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GPTInterim Result2012

OPTIMISE Data Pack

GPT Overview	48
Financial Performance	52
Retail Portfolio	65
Offi ce Portfolio	99
Logistics & Business Parks	128
Development	149
Funds Management	155

* All information included in this pack includes GPT owned assets and GPT's interest in the Wholesale Funds (GWOF and GWSCF), unless otherwise stated.

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GPTInterim Result2012

OPTIMISE GPT Overview

GPT Securityholder Overview

Drivers of Earnings and Value

Operational Leverage

(hypothetical example)

Total Returns Equation

(hypothetical example)

1.Realised Operating Income is before payment of the exchangeable securities distribution. Earnings per ordinary security is after payment of the exchangeable securities distribution.

Strategy on a Page

EPS defi ned as Realised Operating Income (ROI) per ordinary security

⁵²GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE

GPTInterim Result2012

OPTIMISE Financial Performance

Financial Summary

Financial Performance
6 months to June	2012	2011	Change
Total Realised Operating Income (\$m)	227.2	221.5	Up 2.6%
A-IFRS net profi t/(loss) (\$m)	275.5	243.1	Up 13.3%
ROI per ordinary security (cents)	12.0	11.3	Up 6.2%
ROI yield (based on half year end price, annualised)	7.3%	7.1%	Up 20 bps
Distribution per security (cents)	9.5	8.5	Up 11.8%
Distribution yield (based on half year end price, annualised)	5.8%	5.4%	Up 40 bps
Interest expense (\$m)	60.7	71.9	Down 15.6%
Interest capitalised (\$m)	7.3	5.9	Up 23.7%
Interest cover (x)	4.7	4.0	Up 17.5%
	As at 30 Jun 2012	As at 31 Dec 2011	Change
Total assets (\$m)	9,000.5	9,287.6	Down 3.1%
Total borrowings (\$m)	1,912.0	2,144.1	Down 10.8%
NTA per security (\$)	3.65	3.59	Up 1.7%
Net gearing	20.2%	22.9%	Down 270 bps
Look through gearing	23.1%	24.4%	Down 130 bps
Weighted average term to maturity¹	5.0 years	5.3 years	Down 0.3 years
Credit ratings	A- (stable) /A3 (stable)	A- (stable) /A3 (stable)	No change
Weighted average cost of debt (%)	5.32%	5.92%	Down 60 bps
Weighted average term of interest rate hedging	5.4 years	4.2 years	Up 1.2 years

Pro-forma adjusted for the issue of \$100 million of Medium Term Notes in July 2012.

Results Summary

Realised Operating Income
6 months to 30 June	2012	2011		Change
Realised operating income (ROI) for continuing operations (\$m)	290.5	281.8		3.1%
Discontinued operations (\$m)	8.7	20.7		58%
Finance and corporate overheads (\$m)	(72.0)	(81.0)		11.1%
Total realised operating income (\$m)	227.2	221.5		2.6%
A-IFRS net profi t (\$m)	275.5	243.1		13.3%
ROI per ordinary security (cents)	12.0	11.3		6.2%
Distribution per ordinary security (cents)	9.5	8.5		11.8%

Segment Performance 6 months to 30 June (\$m)	2012	2011	Comment
Retail	161.0	152.3	Comparable income growth of 3.9%
Offi ce	64.4	60.3	Comparable income growth of 5.6%
Logistics and Business Parks	31.6	27.8	Comparable income growth of 2.5%
Funds Management	33.5	41.4	GPT sell-down completed. Distribution growth of 4.2%
Other	8.7	20.7	Divestment of Ayers Rock Resort and US Seniors portfolio completed 1H11
Corporate
- Net interest expense	(59.2)	(70.6)	Reduced amount and cost of debt.
- Corporate overheads	(12.8)	(10.4)	2011 included provision releases
Total Realised Operating Income (ROI)¹	227.2	221.5
Less: distribution to exchangeable securities	(12.4)	(12.4)
Total	214.8	209.1
ROI per ordinary security (cents)²	12.0	11.3

Realised Operating Income is pre distribution on exchangeable securities.
ROI per ordinary security is post distribution on exchangeable securities.

Number of ordinary stapled securities on issue was 1,766.8 million at 30 June 2012 and 1,855.5 million at 30 June 2011.

Results Summary

Calculation of EPS and DPS 6 months to 30 June	2012	On-market Security Buy Back at 30 June	2012
Weighted average number of securities as at 30 June (#)	1,794.6m	Securities acquired	88.7m
Realised operating income (ROI) (\$m)	227.2	% of securities on issue	4.8%
Less distribution on exchangeable securities (\$m)	(12.4)	Cost	\$274.7m
Total (\$m)	214.8	Average price paid	\$3.10
ROI per ordinary security (cents)	12.0	Average discount to NTA	15%
Distribution per ordinary security (cents)	9.5	Value created	\$47.1m

On-market Security Buy Back at 30 June	2012
Securities acquired	88.7m
% of securities on issue	4.8%
Cost	\$274.7m
Average price paid	\$3.10
Average discount to NTA	15%
Value created	\$47.1m

Distribution Per Ordinary Security	2012	2011	Change
Quarter 1 (cents)	4.6	4.2	9.5% 
Quarter 2 (cents)	4.9	4.3	 14.0%
Total ordinary distribution	9.5	8.5	11.8% 
Ordinary distribution (\$m)	168.8	157.0	7.5% 
Exchangeable distribution (\$m)	12.4	12.4	No change
Total distribution (\$m)	181.2	169.4	7.0% 
Available for distribution (\$m)	227.2	221.5	 2.6%

Realised Operating Income to Statutory A-IFRS Profi t

6 Months to 30 June (\$m)	2012	2011
Continuing operations	290.5	281.8
Discontinued operations	8.7	20.7
Financing and corporate overheads	(72.0)	(81.0)
Realised operating income	227.2	221.5

Changes in fair value of assets (non cash):
1. Valuation movements
Core Portfolios and Funds Management (Australia)	122.1	85.3
Hotel/Tourism portfolio	0.0	(25.1)
Funds Management (Europe)	0.3	(6.1)
2. (Loss)/profi t on disposals	(2.5)	1.5
3. Financial instruments marked to market value and net foreign exchange gain/(loss)	(55.1)	(32.6)
4. Other items	(16.5)	(1.4)
Statutory net profi t after tax	275.5	243.1

Investments and Income

NTA Movement

Securities on Issue	Number of Securities
Opening balance 1 January 2012	1,813,767,108
Buy-back	(46,982,033)
30 June 2012 Balance¹	1,766,785,075

Excludes exchangeable securities

NTA Movement	Net Assets (\$m)	No. Securities¹ (million)	NTA Per Security (\$)
NTA position as at 31 December 2011	6,735.1	1,878.2	3.59

ROI	227.2		0.12
Core revaluation	122.1		0.07
Non-Core revaluation	0.3		0.00
Fair value movement of derivatives	(55.2)		(0.03)
Non-cash IFRS revenue adjustments	(12.1)		(0.01)
Other Statutory items	(6.8)		(0.00)
Distribution paid (incl Exchangeable Securities)	(183.3)		(0.10)
Buy-back of securities	(147.9)	(47.0)	0.01
Movement of Reserves	3.2		0.00
Movement in net assets	(52.5)		0.06

Less intangibles - movement	2.8		0.00
NTA position as at 30 June 2012	6,685.4	1,831.2	3.65

Includes conversion of exchangeable securities at conversion price of \$3.883

Capital Management Summary

Balance Sheet Overview	30 June 12	31 December 11
Total assets (\$m)	9,000.5	9,287.6
Total debt (\$m)	1,912.0	2,144.1
Net Gearing	20.2%	22.9%
Weighted average cost of debt (incl fees and margins)	5.32%	5.92%
Weighted average term to maturity¹	5.0 years	5.3 years
Weighted average term of interest rate hedging	5.4 years	4.2 years
Credit Ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)

Pro-forma adjusted for the issue \$100 of Medium Term Notes in July 2012.

Gearing (\$m)	As at 30 June 12
Total assets	9,000.5
Less: intangible assets	(48.5)
Total tangible assets	8,952.0
Current borrowings	406.6
Non-current borrowings	1,505.4
Total borrowings	1,912.0
Headline Gearing	21.4%
Net Gearing	20.2%

Interest Cover (\$m)	30 June 12
Realised operating income	227.2
Less: tax credit	(1.8)
Add: Gross Finance Costs for the period (post capitalised interest)	60.7
Earnings before Interest & Tax	286.1
Gross Finance Costs	60.7
Interest Cover	4.7x

Look Through Gearing

Look Through Gearing as at 30 June 2012 (\$m)	GPT Group	GWOF	GWSCF	European Funds	Other²	30 Jun 12
Share of assets of non-consolidated entities
Group total tangible assets	8,952.0					8,952.0
(i) Plus: GPT share of assets of non-consolidated entities		804.6	571.1	76.7	904.9	2,357.3
(ii) Less: total equity investment in non-consolidated entities		(658.8)	(375.1)	0.0	(830.1)	(1,864.0)
(iii) Less: GPT loans to non-consolidated entities		0.0	0.0	0.0	(8.9)	(8.9)
Total look through assets	8,952.0	145.8	196.0	76.7	65.9	9,436.4
Group total borrowings	1,912.0					1,912.0
(iv) Plus: GPT share of external debt of non-consolidated entities		123.8	175.6	70.6	0.0	370.0
Total look through borrowings	1,912.0	123.8	175.6	70.6	0.0	2,282.0
Look through gearing						24.2%
Based on net debt1						23.1%

Net debt equals debt less cash/total tangible assets less cash. 2. Retail, Offi ce, Hotels and master-planned communities (held in associates).

Debt Cost as at 30 June 2012	Debt	Interest Rate (%)
Hedged debt	1,509	3.78%
Floating debt	403	3.72%
Total debt	1,912	3.77%
Margin		0.85%
Fees		0.70%
All-in cost of funds		5.32%

Debt Funded Capacity as at 30 June 2012	Current Gearing (%)	Investment Capacity (\$m)
Balance Sheet	20%	1,115
Wholesale Funds
- Offi ce	15%	745
- Retail1	27%	112
Total		1,973

1 Post GPT's equity co-investment

Sources of Drawn Debt

Debt Facilities

Current Debt Facilities as at 30 June 2012
	Outstanding (\$m) (equiv)	Maturity Date	Limit (\$m) (equiv)	Available (\$m) (equiv)
Syndicated Facility	200	26-Oct-12	300	100
Bank Bilateral	150	26-Oct-12	150	0
Bank Bilateral	100	1-Feb-13	100	0
Medium Term Notes	211	22-Aug-13	212	1
Bank Bilateral	150	11-Sep-13	150	0
Bank Bilateral	225	15-Sep-14	225	0
Bank Facility - Somerton	76	31-Mar-15	76	0
Bank Bilateral	160	1-Apr-15	160	0
Bank Bilateral	71	26-Oct-15	200	129
Bank Bilateral	9	30-Nov-16	75	66
Bank Bilateral	175	26-Oct-18	175	0
Bank Bilateral	150	26-Oct-18	150	0
Medium Term Notes	150	24-Jan-19	150	0
CPI Indexed Bonds	85	10-Dec-29	85	0
Total	1,912		2,208	296

Current Forward Start Debt Facilities
Start Date	Maturity Date	Limit (\$m) (equiv)
1-Oct-12	1-Oct-13	150
11-Dec-13	11-Dec-14	150
26-Oct-12	1-Apr-16	140
31-Jan-14	31-Jan-17	100
31-Jul-14	31-Jul-17	100
26-Oct-12	26-Oct-17	75
22-Aug-13	11-Nov-17	150
22-Aug-13	11-Nov-17	150
2-Aug-12	24-Jan-19	100
Total		1,115

Liquidity Profi le

Hedging Profi le

Hedging Profi le as at 30 June 2012
Hedging Position	Average Rate on Hedged Balance excl Margins	Principal Amount of Derivative Financial Instruments (\$m)	Principal Amount of Fixed Rate Borrowings (\$m)
30-Jun-12	3.78%	1,425	84
30-Jun-13	4.67%	1,340	184
30-Jun-14	4.56%	1,340	185
30-Jun-15	4.64%	1,140	335
30-Jun-16	5.02%	590	335
30-Jun-17	5.14%	590	335
30-Jun-18	5.54%	790	335

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GPTInterim Result2012

OPTIMISE Retail Portfolio

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT's retail investments of \$4.8 billion include a portfolio of assets held on the Group's balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

Number of assets in each state

Northern Territory

GPT Owned Casuarina Square (50%)

GWSCF Owned Casuarina Square (50%)

Queensland

GPT Owned Sunshine Plaza (50%)* Homemaker City Aspley Homemaker City Fortitude Valley

Australian Capital Territory GWSCF Owned Wesfi eld Woden (50%)*

Homemaker City Jindalee

* Not managed by GPT Retail Portfolio Defi nitions

Specialty Tenants - includes tenancies with a GLA below 400sqm Mini-Major Tenants - includes tenancies with a GLA above 400sqm not classifi ed as a Major Tenant Major Tenants - includes Supermarkets, Discount Department Stores, Department Stores and Cinemas Newcastle CBD land holdings excluded from all analysis Retail Sales - 100% of GPT and GWSCF assets

New South Wales GPT Owned

Charlestown Square (Hunter Region) Erina Fair (Central Coast) (50%)* Rouse Hill Town Centre Westfi eld Penrith (50%)*

GWSCF Owned

Carlingford Court Forestway Shopping Centre Macarthur Square (50%)* Norton Plaza Wollongong Central (Illawarra Region)

Victoria

GPT Owned Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%) Homemaker City Maribyrnong (16.67%)

GWSCF Owned

Chirnside Park Highpoint Shopping Centre (50%) Homemaker City Maribyrnong (50%) Parkmore Shopping Centre

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.1%. The retail portfolio achieved comparable income growth of 3.9% over the fi rst half of 2012.

Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 17 shopping centres and 4 Homemaker City (bulky goods) centres.

Property	Location	Ownership	GLA	30 Jun 2012	30 Jun 2012	31 Dec 2011	External or	Occupancy	Annual	Occupancy	Specialty
			(100%	Fair Value	Cap Rate	Cap Rate	Directors		Centre	Cost	Sales
			Interest)	(\$m)	(%)	(%)	Valuation		Turnover	Specialty	(\$psm)
			(sqm)						(\$m)
GPT Portfolio
Casuarina Square	NT	50%	53,300	229.8	6.25%	6.50%	Directors	99.3%	382.9	14.8%	10,662
Charlestown Square	NSW	100%	90,900	844.4	6.00%	6.00%	Directors	97.4%	464.8	17.3%	8,544
Dandenong Plaza	VIC	100%	61,300	180.5	8.50%	8.50%	Directors	100.0%	239.9	17.4%	6,723
Erina Fair	NSW	50%	113,700	392.9	6.00%	6.25%	External	99.8%	626.9	18.2%	7,712
Highpoint Shopping Centre	VIC	16.67%	122,800	246.7	5.75%	5.75%	External	N/A	706.2	21.5%	9,299
Homemaker City, Maribyrnong	VIC	16.67%	21,200	9.1	9.00%	9.00%	Directors	74.5%	N/A	N/A	N/A
Melbourne Central¹	VIC	100%	53,400	917.8	5.75%	5.75%	Directors	98.9%	362.4	21.0%	9,021
Rouse Hill Town Centre	NSW	100%	69,100	460.0	6.00%	6.25%	External	99.7%	370.0	16.7%	6,487
Sunshine Plaza	QLD	50%	72,700	380.5	5.75%	6.00%	External	99.7%	498.8	18.4%	10,672
Westfi eld Penrith	NSW	50%	92,200	545.0	5.85%	6.00%	External	99.7%	592.7	20.0%	10,387
Homemaker City Portfolio	QLD	100%	84,600	195.5	9.65%²	9.66%²	Directors	92.7%	N/A	N/A	N/A
GWSCF Portfolio
Carlingford Court	NSW	100%	33,000	171.1	7.50%	7.50%	Directors	99.8%	177.8	16.3%	8,662
Casuarina Square	NT	50%	53,300	230.9	6.25%	N/A	External	99.3%	382.9	14.8%	10,662
Chirnside Park	VIC	100%	37,900	226.0	7.00%	7.00%	External	100.0%	279.0	14.1%	10,438
Forestway Shopping Centre	NSW	100%	9,600	81.2	7.50%	7.50%	Directors	100.0%	100.2	15.0%	10,070
Highpoint Shopping Centre	VIC	50%	122,800	740.0	5.75%	5.75%	External	N/A	706.2	21.5%	9,299
Homemaker City, Maribyrnong	VIC	50%	21,200	27.4	9.00%	9.00%	Directors	74.5%	N/A	N/A	N/A
Macarthur Square	NSW	50%	94,500	393.6	6.25%	6.25%	Directors	98.7%	542.2	17.5%	9,086
Norton Plaza	NSW	100%	11,900	104.8	7.00%³	7.00%³	External	100.0%	108.0	12.1%	12,086
Parkmore Shopping Centre	VIC	100%	36,800	199.0	7.50%	7.50%	External	99.7%	240.2	14.3%	8,321
Westfi eld Woden	ACT	50%	72,300	322.6	6.25%	N/A	External	93.8%	412.0	18.3%	9,357
Wollongong Central	NSW	100%	37,900	326.2	6.50%	6.50%	Directors	N/A	172.0	18.0%	8,876
Total			1,169,100		6.10%4	6.21%4		99.1%4	6,275.9	17.8%5	8,9815

Includes retail and 100% interest of car park. Car park cap rate of 8.00%
Weighted average Homemaker City portfolio cap rate
Excludes Norton Central
Includes GPT shopping centres (excludes Homemaker City portfolio) and GPT interest in GWSCF
Excludes development impacted centres

Retail Sales Summary

As at 30 June 2012			Moving Annual Turnover (MAT)		Occupancy Costs
Property	Ownership	Centre MAT (\$psm)	Comparable Centre MAT Growth	Specialty MAT (\$psm)	Comparable Specialty MAT Growth	Centre	Specialty
Carlingford Court	GWSCF	6,638	(0.8%)	8,662	(0.3%)	8.5%	16.3%
Casuarina Square	GWSCF/GPT	8,117	0.5%	10,662	1.0%	9.5%	14.8%
Chirnside Park	GWSCF	8,336	0.2%	10,438	2.7%	6.6%	14.1%
Dandenong Plaza	GPT	4,124	(0.5%)	6,723	3.1%	11.1%	17.4%
Erina Fair	GPT/APPF	6,112	0.6%	7,712	(1.2%)	9.5%	18.2%
Forestway Shopping Centre	GWSCF	13,486	(1.0%)	10,070	(1.6%)	6.8%	15.0%
Melbourne Central Retail	GPT	7,440	1.9%	9,021	1.3%	17.6%	21.0%
Macarthur Square	GWSCF/APPF	6,226	0.5%	9,086	0.0%	10.7%	17.5%
Norton Plaza	GWSCF	14,770	(0.1%)	12,086	(6.5%)	5.4%	12.1%
Parkmore Shopping Centre	GWSCF	6,954	1.5%	8,321	2.2%	7.7%	14.3%
Rouse Hill Town Centre	GPT	6,140	1.8%	6,487	1.0%	9.7%	16.7%
Sunshine Plaza	GPT/APPF	8,066	(1.2%)	10,672	(0.6%)	10.9%	18.4%
Westfi eld Penrith¹	GPT/Westfi eld	7,058	2.7%	10,387	0.6%	12.3%	20.0%
Westfi eld Woden¹	GWSCF/Westfi eld	6,835	(3.1%)	9,357	(1.1%)	10.9%	18.3%
Wollongong Central	GWSCF	5,605	1.5%	8,876	1.3%	13.1%	18.0%
Total		6,799	0.4%	8,981	0.4%	10.6%	17.8%

Centres Under Development
Charlestown Square	GPT	5,781	26.9%	8,544	27.8%	11.8%	17.3%
Highpoint Shopping Centre	GPT/GWSCF/HPG	6,561	(8.4%)	9,299	(5.0%)	13.0%	21.5%

Analysis provided by Westfi eld

GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines

Comparable Change in Retail Sales By Category

Retail sales showed marginally positive growth over the 12 months to June 2012 with total centre sales up 0.4% and specialties up 0.4%.

GPT's retail portfolio occupancy levels remain High at 99.1%, with a relatively high proportion of structured rental increases. This positions GPT well to continue to deliver income growth.

Structured specialty rent increases for the full year 2012. Based on specialty base rent.

Other includes expiries in 2012.

Comparable Change In Retail Sales By Category as at 30 June 2012	MAT (\$m)	12 Months Growth
Department Store	\$236	(5.3%)
Discount Department Store	\$585	(1.8%)
Supermarket	\$1,140	(0.2%)
Cinemas	\$94	1.5%
Mini Major & Large Format	\$658	1.5%
Non Retail	\$295	11.1%
Total Specialties	\$2,097	0.4%
Total Centre	\$5,105	0.4%
Specialty Sales Split
Mobile Phone	\$75	7.7%
Food Catering	\$366	5.1%
Retail Services	\$161	3.8%
Food Retail	\$196	0.1%
Apparel	\$719	(0.6%)
Jewellery	\$150	(1.3%)
General Retail	\$216	(1.8%)
Leisure	\$134	(4.2%)
Homewares	\$80	(6.5%)

Excludes development impacted centres. Excludes Homemaker centres.

Retail Sales

Specialty MAT Growth

100% of GPT & GWSCF assets, excludes homemaker centres, development impacted centres.

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the retail portfolio fi rmed by 11 basis points over the past 6 months to 6.10% at 30 June 2012.

Weighted Average Capitalisation Rate

Lease Expiry Profi le

Weighted Average Lease Expiry (by base rent) as at 30 June 2012
Major Tenants	11.0 years
Mini-Major Tenants	4.8 years
Speciality Tenants	3.0 years
Weighted Total	4.4 years

Total Centres Total Specialty Tenants

Retail Portfolio External Valuation Summary

50% of the GPT retail portfolio was valued externally in the 6 months to 30 June 2012.

Property as at 30 June 2012	State	Date	Valuer	Valuation (\$m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Casuarina Square	NT	30-Jun-10	KF	222.0	50%	6.00%	6.25%	9.25%
Charlestown Square	NSW	31-Dec-10	JLL	827.4	100%	6.00%	6.25%	9.00%
Dandenong Plaza	VIC	30-Jun-11	CBRE	180.0	100%	8.50%	8.75%	9.75%
Erina Fair	NSW	30-Jun-12	Savills	392.9	50%	6.00%	6.25%	9.00%
Highpoint Shopping Centre	VIC	30-Jun-12	CBRE	246.7	16.67%	5.75%	6.00%	8.75%
Homemaker City, Maribyrnong	VIC	31-Dec-11	CBRE	9.1	16.67%	9.00%	9.50%	10.00%
Melbourne Central¹	VIC	30-Jun-11	CBRE	916.0	100%	5.75%	6.00%	9.00%
Rouse Hill Town Centre	NSW	30-Jun-12	CBRE	460.0	100%	6.00%	6.25%	9.00%
Sunshine Plaza	QLD	30-Jun-12	Savills	380.5	50%	5.75%	6.00%	8.75%
Westfi eld Penrith	NSW	30-Jun-12	KF	545.0	50%	5.85%	6.00%	8.75%
Homemaker City, Aspley	QLD	31-Dec-11	Colliers	47.8	100%	10.50%	10.75%	11.50%
Homemaker City, Fortitude Valley	QLD	31-Dec-11	JLL	100.1	100%	9.09%²	9.34%²	10.09%²
Homemaker City, Jindalee	QLD	31-Dec-11	Colliers	50.0	100%	10.00%	10.25%	11.00%
GWSCF Portfolio
Carlingford Court	NSW	31-Dec-11	Savills	171.0	100%	7.50%	7.75%	9.50%
Casuarina Square	NT	30-Jun-12	CBRE	230.9	50%	6.25%	6.50%	9.00%
Chirnside Park	VIC	30-Jun-12	Colliers	226.0	100%	7.00%	7.25%	9.00%
Forestway Shopping Centre	NSW	31-Mar-12	Savills	81.0	100%	7.50%	7.75%	9.50%
Highpoint Shopping Centre	VIC	30-Jun-12	CBRE	740.0	50%	5.75%	6.00%	8.75%
Homemaker City, Maribyrnong	VIC	31-Dec-11	CBRE	27.4	50%	9.00%	9.50%	10.00%
Macarthur Square	NSW	31-Mar-12	KF	393.1	50%	6.25%	6.50%	9.25%
Norton Plaza	NSW	30-Jun-12	KF	104.8	100%	7.00%³	7.25%³	9.25%³
Parkmore Shopping Centre	VIC	30-Jun-12	JLL	199.0	100%	7.50%	7.75%	9.00%
Westfi eld Woden	ACT	30-Jun-12	CBRE	322.6	50%	6.25%	6.50%	9.00%
Wollongong Central	NSW	31-Dec-11	Colliers	306.0	100%	6.50%	6.75%	9.00%

Note: Valuations include ancillary assets. 1. Valuation includes retail and car park 2. Weighted average rate 3. Excludes Norton Central cap rate 7.25%, terminal cap rate of 7.50% & discount rate of 9.50%

Retail Portfolio Income and Fair Value Schedule

Property				Fair Value
		Income	6 months to 30 June (\$m)	Fair Value 31 Dec 2011	Capex (\$m)	Lease Incentives	Acquisitions (\$m)	Sales (\$m)	Net Revaluations	Other Adjustments	Fair Value 30 Jun 2012
	2011	2012	Variance	(\$m)		(\$m)			(\$m)	(\$m)	(\$m)
GPT Portfolio
Casuarina Square	14.4	14.2	(0.2)	455.6	3.4	0.5	0.0	(229.8)	0.0	0.0	229.8
Charlestown Square	23.6	25.3	1.7	840.2	4.0	0.5	0.0	(0.3)	0.0	0.0	844.4
Dandenong Plaza	9.7	9.1	(0.6)	180.2	0.3	0.0	0.0	0.0	0.0	0.0	180.5
Erina Fair	11.7	12.2	0.5	378.4	0.2	0.3	0.0	0.0	14.0	(0.1)	392.9
Highpoint Shopping Centre	6.2	5.9	(0.3)	233.1	10.9	0.0	0.0	0.0	2.6	0.0	246.7
Homemaker City, Maribyrnong	0.4	0.3	(0.1)	9.1	0.0	0.0	0.0	0.0	0.0	0.0	9.1
Melbourne Central - Retail + Car Park	25.6	29.2	3.6	945.2	(0.5)	2.3	0.0	(29.2)	0.0	0.0	917.8
Rouse Hill Town Centre	18.7	17.4	(1.3)	460.0	0.5	0.4	0.0	0.0	(0.9)	0.0	460.0
Sunshine Plaza	11.3	11.4	0.1	357.7	0.7	0.1	0.0	0.0	22.1	0.0	380.5
Westfi eld Penrith	15.6	16.1	0.5	519.2	0.4	0.0	0.0	0.0	25.4	0.0	545.0
Homemaker City, Aspley	2.2	2.4	0.2	47.7	0.0	0.0	0.0	0.0	(2.5)	0.0	45.3
Homemaker City, Fortitude Valley	4.2	4.2	0.0	100.1	0.0	0.0	0.0	0.0	0.0	0.0	100.2
Homemaker City, Jindalee	2.5	2.7	0.2	50.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0
Assets Sold During Period
Westfi eld Woden	9.8	9.9	0.1	321.5	1.0	0.0	0.0	(322.5)	0.0	0.0	0.0
Equity Interests
GPT Equity Interest in GWSCF (20.1%)	11.5	10.8	(0.7)	380.8	0.0	0.0	0.0	0.0	(5.7)	0.0	375.1
Total Retail	167.5	171.2	3.7	5,278.8	21.0	4.2	0.0	(581.7)	55.1	(0.1)	4,777.3

Casuarina Square Northern Territory

casuarinasquare.com.au

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The Centre includes two discount department stores, two supermarkets and a cinema entertainment offer.

A 50% interest in the Centre was sold to GWSCF in June 2012.

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GWSCF (50%)	Construction/Refurbishment	Completed 1973 / Refurbished 1998
Acquired (by GPT)	October 1973
Property Details
Retail	51,100 sqm	Other	1,700 sqm
Offi ce	600 sqm	Total	53,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$229.8m	Value	\$222.0m
Capitalisation Rate	6.25%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.25%
Valuation Type	Directors	Valuer	Knight Frank
Income (6 months)	\$14.2m	Valuation Date	30 June 2010
Centre Details
Number of Tenancies	190	Retail Occupancy	99.3%
Car Parking Spaces	2,400
Specialty Expiry Profi le by Base Rent	2H 2012: 10%	2013: 20%	2014: 20%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$8,117	\$10,662
Occupancy Costs	9.5%	14.8%
Annual Centre Turnover	\$382.9m
Key Tenants	Area (sqm)	Expiry Date
Kmart	8,150	September 2030
Big W	6,850	December 2030
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,750	December 2020

Charlestown Square New South Wales

charlestownsquare.com.au

The GPT Group's Charlestown Square is the largest shopping centre in the Hunter Region, servicing the local area since 1979.

GPT's \$470 million Charlestown Square development, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Hunter Region of NSW.

Refurbishment and remixing of the original part of the centre was completed at the end of 2011.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979 / Refurbished 1989, 2010-11
Property Details
Retail	84,600 sqm	Other	3,900 sqm
Offi ce	2,400 sqm	Total	90,900 sqm
Current Valuation		Latest External Valuation
Fair Value	\$844.4m	Value	\$827.4m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
Income (6 months)	\$25.3m	Valuation Date	31 December 2010
Centre Details
Number of Tenancies	320	Retail Occupancy	97.4%
Car Parking Spaces	3,450
Specialty Expiry Profi le by Base Rent	2H 2012: 1%	2013: 3%	2014: 2%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$5,781	\$8,544
Occupancy Costs	11.8%	17.3%
Annual Centre Turnover	\$464.8m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,840	October 2035
Big W	7,750	October 2030
Target	5,590	July 2016
Woolworths	4,800	August 2030
Reading Cinemas	4,580	October 2025
Coles	4,320	August 2030

Dandenong Plaza Victoria

dandenongplaza.com.au

Dandenong Plaza is located in south-east Melbourne. The Centre is the retail heart of Central Dandenong, a social and economic centre of south-east metropolitan Melbourne and a culturally diverse locality in Victoria. The Centre has been servicing its local region and community since 1989.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989 / Refurbished 1995
Property Details
Retail	61,300 sqm	Other	100 sqm
Offi ce	0 sqm	Total	61,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$180.5m	Value	\$180.0m
Capitalisation Rate	8.50%	Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%	Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%	Discount Rate	9.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	\$9.1m	Valuation Date	30 June 2011
Centre Details
Number of Tenancies	180	Retail Occupancy	100.0%
Car Parking Spaces	3,248
Specialty Expiry Profi le by Base Rent	2H 2012: 7%	2013: 20%	2014: 17%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$4,124	\$6,723	1. New lease currently under negotiation
Occupancy Costs	11.1%	17.4%
Annual Centre Turnover	\$239.9m
Key Tenants	Area (sqm)	Expiry Date
Myer	15,080	July 2016
Target	6,660	July 2015
Kmart	5,790	July 2022
Safeway	3,890	December 2014
Coles¹	3,300	August 2010
Reading Cinemas	2,780	August 2023

Erina Fair New South Wales

Erina Fair is located on the NSW Central Coast. The Centre includes a large mix of major retailers, specialty shops, bulk retail, entertainment and restaurant precincts.

Erina Fair is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	Australian Prime Property Fund Retail (50%)	Construction/Refurbishment	Completed 1987 / Refurbished 2003, 2009
Acquired (by GPT)	June 1992
Property Details
Retail	104,300 sqm	Other	9,400 sqm
Offi ce	0 sqm	Total	113,700 sqm
Current Valuation		Latest External Valuation
Fair Value	\$392.9m	Value	\$392.9m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Savills
Income (6 months)	\$12.2m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	324	Retail Occupancy	99.8%
Car Parking Spaces	4,600
Specialty Expiry Profi le by Base Rent	2H 2012: 5%	2013: 31%	2014: 22%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,112	\$7,712
Occupancy Costs	9.5%	18.2%
Annual Centre Turnover	\$626.9m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,130	August 2032
Big W	8,270	August 2028
Target	7,840	July 2013
Kmart	6,220	October 2029
Woolworths	4,850	November 2033
Coles	4,000	February 2018
Hoyts	3,800	November 2016
Aldi	1,300	October 2021

Highpoint Shopping Centre Victoria

highpoint.com.au

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres northwest of the Melbourne CBD and is one of Australia's leading retail destinations. A \$300 million re-development of Highpoint Shopping Centre commenced in 2011 and will be completed in March 2013. The expansion represents a greatly improved centre for customers and the western region of Melbourne with an extensively enhanced retail offer, including the fi rst David Jones to Melbourne's west, the creation of signifi cant job opportunities, improved traffi c fl ow, new public spaces and sustainability initiatives.

Key Metrics as at 30 June 2012
Ownership Interest	16.67%	Asset Type	Super Regional Centre
Co-Owner	GWSCF (50%) Highpoint Property Group (33.33%)	Construction/ Refurbishment	Completed 1975 / Refurbished 1989,
Acquired (by GPT)	August 2009		1995, 2006
Property Details¹
Retail	113,900 sqm	Other	7,100 sqm
Offi ce	1,800 sqm	Total	122,800 sqm
Current Valuation		Latest External Valuation
Fair Value	\$246.7m	Value	\$246.7m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	CB Richard Ellis
Income (6 months)	\$5.9m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies¹	415	Retail Occupancy²	N/A
Car Parking Spaces¹	6,200
Specialty Expiry Profi le by Base Rent	2H 2012: 11%	2013: 24%	2014: 14%
Sales Information²	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$6,561	\$9,299	1. Pre-development impact
Occupancy Costs	13.0%	21.5%	2. Development impacted
Annual Centre Turnover	\$706.2m
Key Tenants	Area (sqm)	Expiry Date
Myer	19,120	June 2021
Target	9,920	July 2015
Hoyts	9,030	April 2014
Big W	8,160	June 2025
Safeway¹	3,410	N/A

Homemaker City Maribyrnong Victoria

homemakercity.com.au

Homemaker City Maribyrnong is located adjacent to Highpoint Shopping Centre. This location offers synergies in management and the ability to integrate the retail offer with that of Highpoint Shopping Centre.

Key Metrics as at 30 June 2012
Ownership Interest	16.67%	Asset Type	Bulky Goods Centre
Co-Owner	GWSCF (50%) Highpoint Property Group (33.33%)	Construction/Refurbishment	Completed 1990
Acquired (by GPT)	August 2009
Property Details
Retail	21,200 sqm	Other	0 sqm
Offi ce	0 sqm	Total	21,200 sqm
Current Valuation		Latest External Valuation
Fair Value	\$9.1m	Value	\$9.1m
Capitalisation Rate	9.00%	Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%	Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%	Discount Rate	10.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	\$0.3m	Valuation Date	31 December 2011
Centre Details
Number of Tenancies	19	Retail Occupancy	74.5%
Car Parking Spaces	505
Expiry Profi le by Base Rent	2H 2012: 25%	2013: 6%	2014: 33%
Key Tenants	Area (sqm)	Expiry Date
Mothercare	1,270	August 2015
Alex's Discount Furniture	1,180	November 2012
Furniture Galore	1,180	October 2015
BBQ's Galore	1,170	August 2016
The Sleeping Giant	1,050	June 2016
Plush	1,000	June 2013

Melbourne Central Victoria

melbournecentral.com.au

Melbourne Central is a landmark offi ce and retail property located in the Melbourne CBD. GPT's redevelopment of the retail component in 2005 converted a traditional regional shopping centre into Melbourne's premier retail, leisure and lifestyle destination.

Work was completed in 2011 on a new dining hall and specialty fashion precinct including iconic brands like Converse and Nike.

For information on the offi ce tower which forms part of Melbourne Central, see the Offi ce section of this document.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	City Centre
Acquired (by GPT)	May 1999	Construction/Refurbishment	Completed 1991 / Refurbished 2005, 2011
Property Details
Retail	48,200 sqm	Other	5,200 sqm
Offi ce	0 sqm	Total	53,400 sqm
Current Valuation		Latest External Valuation
Fair Value¹	\$917.8m	Value¹	\$916.0m
Capitalisation Rate²	5.75%	Capitalisation Rate²	5.75%
Terminal Capitalisation Rate²	6.00%	Terminal Capitalisation Rate²	6.00%
Discount Rate²	9.00%	Discount Rate²	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	\$29.2m	Valuation Date	30 June 2011
Centre Details
Number of Tenancies	303	Retail Occupancy	98.9%
Car Parking Spaces	822
Specialty Expiry Profi le by Base Rent	2H 2012: 3%	2013: 6%	2014: 20%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$7,440	\$9,021	1. Includes retail and car park.
Occupancy Costs	17.6%	21.0%	2. Retail component only.
Annual Centre Turnover	\$362.4m
Key Tenants	Area (sqm)	Expiry Date
Hoyts	7,710	September 2020
Coles	1,310	September 2014

Rouse Hill Town Centre New South Wales

rhtc.com.au

Rouse Hill Town Centre is located approximately 35km north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail development.

Developed by GPT and completed in March 2008, Rouse Hill Town Centre forms the centrepiece of a wider urban development, called The New Rouse Hill, a joint venture between GPT and Lend Lease in conjunction with Landcom and the NSW LPMA.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	Stage 1: September 2007 Stage 2: March 2008	Construction/Refurbishment	Completed 2008
Property Details
Retail	61,900 sqm	Other	4,300 sqm
Offi ce	2,800 sqm	Total	69,100 sqm
Current Valuation		Latest External Valuation
Fair Value	\$460.0m	Value	\$460.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	CB Richard Ellis
Income (6 months)	\$17.4m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	237	Retail Occupancy	99.7%
Car Parking Spaces	2,939
Specialty Expiry Profi le by Base Rent	2H 2012: 14%	2013: 46%	2014: 19%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,140	\$6,487
Occupancy Costs	9.7%	16.7%
Annual Centre Turnover	\$370.0m
Key Tenants	Area (sqm)	Expiry Date
Big W	8,560	March 2028
Target	6,820	March 2028
Reading Cinemas	5,780	April 2023
Woolworths	4,610	September 2027
Coles	4,120	September 2027

Sunshine Plaza Queensland

sunshineplaza.com

Sunshine Plaza is located in Maroochydore on Queensland's Sunshine Coast. Sunshine Plaza includes the region's only Myer department store, two discount department stores and two full line supermarkets. In addition, the Centre has a strong entertainment, leisure and lifestyle component.

Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

David Jones have agreed to open a store at Sunshine Plaza as part of a future development of the centre.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owner	Australian Prime Property Fund Retail (50%)	Construction/Refurbishment	Completed 1994 / Refurbished 2002
Acquired (by GPT)	December 1992
Property Details
Retail	71,800 sqm	Other	700 sqm
Offi ce	200 sqm	Total	72,700 sqm
Current Valuation		Latest External Valuation
Fair Value	\$380.5m	Value	\$380.5m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Savills
Income (6 months)	\$11.4m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	253	Retail Occupancy	99.7%
Car Parking Spaces	3,500
Specialty Expiry Profi le by Base Rent	2H 2012: 16%	2013: 21%	2014: 25%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$8,066	\$10,672
Occupancy Costs	10.9%	18.4%
Annual Centre Turnover	\$498.8m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,890	July 2024
Target	6,900	July 2018
Kmart	6,590	September 2020
Coles	5,630	February 2019
BCC Cinemas	4,690	November 2022
Woolworths	3,880	November 2022

Westfi eld Penrith New South Wales

westfi eld.com.au/penrith

Westfi eld Penrith is a super regional shopping centre located in the heart of Penrith, one hour's drive west of the Sydney CBD. The Centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets.

Westfi eld Penrith is owned jointly with, and managed by Westfi eld.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owners	Westfi eld Group (25%) Westfi eld Retail Trust (25%)	Construction/Refurbishment	Completed 1971 / Refurbished 2005
Acquired (by GPT)	June 1971
Property Details
Retail	85,800 sqm	Other	2,600 sqm
Offi ce	3,800 sqm	Total	92,200 sqm
Current Valuation		Latest External Valuation
Fair Value	\$545.0m	Value	\$545.0m
Capitalisation Rate	5.85%	Capitalisation Rate	5.85%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Knight Frank
Income (6 months)	\$16.1m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	325	Retail Occupancy	99.7%
Car Parking Spaces	3,521
Specialty Expiry Profi le by Base Rent	2H 2012: 19%	2013: 13%	2014: 11%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$7,058	\$10,387	1. Lease renewal currently
Occupancy Costs	12.3%	20.0%	under negotiation.
Annual Centre Turnover	\$592.7m
Key Tenants	Area (sqm)	Expiry Date
Myer	20,110	July 2013
Big W¹	8,740	March 2012
Target	7,100	July 2019
Hoyts Cinema	4,790	April 2018
Woolworths¹	3,800	March 2012
Franklins	2,010	July 2016

Homemaker City Portfolio Queensland

homemakercity.com.au

Following the divestment of a number of assets, GPT's Homemaker City Portfolio now consists of three Homemaker City centres located in Queensland. All major bulk retail categories are represented within the portfolio and major retailers include the Freedom Group, Domayne/ Harvey Norman and Nick Scali.

The remaining Homemaker assets will be sold in due course.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Bulky Goods Centres
Acquired (by GPT)	Various	Construction/Refurbishment	Various
Property Details	Aspley	Fortitude Valley	Jindalee
GLA	24,600 sqm	38,300 sqm	21,800 sqm
Number of Tenancies	47	36	44
Car Parking Spaces	500	660	600
Retail Occupancy (Combined)	92.7%
Current Valuation
Fair Value	\$45.3m	\$100.2m	\$50.0m
Capitalisation Rate	10.50%	9.09%	10.00%
Terminal Capitalisation Rate	10.75%	9.34%	10.25%
Discount Rate	11.50%	10.09%	11.00%
Valuation Type	Directors	Directors	Directors
Last External Valuer	Colliers	Jones Lang LaSalle	Colliers
Income (6 months)	\$2.4m	\$4.2m	\$2.7m
Key Tenants (Combined)	Area (sqm)
Domayne/Harvey Norman	7,380
Nick Scali	5,460
Freedom Furniture	4,570

GPT Wholesale Shopping Centre Fund

The GPT Wholesale Shopping Centre Fund (GWSCF) provides GPT with an important source of income through funds management, property management and development management fees in addition to the income received from the Fund.

*Based on gross rent (including turnover rent)

Carlingford Court New South Wales

carlingfordcourt.com.au

Carlingford Court is located in a well-established market approximately 20 kilometres north-west of the Sydney CBD. The Centre is convenience and everyday needs focused, with a strong social and neighbourhood feel. The Centre includes two supermarkets, a two level Target discount department store and a restaurant precinct.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Sub Regional Centre
Acquired (by GWSCF)	March 2007	Construction/ Refurbishment	Completed 1965 / Refurbished 1971, 1978, 1989, 2000, 2007
Property Details
Retail	28,700 sqm	Other	4,100 sqm
Offi ce	200 sqm	Total	33,000 sqm
Current Valuation		Latest External Valuation
Fair Value	\$171.1m	Value	\$171.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation	7.75%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Savills
		Valuation Date	31 December 2011
Centre Details
Number of Tenancies	106	Retail Occupancy	99.8%
Car Parking Spaces	1,443
Specialty Expiry Profi le by Base	2H 2012: 7%	2013: 14%	2014: 19%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,638	\$8,662
Occupancy Costs	8.5%	16.3%
Annual Centre Turnover	\$177.8m
Key Tenants	Area (sqm)	Expiry Date
Target	8,010	November 2026
Woolworths	3,870	November 2018
Coles	3,500	November 2015

Casuarina Square Northern Territory

casuarinasquare.com.au

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The Centre includes two discount department stores, two supermarkets and a cinema entertainment offer.

A 50% interest in the Centre was sold to GWSCF in June 2012.

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GPT (50%)	Construction/Refurbishment	Completed 1973 / Refurbished 1998
Acquired (by GWSCF)	June 2012
Property Details
Retail	51,100 sqm	Other	1,700 sqm
Offi ce	600 sqm	Total	53,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$230.9m	Value	\$230.9m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	CB Richard Ellis
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	190	Retail Occupancy	99.3%
Car Parking Spaces	2,400
Specialty Expiry Profi le by Base Rent	2H 2012: 10%	2013: 20%	2014: 20%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$8,117	\$10,662
Occupancy Costs	9.5%	14.8%
Annual Centre Turnover	\$382.9m
Key Tenants	Area (sqm)	Expiry Date
Kmart	8,150	September 2030
Big W	6,850	December 2030
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,750	December 2020

Chirnside Park Victoria

chirnsidepark.com.au

Chirnside Park is a regional shopping centre situated approximately 30 kilometres north-east of Melbourne. The Centre, which incorporates two discount department stores and three supermarkets, provides an excellent convenience offer in the north-eastern region of Melbourne.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1979 / Refurbished 1999, 2002
Property Details
Retail	36,900 sqm	Other	1,000 sqm
Offi ce	0 sqm	Total	37,900 sqm
Current Valuation		Latest External Valuation
Fair Value	\$226.0m	Value	\$226.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Colliers
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	114	Retail Occupancy	100.0%
Car Parking Spaces	2,045
Specialty Expiry Profi le by Base Rent	2H 2012: 9%	2013: 22%	2014: 23%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$8,336	\$10,438
Occupancy Costs	6.6%	14.1%
Annual Centre Turnover	\$279.0m
Key Tenants	Area (sqm)	Expiry Date
Kmart	8,250	September 2014
Target	4,770	July 2018
Woolworths	4,180	September 2014
Reading Cinemas	3,500	May 2016
Coles	3,290	September 2014
Aldi	1,370	April 2013

Forestway Shopping Centre New South Wales

forestway.com.au

Forestway Shopping Centre is a convenience based shopping centre situated in an affl uent market in the suburb of Frenchs Forest, approximately 13 kilometres north of the Sydney CBD. Forestway Shopping Centre is a highly productive centre and includes two supermarkets and a strong service offer.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Neighbourhood Centre
Acquired (by GWSCF)	March 2007	Construction/ Refurbishment	Completed 1964 / Refurbished 2004
Property Details
Retail	8,300 sqm	Other	600 sqm
Offi ce	800 sqm	Total	9,600 sqm
Current Valuation		Latest External Valuation
Fair Value	\$81.2m	Value	\$81.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation Rate	7.75%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Savills
		Valuation Date	31 March 2012
Centre Details
Number of Tenancies	55	Retail Occupancy	100.0%
Car Parking Spaces¹	437
Specialty Expiry Profi le by Base Rent	2H 2012: 6%	2013: 18%	2014: 30%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$13,486	\$10,070	1. Includes 99 council owned car spaces
Occupancy Costs	6.8%	15.0%
Annual Centre Turnover	\$100.2m
Key Tenants	Area (sqm)	Expiry Date
Woolworths	2,660	November 2028
Franklins	1,250	September 2018

Highpoint Shopping Centre Victoria

highpoint.com.au

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	GPT (16.67%) Highpoint Property Group (33.33%)	Construction/ Refurbishment	Completed 1975 / Refurbished 1989, 1995, 2006
Acquired (by GWSCF)	March 2007
Property Details¹
Retail	113,900 sqm	Other	7,100 sqm
Offi ce	1,800 sqm	Total	122,800 sqm
Current Valuation		Latest External Valuation
Fair Value	\$740.0m	Value	\$740.0m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	CB Richard Ellis
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies¹	415	Retail Occupancy²	N/A
Car Parking Spaces¹	6,200
Specialty Expiry Profi le by Base Rent	2H 2012: 11%	2013: 24%	2014: 14%
Sales Information²	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$6,561	\$9,299	1. Pre-development impact
Occupancy Costs	13.0%	21.5%	2. Development impacted
Annual Centre Turnover	\$706.2m
Key Tenants	Area (sqm)	Expiry Date
Myer	19,120	June 2021
Target	9,920	July 2015
Hoyts	9,030	April 2014
Big W	8,160	June 2025
Safeway¹	3,410	N/A

Homemaker City, Maribyrnong Victoria

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Bulky Goods Centre
Co-Owner	GPT (16.67%) Highpoint Property Group (33.33%)	Construction/ Refurbishment	Completed 1990
Acquired (by GWSCF)	March 2007
Property Details
Retail	21,200 sqm	Other	0 sqm
Offi ce	0 sqm	Total	21,200 sqm
Current Valuation		Latest External Valuation
Fair Value	\$27.4m	Value	\$27.4m
Capitalisation Rate	9.00%	Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%	Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%	Discount Rate	10.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	31 December 2011
Centre Details
Number of Tenancies	19	Retail Occupancy	74.5%
Car Parking Spaces	505
Expiry Profi le by Base Rent	2H 2012: 25%	2013: 6%	2014: 33%
Key Tenants	Area (sqm)	Expiry Date
Mothercare	1,270	August 2015
Alex's Discount Furniture	1,180	November 2012
Furniture Galore	1,180	October 2015
BBQ's Galore	1,170	August 2016
The Sleeping Giant	1,050	June 2016
Plush	1,000	June 2013

Macarthur Square New South Wales

macarthursquare.com.au

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. The Centre is the only regional centre in its trade area and enjoys a strong trading position.

The Centre is jointly owned with Australian Prime Property Fund Retail and managed by Lend Lease.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owners	Australian Prime Property Fund Retail (50%)	Construction/Refurbishment	Completed 1979 / Refurbished 2006
Acquired (by GWSCF)	March 2007
Property Details
Retail	83,000 sqm	Other	9,200 sqm
Offi ce	2,200 sqm	Total	94,500 sqm
Current Valuation		Latest External Valuation
Fair Value	\$393.6m	Value	\$393.1m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	Directors	Valuer	Knight Frank
		Valuation Date	31 March 2012
Centre Details
Number of Tenancies	308	Retail Occupancy	98.7%
Car Parking Spaces	3,600
Specialty Expiry Profi le by Base Rent	2H 2012: 18%	2013: 14%	2014: 7%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,226	\$9,086
Occupancy Costs	10.7%	17.5%
Annual Centre Turnover	\$542.2m
Key Tenants	Area (sqm)	Expiry Date
David Jones	12,240	April 2017
Big W	8,790	September 2019
Event Cinemas	6,090	March 2021
Target	4,450	April 2016
Woolworths	4,190	November 2015
Coles	3,760	November 2020

Norton Plaza New South Wales

nortonplaza.com.au

Norton Plaza is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Neighbourhood Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed late 1990s and 2000
Property Details
Retail	9,000 sqm	Other	600 sqm
Offi ce	2,300 sqm	Total	11,900 sqm
Current Valuation		Latest External Valuation
Fair Value¹	\$104.8m	Value¹	\$104.8m
Capitalisation Rate²	7.00%	Capitalisation Rate²	7.00%
Terminal Capitalisation Rate²	7.25%	Terminal Capitalisation Rate²	7.25%
Discount Rate²	9.25%	Discount Rate²	9.25%
Valuation Type	External	Valuer	Knight Frank
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	55	Retail Occupancy	100.0%
Car Parking Spaces	485
Specialty Expiry Profi le by Base Rent	2H 2012: 11%	2013: 9%	2014: 8%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$14,770	\$12,086	1. Includes Norton Plaza and Norton
Occupancy Costs	5.4%	12.1%	Central
Annual Centre Turnover	\$108.0m		2. Norton Plaza only. Norton Central cap rate 7.25%, terminal cap rate of
Key Tenants	Area (sqm)	Expiry Date	7.50%, discount rate of 9.50%
Coles	3,770	November 2019

Parkmore Shopping Centre Victoria

parkmoreshopping.com.au

Parkmore Shopping Centre is a regional shopping centre located approximately 35 kilometres south-east of the Melbourne CBD, in the suburb of Keysborough. The Centre, which incorporates two discount department stores and two supermarkets, provides a strong convenience and service offer.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1973 / Refurbished 1995, 2007
Property Details
Retail	36,700 sqm	Other	200 sqm
Offi ce	0 sqm	Total	36,800 sqm
Current Valuation		Latest External Valuation
Fair Value	\$199.0m	Value	\$199.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation Rate	7.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	128	Retail Occupancy	99.7%
Car Parking Spaces	2,600
Specialty Expiry Profi le by Base Rent	2H 2012: 10%	2013: 14%	2014: 15%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,954	\$8,321
Occupancy Costs	7.7%	14.3%
Annual Centre Turnover	\$240.2m
Key Tenants	Area (sqm)	Expiry Date
Kmart	8,390	September 2017
Big W	6,670	November 2015
Coles	3,850	August 2014
Woolworths	3,490	July 2027

Westfi eld Woden Australian Capital Territory

westfi eld.com.au/woden

Westfi eld Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is an approximate 10 minute drive south of the CBD.

The Centre includes a strong retail offer, with a department store and discount department store, as well as a cinema complex and over 200 specialty retailers.

Westfi eld Woden is owned jointly with, and managed by Westfi eld.

A 50% interest in the centre was acquired by GWSCF in June 2012.

Myer have agreed terms to open a store at Westfi eld Woden as part of a future development of the centre.


Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owners	Westfi eld Group (25%) Westfi eld Retail Trust (25%)	Construction/ Refurbishment	Completed 1972 / Refurbished 2000
Acquired (by GWSCF)	June 2012
Property Details
Retail	64,700 sqm	Other	1,000 sqm
Offi ce	6,600 sqm	Total	72,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$322.6m	Value	\$322.6m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	CB Richard Ellis
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	237	Retail Occupancy	93.8%
Car Parking Spaces	2,700
Specialty Expiry Profi le by Base Rent	2H 2012: 16%	2013: 21%	2014: 16%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	\$6,835	\$9,357
Occupancy Costs	10.9%	18.3%
Annual Centre Turnover	\$412.0m
Key Tenants	Area (sqm)	Expiry Date
David Jones	13,630	March 2030
Big W	8,490	August 2019
Woolworths	4,080	March 2019
Hoyts Cinemas Coles	3,780 3,400	June 2020 March 2014

Wollongong Central New South Wales

wollongongcentral.com.au

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. Refurbishment works to the north building were completed in December 2009 to improve the customer experience of the Centre and greatly improve the retail mix.

Works commenced late 2011 on the \$200 million extension of Wollongong Central on the West Kiera land holding. The 18,000sqm expansion will include an additional 80 specialty stores over three levels and 600 car spaces and will connect directly to the existing Wollongong Central. The project will be completed early 2014.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Type	City Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1975 / Refurbished 1985, 2009
Property Details¹
Retail	32,100 sqm	Other	2,600 sqm
Offi ce	3,100 sqm	Total	37,900 sqm
Current Valuation		Latest External Valuation
Fair Value²	\$326.2m	Value²	\$306.0m
Capitalisation Rate	6.50%	Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.75%	Terminal Capitalisation Rate	6.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Colliers
		Valuation Date	31 December 2011
Centre Details
Number of Tenancies¹	153	Retail Occupancy³	N/A
Car Parking Spaces¹	1,429
Specialty Expiry Profi le by Base Rent	2H 2012: 18%	2013: 4%	2014: 21%
Sales Information	Total Centre	Specialties	Notes
Sales Turnover per Square Metre	\$5,605	\$8,876	1. Pre-development impact
Occupancy Costs	13.1%	18.0%	2. Includes ancillary properties
Annual Centre Turnover	\$172.0m		3. Development impacted
Key Tenants	Area (sqm)	Expiry Date
Myer	12,150	October 2016
David Jones	1,840	October 2015

⁹⁹GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE

GPTInterim Result2012

OPTIMISE Office Portfolio

Offi ce Portfolio Overview

GPT's offi ce portfolio comprises ownership in 20 high quality assets with a total investment of \$2.7 billion. The portfolio includes assets held on the Group's balance sheet and an investment in the GPT Wholesale Offi ce Fund (GWOF).

New South Wales

GPT Owned Australia Square (50%) Citigroup Centre (50%) MLC Centre (50%) 1 Farrer Place (25%)

GWOF Owned

Darling Park 1 and 2 (50%) Darling Park 3 HSBC Centre workplace6 The Zenith, Chatswood (50%) 161 Castlereagh Street (50%)

Notes to the offi ce portfolio 10 & 12 Mort Street was sold during the period.

* Acquired July 2012

Queensland GPT Owned One One One Eagle Street (33%)

GWOF Owned

Brisbane Transit Centre (50%) Riverside Centre 545 Queen Street One One One Eagle Street (33%) Victoria GPT Owned Melbourne Central Tower 818 Bourke Street

GWOF Owned Twenty8 Freshwater Place (50%) 530 Collins Street 800/808 Bourke Street 150 Collins Street*

Number of assets in each state

Offi ce Portfolio Summary

The GPT offi ce portfolio performed well with a high average occupancy level, and a long weighted average lease term of 4.8 years.

Offi ce Portfolio Summary

Property	Location	Ownership	Offi ce NLA	30 Jun 12 Fair Value	30 Jun 12 Cap Rate	31 Dec 11 Cap Rate	External Or Directors	Offi ce Occupancy			WALE By Income
			(100% Interest) (sqm)	(\$m)	(%)	(%)	Valuation	Actual	Inc. Signed Leases	Inc. Heads of Agreement	(Years)
GPT Portfolio
Australia Square, Sydney	NSW	50%	51,400	281.8	6.88%	6.88%	Directors	85.1%	85.1%	86.2%	3.5
Citigroup Centre, Sydney	NSW	50%	73,500	366.2	7.20%	7.20%	Directors	97.4%	100.0%	100.0%	3.6
MLC Centre, Sydney	NSW	50%	68,400	375.4	7.00%	7.13%	Directors	90.7%	90.7%	96.3%	3.6
1 Farrer Place, Sydney	NSW	25%	87,100	324.8	6.44%	6.44%	Directors	99.3%	99.3%	99.3%	3.2
Melbourne Central Tower, Melbourne	VIC	100%	65,600	346.6	7.25%	7.25%	Directors	87.6%	88.4%	89.3%	4.9
818 Bourke Street, Melbourne	VIC	100%	21,900	127.6	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	5.3
One One One Eagle Street, Brisbane	QLD	33%	64,000	205.2	6.63%	6.75%	Directors	35.6%	56.7%	82.2%	10.5
GWOF Portfolio
Darling Park 1 & 2, Sydney	NSW	50%	102,000	586.0	6.75% - 7.38%	6.70% - 7.20%	External	98.4%	100.0%	100.0%	6.7
Darling Park 3, Sydney	NSW	100%	29,800	285.0	7.13%	7.00%	Directors	100.0%	100.0%	100.0%	4.3
HSBC Centre, Sydney	NSW	100%	37,300	321.0	7.25%	7.25%	External	100.0%	100.0%	100.0%	5.1
workplace6 , Sydney	NSW	100%	16,300	160.1	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	7.4
The Zenith, Chatswood	NSW	50%	44,000	116.0	8.50%	8.25%	Directors	99.5%	99.5%	99.5%	3.2
Twenty8 Freshwater Place, Melbourne	VIC	50%	33,900	110.5	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	6.7
530 Collins Street, Melbourne	VIC	100%	66,000	385.0	7.25%	7.25%	External	75.2%	75.2%	76.1%	5.0
800/808 Bourke Street, Melbourne	VIC	100%	59,600	347.1	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	3.9
Brisbane Transit Centre, Brisbane	QLD	50%	29,500	88.5	8.75%	8.75%	Directors	100.0%	100.0%	100.0%	2.3
One One One Eagle Street, Brisbane	QLD	33%	64,000	205.2	6.63%	6.75%	Directors	35.6%	56.7%	82.2%	10.5
Riverside Centre, Brisbane	QLD	100%	51,500	524.0	7.00%	7.25%	External	99.7%	99.7%	99.7%	5.3
545 Queen Street, Brisbane	QLD	100%	13,100	89.0	8.25%	8.25%	Directors	100.0%	100.0%	100.0%	4.9
Total			914,900		7.01%	7.07%		88.3%	90.6%	93.6%	4.8

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the offi ce portfolio fi rmed by 6 basis points over the 6 months to 30 June 2012.

Weighted Average Capitalisation Rate

Offi ce Portfolio Lease Expiry Profi le

Offi ce Market Outlook

Despite subdued demand in core markets, fundamentals remain supportive with measured supply and vacancy forecast to trend down in the Sydney and Brisbane markets.

GPT's offi ce portfolio has a diverse tenant mix across a wide range of sectors. Income growth is underpinned by 83% of reviewed leases being subject to a fi xed rental review with an average increase of 4.0%. The weighted Offi ce portfolio is over-rented by 4.0%1 .

Passing rents struck on effective deals "faced up" at current incentive levels
Other includes market reviews, CPI reviews and expiries in 2012

Offi ce Portfolio External Valuation Summary

26% of the GPT offi ce portfolio was valued externally in the 6 months to 30 June 2012.

Property	State	Date	Valuer	Valuation (\$m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Australia Square, Sydney	NSW	31-Dec-11	Savills	278.8	50%	6.88%	7.13%	9.00%
Citigroup Centre, Sydney	NSW	30-Jun-10	KF	360.0	50%	7.20%	7.00%	8.75%
MLC Centre, Sydney	NSW	30-Jun-11	Colliers	367.9	50%	7.13%	7.00%	9.00%
1 Farrer Place, Sydney	NSW	31-Dec-10	JLL	321.5	25%	6.44%	6.50%	8.63%
Melbourne Central Tower, Melbourne	VIC	30-Jun-11	CBRE	330.0	100%	7.25%	7.50%	9.25%
818 Bourke Street, Melbourne	VIC	31-Mar-11	Savills	126.6	100%	7.25%	7.50%	9.50%
One One One Eagle Street, Brisbane	QLD	31-Mar-12	KF	185.0	33%	6.63%	6.88%	9.00%
GWOF Portfolio
Darling Park 1 & 2, Sydney	NSW	30-Jun-12	JLL	586.0	50%	Offi ce: 6.75% - 7.375% Retail: 7.00%	Offi ce: 7.00% - 7.50% Retail: 7.25%	Offi ce: 9.00% - 9.25% Retail: 9.00%
Darling Park 3, Sydney	NSW	31-Mar-12	JLL	285.0	100%	7.13%	7.13%	9.00%
HSBC Centre, Sydney	NSW	30-Jun-12	JLL	321.0	100%	7.25%	7.25%	9.25%
workplace6 , Sydney	NSW	31-Dec-11	JLL	160.0	100%	7.00%	7.50%	9.00%
The Zenith, Chatswood	NSW	30-Sep-11	JLL	118.0	50%	8.25%	8.50%	9.00%
Twenty8 Freshwater Place, Melbourne	VIC	30-Sep-11	JLL	110.5	50%	7.00%	7.50%	9.25%
530 Collins Street, Melbourne	VIC	30-Jun-12	JLL	385.0	100%	7.25%	7.50%	9.25%
800/808 Bourke Street, Melbourne	VIC	30-Sep-11	CBRE	347.0	100%	7.25%	7.50%	9.25%
Brisbane Transit Centre, Brisbane	QLD	31-Dec-11	KF	85.7	50%	8.75%	9.25%	9.50%
One One One Eagle Street, Brisbane	QLD	31-Mar-12	KF	185.0	33%	6.63%	6.88%	9.00%
Riverside Centre, Brisbane	QLD	30-Jun-12	JLL	524.0	100%	7.00%	7.25%	9.00%
545 Queen Street, Brisbane	QLD	31-Dec-11	CBRE	86.0	100%	8.25%	8.50%	9.50%

Offi ce Portfolio Income and Fair Value Schedule

With comparable income growth of 5.6%, the GPT offi ce portfolio continues to perform well.

Property	Income		Fair Value
		6 months to 30 June (\$m)		Fair Value 31 Dec 11	Capex (\$m)	Lease Incentives	Acquisitions (\$m)	Sales (\$m)	Net Revaluations	Other Adjustments	Fair Value 30 Jun 12 (\$m) 281.8 366.2 375.4 324.8 346.6 127.6 205.2
	2011	2012	Variance	(\$m)		(\$m)			(\$m)	(\$m)
GPT Portfolio
Australia Square, Sydney	9.3	9.5	0.1	278.8	3.1	0.0	0.0	0.0	0.0	(0.1)
Citigroup Centre, Sydney	12.5	13.5	1.0	363.0	0.0	2.9	0.0	0.0	0.0	0.2
MLC Centre, Sydney	14.1	13.6	(0.5)	373.2	2.3	0.0	0.0	0.0	0.0	0.0
1 Farrer Place, Sydney	9.7	10.9	1.2	322.7	2.0	0.1	0.0	0.0	0.0	0.0
Melbourne Central Tower, Melbourne	11.8	15.2	3.4	334.0	5.8	7.0	0.0	0.0	0.0	(0.2)
818 Bourke Street, Melbourne	4.5	4.9	0.4	127.4	0.1	0.0	0.0	0.0	0.0	0.0
One One One Eagle Street, Brisbane	0.0	0.4	0.4	147.3	31.2	0.0	0.0	0.0	26.7	0.0
Equity Interests
GPT Equity Interest in GWOF (22.6%)	29.1	22.7	(6.4)	640.9	0.0	0.0	0.0	0.0	17.9	0.0	658.8
Total Offi ce	91.0	90.7	(0.3)	2,587.4	44.6	10.2	0.0	0.0	44.6	(0.1)	2,686.5

Australia Square, 264 George Street Sydney

One of the most iconic prime offi ce properties, Australia Square is situated in the core of Sydney's CBD.

The complex comprises the 48-level circular Tower building, the adjacent 13-level Plaza building, the Summit revolving restaurant, a substantial car park, and external Plaza courtyard.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	A Grade
Co-Owner	Dexus Property Group (50%)	Construction/Refurbishment	Completed 1967 / Refurbished 2004
Acquired (by GPT)	September 1981
Property Details
Offi ce	51,400 sqm	Car Parking Spaces	385
Retail	1,600 sqm	Typical Floor Plate	1,030 sqm
Current Valuation		Latest External Valuation
Fair Value	\$281.8m	Value	\$278.8m
Capitalisation Rate	6.88%	Capitalisation Rate	6.88%
Terminal Capitalisation Rate	7.13%	Terminal Capitalisation Rate	7.13%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Savills
Income (6 months)	\$9.5m	Valuation Date	31 December 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	54	Actual	85.1%
WALE (by income)	3.5 years	Including Signed Leases	85.1%
		Including Heads of Agreement	86.2%
Key Tenants	Area (sqm)	Expiry Date
Origin Energy	5,940	Aug-14
HWL Ebsworth	5,160	Feb-16

Citigroup Centre, 2 Park Street Sydney

The Citigroup Centre at 2 Park Street is a landmark Premium-Grade offi ce building located on the corner of George and Park Streets, Sydney.

Completed in 2000, the 47-level building has large, highly effi cient fl oor plates and upper levels that command expansive city and harbour views.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	Premium Grade
Co-Owner	Charter Hall Offi ce Trust (50%)	Construction/Refurbishment	Completed 2000
Acquired (by GPT)	December 2001
Property Details
Offi ce	73,500 sqm	Car Parking Spaces	284
Retail	500 sqm	Typical Floor Plate	1,850 sqm
Current Valuation		Latest External Valuation
Fair Value	\$366.2m	Value	\$360.0m
Capitalisation Rate	7.20%	Capitalisation Rate	7.20%
Terminal Capitalisation Rate	7.00%	Terminal Capitalisation Rate	7.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	Knight Frank
Income (6 months)	\$13.5m	Valuation Date	30 June 2010
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	24	Actual	97.4%
WALE (by income)	3.6 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Citigroup	34,210	Jul-14
Gilbert + Tobin	9,280	Jun-16

MLC Centre, 19 Martin Place Sydney

The MLC Centre dominates the Sydney skyline, and is located in the core of the Sydney CBD. The Centre comprises a 67-level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct comprises a dominant food court, a strong representation in the international brand fashion market, and the Harvey Norman Technology Superstore.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	A Grade
Co-Owner	QIC (50%)		Completed 1978
Acquired (by GPT)	April 1987	Construction/Refurbishment	Refurbished late 1990s
Property Details
Offi ce	68,400 sqm	Car Parking Spaces	311
Retail	5,200 sqm	Typical Floor Plate	1,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$375.4m	Value	\$367.9m
Capitalisation Rate	7.00%	Capitalisation Rate	7.13%
Terminal Capitalisation Rate	7.00%	Terminal Capitalisation Rate	7.00%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Colliers
Income (6 months)	\$13.6m	Valuation Date	30 June 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	40	Actual	90.7%
WALE (by income)	3.6 years	Including Signed Leases	90.7%
		Including Heads of Agreement	96.3%
Key Tenants	Area (sqm)	Expiry Date
Freehills	20,140	Dec-13
Government	5,000	Mar-16

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

1 Farrer Place is regarded as Sydney's pre-eminent offi ce building with expansive harbour views. The complex consists of 87,400 sqm of Premium-Grade accommodation comprising Governor Phillip Tower, a 64-level offi ce building, Governor Macquarie Tower, a 41-level offi ce building; Philip Street Terraces, being fi ve restored historic terraces; and nine levels of basement car parking for 650 cars.

Key Metrics as at 30 June 2012
Ownership Interest	25%	Asset Quality	Premium Grade
Co-Owners	Dexus Property Group (50%) APPF Commercial (25%)	Construction/Refurbishment	Completed 1993/1994
Acquired (by GPT)	December 2003
Property Details
Offi ce	87,100 sqm	Car Parking Spaces	654
Retail	300 sqm	Typical Floor Plate	GPT: 1,600 sqm GMT: 1,200 sqm
Current Valuation		Latest External Valuation
Fair Value	\$324.8m	Value	\$321.5m
Capitalisation Rate	6.44%	Capitalisation Rate	6.44%
Terminal Capitalisation Rate	6.53%	Terminal Capitalisation Rate	6.50%
Discount Rate	8.63%	Discount Rate	8.63%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
Income (6 months)	\$10.9m	Valuation Date	31 December 2010
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	35	Actual	99.3%
WALE (by income)	3.2 years	Including Signed Leases	99.3%
		Including Heads of Agreement	99.3%
Key Tenants	Area (sqm)	Expiry Date
Government	20,990	Dec-14
Mallesons Stephen Jacques	18,800	Sep-16

Melbourne Central Tower, 360 Elizabeth Street

Melbourne

Melbourne Central is a landmark offi ce and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51-level, Premium-Grade offi ce tower located adjacent to Melbourne Central's retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline and occupied by blue chip and government tenants.

For information about the retail component of Melbourne Central, see the Retail Section of this document.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	Premium Grade
Acquired (by GPT)	May 1999	Construction/Refurbishment	Completed 1991
Property Details
Offi ce	65,600 sqm	Car Parking Spaces	n/a
Retail	n/a	Typical Floor Plate	1,530 sqm
Current Valuation		Latest External Valuation
Fair Value	\$346.6m	Value	\$330.0m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	\$15.2m	Valuation Date	30 June 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	16	Actual	87.6%
WALE (by income)	4.9 years	Including Signed Leases	88.4%
		Including Heads of Agreement	89.3%
Key Tenants	Area (sqm)	Expiry Date
Members Equity Bank	13,660	Apr-21
Government	7,540	May-14

818 Bourke Street, Melbourne

818 Bourke Street is a campus-style offi ce building on the waterfront at Docklands, Melbourne. The building consists of approximately 21,900 sqm of offi ce space over six levels fully leased to Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,400 sqm of retail space.

The building is of Prime-Grade standard with expansive fl oor plates of 3,600 sqm, an energy effi cient design and northerly water views from each fl oor.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	A Grade
Acquired (by GPT)	December 2007	Construction/Refurbishment	Completed 2007
Property Details
Offi ce	21,900 sqm	Car Parking Spaces	175
Retail	1,400 sqm	Typical Floor Plate	3,600 sqm
Current Valuation		Latest External Valuation
Fair Value	\$127.6m	Value	\$126.6m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.25%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Savills
Income (6 months)	\$4.9m	Valuation Date	31 March 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	3	Actual	100.0%
WALE (by income)	5.3 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Ericsson	12,210	Dec-17
Infosys	5,680	Jul-18

One One One Eagle Street, Brisbane

One One One Eagle Street is a Premium–Grade 64,000 sqm, 54 level offi ce tower development in Brisbane's prime commercial 'Golden Triangle' precinct.

The new tower is designed to take advantage of the outstanding location and Brisbane River views and has achieved a 6 Star Green Star Design Rating and is targeting a 5 Star NABERS Energy rating (without Green Power).

Key Metrics as at 30 June 2012
Ownership Interest	33%	Asset Quality	Premium Grade
Co-Owner	GWOF (33%) Third Party Investor (33%)	Construction/Refurbishment	Completed 2012
Property Details
Offi ce	64,000 sqm	Car Parking Spaces	115
Retail	200 sqm	Typical Floor Plate	1,450 sqm
Current Valuation		Latest External Valuation
Fair Value	\$205.2m	Value	\$185.0m
Capitalisation Rate	6.63%	Capitalisation Rate	6.63%
Terminal Capitalisation Rate	6.88%	Terminal Capitalisation Rate	6.88%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Knight Frank
Income (6 months)	\$0.4m	Valuation Date	31 March 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	11	Actual	35.6%
WALE (by income)	10.5 years	Including Signed Leases	56.7%
		Including Heads of Agreement	82.2%
Key Tenants	Area (sqm)	Expiry Date
Arrow Energy	14,804	Feb-21
Ernst & Young	9,012	Jun-24

GPT Wholesale Offi ce Fund

The GPT Wholesale Offi ce Fund (GWOF) provides GPT with an important source of income through funds management and development management fees. This provides investors with an income stream through exposure to high quality assets in addition to the income received from the Fund.

GWOF - Top Ten Key Tenants* As at 30 June 2012

GWOF - Geographic Weighting As at 30 June 2012

*Based on gross rent

Darling Park 1 & 2 and Cockle Bay Wharf, 201 Sussex Street Sydney

Darling Park is a landmark commercial and retail complex located in Sydney's Darling Harbour precinct. The site comprises two Premium-Grade offi ce buildings and a retail and entertainment complex, known as Cockle Bay Wharf.

The towers and Cockle Bay Wharf are connected by plazas, galleries, business lounges and conference facilities. Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, effi cient, column-free fl oor plates and expansive water views.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	Premium Grade
Co-Owners	AMP Capital Investors (25%) Brookfi eld (25%)	Construction/Refurbishment	Tower 1 Completed 1994 Tower 2 Completed 1999
Acquired (by GWOF)	July 2006
Property Details
Offi ce	102,000 sqm	Car Parking Spaces	690
Retail	9,700 sqm	Typical Floor Plate	1,900 sqm
Current Valuation		Latest External Valuation
Fair Value	\$586.0m	Value	\$586.0m
Capitalisation Rate	Offi ce: 6.75%-7.375% Retail: 7.00%	Capitalisation Rate	Offi ce: 6.75%-7.375% Retail: 7.00%
Terminal Capitalisation Rate	Offi ce: 7.00%-7.50% Retail: 7.25%	Terminal Capitalisation Rate	Offi ce: 7.00%-7.50% Retail: 7.25%
Discount Rate	Offi ce: 9.00%-9.25% Retail: 9.00%	Discount Rate	Offi ce: 9.00%-9.25% Retail: 9.00%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	30 June 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	9	Actual	98.4%
WALE (by income)	6.7 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Commonwealth Bank of Australia	51,220	Dec-20/22
PricewaterhouseCoopers	39,370	Dec-15

Darling Park 3, 201 Sussex Street Sydney

The Premium–Grade Darling Park 3, the third and fi nal stage of the Darling Park complex, was completed in November 2005.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	Premium Grade
Acquired (by GWOF)	July 2006	Construction/Refurbishment	Completed 2005
Property Details
Offi ce	29,800 sqm	Car Parking Spaces	161
Retail	20 sqm	Typical Floor Plate	1,500 sqm
Current Valuation		Latest External Valuation
Fair Value	\$285.0m	Value	\$285.0m
Capitalisation Rate	7.13%	Capitalisation Rate	7.13%
Terminal Capitalisation Rate	7.13%	Terminal Capitalisation Rate	7.13%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
		Valuation Date	31 March 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	3	Actual	100.0%
WALE (by income)	4.3 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Marsh Mercer	17,780	Nov-16
Rabobank	9,060	Jun-16

HSBC Centre, 580 George Street Sydney

HSBC Centre comprises a Prime-Grade offi ce and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 offi ce levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	A Grade
Acquired (by GWOF)	July 2006	Construction/Refurbishment	Completed 1988 / Refurbished 2002
Property Details
Offi ce	37,300 sqm	Car Parking Spaces	141
Retail	4,200 sqm	Typical Floor Plate	1,300 sqm
Current Valuation		Latest External Valuation
Fair Value	\$321.0m	Value	\$321.0m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.25%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	30 June 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	22	Actual	100.0%
WALE (by income)	5.1 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
HSBC Bank Australia	13,130	Dec-20
Mission Australia	3,700	May-17

workplace6 , 48 Pirrama Road Sydney

workplace6 is a waterfront Prime-Grade offi ce building achieving world leading standards in environmental design and resource effi ciency. The building, which was developed by GPT, was the fi rst offi ce development to achieve a 6 Star Green Star rating for Design and also As Built in NSW.

The asset features spectacular harbour views, large campus style fl oor plates and two levels of basement parking with 135 car spaces. Accenture and Google occupy all of the offi ce space with the award winning Doltone House function centre occupying the waterfront retail.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	A Grade
Acquired (by GWOF)	December 2007	Construction/Refurbishment	Completed 2008
Property Details
Offi ce	16,300 sqm	Car Parking Spaces	135
Retail	1,900 sqm	Typical Floor Plate	3,600 sqm
Current Valuation		Latest External Valuation
Fair Value	\$160.1m	Value	\$160.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
		Valuation Date	31 December 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	2	Actual	100.0%
WALE (by income)	7.4 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Google Australia	9,850	Dec-18
Accenture	6,460	Feb-21

The Zenith, 821 Pacifi c Highway Chatswood

The Zenith is the pre-eminent A-Grade offi ce complex located in the commercial heart of Chatswood CBD. The asset consists of two prominent offi ce towers, connected by a multistorey glass atrium. The asset features large and effi cient fl oor plates and the Zenith Theatre.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	A Grade
Co-Owner	Dexus Property Group (50%)	Construction/Refurbishment	Completed 1987 / Refurbished 2008
Acquired (by GWOF)	January 2007
Property Details
Offi ce	44,000 sqm	Car Parking Spaces	801
Retail	900 sqm	Typical Floor Plate	1,100 sqm
Current Valuation		Latest External Valuation
Fair Value	\$116.0m	Value	\$118.0m
Capitalisation Rate	8.50%	Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.75%	Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
		Valuation Date	30 September 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	35	Actual	99.5%
WALE (by income)	3.2 years	Including Signed Leases	99.5%
		Including Heads of Agreement	99.5%
Key Tenants	Area (sqm)	Expiry Date
Government	6,320	May-22
Government	5,250	Mar-13

Twenty8 Freshwater Place Melbourne

Twenty8 Freshwater Place is a Prime-Grade building located in Melbourne's Southbank, between the Crown Entertainment complex and Southgate.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	A Grade
Co-Owner	Australand (50%)	Construction/Refurbishment	Completed 2008
Acquired (by GWOF)	August 2007
Property Details
Offi ce	33,900 sqm	Car Parking Spaces	250
Retail	100 sqm	Typical Floor Plate	Tower: 1,780 sqm Podium: 2,270 sqm
Current Valuation		Latest External Valuation
Fair Value	\$110.5m	Value	\$110.5m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
		Valuation Date	30 September 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	14	Actual	100.0%
WALE (by income)	6.7 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
MMG Australia	7,120	Mar-19
CPA	7,120	May-21

530 Collins Street Melbourne

Located on the north east corner of Collins and King Streets in the Melbourne CBD, 530 Collins Street is a Premium-Grade commercial offi ce building which was completed in 1991. The asset is a sought after property due to its large fl oor plates, prime location, and spectacular city views.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	Premium Grade
Acquired (by GWOF)	July 2006	Construction/Refurbishment	Completed 1991 / Refurbished 2009
Property Details
Offi ce	66,000 sqm	Car Parking Spaces	327
Retail	1,600 sqm	Typical Floor Plate	Tower: 1,300 sqm Podium: 3,500 sqm
Current Valuation		Latest External Valuation
Fair Value	\$385.0m	Value	\$385.0m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	30 June 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	23	Actual	75.2%
WALE (by income)	5.0 years	Including Signed Leases	75.2%
		Including Heads of Agreement	76.1%
Key Tenants	Area (sqm)	Expiry Date
St George Bank	7,030	Dec-16
HWL Ebsworth & AEMO	5,033	May-21

800/808 Bourke Street Melbourne

800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head offi ce of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands precinct in Melbourne. The asset embodies the key design elements of a modern workplace such as large open plan fl oors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	A Grade
Acquired (by GWOF)	July 2006	Construction/Refurbishment	Completed 2004
Property Details
Offi ce	59,600 sqm	Car Parking Spaces	416
Retail	1,600 sqm	Typical Floor Plate	3,500 sqm
Current Valuation		Latest External Valuation
Fair Value	\$347.1m	Value	\$347.0m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.25%	Discount Rate	9.25%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	30 September 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	1	Actual	100.0%
WALE (by income)	3.9 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
National Australia Bank	59,620	Feb-16

Brisbane Transit Centre, 151 - 171 Roma Street Brisbane

The Brisbane Transit Centre comprises a multi-use complex with two offi ce towers, three levels of retail and a car park. During 2009 and early 2010, a refurbishment and services upgrade enhanced the offi ce tower to a Prime-Grade rating.

Key Metrics as at 30 June 2012
Ownership Interest	50%	Asset Quality	A Grade
Co-Owner	APPF Commercial (50%)	Construction/Refurbishment	Completed 1988, with periodic refurbishment
Acquired (by GWOF)	July 2006
Property Details
Offi ce	29,500 sqm	Car Parking Spaces	805
Retail	3,000 sqm	Typical Floor Plate	East Tower: 1,030 sqm West Tower: 2,095 sqm
Current Valuation		Latest External Valuation
Fair Value¹	\$88.5m	Value¹	\$85.7m
Capitalisation Rate	8.75%	Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.25%	Terminal Capitalisation Rate	9.25%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Knight Frank
		Valuation Date	31 December 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	8	Actual	100.0%
WALE (by income)	2.3 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Brisbane City Council	8,320	Jul-14	1. Includes Holiday Inn component
Worley Parsons	8,240	Nov-14	which was divested in August 2012.

One One One Eagle Street, Brisbane

One One One Eagle Street is a Premium–Grade 64,000 sqm, 54 level offi ce tower development in Brisbane's prime commercial 'Golden Triangle' precinct.

Key Metrics as at 30 June 2012
Ownership Interest	33%	Asset Quality	Premium Grade
Co-Owner	GPT (33%) Third Party Investor (33%)	Construction/Refurbishment	Completed 2012
Acquired (by GWOF)	2008
Property Details
Offi ce	64,000 sqm	Car Parking Spaces	115
Retail	200 sqm	Typical Floor Plate	1,450 sqm
Current Valuation		Latest External Valuation
Fair Value	\$205.2m	Value	\$185.0m
Capitalisation Rate	6.63%	Capitalisation Rate	6.63%
Terminal Capitalisation Rate	6.88%	Terminal Capitalisation Rate	6.88%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Knight Frank
		Valuation Date	31 March 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	11	Actual	35.6%
WALE (by income)	10.5 years	Including Signed Leases	56.7%
		Including Heads of Agreement	82.2%
Key Tenants	Area (sqm)	Expiry Date
Arrow Energy	14,804	Feb-21
Ernst & Young	9,012	Jun-24

Riverside Centre, 123 Eagle Street Brisbane

This pre-eminent landmark complex comprises a 41-level Premium-Grade commercial building located in the heart of the Golden Triangle of the Brisbane CBD. Originally constructed in 1986, the complex has been periodically refurbished and upgraded. The building incorporates quality offi ce accommodation, waterfront restaurants, a car park for 485 cars and an open plaza surrounded by retail accommodation.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	Premium Grade
Acquired (by GWOF)	July 2006	Construction/Refurbishment	Completed 1986 / Refurbished 1998
Property Details
Offi ce	51,500 sqm	Car Parking Spaces	485
Retail	4,700 sqm	Typical Floor Plate	1,500 sqm
Current Valuation		Latest External Valuation
Fair Value	\$524.0m	Value	\$524.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	30 June 2012
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	38	Actual	99.7%
WALE (by income)	5.3 years	Including Signed Leases	99.7%
		Including Heads of Agreement	99.7%
Key Tenants	Area (sqm)	Expiry Date
PricewaterhouseCoopers	8,710	Jan-19
Allens Arthur Robinson	4,790	Sep-15

545 Queen Street, Brisbane

545 Queen Street is situated on a prominent island site located in the north eastern fringe of the fi nancial precinct of Brisbane CBD. The site is located approximately 500 metres from the Brisbane Central Rail Station with good exposure to the high volumes of traffi c on the northern entrance of Brisbane CBD.

Key Metrics as at 30 June 2012
Ownership Interest	100%	Asset Quality	A Grade
Acquired (by GWOF)	June 2007	Construction/Refurbishment	Completed 1991 / Re-developed 2008
Property Details
Offi ce	13,100 sqm	Car Parking Spaces	100
Retail	500 sqm	Typical Floor Plate	Tower: 750 sqm Podium: 2,090 sqm
Current Valuation		Latest External Valuation
Fair Value	\$89.0m	Value	\$86.0m
Capitalisation Rate	8.25%	Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%	Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	31 December 2011
Tenant Details		Offi ce Occupancy
Number of Offi ce Tenants	5	Actual	100.0%
WALE (by income)	4.9 years	Including Signed Leases	100.0%
		Including Heads of Agreement	100.0%
Key Tenants	Area (sqm)	Expiry Date
Flight Centre	8,110	Jan-17
Calibre Global	2,770	Jan-19

¹²⁸GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE

GPTInterim Result2012

Logistics & Business Packs

Logistics & Business Parks Portfolio Overview

GPT's logistics & business parks portfolio consists of ownership in 25 high quality traditional logistics and business park assets located in Australia's major industrial and business park areas.

New South Wales

Rosehill Business Park, Camellia Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2 15 & 19 Berry St, Granville 2-4 Harvey Road, Kings Park 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington 18-24 Abbott Road, Seven Hills 5 Figtree Drive, Sydney Olympic Park 7 Figtree Drive, Sydney Olympic Park 6 Herb Elliott Avenue, Sydney Olympic Park 8 Herb Elliott Avenue, Sydney Olympic Park 5 Murray Rose Avenue, Sydney Olympic Park Quads 1, 2, 3 and 4, Sydney Olympic Park 7 Parkview Drive, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park

Victoria

Citiwest Industrial Estate, Altona North Citiport Business Park, Port Melbourne Austrak Business Park, Somerton (50%) 134-140 Fairbairn Road, Sunshine West

Queensland

92-116 Holt Street, Pinkenba

Logistics & Business Parks Portfolio Summary

The logistics & business parks portfolio delivered solid income growth of 2.5%, maintaining high occupancy levels of 99% and a long weighted average lease expiry of 6.1 years.

Comparable Net Income Growth

Weighted Average Lease Expiry

Top Ten Tenants*

Key Operating Metrics

As at 30 June 2012

Number of Assets¹ 25 24 Portfolio Value \$905.1m \$808.0m

Occupancy 99.0% 98.8%

Consolidated properties are counted individually.

1H 12 1H 11

2.5% 2.8%

6.1 years 6.2 years

Geographic Weighting As at 30 June 2012

*Based on net rent

Logistics & Business Parks Portfolio Summary

The total value of the logistics & business parks portfolio has increased to \$905 million (including development assets) as at 30 June 2012.

Property	Location	Ownership	GLA (100%	30 Jun 12	30 Jun 12	31 Dec 11	External or	Occupancy	WALE
			Interest)	Fair Value	Cap Rate	Cap Rate	Directors		(by Income)
			(sqm)	(\$m)	(%)	(%)	Valuation		(Years)
Rosehill Business Park, Camellia	NSW	100%	49,500	67.5	8.25%	8.48%¹	External	100.0%	3.7
Connect@Erskine Park Stage 1	NSW	100%	15,200	38.8	7.50%	8.00%	External	100.0%	17.0
Connect@Erskine Park Stage 2	NSW	100%	12,700	19.1	7.75%	7.88%	Directors	100.0%	9.6
15 Berry Street, Granville	NSW	100%	10,000	13.3	8.75%	8.75%	External	100.0%	2.8
19 Berry Street, Granville	NSW	100%	19,600	26.7	8.50%	8.75%	External	100.0%	5.7
2-4 Harvey Road, Kings Park	NSW	100%	40,300	44.1	8.50%	8.50%	Directors	100.0%	5.2
407 Pembroke Road, Minto	NSW	50%	15,300	23.0	8.25%	8.25%	Directors	100.0%	7.4
4 Holker Street, Newington	NSW	100%	7,400	30.4	9.00%	9.00%	Directors	100.0%	5.0
18-24 Abbott Road, Seven Hills	NSW	100%	19,400	13.8	10.00%	10.00%	Directors	100.0%	3.3
5 Figtree Drive, Sydney Olympic Park	NSW	100%	9,000	19.4	8.75%	8.75%	Directors	74.1%	4.7
7 Figtree Drive, Sydney Olympic Park	NSW	100%	3,500	10.5	8.50%	8.50%	Directors	100.0%	3.2
6 Herb Elliott Avenue, Sydney Olympic Park²	NSW	100%	4,100	12.0	N/A	N/A	Directors	100.0%	2.7
8 Herb Elliott Avenue, Sydney Olympic Park	NSW	100%	3,300	9.4	8.50%	8.50%	Directors	100.0%	7.6
5 Murray Rose Avenue, Sydney Olympic Park	NSW	100%	12,400	63.6	7.50%	N/A	External	100.0%	11.8
Quad 1, Sydney Olympic Park	NSW	100%	5,000	19.4	8.50%	8.50%	Directors	100.0%	1.4
Quad 2, Sydney Olympic Park	NSW	100%	5,100	20.9	8.75%	8.75%	Directors	66.0%	6.9
Quad 3, Sydney Olympic Park	NSW	100%	5,200	21.5	8.50%	8.50%	Directors	91.3%	2.5
Quad 4, Sydney Olympic Park	NSW	100%	8,000	35.6	8.25%	8.25%	Directors	100.0%	3.0
7 Parkview Drive, Sydney Olympic Park³	NSW	100%	2,300	18.2	N/A	N/A	Directors	100.0%	1.3
372-374 Victoria Street, Wetherill Park	NSW	100%	20,500	18.3	9.25%	9.50%	External	100.0%	2.7
Citiwest Industrial Estate, Altona North	VIC	100%	90,000	66.7	8.56%¹	8.59%¹	Directors	100.0%	3.5
Citiport Business Park, Port Melbourne	VIC	100%	27,100	61.2	8.50%	N/A	Directors	94.4%	2.2
Austrak Business Park, Somerton	VIC	50%	193,600	140.0	8.15%	7.80%¹	External	100.0%	8.7
134-140 Fairbairn Road, Sunshine West	VIC	100%	16,700	13.2	9.25%	9.25%	Directors	100.0%	5.6
92-116 Holt Street, Pinkenba	QLD	100%	15,400	13.5	9.25%	9.25%	Directors	100.0%	5.6
Sub Total			610,600	820.0	8.36%	8.44%		99.0%	6.1
Assets under development
Erskine Park - Land	NSW	100%		52.4			External
17 Berry Street, Granville - Land	NSW	100%		5.3			External
407 Pembroke Road, Minto - Land	NSW	50%		5.2			Directors
Austrak Business Park, Somerton - Land	VIC	50%		22.2			External
Logistics and Business Parks Portfolio Total				905.1

Represents weighted average cap rate of constituent properties.
6 Herb Elliott Avenue has been valued on the basis of discounting the future value of the development potential of the site. The PV of the current lease income has then been added to the value.
7 Parkview Drive has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolition and deferrment of development have been deducted. The PV of the current lease has then been added to the value.

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the logistics & business parks portfolio fi rmed by 8 basis points over the past 6 months to 8.36% at 30 June 2012.

Weighted Average Capitalisation Rate

Lease Expiry Profi le

The portfolio has an attractive lease expiry profi le with a weighted average lease expiry of 6.1 years.

Industrial Market Outlook

Whilst the pre-lease market remains soft, low vacancy and limited supply supports continued strong portfolio performance.

75% of the portfolio is subject to fi xed rental increases with an average increase of 3.4% over the 2012 period with the balance subject to market and CPI reviews.

The logistics & business parks portfolio is positioned well with occupancy levels at 99% and a long WALE of 6.1 years. The logistics & business parks portfolio is over-rented by 3.7%.

2012 supply is based on current projects completed, under construction, planned approved and plans submitted Source: Jones Lang LaSalle Research, June 2012

Logistics & Business Parks Portfolio External Valuation Summary

61% of the portfolio was valued externally in the 6 months to 30 June 2012.

Property	Location	Date	Valuer	Valuation (\$m)	Interest	Capitalisation Rate	Terminal	Discount Rate (%)
					(%)	(%)	Capitalisation
Rosehill Business Park, Camellia	NSW	30-Jun-12	JLL	67.5	100%	8.25%	Rate (%) 8.25%	9.50%

Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2	NSW NSW	30-Jun-12 30-Sep-10	KF KF	38.8 19.0	100% 100%	7.50% 7.82%	8.00% 8.50%	9.50% 9.50%
15 Berry Street, Granville	NSW	30-Jun-12	Savills	13.3	100%	8.75%	9.00%	9.50%
19 Berry Street, Granville	NSW	30-Jun-12	Savills	26.7	100%	8.50%	8.75%	9.50%
2-4 Harvey Road, Kings Park	NSW	30-Jun-11	Savills	44.0	100%	8.50%	9.00%	9.75%
407 Pembroke Road, Minto	NSW	31-Dec-10	KF	22.9	50%	8.25%	8.50%	9.50%
4 Holker Street, Newington	NSW	31-Dec-11	CBRE	30.4	100%	9.00%	9.50%	10.50%
18-24 Abbott Road, Seven Hills	NSW	31-Dec-11	CBRE	13.6	100%	10.00%	N/A	N/A
5 Figtree Drive, Sydney Olympic Park	NSW	30-Jun-11	Colliers	18.8	100%	8.75%	9.00%	10.25%
7 Figtree Drive, Sydney Olympic Park	NSW	30-Jun-10	CBRE	10.0	100%	8.50%	8.50%	9.50%
6 Herb Elliott Avenue, Sydney Olympic Park¹	NSW	31-Dec-10	JLL	12.0	100%	N/A	N/A	N/A
8 Herb Elliott Avenue, Sydney Olympic Park	NSW	30-Jun-10	CBRE	8.9	100%	8.50%	8.50%	9.50%
5 Murray Rose Avenue, Sydney Olympic Park	NSW	30-Jun-12	M3	63.6	100%	7.50%	8.00%	9.50%
Quad 1, Sydney Olympic Park	NSW	30-Jun-10	CBRE	19.5	100%	8.75%	8.75%	9.50%
Quad 2, Sydney Olympic Park	NSW	30-Jun-10	CBRE	19.6	100%	8.75%	8.75%	9.50%
Quad 3, Sydney Olympic Park	NSW	31-Dec-09	JLL	20.2	100%	8.25%	8.50%	9.50%
Quad 4, Sydney Olympic Park	NSW	31-Dec-09	JLL	32.4	100%	8.00%	8.00%	9.25%
7 Parkview Drive, Sydney Olympic Park²	NSW	30-Jun-11	JLL	17.5	100%	N/A	N/A	N/A
372-374 Victoria Street, Wetherill Park	NSW	30-Jun-12	KF	18.3	100%	9.25%	9.75%	10.50%
Citiwest Industrial Estate, Altona North	VIC	31-Mar-12	JLL	66.6	100%	8.50%-8.75%	8.75%-9.00%	9.50%-9.75%
Citiport Business Park, Port Melbourne	VIC	1-Feb-12	JLL	61.0	100%	8.50%	8.75%	9.75%
Austrak Business Park, Somerton	VIC	30-Jun-12	CBRE	140.0	50%	8.15%	9.00%	10.00%
134-140 Fairbairn Road, Sunshine West	VIC	31-Dec-11	CBRE	13.2	100%	9.25%	10.50%	10.00%
92-116 Holt Street, Pinkenba	QLD	30-Jun-11	JLL	13.0	100%	9.25%	9.25%	10.25%

6 Herb Elliott Avenue has been valued on the basis of discounting the future value of the development potential of the site. The PV of the current lease income has then been added to the value.
7 Parkview Drive has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolition and deferrment of development have been deducted. The PV of the current lease has then been added to the value.

Logistics & Business Parks Portfolio Income and Fair Value Schedule

Property		Income						Fair Value
		6 months to 30 June (\$m)		Fair Value	Capex	Lease	Acquisitions	Sales	Net	Other	Fair Value
				31 Dec 11	(\$m)	Incentives	(\$m)	(\$m)	Revaluations	Adjustments	30 Jun 12
	2011	2012	Variance	(\$m)		(\$m)			(\$m)	(\$m)	(\$m)
Rosehill Business Park, Camellia	2.6	2.9	0.3	67.3	0.1	0.5	0.0	0.0	(0.5)	0.2	67.5
Connect@Erskine Park Stage 1	1.5	1.8	0.3	39.0	0.0	0.0	0.0	0.0	(0.3)	0.0	38.8
Connect@Erskine Park Stage 2	0.8	0.8	0.0	19.1	0.0	0.0	0.0	0.0	0.0	0.0	19.1
15 Berry Street, Granville	0.6	0.6	0.0	12.9	0.0	0.0	0.0	0.0	0.4	0.0	13.3
19 Berry Street, Granville	1.1	1.2	0.1	25.7	0.1	0.0	0.0	0.0	0.9	0.0	26.7
2-4 Harvey Road, Kings Park	1.9	2.0	0.1	44.0	0.0	0.0	0.0	0.0	0.0	0.0	44.1
407 Pembroke Road, Minto	0.9	1.1	0.2	22.9	0.0	0.0	0.0	0.0	0.0	0.0	23.0
4 Holker Street, Newington	1.4	1.7	0.2	30.4	0.0	0.0	0.0	0.0	0.0	0.0	30.4
18-24 Abbott Road, Seven Hills	0.7	0.8	0.0	13.6	0.2	0.0	0.0	0.0	0.0	0.0	13.8
5 Figtree Drive, Sydney Olympic Park	0.8	0.2	(0.6)	18.8	0.0	0.3	0.0	0.0	0.0	0.3	19.4
7 Figtree Drive, Sydney Olympic Park	0.0	0.4	0.4	10.5	0.0	0.0	0.0	0.0	0.0	0.0	10.5
6 Herb Elliott Avenue, Sydney Olympic Park 8 Herb Elliott Avenue, Sydney Olympic Park	0.4 0.4	0.2 0.4	(0.2) 0.0	12.1 9.4	(0.1) 0.0	0.0 0.0	0.0 0.0	0.0 0.0	0.0 0.0	0.0 0.0	12.0 9.4
5 Murray Rose Avenue, Sydney Olympic Park	0.0	0.8	0.8	41.0	16.9	0.7	0.0	0.0	5.0	0.0	63.6
Quad 1, Sydney Olympic Park	0.9	0.9	0.0	20.4	0.0	0.0	0.0	0.0	(1.0)	0.0	19.4
Quad 2, Sydney Olympic Park	0.8	0.7	(0.1)	20.4	0.0	0.5	0.0	0.0	0.0	0.0	20.9
Quad 3, Sydney Olympic Park	0.9	0.9	0.0	21.3	0.2	0.0	0.0	0.0	0.0	0.1	21.5
Quad 4, Sydney Olympic Park	1.4	1.4	0.0	35.6	0.0	0.0	0.0	0.0	0.0	0.0	35.6
7 Parkview Drive, Sydney Olympic Park	0.2	0.3	0.1	17.8	0.3	0.1	0.0	0.0	0.0	0.0	18.2
372-374 Victoria Street, Wetherill Park	0.8	0.9	0.0	18.1	0.0	0.0	0.0	0.0	0.1	0.0	18.3
Citiwest Industrial Estate, Altona North	2.9	2.9	0.0	66.3	0.0	0.0	0.0	0.0	0.2	0.2	66.7
Citiport Business Park, Port Melbourne	0.0	1.4	1.4	0.0	0.0	0.0	64.5	0.0	(3.2)	0.0	61.2
Austrak Business Park, Somerton	5.7	7.2	1.5	140.9	0.1	0.0	0.0	0.0	3.8	(4.7)	140.0
134-140 Fairbairn Road, Sunshine West	0.6	0.6	0.0	13.2	0.0	0.0	0.0	0.0	0.0	0.0	13.2
92-116 Holt Street, Pinkenba	0.6	0.6	0.0	13.3	0.2	0.0	0.0	0.0	0.0	0.0	13.5
Assets Under Development
Erskine Park - Land	0.0	0.0	0.0	63.6	1.2	0.0	0.0	(9.9)	(2.5)	0.0	52.4
17 Berry Street, Granville - Land	0.0	0.0	0.0	5.2	0.1	0.0	0.0	0.0	0.0	0.0	5.3
407 Pembroke Road, Minto - Land	0.0	0.0	0.0	5.2	0.0	0.0	0.0	0.0	0.0	0.0	5.2
Austrak Business Park, Somerton - Land	0.0	0.0	0.0	17.5	1.1	0.0	0.0	0.0	(1.1)	4.7	22.2
Assets Sold During Period
Ocean Steamers Drive, Port Adelaide	0.2	0.1	(0.1)	7.0	0.0	0.0	0.0	(7.0)	0.0	0.0	0.0
Logistics and Business Parks Total	28.1	32.4	4.3	832.4	20.6	2.0	64.5	(16.9)	1.8	0.6	905.1

Connect@Erskine Park, Cnr Lockwood & Templar Road Erskine Park

Connect@Erskine Park is a 32.4 ha site situated on the corner of Lockwood and Templar Road, Erskine Park, located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions.

Stage 1 is leased to Goodman Fielder on a 20 year lease. Stage 2 is leased to Target Australia on a 12 year lease.

Approximately 21.5 ha remains for future development.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	May 2008
Property Details	Stage 1 (Goodman Fielder)	Stage 2 (Target)
GLA	15,200 sqm	12,700 sqm
Site Area	39,700 sqm	22,900 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	17.0 Years	9.6 Years
Current Valuation
Fair Value	\$38.8m	\$19.1m
Capitalisation Rate	7.50%	7.75%
Terminal Capitalisation Rate	8.00%	8.25%
Discount Rate	9.50%	9.50%
Valuation Type	External	Directors
Income (6 months)	\$1.8m	\$0.8m
Latest External Valuation
Value	\$38.8m	\$19.0m
Capitalisation Rate	7.50%	7.82%
Terminal Capitalisation Rate	8.00%	8.50%
Discount Rate	9.50%	9.50%
Valuer	Knight Frank	Knight Frank
Valuation Date	30 June 2012	30 September 2010

Granville Logistics Centre, 15-19 Berry Street Granville

Granville Logistics Centre comprises 29,700 sqm of high clearance warehouse and modern offi ce accommodation across two separate buildings, with DA approval for an additional 9,000 sqm of improvements. Berry Street is a continuation of James Ruse Drive, a major north-south arterial road servicing Sydney's central west. Other major road arteries in the near vicinity include Parramatta Road, and the M4 Motorway.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	November 2000 (15 Berry), December 2000 (19 Berry)
Property Details	15 Berry St	19 Berry St
GLA	10,000 sqm	19,600 sqm
Site Area	20,600 sqm	30,800 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	2.8 Years	5.7 Years
Current Valuation
Fair Value	\$13.3m	\$26.7m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuation Type	External	External
Income (6 months)	\$0.6m	\$1.2m
Latest External Valuation
Value	\$13.3m	\$26.7m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuer	Savills	Savills
Valuation Date	30 June 2012	30 June 2012

Rosehill Business Park, Camellia

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 49,500 sqm of lettable area across three buildings that were completed in separate stages. The property benefi ts from its close proximity to James Ruse Drive and the M4 motorway.

2-4 Harvey Road, Kings Park

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality offi ce accommodation. Kings Park is located approximately 40 kilometres west of the Sydney CBD and 15 kilometres northwest of the Parramatta CBD. The area is well located to major transport routes.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	May 1999
Property Details
GLA	40,300 sqm
Site Area	64,800 sqm
Occupancy	100.0%
WALE (By Income)	5.2 Years
Current Valuation
Fair Value	\$44.1m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuation Type	Directors
Income (6 months)	\$2.0m
Latest External Valuation
Value	\$44.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuer	Savills
Valuation Date	30 June 2011

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	May 1998
Property Details
GLA	49,500 sqm
Site Area	79,700 sqm
Occupancy	100.0%
WALE (By Income)	3.7 Years
Current Valuation
Fair Value	\$67.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuation Type	External
Income (6 months)	\$2.9m
Latest External Valuation
Value	\$67.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuer	Jones Lang LaSalle
Valuation Date	30 June 2012

407 Pembroke Road, Minto

The property is located within easy access to major road networks (M5 and M7 Motorways) and has the benefi t of access to a railway siding from the Main Southern Railway. Current improvements comprise 15,300 sqm of modern offi ce, warehouse and cold storage and 6.7 ha of land remains for future development.

4 Holker Street, Newington

4 Holker Street, Newington comprises a modern hi-tech data centre built in 2002. The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
GLA	7,400 sqm
Site Area	6,800 sqm
Occupancy	100.0%
WALE (By Income)	5.0 Years
Current Valuation
Fair Value	\$30.4m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuation Type	Directors
Income (6 months)	\$1.7m
Latest External Valuation
Value	\$30.4m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

Key Metrics as at 30 June 2012
Ownership Interest	50%
Co-Owner	Austrak
Acquired (by GPT)	October 2008
Property Details
GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy	100.0%
WALE (By Income)	7.4 Years
Current Valuation
Fair Value	\$23.0m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (6 months)	\$1.1m
Latest External Valuation
Value	\$22.9m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Knight Frank
Valuation Date	31 December 2010

18-24 Abbott Road, Seven Hills

Abbott Road, Seven Hills provides a strategic 4 ha land bank near the junction of the M2 and M7 Motorways. The site, which is currently leased to Broens Industries until 2015, is suitable for a variety of future industrial development opportunities.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	October 2006
Property Details
GLA	19,400 sqm
Site Area	40,800 sqm
Occupancy	100.0%
WALE (By Income)	3.3 Years
Current Valuation
Fair Value	\$13.8m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (6 months)	\$0.8m
Latest External Valuation
Value	\$13.6m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

5 Figtree Drive, Sydney Olympic Park

5 Figtree Drive comprises a two-level offi ce facility and high clearance warehouse. The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue. The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	July 2005
Property Details
GLA	9,000 sqm
Site Area	12,900 sqm
Occupancy	74.1%
WALE (By Income)	4.7 Years
Current Valuation
Fair Value	\$19.4m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (6 months)	\$0.2m
Latest External Valuation
Value	\$18.8m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June 2011

7 Figtree Drive, Sydney Olympic Park

7 Figtree Drive comprises a single level offi ce and warehouse building located at Sydney Olympic Park. The site is currently leased to BSA Limited and occupies a prime location on the corner of Figtree Drive and Olympic Boulevard. In conjunction with neighbouring GPT assets, the property forms part of a 4 ha consolidated holding.

6 Herb Elliott Avenue, Sydney Olympic Park

6 Herb Elliott Avenue is situated opposite the Olympic Park Rail Station, midway between Australia Avenue and Olympic Boulevard. Considerable upgrading of infrastructure has occurred throughout Sydney Olympic Park with improved road and rail transport increasing the amenity of the area.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	June 2010
Property Details
GLA	4,100 sqm
Site Area	8,400 sqm
Occupancy	100.0%
WALE (By Income)	2.7 Years
Current Valuation
Fair Value	\$12.0m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (6 months)	\$0.2m
Latest External Valuation
Value	\$12.0m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2010

Note: 6 Herb Elliott Avenue has been valued on the basis of discounting the future value of the development potential of the site. The PV of the current lease income has then been added to the value.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	July 2004
Property Details
GLA	3,500 sqm
Site Area	9,600 sqm
Occupancy	100.0%
WALE (By Income)	3.2 Years
Current Valuation
Fair Value	\$10.5m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (6 months)	\$0.4m
Latest External Valuation
Value	\$10.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	30 June 2010

8 Herb Elliott Avenue, Sydney Olympic Park

8 Herb Elliott Avenue is situated opposite the Olympic Park Railway Station, between Australia Avenue and Olympic Boulevard. Current site improvements comprise 3,300 sqm of high quality offi ce and warehouse accommodation leased to Silanna.

7 Parkview Drive, Sydney Olympic Park

7 Parkview Drive forms part of the Sydney Olympic Park (SOP) commercial precinct and is located in close proximity to key SOP amenities and infrastructure. Over the medium to longer term, existing site improvements will make way for a new campus style offi ce park, including the recently completed 5 Murray Rose and the proposed 3 Murray Rose.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	August 2004
Property Details
GLA	3,300 sqm
Site Area	9,100 sqm
Occupancy	100.0%
WALE (By Income)	7.6 Years
Current Valuation
Fair Value	\$9.4m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (6 months)	\$0.4m
Latest External Valuation
Value	\$8.9m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	30 June 2010

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	May 2002
Property Details
GLA	2,300 sqm
Site Area	21,000 sqm
Occupancy	100.0%
WALE (By Income)	1.3 Years
Current Valuation
Fair Value	\$18.2m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (6 months)	\$0.3m
Latest External Valuation
Value	\$17.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones Lang LaSalle
Valuation Date	30 June 2011

Note: 7 Parkview Drive has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolition and deferrment of development have been deducted. The PV of the current lease has then been added to the value.

5 Murray Rose, Sydney Olympic Park

5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400sqm commercial building over 5 levels, with a 6 Green Star Rating and a target rating of 5 Star NABERS Energy and Water.

The 5 Murray Rose development is the fi rst stage of GPT's \$200 million Murray Rose Business Park. GPT's Masterplan for the site provides a total of 42,700sqm of campus style business and retail accommodation.

The remaining commercial development land at Murray Rose Business Park, being 3 and 4 Murray Rose will be similar in size and design to 5 Murray Rose. These developments will be targeting similar returns to those achieved on 5 Murray Rose. 1 and 2 Murray Rose are both zoned for residential development.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Construction/Refurbishment	Completed 2012
Property Details
GLA	12,400 sqm
Site Area	3,500 sqm
Occupancy	100.0%
WALE (By Income)	11.8 Years
Current Valuation
Fair Value	\$63.6m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.50%
Valuation Type	External
Income (6 months)	\$0.8m
Latest External Valuation
Value	\$63.6m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.50%
Valuer	m3 Property
Valuation Date	30 June 2012

Sustainability

Developed to world's leading practice, 5 Murray Rose features a solar installation that will contribute 25% of the base-building's peak load, making it the largest solar installation in an Australian commercial building of this scale. In March 2012, GPT's 5 Murray Rose development achieved a 6 Star Green Star - Offi ce Design v2 certifi ed rating.

Leasing Achievements

The development's leading environmental initiatives, the partnership approach of GPT and the lifestyle options provided by Sydney Olympic Park were all critical in the decision by the Lion Group to enter into a 12 year lease for 100% of the building area in February 2012. The Lion Group have successfully moved into circa half of the building at June 2012. The building is due to be fully occupied by October 2012.

Quad Business Park, Sydney Olympic Park

Quad Business Park is a four stage integrated offi ce development, located at Sydney Olympic Park, close to signifi cant infrastructure and public recreational amenities.

The business park comprises four offi ce buildings, totalling 23,400 sqm of net lettable space, completed in stages between July 2001 and June 2007.

Winner of the 2009 PCA Industrial & Business Park Award, Quad 4 was the fi rst speculative building in Sydney to be designed to Australian Best Practice environmental performance. The building was certifi ed as a 5 Star Green Star - Offi ce Design v2 rating and has been designed to the standards of a NABERS Energy rating of 5 Stars.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	June 2001 to March 2003
Property Details	Quad 1	Quad 2	Quad 3	Quad 4
GLA	5,000 sqm	5,100 sqm	5,200 sqm	8,000 sqm
Site Area	9,400 sqm	7,800 sqm	6,600 sqm	8,000 sqm
Occupancy	100.0%	66.0%	91.3%	100.0%
WALE (By Income)	1.4 Years	6.9 Years	2.5 Years	3.0 Years
Current Valuation
Fair Value	\$19.4m	\$20.9m	\$21.5m	\$35.6m
Capitalisation Rate	8.50%	8.75%	8.50%	8.25%
Terminal Capitalisation Rate	8.75%	8.75%	8.50%	8.50%
Discount Rate	9.25%	9.50%	9.50%	9.50%
Valuation Type	Directors	Directors	Directors	Directors
Income (6 months)	\$0.9m	\$0.7m	\$0.9m	\$1.4m
Latest External Valuation
Value	\$19.5m	\$19.6m	\$20.2m	\$32.4m
Capitalisation Rate	8.75%	8.75%	8.25%	8.00%
Terminal Capitalisation Rate	8.75%	8.75%	8.50%	8.00%
Discount Rate	9.50%	9.50%	9.50%	9.25%
Valuer	CB Richard Ellis	CB Richard Ellis	Jones Lang LaSalle	Jones Lang LaSalle
Valuation Date	30 June 2010	30 June 2010	31 December 2009	31 December 2009

372-374 Victoria Street, Wetherill Park

The property comprises a high bay warehouse and associated offi ces. Wetherill Park is a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 Motorways.

Citiwest Industrial Estate, Altona North

The property comprises a complex of six high clearance warehouse distribution centres 15 kilometres south-west of the Melbourne CBD. The estate is bounded by Dohertys Road to the north, Grieve Parade to the east and Pinnacle Road to the south. Access to the Westgate Freeway and the Western Ring Road are available from Grieve Parade.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	August 1994
Property Details
GLA	90,000 sqm
Site Area	201,800 sqm
Occupancy	100.0%
WALE (By Income)	3.5 Years
Current Valuation
Fair Value	\$66.7m
Capitalisation Rate	8.56%
Terminal Capitalisation Rate	8.87%
Discount Rate	9.60%
Valuation Type	Directors
Income (6 months)	\$2.9m
Latest External Valuation
Value	\$66.6m
Capitalisation Rate	8.50%-8.75%
Terminal Capitalisation Rate	8.75%-9.00%
Discount Rate	9.50%-9.75%
Valuer	Jones Lang LaSalle
Valuation Date	31 March 2012

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	July 2006
Property Details
GLA	20,500 sqm
Site Area	40,900 sqm
Occupancy	100.0%
WALE (By Income)	2.7 Years
Current Valuation
Fair Value	\$18.3m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuation Type	External
Income (6 months)	\$0.9m
Latest External Valuation
Value	\$18.3m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuer	Knight Frank
Valuation Date	30 June 2012

Austrak Business Park, Somerton

Austrak Business Park comprises approximately 65 ha of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The land offers a key point of difference with access to one of Australia's fi rst fully integrated inter-modal rail terminals. GPT and Austrak have developed approximately 70% of the Park since acquisition.

134-140 Fairbairn Road, Sunshine West

134-140 Fairbairn Road comprises two high bay warehouses and extensive hardstand areas used for the storage and distribution of steel products. The area is popular with transport and logistics users due to its close proximity to the Western Ring Road and West Gate Freeway.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
GLA	16,700 sqm
Site Area	52,000 sqm
Occupancy	100.0%
WALE (By Income)	5.6 Years
Current Valuation
Fair Value	\$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (6 months)	\$0.6m
Latest External Valuation
Value	\$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

Key Metrics as at 30 June 2012
Ownership Interest	50%
Co-Owner	Austrak
Acquired (by GPT)	October 2003
Property Details
GLA	193,600 sqm
Site Area	644,000 sqm
Occupancy	100.0%
WALE (By Income)	8.7 Years
Current Valuation
Fair Value	\$140.0m
Capitalisation Rate	8.15%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.00%
Valuation Type	External
Income (6 months)	\$7.2m
Latest External Valuation
Value	\$140.0m
Capitalisation Rate	8.15%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	30 June 2012

92-116 Holt Street, Pinkenba

92–116 Holt Street comprises two large high bay warehouses. Pinkenba is adjacent to Eagle Farm in Brisbane's industrial northern suburbs. The area benefi ts from easy access to the Gateway Motorway and Brisbane Airport, which is located approximately two kilometres to the north of the site.

Citiport Business Park, Port Melbourne

Citiport is a high quality 27,000sqm industrial park in a prime location, with both offi ce and warehouse facilities. Citiport is located in close proximity of the Westgate Freeway.

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	February 2012
Property Details
GLA	27,100 sqm
Site Area	25,500 sqm
Occupancy	94.4%
WALE (By Income)	2.2 Years
Current Valuation
Fair Value	\$61.2m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuation Type	Directors
Income (6 months)	\$1.4m
Latest External Valuation
Value	\$61.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuer	Jones Lang LaSalle
Valuation Date	1 February 2012

Key Metrics as at 30 June 2012
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
GLA	15,400 sqm
Site Area	32,800 sqm
Occupancy	100.0%
WALE (By Income)	5.6 Years
Current Valuation
Fair Value	\$13.5m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuation Type	Directors
Income (6 months)	\$0.6m
Latest External Valuation
Value	\$13.0m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuer	Jones Lang LaSalle
Valuation Date	30 June 2011

¹⁵⁰GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE

GPTInterim Result2012

OPTIMISE Development

Development Overview

Development is a core part of GPT's business, adding value through improved income, development profi ts and increased fund management fees. GPT's focus is to enhance and preserve the existing assets with a particular focus on the retail and offi ce sectors. We intend to build further capability in logistics and business parks development.

Retail Underway Highpoint Shopping Centre, VIC Wollongong Central - West Keira, NSW

Planned Casuarina Square, NT

Offi ce Underway 150 Collins Street, VIC* 161 Castlereagh Street, NSW

*Acquired July 2012

Pipeline Summary	Forecast Cost (\$bn)
Underway1	\$0.6
Planned	\$0.5
Future Pipeline	\$1.4
Total Pipeline	\$2.5

Logistics & Business Parks Planned

Austrak Business Park, Somerton, VIC Erskine Park, NSW 3 Murray Rose, Sydney Olympic Park, NSW Austrak Business Park, Minto, NSW Berry Street, Granville, NSW

Minimum Return Targets	Development IRR
Retail	10% - 13%
Offi ce	11% - 14%
Logistics & Business Parks	12% - 15%

Costs to complete current projects

Developments Underway

GPT has \$1.0 billion of developments underway (\$0.6 billion cost to complete) on behalf of assets owned on balance sheet and in GPT's wholesale funds.

Development	GLA/NLA	Total Cost	Forecast Cost to Complete
	Post Development 100% Interest (sqm)	(\$m)	GPT (\$m)	Fund's Share (\$m)
Retail
Highpoint Shopping Centre, VIC	156,000	200	24	73
Wollongong Central - West Keira, NSW	53,000	224	0	173
Offi ce
150 Collins Street, VIC	20,150	181	0	181
161 Castlereagh Street, NSW	57,800	380	0	143
Total Developments Underway		985	24	570

Development Timeline - Projects Underway

Highpoint Shopping Centre, VIC	Retail

Wollongong Central - West Keira, NSW	Retail
150 Collins Street, VIC	Offi ce
161 Castlereagh Street, NSW	Offi ce
		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
		2012			2013				2014

Development Pipeline

GPT has \$0.5 billion of planned developments and a future pipleline of \$1.4 billion.

Planned Development	Ownership	Forecast Total Cost¹ (\$m)	Estimated Development Period	Comments
Retail Planned
Casuarina Square, NT	50% GPT 50% GWSCF	250	~ 24 months	Expansion of existing centre
Logistics & Business Parks Planned
Sydney Olympic Park, NSW	100% GPT	65	~ 24 months	3 Murray Rose - business park development
Austrak Business Park, Somerton, VIC	50% GPT	40	~18 months	Next stage of development in joint venture with Austrak (50%)
Erskine Park, NSW	100% GPT	50	~18 months	Next stage of development
Other Developments		55	~24 months	Next stage of development at Austrak Business Park, Minto and Berry St Granville
Total Planned		460
Future Pipeline		1,415
Total Planned and Future Pipeline		1,875

Includes the value of development land

Highpoint Shopping Centre Victoria

The signifi cant expansion of Highpoint commenced in March 2011 and will see the introduction of David Jones (second department store) and approximately 100 specialty shops. The \$300 million development represents a greatly improved centre for customers and the western region of Melbourne with an enhanced retail offer, the creation of signifi cant job opportunities, improved traffi c fl ow, new public spaces and sustainability initiatives.

Key Metrics as at 30 June 2012
Ownership Interest	GPT (16.67%) GWSCF (50%) Highpoint Property Group (33.33%)
Additional GLA	31,000 sqm
	GPT Interest¹	GWSCF Interest
Acquired	August 2009	March 2007
Development Cost	\$50.0m	\$150.0m
Target Yield	10%	7%
Target Development IRR²	15%	12%
Completion	March 2013

GPT returns include property management and funds management fees
IRR is blended return over 10 years

Wollongong Central - West Keira New South Wales

The West Keira development project commenced in December 2011. The development will deliver a unique retail experience with an extension of 18,000 sqm. This responds directly to the needs of the Wollongong community by addressing a signifi cant undersupply of food retail in Wollongong's city centre. Fresh, fast and slow food will feature in an offer that spans all three levels of the project.

Key Metrics as at 30 June 2012
Ownership Interest	GWSCF (100%)
Acquired	March 2007
Additional GLA	18,000 sqm
Development Cost	\$224.0m
Target Yield	7%
Target Development IRR¹	11%
Completion	February 2014

IRR is blended return over 10 years

161 Castlereagh Street Sydney

150 Collins Street Melbourne

161 Castlereagh Street, Sydney is a new Premium Grade offi ce tower featuring 54,800 sqm of accommodation over 43 fl oors scheduled for completion in mid-2013. The development is being undertaken by Grocon. The asset will provide new and dynamic public spaces complete with 3,000sqm of premium ground level retail. The asset is located close to parking and a wide range of public transport amenities in a prominent Sydney CBD location. There is a 24 month rent guarantee from Grocon on the vacant space.

Key Metrics as at 30 June 2012
Ownership Interest	GWOF (50%)
Acquired	April 2010
NLA	57,800 sqm
% Area Committed	85%
Development Cost	\$380.0m
Target Yield	6.7%
Completion	Mid 2013

150 Collins Street, Melbourne is a new A-Grade development with Premium Grade services featuring 20,000 sqm of accommodation over 13 fl oors. The development is being undertaken by Grocon/APN and is scheduled for completion in mid 2014. The asset is located in the exclusive "Paris" end of Collins Street and has been 71% precommitted to Westpac Group for 12 years. There is a 24 month rent guarantee from Grocon/APN on the vacant space.

Key Metrics as at 30 June 2012
Ownership Interest	GWOF (100%)
Acquired	July 2012
NLA	20,000 sqm
% Area Committed	71%
Development Cost	\$181.0m
Target Yield	6.7%
Completion	Mid 2014

¹⁵⁶GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW GROW OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE OPTIMISE

GPTInterim Result2012

OPTIMISE Funds Management

GPT Wholesale Offi ce Fund

GWOF provides wholesale investors with exposure to high quality offi ce assets, located in Australia's major offi ce markets. At 30 June 2012, the Fund consisted of 14 offi ce assets located across Australia's key CBD offi ce markets with a value of \$3.5 billion.

	June 2012	December 2011
Number of Assets	14	14
Property Investments	\$3,518m	\$3,318m
Gearing	15.4%	12.9%
One Year Return (post-fees)	10.7%	8.8%

Fund Details as at 30 June 2012
GPT's Ownership Interest (%)	22.6%
GPT's Ownership Interest (\$m)	\$658.8m
Established	July 06
Weighted Average Capitalisation Rate	7.19%
Portfolio Occupancy (%)	95.1%
Distributions Received (\$m)	\$22.7m
GPT Base Management Fee (\$m)	\$7.6m
GPT Performance Fee (\$m)	Nil

Total Return	1 July 2011 to 30 June 2012	Inception to Date (Annualised) 21 July 2006 to 30 June 2012
Post fees	10.7%	7.4%

GWOF Ownership Composition As at 30 June 2012

GWOF Capital Management

Total borrowings for the Fund at 30 June 2012 were \$551 million resulting in gearing of 15.4%.

Darling Park 1 & 2, Sydney

GWOF Capital Management Summary as at 30 June 2012
Gearing	15.4%
Weighted Average Cost of Debt	5.1%
Fees and Margins (included in above)	1.9%
Weighted Average Debt Term	3.0 years
Drawn Debt Hedging	61%
Weighted Average Hedge Term	1.0 year

GWOF Loan Facilities	Facility Limit (\$m)	Facility Expiry	Amount Currently
			Drawn (\$m)
Bank Bilateral	150.0	30 Sep 13	150.0
Bank Bilateral	50.0	30 Nov 14	50.0
Bank Bilateral	150.0	30 Nov 14	150.0
Bank Bilateral	100.0	1 Jul 15	100.0
Bank Bilateral	200.0	1 Jul 16	101.0
Total	650.0		551.0

GWOF Forward Start Debt Facilities	Facility Limit (\$m)	Start Date	Facility Expiry
Bank Bilateral	50.0	1 Jan 13	30 Nov 14
Bank Bilateral	50.0	1 May 13	30 Nov 14
Total	100.0

GWOF Capital Management

GWOF has \$335 million of derivative instruments (being 61% hedged) and these have a weighted average term of one year.

Hedges were terminated during the period and replaced with a one year hedge in anticipation of a reduction in debt from receipt of asset sale proceeds and an equity raise.

530 Collins Street, Melbourne

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 30 June 2012, the Fund consisted of 11 retail assets with a value of \$2.8 billion.

	June 2012	December 2011
Number of Assets	11	9
Property Investments	\$2,823m	\$2,199m
Gearing	30.8%	11.3%
One Year Return (post-fees)	6.3%	10.3%

Fund Details as at 30 June 2012
GPT's Ownership Interest (%)		20.1%
GPT's Ownership Interest (\$m)		375.1m
Established		March 07
Weighted Average Capitalisation Rate		6.46%
Portfolio Occupancy (%)		98.7%
Distributions Received (\$m)		\$10.8m
GPT Base Management Fee (\$m)		\$5.1m
GPT Performance Fee (\$m)		Nil

Total Return	1 July 2011 to 30 June 2012	Inception to Date (Annualised) 31 March 2007 to 30 June 2012
Post fees	6.3%	4.0%

GWSCF Ownership Composition

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2012 were \$877 million resulting in gearing of 30.8%.

GWSCF Capital Management Summary as at 30 June 2012
Gearing	30.8%
Weighted Average Cost of Debt	5.2%
Fees and Margins (included in above)	1.8%
Weighted Average Debt Term	3.0 years
Drawn Debt Hedging	57%
Weighted Average Hedge Term	2.6 years

GWSCF Loan Facilities	Facility Limit (\$m)	Facility Expiry	Amount Currently
			Drawn (\$m)
Bank Bilateral	200.0	1 Jul 13	200.0
Bank Bilateral	100.0	22 Jun 14	100.0
Bank Bilateral	80.0	30 Nov 14	80.0
Bank Bilateral	150.0	31 Mar 15	112.0
Bank Bilateral	50.0	22 Jun 15	50.0
Bank Bilateral	100.0	30 Sep 15	0.0
Bank Bilateral	150.0	22 Dec 15	150.0
Bank Bilateral	200.0	24 Jun 16	185.0
Total	1,030.0		877.0

GWSCF Forward Start Debt Facilities	Facility Limit (\$m)	Start Date	Facility Expiry
Bank Bilateral	100.0	30 Nov 13	30 Nov 14
Total	100.0

GWSCF Capital Management

GWSCF has \$500 million of derivative instruments (being 57% hedged) and these have a weighted average term of 2.6 years.

Hedges were terminated during the period in anticipation of a reduction in debt from an equity raise.

AI assistant

GPT GROUP — Regulatory Filings 2012

65009_rns_2012-08-12_1a19aad1-58ee-4b5e-abab-fad89d54f1b6.pdf

GPTInterim Result2012

OPTIMISE Data Pack

Contents

GPTInterim Result2012

OPTIMISE GPT Overview

GPT Securityholder Overview

Drivers of Earnings and Value

Operational Leverage

Total Returns Equation

Strategy on a Page

OPTIMISE Financial Performance

Financial Summary

Results Summary

Results Summary

Realised Operating Income to Statutory A-IFRS Profi t

Investments and Income

NTA Movement

Capital Management Summary

Look Through Gearing

Sources of Drawn Debt

Debt Facilities

Liquidity Profi le

Hedging Profi le

GPTInterim Result2012

OPTIMISE Retail Portfolio

Retail Portfolio Overview

Northern Territory

Queensland

Australian Capital Territory GWSCF Owned Wesfi eld Woden (50%)*

New South Wales GPT Owned

GWSCF Owned

Victoria

GWSCF Owned

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

Comparable Change in Retail Sales By Category

Retail Sales

Specialty MAT Growth

Weighted Average Capitalisation Rate

Weighted Average Capitalisation Rate

Lease Expiry Profi le

Total Centres Total Specialty Tenants

Retail Portfolio External Valuation Summary

Retail Portfolio Income and Fair Value Schedule

Casuarina Square Northern Territory

Charlestown Square New South Wales

Dandenong Plaza Victoria

dandenongplaza.com.au

Erina Fair New South Wales

Highpoint Shopping Centre Victoria

highpoint.com.au

Homemaker City Maribyrnong Victoria

Melbourne Central Victoria

Rouse Hill Town Centre New South Wales

Sunshine Plaza Queensland

sunshineplaza.com

Westfi eld Penrith New South Wales

Homemaker City Portfolio Queensland

homemakercity.com.au

GPT Wholesale Shopping Centre Fund

Carlingford Court New South Wales

carlingfordcourt.com.au

Casuarina Square Northern Territory

Chirnside Park Victoria

chirnsidepark.com.au

Forestway Shopping Centre New South Wales

forestway.com.au

Highpoint Shopping Centre Victoria

highpoint.com.au

Homemaker City, Maribyrnong Victoria

Macarthur Square New South Wales

Norton Plaza New South Wales

nortonplaza.com.au

Parkmore Shopping Centre Victoria

parkmoreshopping.com.au

Westfi eld Woden Australian Capital Territory

GPT GROUP Regulatory Filings 2012