GPT GROUP — Annual Report 2017

Feb 13, 2017

Contents

Retail Portfolio	3
GWSCF Portfolio	18
Office Portfolio	35
GWOF Portfolio	50
Logistics Portfolio	85

Casuarina Square

Northern Territory

Casuarina Square, Northern Territory GPT

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin's Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.

The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer. The centre is also complimented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to one of Australia's largest solar rooftop system's after installation of the 1.25MW (megawatt) system in 2015.

A new entertainment and leisure precinct named "The Quarter" was successfully launched in July 2016. The project saw the introduction of 12 new dining tenancies and a Timezone entertainment centre.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value1		\$313.0m
Co-Owner	50% GWSCF	Capitalisation Rate2		5.75%
Acquired (by GPT)	October 1973	Valuation Type		External
Asset Type	Regional Centre	Income (12 months)		\$17.6m
Construction/Refurbishment	Completed 1973 / Refurbished 1998
Centre Details		Sales Information
Total GLA	54,700 sqm		Total Centre	Specialties
Number of Tenancies	196	Sales Turnover per Square Metre	\$8,529	\$11,501
Car Parking Spaces	2,365	Occupancy Costs	10.2%	16.3%
Specialty Expiry Profile by Base Rent	2017: 26% 2018: 14%	Annual Centre Turnover	\$388.9m
	2019: 18%	Key Tenants
Retail Occupancy	99.6%			Area (sqm)
		Kmart		7,450
		Big W		6,130
		Woolworths		5,020
		BCC Cinemas		4,120
Water intensity	Emissions intensity (litres/m2)	Coles		3,750

Sustainability

1. Includes retail and student accommodation. 2. Retail component only.

Charlestown Square

New South Wales

Charlestown Square, New South Wales GPT

Charlestown Square is the largest shopping and entertainment destination in the Newcastle and Hunter region.

The super regional centre comprises a Myer department store, two discount department stores and two full line supermarkets. In addition, the centre has a strong entertainment, leisure and lifestyle component.

In July 2016 Charlestown Square saw the introduction of global fast fashion retailer H&M, the first store to open in Regional NSW.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value		\$892.6m
Acquired (by GPT)	December 1977	Capitalisation Rate		5.75%
Asset Type	Super Regional Centre	Valuation Type		Internal
Construction/Refurbishment	Completed 1979 / Refurbished 1989, 2011	Income (12 months)		\$47.7m
Centre Details		Sales Information
Total GLA	93,500 sqm		Total Centre	Specialties
Number of Tenancies Car Parking Spaces	279 3,450	Sales Turnover per Square Metre	\$7,043	\$11,858
Specialty Expiry Profile by Base Rent	2017: 35%	Occupancy Costs	10.0%	14.0%
	2018: 13%	Annual Centre Turnover	\$545.2m
	2019: 5%	Key Tenants
Retail Occupancy	99.2%			Area (sqm)
		Myer		11,500
		Big W		7,750
		Target		5,590
		Woolworths		4,800
		Reading Cinemas		4,580
		Coles		4,320
		Aldi		790

Sustainability

Highpoint Shopping Centre

Victoria

Highpoint Shopping Centre, Victoria GPT

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia's leading retail destinations.

Highpoint is one of the largest shopping centres in Australia and incorporates over 470 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.

The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owners Acquired (by GPT) Asset Type Construction/Refurbishment	16.67% GPT 58.33% GWSCF 25% Highpoint Property Group August 2009 Super Regional Centre Main Centre: Completed 1975	Fair Value Capitalisation Rate Valuation Type Income (12 months)		\$383.2m 4.75% External \$19.1m
	Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Centre Details		Sales Information
Total GLA	154,000 sqm		Total Centre	Specialties
Number of Tenancies	474	Sales Turnover per Square Metre	\$6,935	\$10,771
Car Parking Spaces	7,341	Occupancy Costs	13.6%	19.5%
Specialty Expiry Profile by Base Rent	2017: 25%	Annual Centre Turnover	\$991.4m
	2018: 25% 2019: 16%	Key Tenants
Retail Occupancy	99.9%			Area (sqm)
		Myer		19,120
		David Jones		14,000
		Target		9,920
		Hoyts		9,030

Big W 8,160 Woolworths 4,240

Sustainability

Melbourne Central

Victoria

Melbourne Central, Victoria GPT

Melbourne Central is a landmark office and retail property, located in the Melbourne CBD. Surrounding the historic Shot Tower, Melbourne Central features contemporary fashion retailers as well as a vibrant entertainment precinct.

With close to 300 retailers, the shopping centre covers two city blocks and is conveniently located directly above Melbourne Central train station.

A GPT managed retail asset, the urban shopping centre attracts a wide variety of customers including CBD workers, tourists, students and residents from the inner ring suburbs of Melbourne.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Acquired (by GPT) Asset Type Construction/Refurbishment	100% GPT May 1999 City Centre Completed 1991 / Refurbished 2005, 2011	Fair Value1 Capitalisation Rate2 Valuation Type Income (12 months)		\$1,274.0m 5.00% External \$68.1m
Centre Details		Sales Information
Total GLA Number of Tenancies Car Parking Spaces Specialty Expiry Profile by Base Rent	56,000 sqm 296 879 2017: 20% 2018: 13% 2019: 19%	Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover	Total Centre \$9,914 15.1% \$496.6m	Specialties \$12,064 18.5%
Retail Occupancy	99.8%	Key Tenants
		Hoyts Coles		Area (sqm) 7,710 1,310

Sustainability

Rouse Hill Town Centre

New South Wales

Rouse Hill Town Centre, New South Wales GPT

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 developments.

The centre is located along Windsor Road in the Baulkham Hills Local Government Area and features two discount department stores, two supermarkets and a cinema/entertainment precinct.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Acquired (by GPT) Asset Type Construction/Refurbishment	100% GPT Stage 1: September 2007 Stage 2: March 2008 Regional Centre Completed 2008	Fair Value Capitalisation Rate Valuation Type Income (12 months)		\$578.8m 5.75% External \$33.9m
Centre Details		Sales Information
Total GLA	69,300 sqm		Total Centre	Specialties
Number of Tenancies	250	Sales Turnover per Square Metre	\$7,062	\$8,409
Car Parking Spaces	2,767	Occupancy Costs	9.2%	14.7%
Specialty Expiry Profile by Base Rent	2017: 16% 2018: 29%	Annual Centre Turnover	\$430.4m
Retail Occupancy	2019: 21% 100.0%	Key Tenants
				Area (sqm)
		Big W		8,560
		Target		6,820
		Reading Cinemas		5,780
		Woolworths		4,610

Coles 4,120

Sustainability

Queensland

Sunshine Plaza, Queensland GPT

Sunshine Plaza is located in Maroochydore on Queensland's Sunshine Coast. The centre 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.

In August 2016, the co-owners announced that work has begun on a \$400 million re-development of the centre. The scheme incorporates a 34,400 square metre retail expansion to include David Jones, Big W, International Mini Majors, 105 specialty stores and additional 1,420 car parking spaces. The project is due for completion in the fourth quarter of 2018.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value		\$417.3m
Co-Owner	50% Australian Prime Property Fund Retail	Capitalisation Rate		5.50%
Acquired (by GPT)	December 1992	Valuation Type		External
Asset Type	Major Regional Centre	Income (12 months)		\$24.6m
Construction/Refurbishment	Completed 1994 / Refurbished 2002
Centre Details		Sales Information
Total GLA1	73,400 sqm		Total Centre	Specialties
Number of Tenancies1	249	Sales Turnover per Square Metre	\$8,606	\$11,704
Car Parking Spaces1	3,546	Occupancy Costs	11.4%	18.6%
Specialty Expiry Profile by Base Rent	2017: 35%	Annual Centre Turnover	\$535.5m
	2018: 24%
	2019: 12%	Key Tenants
Retail Occupancy	99.8%			Area (sqm)
		Myer		12,890
		Target		6,920
		Kmart		6,590
		Coles		5,850
		BCC Cinemas		4,690
		Woolworths		3,880

Sustainability

Westfield Penrith

New South Wales

Westfield Penrith, New South Wales GPT

Westfield Penrith is a super-regional shopping centre located in the heart of Penrith, which is approximately a one hour drive west of the Sydney CBD. The centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets.

Westfield Penrith is owned jointly with, and managed by Scentre.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$636.2m
Co-Owner	50% Scentre Group	Capitalisation Rate	5.25%
Acquired (by GPT)	June 1971	Valuation Type	Internal
Asset Type	Super Regional Centre	Income (12 months)	\$33.5m
Construction/Refurbishment	Completed 1971 / Refurbished 2005

Centre Details

Total GLA	91,800 sqm
Number of Tenancies	314
Car Parking Spaces	3,521
Specialty Expiry Profile by Base Rent	2017: 34%
	2018: 15%
	2019: 16%
Retail Occupancy	100.0%

Sales Information

	Total Centre	Specialties
Sales Turnover per Square Metre	\$7,738	\$12,308
Occupancy Costs	11.9%	17.8%
Annual Centre Turnover	\$636.7m

Key Tenants

	Area (sqm)
Myer	20,110
Big W	8,740
Target	7,100
Hoyts	4,790
Woolworths	3,800
Aldi	1,620

Sustainability

Casuarina Square

Northern Territory

Casuarina Square, Northern Territory GWSCF PORTFOLIO

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The centre is located in the northern suburbs of Darwin, a 15 minute drive from Darwin's Central Business District (CBD) and 20 minutes from the satellite town of Palmerston.

The centre includes two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer. The centre is also complimented by a 303 bed student accommodation facility operated by Unilodge. Casuarina Square is also home to one of Australia's largest solar rooftop system's after installation of the 1.25MW (megawatt) system in 2015. A new entertainment and leisure precinct named "The Quarter" was successfully launched in July 2016. The project saw the introduction of 12 new dining tenancies and a Timezone entertainment centre.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owner Acquired (by GWSCF) Asset Type Construction/Refurbishment	50% GWSCF 50% GPT June 2012 Regional Centre Completed 1973 / Refurbished 1998	Fair Value1 Capitalisation Rate2 Valuation Type	\$313.0m 5.75% External
Centre Details		Sales Information
Total GLA	54,700 sqm		Total Centre	Specialties
Number of Tenancies	196	Sales Turnover per Square Metre	\$8,529	\$11,501
Car Parking Spaces	2,365	Occupancy Costs	10.2%	16.3%
Specialty Expiry Profile by Base Rent	2017: 26%	Annual Centre Turnover	\$388.9m
	2018: 14% 2019: 18%	Key Tenants
Retail Occupancy	99.6%			Area (sqm)
		Kmart		7,450
		Big W		6,130
		Woolworths		5,020
		BCC Cinemas		4,120
Water intensity	Emissions intensity (litres/m2)	Coles		3,750

Sustainability

1. Includes retail and student accommodation. 2. Retail component only.

Chirnside Park

Victoria

Chirnside Park, Victoria GWSCF PORTFOLIO

Chirnside Park is a regional shopping centre that has been servicing the community of outer eastern Melbourne since 1979. The centre offers customers an extensive selection of stores, with a strong focus on convenience and value-driven fresh food.

Situated approximately 30 kilometres north-east of the Melbourne CBD, Chirnside Park incorporates two discount department stores, three supermarkets, over 100 specialty stores and an eight-screen Reading Cinema. The centre provides an excellent convenience offer in the north-eastern region of Melbourne.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWSCF	Fair Value		\$274.0m
Acquired (by GWSCF)	March 2007	Capitalisation Rate		6.00%
Asset Type	Regional Centre	Valuation Type		External
Construction/Refurbishment	Completed 1979 / Refurbished 1999, 2002
Centre Details		Sales Information
Total GLA	37,600 sqm		Total Centre	Specialties
Number of Tenancies	115	Sales Turnover per Square Metre	\$8,167	\$11,605
Car Parking Spaces	2,045	Occupancy Costs	8.6%	15.5%
Specialty Expiry Profile by Base Rent	2017: 25%	Annual Centre Turnover	\$273.3m
	2018: 22% 2019: 16%	Key Tenants
Retail Occupancy	98.9%			Area (sqm)
		Kmart		8,250
		Target		4,770
		Woolworths		4,180
		Reading Cinemas		3,500
		Coles		3,290

Sustainability

Aldi 1,530

Highpoint Shopping Centre

Victoria

Highpoint Shopping Centre, Victoria GWSCF PORTFOLIO

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia's leading retail destinations.

Highpoint is one of the largest shopping centres in Australia and incorporates over 470 stores including western Melbourne's first David Jones, as well as several international retailers including Zara, Topshop, Apple and Samsung.

The centre provides a strong retail experience for customers and provides the western region of Melbourne with an extensive retail, entertainment and lifestyle offer.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owners Acquired (by GWSCF) Asset Type	58.33% GWSCF 16.67% GPT 25% Highpoint Property Group March 2007 Super Regional Centre	Fair Value¹ Capitalisation Rate Valuation Type		\$1,341.1m 4.75% External
Construction/Refurbishment	Main Centre: Completed 1975 Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Centre Details		Sales Information
Total GLA Number of Tenancies Car Parking Spaces Specialty Expiry Profile by Base Rent	154,000 sqm 474 7,341 2017: 25% 2018: 25%	Sales Turnover per Square Metre Occupancy Costs Annual Centre Turnover Key Tenants	Total Centre \$6,935 13.6% \$991.4m	Specialties \$10,771 19.5%
Retail Occupancy	2019: 16% 99.9%	Myer David Jones		Area (sqm) 19,120 14,000

Sustainability

Target 9,920 Hoyts 9,030 Big W 8,160 Woolworths 4,240

35

Macarthur Square

New South Wales

Macarthur Square, New South Wales GWSCF PORTFOLIO

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. As the only regional centre in its trade area, the centre provides customers with a unique retail, entertainment and community destination. The centre includes a department store, two discount department stores, two supermarkets, a variety of specialty stores and a cinema entertainment offer.

In July 2015, the co-owners commenced a \$240 million re-development of the centre, adding approximately 16,000 square metres to the property including a new full line Coles, Aldi, Harris Scarfe and H&M, in addition to refurbished David Jones, Woolworths and Target stores. The development also adds approximately 45 specialty stores, a fresh food market hall, new dining offer and improved car parking. The main extension is on program to open in March 2017.

Macarthur Square is jointly owned with Australian Prime Property Fund Retail and is managed by Lend Lease.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GWSCF	Fair Value		\$512.4m
Co-Owner	50% Australian Prime Property Fund Retail	Capitalisation Rate		5.75%
Acquired (by GWSCF)	March 2007	Valuation Type		External
Asset Type	Major Regional Centre
Construction/Refurbishment	Completed 1979 / Refurbished 2006
Centre Details		Sales Information2
Total GLA¹	94,600 sqm		Total Centre	Specialties
Number of Tenancies¹	303	Sales Turnover per Square Metre	\$6,151	\$10,558
Car Parking Spaces¹	3,600	Occupancy Costs	10.6%	16.2%
Specialty Expiry Profile by Base Rent	2017: 21%	Annual Centre Turnover	\$539.6m
	2018: 14% 2019: 8%	Key Tenants3
Retail Occupancy2	n/a			Area (sqm)
		Big W		8,790
		David Jones		6,900
		Event Cinemas		6,090
		Target		5,310
		Coles		4,650
		Woolworths		4,190
		Aldi		1,500

60

Sustainability

Operational Waste (% reused/recycled)

1. Pre-development impact.

2. Development impacted.

Northland Shopping Centre, Victoria GWSCF PORTFOLIO

Northland Shopping Centre is located in East Preston, approximately 11 kilometres north of Melbourne's CBD.

The centre includes a department store, two discount department stores, three supermarkets and a cinema entertainment offer. The trade area in which the centre is located is supported by strong demographic trends including above average household income levels and continued infill and high density development which will drive future population growth.

Northland Shopping Centre is jointly owned with, and managed by Vicinity Centres.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GWSCF	Fair Value		\$483.0m
Co-Owner	50% Vicinity Centres	Capitalisation Rate		5.625%
Acquired (by GWSCF)	May 2014	Valuation Type		External
Asset Type	Super Regional Centre
Construction/Refurbishment	Completed 1966 / Last refurbished 2009
Centre Details		Sales Information
Total GLA	97,400 sqm		Total Centre	Specialties
Number of Tenancies	317	Sales Turnover per Square Metre	\$5,949	\$8,621
Car Parking Spaces	4,640	Occupancy Costs	13.1%	19.3%
Specialty Expiry Profile by Base Rent	2017: 36%	Annual Centre Turnover	\$525.9m
	2018: 12% 2019: 14%	Key Tenants
Retail Occupancy	99.7%			Area (sqm)
		Myer		18,510
		Target		6,890
		Kmart		6,500
		Hoyts		6,180
		Coles		4,220
		Woolworths		4,030

Aldi 1,500

Sustainability

Norton Plaza

New South Wales

Norton Plaza, New South Wales GWSCF PORTFOLIO

Norton Plaza is located in Leichhardt, six kilometres west of the Sydney CBD and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWSCF	Fair Value		\$137.4m
Acquired (by GWSCF)	November 2007	Capitalisation Rate		6.00%
Asset Type	Neighbourhood Centre	Valuation Type		External
Construction/Refurbishment	Completed late 1990s and 2000
Centre Details		Sales Information
Total GLA	11,900 sqm		Total Centre	Specialties
Number of Tenancies	53	Sales Turnover per Square Metre	\$14,573	\$12,013
Car Parking Spaces	460	Occupancy Costs	6.4%	13.7%
Specialty Expiry Profile by Base Rent	2017: 19%	Annual Centre Turnover	\$127.4m
	2018: 14%
	2019: 14%	Key Tenants
Retail Occupancy	99.1%			Area (sqm)
		Coles		3,770

Sustainability

Parkmore Shopping Centre

Victoria

Parkmore Shopping Centre, Victoria GWSCF PORTFOLIO

Parkmore Shopping Centre is a regional shopping centre offering an extensive selection of stores and services in a modern and convenient environment. The centre is located approximately 35 kilometres from the Melbourne CBD, in the suburb of Keysborough and has been servicing the eastern suburbs of Melbourne since 1973.

Parkmore Shopping Centre incorporates two discount department stores and two supermarkets as well as a strong convenience and service offering, with approximately 130 stores.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWSCF	Fair Value		\$254.3m
Acquired (by GWSCF)	March 2007	Capitalisation Rate		6.25%
Asset Type	Regional Centre	Valuation Type		External
Construction/Refurbishment	Completed 1973 / Refurbished 1995, 2007
Centre Details		Sales Information
Total GLA	36,900 sqm		Total Centre	Specialties
Number of Tenancies	129	Sales Turnover per Square Metre	\$7,415	\$8,866
Car Parking Spaces	2,630	Occupancy Costs	8.2%	15.2%
Specialty Expiry Profile by Base Rent	2017: 32%	Annual Centre Turnover	\$255.2m
	2018: 15%
	2019: 23%	Key Tenants
Retail Occupancy	98.4%			Area (sqm)
		Kmart		8,390
		Big W		6,670
		Coles		3,850
		Woolworths		3,490

Sustainability

Wollongong Central

New South Wales

Wollongong Central, New South Wales GWSCF PORTFOLIO

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. The centre comprises 230 tenancies including a Coles supermarket, a Target discount department store, H&M and over 650 car spaces.

Works are currently underway to accommodate a new generation David Jones department store, new 1,500 square metre mini-major tenancy, associated specialty remixing and an upgrade to building services and amenities. The new David Jones store is on program to open in late 2017.

Key Metrics as at 31 December 2016

General Ownership Interest 100% GWSCF Acquired (by GWSCF) March 2007 Asset Type City Centre Construction/Refurbishment Completed 1975 / Refurbished 1985, 2009, 2014 Centre Details Total GLA2 56,600 sqm Number of Tenancies2 230 Car Parking Spaces 2,000 Specialty Expiry Profile by Base Rent 2017: 22% 2018: 6% 2019: 21% Retail Occupancy 98.2% Current Valuation Fair Value1 \$403.3m Capitalisation Rate 5.75% Valuation Type External Sales Information2 Total Centre Specialties Sales Turnover per Square Metre \$6,601 \$8,427 Occupancy Costs 10.3% 14.8% Annual Centre Turnover \$275.0m Key Tenants Area (sqm) David Jones 8,180 Coles 4,080 Target 2,640

Sustainability

264 George Street, Sydney

Australia Square, 264 George Street, Sydney GPT

One of the most iconic prime office properties, Australia Square is situated in the core of Sydney's CBD, spanning George, Bond and Pitt Streets, and Curtin Place. The complex comprises the 48 level circular tower building, the adjacent 13 level plaza building, the O Bar revolving restaurant, a substantial car park, and external plaza courtyard.

The Tower at Australia Square has achieved a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating, with the Plaza achieving a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$402.6m
Co-Owner	Dexus Property Group (50%)	Capitalisation Rate	5.57%
Acquired (by GPT)	September 1981	Valuation Type	Internal
Asset Quality	A-Grade	Income (12 months)	\$22.8m
Construction/Refurbishment	Completed 1967 / Refurbished 2004
Property Details		Office Occupancy
Office	51,400 sqm	Actual	99.9%
Retail	1,600 sqm	Including Signed Leases	99.9%
Car Parking Spaces	385	Including Heads of Agreement	100.0%
Typical Floor Plate	1,030 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	80		Area (sqm)
WALE (by income)	3.9 years	HWL Ebsworth	6,200
		Origin Energy	5,150

Sustainability Lease Expiry Profile

Citigroup Centre

2 Park Street, Sydney

Citigroup Centre, 2 Park Street, Sydney GPT

The Citigroup Centre at 2 Park Street is a landmark Premium Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47 level building has large, highly efficient floor plates and upper levels that command panoramic city and harbour views. The asset is connected to a four level retail podium which has access to Town Hall Station, offering easy access to public transport to all areas of the Sydney CBD.

Citigroup Centre has achieved a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$554.5m
Co-Owner	Charter Hall Office Trust (50%)	Capitalisation Rate	5.50%
Acquired (by GPT)	December 2001	Valuation Type	Internal
Asset Quality	Premium Grade	Income (12 months)	\$30.4m
Construction/Refurbishment	Completed 2000
Property Details		Office Occupancy
Office	73,200 sqm	Actual	86.9%
Retail	500 sqm	Including Signed Leases	99.6%
Car Parking Spaces	273	Including Heads of Agreement	100.0%
Typical Floor Plate	1,770 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	45		Area (sqm)
WALE (by income)	5.5 years	Citibank	15,030
		Amazon	11,060

Sustainability Lease Expiry Profile

By Income

MLC Centre

19 Martin Place, Sydney

MLC Centre, 19 Martin Place, Sydney GPT

The MLC Centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, bordered by Martin Place, Castlereagh and King Streets. The MLC Centre is in the heart of Sydney's commercial, legal and financial district and comprises a 67 level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct includes a dominant food court and a number of fashion brands.

The MLC Centre has achieved a 5.5 star NABERS Energy rating and a 2.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$531.5m
Co-Owner	QIC (50%)	Capitalisation Rate	5.64%
Acquired (by GPT)	April 1987	Valuation Type	Internal
Asset Quality	A-Grade	Income (12 months)	\$27.3m
Construction/Refurbishment	Completed 1978 / Refurbished late 1990s and 2015
Property Details		Office Occupancy
Office	67,100 sqm	Actual	95.2%
Retail	5,700 sqm	Including Signed Leases	99.5%
Car Parking Spaces	308	Including Heads of Agreement	99.5%
Typical Floor Plate	1,200 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	69		Area (sqm)
WALE (by income)	5.2 years	Sparke Helmore	5,200
		Government – NSW	5,000

Sustainability Lease Expiry Profile

By Income

41

Governor Phillip & Governor Macquarie Towers

1 Farrer Place, Sydney

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place, Sydney GPT

1 Farrer Place is regarded as Sydney's pre-eminent office building with expansive harbour views. The complex consists of 84,900 sqm of Premium Grade accommodation comprising Governor Phillip tower, a 64 level office building; Governor Macquarie Tower, a 41 level office building; Phillip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for over 654 cars.

Governor Phillip Tower has achieved a 3.5 star NABERS Energy rating and a 2.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owners Acquired (by GPT)	25% GPT Dexus Property Group (50%) APPF Commercial (25%) December 2003	Fair Value Capitalisation Rate Valuation Type	\$435.1m 5.16% Internal
Asset Quality Construction/Refurbishment	Premium Grade Completed 1993/1994	Income (12 months)	\$19.5m
Property Details		Office Occupancy
Office Retail	84,600 sqm 300 sqm	Actual Including Signed Leases	82.7% 91.7%
Car Parking Spaces Typical Floor Plate	654 GPT: 1,450 sqm GMT: 1,240 sqm	Including Heads of Agreement	93.1%
Office Tenant Details		Key Tenants
Number of Office Tenants WALE (by income)	67 6.6 years	King & Wood Mallesons Minter Ellison	Area (sqm) 10,390 9,500

Operational Waste (% reused/recycled)

Sustainability Lease Expiry Profile

By Income

Melbourne Central Tower

360 Elizabeth Street, Melbourne

Melbourne Central Tower, 360 Elizabeth Street, Melbourne GPT

Melbourne Central is a landmark office and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51 level, Premium Grade office tower located adjacent to Melbourne Central's retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline. The asset is occupied by blue chip, banking and Government tenants. The building has a 5.0 star NABERS Energy rating and a 3.0 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$513.5m
Acquired (by GPT)	May 1999	Capitalisation Rate	5.75%
Asset Quality	Premium Grade	Valuation Type	Internal
Construction/Refurbishment	Completed 1991	Income (12 months)	\$31.9m
Property Details		Office Occupancy
Office	65,600 sqm	Actual	92.7%
Retail	n/a	Including Signed Leases	94.9%
Car Parking Spaces	n/a	Including Heads of Agreement	99.4%
Typical Floor Plate	1,480 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	20		Area (sqm)
WALE (by income)	3.3 years	NBN Co	14,760
		Members Equity Bank	12,200

45

CBW

Corner of Bourke & William Streets, Melbourne

CBW, Corner of Bourke & William Streets, Melbourne GPT

CBW is an A-Grade office complex located in the core of Melbourne's CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.

181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and laneway which provides pedestrian access between the two office towers.

CBW has achieved a 5.0 star Green Star rating, a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$336.3m
Co-Owner	GWOF (50%)	Capitalisation Rate	5.63%
Acquired (by GPT)	October 2014	Valuation Type	External
Asset Quality	A-Grade	Income (12 months)	\$19.2m
Construction/Refurbishment	Completed 2009
Property Details		Office Occupancy
Office	76,100 sqm	Actual	96.0%
Retail	5,300 sqm	Including Signed Leases	98.0%
Car Parking Spaces	413	Including Heads of Agreement	98.0%
Typical Floor Plate	181 William: 1,920 sqm 550 Bourke: 1,510 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	16		Area (sqm)
WALE (by income)	6.8 years	IAG	28,520
		Deloitte	19,630

CBW

CBW

One One One Eagle Street

Brisbane

One One One Eagle Street, Brisbane GPT

One One One Eagle Street is a Premium Grade, 63,700 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.

The building has achieved the highest rating available, a 6 star Green Star As Built rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water Rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owner Acquired (by GPT) Asset Quality Construction/Refurbishment	33.33% GPT GWOF (66.67%) October 2008 Premium Grade Completed 2012	Fair Value Capitalisation Rate Valuation Type Income (12 months)	\$284.2m 5.50% External \$16.7m
Property Details		Office Occupancy
Office Retail Car Parking Spaces Typical Floor Plate	63,700 sqm 400 sqm 115 1,450 sqm	Actual Including Signed Leases Including Heads of Agreement	97.8% 97.8% 98.8%
Office Tenant Details		Key Tenants
Number of Office Tenants WALE (by income)	21 7.0 years	Arrow Energy EY	Area (sqm) 14,800 9,000

Sustainability Lease Expiry Profile

Liberty Place

161 Castlereagh Street, Sydney

Liberty Place, 161 Castlereagh Street, Sydney GWOF

Liberty Place is a Premium Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza and a car park. The 42 level ANZ Tower features unrivalled harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets.

The asset has achieved a 6 star Green Star rating for Office Design, a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating. Liberty Place has been awarded the Heritage Award at the 2013 API NSW Excellence in Property Awards and in 2014 was awarded 'Best Building' in the Office category at the World Architecture Festival in Singapore.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owners Acquired (by GWOF) Asset Quality Construction/Refurbishment	50% GWOF Blackstone (25%) ISPT (25%) April 2010 Premium Grade Completed 2013	Fair Value Capitalisation Rate Valuation Type	\$587.5m 5.00% External
Property Details		Office Occupancy
Office	56,400 sqm	Actual	100.0%
Retail	2,900 sqm	Including Signed Leases	100.0%
Car Parking Spaces	144	Including Heads of Agreement	100.0%
Typical Floor Plate	1,625 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	9		Area (sqm)
WALE (by income)	8.6 years	ANZ	28,410
		Herbert Smith Freehills	19,970

Sustainability Lease Expiry Profile

Darling Park 1 & 2 and Cockle Bay Wharf

201 Sussex Street, Sydney

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

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

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

Darling Park Tower 1 has achieved a 5.5 star NABERS Energy rating and 3.5 star NABERS Water rating, with Darling Park Tower 2 achieving a 6.0 star NABERS Energy rating and 3.0 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owners	50% GWOF AWOF (20%) Brookfield (30%)	Fair Value Capitalisation Rate	\$815.4m DP1: 5.50%
Acquired (by GWOF) Asset Quality	July 2006 Premium Grade	Valuation Type	DP2: 5.25% Internal
Construction/Refurbishment	Tower 1: Completed 1994 Tower 2: Completed 1999
Property Details		Office Occupancy
Office Retail Car Parking Spaces	101,900 sqm 9,800 sqm 691	Actual Including Signed Leases Including Heads of Agreement	100.0% 100.0% 100.0%
Typical Floor Plate	1,900 sqm	Key Tenants
Office Tenant Details			Area (sqm)
Number of Office Tenants WALE (by income)	8 DP1: 5.0 years DP2: 9.5 years1	CBA PwC	54,060 36,420

Darling Park 3

201 Sussex Street, Sydney

Darling Park 3, 201 Sussex Street, Sydney GWOF

The Premium Grade Darling Park 3, the third stage of the Darling Park complex, was completed in November 2005. The 18 level building was the first office tower to be rated a 5.0 star Base Building under the NABERS Energy ratings, the highest rating available at the time.

Since 2011, Tower 3 has achieved a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Acquired (by GWOF) Asset Quality	100% GWOF July 2006 Premium Grade	Fair Value Capitalisation Rate Valuation Type	\$413.7m 5.50% Internal
Construction/Refurbishment	Completed 2005
Property Details		Office Occupancy
Office	29,800 sqm	Actual	45.3%
Retail	20 sqm	Including Signed Leases	67.6%
Car Parking Spaces	137	Including Heads of Agreement	75.0%
Typical Floor Plate	1,500 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	4		Area (sqm)
WALE (by income)	7.6 years	Rabobank	9,070
		Salesforce	5,880

Sustainability Lease Expiry Profile

By Income

HSBC Centre

580 George Street, Sydney

HSBC Centre, 580 George Street, Sydney GWOF

HSBC Centre comprises an A-Grade office and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall Railway Station. The recently completed foyer refurbishment provides a dramatic new office entry area and prime George Street retail space. HSBC Centre has achieved a 5.5 star NABERS Energy rating and a 3.0 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$467.0m
Acquired (by GWOF)	July 2006	Capitalisation Rate	5.75%
Asset Quality	A-Grade	Valuation Type	External
Construction/Refurbishment	Completed 1988 / Refurbished 2002/2015
Property Details		Office Occupancy
Office	37,300 sqm	Actual	96.5%
Retail	4,200 sqm	Including Signed Leases	100.0%
Car Parking Spaces	141	Including Heads of Agreement	100.0%
Typical Floor Plate	1,300 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	22		Area (sqm)
WALE (by income)	3.7 years	HSBC Bank Australia	10,670
		Avant Insurance	3,810

0%

0%

10% 20% 30% 40% 50% 60% 70% Recycling rate of Operational Waste (% reused/recycled) 10% 20% 30% 40% 50% 60% 70% Recycling rate of

Sustainability Lease Expiry Profile

By Income

workplace6

48 Pirrama Road, Sydney

workplace6 , 48 Pirrama Road, Sydney GWOF

workplace6 is a waterfront A-Grade office building achieving world leading standards in environmental design and resource efficiency. workplace6 comprises 18,200 sqm of accommodation over six levels. The building, which was developed by GPT, was the first office development to achieve 6 star Green Star ratings for Design and As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates, two levels of basement parking with 135 car spaces and the award-winning Doltone House function centre occupying the waterfront retail.

workplace6 has achieved a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Acquired (by GWOF) Asset Quality Construction/Refurbishment	100% GWOF December 2007 A-Grade Completed 2008	Fair Value Capitalisation Rate Valuation Type	\$225.0m 6.00% External
Property Details		Office Occupancy
Office	16,300 sqm	Actual	100.0%
Retail	1,900 sqm	Including Signed Leases	100.0%
Car Parking Spaces	135	Including Heads of Agreement	100.0%
Typical Floor Plate	3,600 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	2		Area (sqm)
WALE (by income)	4.2 years	Google Australia	9,850
		Accenture Australia	6,460

Sustainability Lease Expiry Profile

2018 2019 2018 2019

2017

2017

By Income

2 Southbank Boulevard

Melbourne

2 Southbank Boulevard, Melbourne GWOF

2 Southbank Boulevard is located on the Southbank of the Yarra River in Melbourne. The A-Grade office tower benefits from a piazza which includes a retail area incorporating a café and a supermarket. The asset comprises a 38 storey tower and eight podium levels comprising approximately 53,500 sqm of office accommodation.

2 Southbank Boulevard has a 5.5 star NABERS Energy rating and a 4.0 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GWOF	Fair Value	\$231.1m
Co-Owner	Frasers Property Australia (50%)	Capitalisation Rate	5.75%
Acquired (by GWOF)	June 2014	Valuation Type	Internal
Asset Quality	A-Grade
Construction/Refurbishment	Completed 2008
Property Details		Office Occupancy
Office	53,500 sqm	Actual	98.5%
Retail	1,400 sqm	Including Signed Leases	99.3%
Car Parking Spaces	544	Including Heads of Agreement	99.3%
Typical Floor Plate	1,860 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	16		Area (sqm)
WALE (by income)	2.6 years	PwC	22,970
		Ausnet Services	8,110

Sustainability Lease Expiry Profile

By Income

8 Exhibition Street

Melbourne

8 Exhibition Street, Melbourne GWOF

Located at the East or 'Paris' end of Melbourne's CBD, 8 Exhibition Street is a 44,900 sqm, 35 level, Premium Grade office tower. Central to public transport and road systems, the building offers views over The Domain, Royal Botanic Gardens, Southbank and further out towards Port Phillip Bay.

Built in 2005, the asset has water and energy efficient systems in place and has achieved a 4.5 star NABERS Energy rating and 3.5 star NABERS Water Rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GWOF	Fair Value	\$210.7m
Co-Owner	KREIT (50%)	Capitalisation Rate	5.25%
Acquired (by GWOF)	April 2013	Valuation Type	Internal
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 2005
Property Details		Office Occupancy
Office	44,600 sqm	Actual	88.1%
Retail	300 sqm	Including Signed Leases	99.0%
Car Parking Spaces	0	Including Heads of Agreement	99.0%
Typical Floor Plate	1,620 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	15		Area (sqm)
WALE (by income)	5.7 years	EY	16,510
		UBS	4,850

100 Queen Street

Melbourne

100 Queen Street, Melbourne GWOF

100 Queen Street is the former headquarters of the ANZ Banking Group which incorporates 100 Queen Street comprising a 35 level A-Grade office tower flanked by three integrated heritage buildings known as 380 Collins Street (five level former Stock Exchange Building), 90 Queen Street (seven level Safe Deposit Building) and 388 Collins Street (five level ANZ Branch building).

The property is located on the corner of Collins and Queen Streets, within the Western Core of the Melbourne CBD. The property benefits from a central Collins Street location and is situated within close proximity to the retail core and nearby transport linkages.

100 Queen Street has a 3.0 star NABERS Energy rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$274.5m
Acquired (by GWOF)	December 2016	Capitalisation Rate	5.13%
Asset Quality	A-Grade	Valuation Type	External
Construction/Refurbishment	1993 (Office Tower)
Property Details		Office Occupancy
Office	34,900 sqm	Actual	100.0%
Retail	1,600 sqm	Including Signed Leases	100.0%
Car Parking Spaces	81	Including Heads of Agreement	100.0%
Typical Floor Plate	930 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	1		Area (sqm)
WALE (by income)	2.5 years	ANZ Banking Group	34,900

Lease Expiry Profile

By Income 2017

2018
2019	100%
2020
2021
2022
2023
2024
2025
2026
2027+

150 Collins Street

Melbourne

150 Collins Street, Melbourne GWOF

Located in the exclusive 'Paris' end of Collins Street, 150 Collins Street is an A-Grade building with Premium Grade services. The development of 150 Collins Street reached completion in November 2014 and features 20,100 sqm of office and retail space.

The asset has world-leading Environmentally Sustainable Design features that together, helped the building achieve a 6 star Green Star (Version 2 Office As Built) rating and is targeting a 5 star NABERS Energy rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$214.6m
Acquired (by GWOF)	July 2012	Capitalisation Rate	5.38%
Asset Quality	A-Grade	Valuation Type	Internal
Construction/Refurbishment	Completed 2014
Property Details		Office Occupancy
Office	19,100 sqm	Actual	93.0%
Retail	1,000 sqm	Including Signed Leases	93.0%
Car Parking Spaces	143	Including Heads of Agreement	93.0%
Typical Floor Plate	1,520 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	3		Area (sqm)
WALE (by income)	9.7 years	Westpac Group	14,080
		VECCI	2,800

25%

Recycling

By Income

530 Collins Street

Melbourne

530 Collins Street, Melbourne GWOF

Located in the heart of Melbourne's corporate precinct, on the north east corner of Collins and King Streets, 530 Collins Street is a Premium Grade commercial office building which was completed in 1991. The asset is highly sought after with large, flexible floor plates, a prime location and spectacular city views. Serviced by major public transport routes, 530 Collins Street also has four levels of basement car parking.

530 Collins Street has a 5.5 star NABERS Energy rating and a 2.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$576.3m
Acquired (by GWOF)	July 2006	Capitalisation Rate	5.63%
Asset Quality	Premium Grade	Valuation Type	External
Construction/Refurbishment	Completed 1991 / Refurbished 2009
Property Details		Office Occupancy
Office	65,700 sqm	Actual	98.8%
Retail	1,600 sqm	Including Signed Leases	98.8%
Car Parking Spaces	308	Including Heads of Agreement	98.8%
Typical Floor Plate	Tower: 1,300 sqm Podium: 3,500 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	26		Area (sqm)
WALE (by income)	4.2 years	Suncorp	15,450
		Bank of Melbourne	7,030

Sustainability Lease Expiry Profile

655 Collins Street

Melbourne

655 Collins Street, Melbourne GWOF

655 Collins Street is an eight level, A-Grade office building, prominently located on the corner of Collins and Spencer Streets. The asset is situated opposite the major railway and transport hub of Southern Cross Station. The asset was constructed in 2009 and comprises large campus-style floors, all with excellent natural light and strong tenant appeal.

655 Collins Street has a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$137.9m
Acquired (by GWOF)	May 2014	Capitalisation Rate	5.25%
Asset Quality	A-Grade	Valuation Type	Internal
Construction/Refurbishment	Completed 2009
Property Details		Office Occupancy
Office	16,600 sqm	Actual	100.0%
Retail	0 sqm	Including Signed Leases	100.0%
Car Parking Spaces	89	Including Heads of Agreement	100.0%
Typical Floor Plate	2,500 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	1		Area (sqm)
WALE (by income)	12.9 years	The Age	16,600

Sustainability Lease Expiry Profile

100%

100%

750 Collins Street

Melbourne

750 Collins Street, Melbourne GWOF

750 Collins Street is an A-Grade office building completed in 2007. Situated in Melbourne's dynamic Docklands precinct, the property occupies a 7,700 sqm site on the corner of Collins Street and Batman's Hill Drive.

The property comprises a 10 level campus-style building with super-sized office floor plates of approximately 5,550 square metres, featuring excellent natural light to each elevation. 750 Collins Street has a 5.5 star NABERS Energy rating and a 5.0 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$250.2m
Acquired (by GWOF)	May 2014	Capitalisation Rate	6.75%
Asset Quality	A-Grade	Valuation Type	Internal
Construction/Refurbishment	Completed 2007
Property Details		Office Occupancy
Office	37,300 sqm	Actual	100.0%
Retail	3,200 sqm	Including Signed Leases	100.0%
Car Parking Spaces	422	Including Heads of Agreement	100.0%
Typical Floor Plate	5,550 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	1		Area (sqm)
WALE (by income)	2.9 years	AMP	37,300

Sustainability Lease Expiry Profile

CBW

Corner of Bourke & William Streets, Melbourne

CBW, Corner of Bourke & William Streets, Melbourne GWOF

CBW is an A-Grade office complex located in the core of Melbourne's CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.

181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and laneway which provides pedestrian access between the two office towers.

CBW has achieved a 5.0 star GreenStar rating, a 5.0 star NABERS Energy rating and a 4.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Co-Owner Acquired (by GWOF) Asset Quality Construction/Refurbishment	50% GWOF GPT (50%) October 2014 A-Grade Completed 2009	Fair Value Capitalisation Rate Valuation Type	\$336.3m 5.63% External
Property Details		Office Occupancy
Office Retail Car Parking Spaces	76,100 sqm 5,300 sqm 413	Actual Including Signed Leases Including Heads of Agreement	96.0% 98.0% 98.0%
Typical Floor Plate	181 William: 1,920 sqm 550 Bourke: 1,510 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	16		Area (sqm)
WALE (by income)	6.8 years	IAG	28,520
		Deloitte	19,630

CBW

CBW

Sustainability Lease Expiry Profile

800/808 Bourke Street

Melbourne

800/808 Bourke Street, Melbourne GWOF

800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office 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 floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

800/808 Bourke Street has a 5.5 star NABERS Energy rating and 3.0 star NABERS Water rating, and is the first building to be rated using the Green Star Performance Pilot, rating 4 stars.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest Acquired (by GWOF)	100% GWOF July 2006	Fair Value Capitalisation Rate	\$525.0m 5.13%
Asset Quality	A-Grade	Valuation Type	External
Construction/Refurbishment	Completed 2004
Property Details		Office Occupancy
Office	59,600 sqm	Actual	100.0%
Retail	1,700 sqm	Including Signed Leases	100.0%
Car Parking Spaces	416	Including Heads of Agreement	100.0%
Typical Floor Plate	3,500 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	1		Area (sqm)
WALE (by income)	10.6 years	NAB	59,600

Sustainability Lease Expiry Profile

One One One Eagle Street

Brisbane

One One One Eagle Street, Brisbane GWOF

One One One Eagle Street is a Premium Grade, 63,700 sqm, 54 level office tower in Brisbane's prime commercial 'Golden Triangle' precinct. The recently developed tower is designed to take advantage of the outstanding location and Brisbane River views.

The building has achieved the highest rating available, a 6 star Green Star As Built rating from the Green Building Council of Australia. One One One Eagle Street has also achieved a 5.5 star NABERS Energy rating and 4.5 star NABERS Water rating. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	66.67% GWOF	Fair Value	\$568.3m
Co-Owners	GPT (33.33%)	Capitalisation Rate	5.50%
Acquired (by GWOF)	October 2008 (33.33%) and December 2016 (33.33%)	Valuation Type	External
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 2012
Property Details		Office Occupancy
Office	63,700 sqm	Actual	97.8%
Retail	400 sqm	Including Signed Leases	97.8%
Car Parking Spaces	115	Including Heads of Agreement	98.8%
Typical Floor Plate	1,450 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	21		Area (sqm)
WALE (by income)	7.0 years	Arrow Energy	14,800
		EY	9,000

Riverside Centre

123 Eagle Street, Brisbane

Riverside Centre, 123 Eagle Street, Brisbane GWOF

This pre-eminent landmark complex comprises a modern 41 level Premium Grade commercial building located in the heart of the 'Golden Triangle' in the Brisbane CBD, designed by one of Australia's leading architects Harry Seidler. The building incorporates quality office accommodation, waterfront restaurants, a car park for over 500 cars and an open plaza surrounded by retail accommodation.

The Riverside Centre has a 5.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value	\$628.8m
Acquired (by GWOF)	July 2006	Capitalisation Rate	5.88%
Asset Quality	Premium Grade	Valuation Type	Internal
Construction/Refurbishment	Completed 1986 / Refurbished 1998/2015
Property Details		Office Occupancy
Office	51,700 sqm	Actual	86.2%
Retail	4,500 sqm	Including Signed Leases	89.0%
Car Parking Spaces	500	Including Heads of Agreement	89.4%
Typical Floor Plate	1,500 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	28		Area (sqm)
WALE (by income)	3.0 years	PwC	8,710
		Deloitte	5,800

Sustainability Lease Expiry Profile

545 Queen Street

Brisbane

545 Queen Street, Brisbane GWOF

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

The asset comprises 13,600 sqm of A-Grade office and retail space and offers tenants excellent amenities, transportation access and river views.

545 Queen Street has a 5.5 star NABERS Energy rating and a 2.5 star NABERS Water rating.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GWOF	Fair Value1	\$80.8m
Acquired (by GWOF)	June 2007	Capitalisation Rate	7.50%
Asset Quality	A-Grade	Valuation Type	External
Construction/Refurbishment	Completed 1991 / Redeveloped 2008
Property Details		Office Occupancy
Office	13,100 sqm	Actual2	96.6%
Retail	500 sqm	Including Signed Leases2	96.6%
Car Parking Spaces	100	Including Heads of Agreement2	96.6%
Typical Floor Plate	750 sqm
Office Tenant Details		Key Tenants
Number of Office Tenants	5		Area (sqm)
WALE (by income)	0.6 years	Flight Centre	8,110
		Calibre Global	2,770

Sustainability Lease Expiry Profile

1. The Fair Value consists of the external valuation as at 31 December 2016 of \$68.5m and a non-refundable deposit of \$12.3m. The asset was scheduled for settlement in December 2016 for \$82.0m. The purchaser failed to

settle at the contract date and an extension is currently being negotiated.

1. Post the end of the period, Flight Centre's lease expired (1 January 2017). Following this expiry, occupancy falls to 34.7%.

Rosehill Business Park, Camellia, NSW GPT

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 41,900 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$79.4m
Acquired (by GPT)	May 1998	Capitalisation Rate	6.50%
		Valuation Type	External
		Income (12 months)	\$6.2m

GLA	41,900 sqm
Site Area	79,700 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	1.8 years

10 Interchange Drive, Eastern Creek, NSW xxxx GPT

10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics. The property features undercover parking and a showroom.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$32.0m
Acquired (by GPT)	August 2012	Capitalisation Rate	6.75%
		Valuation Type	External
		Income (12 months)	\$2.5m

GLA	15,100 sqm
Site Area	30,200 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	3.5 years

Connect@Erskine Park, Cnr Lockwood and Templar Road, Erskine Park, NSW xxxx GPT

Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is 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.

Key Metrics as at 31 December 2016

General

Ownership Interest 100% GPT Acquired (by GPT) May 2008

Property Details

	16–34 Templar Road (Goodman Fielder)	36–52 Templar Road (Rand)	54–70 Templar Road (Coles RRM)	67–75 Templar Road (Target)	29–55 Lockwood Road (TNT Express)
GLA	15,200 sqm	24,500 sqm	21,000 sqm	12,700 sqm	32,200 sqm
Site Area	39,700 sqm	62,200 sqm	43,300 sqm	22,900 sqm	75,000 sqm
Occupancy (Actual)	100.0%	100.0%	100.0%	100.0%	100.0%
Occupancy (Including Signed Leases)	100.0%	100.0%	100.0%	100.0%	100.0%
Occupancy (Including Heads of Agreement)	100.0%	100.0%	100.0%	100.0%	100.0%
WALE (by income)	12.5 years	18.1 years	18.5 years	5.1 years	13.0 years
Current Valuation
Fair Value	\$54.5m	\$97.0m	\$138.0m	\$23.5m	\$85.5m
Capitalisation Rate	6.00%	5.75%	6.00%	6.50%	5.75%
Valuation Type	Internal	Internal	Internal	External	Internal

Income (12 months) \$3.6m \$5.6m \$10.0m \$1.7m \$5.0m

407 Pembroke Road, Minto, NSW GPT

The property is located within easy access to major road networks (M5 and M7 motorways) and has the benefit of access to a railway siding from the Main Southern Railway. Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$26.5m
Co-Owner	Austrak (50%)	Capitalisation Rate	7.25%
Acquired (by GPT)	October 2008	Valuation Type	Internal
		Income (12 months)	\$2.4m

GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	2.9 years

4 Holker Street, Newington, NSW GPT

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 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$29.0m
Acquired (by GPT)	March 2006	Capitalisation Rate	6.50%
		Valuation Type	External
		Income (12 months)	\$3.2m

GLA	7,400 sqm
Site Area	6,800 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	0.5 years

83 Derby Street, Silverwater, NSW GPT

A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one line to a single tenant. The improvements were completed between 2001 and 2003, and features 52 per cent site coverage and 142 car spaces.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$31.8m
Acquired (by GPT)	August 2012	Capitalisation Rate	6.25%
		Valuation Type	External
		Income (12 months)	\$2.1m

GLA	17,000 sqm
Site Area	31,900 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	9.0 years

Town Centre, Sydney Olympic Park, NSW GPT

The Town Centre located at Sydney Olympic Park consists of five neighbouring GPT assets that form a five hectare consolidated holding. The Town Centre provides GPT with a potential mixeduse development site.

Key Metrics as at 31 December 2016

General

Ownership Interest 100% GPT Acquired (by GPT) 2013 / 2005 / 2004 / 2010 / 2004

Property Details

	3 Figtree Drive	5 Figtree Drive	7 Figtree Drive	6 Herb Elliott Avenue	8 Herb Elliott Avenue
GLA	6,800 sqm	8,800 sqm	3,500 sqm	4,100 sqm	3,300 sqm
Site Area	12,900 sqm	12,900 sqm	9,600 sqm	8,400 sqm	9,100 sqm
Occupancy (Actual)	100.0%	100.0%	100.0%	26.8%	100.0%
Occupancy (Including Signed Leases)	100.0%	100.0%	100.0%	26.8%	100.0%
Occupancy (Including Heads of Agreement)	100.0%	100.0%	100.0%	26.8%	100.0%
WALE (by income)	3.0 years	3.4 years	0.5 years	1.3 years	3.1 years

Current Valuation

Fair Value	\$24.0m	\$26.5m	\$15.0m	\$11.1m	\$11.3m
Capitalisation Rate	n/a	7.50%	n/a	n/a	n/a
Valuation Type	Internal	Internal	Internal	Internal	Internal
Income (12 months)	\$2.0m	\$2.2m	\$1.1m	\$0.1m	\$0.8m

Quad 1 & Quad 4, Sydney Olympic Park, NSW GPT

Quad 1 and Quad 4 form part of an integrated office precinct located at Sydney Olympic Park, close to significant infrastructure and public recreational amenities. Set within a fully landscaped environment the business park is an outstanding example of progressive, environmentally responsible and innovative design.

The Quad 1 building has achieved 5.0 Star NABERS Energy and 5.0 Star NABERS Water rating.

Key Metrics as at 31 December 2016

General

Ownership Interest 100% GPT

Acquired (by GPT) Completed 2001 / 2007

Property Details

	Quad 1	Quad 4
GLA	4,500 sqm	8,100 sqm
Site Area	9,400 sqm	8,000 sqm
Occupancy (Actual)	100.0%	100.0%
Occupancy (Including Signed Leases)	100.0%	100.0%
Occupancy (Including Heads of Agreement)	100.0%	100.0%
WALE (by income)	3.0 years	13.2 years

Current Valuation

	Quad 1	Quad 4
Fair Value	\$23.4m	\$49.3m
Capitalisation Rate	7.25%	6.50%
Valuation Type	Internal	Internal
Income (12 months)	\$1.7m	\$2.7m

372–374 Victoria Street, Wetherill Park, NSW GPT

The property comprises a high bay warehouse and associated offices. 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.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$21.8m
Acquired (by GPT)	July 2006	Capitalisation Rate	8.00%
		Valuation Type	External
		Income (12 months)	\$1.9m

20,500 sqm
40,900 sqm
100.0%
100.0%
100.0%
3.1 years

38 Pine Road, Yennora, NSW GPT

38 Pine Road Yennora is located within the established industrial precinct in Western Sydney. The property, comprising two separate warehouses, is well positioned to nearby transport connections including the Cumberland and Hume Highways, the M4 and M5 motorways and is opposite the Yennora Intermodal Terminal.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$52.2m
Acquired (by GPT)	November 2013	Capitalisation Rate	7.50%
		Valuation Type	Internal
		Income (12 months)	\$3.8m

GLA	33,200 sqm
Site Area	73,900 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	2.2 years

Citiwest Industrial Estate, Altona North, VIC GPT

The estate 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 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$70.6m
Acquired (by GPT)	August 1994	Capitalisation Rate	7.14%
		Valuation Type	External
		Income (12 months)	\$3.8m

GLA	90,100 sqm
Site Area	201,800 sqm
Occupancy (Actual)	86.4%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	2.4 years

Citiport Business Park, Port Melbourne, VIC GPT

Citiport Business Park is a well located office and warehouse estate comprising a low-rise office building and 10 warehouse office units with adjoining showrooms. The property is located in the Port Melbourne precinct and features a good level of underground and on-grade parking.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$71.0m
Acquired (by GPT)	February 2012	Capitalisation Rate	7.50%
		Valuation Type	Internal
		Income (12 months)	\$5.1m

GLA	27,000 sqm
Site Area	25,500 sqm
Occupancy (Actual)	94.2%
Occupancy (Including Signed Leases)	94.2%
Occupancy (Including Heads of Agreement)	94.2%
WALE (by income)	2.4 years

Austrak Business Park, Somerton, VIC GPT

Austrak Business Park comprises approximately 99 hectares of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The property offers a key point of difference with access to one of Australia's first fully integrated inter-modal rail terminals.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	50% GPT	Fair Value	\$165.4m
Co-Owner	Austrak (50%)	Capitalisation Rate	6.29%
Acquired (by GPT)	October 2003	Valuation Type	External
		Income (12 months)	\$9.9m

GLA	210,000 sqm
Site Area	661,000 sqm
Occupancy (Actual)	95.1%
Occupancy (Including Signed Leases)	95.1%
Occupancy (Including Heads of Agreement)	95.1%
WALE (by income)	7.8 years

16–28 Quarry Road, Yatala, QLD GPT

The property comprises two standalone warehouses, each providing approximately 20,400 sqm of clear span internal space and are strategically located in the Yatala Enterprise Area, approximately 40 kilometres south of the Brisbane CBD and approximately 40 kilometres north of the Gold Coast CBD.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$43.2m
Acquired (by GPT)	November 2013	Capitalisation Rate	8.25%
		Valuation Type	External
		Income (12 months)	\$4.5m

GLA	40,800 sqm
Site Area	81,500 sqm
Occupancy (Actual)	55.1%
Occupancy (Including Signed Leases)	55.1%
Occupancy (Including Heads of Agreement)	55.1%
WALE (by income)	3.2 years

59 Forest Way, Karawatha, QLD GPT

59 Forest Way is a new, state-of-the-art logistics facility located at Karawatha which is approximately 22 kilometres south of Brisbane's CBD. The 44,000 sqm of warehouse and office was custom-built for Toll Group on a 13.4 hectare site. The property is situated in the Logan Motorway precinct of South East Queensland which is now established as a prime location for large scale logistics facilities.

Key Metrics as at 31 December 2016

General		Current Valuation
Ownership Interest	100% GPT	Fair Value	\$102.5m
Acquired (by GPT)	Completed April 2014	Capitalisation Rate	6.25%
		Valuation Type	Internal
		Income (12 months)	\$6.8m

GLA	44,000 sqm
Site Area	134,300 sqm
Occupancy (Actual)	100.0%
Occupancy (Including Signed Leases)	100.0%
Occupancy (Including Heads of Agreement)	100.0%
WALE (by income)	12.2 years