GPT GROUP — Regulatory Filings 2021

Aug 15, 2021

16 August 2021

2021 Interim Result Data Pack

GPT provides its 2021 Interim Result Data Pack which has been approved for release by the Chief Executive Officer.

-ENDS-

For more information, please contact:

INVESTORS MEDIA Penny Berger Grant Taylor Head of Investor Relations & Corporate Affairs +61 402 079 955 +61 403 772 123

Communications Manager

Market Briefing 16 August 2021

The GPT Group acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and community.

We pay our respects to First Nations Elders past, present and emerging.

2 0 2 1 Ha l f Ye in Re ie Bo b Jo hn to ar s n v w	4
in d ia C la ke F Tr A ta an ce a n ea su ry na s s r	9
O f f i d Lo is ic M he Fa d dy t t t ce a n g s a w	1 3
l hr Re ta i C is Ba t t rn e	2 8
Fu ds M N ic ho las Ha is t n an ag em en rr	3 6
Su d t lo k Bo b Jo hn to m m ar y an ou o s n	3 9

Agenda

Strong first half recovery interrupted by recent COVID-19 restrictions

• » Strong momentum in six months to 30 June 2021
• Operating environment strengthened from economic recovery
• −Minimal disruptions from COVID-19
• Robust recovery in retail sales
• 104% of 1H 2021 Retail net billings collected
• Continued to execute on strategy
• Solid capital position maintained
• »From late June 2021, trading conditions impacted by COVID-19 lockdowns
• »2021 Funds From Operations and distribution guidance withdrawn in July 2021
• »Recovery in retail sales expected following the lifting of restrictions

2021 Interim Result

On 31 December 2020

2.

Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 July 2020 to 30 June 2021, divided by the NTA per security at 1 July 2020

Logistics driving increased portfolio valuation

Overall portfolio valuation increased \$471.7m (+3.3%)

• Office portfolio valuation metrics supported by strong investor demand and transactions
• Logistics portfolio significant valuation gain driven by firming investment metrics and unprecedented investor demand
• Retail portfolio valuations remained stable reflecting leasing transactions and occupancy

At 30 Ju 20 21 ne	O f f ic e	Lo is ic t g s	R i l ta e
1H 20 21 Va lua tio n M t ov em en ( ) 6 m ths to 30 Ju 20 21 on ne	2 2 % + \$ 12 1.2 + m	1 0 6 % + \$ 31 4. 7m +	0 6 % + \$ 35 .8 + m
lisa Ca ita tio n R ate p	4.8 7% (- bp inc be ) 2 De r 2 02 0 s s e ce m	4.3 8% (- bp inc be ) 46 De r 2 02 0 s s e ce m	5.0 5% (- bp inc be ) 1 De r 2 02 0 s s e ce m
Dis t R ate co un	6.0 8% (- ) bp inc De be 11 r 2 02 0 s s e ce m	5.8 1% (- ) bp inc De be 39 r 2 02 0 s s e ce m	6.3 0% (- ) bp inc De be 3 r 2 02 0 s s e ce m
Ke Va lua tio n A tio y ss um p ns	Inc t ive 33 % en s ~ Gr h r t ate 3. 3% ow	Inc t ive 20 % en s ~ Gr h r 2% t ate 3. ow	Inc t ive 10 % en s ~ Gr h r 2. 8% t ate ow

Delivering on strategic priorities

• » Logistics portfolio more than doubled since 2017 to \$3.4b, with extensive \$1.4b development pipeline1
• » GPT QuadReal Logistics Trust targeted investment increased to \$1b, with 53% of initial \$800m committed
• » \$780m of Office development completions at 32 Smith and Queen & Collins, and >\$3.5b development pipeline1
• » GWOF's 51 Flinders Lane development to commence 4Q 2021
• » Rouse Hill Town Centre \$140m retail and \$130m residential development planned to commence 2022
• » Using customer insights to inform decisions – delivering leading Retail offers and customer experiences, flexible Office design solutions including healthy building initiatives
• »Gearing at 24.5% providing investment capacity
• » ESG leadership – progress toward 2024 carbon neutral target

Demonstrating leadership in sustainability

S&P Global Corporate Sustainability Assessment was previously known as the DJSI Corporate Sustainability Assessment

2.The Green Building Council of Australia has recognised this outcome as a first for a national property portfolio within the World Green Building Council network

• 1. As at 31 December 20204.
• 5.8. Star weighted average NABERS Energy Rating (including GreenPower) for the Office portfolio, as at 30 June 2021

THE GPT GROUP | 2021 INTERIM RESULT

9

Finance and Treasury

Financial summary 1H 2021

\$76 0.5m

Statutory Net Profit After Tax Funds From Operations

( \$m )	1H 20 21	1H 20 20	C ha ng e
ds ( ) Fu Fr Op at ion FF O n om er s	30 2.3	24 4.5	23 .6%
( ) Va lua t ion inc / de re as es cr ea se s	47 1.7	( ) 71 1.3
Tr ins ke d t ke tru nts t ea su ry me m ar o m ar	0.5	( ) 51 .5
Ot he ite r ms	( ) 14 .0	( ) 2.1
f ( ) fte Ne t Pr it / Lo A r T o ss ax	76 0.5	( ) 52 0.4
( ) Fu ds Fr Op ion ity at nts n om er s p er se cu r ce	.64 15	12 .55	24 .6%
Op ing Ca h F low at er s	28 9.0	20 4.1	41 .6%
Fre Ca h F low e s	25 5.1	18 2.0	40 .2%
( ) D ist i bu t ion ity nts r pe r s ec ur ce	13 .3	9.3	43 .0%
( ) Pa Ra io f fre h f low t t % y ou o e c as	99 .9%	99 .6%

Segment result

( \$m )	1H 20 21	1H 20 20	C ha ng e	Co ts mm en
Re ta i l	14 0.8	79 .2	77 .8%	\$2 Ca sh llec tio 104 %, din de bt of 2m . Re du cti in tst et co ns ou an g n on al low ffs by alis ati of tin CO VID -19 et an ce s, o no rm on op era g e xp en ses
O f f ice	13 4.5	13 9.9	( ) 3.9 %	Ca sh llec tio 100 %. Sa le o f F Pla in De mb 20 20 of fse t co ns arr er ce ce er by du d C OV allo ID- 19 re ce wa nc es
Lo ist ics g	75 .5	64 .4	17 .2%	Ca sh llec tio Co ibu tio n f isit ion nd 100 %. ntr co ns rom ac qu s a de lop nt let ion ve me co mp s
ds Fu M t n an ag em en	23 .9	24 .2	( ) 1.2 %	Low ba fee efl tin GW SC F d alu ati nt er se ma na ge me s r ec g ev on s
F ina Co sts nc e	( ) 44 .3	( ) 49 .1	( ) 9.8 %	Co st o f d eb t 2 .7% vin 40 bp rio eri od , sa g s o n p r p
Co at rp or e	( ) 28 .1	( ) 14 .1	99 .3%	1H lt s d b ith dra l of ion 20 20 rte rat re su up po y w wa re mu ne inc tiv ch d J ob Ke Hi he r D &O in ium en s e em es an ep er. g su ran ce pr em s in 1 H 2 02 1
Fu ds Fr Op ion at n om er s	30 2.3	24 4.5	23 .6%
Ma int en an ce ca pe x	( ) 12 .9	( ) 18 .5	( ) 30 .3%	of Re du cti nti al c in R eta il a nd Lo isti on no n-e sse ap ex g cs
inc ive Le t as e en s	( ) 23 .1	( ) 28 .9	( ) 20 .1%	De in line ith lo r le asi in Of fic nd Lo isti cre ase w we ng e a g cs
A d j te d Fu ds Fr Op at ion us n om er s	26 6.3	19 7.1	35 .1%

Capital management

Ke St at ist ics y	Ju n 2 02 1	De c 2 02 0
b le Ne t T i As ts ity an g se pe r s ec ur	\$ 5.8 6	\$ 5.5 7
Ne t Ge ing ar	24 .5%	23 .2%
hte d a f de bt W ig t o e ve rag e c os	2.7 %	3.1 %
W ig hte d a e t to at ity e ve rag er m m ur	7.4 y ea rs	7.8 y ea rs
Int io t c rat er es ov er	7.9 x	6.4 x
( ) Cr d it r at ing S & P / M dy 's e s oo	A / A 2	A / A 2

Office overview

2.Excluding development completions (32 Smith, Parramatta and Queen & Collins, Melbourne)

Achieving leasing in a challenging environment

• »Signed leases of 37,900sqm with Heads of Agreement (HoA) of 23,200sqm in 1H 2021
• »Negotiations well advanced across 51,400sqm
• »Leasing sentiment in Sydney CBD ran ahead of Melbourne in 1H 2021, with smaller occupiers most active
• »GPT occupancy sustained well above prime market average, expect portfolio occupancy to increase in 2H 2021
• »Continued de-risking through forward solving future expiries

GPT Office Occupancy vs National Prime Grade Average GPT Lease Expiry Profile by Area

21%

Development completions of \$780m

1. 6 Star Green Star – Design rating achieved, As Built rating targeted 2.Office component, inclusive of post balance date HoAs

32 SmithParramatta, NSW

100%GPT Ownership

January 2021 Practical Completion

6 StarGreen Star -Design rating^¹

\$325.0mFair Value 30 June 2021

75%Office Leasing Progress^²

27,000sqm Office Area

300sqm Retail Area

Queen & CollinsMelbourne, VIC

100%GWOF Ownership

June 2021Practical Completion

6 StarGreen Star -Design rating^¹

\$454.0mFair Value 30 June 2021

41%Office Leasing Progress^²

34,000sqm Office Area

1,300sqm Retail Area

Development pipeline of >\$3.5b1

• »Development pipeline delivering portfolio growth and enhanced returns
• »Targeting unlevered project IRRs of >12%
• » Sustainability focus targeting 6 Star Green Star ratings, creating assets that are carbon neutral from first day of operation, reducing embodied carbon footprint and undertaking climate adaptation planning
• »Pursuing value-add opportunities across eastern seaboard

100% GWOF

300 Lonsdale, Melbourne100% GPT

Cockle Bay Park, Sydney 25% GPT / 50% GWOF

100% GWOF

1. Estimated end value inclusive of GPT and GWOF opportunities All images are Artists' impressions

Listening to customers; investing to drive high occupancy and rental growth

Agility

• Speed to transact with inhouse leasing and asset management teams
• Fast-tracking return of space to market, with 108 furnished turn-key suites leased to tenants and a further 70 under construction / planned
• » Short form leases to reduce complexity and support quicker documentation turnaround

Flexibility

• Leveraging Space&Co. to facilitate leasing transactions, for project requirements and to incubate SMEs and start-ups
• Space&Co. Sydney CBD venue 99% occupied, demonstrating strong customer take-up of flexible space when economies are open
• » Introduction of more collaboration spaces and business lounge facilities, with a new space-on-demand service at Queen & Collins

Asset Investments

• » Healthy building upgrades including touch-free lift / building access and up-specification of air filtration
• » Reducing environmental impact with 97% reduction in CO2 emissions and 76% reduction in water use since 2005
• » Upgrades of customer amenities including lobbies and end of trip facilities

Office portfolio outlook

High quality assets in deepest office markets

• Delivered a 12 month total return of 7.6%
• \$5.8b on balance sheet and \$13.3b of assets under management
• All prime grade assets and eastern seaboard focus
• Sustainability leadership with NABERS Energy rating averaging 5.8 stars1

Diverse customer base, with strong covenants

• 100% of 2021 net billings collected in the first half
• Majority financial and insurance institutions, technology and professional services

1H 2021 demonstrated return of business confidence that emerged as restrictions eased

• »Job advertisements in June 2021 sitting 23.7% above June 2019 levels2
• Unemployment below pre-COVID levels3
• »Prime net absorption in Sydney CBD of +27,300sqm in 2Q 2021^⁴

• 2.SEEK Employment Report, June 2021
• 3.Australian Bureau of Statistics, Unemployment in seasonally adjusted terms, June 2021
• 4.JLL Research, 2Q 2021

Logistics

Logistics overview

Developments and acquisitions driving growth

• »Completed \$51.2m development at Glendenning, now leased for a 10 year term
• »Secured two fund-through acquisitions and two land parcels for future development with an estimated end value of \$370m
• »In August 2021 additional land acquired by GPT QuadReal Logistics Trust at Crestmead, QLD with an estimated end value of \$90m

42 Cox Place, Glendenning, NSW Completed 1H 2021 | Fair Value \$51.2m 100% GPT

917 Boundary Road, Tarneit, VIC Completion 1H 2022 | Purchase Price \$137.1m1 GPT QuadReal Logistics Trust

26-46 Bend Road, Keysborough, VIC Completion 2H 2022 & 1H 2023 | Estimated End Value >\$130m1 GPT QuadReal Logistics Trust

772-782 Mamre Road, Kemps Creek, NSW100% GPT | Estimated End Value >\$60m

149 & 153 Coulson Street, Wacol, QLDGPT QuadReal Logistics Trust | Estimated End Value \$40m1

Crestmead Logistics Estate Lot 52, Crestmead, QLD GPT QuadReal Logistics Trust | Estimated End Value \$90m1

1.Estimated value at 100%, asset to be held within GPT QuadReal Logistics Trust (GPT 50%)

Developments of \$170m underway

• »Four developments on track for completion in 2H 2021
• »Leasing progressing well with 80% committed

1.

Estimated end value at 100%, Metroplex Place to be held within GPT QuadReal Logistics Trust

Progressing Yiribana Logistics Estate in Kemps Creek

• Acquisition of additional land in 1H 2021 provides a 37.2 hectare site fronting Mamre Road
• Combined site has capacity for ~182,000sqm of prime logistics space, with an estimated end value of \$600m
• State Significant Development Application has been submitted
• Sustainability focus, targeting minimum 5 Star Green Star ratings
• Strong tenant demand for large scale facilities and pre-leases to consolidate and automate operations
• »In close proximity to key transport links and the future Western Sydney Airport

Development pipeline of \$1.4b

			G PT	Co let ion mp s	P ipe l ine	Es t im at d En d e		Ex ct pe e	d T im ing
	Su bu b r	St at e	( ) O h ip % w ne rs	( ) 2H 20 21 sq m	( ) ¹ sq m	( \$m ) ² Va lue	20 21	20 22	20 23	20 24 +
Ga Lo ist ics H ub tew ay g	Tr ina ug an	VI C	10 0	53 80 0 ,	61 60 0 ,	20 5
Bo da Ro ad un ry	Tr ina ug an	VI C	10 0		12 8, 20 0	25 0
da tio Fo n E sta te un	ina Tr ug an	C VI	10 0		10 00 0 ,	20
Au str ak Bu sin s P ark es	So rto me n	VI C	50		121 30 0 ,	10 0
Yir iba ist ics Lo Es tat na g e	s C k Ke mp ree	NS W	10 0		18 2, 00 0	60 0
Pe mb ke Ro ad ro	Mi nto	NS W	50		19 50 0 ,	25
ble sin ark W Bu s P em y es	rri nb Be a	QL D	10 0	16 30 0 ,	21, 80 0	85
Me lex Pl tro p ac e	W ol ac	QL D	50	10 0 17,		40
Co uls St t on ree	W ol ac	QL D	50		17, 40 0	40
³ Cr d E Lo tm sta te t 5 2 es ea ,	Cr d tm es ea	QL D	50		40 00 0 ,	90

1.

2.

3.

Lettable area subject to authority approvals AUM basis, inclusive of GPT QuadReal Logistics Trust share Exchange occurred in August 2021

Logistics portfolio outlook

• Modern portfolio, low maintenance capex delivering attractive cash yield
• Focused on product creation, with half of portfolio developed by GPT
• Strategically located in key transport corridors
• Sustainability investments including solar, water harvesting and batteries
• Positive tailwinds with acceleration of e-commerce, urbanisation, investments in the supply chain and infrastructure
• Strong tenant demand, with eastern seaboard take-up in 2Q 2021 double the long-term quarterly average¹
• Low market vacancy in Sydney of 1.4% and Melbourne of 1.6%²

JLL Research 2Q 20212.CBRE Industrial & Logistics Vacancy Report, 1H 2021

Retail

Retail overview

2.Specialties < 400sqm

Strong leasing momentum evident

• Highest deal count in any first half period since 2013
• Higher portfolio occupancy, improved leasing spreads and reduction in holdovers compared to December 2020
• Base rents with fixed annual rent increases being achieved on all deals, averaging 4.5 years

	6 m t hs on	12 t hs m on
	to	to
	Ju 20 21 ne	De c 2 02 0
ls let d De Co a mp e	41 2	40 4
fo l 1 Po rt io Oc cu pa nc y	98 .9%	98 .0%
Re te nt ion R ate	67 %	72 %
2 Av An l F ixe d Inc er ag e nu a rea se	4.4 %	4.3 %
2 Av Le Te er ag e as e rm	4.5 y ea rs	4.0 y ea rs
2 Le ing Sp ds as rea	( ) 9.4 %	( ) 14 .1%
1 Ho l do % f B Re nt ve rs as o as e	7.3 %	7.7 %

As at period end Specialties < 400sqm

Sales growth well exceeding pre-COVID-19 levels

Brands continue to value physical footprints

• Strong retailer demand with more than 90 brands introduced to GPT's portfolio in 1H 2021
• Retailer groups are investing in flagship stores and opening new concepts

Highpoint Shopping Centre, VIC

Remixes underway with existing brands investing in flagship stores New concepts introduced

Melbourne Central, VIC

• Attracting first to CBD retail offers
• Investment in flagship stores by existing on-trend retail brands

Expanding existing stores

Enhancing our retail and mixed-use assets

• Total return 11.3% (12 months to June 2021)
• 100% occupancy, June 2021 specialty sales \$10,881psm (+18% yoy)
• High population growth, household income 25% higher than Sydney metro average
• Government investment with metro train and proposed hospital
• Mixed-use development: \$140m retail (15,000sqm GLA) and \$130m residential (220 units) planned to commence 2022

Highpoint Shopping Centre, VIC Sunshine Plaza, QLD

• One of Australia's leading retail assets, located in a strong growth market with over 1 million people
• Repositioning investment (2019-2022) including proactive resizing of major stores and upgrades to centre ambience

• Plans lodged for longer term mixed-use development, leverages significant land holdings (28 hectares) and proximity to Melbourne CBD

• Dominant asset in SE QLD, trade area population 10 year forecast growth of ~20%1

• \$3b government investment new hospital, road and airport upgrades, expanded university
• Major re-development completed March 2019
• »Attracting first to market retail brands
• Strong specialty sales (+20% yoy) and customer visitations (+9% yoy)
• Mixed-use development planning underway leveraging sizeable land holdings (20 hectares)

1. Source: Location IQ –June 2021

Funds Management

Funds management overview

Leveraging the platform for expansion

GPT QuadReal Logistics Trust capital commitment increased to \$1b

• 53% of initial \$800m target committed with five opportunities secured this year1
• Two fund-through acquisitions with Bend Road, Keysborough and Boundary Road, Tarneit
• One development underway at Metroplex Place, Wacol
• Two parcels of land for future development at Wacol and Crestmead2

Organic growth of existing platform through developments and acquisitions

• » GWOF progressing its ~\$3b pipeline1 providing pathway to grow portfolio to > \$12b
• Queen & Collins, Melbourne achieved practical completion in June 2021
• 51 Flinders Lane, Melbourne to commence 4Q 2021
• GWSCF focus on near term asset enhancement and longer term value creation, with mixed-use masterplans progressing at Highpoint, Northland and Macarthur Square

1. Estimated end value2. Exchange occurred in August 2021 All images are Artists' impressions

Summary and outlook

Summary and outlook

• Strong first half momentum interrupted by recent COVID-19 restrictions. Impacts expected to be transitory with a recovery anticipated when restrictions are lifted
• Further growth in Logistics through developments and acquisitions
• Growth of Funds Management including delivery of increased QuadReal capital partnership and execution of GWOF development pipeline
• Maintain leading sustainability credentials and progress on milestones to achieve 2024 carbon neutral target
• » Balance sheet strength provides capacity to fund developments and growth opportunities
• » Security buy-back is not active as the Group continues to invest in the development pipeline and other potential growth opportunities
• » FFO and distribution guidance not provided given uncertainty in terms of the duration and nature of government measures being implemented to manage COVID-19

Thank you for joining us Questions

Disclaimer

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this presentation to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 6 months ended 30 June 2021. FFO is a financial measure that represents The GPT Group's underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.

Key statistics for the Retail and Office divisions include GPT Group's weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Wholesale Office Fund (GWOF) respectively.

Data Pack

Contents

GPT Overview	43
Financial Performance	47
Office Portfolio	57
Logistics Portfolio	71
Retail Portfolio	95
Development	105
Funds Management	107
Sustainability	113

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

Riverside Centre, Brisbane

GPT Overview

GPT Overview

GPT's core portfolio consists of high quality properties in the retail, office and logistics sectors. The portfolio includes some of the most iconic buildings in Australia and award winning developments.

Retail portfolio

• 12 shopping centres
• 960,000 sqm GLA
• 3,100 + tenants
• \$5.6b portfolio
• \$8.6b AUM

Office portfolio

• 25 assets
• 1,030,000 sqm NLA
• 380 + office tenants
• \$5.8b portfolio
• \$13.3b AUM

Logistics portfolio

• 42 assets
• 1,140,000 sqm GLA
• 90 + tenants
• \$3.4b portfolio
• \$3.4b AUM

As at 30 June 2021

GPT Portfolio Metrics

Across the three sectors, GPT has maintained high occupancy and a long WALE.

	fo l io ize ( \$ b ) Po rt S	( ) W A L E y ea rs	( ) Oc % cu p an cy	( ) W A C R %
l Re ta i	5. 6 0	3.7	9 8. 9	5. 05
f f i O ce	5.7 9	5. 0	8 8. 9	4. 87
Lo ist ics g	3.3 8	6. 6	9 6. 8	4.3 8
To ta l	14 .7 6	4. 8	95 6	4. 85

Structured Rental Increases1

1. Structured rent reviews for the 12 months to 31 December 2021. Other includes market reviews and expiries in 2021.

Glossary

A- Gr de a	As he Pr Co i l o f Au l ia 's 'A Gu i de t ty st to p er op er un c ra O f f i i l d ing Qu l ity ' Bu ce a
A F F O	A d j te d Fu ds Fro Op at io A d j te d Fu ds us n m er ns us n : Fro Op io is de f in d a F F O les int at m er ns e s s m a en an ce lea ing inc ive d o f f ite lcu lat d t ca p ex s en s a n ne -o ms ca e , da h t he lun in it P C A 'V ta Be st Pr t ice ac co r nc e w o ry ac Gu i de l ine fo D isc los ing F F O d A F F O ' s r an
A R E I T	Au l ian Re l Es Inv Tr st ta te tm t t ra a es en us
A S X	l ha Au st ian Se it ies Ex ra cu r c ng e
A U M	As ts de t se u n r m an ag em en
Bp s	is int Ba Po s s
Ca p ex	Ca ita l e d itu p xp en re
C B D	Ce l Bu ine D ist ict nt ra s ss r
C O 2	Ca bo iox i de D r n
C P I	Co Pr ice In de ns um er x
cp s	Ce ity nt s p er se cu r
D P S	ist i bu io ity D t n p er se cu r r
E B I T	Ea ing Be fo Int t a d Ta rn re er es n x
E P S	Ea ing ity Ea ing ity is de f in d a rn s p er se cu r rn s p er se cu r e s : ds Fu Fro Op at io ity er er se n m ns p cu r
Fre Ca h F low e s	Op at ing h f lo les int d lea ing er ca s w s m a en an ce an s ca p ex d inv to nt an en ry mo ve me s
F F O	ds ds Fu Fro Op at io Fu Fro Op at io is n m er ns n m er ns : de f in d a s t he de ly ing ing lcu lat d in e u n r ea rn s c a e da it h t he P C A 'V lun Be Pr ice ta st t ac co r nc e w o ry ac Gu i de l ine fo isc los ing O d O ' D F F A F F s r an
F U M	Fu ds de t n u n r m an ag em en
Ge ing ar	T he lev l o f bo ing lat ive to ts e rro w s r e as se

G F A	Gr F loo Ar os s r ea
G L A	b le Gr Le tta Ar os s ea
G W O F	G P T W ho les le O f f i Fu d a ce n
G W S C F	ho les le ho ing d G P T W S Ce nt Fu re a p p n
Ho A	He ds f Ag t a o re em en
I F R S	io l ina ia l ing da ds Int t F Re t St er na na nc p or an r
I P D	Inv tm t Pr ty Da ta ba k es en op er n
I R R	l f Int Ra te Re tu er na o rn
L B P	Lo ist ics & Bu ine Pa ks g s ss r
j Ma Te nt or na s	i l te ies inc lu d ing Su ke isc Re ta ts D nt na nc p er ma r ou , De tm t St De tm t St d C ine p ar en or es p ar en or es an ma s ,
M A T	Mo ing An l Tu v nu a rn ov er
M E R	Ma t Ex Ra t io Ma t Ex na g em en p en se na g em en p en se : Ra io is de f in d a d iv i de d by t t e e s m an ag em en xp en se s de ts t as se n r m an ag em en u
M in i- Ma j Te nt or na s	Re ta i l te ies it h a G L A bo 4 0 0 s t na nc w a ve q m no las i f ie d a j Ma Te nt c s s a or na
M T N	Me d ium Te No te rm s
N/ A	No Ap l ica b le t p
N A B E R S	Na t io l Au st l ian Bu i lt En iro t Ra t ing Sy st na ra v nm en em
N A V	Ne As Va lue t t se
Ne t Ge ing ar	f in Ne t g ing is de d a de bt les h les ea r e s s c as s c ro ss de iva ive d d c de iva ive t ts t cu rre nc y r as se a ro ss cu rre nc y r l ia b i l it ies d iv i de d by l ta i b le les h les to ta ts ng as se s c as s de iva t ive ts les ig ht f u ts cr os s c ur re nc y r as se s r o se as se les lea l ia b i l it ies inv ies tm t p t s se es en ro p er –
N L A	Ne t Le tta b le Ar ea
N P A T	Ne Pr f it A f te Ta t o r x

N T A	i b le Ne t Ta As ts ng se
d Or ina Se it ies ry cu r	d ho ha ly Or ina it ies e t t t a t c ry se cu r ar se re m os om mo n f in tra de d o n t he A S X: T he A S X de d ina it ies es o r ry se cu r t ho it ies t ha t c ia l o fe d as se se cu r ar ry no sp ec r p re rre ig ht Ho l de f o d ina it ies i l l u l ly ha r s. rs o r ry se cu r w su a ve he ig ht l m ing f t he t to te at t r vo a g en er a ee o co m p an y, d t ic ip in d iv i de ds d ist i bu io f t at t an o p ar e an y n o r a ny r n o in d ing f t he he ba is ts t as se o n w u p o co m p an y on sa me s he d ina ity ho l de ot as r o r ry se cu r rs
P C A	l o f l Pr ty Co i Au st ia op er un c ra
Pr ium Gr de em a	f As t he Pr ty Co i l o Au st l ia 's 'A Gu i de to p er op er un c ra O f f i Bu i l d ing Qu l ity ' ce a
Pr im Gr de e a	Inc lu de f Pr ium d A- Gr de l ity et s a ss s o em an a q ua
p sm	Pe et r s q ua re m re
P V	lue Pr t Va es en
l les Re ta i Sa	d o ht d he d Ba ig G P T int t in t ts se n a w e e er es as se an fo G W S C F p t l io. G P T r ts ta i l s les in da or ep or re a ac co r nc e it h t he S ho ing Ce nt Co i l o f Au st l ia w p p re un c ra ( ) S C C A i de l ine g u s
R O C E	Re ita l e loy d tu rn on ca p m p e

lty Sp ia Te nt ec na s	l te h a be low Re ta i ies it G L A 4 0 0 s na nc w q m
Sq m	Sq et ua re m re
T R	l l lev l To ta Re tu To ta Re tu at G P T Gr is rn rn ou p e : ( ) lcu lat d a he ha in Ne Ta i b le As N T A s t t ts ca e c ng e ng se ity lus d ist i bu io ity de lar d t p er se cu r p r ns p er se cu r c e t he d iv i de d by t he N T A ity at t he ov er y ea r, p er se cu r be inn ing f t he g o y ea r
T S R	To ta l Se ity ho l de Re tu To ta l Se ity ho l de Re tu cu r r rn cu r r rn : is de f in d a d ist i bu io ity lus ha in t e s r n p er se cu r p c ng e ity ice se cu r p r
To l Ta i b le As ta ts ng se	To l ta i b le is de f in d a he Co itu io ta ts t t t ng as se e s p er ns n f t he d e ls l les i b le Tr t a To ta As ts Int se o us n q ua s an g As ts te d in t he St at t o f F ina ia l Po it io se re p or em en nc s n
S U P P	ite d St iva lac Un at Pr te P t es em en
V W A P	Vo lum ig ht d a ice e w e e ve ra g e p r
C W A D	ig ht d a f de bt W t o e e ve ra g e c os
W A C R	W ig ht d a ita l isa t io at e e ve ra g e c ap n r e
W A L E	ig ht d a lea iry W e e ve ra g e se ex p

Financial Performance

Financial Summary

hs 6 m t to 3 0 Ju on ne	2 0 21	2 0 2 0	ha C ng e
ds ( \$m ) Fu Fro Op at io n m er ns	3 0 2.3	24 4.5	23 6 %
f it ( los ) f te ( \$m ) 1 Ne t p / r t ro s a ax	7 6 0.5	( ) 5 2 0.4	24 6.1 %
( ) F F O d ina ity nt p er o r ry se cu r ce s	15 64	12 .55	24 6 %
( ) F F O ie l d ba d o io d e d p ice y se n p er n r	6.4 %	6.1 %
( ) 2 D ist i bu t io d ina ity nt r n p er o r ry se cu r ce s	13 .3 0	9.3 0	43 0 %
( ) D ist i bu t io ie l d ba d o io d e d p ice 2 r n y se n p er n r	5.5 %	4.5 %
( \$m ) Ne t int t e er es xp en se	( ) 44 .3	( ) 4 9.1	9. 8 %
( \$m ) Int t c ita l ise d er es ap	2. 8	4. 9	2.1 m
W ig ht d a t o f de bt e e ve ra g e c os	2.7 %	3.1 %	4 0 bp s
Int t c er es ov er	im 7. 9 t es	im 6. 0 t es
	As t 3 0 Ju n 2 1 a	As t 3 1 De 2 0 a c	C ha ng e
l a ( \$m ) 1 To ta et ss s	15 6 94 .3	15 34 6. 9	2.3 %

( \$m ) To ta l a et 1 ss s	15 6 94 .3 ,	15 34 6. 9 ,	2.3 %
( \$m ) To ta l bo ing rro w s	4, 12 8. 0	4, 0 87 .4	1. 0 %
( \$ ) N T A ity 3 p er se cu r	5. 8 6	5.5 7	5. 2%
Ne t g ing ea r	24 .5 %	23 2%	13 0 bp s
Ne t loo k t hr h g ing ou g ea r	27 0 %	25 9 %	11 0 bp s
W ig ht d a e t to at ity f de bt e e ve ra g er m m ur o	7.4 y ea rs	7. 8 y ea rs	0.4 y ea rs
( ) Cr d it r ing S & P/ Mo dy 's at e s o	A b le / A2 b le st st a a	A b le / A2 b le st st a a	Un ha d c ng e
W ig ht d a f int he dg ing e t t r at e e ve ra g er m o er es e	2. 2 y ea rs	2.5 y ea rs	0.3 y ea rs

1. Comparative for 2020 has been restated due to the implementation of an IFRIC agenda decision.

2. Distribution has been declared post balance date on 16 August 2021 for the six months to June 2021.

3. Includes right of use assets.

The weighted average number of ordinary stapled securities was 1,933.2 million for 2021 and 1,947.9 million for 2020.

The period end price was \$4.90 at 30 June 2021 and \$4.17 at 30 June 2020.

Results Summary

( \$m ) Se fo hs Ju nt 6 m t to 3 0 g me p er rm an ce on ne	2 0 21	2 0 2 0
Re ta i l
Op io inc at t er ns ne om e	0 14 1.	74 .7
De lop nt t inc ve me ne om e	( ) 0. 2	4.5
	14 0. 8	7 9. 2
O f f i ce
io inc Op at t er ns ne om e	13 3.3	13 9.4
De lop inc nt t ve me ne om e	2 1.	0.5
	13 4. 5	13 9. 9
Lo is t ics g
Op at io t inc er ns ne om e	73 .5	64 .7
lop inc De nt t ve me ne om e	2. 0	( ) 0.3
	75 .5	64 .4
Fu ds Ma t n na g em en	23 9	24 2
Ne t f in ing st an c co s	( ) 44 .3	( ) 4 9.1
Co at t e rp or e m an ag em en xp en se s	( ) 23 .4	( ) 7. 6
Ta x e xp en se s	( ) 4.7	( ) 6.5
io ( ) Fu ds Fro Op t F F O n m er a ns	3 0 2.3	24 4. 5
( ) Va lua io inc de t / n re as e cr ea se	47 1.7	( ) 71 1.3
F ina ia l ins tru nt k t ke t m ts d n et fo ig nc me s m ar o m ar ov em en an re n ha ts ex c ng e m ov em en	0.5	( ) 51 .5
he Ot ite r ms	( ) 14 0	( ) 2.1
( ) ( ) Ne Pr f it Lo A f te Ta N P A T 1 t / o ss r x	7 6 0. 5	( ) 5 2 0. 4

1. Comparative for 2020 has been restated due to the implementation of an IFRIC agenda decision.

Funds From Operations to Adjusted Funds From Operations

( \$m ) 6 m t hs to 3 0 Ju on ne	2 0 21	2 0 2 0
Co bu ine re s ss	37 4.7	07 3 .7
F ina ing d c he ds at nc an or p or e o ve r a	( ) 72 .4	( ) 63 2
Fu ds Fro Op io t n m er a ns	0 2.3 3	24 4. 5
Ma int ita l e d itu en an ce ca p xp en re	( ) 12 9	( ) 8.5 1
( ) Le inc ive inc lu d ing fre d lea ing t nt st as e en s re e a n s co s	( ) 23 .1	( ) 2 8. 9
A d j d Fu ds Fro Op io te t us n m er a ns	2 6 6.3	1 97 .1

Goldsbrough Village, 181 William & 550 Bourke Streets, Melbourne

NTA Movement

Se it ies Iss cu r o n ue	f it ies Nu be Se m r o cu r ( ) m
Op ing ba lan 1 Ja 2 0 21 en ce nu ar y	1, 94 7. 9
Bu ba k o f s it ies y c ec ur	( ) 3 2.3
3 0 Ju 2 0 21 ba lan ne ce	1, 91 5. 6

N T A Mo nt ve me	Ne t As ts se ( \$m )	No f Se it ies . o cu r ( ) m	N T A Se ity p er cu r ( \$ )
N T A it io De be 1,2 t 3 1 r 2 0 2 0 p os n a s a ce m	1 0, 85 2.7	1, 94 7. 9	5.5 7
Bu ba k o f s it ies y c ec ur	( ) 6. 8 14	( ) 3 2.3	0. 0 2
F F O	3 0 2.3		0.1 6
Re lua io t va ns	47 1.7		0. 24
Ma k t ke f Tr t o r o m ar ea su ry	11. 6		0. 0 0
D ist i bu io t r n	( ) 25 7.1		( ) 0.1 3
Ot he r	( ) 12 .3		( ) 0. 0 0
in Mo nt N T A ve me	3 6 9.4		0. 2 9
it io 1 N T A t 3 0 Ju 2 0 21 p os n a s a ne	11, 22 2.1	1, 91 5. 6	5. 8 6

1. Includes right of use assets.

2. NTA position at 31 December 2020 has been restated due to the implementation of an IFRIC agenda decision.

Capital Management Summary

( \$m ) Ge ing ar	As t 3 0 Ju 2 0 21 a ne
To l a ta et ss s	6 94 15 .3 ,
Le Int i b le ts ss an g as se :	( ) 24 6
Le R ig ht f u t ss o se as se :	( ) 3 6. 2
ia b i l it ies inv ies Le Le L tm t p t ss as e es en ro p er : –	( ) 7.7
Cr Le ts ss os s c ur re nc sw ap as se y :	( ) 34 5. 8
d j d l ta i b le A te to ta ts us ng as se	15 2 8 0. 0 ,
bo Cu nt ing rre rro w s	5 8 9.4
No nt bo ing n- cu rre rro w s	3, 53 8. 6
Le Ne t c de iva t ive it io ss ro ss cu rre nc y r p os ns :	( ) 3 2 8. 0
To ta l bo ing 1 rro w s	3, 8 0 0. 0
Ca h s	72 2
Ne t Ge ing 2 ar	24 .5 %

1. Includes unamortised establishment costs and other adjustments. As at 30 June 2021, external drawn debt is \$3,759 million.

2. Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use assets.

( \$m ) Int t Co er es ve r	3 0 Ju 2 0 21 ne
Fu ds Fro Op io at n m er ns	0 2.3 3
A d d: de du d ta ct xe s e	4.7
A d d: F ina Co fo he io d 1 st r t nc e s p er	44 .5
( ) Ea ing Be fo Int d Ta E B I T t a rn s re er es n x	35 1.5
ina Co 1 F st nc e s	44 .5
Co Int t er es ve r	im 7. 9 t es

1. Excludes Finance costs – leases.

Look Through Gearing

Lo k T hr h Ge ing t 3 0 Ju 2 0 21 o ou g ar as a ne	G P T Gr ou p	G W O F	G W S C F	O t he 2 r	To ta l
S ha f a ts f n l i da te d e nt it ies re o ss e o on -c on so
Gr d j d t l ta i b le te ot ts ou p a us a ng as se	15 2 8 0. 0 ,				15 2 8 0. 0 ,
lus ha f a f n l i da d e it ies P G P T s et te nt re o ss s o on -c on so :		2, 0 01 .3	1, 1 05 .7	1, 4 6 9.4	4, 57 6.4
l e l da d e Le : to ta ity inv tm t in i te nt it ies ss q u es en no n- co ns o		( ) 1, 61 8.3	( ) 77 9.1	( ) 1, 43 6. 6	( ) 3, 83 4. 0
To ta l loo k t hr h a ts ou g ss e	15 2 8 0. 0 ,	3 83 0	3 2 6. 6	3 2. 8	1 6, 0 22 .4
Gr to ta l bo ing ou p rro w s	3, 8 0 0. 0				3, 8 0 0. 0
P lus G P T s ha f e xt l de bt f n l i da te d e nt it ies re o er na o on -c on so :		33 5. 8	2 95 .4	0. 0	63 1. 2
To ta l loo k t hr h bo ing ou g rro w s	3, 8 0 0. 0	33 5. 8	2 95 .4	0. 0	4, 43 1. 2
To ta l loo k t hr h c h ou g as	72 2	6.5	6. 0	6 9. 9	15 4. 6
Lo k t hr h g ing ba d o t de b t 1 o ou g ea r se n n e					27 0 %

1. Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset. 2. Retail, office and other assets (held in joint ventures).

29-55 Lockwood Rd, Erskine Park, NSW

Debt Maturity Profile

Liquidity of \$1.3 billion funds all current commitments until 2024.

* Assumes commercial paper is refinanced with committed bank facilities.

Liquidity Profile

Liquidity Profile

Hedging Profile

54% hedged over the next 2.2 years at an average rate of 1.6%.

Fixed rate debtInterest rate swaps Floating rate debt

Parkmore Shopping Centre, VIC

Melbourne Central, VIC

Office Portfolio

Office Portfolio Overview

GPT's office portfolio comprises ownership in 25 high quality assets1 with a total investment of \$5.8 billion. The portfolio includes assets held on the Group's balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

New South Wales

GPT Owned

• »Australia Square (50%)
• »2 Park Street (50%)
• »Darling Park 1 & 2 (25%)
• » 60 Station Street, Parramatta
• » 4 Murray Rose Avenue, Sydney Olympic Park
• 32 Smith, Parramatta

GWOF Owned

• Liberty Place (50%)
• Darling Park 1 & 2 (50%)
• Darling Park 3
• 580 George Street
• workplace6
• 87-91 George Street, Parramatta

Victoria

GPT Owned

» Melbourne Central Tower » 181 William and 550 Bourke Streets (50%)

GWOF Owned

• »2 Southbank Boulevard
• »8 Exhibition Street (50%)
• »Queen & Collins
• »150 Collins Street
• »530 Collins Street

»

• »655 Collins Street
• 750 Collins Street
• » 181 William and 550 Bourke Streets (50%)
• »800/808 Bourke Street
• »32 Flinders Street

Queensland

GPT Owned

» One One One Eagle Street (33.3%)

GWOF Owned

• » One One One Eagle Street (66.7%)
• Riverside Centre

All totals and averages are based on GPT's balance sheet portfolio and weighted ownership interest in the GWOF portfolio.

1. Includes assets held for development (87-91 George Street and 32 Flinders Street).

Office Portfolio Summary

The GPT office portfolio has exposure to high quality office assets and benefits from a diversified tenant base.

Note: Includes signed leases. 1. Based on gross rent. 2. By area.

Income and Fair Value Schedule

		Inc om e					ir Fa	lue Va Re co	i l ia io t nc	n
	6 m 3 0	t hs on ( Ju n	to \$m )			Ca p ex
	2 0 2 0	2 0 2 1	Va ian r ce	Fa ir Va lue 3 1 De 2 0 c ( \$m )	De lop t ve me n & O her Ca t p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Lea se Inc ive t en s ( \$m )	Ac is i ion t q u s ( \$m )	Sa les ( \$m )	Ne t Rev lua ion t a s ( \$m )	O t her A d j tm ts us en ( \$m )	Fa ir Va lue 3 0 Ju 2 1 n ( \$m )	% f o Po fo l io t r ( ) %
G P T Po fo l io t r
Au l ia Sq Sy dn tra s uar e, ey	1 2. 5	1 4. 0	1. 5	5 8 3. 0	–	1. 3	2. 5	–	–	3 2. 2	–	6 1 9. 0	1 0. 7
2 Pa k S Sy dn tre t, r e ey	1 7. 9	1 9. 6	1. 7	8 0 5. 0	–	0. 2	2. 0	–	–	–	–	8 0 7. 2	1 4. 0
Gov P h i l l ip & Gov Ma ie Tow Sy dne ern or ern or cq uar ers y ,	1 3. 2	–	( ) 1 3. 2	–	–	–	–	–	–	–	–	–	–
Da l ing Par k 1 & 2, Sy dne r y	1 2. 8	1 4. 4	1. 6	5 2 8. 7	1. 5	0. 6	1. 0	–	–	8. 2	–	5 4 0. 0	9. 3
6 0 S ion S Pa ta t tre t, t ta e rra ma	7. 6	8. 1	0. 5	2 7 3. 0	0. 4	–	–	–	–	( ) 3. 4	–	2 7 0. 0	4. 7
3 2 Sm i h S Pa t tre t, t ta e rra ma	–	2. 2	2. 2	2 5 4. 0	3 1. 5	–	0. 3	–	–	3 9. 2	–	3 2 5. 0	5. 6
4 Mu Ro Av Sy dn O ly ic Pa k rra y se en ue, ey mp r	2. 9	3. 7	0. 8	1 4 3. 0	–	–	0. 1	–	–	–	–	1 4 3. 1	2. 5
Me l bou Ce l Tow Me l bou tra rne n er, rne	2 0. 7	1 9. 3	( ) 1. 4	7 2 9. 0	0. 3	2. 7	4. 8	–	–	–	–	7 3 6. 8	1 2. 7
1 8 1 W i l l iam d 5 5 0 Bo ke S Me l bou tre ts, an ur e rne	9. 6	7. 1	( ) 2. 5	4 1 4. 5	0. 9	0. 1	3. 8	–	–	( ) 1. 3	–	4 1 8. 0	7. 2
On On On Eag le S Br is ban tre t, e e e e e	1 0. 5	9. 1	( ) 1. 4	2 9 5. 3	0. 4	0. 1	0. 6	–	–	1 1. 6	–	3 0 8. 0	5. 3
Eq i In ty ter ts u es
( ) 1 G P T Eq i In in G W O F 2 1. 8 % ty ter t u es	3 4. 7	3 6. 9	2. 2	1, 5 7 9. 6	–	–	–	–	–	3 4. 7	4. 0	1, 6 1 8. 3	2 8. 0
To l O f f i Po fo l io ta t ce r	1 4 2. 4	1 3 4. 4	( ) 8. 0	5, 6 0 5. 1	3 5. 0	5. 0	1 5. 1	–	–	1 2 1. 2	4. 0	5, 7 8 5. 4	1 0 0. 0

1. GPT Equity Interest in GWOF represents GPT's equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income represents GPT's share of FFO for the period.

Office Portfolio Summary

						O f f i ce	( Oc By cu p an cy	) Ar ea
	S ta te	Ow h ip ner s ( ) %	O f f ic N L A e ( ) 1 0 0 % In ter t es (sq ) m	3 0 2 Ju 1 n Fa ir Va lue ( \$m )	3 0 2 Ju 1 n Ca Ra te p ( ) %	Ac l tua ( ) %	S Inc ig d ne Lea ses ( ) %	Inc He ds f a o Ag t ree me n ( ) %	O f f ic W A L E e by Inc om e ( ) Yea rs
G fo l io P T Po rt
l ia Sq Sy dn Au st ra ua re ey ,	S N W	5 0	51 7 0 0 ,	61 9. 0	4. 83	94 .1	97 .1	97 6	3.7
k dn 2 Pa St et Sy re ey r ,	N S W	5 0	73 5 0 0 ,	8 07 2	4.7 5	97 9	97 9	9 8. 8	2.5
l k 1 dn Da ing Pa Sy ey r r ,	N S W	25	1 01 9 0 0	54 0. 0	D P1 : 4 .75	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 3 .3
Da l ing Pa k 2 Sy dn r r ey ,			,		D P2 : 4 .75	D P2 9 6. 2 :	D P2 9 6. 2 :	D P2 9 6. 2 :	D P2 : 7. 3
6 0 St at io St et Pa tta n re rra ma ,	N S W	1 0 0	25 1 0 0 ,	27 0. 0	5.1 3	1 0 0. 0	1 0 0. 0	1 0 0. 0	1.3
3 2 Sm it h St et Pa tta re rra ma ,	N S W	1 0 0	27 0 0 0 ,	3 25 0	5. 0 0	63 .1	64 8	71 .5	9.4
4 Mu Ro Av Sy dn O ly ic Pa k rra y se en ue ey mp r ,	N S W	1 0 0	15 6 0 0 ,	14 3.1	5.1 3	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 0
Me l bo Ce nt l To Me l bo ur ne ra we r, ur ne	V I C	1 0 0	65 8 0 0 ,	73 6. 8	4. 8 8	9 6. 0	9 8.3	9 8.3	5. 6
1 81 W i l l iam d 5 5 0 Bo ke St Me l bo et an ur re s, ur ne	V I C	5 0	7 6, 2 0 0	41 8. 0	5. 0 0	44 .5	54 8	54 8	6.3
On On On Ea le St Br is ba et e e e g re ne ,	Q L D	33 .3	63 8 0 0 ,	0 8. 0 3	0 0 5.	9 6. 9	9 6. 9	97 .3	6 4.

Office Occupancy (By Area)

	S ta te	Ow h ip ner s ( ) %	O f f ic N L A e ( ) 1 0 0 % In ter t es (sq ) m	3 0 Ju 2 1 n Fa ir Va lue ( \$m )	3 0 Ju 2 1 n Ca Ra te p ( ) %	Ac l tua ( ) %	Inc S ig d ne Lea ses ( ) %	Inc He ds f a o Ag t ree me n ( ) %	O f f ic W A L E e by Inc om e ( ) Yea rs
G O fo l io W F Po rt
L i be rty P lac 1 61 Ca st ler h St et Sy dn e, ea g re ey ,	N S W	5 0	5 6, 3 0 0	77 5.7	4.3 8	9 9.3	9 9.3	9 9.3	6. 9
l k 1 dn Da ing Pa Sy r r ey ,	N S W	5 0	1 01 9 0 0	0 8 0.	D P1 : 4 .75	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 3 .3
l ing k 2 Sy dn Da Pa r r ey ,			,	1, 0	D P2 : 4 .75	D P2 9 6. 2 :	D P2 9 6. 2 :	D P2 9 6. 2 :	D P2 : 7 .3
Da l ing Pa k 3 Sy dn r r ey ,	N S W	1 0 0	2 9, 8 0 0	5 9 8. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	4.5
8 0 Ge St Sy dn 5 et or g e re ey ,	N S W	0 0 1	0 0 37 1 ,	65 6. 8	0 0 5.	95 6	9 6.5	0 0. 0 1	0 4.
6, kp lac Sy dn wo r e ey	N S W	1 0 0	1 6, 3 0 0	33 0.3	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	7.4
87 -9 1 Ge St et Pa tta or g e re rra ma ,	N S W	1 0 0	N/ A	73 6	N/ A	N/ A	N/ A	N/ A	N/ A
h ba k lev d, l bo 2 So ut Bo Me n u ar ur ne	V I C	1 0 0	53 3 0 0 ,	6 9 0. 0	4. 8 8	8 9.7	8 9.7	8 9.7	5.4
h i b it io St l bo 8 Ex et Me n re ur ne ,	C V I	5 0	4 4, 5 0 0	3 0 6. 0	4.7 5	9 6.4	9 6.4	9 9.1	4. 0
F l in de St Me l bo 3 2 et rs re ur ne ,	V I C	1 0 0	N/ A	8 2. 9	N/ A	N/ A	N/ A	N/ A	N/ A
Qu & Co l l ins Me l bo ee n ur ne ,	V I C	0 0 1	0 0 0 34 ,	0 45 4.	4.7 5	0. 0	9. 6 1	34 .1	5.3
15 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	1 9, 1 0 0	27 2. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	5. 0
53 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	65 2 0 0 ,	75 3. 2	4.7 5	81 .3	81 .3	8 2. 9	3. 6
l l l bo 65 5 Co ins St et Me re ne ur ,	V I C	1 0 0	1 6, 6 0 0	17 3. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	8.4
Co l l ins St l bo 75 0 et Me re ur ne ,	C V I	1 0 0	41 4 0 0 ,	4 9 6. 0	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	14 .3
Bo ke St Me l bo 8 0 0 / 8 0 8 et ur re ur ne ,	V I C	1 0 0	5 9, 6 0 0	5 81 .1	5.1 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	6.1
81 W i l l iam d 5 0 Bo ke St Me l bo 1 5 et an ur re s, ur ne	V I C	0 5	6, 2 0 0 7	8. 0 41	0 0 5.	44 .5	8 54	8 54	6.3
On On On Ea le St et Br is ba e e e g re ne ,	Q L D	6 6.7	63 8 0 0 ,	61 6. 0	5. 0 0	9 6. 9	9 6. 9	97 .3	4. 6
R ive i de Ce nt Br is ba rs re ne ,	Q L D	1 0 0	51 4 0 0 ,	73 9. 0	5. 0 0	9 2.4	94 .5	95 8	6. 0
l 1 To ta			1, 0 25 4 0 0 ,		4. 87	8 6.7	8 8. 9	9 0. 0	5. 0

1. Excludes assets held for development (87-91 George Street and 32 Flinders Street).

Independent Valuation Summary

	S ta te	Ow h ip ne rs ( ) %	Da te	Va lue r	Va lua t io n ( \$m )	Ca ita l isa t io Ra te p n ( ) %
G P T Po rt fo l io
Au l ia Sq Sy dn st ra ua re ey ,	N S W	0 5	0 Ju n 2 3 1	Sa i l ls v	61 9. 0	83 4.
2 Pa k St Sy dn et r re ey ,	N S W	0 5	De 2 0 31 c	Kn ig ht Fra k n	8 05 0	4.7 5
Da l ing Pa k 1 & 2, Sy dn r r ey	N S W	25	0 Ju n 2 3 1	Co l l ier s	0. 0 54	D P1 D P2 : 4 .75 : 4 .75 ,
St io St Pa 6 0 at et tta n re rra ma ,	N S W	1 0 0	Ju 3 0 n 2 1	C B R E	27 0. 0	5.1 3
Sm it h St Pa 3 2 et tta re rra ma ,	N S W	1 0 0	Ju 3 0 n 2 1	Kn ig ht Fra k n	3 25 0	5. 0 0
Mu Ro Av Sy dn O ly ic Pa k 4 rra y se en ue ey mp r ,	N S W	1 0 0	De 31 2 0 c	Co l l ier s	14 3. 0	5.1 3
Me l bo Ce l To Me l bo nt ur ne ra we r, ur ne	V I C	1 0 0	De 31 2 0 c	Co l l ier s	72 9. 0	4. 8 8
i l l iam d 5 ke St l bo 1 81 W 5 0 Bo et Me an ur re s, ur ne	C V I	5 0	3 0 Ju n 2 1	Sa i l ls v	41 8. 0	5. 0 0
On On On le St is ba Ea et Br e e e g re ne ,	Q L D	33 .3	3 0 Ju n 2 1	Cu hm & ke f ie l d W s an a	3 0 8. 0	5. 0 0

32 Smith, Parramatta

	S ta te	Ow h ip ne rs ( ) %	Da te	Va lue r	Va lua io t n ( \$m )	Ca ita l isa io Ra t te p n ( ) %
G W O F Po fo l io rt
L i be P lac Ca ler h St Sy dn rty 1 61 st et e, ea g re ey ,	N S W	5 0	Ma 31 r 2 1	J L L	77 5.5	4.3 8
l ing k 1 & Sy dn Da Pa 2, r r ey	S N W	5 0	3 0 Ju n 2 1	Co l l ier s	1, 0 8 0. 0	D P1 : 4 .75 D P2 : 4 .75 ,
l ing k 3 Sy dn Da Pa r r ey ,	S N W	1 0 0	3 0 Ju n 2 1	Co l l ier s	5 9 8. 0	4.7 5
Ge St Sy dn 5 8 0 et or g e re ey ,	S N W	1 0 0	31 Ma r 2 1	ig ht k Kn Fra n	65 5. 0	5. 0 0
6, kp lac Sy dn wo r e ey	S N W	1 0 0	31 Ma r 2 1	Sa i l ls v	33 0. 0	4. 8 8
Ge St 87 -9 1 et Pa tta or g e re rra ma ,	S N W	1 0 0	3 0 Ju n 2 1	ig ht k Kn Fra n	73 6	N/ A
h ba k lev d, l bo 2 So ut Bo Me n ar ne u ur	V I C	1 0 0	3 0 Ju n 2 1	C B R E	6 9 0. 0	4. 8 8
h b l bo 8 Ex i it io St et Me re ne n ur ,	V I C	5 0	3 0 Ju n 2 1	l l Co ier s	3 0 6. 0	4.7 5
l de l bo 3 2 F in St et Me rs re ur ne ,	V I C	1 0 0	31 Ma r 2 1	l ls Sa i v	8 2. 0	N/ A
Qu & Co l l ins Me l bo ee n ur ne ,	V I C	1 0 0	3 0 Ju n 2 1	Co l l ier s	45 4. 0	4.7 5
15 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	31 Ma r 2 1	C B R E	27 2. 0	4.7 5
53 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	31 Ma r 2 1	J L L	75 0. 0	4.7 5
65 5 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	31 Ma r 2 1	f ie Cu hm & W ke l d s an a	17 3. 0	4.7 5
75 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	3 0 Ju n 2 1	M3	4 9 6. 0	4.5 0
8 0 0 / 8 0 8 Bo ke St et Me l bo ur re ur ne ,	V I C	1 0 0	31 Ma r 2 1	Kn ig ht Fra k n	5 81 0	5.1 5
1 81 W i l l iam d 5 5 0 Bo ke St et Me l bo an ur re s, ur ne	V I C	5 0	3 0 Ju n 2 1	Sa i l ls v	41 8. 0	5. 0 0
On On On Ea le St et Br is ba e e e g re ne ,	Q L D	6 6.7	3 0 Ju n 2 1	Cu hm & W ke f ie l d s an a	61 6. 0	5. 0 0
R ive i de Ce nt Br is ba rs re ne ,	Q L D	1 0 0	3 0 Ju n 2 1	Co l l ier s	73 9. 0	5. 0 0

Lease Expiry Profile

Lease Expiry Profile (by Income)

Note: Office income, includes Signed Leases.

Office – Sydney CBD

• » Sydney CBD vacancy increased to 13.2%, with negative net absorption over the half, but positive absorption driven by prime stock in the last quarter.
• Minimal development activity occurred in 1H 2021, with net supply additions of approximately 70,000 sqm.
• In the past six months prime net face rents increased by 0.9% to \$1,214/sqm. Incentives have continued to increase, now at 32.3% gross, resulting in net effective rents moderating by 5.1% inthe six months to June 2021.
• » Average prime yields have remained flat at 4.69%, reflecting no change to yields since September 2020.

Sydney CBD: Rents and Incentives1 Sydney CBD: Prime Rents and Incentives

Sydney CBD: Demand, Supply and Vacancy Sydney CBD: Upper and Lower Prime Yields

Melbourne CBD: Prime Rents and Incentives

Sydney CBD: Upper & Lower Prime Yields

Melbourne CBD: Demand, Supply & Vacancy JLL Research 2Q 2021, GPT Research.

1. Change during the past 12 months.

Dec-09Mar-1020Y Vacancy Avg., 7.4% 14.1% 15% 200,000 300,000 400,000 mNotes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL's 'dynamic' vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20y Vacancy Average calculated 2001–2020. \$800 10%

4.38%

\$669

-17.8%

Office – Melbourne CBD

• » Melbourne CBD vacancy improved during 2Q 2021, falling slightly to 14.1%, albeit higher than six months ago. Falls in both direct and sub-lease vacancy helped to drive the reduction. Sydney CBD: Demand, Supply & Vacancy
• Supply has slowed off the back of 2020, with no supply added and minimal withdrawals. 20Y Vacancy Avg., 8.1% 13.2% 200,000 300,000
• Net prime face rents grew 1.4% over the six months to \$626/sqm bringing rent back to pre-COVID levels. Incentives increased to 35.5% net, resulting in a moderation of net effective rents of 3.2% in the half. 0%-200,000 -100,000 - 100,000 sqm per annum
• Average prime yields compressed by 12.5 bps to 4.76% in the past six months and are in line with March 2020 yields. -10%-300,000 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Melbourne CBD: Rents and Incentives1

Melbourne CBD: Demand, Supply & Vacancy Melbourne CBD: Demand, Supply and Vacancy Melbourne CBD: Upper and Lower Prime Yields

Jun-09Brisbane CBD: Prime Rents and IncentivesMelbourne CBD: Upper & Lower Prime Yields

JLL Research 2Q 2021, GPT Research.

1. Change during the past 12 months.

Notes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL's 'dynamic' vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20y Vacancy Average calculated 2001–2020. Sep-13 Dec-1320% 250,000 Brisbane CBD: Demand, Supply & Vacancy 9%Brisbane CBD: Upper & Lower Prime Yields

Office – Brisbane CBDJun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

• » Brisbane's CBD vacancy rate increased to 15.9%, with an increase in direct vacancy offsetting improvement in sub-lease vacancy, resulting in negative net absorption. 400,000 Melbourne CBD: Demand, Supply & Vacancy
• The Midtown Centre was completed over the half adding 44,500 sqm of stock. No withdrawals occurred. 20Y Vacancy Avg., 7.4% 14.1% 200,000 300,000
• Prime net face rents have remained mostly flat during the first half at \$634/sqm. Incentives have increased to 41.4% gross, resulting in net effective rents moderating by 4.4% in the past six months. -187,837 -200,000 sqm per annum
• » Average prime yields continue to remain unchanged at 5.63%. Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23

Brisbane CBD: Rents and Incentives1 Jun-09

Dec-08

Brisbane CBD: Demand, Supply and Vacancy Brisbane CBD: Upper and Lower Prime Yields

Brisbane CBD: Upper & Lower Prime Yields Sep-13

JLL Research 2Q 2021, GPT Research.

1. Change during the past 12 months.

Notes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL's 'dynamic' vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20y Vacancy Average calculated 2001–2020. Mar-18

Office – Parramatta

• » Parramatta's vacancy rate increased to 15.4% with net absorption of -23,656 sqm recorded in 1H 2021, driven by increasing sub-lease vacancy from larger tenants.
• The market has increased by 1.9% to ~850,000 sqm in the past six months with thecompletion of 32 Smith Street earlier this year.
• Prime net face rents increased by 1.2% over the first half. Incentives increased to 34.9% gross, resulting in net effective rents declining by 9.7% in the past six months.
• » Average prime yields have compressed by 12.5 bps in the past six months to 5.38%.

\$596 \$303 34.9%50% \$650 +1,041 bps -20.7%

Parramatta CBD: Rents and Incentives1

16,111 20Y Vacancy Avg., 7.4% 15.4%-10%-5%0%5%10%15%20%-60,000 -40,000 -20,000 20,000 40,000 60,000 80,000 100,000 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 qmpr NetAbsorption¹ (LHS) Net Supply¹ (LHS) Vacancy Rate (RHS )

Parramatta CBD: Demand, Supply & Vacancy

Dec-18Parramatta CBD: Demand, Supply and Vacancy Parramatta CBD: Upper and Lower Prime Yields Parramatta CBD: Upper & Lower Prime Yields

JLL Research 2Q 2021, GPT Research.

1. Change during the past 12 months.

Notes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL's 'dynamic' vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20y Vacancy Average calculated 2001–2020. Mar-23Jun-23

Sydney CBD Office Portfolio

Australia Square Cockle Bay Wharf Darling Park 1 & 2 Darling Park 3 2 Park StreetLiberty Place, 161 Castlereagh Street

2 Southbank Boulevard, Melbourne

Logistics Portfolio

Logistics Portfolio Overview

GPT's logistics portfolio consists of ownership in 42 high quality investment assets located across Australia's Eastern Seaboard and an interest in the GPT QuadReal Logistics Trust.

1. Includes properties at 3 Figtree Drive and 6 Herb Elliot Drive, Sydney Olympic Park.

Note: All totals and averages are based on GPT's balance sheet portfolio.

New South Wales

• Rosehill Business Park, Camellia
• » 10 Interchange Drive, Eastern Creek
• »16–34 Templar Road, Erskine Park
• 36–52 Templar Road, Erskine Park
• 54–70 Templar Road, Erskine Park
• »67–75 Templar Road, Erskine Park
• »29–55 Lockwood Road, Erskine Park
• »57–87 Lockwood Road, Erskine Park
• 88–99 Lockwood Road, Erskine Park
• »128 Andrews Road, Penrith
• »42 Cox Place, Glendenning
• »407 Pembroke Road, Minto (50%)
• 4 Holker Street, Newington
• »83 Derby Street, Silverwater
• »Sydney Olympic Park Town Centre1
• »Quad 1, Sydney Olympic Park
• Quad 4, Sydney Olympic Park
• »372-374 Victoria Street, Wetherill Park
• »38 Pine Road, Yennora
• »38A Pine Road, Yennora
• »18–24 Abbott Road, Seven Hills
• »1A Huntingwood Drive, Huntingwood
• »1B Huntingwood Drive, Huntingwood
• »54 Eastern Creek Drive, Eastern Creek
• »50 Old Wallgrove Road, Eastern Creek
• »104 Vanessa Street, Kingsgrove
• »64 Biloela Street, Villawood
• »30–32 Bessemer Street, Blacktown

Victoria

»

»

• »Citiwest Industrial Estate, Altona North
• »Citiport Business Park, Port Melbourne
• »Austrak Business Park, Somerton (50%)
• »Sunshine Business Estate, Sunshine
• »399 Boundary Road, Truganina
• »396 Mount Derrimut Road, Derrimut
• »21 Shiny Drive, Truganina
• 21–23 Wirraway Drive, Port Melbourne
• »1 Botero Place, Truganina
• Foundation Estate, Truganina

Queensland

• »59 Forest Way, Karawatha
• »55 Whitelaw Place, Wacol
• »2 Ironbark Close, Berrinba
• 30 Ironbark Close, Berrinba

Logistics Portfolio Summary

The GPT logistics portfolio has exposure to high quality assets with a long WALE.

As at 30 June 2021QLD 9%NSW62%

1. Based on net rent.

2. Excludes assets under development.

Lease Expiry Profile

Note: Includes signed leases.

Income and Fair Value Schedule

	3	Inc om 6 m t on ( 0 Ju n	e hs to \$m )				ir Fa Va	i lue Re l co nc	ia io t n
	2 0 2 0	2 0 2 1	Va ian r ce	Fa ir Va lue 3 1 De 2 0 c ( \$m )	De lop t ve me n & O her Ca t p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Lea se Inc ive t en s ( \$m )	Ac is i ion t q u s & Sa les ( \$m )	Ne t Rev lua ion t a s ( \$m )	O her t A d j tm ts us en ( \$m )	Fa ir Va lue 3 0 Ju 2 1 n ( \$m )	% f o Po fo l io t r ( ) %
G P T Po fo l io t r
Ca Ro h i l l Bu ine Pa k, l l ia se s ss r me	3. 3	3. 2	( 0. ) 1	0 1 4. 5	–	0. 1	–	–	–	–	0 1 4. 6	3. 1
1 0 In han Dr ive Eas Cre k ter ter c g e n e ,	1. 5	1. 0	( ) 0. 5	4 2. 0	–	–	–	–	5. 5	–	4 7. 5	1. 4
1 6– 3 4 Tem lar Ro d, Ers k ine Pa k p a r	2. 0	2. 1	0. 1	7 2. 0	–	–	–	–	5. 0	–	7 7. 0	2. 3
3 6– 5 2 Tem lar Ro d, Ers k ine Pa k p a r	3. 1	3. 2	0. 1	1 3 0. 0	–	–	–	–	1 8. 3	–	1 4 8. 3	4. 4
5 4– 7 0 Tem lar Ro d, Ers k ine Pa k p a r	5. 5	5. 6	0. 1	1 7 9. 0	–	–	–	–	2 3. 2	–	2 0 2. 2	6. 0
6 7– 7 5 Tem lar Ro d, Ers k ine Pa k p a r	1. 0	1. 1	0. 1	2 8. 8	–	–	–	–	2. 7	–	3 1. 5	0. 9
2 9– 5 5 Loc kw d Ro d, Ers k ine Pa k oo a r	3. 0	3. 1	0. 1	1 2 3. 7	–	0. 1	–	–	1 7. 5	–	1 4 1. 3	4. 2
8 & 8 9– 9 9 5 7– 7 Loc kw d Ro d, Ers k ine Pa k oo a r	2. 7	2. 8	0. 1	0. 1 1 5	–	0. 1	–	–	3. 1 4	–	2 0 1 4.	3. 7
1 2 8 An dre Ro d, Pe i h t ws a nr	–	2. 1	2. 1	9 3. 6	–	–	–	–	1 2. 1	–	1 0 5. 7	3. 1
4 2 Cox P lac G len de ing Co le d Fe bru 2 0 2 1 te e, nn mp ary –	–	0. 7	0. 7	3 4. 0	4. 8	–	0. 1	–	1 2. 3	–	5 1. 2	1. 5
4 0 7 Pe bro ke Ro d, M in to m a	1. 1	1. 1	0. 0	3 5. 0	–	–	–	–	5. 3	–	4 0. 3	1. 2
4 Ho l ker S Ne ing tre t, ton e w	1. 2	1. 2	0. 0	4 2. 0	–	0. 3	–	–	–	–	4 2. 3	1. 3
8 3 De by S S i lve tre t, ter r e rw a	0. 8	1. 4	0. 6	4 5. 0	–	–	–	–	7. 5	–	5 2. 5	1. 6
Sy dn O ly ic Pa k Tow Ce tre ey mp r n n	1. 2	1. 3	0. 1	4 9. 7	–	–	–	–	–	–	4 9. 7	1. 5
Qu Sy O d 1, dn ly ic Pa k a ey mp r	0 1.	0 1.	0. 0	3 0 1.	0. 1	–	–	–	–	–	3 1. 1	0. 9
Qu d 4, Sy dne O ly ic Par k a y mp	1. 0	1. 9	0. 9	5 5. 0	–	–	0. 9	–	–	–	5 5. 9	1. 7
3 7 2– 3 7 4 V ic ia S We her i l l Par k tor tre t, t e	1. 1	1. 1	0. 0	3 4. 7	–	–	–	–	5. 5	–	4 0. 2	1. 2
3 8 P ine Roa d, Yen nor a	1. 9	2. 0	0. 1	7 2. 0	–	–	–	–	1 1. 3	–	8 3. 3	2. 5
3 8 A P ine Roa d, Yen nor a	0. 2	0. 3	0. 1	1 3. 6	–	–	–	–	1. 9	–	1 5. 5	0. 5
1 8– 2 4 A b bo Roa d, Sev H i l ls t t en	1. 1	1. 2	0. 1	4 4. 2	–	–	–	–	5. 2	–	4 9. 4	1. 5
1 A Hu ing d Dr ive Hu ing d t t n wo o n wo o ,	0. 8	1. 5	0. 7	5 2. 4	–	–	–	–	2. 4	–	5 4. 8	1. 6
1 B Hu t ing d Dr ive Hu t ing d n wo o n wo o ,	0. 7	0. 7	0. 0	2 8. 0	–	–	–	–	2. 0	–	3 0. 0	0. 9
5 4 Eas Cre k Dr ive Eas Cre k ter ter n e n e ,	1. 5	1. 5	0. 0	6 0. 2	–	–	–	–	1 1. 0	–	7 1. 2	2. 1

	3	6 m t on ( 0 Ju n	hs to \$m )				Fa ir Va	lue Re i l co nc	ia io t n
	2 0 2 0	2 0 2 1	Va ian r ce	Fa ir Va lue 3 1 De 2 0 c ( \$m )	De lop t ve me n & O her Ca t p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Lea se Inc ive t en s ( \$m )	Ac is i ion t q s u & Sa les ( \$m )	Ne t Rev lua ion t a s ( \$m )	O her t A d j tm ts us en ( \$m )	Fa ir Va lue 3 0 Ju 2 1 n ( \$m )	% f o Po fo l io t r ( ) %
5 0 O l d Wa l lg Ro d, Eas Cre k ter rov e a n e	1. 6	1. 9	0. 3	7 4. 0	–	–	–	–	1 3. 0	–	8 7. 0	2. 6
1 0 4 Va S K ing tre t, nes sa e sg rov e	0. 6	0. 6	0. 0	2 7. 4	–	0. 1	0. 1	–	3. 7	–	3 1. 3	0. 9
6 4 B i loe la S V i l law d tre t, e oo	1. 2	1. 2	0. 0	4 2. 7	–	–	–	–	5. 3	–	4 8. 0	1. 4
3 0– 3 2 Bes S B lac k tre t, tow sem er e n	1. 2	1. 2	0. 0	4 3. 5	–	0. 1	–	–	2. 9	–	4 6. 5	1. 4
C i t iwe t In dus tr ia l Es ta te, A l ton No t h s a r	3. 3	3. 4	0. 1	0 1 1 5.	–	–	0. 3	–	9. 1 7	–	3 0 1 5.	0 4.
C i ip Bus ine Par k, Por Me l bou t t t or ss rne	3. 0	2. 6	( ) 0. 4	9 3. 5	–	–	0. 3	–	–	–	9 3. 8	2. 8
Au k Bus ine Par k, So tra ton s ss me r	6. 0	5. 7	( ) 0. 3	2 1 5. 5	–	0. 2	–	–	2 3. 1	–	2 3 8. 8	7. 1
Su h ine Bus ine Es Su h ine ta te, ns ss ns	1. 6	2. 9	1. 3	8 8. 0	–	–	–	–	9. 0	–	9 7. 0	2. 9
3 9 9 Bo dar Roa d, Tru ina un y g an	0. 5	0. 6	0. 1	2 0. 5	–	–	–	–	2. 3	–	2 2. 8	0. 7
3 9 6 Mo De im Roa d, De im t t t un rr u rr u	0. 3	0. 3	0. 0	1 4. 7	–	–	–	–	1. 7	–	1 6. 4	0. 5
2 1 S h iny Dr ive Tru ina g an ,	1. 0	1. 1	0. 1	4 2. 3	–	–	–	–	4. 9	–	4 7. 2	1. 4
2 2 3 1– W irra Dr ive Por t Me l bou wa y rne ,	0. 7	0. 8	0. 1	3 2. 6	–	–	–	–	–	–	3 2. 6	0 1.
1 Bo P lac Tru ina ter o e, g an	0. 3	1. 0	0. 7	4 4. 4	–	–	–	–	5. 7	–	5 0. 1	1. 5
Fou da ion Es Tru ina t ta te, n g an	–	2. 4	2. 4	1 2 0. 0	–	–	–	0. 1	7. 9	–	1 2 8. 0	3. 8
1 6– 2 8 Qu Roa d, Ya la – D ive d De ber 2 0 2 0 ta te arr s cem y	1. 2	0. 1	( ) 1. 1	–	–	–	–	–	–	–	–	–
5 9 For Wa Ka ha t t es y, raw a	3. 9	4. 0	0. 1	1 3 7. 5	0. 3	0. 2	0. 1	–	8. 9	–	1 4 7. 0	4. 4
5 5 W h i law P lac Wa l te e, co	0. 5	0. 5	0. 0	1 9. 9	–	0. 1	–	–	1. 9	–	2 1. 9	0. 6
2 Iro bar k C los Be in ba n e, rr	0. 8	1. 3	0. 5	5 7. 0	–	–	–	–	4. 3	–	6 1. 3	1. 8
3 0 C Iro bar k los Be in ba n e, rr	0. 5	0. 8	0. 3	3 3 1.	–	–	–	–	2. 9	–	3 2 4.	0 1.

Income

LOGISTICS PORTFOLIO75

		6 m t on	hs to
	3	( 0 Ju n	\$m )				Fa ir Va	lue Re i l co nc	ia t io n
	2 0 2 0	2 0 2 1	Va ian r ce	Fa ir Va lue 3 1 De 2 0 c ( \$m )	De lop t ve me n & O her Ca t p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Lea se Inc ive t en s ( \$m )	Ac is i ion t q u s & Sa les ( \$m )	Ne t Rev lua ion t a s ( \$m )	O her t A d j tm ts us en ( \$m )	Fa ir Va lue 3 0 Ju 2 1 n ( \$m )	% f o Po fo l io t r ( ) %
As Un de De lop ts t se r ve me n
We b ley Bus ine Par k, S 4, Be in ba tag m ss e rr – Com le d Ju ly 2 0 2 1 te p	–	–	–	1 2. 7	1 2. 1	–	–	–	4. 1	–	2 8. 9	0. 9
We b ley Bus ine Par k, S 3, Be in ba Lan d tag m ss e rr –	–	–	–	1 2. 9	0. 6	–	–	–	0. 3	–	1 3. 8	0. 4
Y ir i ban Log is t ics Es ta te, Ma Roa d, a mr e Ke Cre k – Lan d mp s e	–	–	–	3 0 5.	5. 1	–	–	9 8. 4	6. 5	–	0 1 4 5.	3 4.
0 4 7 Pem bro ke Roa d, M in to – Lan d	–	–	–	9. 8	–	–	–	–	–	–	9. 8	0. 3
T he Ga Log is ics Hu b, S 2, Tru ina tew t tag ay e g an – Un der dev lop t e me n	–	–	–	1 3. 9	7. 1	–	–	–	3. 5	–	2 4. 5	0. 7
T he Ga Log is ics Hu b, S 3, Tru ina tew t tag ay e g an – Un de dev lop t r e me n	–	–	–	1 2. 1	1 3. 4	–	–	0. 9	1 3. 0	–	3 9. 4	1. 2
T he Ga Log is ics Hu b, S 4– 6, Tru ina Lan d tew t tag ay e g an –	–	–	–	2 7. 5	0. 5	–	–	2. 1	–	–	3 0. 1	0. 9
Fou da ion Es Tru ina Lan d t ta te, n g an –	–	–	–	5. 7	0. 2	–	–	–	0. 7	–	6. 6	0. 2
Au k Bus ine Par k, So Lan d tra ton s ss me r –	–	–	–	4 7. 6	0. 9	–	–	–	7. 9	–	5 6. 4	1. 7
( Eq i In G P T Qu d Re l Log is ics Tru 5 0. 1 % ty ter ts t t u es a a s –	) 1
9 1 7 Bo da Ro d, Tar i Un de dev lop t – t un ry a ne r e me n	–	0. 1	0. 1	–	3. 3	–	–	1 5. 1	( ) 0. 5	–	1 7. 9	0. 5
Key l in k Es 2 6 Be d Ro d Key bo h ta te, n a s rou g Un de dev lop t r e me n –	–	–	–	–	0. 4	–	–	5. 8	( ) 0. 7	–	5. 5	0. 2
Me tro lex P lac Wa l – Un de dev lop t p e, co r e me n	–	–	–	–	2. 5	–	–	6. 7	2 1.	–	0. 1 4	0. 3
As He l d for Sa le ts se
2 Sy dne O ly ic Par k – Me As tro ts y mp se	1. 5	0. 7	( ) 0. 8	1 0 3. 0	0. 6	–	–	( ) 1 0 3. 0	( ) 0. 6	–	–	–
To l Log is ics Po fo l io ta t t r	6 5. 4	7 4. 3	8. 9	2, 9 8 0. 9	5 1. 9	1. 3	1. 8	2 6. 1	3 1 4. 7	–	3, 3 7 6. 7	1 0 0. 0

Income

1. GPT Equity Interest in the GPT QuadReal Logistics Trust represents GPT's equity accounted interest in the net assets of the Trust, including net revaluations of investment property. Net income represents GPT's share of FFO for the period.

2. Reflects offer of compensation from Sydney Metro following commercial negotiation regarding the compulsory acquisition for three of GPT's properties at Sydney Olympic Park Town Centre.

Logistics Portfolio Summary

						Lo is t ics Oc g	) By Ar ea
	S ta te	Ow h ip ner s ( ) %	G L A ( ) 1 0 0 % In ter t es (sq ) m	3 0 2 Ju 1 n Fa ir Va lue ( \$m )	3 0 2 Ju 1 n Ca Ra te p ( ) %	Ac l tua ( ) %	S Inc ig d ne Lea ses ( ) %	Inc He ds f a o Ag t ree me n ( ) %	W A L E by Inc om e ( ) Yea rs
G P T Po rt fo l io
Ro h i l l Bu ine Pa k, Ca l l ia se s ss r me	N S W	1 0 0	41 9 0 0 ,	1 04 6	5. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	1. 8
0 Int ha Dr ive Ea Cr k 1 st er c ng e er n ee ,	N S W	0 0 1	2 0 0 15 ,	47 .5	0 0 4.	0 0. 0 1	0 0. 0 1	0 0. 0 1	6. 3
6– Te lar Ro d, Er k ine Pa k 1 34 m p a s r	N S W	0 0 1	2 0 0 15 ,	0 77	0 0 4.	0 0. 0 1	0 0. 0 1	0 0. 0 1	8. 0
6– 2 Te lar Ro d, Er k ine Pa k 3 5 m p a s r	N S W	0 0 1	24 0 0 5 ,	8.3 14	8 8 3.	0 0. 0 1	0 0. 0 1	0 0. 0 1	6 13
0 Te lar Ro d, Er k ine Pa k 54 –7 m p a s r	N S W	0 0 1	0 0 0 21 ,	0 2 2. 2	8 8 3.	0 0. 0 1	0 0. 0 1	0 0. 0 1	0 14
Te lar Ro d, Er k ine Pa k 67 –7 5 m p a s r	N S W	1 0 0	12 7 0 0 ,	31 .5	4. 5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	0. 6
Lo kw d Ro d, Er k ine Pa k 2 9– 55 c oo a s r	N S W	1 0 0	3 2, 2 0 0	14 1.3	4. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	8.5
& Lo kw d Ro d, Er k ine Pa k 57 –8 7 8 9– 9 9 c oo a s r	N S W	1 0 0	37 7 0 0 ,	12 4. 0	3. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 8
An dr Ro d, Pe it h 12 8 ew s a nr	N S W	1 0 0	5 0, 2 0 0	1 05 .7	4. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 2
Co lac G len de ing 42 P x e, nn	S N W	1 0 0	17 2 0 0 ,	51 2	4. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9.7
br ke d, int 4 07 Pe Ro M m o a o	S N W	5 0	1 8, 4 0 0	4 0. 3	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	3.4
l ke St ing 4 Ho et Ne to r re n w ,	S N W	1 0 0	7, 4 0 0	42 .3	5.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	5.3
by St S i lve 83 De et at r re rw er ,	S N W	1 0 0	17 0 0 0 ,	5 2.5	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 5
dn ly ic k Sy O Pa To Ce nt ey m p n re r w	N S W	1 0 0	1 0, 9 0 0	4 9.7	N/ A	1 0 0. 0	1 0 0. 0	1 0 0. 0	0. 9
d 1 dn ly ic k Qu Sy O Pa ey a m p r ,	N S W	1 0 0	4 8 0 0 ,	31 .1	5.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	1.5
d 4 dn ly k Qu Sy O ic Pa a ey m p r ,	N S W	1 0 0	7, 6 0 0	55 9	5.3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	9.4
he l l k 37 2– 37 4 V ict ia St et W et i Pa or re r r ,	N S W	1 0 0	2 0, 5 0 0	4 0. 2	5. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	3.7
3 8 P ine Ro d, Ye a nn or a	N S W	1 0 0	33 8 0 0 ,	83 .3	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	1.7
3 8 A P ine Ro d, Ye a nn or a	N S W	1 0 0	4 8 0 0 ,	15 .5	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	3.7
1 8– 24 A b bo tt Ro d, Se H i l ls a ve n	N S W	1 0 0	1 8, 1 0 0	4 9.4	4. 5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	3. 2

Logistics Occupancy (By Area)

	S ta te	Ow h ip ner s ( ) %	G L A ( ) 1 0 0 % In ter t es (sq ) m	3 0 2 Ju 1 n Fa ir Va lue ( \$m )	3 0 2 Ju 1 n Ca Ra te p ( ) %	Ac l tua ( ) %	S Inc ig d ne Lea ses ( ) %	Inc He ds f a o Ag t ree me n ( ) %	W A L E by Inc om e ( ) Yea rs
A Hu ing d Dr ive Hu ing d 1 nt nt w oo w oo ,	N S W	0 0 1	21 0 0 1 ,	8 54	0 4. 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	6.1
B Hu ing d Dr ive Hu ing d 1 nt nt w oo w oo ,	N S W	0 0 1	0 0 11 3 ,	0. 0 3	0 4. 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	2. 2
Ea Cr k Dr ive Ea Cr k 54 st st er n ee er n ee ,	N S W	0 0 1	25 0 0 4 ,	2 71	25 4.	1 0 0. 0	1 0 0. 0	1 0 0. 0	6 3.
0 O l d W l lg Ro d, Ea Cr k 5 st a ro ve a er n ee	N S W	0 0 1	0, 0 0 3 1	87 0	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	6 5.
Va St K ing 1 04 et ne ss a re sg ro ve ,	N S W	1 0 0	7, 1 0 0	31 .3	4. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9.1
B i loe la St V i l law d 64 et re oo ,	N S W	1 0 0	23 3 0 0 ,	4 8. 0	4. 75	1 0 0. 0	1 0 0. 0	1 0 0. 0	6. 0
Be St B lac kt 3 0– 3 2 et ss em er re ow n ,	N S W	1 0 0	2 0, 1 0 0	4 6. 5	4. 5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 5
C it iw In du ia l Es A lto No h t st ta te rt es r na ,	V I C	1 0 0	9 0, 1 0 0	13 5. 0	4. 75	1 0 0. 0	1 0 0. 0	1 0 0. 0	3.5
C it ip ine k, l bo t Bu Pa Po rt Me or s ss r ur ne	C V I	1 0 0	27 0 0 0 ,	93 8	5.7 5	84 0	84 0	84 0	2.5
Au k Bu ine Pa k, So st rto ra s ss r me n	V I C	5 0	21 0, 0 0 0	23 8. 8	4. 25	72 8	72 8	72 8	4. 9
Su h ine Bu ine Es Su h ine ta te ns s ss ns ,	V I C	1 0 0	5 2, 8 0 0	97 0	4. 5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	5.5
9 9 Bo da Ro d, Tr ina 3 un ry a ug an	V I C	0 0 1	9 0 0 11 ,	22 8	0 4. 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	7.7
9 6 Mo De im Ro d, De im 3 t ut ut un rr a rr	V I C	0 0 1	0, 0 0 1 7	6.4 1	0 4. 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	2.5
21 S h iny Dr ive Tr ina ug an ,	V I C	0 0 1	2 6, 0 0 5	2 47	0 4. 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	0 5.
W irr Dr ive Po Me l bo 21 –2 3 rt aw ay ur ne ,	V I C	0 0 1	0 0 7, 2	6 3 2.	4. 75	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 5
Bo P lac Tr ina 1 te ro e, ug an	V I C	1 0 0	23 8 0 0 ,	5 0.1	4. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 9
Fo da io Es Tr ina t ta te un n ug an ,	V I C	1 0 0	4 4, 1 0 0	12 8. 0	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	7. 6
Fo W Ka ha 5 9 st at re ay ra w ,	Q L D	1 0 0	4 4, 0 0 0	14 7. 0	4. 3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	7.7
W h ite law P lac W l 55 e, ac o	Q L D	1 0 0	5, 6 0 0	21 9	4. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	1 0. 9
ba k C los in ba 2 Iro Be n r e, rr	Q L D	1 0 0	2 0, 6 0 0	61 .3	4.1 3	1 0 0. 0	1 0 0. 0	1 0 0. 0	8.7
Iro ba k C los Be in ba 3 0 n r e, rr	Q L D	1 0 0	14 4 0 0 ,	34 2	4. 3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 0
To ta l			1, 13 8, 4 0 0		4. 3 8	9 6. 8	9 6. 8	9 6. 8	6. 6

Note: Excludes assets under development.

Independent Valuation Summary

	S ta te	Ow h ip ne rs ( ) %	Da te	lue Va r	lua io Va t n ( \$m )	Ca ita l isa io t Ra te p n ( ) %
fo G P T Po rt l io
Ro h i l l Bu ine Pa k, Ca l l ia se s ss r me	N S W	1 0 0	31 De 2 0 c	Co l l ie rs	1 04 .5	5. 25
1 0 Int ha Dr ive Ea Cr k st er c ng e er n ee ,	N S W	1 0 0	3 0 Ju n 2 1	Sa i l ls v	47 .5	4. 0 0
6– Te lar Ro d, Er k ine Pa k 1 34 m p a s r	N S W	0 0 1	0 Ju n 2 3 1	C B R E	0 77	0 0 4.
6– 2 Te lar Ro d, Er k ine Pa k 3 5 m p a s r	N S W	0 0 1	0 Ju n 2 3 1	Sa i l ls v	8.3 14	8 8 3.
0 Te lar Ro d, Er k ine Pa k 54 –7 m p a s r	N S W	0 0 1	0 Ju n 2 3 1	Co l l ie rs	2 0 2. 2	8 8 3.
67 Te lar Ro d, Er k ine Pa k –7 5 m p a s r	N S W	0 0 1	0 Ju n 2 3 1	J L L	31 .5	0 4. 5
Lo kw d Ro d, Er k ine Pa k 2 9– 55 c oo a s r	N S W	1 0 0	Ju 3 0 n 2 1	Sa i l ls v	14 1.3	4. 0 0
& Lo kw d Ro d, Er k ine Pa k 57 –8 7 8 9– 9 9 c oo a s r	N S W	1 0 0	Ju 3 0 n 2 1	C B R E	12 4. 0	3. 8 8
An dr Ro d, Pe it h 12 8 ew s a nr	N S W	1 0 0	Ju 3 0 n 2 1	Co l l ie rs	1 05 .7	4. 0 0
Co P lac G len de ing 42 x e, nn	N S W	1 0 0	Ju 3 0 n 2 1	Kn ig ht Fr k an	51 2	4. 0 0
br ke d, int 4 07 Pe Ro M m o a o	S N W	5 0	3 0 Ju n 2 1	J L L	4 0. 3	4. 8 8
l ke St ing 4 Ho et Ne to r re w n ,	S N W	1 0 0	31 De 2 0 c	Co l l ie rs	42 0	5.5 0
by St S i lve 83 De et at r re rw er ,	S N W	1 0 0	3 0 Ju n 2 1	J L L	5 2.5	4. 25
Sy dn O ly ic k Ce Pa To nt ey m p r n re w	S N W	1 0 0	31 De 2 0 c	Co l l ie rs	4 9.7	N/ A
d 1 dn ly ic k Qu Sy O Pa a ey m p r ,	N S W	1 0 0	31 De 2 0 c	l l ie Co rs	31 0	5.7 5
d 4 dn ly ic k Qu Sy O Pa a ey m p r ,	N S W	1 0 0	31 De 2 0 c	l l ie Co rs	55 0	5.3 8
he l l k 37 2– 37 4 V ict ia St et W et i Pa or re r r ,	N S W	1 0 0	3 0 Ju n 2 1	ht k Kn ig Fr an	4 0. 2	5. 0 0
d, 3 8 P ine Ro Ye a nn or a	N S W	1 0 0	3 0 Ju n 2 1	ht k Kn ig Fr an	83 .3	4. 25
3 8 A P ine Ro d, Ye a nn or a	N S W	1 0 0	3 0 Ju n 2 1	Co l l ie rs	15 .5	4. 25
1 8– 24 A b bo tt Ro d, Se H i l ls a ve n	N S W	1 0 0	3 0 Ju n 2 1	Co l l ie rs	4 9.4	4. 5 0
1 A Hu nt ing d Dr ive Hu nt ing d w oo w oo ,	N S W	1 0 0	3 0 Ju n 2 1	Sa i l ls v	54 8	4. 5 0
1 B Hu nt ing d Dr ive Hu nt ing d w oo w oo ,	N S W	1 0 0	3 0 Ju n 2 1	Sa i l ls v	3 0. 0	4. 5 0

	S ta te	Ow h ip ne rs ( ) %	Da te	Va lue r	Va lua io t n ( \$m )	Ca ita l isa io Ra t te p n ( ) %
Ea Cr k Dr ive Ea Cr k 54 st st er n ee er n ee ,	N S W	1 0 0	Ju 3 0 n 2 1	Co l l ie rs	71 2	4. 25
O l d W l lg Ro d, Ea Cr k 5 0 st a ro ve a er n ee	N S W	1 0 0	Ju 3 0 n 2 1	J L L	87 0	4. 25
St ing 1 04 Va et K ne ss a re sg ro ve ,	S N W	1 0 0	3 0 Ju n 2 1	ig ht k Kn Fr an	31 .3	4. 0 0
i loe la St i l law d 64 B et V re oo ,	S N W	1 0 0	3 0 Ju n 2 1	C B R E	4 8. 0	4. 75
St lac kt 3 0– 3 2 Be et B ss em er re ow n ,	S N W	1 0 0	3 0 Ju n 2 1	C B R E	4 6. 5	4. 5 0
C it iw du ia l lto h t In st Es ta te A No rt es r na ,	C V I	1 0 0	3 0 Ju n 2 1	C B R E	13 5. 0	4. 75
it ip ine k, l bo C t Bu Pa Po rt Me or s ss ne r ur	V I C	1 0 0	31 De 2 0 c	i l ls Sa v	93 .5	5.7 5
k k, Au st Bu ine Pa So rto me ra s ss r n	V I C	5 0	3 0 Ju n 2 1	C B R E	23 8. 8	4. 25
h h Su ine Bu ine Es ta te Su ine ns s ss ns ,	V I C	1 0 0	3 0 Ju n 2 1	J L L	97 0	4. 5 0
3 9 9 Bo da Ro d, Tr ina un ry a ug an	V I C	1 0 0	3 0 Ju n 2 1	J L L	22 8	4. 5 0
3 9 6 Mo t De im ut Ro d, De im ut un rr a rr	V I C	1 0 0	3 0 Ju n 2 1	J L L	1 6.4	4. 5 0
21 S h iny Dr ive Tr ina ug an ,	V I C	1 0 0	3 0 Ju n 2 1	Sa i l ls v	47 2	4. 5 0
21 –2 3 W irr Dr ive Po rt Me l bo aw ay ur ne ,	V I C	1 0 0	31 De 2 0 c	Sa i l ls v	3 2. 6	4. 75
1 Bo te P lac Tr ina ro e, ug an	V I C	1 0 0	3 0 Ju n 2 1	Sa i l ls v	5 0.1	4. 0 0
Fo da t io Es ta te Tr ina un n ug an ,	V I C	1 0 0	3 0 Ju n 2 1	C B R E	12 8. 0	4. 25
5 9 Fo st W Ka at ha re ay ra w ,	Q L D	1 0 0	3 0 Ju n 2 1	J L L	14 7. 0	4. 3 8
55 W h ite law P lac W l e, ac o	Q L D	1 0 0	3 0 Ju n 2 1	J L L	21 9	4. 25
2 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	3 0 Ju n 2 1	Sa i l ls v	61 .3	4.1 3
3 0 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	3 0 Ju n 2 1	Sa i l ls v	34 2	4. 3 8

Note: Excludes assets under development.

Logistics – Sydney

• Total supply of ~570,000 sqm is expected for 2021, of which ~100,000 sqm was completed in 1H 2021. Total supply in 2021 is due to be in line with the 10 year annual average and is ~65% pre-committed.
• Demand continues to be strong, with leasing volumes in 1H 2021 already in line with the 10 year annual average. Combined demand from Transport and Trade tenants made up ~75% of gross take up.
• » Vacancy remains low at 1.4% and is now the lowest vacancy rate along the Eastern Seaboard markets.
• » Prime face rents have grown 1.9% in the past six months, skewed to 1Q in line with Sydney's economic recovery.
• » Average prime yields compressed 53 bps to 4.27% as investor demand continues to draw capital into the sector.

Sydney Industrial Vacancy Rate Sydney Industrial Demand

	1 H 2 0 21	2 H 2 0 2 0
Ce l W nt t ra es	0. 8 %	% 3.4
Inn So h W ut t er es	1. 6 %	1.3 %
No h rt	1.1 %	1. 6 %
So h ut	2. 8 %	2. 6 %
Me l ita W tro t p o n es	1.5 %	1. 6 %
Ou h te No rt W t r es	0. 9 %	1. 2%
Ou So h te ut W t r es	2. 8 %	1. 9 %
Sy dn l To ta ey	1.4 %	1. 8 %

Source: CBRE 1H 2021 (+4,000 sqm), JLL 2Q 2021, GPT Research. 10 Year Averages calculated 2011-2020.

Sydney Industrial Demand

All Other

Pre-Lease and D&C

Sydney Industrial Supply

108,652 461,506 26,077 - -

• 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2017 2018 2019 2020 2021 YTD10 Year Average

q

2021 YTD

Logistics – Melbourne

• » Supply totalling ~430,000 sqm was added in Melbourne during 1H 2021, with 2021 total supply on track to double the 10 year average. Total supply is ~70% pre-committed.
• Demand is strong, with 1H 2021 take up already surpassing the 10 year annual average. More than 50% of take up is located in the West.
• Vacancy rates have tightened to 1.6% as vacancy has dropped in allregions.
• Prime face rents grew 2.6% in the six months to June 2021, with West Melbourne driving growth.
• Continued investor demand resulted in average prime yields compressing 38 bps during 1H 2021 to 4.19%.

510,121 2021 YTD 428,267 453,680 Melbourne Industrial Supply

510,121 2014 556,219 -

Melbourne Industrial Vacancy Rate

	H 2 0 21 1	2 H 2 0 2 0
& So h * Ea st ut Ea st	1. 0 %	2.3 %
h No rt	2.4 %	4. 3 %
W t es	1. 9 %	2. 6 %
l bo l Me To ta ur ne	1. 6 %	3. 0 %

Melbourne Industrial DemandMelbourne Industrial Demand

* South East expanded to East & South East in 2021. Source: CBRE 1H 2021 (+4,000 sqm), JLL 2Q 2021, GPT Research. 10 Year Averages calculated 2011-2020.

Logistics – Brisbane

• » Brisbane supply is set to slow in 2021, with total supply for the year estimated to be ~200,000 sqm, approximately 30% below the 10year average. Pre-commitment levels sit at ~60%.
• Demand has picked up, with take up in 1H 2021 reaching ~60% of the historical annual average. Take up was led by Trade tenants (both Retail and Wholesale) who collectively accounted for ~50% ofthe 1Htotal.
• » The overall vacancy rate has increased slightly to 2.9%, and is primarily located in South Brisbane and the Western Corridor.
• »Prime net face rents grew by 1.2% in the past six months.
• » Average prime yields have compressed 50 bps to 5.00% during 1H2021.

Brisbane Industrial Supply

16,467 - - 473,054

Brisbane Industrial Vacancy Rate

	1 H 2 0 21	2 H 2 0 2 0
Ne C ity ar	0. 0 %	0.1 %
Tr de Co t a as	2. 6 %	3. 6 %
No h rt	0. 9 %	0. 7%
So h ut	5.3 %	2.4 %
M1 Co i do rr r	0. 2%	3. 6 %
Co i do W te es rn rr r	4. 4%	3. 6 %
is ba l Br To ta ne	2. 9 %	2.7 %

Brisbane Industrial Demand

Pre-Lease and D&CAll Other

Source: CBRE 1H 2021 (+4,000 sqm), JLL 2Q 2021, GPT Research. 10 Year Averages calculated 2011-2020.

Delivering on strategy with quality developments

²⁰¹⁷ 29-55 Lockwood Road, Erskine Park NSW Distribution centre for TNT Australia 32,200sqm 59 Forest Way, Karawatha QLD Distribution centre for Toll NQX 44,000sqm

54-70 Templar Road, Erskine Park NSWChilled food processing facility for Retail Ready Meats 21,000sqm

36-52 Templar Road, Erskine Park NSWRefrigerated storage and distribution facility for Scott's Refrigerated Logistics 24,500sqm

55 Whitelaw Place, Wacol QLD Distribution centre for Loscam5,600sqm

18-24 Abbott Road, Seven Hills NSWDistribution centre and showroom for Hills Australia and Easy Auto 18,100sqm

2019

50 Old Wallgrove Road,

21 Shiny Drive, Truganina VIC

Distribution centre leased to Godfrey Hirst and Petstock26,500sqm

Huntingwood NSW Redevelopment of facility leased to IVE Group 21,100sqm

Distribution centre leased to Silk Logistics 25,400sqm

1B Huntingwood Drive, Huntingwood NSW Distribution centre leased toCahill Transport 11,300sqm

Eastern Creek NSWDistribution centre leased to ACR Supply Partners30,100sqm

2 Ironbark Close, Wembley Business Park, Berrinba QLD Distribution centre for DHL 20,600sqm

30 Ironbark Close, Wembley Business Park, Berrinba QLD Distribution centre leased to JB Hi-Fi and Windoware14,400sqm

38A Pine Road, Yennora NSWWarehouse facility for Westcon Group 4,800sqm

128 Andrews Road, Penrith NSWManufacturing facility for Visy Glass 50,200sqm

42 Cox Place, Glendenning NSW Warehouse facility leased to Total Tyres 17,200sqm

1 Wattlebird Court, Wembley Business Park, Berrinba QLD Warehouse facility 16,300sqm

Wembley Business Park Berrinba, Queensland wembleybusinesspark.com.au

20,600sqm – completed 2020 14,400sqm – completed 2020 21,800sqm 16,300sqm – completed 2021 43211 243Denotes underway or completed stages. 16.1hasite located in Brisbane ~\$160mexpected end value on completion1 ~73,100sqm prime logistics space when complete ~30kmto Brisbane Airport Close proximity to Logan Motorway interchange ~30kmto Port of Brisbane~25kmto Brisbane CBDStage 4 completed in July 2021: 1 Wattlebird Court, Berrinba

1. Inclusive of Stage 1 & 2 that were completed in 2020 and Stage 4 completed in 2021.

149 and 153 Coulson StreetWacol, Queensland

3 2 h a i lo d in te te s ca Br is ba ne	1 7 4 0 0 s q m ~ , fa i l i ty c	\$ 4 0 m ~ d d v lu te ex p ec en a e le io 1 t on c om p n
Ar tis t's im ssi pre on

~15kmto Brisbane CBD

~35kmto Port of Brisbane

~30kmto Brisbane Airport

Close proximity Ipswich Motorway

1. End value based on 100% ownership (GPT share 50.1%).

Metroplex Place Wacol, Queensland

Foundation EstateTruganina, Victoria

917 Boundary Road Tarneit, Victoria – fund-through development

11.4hasite located in Melbourne's West ~70,000sqm facility

\$137.1mpurchase price1

Artist's impression Artist's impression Leased to HB Commerce

~20kmto Melbourne CBD

to Port of Melbourne

~20kmto Melbourne Airport

Keylink Estate Keysborough, Victoria – fund-through development

10.5ha

site located in Melbourne's South East

facility

>\$ ~60,600sqm 130 m

expected end value on completion1

~30kmto Melbourne CBD

~30kmto Port of Melbourne

to Melbourne Airport

B-Doubleapproved road network

1. Purchase price/End value based on 100% ownership (GPT share 50.1%).

Yiribana Logistics Estate, Mamre Road Kemps Creek, New South Wales

1. Masterplan subject to authority approvals.

Sydney Logistics Portfolio

Melbourne Logistics Portfolio

Brisbane Logistics Portfolio

50 Old Wallgrove Road, Eastern Creek

Retail Portfolio

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT's retail investments of \$5.6 billion include a portfolio of assets held on the Group's balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

New South Wales

GPT Owned

• »Charlestown Square
• »Rouse Hill Town Centre
• »Westfield Penrith (50%)1

GWSCF Owned

• »Macarthur Square (50%)1
• »Wollongong Central

Victoria

GPT Owned

»

• Melbourne Central
• »Highpoint Shopping Centre (16.7%)

GWSCF Owned

• »Chirnside Park
• »Highpoint Shopping Centre (83.3%)
• »Northland Shopping Centre (50%)1
• »Parkmore Shopping Centre

1. Not Managed by GPT.

Note: GLA and number of tenancies is updated annually (as at 31 December 2020). All totals and averages are based on GPT's balance sheet portfolio and weighted ownership interest in the GWSCF portfolio.

Northern Territory

GPT Owned

»Casuarina Square (50%)

GWSCF Owned

»Casuarina Square (50%)

Queensland

GPT Owned

»Sunshine Plaza (50%)1

RETAIL PORTFOLIO95

Retail Portfolio Summary

1. Based on gross rent (including turnover rent).

2. Difference due to rounding.

Retail Portfolio Summary

	S ta te	Ow h ip ner s ( ) %	G L A ( ) 1 0 0 % In ter t es (sq ) m	3 0 Ju 2 1 n Fa ir Va lue ( \$m )	3 0 Ju 2 1 n Ca Ra te p ( ) %	In de de t p en n In l ter or na Va lua ion t	Oc cup an cy ( ) By Are a ( ) %	Ce tre n M A T ( \$m )	Sp ia l ty ec Oc cup an cy 1( ) Cos % t	Sp ia l ty ec 1 M A T ( \$p ) sm
G P T Po fo l io rt
Ca ina Sq su ar ua re	N T	5 0	55 0 0 0 ,	21 0.5	6. 25	In de de nt p en	9 8. 9	37 1. 2	14 0	11, 53 7
C ha les Sq to r w n ua re	N S W	0 0 1	93 0 0 4 ,	85 9. 0	0 5.5	In de de nt p en	9 9. 2	9. 6 55	8 13	12 23 9 ,
hp ho H ig int S ing Ce nt re o p p	V I C	17	15 1, 1 0 0	35 8.3	4.5 0	de de In nt en p	9 8. 6	74 0. 6	2 0. 0	8, 5 0 6
Me l bo Ce nt l ur ne ra	V I C	1 0 0	55 9 0 0 ,	1, 47 7.3	4.5 0	In de de nt p en	97 .3	2 6 0.1	3 2. 2	5, 8 83
i l l Ce Ro H To nt us e n re w	S N W	1 0 0	6 9, 7 0 0	6 6 9. 2	5.5 0	de de In nt p en	1 0 0. 0	5 0 8.4	12 .5	1 0, 8 81
Su h ine P laz ns a	Q L D	5 0	1 07 9 0 0 ,	5 93 .3	5. 0 0	In de de nt p en	9 8.5	67 9.5	1 6.4	1 0, 4 65
W f ie l d Pe it h t es nr	N S W	5 0	91 7 0 0 ,	65 5. 0	5. 0 0	In de de nt p en	9 8. 9	6 03 .1	1 8.4	11, 8 07
fo io G W S C F Po rt l
Ca ina Sq su ar ua re	N T	0 5	0 0 0 55 ,	21 0.5	6. 25	In de de nt p en	9 8. 9	2 37 1.	0 14	11, 53 7
C h irn i de k Pa s r	C V I	1 0 0	3 8, 9 0 0	2 65 0	6. 0 0	de de In nt p en	9 9. 9	2 8 0. 2	14 6	11, 53 4
H ig hp int S ho ing Ce nt o p p re	V I C	83	15 1, 1 0 0	1, 7 91 .7	4.5 0	In de de nt p en	9 8. 6	74 0. 6	2 0. 0	8, 5 0 6
Ma hu Sq rt ca r ua re	N S W	5 0	1 0 8, 6 0 0	4 8 6. 0	5. 25	In de de nt p en	9 9.4	6 03 6	15 8	9, 3 9 8
No rt h lan d S ho ing Ce nt p p re	V I C	5 0	97 1 0 0 ,	3 9 6. 2	5.5 0	Int l er na	9 8.5	44 0.4	22 0	6, 93 2
Pa km S ho ing Ce nt r or e p p re	V I C	0 0 1	6, 8 0 0 3	2 65 6	6. 0 0	Int l er na	0 0. 0 1	23 4.5	6.1 1	91 6 7,
l lon l W Ce nt o g on g ra	N S W	1 0 0	55 0 0 0 ,	3 97 .7	6. 0 0	l Int er na	9 9.1	3 21 .4	14 9	9, 111
G P T W ig ht d To ta l e e			9 61 1 0 0 ,		5. 05		9 8. 9	2, 8 93 9	17. 3	9, 7 6 9

1. Represents specialty tenancies less than 400 sqm.

Income and Fair Value Schedule

		Inc om hs 6 m t on	e to
	3 2 0 2 0	( 0 Ju n 2 0 2 1	\$m ) Va ian r ce	Fa ir Va lue 3 1 De 2 0 c ( \$m )	De lop t ve me n Ca p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	ir Fa Inc ive t en Ca p ex ( \$m )	lue i l ia Va Re t co nc Ac is i ion / Sa les t q s u ( \$m )	io n Ne t Rev lua ion t a s ( \$m )	O her t A d j tm ts us en ( \$m )	Fa ir Va lue 3 0 Ju 2 1 n ( \$m )	% f o Po fo l io t r ( ) %
fo l io G P T Po rt
Ca ina Sq su ar ua re	4.4	8.1	3.7	2 0 9. 8	0. 0	0. 6	0.4	0. 0	( ) 0.3	0. 0	21 0.5	3. 8
C ha les to Sq r w n ua re	15 .3	25 .5	1 0. 2	8 6 9. 0	0. 2	0.7	1. 9	0. 0	( ) 12 8	0. 0	85 9. 0	15 .3
H ig hp int S ho ing Ce nt o p p re	4. 8	8. 2	3.4	35 0. 0	1.3	0.4	0.4	0. 0	6. 2	0. 0	35 8.3	6.4
Me l bo Ce nt l ur ne ra	17. 7	23 9	6. 2	1, 4 64 6	4. 2	2.3	2. 2	0. 0	4. 0	0. 0	1, 47 7.3	2 6.4
Ro H i l l To Ce nt us e w n re	12 .5	2 0.5	8. 0	64 5. 2	2.1	1. 0	0. 6	0. 0	2 0.3	0. 0	6 6 9. 2	11. 9
Su h ine P laz ns a	6.3	14 2	7. 9	5 95 0	0. 0	0. 8	1. 2	0. 0	( ) 3.7	0. 0	5 93 .3	1 0. 6
W t f ie l d Pe it h es nr	9.7	17. 6	7. 9	64 1. 0	0. 0	0. 8	( ) 0.5	0. 0	13 .7	0. 0	65 5. 0	11. 7
As ts He l d fo Sa le se r
2– 8 Pa i f ic H ig hw 14 15 c ay , C ha les to r w n	0. 2	0. 2	0. 0	5.5	0. 0	0. 0	0. 0	( ) 5.5	0. 0	0. 0	0. 0	0. 0
Eq ity Int ts u er es
G P T Eq ity Int in G W S C F t u er es ( ) 1 2 8.5 %	6.3	22 8	1 6.5	75 9.3	0. 0	0. 0	0. 0	0. 0	8.4	11. 4	77 9.1	13 9
l i l fo l io To ta Re ta Po rt	77 2	14 1. 0	63 8	5, 53 9.4	7. 8	6. 6	6. 2	( ) 5.5	35 8	11. 4	5, 6 01 .7	1 0 0. 0

1. Represents GPT's equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the 6 months to 30 June 2021 represents GPT's share of FFO for the period.

Retail Sales Summary

	Ce nt M A T re ( \$m )	Co b le mp ar a Ce Gr h nt M A T t re ow ( ) %	Co b le mp ar a Sp ia lty Gr h 1 M A T t ec ow ( ) %	Sp ia lty 1 M A T ec ( \$p ) sm	Sp ia lty ec Oc Co 1 t cu p an cy s ( ) %
fo io G P T Po rt l
Ca ina Sq su ar ua re	37 1. 2	8. 8	1 6. 9	11, 53 7	14 0
C ha les Sq to r w n ua re	55 9. 6	1 0. 6	17. 7	12 23 9 ,	13 8
H ig hp int S ho ing Ce nt o p p re	74 0. 6	( ) 2 0.4	( ) 1 8.7	8, 5 0 6	2 0. 0
Me l bo Ce l nt ur ne ra	2 6 0.1	( ) 44 .5	( ) 9.7 4	8 83 5,	2. 2 3
l l Ro H i To Ce nt us e w n re	5 0 8.4	1 0. 6	1 6. 9	1 0, 8 81	12 .5
Su h ine P laz 2 ns a	67 9.5	12 8	2 0. 2	1 0, 4 65	1 6.4
f ie l d it h 2 W t Pe es nr	6 03 .1	( ) 0. 8	7.7	11, 8 07	1 8.4
G W S C F Po rt fo l io
Ca ina Sq su ar ua re	37 1. 2	8. 8	1 6. 9	11, 53 7	14 0
C h irn i de Pa k s r	2 8 0. 2	( ) 3. 8	( ) 3. 6	11, 53 4	14 6
H ig hp int S ho ing Ce nt o p p re	0. 6 74	( ) 2 0.4	( ) 8.7 1	8, 0 6 5	2 0. 0
hu Sq 2 Ma rt ca r ua re	6 03 6	6. 8	13 0	9, 3 9 8	15 8
No rt h lan d S ho ing Ce nt 2 p p re	44 0.4	( ) 11. 8	( ) 1 6. 6	6, 93 2	22 0
Pa km S ho ing Ce nt r or e p p re	23 4.5	( ) 13 0	( ) 13 9	7, 91 6	1 6.1
W l lon Ce nt l o g on g ra	3 21 .4	2.1	9.1	9, 111	14 9
G P T W ig ht d To l ta e e	2, 8 93 9	( ) 4. 7	( ) 3.4	9, 6 9 7	17. 3

1. Represents Specialty Tenancies less than 400 sqm.

2. Analysis provided by external manager.

Comparable Change in Retail Sales by Category

Co b le C ha in Re ta i l Sa les by Ca te t 3 0 Ju 2 0 21 mp ar a ng e g or y as a ne	( \$m ) M A T	( ) 12 Mo nt hs Gr t h % ow
St De tm t p ar en or e	12 3.7	( ) 0.1
isc St D nt De tm t ou p ar en or e	31 7. 6	12 6
Su ke t p er ma r	5 27 8	( ) 0.4
C ine ma s	21 0	( ) 53 .7
¹ Ot he i l Re ta r	5 6. 9	( ) 6 2. 8
l Sp ia lt ies To ta ec	1, 84 6. 9	( ) 2. 9
Sp ia lt ies >4 0 0s ec q m •	53 1.5	( ) 1.7
Sp ia lt ies <4 0 0s ec q m •	1, 31 5.4	( ) 3.4
l Ce To ta nt re	2, 8 93 9	( ) 4. 7
To ta l Sp ia lty Sa les Sp l it ec
Fa h io Fo ot & Ac ies s n, we ar ce ss or	5 0 8. 9	( ) 1.5
Te hn log & Ap l ian c o y p ce s	3 6 6. 0	( ) 6.4
D in ing	2 64 .3	( ) 8.1
He lt h & Be ty a au	2 6 2. 6	( ) 5.4
Le isu re	14 8.7	6.7
Fo d Re ta i l o	85 .4	( ) 13 .1
Ge l Re ta i l ne ra	83 .7	9.3
Je l ler we y	81 .1	13 .7
Ho me wa re s	3 8.1	6.7
Re i l Se ice ta rv s	8. 2	3.3
To l Sp ia lt ies ta ec	1, 84 6. 9	( ) 2. 9

Note: Based on weighted GPT Interest.

1. Other Retail includes automotive accessories, car wash, general entertainment, fitness, lotto, pad sites/bulky goods and travel agencies.

Retail Sales

Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20Dec 20 Jun 21

Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres.

Independent Valuation Summary

	S ta te	Ow h ip ne rs ( ) %	Da te	Va lue r	Va lua io t n ( \$m )	Ca ita l isa io Ra t te p n ( ) %
G fo l io P T Po rt
Ca ina Sq su ar ua re	N T	5 0	3 0 Ju n 2 1	Ur b is	21 0.5	6. 25
C ha les to Sq r w n ua re	N S W	1 0 0	3 0 Ju n 2 1	C B R E	85 9. 0	5.5 0
H ig hp int S ho ing Ce nt o p p re	V I C	17	3 0 Ju n 2 1	Sa i l ls v	35 8.3	4.5 0
Me l bo Ce nt l ur ne ra	V I C	1 0 0	3 0 Ju n 2 1	J L L	1, 47 7.3	4.5 0
Ro H i l l To Ce nt us e w n re	N S W	1 0 0	3 0 Ju n 2 1	Co l l ier s	6 6 9. 2	5.5 0
Su h ine P laz ns a	Q L D	5 0	3 0 Ju n 2 1	Sa i l ls v	5 93 .3	5. 0 0
W t f ie l d Pe it h es nr	N S W	5 0	3 0 Ju n 2 1	Sa i l ls v	65 5. 0	5. 0 0
G W S C F Po rt fo l io
Ca ina Sq su ar ua re	N T	5 0	Ju 3 0 n 2 1	Ur b is	21 0.5	6. 25
C h irn i de Pa k s r	V I C	1 0 0	Ju 3 0 n 2 1	C B R E	2 65 0	6. 0 0
H ig hp int S ho ing Ce nt o p p re	V I C	83	Ju 3 0 n 2 1	Sa i l ls v	1, 7 91 .7	4.5 0
Ma hu Sq rt ca r ua re	N S W	5 0	Ju 3 0 n 2 1	C B R E	4 8 6. 0	5. 25
No h lan d S ho ing Ce rt nt p p re	V I C	5 0	Ma 31 r 2 1	C B R E	3 93 .5	5.5 0
Pa km S ho ing Ce nt r or e p p re	V I C	1 0 0	Ma 31 r 2 1	J L L	2 65 0	6. 0 0
W l lon Ce l nt o g on g ra	N S W	1 0 0	Ma 31 r 2 1	Co l l ier s	3 95 0	6. 0 0

Note: Valuations include ancillary assets.

Parkmore Shopping Centre, VIC

Retail Sales Categories

l i	d Br C te oa a g or y	b Su C te a g or y	le Te t Ex na n am p s
a t	De tm t S to p ar en re	De art nt St p me or e	Da i d Jo My v ne s, er
e R	isc D nt De tm t ou p ar en S to re	D isc nt De art nt St ou p me or e	Km art B ig W Ta et rg , ,
	ke Su ts p er ma r	ke Su t er p ma r	lw hs les l d W t Co A i oo or , ,
	h ion & Fa Fo tw s o ea r , ies Ac ce ss or	ise h ion Un W Me Fo ot Fa om en sw ea r, ns we ar, we ar, s x, Ac ies C h i l dr ce ss or en sw ea r ,	& iq lo, Co d, lex de itc he Sp ir l, isa H M, Un Za try Ro Pe te A W tsg Lo ra, un a r an r, ry, or v , St d ba Be st & Le Co tto On Su las Hu t, Fo ot Lo ke Co ran g s, ss n ng s c r, nn or , ,
	in ing D	fe d ke Ca Re sta nt Fo Co urt Ta s, ura s, o aw ay ,	i l l 'd, he f fe lu b, l ds ing Gr T Co C Gu Go Mc Do Do t K e zm an me na nu y z, , , Bo t Ju ice os
	i Fo d Re ta l o	Ba ke ies / Ca ke / Pa str ies Bu tc he De l ica te r s r, ss en , , Fru it & Ve et b les L iq Po ltr Se fo d, Ot he g a uo r, u y, a o r , Sp ia lty Fo d ec o	fe Ba ke De l ig ht, M ic he l 's Pa t iss ie, Da Mu hy He lt hy L i Ra in bo rs er n rp a w , , Me at De l iw l d, 7- E lev Co st i Se fo d s, or en a o ,
	He lt h & Be ty a au	Co ics Ha ir dr ing Be La Ma & et / ty / sm es s au se r, ss ag e , i l Op ist ha Na Ba to tr P rs, me rm ac y ,	Me Se ho Ju Cu La l in ics O P S M, Te W h ite Pr ice l ine st ts, cc a, p ra, se rc rry , , , C he ist ho W m are us e
	Ge l Re i l ta ne ra	Ca S ho Ro D isc Va iet E du ion l, nt t r w om ou r y, ca a , lor ist i f tw isc l lan F G Pe ts, To M are s, e eo us y , ,	To Da iso T he Re j S ho T2 L inc f t, Ca To To ba St ion ot t at y a, ec p, ra se y y s, cc o , ,
	Ho me wa re s	Ge l Ho ne ra me wa res	da irs d h a d b le, k, b ins itc he by A Be Ba t Ta Du Ro K Ba n s n, co ,
	Je l ler we y	Je l ler we y	An & Co Pro ds Sw k i, Pa do ot g us e, u aro vs n ra ,
	Le isu re	At h le isu Bo ks Ne Sp St ion ts, ts, at re, o ws ag en or er y ,	N i ke Pu Lo Ja Dy ks Re be l, Ka hm du An da In Sp t t, ma rna ne mo c an ac on or , , , , , , Ty Sm ig le, Q B D T he Bo ks ho Ne xt p o, g o p, ra
	Re i l Se ice ta rv s	Ke Cu ing W h Re ir & S ho Re ir, Ot he tt / at y c p a e p a r i l Se ice Re ta rv s	M ist M in it, Lo ks A lte ion Ba Au d io, Dr C lea rt rat er o ma s, y y ne rs
	Te hn log & c o y Ap l ian p ce s	Ag F i lm Pro ing P ho hy Mo b i le & at / to g reg or s, ce ss g rap , ies ic i de ds Ac Mu / V / Ga Pu Bra ce me re ss or s o s, n ,	Ap le, Sa J B H i F i, Ca Ho Te lst Op S ha S ho tu p ms un g, me ra us e, ra, s, ve r p, E B Ga me s
	C ine ma s	C ine ma s	d ing C ine Ho ts, Re y a ma s
	O he Re i l t ta r	Ca W h, Au ive En inm Ge l, to t te rta t – r as mo en ne ra , itn d ite l ky ds l F Lo tto Pa S / Bu Go Tra Ag t es s, s o ve en , ,	St Ca W h, Km Ty d Au St i ke Bo l ing T im Ho ley art to ar r as re an r w ez on e, , , ley itn irs im itn l ig ht Mo F F t, An t F F Ce nt Lo tto es s e es s, re, y ,
	i l No ta n- re	ks he ina ia l, du ion A T M, Ba / Ins / Ot F E t n ura nc e nc ca r , Me d ica l, Pe tro l St at ion Ot he No Re ta i l r n ,	d ica ha l ia A N Z, C B A, W tp B U P A, Me Cu Ex Au str Po st, es ac re, rre nc c ng e, a y , T A B, Mo rtg C ho ice ag e

Rouse Hill Town Centre, NSW

Development

Development Overview

			Fo t re ca s	Fo t Co t t re ca s s
	Se to c r	( ) Ow h ip Int t % ne rs er es	l To ta Co t s ( \$m )	's ha G P T S re ( \$m )	d 's ha Fu S n re ( \$m )	Ta t rg e Co le t io Da te mp n
de Un rw ay
St 2, T he Ga te Lo ist ics Hu b, Tr ina V I C ag e wa y g ug an ,	Lo ist ics g	1 0 0 % G P T	33	13	0	2 H 2 0 21
St e 3 T he Ga te Lo ist ics Hu b, Tr ina V I C ag wa y g ug an , ,	Lo ist ics g	1 0 0 % G P T	37	11	0	2 H 2 0 21
St e 4 W b ley Bu ine Pa k, Be in ba Q L D ag em s ss r rr , ,	Lo ist ics g	1 0 0 % G P T	2 9	5	0	2 H 2 0 21
Me lex P lac W l, Q L D tro p e, ac o	Lo ist ics g	0.1 % G P T/ 9. 9 % Q R 1 5 4	34	8	8	2 H 2 0 21
( ) Bo da Ro d, Ta it, V I C fu d- hr h a is it io 91 7 t un ry a rn e n ou g cq u n	Lo ist ics g	G P T/ Q R 1 5 0.1 % 4 9. 9 %	14 0	5 2	5 2	H 1 2 0 22
l in k bo h, C ( fu d- hr h a is it io ) Ke Es ta te Ke V I t s ro ug n ou g cq n y y u ,	ist ics Lo g	G Q 1 5 0.1 % P T/ 4 9. 9 % R	13 3	6 0	6 0	& 1 2 H 2 0 22 H 2 0 23
l de To ta Un ay rw			4 0 6	14 9	12 0

1. Held in the GPT QuadReal Logistics Trust.

Yiribana Logistics Estate, Mamre Road, Kemps Creek, NSW (Artist's impression).

Development Overview

	Fo t		Fo t Co t t Co le te re ca s s o mp
	Se to c r	( ) Ow h ip Int t % ne rs er es	re ca s ( \$m ) To l Co ta t s	( \$m ) G P T 's S ha re	( \$m ) Fu d 's S ha n re
ip l ine Fu tu P re e
Y ir i ba Lo ist ics Es ta te Ma Ro d, Ke Cr k, N S W na g mr e a mp s ee ,	Lo ist ics g	1 0 0 % G P T	44 6	3 0 8	0
4 07 Pe br ke Ro d, M int N S W m o a o,	Lo ist ics g	5 0 % G P T	1 8	12	0
St -6 T he Ga Lo ist ics Hu b, Tr ina V I C e 4 te ag wa y g ug an , ,	Lo ist ics g	0 0 % G P T 1	87	9 5	0
Bo da Ro d, Tr ina V I C 2 8 65 un ry a ug an ,	Lo ist ics g	G P T 1 0 0 %	1 93	1 87	0
da io ina C Fo t Es ta te Tr V I un n ug an , ,	ist ics Lo g	G 1 0 0 % P T	1 8	12	0
k ine k, Au st Bu Pa So rto V I C ra s ss me n, r	ist ics Lo g	5 0 % G P T	81	5 9	0
St e 3 W b ley Bu ine Pa k, Be in ba Q L D ag em s ss r rr , ,	Lo ist ics g	1 0 0 % G P T	41	2 8	0
14 9 & 1 53 Co lso St et W l, Q L D u n re ac o ,	Lo ist ics g	5 0.1 % G P T/ 4 9. 9 % Q R 1	3 6	1 8	1 8
Co k le Ba Pa k, Sy dn N S W c y r ey ,	O f f i ce	25 % G P T/ 5 0 % G W O F	1, 27 5	41 6	83 2
87 –9 Ge St Pa N S W 1 et tta or g e re rra ma , ,	O f f i ce	0 0 % G W O F 1	9 0 7	0	03 7
Co Ge & Ba hu Sy dn N S W t rst rn er or g e ey , ,	O f f i ce	G W O F 1 0 0 %	17 0	0	13 9
l bo Ce Me V I	O f f i ce	G P T	2 0 0	2 0 0	0
l, C nt ur ne ra	i l Re ta	1 0 0 %	8 2	7 6	0
51 F l in de La Me l bo V I C rs ne ur ne , ,	f f i O ce	1 0 0 % G W O F	45 0	0	3 6 0
S ky de Br is ba Q L D g ar n, ne ,	O f f i ce	0 0 % G W O F 1	0 41	0	2 37
Ro H i l l To Ce nt N S W us e w n re ,	Re ta i l	1 0 0 % G P T	14 0	13 9	0
To ta l Fu tu re			4, 43 7	1, 51 4	2, 42 4
l de d ip l ine To ta Un Fu tu P rw ay an re e			4, 84 3	1, 6 63	2, 54 4

1. Held in the GPT QuadReal Logistics Trust.

2. Land secured on deferred settlement terms.

Funds Management

GPT Funds Management Summary

GPT's Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF). It provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income stream through a significant co-investment in the Group's managed funds. A strategic capital partnership was announced with QuadReal Property Group in 2021. The GPT QuadReal Logistics Trust has an objective to acquire and develop a high quality portfolio of Australian prime logistics assets. The initial targeted investment of \$800 million was increased to \$1 billion in August 2021.

Highpoint Shopping Centre, VIC

Fu d Su Ju t 3 0 2 0 21 n mm ar y as a ne	G W O F	G W S C F
be f Nu As ts m r o se	1 9	7
To ta l As ts se	\$ 9.3 b	\$ 3. 9 b
Ne Ge ing t ar	1 6.5 %	2 6.3 %

Fund Details as at 30 June 2021

G P T 's Ow h ip Int t ne rs er es	21 8 %	2 8.5 %
G P T 's Inv tm t es en	\$ 1, 61 8.3 m	\$ 77 9.1 m
Es b l is he d ta	Ju ly 2 0 0 6	Ma h 2 0 07 rc
ig ht d ita l isa io W Av Ca t Ra te e e er ag e p n	4. 8 2%	5.1 6 %
Po rt fo l io Oc cu p an cy	8 8.5 %	9 9.1 %
G 's S ha f d O P T Fu F F re o n	\$ 3 6. 9m	\$ 22 8m
G P T Ba Ma t Fe se na g em en e	\$ 21 8m	\$ 8. 6m

GPT Funds Management Overview

Historical Growth in Funds under Management

Change in Funds under Management for the 6 months to 30 June 2021

GWOF performance versus benchmark

GWSCF performance versus benchmark

1. Committed capital at 30 June 2021. Source: MSCI/Mercer.

GWOF Overview

GWOF provides wholesale investors with exposure to 17 high quality office assets, located across Australia's key CBDoffice markets. At 30 June 2021, the Fund had a value of \$9.3 billion.

	Ju 2 0 21 ne	Ju 2 0 2 0 ne
Nu be f As ts m r o se	1 1 9	1 1 9
To ta l As ts se	\$ 9.3 b	\$ 8. 9 b
Ne Ge ing t ar	6.5 % 1	6 % 14

Fund Details as at 30 June 2021

h ip ( ) G P T 's Ow Int t % ne rs er es	21 8 %
( \$m ) G P T 's Ow h ip Int t ne rs er es	\$ 1, 61 8.3 m
Es b l is he d ta	Ju ly 2 0 0 6
W ig ht d Av Ca ita l isa t io Ra te e e er ag e p n	4. 8 2%
( ) Po fo l io Oc rt % cu p an cy	8 8.5 %
ha f d ( \$m ) G P T 's S Fu F F O re o n	\$ 3 6. 9m
( \$m ) G P T Ba Ma t Fe se na g em en e	\$ 21 8m

1. Includes 32 Flinders Street, Melbourne (currently configured as a carpark) and 87-91 George Street, Parramatta (held for development).

GWOF Capital Management

Total borrowings for the Fund at 30 June 2021 were \$1,535 million resulting in net gearing of 16.5%.

GWOF Capital Management Summary as at 30 June 2021

Ne Ge ing t ar	1 6.5 %
W ig ht d Av Co f De bt 1 st e e er ag e o	3.7 %
( ) Fe d Ma ins inc lu de d in bo es an rg a ve	2. 0 %
W ig ht d Av De bt Te 2 e e er ag e rm	7.4 y ea rs
Int t c t io 1 er es ov er ra	1 0.7 x
Dr De bt He dg ing aw n	81 %
W ig ht d Av He dg Te e e er ag e e rm	2. 0 y ea rs

1. For the year to date.

2. Includes credit approved terms as at 30 June 2021.

One One One Eagle Street, Brisbane Note: Assumes commercial paper is refinanced with committed bank facilities.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 7 high quality retail assets. At 30 June 2021, the Fund had a value of \$3.9 billion.

	Ju 2 0 21 ne	Ju 2 0 2 0 ne
Nu be f As ts m r o se	7	7
To ta l As ts se	\$ 3. 9 b	\$ 3. 9 b
Ne Ge ing t ar	2 6.3 %	2 8.4 %

Fund Details as at 30 June 2021

( ) G P T 's Ow h ip Int t % ne rs er es	2 8.5 %
( \$m ) G P T 's Ow h ip Int t ne rs er es	\$ 77 9.1 m
Es ta b l is he d	Ma h 2 0 07 rc
W ig ht d Av Ca ita l isa io Ra t te e e er ag e p n	6 % 5.1
fo l io ( ) Po rt Oc % cu p an cy	9 9.1 %
( \$m ) G P T 's S ha f Fu d F F O re o n	\$ 22 8m
( \$m ) G P T Ba Ma t Fe se na g em en e	\$ 8. 6m

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2021 were \$1,041 million resulting in net gearing of 26.3%.

GWSCF Capital Management Summary as at 30 June 2021

Ne t Ge ing ar	2 6.3 %
W ig ht d Av Co f De bt 1 st e e er ag e o	2.7 %
( ) Fe d Ma ins inc lu de d in bo 1 es an rg a ve	1.7 %
ig ht d bt W Av De Te e e er ag e rm	4.1 ea rs y
Int io 1 t c t er es ov er ra	6.4 x
Dr De bt He dg ing aw n	94 %
W ig ht d Av He dg Te e e er ag e e rm	1. 8 y ea rs

1. For the year to date.

Sustainability

Environmental Sustainability

The GPT journey from carbon neutral to carbon positive

Building Certifications – Office assets

	C l im te a Ac t ive	(	N A B E R inc lu d	S En er ing Gr ee	Ra t g y Po n we	ing ) r	N ( ex	A B E R lu d c	S En er g ing Gr ee	Ra t y Po n we	ing ) r	N	A B E R S	W te a	Ra t r	ing	N A B	E R S W	te Ra t as	ing
	Ca bo r n Ne tra l u	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1
G fo l io P T Po rt
( ) Aus tra lia Squ Sy dne Tow are y er ,		5.0	5.0	5.0	5.0	5.0	4.5	4.5	4.5	5.0	5.0	3.5	3.5	4.0	4.0	4.0		4.0	2.5	3.5
( ) Aus tra lia Squ Sy dne Pla are y za ,		5.5	5.5	5.5	5.5	5.5	5.0	5.5	5.5	5.5	5.5	4.0	4.0	4.0	4.0	4.5		4.0	2.5	3.5
2 P ark Str Sy dne eet y ,		5.0	5.0	5.0	5.0	5.0	4.5	4.5	4.5	5.0	5.0	4.0	4.0	4.0	4.0	4.0		3.0	3.5	3.5
Dar ling Pa rk 1 Sy dne y ,	tifi ed cer	5.0	5.0	5.5	6.0	6.0	5.0	5.0	5.0	5.5	5.5	4.0	3.5	3.5	4.0	4.0		2.0	2.5	2.5
Dar ling Pa rk 2 Sy dne y ,	tifi ed cer	5.5	5.5	6.0	6.0	6.0	5.5	4.0	5.5	5.5	5.5	3.5	3.5	4.0	4.5	4.5		2.5	3.0	3.0
1 32 Sm ith Str Par eet atta ram ,	NR					NR					NR					NR				NR
60 Sta tion Str Par eet atta ram ,			5.0	5.0	5.5	5.5		5.0	5.0	5.5	5.5		4.0	4.0	4.0	4.0
1 4 M Ros e A Sy dne Oly ic P ark urr ay ven ue, y mp	NR				NR	NR				NR	NR				NR	NR			NR	NR
Me lbo e C ent ral Tow Me lbo urn er, urn e		5.5	5.0	5.5	5.5	5.5	4.5	4.5	5.0	5.0	5.0	3.0	3.0	3.0	4.0	4.0	NR	NR	NR	NR
181 Wi llia nd 550 Bo urk e S Me lbo tre ets m a urn e ,	tifi ed cer	5.0	5.5	6.0 /5.5	6.0 /6.0	6.0 /6.0	5.0	5.0	5.0 /5.0	5.5 /5.0	5.5 /5.0	4.0	3.5	3.5	3.5	3.5		2.0
One On e O Eag le S Bris ban tre et, ne e	tifi ed cer	6.0	5.5	6.0	6.0	6.0	5.5	5.5	5.5	5.5	6.0	4.5	4.5	4.0	4.0	4.5			3.5	3.5

Solar panel array, 1 Wattlebird Court, Wembley Business Park, Berrinba, QLD

	im C l te a Ac t ive	(	N A B E R inc lu d	S En er ing Gr ee	Ra t g y Po n we	ing ) r	N ( ex	A B E R lu d c	S En er g ing Gr ee	Ra t y Po n we	ing ) r	N	A B E R S	W te a	Ra t r	ing	N A B	E R S W	te Ra t as	ing
	Ca bo r n Ne tra l u	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1	2 0 1 8	2 0 1 9	2 0 2 0	2 0 2 1
G W O F Po rt fo l io
Lib Pla 161 Ca stle h S Sy dne ert tre et, y ce, rea g y	tifi ed cer	5.5	5.0	6.0	6.0	6.0	5.0	5.0	5.0	5.0	5.0	4.0	4.0	4.0	4.5	4.5		3.0	3.0	3.0
Dar ling Pa rk 1 Sy dne y ,	tifi ed cer	5.0	5.0	5.5	6.0	6.0	5.0	5.0	5.0	5.5	5.5	4.0	3.5	3.5	4.0	4.0		2.0	2.5	2.5
Dar ling Pa rk 2 Sy dne y ,	tifi ed cer	5.5	5.5	6.0	6.0	6.0	5.5	4.0	5.5	5.5	5.5	3.5	3.5	4.0	4.5	4.5		2.5	3.0	3.0
Dar ling Pa rk 3 Sy dne y ,	tifi ed cer	6.0	5.0	5.5	6.0	6.0	5.0	4.5	5.0	5.0	5.0	3.5	3.5	3.0	4.5	4.5		2.0	2.5	2.5
580 Ge e S Sy dne tre et, org y	tifi ed cer	5.5	5.0	6.0	6.0	6.0	3.0	4.5	5.0	5.0	5.0	3.0	3.0	3.5	5.0	5.0	3.5	4.0	3.5	3.5
6, rkp lac Sy dne wo e y	tifi ed cer	5.5	5.5	6.0	6.0	6.0	5.0	5.0	5.0	5.5	5.5	4.5	4.5	4.5	5.0	5.0	3.5	4.0	3.5	3.5
2 S hba nk Bou lev ard Me lbo out urn e ,	tifi ed cer	5.5	4.5	5.5	6.0	6.0	4.5	4.5	4.5	5.0	5.0	3.5	3.5	3.5	4.0	4.0			3.0	3.0
8 E xhi biti Str Me lbo eet on urn e ,	tifi ed cer	5.0	4.5	6.0	6.0	6.0	4.5	4.5	5.0	5.0	5.0	3.5	3.5	3.0	NR*	NR*	4.0		3.0	2.5
Que & C olli Me lbo 1 en ns, urn e	NR	3.0	3.0	NR	NR	NR	3.0	3.0	NR	NR	NR	2.0	2.0	NR	NR	NR		NR	NR	NR
150 Co llin s S Me lbo tre et, urn e	tifi ed cer	4.5	5.0	5.0	6.0	6.0	3.5	5.0	5.0	4.5	4.5	2.5	4.0	3.5	4.0	4.0			2.5	2.5
530 Co llin s S Me lbo tre et, urn e	tifi ed cer	5.5	5.0	6.0	6.0	6.0	4.5	4.5	4.5	5.0	5.0	3.0	3.0	3.0	3.5	3.5	4.0		2.5	2.5
Co s S 655 llin tre et, Me lbo urn e	tifi ed cer	5.0	4.5	4.5	6.0	6.0	4.0	4.5	4.5	4.5	4.5	3.0	3.0	3.0	4.5	4.5		2.5	3.5	3.5
2 750 Co llin s S Me lbo tre et, urn e	NR	5.5	5.0	6.0	NR	NR	5.0	5.0	5.0	NR	NR	5.0	4.5	5.0	NR	NR	3.5		NR	NR
181 Wi llia nd 550 Bo urk e S tre ets m a , 3 Me lbo urn e	tifi ed cer	5.0	5.5	6.0 /5.5	6.0 /6.0	6.0 /6.0	5.0	5.0	5.0 /5.0	5.5 /5.0	5.5 /5.0	4.0	3.5	3.5	3.5	3.5		2.0
800 /80 8 B ke S 4 tre et, Me lbo our urn e	tifi ed cer	5.5	5.5	6.0	6.0	6.0	5.0	5.0	5.0	5.0	5.0	3.0	3.5	3.5	4.0	4.0	NR	NR	NR	NR
One On e O Eag le S Bri sba tre et, ne ne	tifi ed cer	6.0	5.5	6.0	6.0	6.0	5.5	5.5	5.5	5.5	6.0	4.5	4.5	4.0	4.0	4.5			3.5	3.5
Riv ide Ce Bri sba ntr ers e, ne	tifi ed cer	5.5	5.0	6.0	6.0	6.0	4.5	4.5	5.0	5.0	5.0	3.5	3.5	3.5	4.0	4.0			3.5	3.5

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. 2021 certifications as at 30 June and 31 December for all previous years.

* 8 Exhibition Street not rated due to faulty water utility meter.

1. 32 Smith Street, 4 Murray Rose Avenue and Queen & Collins are not rateable as they have recently completed construction. All three assets are operating on a carbon neutral basis using 100% renewable electricity and will be rated once eligible.

2. 750 Collins Street is not rated as the asset has been under redevelopment from mid-2019 and will be ineligible for NABERS for Offices on completion.

3. 181 William and 550 Bourke Streets have a combined NABERS Water rating.

4. 800/808 Bourke Street waste management is conducted by the tenant and is excluded from Waste rating scope.

Environmental performance data – Office assets

	Ar N L A ea	W te a r itr 2 L /m es	iss ion Em s kg 2 C O2 /m -e	W te as le d ive d % Re / D rte cy c
G fo l io P T Po rt
l ia Sq Sy dn Au st ra ua re ey ,	51 7 0 0 ,	5 9 2	47	33
k dn 2 Pa St et Sy r re ey ,	73 5 0 0 ,	5 03	4 8	43
M Ro Av Sy dn O ly ic Pa k 4 ur ray se en ue ey m p r ,	15 6 0 0 ,	4 03	42	15
2 Sm it h St Pa 3 3 et tta re rra ma ,	27 0 0 0 ,	N/ A	N/ A	N/ A
6 0 St at io St et Pa tta n re rra ma ,	25 1 0 0 ,	5 0 8	43	8
l ing k 1 dn 1 Da Pa & 2, Sy ey r r	1 01 9 0 0 ,	34 1	-5	45
Me l bo Ce l To Me l bo 2 nt ur ne ra we r, ur ne	65 8 0 0 ,	3 0 2	22	24
1 81 W i l l iam d 5 5 0 Bo ke St et Me l bo an ur re s, ur ne	7 6, 2 0 0	25 8	-6	27
On On On Ea le St et Br is ba e e e g re ne ,	63 8 0 0 ,	43 5	-1 6	47

32 Smith, Parramatta

	Ar N L A ea	W te a r L itr /m 2 es	Em iss ion s kg C O2 /m 2 -e	W te as % Re le d / D ive rte d cy c
fo G W O F Po rt l io
i be lac ler h dn L rty P 1 61 Ca st St et Sy e, ea g re ey ,	5 6, 3 0 0	41 5	-5	42
Da l ing Pa k 1 & Sy dn 1 2, r r ey	1 01 9 0 0 ,	34 1	-5	45
Da l ing Pa k 3 Sy dn r r ey ,	2 9, 8 0 0	34 1	-4	31
5 8 0 Ge St et Sy dn or g e re ey ,	37 1 0 0 ,	4 0 0	-3	41
6, kp lac Sy dn wo r e ey	1 6, 3 0 0	2 6 8	-3	4 0
So h ba k Bo lev d, Me l bo 2 ut n u ar ur ne	53 3 0 0 ,	3 84	-4	37
8 Ex h i b it io St et Me l bo n re ur ne ,	44 5 0 0 ,	41 6	-5	23
Qu & Co l l ins Me l bo 3 ee n ur ne ,	34 0 0 0 ,	N/ A	N/ A	N/ A
Co l l ins St l bo 15 0 et Me re ur ne ,	1 9, 1 0 0	2 93	-7	2 8
0 Co l l ins St Me l bo 53 et re ur ne ,	65 2 0 0 ,	31 5	-4	31
65 5 Co l l ins St et Me l bo re ur ne ,	1 6, 6 0 0	27 8	-12	23
l l l bo 4 75 0 Co ins St et Me re ur ne ,	41 4 0 0 ,	N/ A	N/ A	N/ A
ke St l bo 8 0 0 / 8 0 8 Bo et Me ur re ur ne ,	5 9, 6 0 0	2 6 2	-4	1 9
81 W i l l iam d 5 0 Bo ke St Me l bo 1 5 et an ur re s, ur ne	6, 2 0 0 7	25 8	-6	27
On On On Ea le St et Br is ba e e e g re ne ,	63 8 0 0 ,	43 5	-1 6	47
de ba R ive i Ce nt Br is rs re ne ,	51 4 0 0 ,	55 4	0	44
Po fo l io Av rt er ag e		3 85	4	3 8

Note: Sustainability data as at 31 December 2020 assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability.

1. Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.

2. Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.

3. Queen & Collins and 32 Smith Street are not yet reported as they completed construction within the period. Both assets are operating on a carbon neutral basis using 100% renewable electricity.

4. 750 Collins Street is currently under redevelopment and will be under tenant management once complete.

Environmental performance data – Retail assets

	Ar G L A ea	( ) W te To ta l a r L itr /m 2 es	Em iss ion s kg C O2 /m 2 -e	W te % as Re le d / D ive rte d cy c
G P T Po rt fo l io
Ca ina Sq su ar ua re	55 0 0 0 ,	1, 6 0 9	9 6	27
ha les C to Sq r w n ua re	93 4 0 0 ,	4 04	4 6	35
H ig hp int S ho ing Ce nt o p p re	15 1, 1 0 0	4 91	44	3 6
Me l bo Ce l 1 nt ur ne ra	9 0 0 55 ,	95 0	87	24
Ro H i l l To Ce nt us e w n re	6 9, 7 0 0	1, 0 9 2	3 2	34
Su h ine P laz ns a	1 07 9 0 0 ,	6 2 9	72	44
f ie l d it h W t Pe es nr	91 7 0 0 ,	1, 3 07	65	3 9
G W S C F Po fo l io rt
Ca ina Sq su ar ua re	55 0 0 0 ,	1, 6 0 9	9 6	27
h de k C irn i Pa s r	3 8, 9 0 0	71 6	2 6	23
H ig hp int S ho ing Ce nt o p p re	15 1, 1 0 0	4 91	44	3 6
Ma hu Sq rt ca r ua re	1 0 8, 6 0 0	1, 0 01	6 0	3 6
No rt h lan d S ho ing Ce nt p p re	97 1 0 0 ,	7 6 6	5 8	3 9
km S ho ing Ce Pa nt r or e p p re	3 6, 8 0 0	65 6	2 9	44
W l lon Ce l nt o g on g ra	0 0 0 55 ,	9 6 4	61	9 3
G P T Gr Re ta i l Po rt fo l io Av ou p er ag e		81 1	57	35

Note: Sustainability data as at 31 December 2020 assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability.

1. Figure reflects combined Melbourne Central and Melbourne Central Tower recycling service.

Social Sustainability

Making a positive contribution to our communities and networks

Our People

• » Maintained recognition as an Employer of Choice for Gender Equality (WGEA) and Bronze small employer for LGBTIQ+ inclusion (AWEI)
• » 47% female representation in top income quartile roles and 43% female representation on GPT's Board
• » Flexible ways of working to support our people and attract the best talent

Human Rights and Modern Slavery

• » Active supply chain management, focusing on high risk industries andgeographies
• » Continuous improvement of supplier due diligence, management and grievance mechanisms
• » Continued collaboration with industry networks, including UN Global Compact, Property Council of Australia and Supply Chain Sustainability School

Stretch Reconciliation Action Plan

• » 97% of RAP commitments achieved and/or progressed
• » First Nations engagement and consultation on all GPT developments, including naming Yiribana and cultural design integration at 32 Smith and Queen & Collins
• » Continued cultural capability development
• » First Nations engagement campaigns with our people, tenants and customersnationally

Safety, Health and Wellbeing

• » Safety remains a core GPT value with continuous improvement practices prioritised in line with our Safety Roadmap
• » Rigorous contractor due diligence to ensure an aligned approach to safety
• » Adopting 'healthy building' upgrades in Office assets, enabling touchless access and enhanced air filtration

Our Communities

• » Continued support to non-profits through The GPT Foundation via employee engagement and direct philanthropic giving to national partners and local communities
• » Helped launch the Property Industry Foundation's Furniture Fund, fundraising by diverting commercial furniture from landfill
• » All GPT-managed Retail assets have local Social Plans to build inclusion,

On site, 32 Smith, Parramatta