responsible for the integrity of the General Property Trust web site. We have not been engaged to report on the integrity of this web site. The audit report refers only to the financial report identified below. It does not provide an opinion on any other information which may have been hyperlinked to/from the financial report. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site.

Audit opinion

In our opinion, the financial report of General Property Trust:

gives a true and fair view, as required by the Corporations Act 2001 in Australia, of the financial position of the General Property Trust Group (defined below) as at 30 June 2004 and of its performance for the half-year ended on that date, and
is presented in accordance with the Corporations Act 2001, Accounting Standard AASB ۰ 1029: Interim Financial Reporting and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001.

This opinion must be read in conjunction with the rest of our audit report.

Scope

The financial report and directors' responsibility

PRICEWATERHOUSE COPERS ®

Audit approach

Therefore, an audit cannot guarantee that all material misstatements have been detected.

We performed procedures to assess whether in all material respects the financial report presents fairly, in accordance with the Corporations Act 2001, Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements in Australia, a view which is consistent with our understanding of the consolidated entity's financial position, and its performance as represented by the results of its operations and cash flows.

We formed our audit opinion on the basis of these procedures, which included:

$\bullet$ examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the financial report, and
assessing the appropriateness of accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors.

Our audit did not involve an analysis of the prudence of the business decisions made by directors or management.

Independence

In conducting our audit, we followed applicable independence requirements of Australian professional ethical pronouncements and the Corporations Act 2001.

vistelueloores

PricewaterhouseCoopers

R D Deutsch Partner

Sydney 27 July 2004

Appendix 4D

Half yearly report

TIMIL JAMILI TANATA
Introduced 30/6/2003.
Name of entity
GENERAL PROPERTY TRUST
ABN or equivalent company reference	Half year ended ('current period')
58 071 755 609	30 June 2004
Results for announcement to the market		\$A'm
Revenues from ordinary activities	down 0.9%	368.8 to
Explanation - Refer ASX announcement
Profit (loss) from ordinary activities after tax attributable to members	3.8% up	216.5 to
Explanation - Refer ASX announcement
Net profit (loss) for the period attributable to members	3.8% uр	216.5 10
Explanation - Refer ASX announcement
Distributions	Amount per security	Franked amount per security
Final distributions	N/A	N/A
Interim distributions (six months)	10.9	N/A
Record date for determining entitlements to the June 10 August 2004 quarter distribution
Date on which the June quarter distribution is payable	23 August 2004
Distribution Reinvestment Programme The Distribution Reinvestment Programme does not currently apply.

NTA backing	Current period	Previous corresponding period
Net tangible asset backing per ordinary security	\$2.74	\$2.73

$\sqrt{1}$ storage

Ţ,

$\varphi$ .

÷.

30/6/2002

Control gained or lost over entities during period

Name of entity (or group of entities)

Date of gain or loss of control

__	---- ---------------------------------------




	--------------------------------------


-----	.

Interests in entities which are not controlled entities

Name of entity	Percentage of ownership interest held at end of period or date of disposal		Contribution to net profit (loss)
Equity accounted associates and joint venture entities	Current period	Previous corresponding period	Current period \$A'm	Previous corresponding period - \$A'm
Roma Street Trust	50%	50%	2.5	2.5
Erina Property Trust	50%	50%	3.8	2.2
Horton Trust	50%	50%	0.6	0.5
Darling Park Trust	50%	50%	11.4	9.5
Darling Park Property
Trust	50%	50%	7.0	7.0
2 Park Street Trust	50%	50%	10.4	9.4
1 Farrer Place Trust Lend Lease GPT (Rouse	50%	0%	7.9	0
Hill) Pty Limited Lease (Twin Lend	49%	0%	O	0
Waters) Pty Limited	49%	0%	0.5	0
161 Sussex Street	40%	40%	0.4	(0.9)
Total			44.5	30.2

If this is a half yearly report it is to be read in conjunction with the most recent annual financial report.

AI assistant

GPT GROUP — Regulatory Filings 2004

65009_rns_2004-07-28_a4c3a913-3ed9-4a06-bdb4-232518e7f8f7.pdf

GENERAL PROPERTY TRUST

GENERAL PROPERTY TRUST

1. Half Year Results

$2.$ June Quarter Distribution

$(a)$ Distribution - Ordinary Units

$(b)$ Income Tax Deferred Component - Ordinary Units

$\left( \mathrm{c}\right)$ Books Closing Date

Interim Financial Report General Property Trust and its Controlled Entities

Directors' Report

Directors

Trust

General Property Trust (GPT)

Principal Activity

Review of Operations and Changes in the State of Affairs

GPT

GPT Split Trust

Earnings per Unit

Distributions

GPT

GPT Split Trust

Statement of Financial Performance Half-Year ended 30 June 2004

General Property Trust and its Controlled Entities

Statement of Financial Position As at 30 June 2004

General Property Trust and its Controlled Entities

Statement of Cash Flows Half-Year ended 30 June 2004

Notes to Financial Statements Half-Year ended 30 June 2004

Summary of accounting policies 1.

(a) Basis of preparation

(b) Principles of consolidation

(c) Accounting for acquisitions

(d) Investment properties

Summary of accounting policies (Continued) $\blacktriangleleft$

(e) Financial Instruments

(f) Revenue

(g) Leasing costs

(h) Other expenditure

(i) Income tax

(i) Cash flows

(k) Distributions

仰 Borrowing costs

Borrowing costs include:

(m) Rounding

General Property Trust and its Controlled Entities

6. Investment properties (Continued)

General Property Trust and its Controlled Entities Notes to Financial Statements

6. Investment properties (Continued)

General Property Trust and its Controlled Entities Notes to Financial Statements

6. Investment properties (Continued)

Additions to existing investments

Melbourne Central

Macarthur Square

Penrith Plaza

Forestway Shopping Centre

Homemaker City Aspley

Rouse Hill Town Centre

The National Stage 1 and Stage 2

Australia Square, Sydney

Austrak Business Park, Somerton, Victoria

The Quad, Parkview Drive, Homebush Bay

Ayers Rock Resort

Four Points Hotels - Retail/Commercial Precinct

6. Investment properties (Continued)

Purchase of Investments

Darling Park Stage 3

Homemaker City Fortitude Valley - Stage 2

The Quad, Parkview Drive, Homebush Bay

8 Herb Elliot Avenue, Homebush Bay

7 Figtree Drive, Homebush Bay

Joint venture investment arrangements

Sunshine Plaza

Other information

Ayers Rock Resort

Cape Tribulation Resorts

Four Points by Sheraton Hotel

General Property Trust and its Controlled Entities

Notes to Financial Statements

(c) Operating leases

GPT GROUP Regulatory Filings 2004