15 February 2021

2020 Annual Result Data Pack

GPT provides its 2020 Annual Result Data Pack which has been approved for release by the GPT Group Company Secretary.

-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

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

2020 Year in Review

2020 Annual Result

2020 Rent Collection and COVID-19 Waivers

»Supported our customers to ensure our assets are well positioned for the recovery
» 94% of net billings collected in 2020
Office 98%, Logistics 100%, Retail 88%
»86% of tenant deals agreed

Se cto r	als De d ag ree	Te nt t na ren ive wa rs ( \$m ) 1	Pro vis ion s f or eiv ab les rec ( \$m ) 2	tal To ( \$m )
Of fic e	99 %	6.5	5.0	11.5
Lo ist ics g	10 0%	0.2	0.1	0.3
tai l Re	83 %	64 .9	18. 6	83 .5
To tal	86 %	71. 6	23 .7	95 .3

Group Cash Collection

Rent waivers include \$39m processed, \$22m agreed and \$11m estimated 2.Provisions relate to uncollected rent not waived for the 12 months to 31 December 2020

Investment Property Valuations

» All assets independently revalued1 as at 31 December 2020 Logistics portfolio valuation gains offset by further Retail portfolio valuation decline » Office portfolio valuation increased modestly in 2H 2020 supported by market transactions » Portfolio valuation movement flat for 2H 2020 and down 4.8% for the full year » Spread between discount rates and 10-year Australian Government bond yield greater than 500bps and well above the long-term average Investment Property Valuations Office Logistics R etail2H 2020 Valuation Movement(6 months to 31 December 2020) +0.5% +6.5 % -3.6 %2020 Valuation Movement(12 months to 31 December 2020) -1.2% +9.3 % -13.7 %Capitalisation Rate 31 December 20204.89%(+4bps since June 2020) 4.84%(-45bps since June 2020) 5.06%(+2bps since June 2020) Discount Rate31 December 20206.19%(-13bps since June 2020) 6.20%(-19bps since June 2020) 6.33%(consistent with June 2020) Key Changes to Valuation Assumptions 31 December 2020Incentives increased240bps Valuation metric compression Market rents lowered 2.30%

1.Excludes assets held for sale or acquired in the period

Sustainability

»GPT accelerated its target for all managed assets to be certified as operating carbon neutral by the end of 2024
100% of GWOF's operational buildings certified carbon neutral in 2020 using the NABERS verification pathway of Climate Active for Buildings, in alignment with the International Greenhouse Gas Protocol
Ranked 2nd globally for real estate companies listed in the Dow Jones Sustainability Index
»GPT and its Funds retained the maximum 5 star status as measured by GRESB for ESG management and performance
GPT Office Portfolio average NABERS Energy rating of 5.8 stars¹
»GPT Retail Portfolio average NABERS Energy rating of 4.4 stars²
»Released inaugural Modern Slavery Statement

5.8 stars with Green Power and 5.1 stars without Green PowerWithout Green Power

Group Strategy

Our purpose is to create value for investors by providing high quality real estate spaces that enable people to excel and our customers and communities to prosper in a sustainable way

Strategic Priorities

» Grow our high quality real estate portfolio through developments and acquisitions in Australia's largest property markets
» Exceed customer expectations by leveraging our extensive real estate skills to deliver leading asset management and sustainability performance
» Increase capital allocation to Logistics through development and acquisition of quality assets in high demand locations
» Extend our capital partnerships with investors through unlisted real estate funds and direct mandates to deliver attractive risk adjusted returns over the long term
»Maintain disciplined and prudent capital management

Execution

»Logistics portfolio growth from \$1.9b to \$3.0b over past two years
» Worked closely with customers to manage through the COVID-19 pandemic while adjusting to meet their changing expectations
» Attained industry leading Sustainability certification and recognition
» Increased capital allocation to Logistics, now accounting for 21% of Group assets
» Capital partnership with QuadReal Property Group for \$800m Logistics portfolio
» Sold 1 Farrer Place, providing further balance sheet capacity to pursue emerging growth opportunities

Finance and Treasury

Financial Summary

( \$m )	20 20	20 19	C ha ng e
ds Op ion ( O ) Fu Fr at FF n om er s	55 4.7	61 3.7	( ) 9.6 %
( ) Va lua ion de inc t / cr ea se s re as es	( ) 2.5 71	2.2 34
ke d t ke Tr ins tru nts t ea su me m ar o m ar ry	( ) 52 .2	( ) 82 .7
Ot he ite r ms	( ) 3.1	6.8
( ) f it fte Ne t Lo / P A r T ss ro ax	( ) 21 3.1	88 0.0
ds Op ion ity ( ) Fu Fr at nts n om er s p er se cu r ce	28 .48	32 .68	( ) 12 .9%
Op at ing Ca h F low er s	49 0.2	61 4.6	( ) 20 .2%
Ca h F low Fre e s	43 8.3	49 8.1	( ) 12 .0%
( ) D ist i bu t ion ity nts r p er se cu r ce	22 .50	26 .48	( ) 15 .0%

Funds From Operations \$554.7m

-\$213.1mStatutory net loss after tax

Segment Result

( \$m )	20 20	20 19	C ha ng e	Co ts mm en
Re i l ta	22 5.7	32 6.0	( ) 30 .8%	Ne t p ert du d 2 8% ert t s ing s 1 2.5 %; rop y r ev en ue re ce ; p rop y c os av CO VID im of -\$8 -19 nt ct 3.5 re pa m
O f f ice	28 1.9	27 6.3	2.0 %	n f of off Co ntr ibu tio isit ion Da rlin Pa rk, set by di lut ion in GP T's rom ac qu g rsh ip s tak e i n G WO F; C OV ID- t im of -\$1 19 ct 1.5 co -ow ne ren pa m
Lo ist ics g	13 9.4	12 1.0	15 .2%	Co ntr ibu tio n f isit ion nd de lop nts fu lly lea d o rom ac qu s a ve me se n let ion d i d o ; C OV t im of -\$0 ID- 19 ct .3m co mp an nc rea se cc up an cy ren pa
Fu ds M t n an ag em en	47 .2	46 .3	1.9 %	Gr th fro m G WO F a uis itio d d elo ts, st s ing ow cq ns an ev pm en co av s, rtia lly off by de lua tio in G WS CF set pa va ns
F ina Co sts nc e	( ) 10 2.7	( ) 10 8.0	( ) 4.9 %	Co of de bt ing 50 bp n 2 019 st 3.1 %, sav s o
Co ate rp or	( ) 36 .8	( ) 47 .9	( ) 23 .2%	Bo ch elle d, d isc ret ion st s ing nd Jo bK nu s s em es ca nc ary co av s a ee pe r ed eiv rec
ds Op ion Fu Fr at n om er s	55 4.7	61 3.7	( ) 9.6 %
int Ma en an ce ca pe x	( ) 32 .0	( ) 55 .2	( ) 42 .0%	du cti d d efe l of di ion Re ret on an rra sc ary ca pe x
Le inc t ive as e en s	( ) 59 .0	( ) 61 .0	( ) 3.3 %	De du o lo r le asi in Re tai l of fse t b ssf ul l sin in e t cre ase we ng y s uc ce ea g Of fic nd Lo ist ics rtfo lio e a g po
d j d ds ion A te Fu Fr Op at us n om er s	46 3.7	49 7.5	( ) 6.8 %

Capital Management

»Modest gearing of 23.2%
»Liquidity of \$1.8b which fully funds current commitments through to 2024
»Issued \$300m of 12 year domestic MTNs at a margin of 160bps
Issued ~A\$200m equivalent HKD MTNs for an average 11 year term at an average margin of 173bps
»Extended \$1.4b of bank facilities by an average of 1.7 years
»Average 63% hedged over the next 2.5 years
»Cost of debt ~2.5% for 2021

Ke St at ist ics y	20 20	20 19
1 b le Ne t T i As ts ity an g se pe r s ec ur	\$ 5.5 7	\$ 5.8 0
Ge ing Ne t ar	23 .2%	22 .1%
ig hte d a f de bt W t o e ve rag e c os	3.1 %	3.6 %
W ig hte d a e t to at ity e ve rag er m m ur	7.8 y ea rs	7.7 y ea rs
Int t c rat io er es ov er	6.4 x	6.7 x
d ( dy ) Cr it r at ing S & P/ Mo 's e s o	A/ A2	A/ A2

2020 does not include 2H 2020 distribution of 13.2cps declared on 15 February 2021

Office and Logistics

Office Overview

Office Valuations

» All assets independently valued as at 31 December 2020, with WACR of 4.89%
» Second half valuations broadly flat on June 2020
Uplift driven primarily by metro assets 32 Smith and 4 Murray Rose Avenue
Valuers have increased incentives, which were offset by a firming of discount rates

( ) Of fic e P ort fol io inc lud GW OF Eq uit Int st es ere y	lua tio Va n ( \$m ) Mo nt ve me	Ch an ge
ths Ju 6 m to 30 20 20 on ne	-\$1 05 .0	-1.7 %
ths De mb 6 m to 31 20 20 on ce er	+\$ 31. 2	+0 .5%
To tal 12 ths m on	-\$7 3.8	-1.2 %

» Divestment of 1 Farrer Place, Sydney (25% share) successfully completed
Sale proceeds of \$584.6m in line with 30 June 2020 valuation
Achieved an average total return over the past 5 years of 12% per annum

Office Leasing

» Achieved 99,600sqm of signed leases with additional 26,500sqm at HoAacross operational portfolio and developments
»Office Occupancy of 94.9%1 and WALE of 5.1 years
» Technology users remain active with 13 deals including Salesforce, ELMO Software and Empired

Darling Park 1, Sydney 16,800sqm

8 Exhibition Street, Melbourne 14,900sqm

550 Bourke Street, Melbourne 6,800sqm

Darling Park 3, Sydney 5,900sqm

6,700sqm

2020 Heads of Agreements by Quarter

Leases concluded with key customers

Melbourne Central Tower

Office Development Completion

32 Smith, Parramatta

Achieved practical completion in January 2021
»Leasing well progressed with 70% now committed1
Increased floor area achieved through approval of an additional mezzanine office floor, with a HoA in place
» The 28-level tower features touch free access and lift controls, an Integrated Communications Network backbone adaptable for latest technologies and thermal heat mapping sensors

32 Smith, Parramatta

Exp ted En d V alu ec e	>\$ 33 0m
ted Yi eld Co Exp st ec on	>6 .4%
Of fic e N LA	26 ,90 0s qm
l N Re tai LA	30 0s qm
Ca rks rpa	110
Su ina bil ity sta	6 S Gr n S De sig ati hie d tar tar ee n r ng ac ve – (w er) 6 S tar NA BE RS En ith Gr n P tin tar ted erg y ee ow ra g ge

1.Includes HoA

Office Development Pipeline

»Queen & Collins, Melbourne is progressing with completion in 2Q 2021
» Progressing pipeline to take advantage of the next market cycle. Expected end value on completion in excess of \$3.5b1

Pro jec t	Ow rsh ip ne	Le tta ble Ar 2 ea
Qu n & Co llin ee s Me lbo e, V IC urn	100 % G WO F	~3 5,0 00 sq m	Of fic e N LA ~2 0% le d i lud ing Ho A ase nc
87 -91 Ge e S tre et org Pa , N SW tta rra ma	100 % G WO F	~3 0,0 00 to 5,0 00 ~7 sq m	Sta 1 D A b ein dv d ge g a an ce
Co ck le B rk Pa ay Sy dn , N SW ey	% G 25 PT / 50 % G WO F	~7 3,0 00 sq m	Sta d w ith St bm iss ion 1 D A s e 2 DA ge ec ure ag su 3Q 20 21
f G Cn & Ba thu rst o r eo rge Sy dn , N SW ey	100 % G WO F	~10 ,00 0s qm	Pro ssi he gre ng sc me
30 0 L sd ale St t on ree lbo IC Me e, V urn	100 % G PT	~2 1,0 00 sq m	Ta tin itm t te nts rge g p re- co mm en na
51 Flin de rs L an e lbo IC Me e, V urn	100 % G WO F	~3 0,0 00 sq m	DA d i n 2 02 0, cte d c t ap pro ve ex pe om me nc em en 20 22
Sk ard yg en sb Bri e, Q LD an	% G WO F 100	~2 9,0 00 sq m	Pro ssi he gre ng sc me

Includes both GPT direct and Fund opportunities 2.

Office and Retail area, subject to authority approvals

THE GPT GROUP | 2020 ANNUAL RESULT

Queen & Collins, Melbourne. Artist's impression

Future of Office | GPT View

THE GPT GROUP | 2020 ANNUAL RESULT

Future of Office | GPT View

Hybrid Model

Anticipate large organisations continue to evolve to a hybrid model, with a portion of the working week at home

Physical office to remain important

Socialisation aspects and face-to-face interaction increasingly important

Vibrant CBDs

CBDs will remain predominant location for the majority of office occupiers

Flexibility

Increased demand for flexible space, including team and collaboration spaces

Healthy Buildings and ESG Investments

Heightened focus on health and wellbeing, minimisation of environmental footprint

Customer Insights | GPT Response

Proactively engaging with customers, responding to evolving flexibility requirements and focus on health, wellbeing and sustainability
»Experienced team with track record in creating and managing space

Flexibility

Space&Co.

»Curated flexible on-demand spaces
»Rapidly evolving with focus on collaboration and team rooms
» High customer advocacy for the offer with ~50% of 2020 Space&Co. income from existing GPT tenants

Furnished Suites

»Furnished and cabled office suites providing a "ready to move in" solution
»Ideal for growing businesses and satellite offices

Lease Flexibility

»Large occupiers looking for core and flex spaces
»Short form lease, facilitating faster documentation and ease of use

Healthy Buildings and ESG Investments

5Space&Co. Venues

Healthy Building Upgrades

»Touch free lift and access enablement through smart phone app
» Improved air quality through air filtration upgrades to MERV 14/15 (common in healthcare settings) and ultraviolet air purification
»Piloted at 580 George Street, Sydney with wider roll-out underway

Investing in Sustainability

»Carbon neutral certification achieved for all GWOF operational assets
»NABERS Energy rating (with Green Power) of 5 stars or above for all assets¹

Space&Co., 2 Southbank Boulevard, Melbourne

Office Market Outlook

» Over the long term, prime assets have outperformed secondary assets, with higher net absorption and lower vacancy¹
» Prime assets expected to benefit as occupiers upgrade to assets that provide healthy, modern and technology enabled spaces
» Expect to see divergence in performance of prime and secondary assets, with accelerated obsolescence of older product
» Vacancy rates likely to remain elevated given new supply and potential sublease space
» Continued investor demand for quality assets, with low interest rate environment and appetite for Australian real estate

Va ca nc y Eff tiv e R ts ec en 0 2 2 1		↑
		↓
O lo k t u o	Inv tor De nd Pri es ma me –	↔
	nd nd Inv tor De Se es ma co ary –	↓

JLL Research, December 2002 –December 2020

2.By Value. Excludes assets held for development (32 Flinders Street and 87-91 George Street) THE GPT GROUP | 2020 ANNUAL RESULT

Darling Park, Sydney

GPT's Office Portfolio Resilience

100% prime grade portfolio¹across eastern seaboard in deepest office markets
Portfolio benefits from a diverse mix of high quality occupiers
Majority financial and insurance institutions, global technology and professional services
Collected 98% of net billings in 2020
As restrictions ease we expect to see accelerated return in Sydney and Melbourne, in line with trends in other markets

2021 Focus

» Focused on the present and positioning our portfolio of high quality assets for future growth

Safety, health and wellbeing of occupants

Customer engagement

Completing leasing transactions and maintaining high collection rates

Progressing our development projects

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

Property Council of Australia. Level of occupancy in CBD office buildings based on responses from Property Council members who own or manage office buildings. January period reflects 27 January 2021 – 4 February 2021

Logistics Overview

Estimated end value on completion of underway and pipeline projects at GPT share

Logistics Leasing

» Achieved signed leases of 185,500sqm plus 11,100sqm at Heads of Agreement (HoA) across operational portfolio and developments
»High occupancy of 99.8% and WALE of 6.7 years
»Average fixed rent increases of 3.2% across 93% of portfolio income
» Quality customer base, more than 70% of income from ASX listed groups and multinationals¹

By Income, multi-nationals inclusive of listed and unlisted groups

Logistics Portfolio Growth

»Growth of \$542.5m in 2020 to reach \$3.0b
»Acquired three assets for \$202.2m
Delivered four developments with a value of \$195.5m
»Divested Yatala asset with net proceeds of \$58.2m, achieving 12% premium¹
»Valuation uplift of 9.3%, with WACR firming from 5.40% to 4.84% in the 12 months

GPT Logistics Portfolio^²

~45% of investment portfolio created through GPT development pipeline³

THE GPT GROUP | 2020 ANNUAL RESULT

1. As at 31 December of each year, includes Assets Held for Sale 3.By Value

Premium to Book Value at divestment date

Logistics Development Completions

Five development completions
Four facilities delivered in 2020 totalling 90,000sqm
Additional 17,100sqm facility delivered in February 2021
»Introducing new high quality customers including Visy and DHL
» GPT Logistics team have strong track record of delivering projects and securing leasing outcomes

	Su bu rb	Sta te	Co let ion mp	Fa ir lue ¹ Va	Yie ld on Co st	Ar ea	¹ by WA LE In co me	Te nt na
ba rk Clo 2 I ron se	rrin ba Be	QL D	1H 20 20	\$5 7.0 m	6.1 %	20 60 0s qm ,	9.2 ye ars	DH L
30 Iro nb ark C los e	Be rrin ba	QL D	1H 20 20	\$3 1.3 m	6.5 %	14, 40 0s qm	4.5 ye ars	JB Hi -Fi d W ind an ow are
38 A P ine Ro ad	Ye nn ora	NS W	1H 20 20	\$13 .6m	5.8 %	80 0s 4, qm	4.2 ye ars	W n G tco es rou p
dre ad 128 An Ro ws	nri th Pe	NS W	2H 20 20	\$9 3.6 m	5.4 %	50 20 0s qm ,	9.7 ye ars	Vis y
20 20 Co let ion mp s				\$19 5.5 m	5.8 %	90 00 0s qm ,	8.3 ye ars
Co x P lac 42 e	Gle nd nin en g	NS W	1H 20 21	² \$4 4.4 m		17, 10 0s qm		Ne tia tio ad ing go ns va nc

THE GPT GROUP | 2020 ANNUAL RESULT

2 Ironbark Close, Berrinba

Logistics Developments Underway

»Four developments are being progressed with an expected end value on completion of \$158m1,2
»Three projects to be undertaken on a speculative basis with terms agreed for a new development in Melbourne

1.End value at 100%, Metroplex Place to be held within GPT QuadReal Logistics Trust

2.Gateway Stage 3 project subject to execution of binding Agreement for Lease being concluded with pre-commitment tenant. HoA signed in January 2021

Logistics Development Pipeline

Development pipeline of ~\$1b¹
»Added to land bank with two sites secured in Queensland and Victoria
» Progressing estate in Kemps Creek (Yiribana Logistics Hub) in Western Sydney, with land rezoning achieved in June 2020

			GP T	de Un rw ay	Pip eli ne	im d E nd Est ate		Ex cte pe	im ing d T
	Su bu rb	Sta te	Ow rsh ip ne	(sq ) ² m	(sq ) ³ m	( \$m ) ¹ Va lue	20 21	20 22	20 23	20 24 +
Ga tew Lo ist ics H ub ay g	Tru nin ga a	VIC	10 0%	53 80 0 ,	61, 60 0	\$17 8
86 5 B nd Ro ad ou ary	Tru nin ga a	VIC	10 0%		128 20 0 ,	\$2 05
da Fo tio n E sta te un	Tru nin ga a	VIC	10 0%		10, 00 0	\$19
Au str ak Bu sin s P ark es	So rto me n	VIC	50 %		121 30 0 ,	\$10 0
iba ub Yir Lo ist ics H na g	k Ke s C mp ree	NS W	10 0%		160 00 0 ,	\$4 45
bro ke ad 40 7 P Ro em	Mi nto	NS W	50 %		19, 50 0	\$2 3
ble ark W Bu sin s P em y es	ba Be rrin	QL D	10 0%	16, 30 0	21, 80 0	\$7 5
Me tro lex Pl p ac e	W ol ac	QL D	50 %	17, 10 0		\$19
lop Pip eli De nt ve me ne				87 20 0 ,	52 2, 40 0	\$1, 06 4

Estimated end value on completion of underway and pipeline projects at GPT share. Net of stages completed prior to February 2021 2.

Includes project subject to finalisation of lease with pre-commitment tenant 3.Lettable area subject to authority approvals

Logistics Acquisitions

» Acquired investment assets for \$202.2m in 2020 adding 75,100sqm to the portfolio
» Foundation Estate acquired in December 2020 comprising three facilities plus adjoining development land, with a long WALE and quality tenants
» 917 Boundary Road in Truganina acquired in February 2021
Fund-through development acquired within the GPT QuadReal Logistics Trust
Leased to HB Commerce for 10 years from completion in 1H 2022

As at 31 December 20202.

Purchase price at 100%, to be held within GPT QuadReal Logistics Trust 3.From forecast completion in 1H 2022

THE GPT GROUP | 2020 ANNUAL RESULT

Foundation Estate, Truganina

Logistics Sector Outlook

Market Outlook

» Continued strength in tenant demand with eastern seaboard take-up in 2020 32% above the 10 year average1
»Low vacancy with Sydney 3.6%, Melbourne 2.4% and Brisbane 5.3%2
» Investment metrics expected to continue to firm, supported by strong investor demand
»Logistics outlook underpinned by:

E-commerce acceleration

Australians spent ~\$44.18b on online retail in 2020, up 44.4% on prior 12 month period³

Supply chain sophistication

Retailers investing in optimising supply chains and logistics functions

Urbanisation

Concentration and growth of population centres supported by infrastructure investment

GPT Portfolio Growth

» Unlocking value through product creation
Five facilities completed since January 2020
Four underway developments expected to complete in 2H 2021
Land bank of 122 hectares for future development⁴
Pipeline inclusive of underway projects of ~\$1b
»Assessing acquisition opportunities in target markets
» Modern portfolio with low capital intensity and attractive cash-oncash yield
» Long WALE assets attracting high quality customers in growth sectors

1.JLL Research, Q4 2020. Average of prior 10 year period 2010 - 2019

2.Urbis Industrial Vacancy Study, Q3 2020, stock >10,000sqm
NAB Online Retail Sales Index. Comparison of 12 months to December 2020 against 12 months to December 2019

Includes land to settle in coming periods. Land area at 100%, includes 40 hectares held in joint ventures

Retail

Retail Overview

Retail Sales and Customer Insights

Sales Recovery in November and December 2020

» Recovery evident across all states post easing of Government restrictions, particularly in the last two months of 2020 for Victoria
»Customer visitations in December 2020 across portfolio at 95% of 2019 levels1

	Co mb ine d m ths on nd (vs ) 2 No De c 2 02 0 20 19 v a
	Ce ntr e S ale s G th row	To tal Sp Sa les G th ec row
NS W/ NT	6.4 %	5.5 %
VIC	0.7 %	0.3 %
rtfo Po lio	4.8 %	4.1 %

Insights Retail Categories

» A number of retail categories had sales growth in 20202:
Supermarkets (+5.6%), Discount Department Stores (+6.9%), Mini Major Technology (+22.2%) and Mini Major Leisure/Sports (+4.8%)
» Several categories impacted by Government restrictions in 2020:
Cinemas, Travel, Entertainment and Food Catering well placed for rebound in 2021

Excluding Melbourne Central 2. Excluding Melbourne Central and Travel Agencies 3.Comparison to pcp

Portfolio Sales and Traffic Growth (Jul – Dec 2020)3

Retail Market Conditions

Retail SalesRecovery

»ABS Retail Trade Growth tracking above historical averages
» Growthled by Household Goods and a resurgence in Apparel

Consumer Confidence…. 10 Year High

» Improved consumer confidence reaching 10 year high in December 2020
» Robust jobs growth, house price appreciation and record low interest ratessupporting sentiment and spending
» Increased levels of household savings, sitting at its highest level in decades, provides additional capacity for further discretionary spending growth in 2021

Retail Market Share

GPT Portfolio

Recovery in portfolio sales driven by both market growth and market share gains from online
Growth of online market share reduced from peak of 26% down to 16% in December 2020 as customers returned to normal shopping behaviours

Online Insights

Domestic omni-channel retailers, main beneficiaries of rapid growth in onlinethrough the COVID-19 period
Transactional data has shown omni-channel retailers with prominent "physical store networks" performed strongly though 2020
Customer research … reluctant shift to online during COVID-19 restrictions with an intention to return to previous shopping habits

Retail Leasing Update

Achieving Structured Leases with Fixed Increases

»Despite challenging conditions, retailer demand remained solid, 404 deals completed
Leasing deals reflect strategy of securing tenants and reducing holdovers
»New leasing deals continue to have base rents with average annual fixed increases
»COVID-19 rental assistance - agreements reached with 83% of retailers

	12 nth s t o D 20 20 mo ec
De als Co let ed mp	40 4
Po rtfo lio Oc cu pa ncy	98 .0%
Re tio n R ten ate	72 .2%
al F ixe d I se1 ,2 Av An era ge nu nc rea	4.3 %
1,2 Av Le Te era ge ase rm	4.0 ye ars
1,2 Le asi Sp ds ng rea	( ) 14. 1%
Ho ldo s % of Ba Re nt ve rs a se	7.7 %

Specialties <400sqm

Retail Valuations

6 months to Dec 2020 Valuation Movement

	( \$m ) De c 2 02 0 V alu ati on	( \$m )	Ch an ge
Ro Hi ll T n C tre use ow en	\$6 45 .2	+\$ 7.1	+1. 1%
Ch arl est n S ow qu are	\$8 74 .5	+\$ 8.5	+1. 0%
( %) Ca ari Sq 50 su na ua re	\$2 09 .8	+\$ 0.9	+0 .4%
We stf ield Pe nri th ( %) 50	\$6 41. 0	-\$1 6.0	-2. 4%
t ( %) Hig hp oin 16. 67	\$3 50 .0	-\$1 1.7	-3. 3%
( %) Su nsh ine Pl 50 aza	\$5 95 .0	-\$2 2.7	-3. 7%
GW SC F ( ) 28 .5%	\$7 59 .3	-\$2 9.9	-3. 9%
Me lbo e C tra l urn en	\$1, 46 4.6	-\$1 40 .7	-8. 8%
tal nth To 6 s t o D 20 20 mo ec		-\$2 04 .5	-3. 6%
To tal 12 ths to De c 2 02 0 m on		-\$8 66 .5	-13 .7%

Retail Portfolio Strategy and Outlook

Retail Themes

»"Winning Retailers" are omni-channel with both online platforms and physical stores
»Reduced customer demand for traditional anchors leading to re-purposing of space
» Customer spending on technology, leisure, personal services, dining and experiences will continue

GPT is responding to shifts in customer demand by investing to evolve our assets

Evolving Asset Offers

» Rightsizing/remixing anchor tenants David Jones, Myer, Target and Kmart at Highpoint and Rouse Hill
» Over 550 new retail brands introduced across portfolio over past 5 years
» Remixing to growth categories, upweighting to omni-channel platforms
» Introduction of co-working facility 'Waterman' at Highpoint in 2022
» Australia's largest high ropes course opened at Sunshine Plaza

Investment In Shopping Experience

» Recent investment to reposition Highpoint and Melbourne Central as leading retail experiences
»Online delivery platforms - Retailer Runner

Mixed Use Development Opportunities

»Securing long term mixed use rights for Highpoint
» Mixed use development opportunities at Rouse Hill and Melbourne Central

Funds Management

Outlook for 2021

Priorities for 2021

» Continue to grow Logistics portfolio via acquisition and development capitalising on structural tailwinds
» Further expand Funds Management platform, with initial focus on the QuadReal capital partnership
» Strong customer engagement to secure and maximise income from our existing investment portfolio
»Progress development pipeline opportunities to activate as dictated by market conditions
»Maintain strong sustainability credentials and progress towards 2024 carbon neutral target

2021 Outlook

»Well positioned to benefit from economic recovery
» Given continued uncertainty in operating environment, no 2021 earnings or distribution guidance provided
» Expect to provide 2021 earnings and distribution guidance with March 2021 Quarter Operational Update
» On-market buy-back announced for up to 5% of securities on issue, while maintaining capacity to invest in strategic growth opportunities

THE GPT GROUP | 2020 ANNUAL RESULT

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.

Information is stated as at 31 December 2020 unless otherwise indicated.

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 12 months ended 31 December 2020. 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

GPT Overview	45
Financial Performance	49
Retail Portfolio	59
Office Portfolio	69
Logistics Portfolio	83
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.

8 Exhibition Street, Melbourne

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
\$5.5b portfolio

Office portfolio 24 assets

1,000,000 sqm NLA 360 + office tenants \$5.6b portfolio \$12.9b AUM

Logistics portfolio 41 assets

1,140,000 sqm GLA 90 + tenants \$3.0b portfolio \$3.0b AUM

\$8.5b AUM

GPT Portfolio Metrics

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

	fo l io S ize ( \$ b ) Po rt	1 ( ) W A L E y ea rs	Oc ( ) % cu p an cy	C ( ) W A R %
i l Re ta	5.5 4	3. 6	9 8. 0	5. 0 6
f f i O ce	5. 61	5.1	94 9	4. 8 9
Lo ist ics g	2. 9 8	6.7	9 9. 8	4. 84
To ta l	14 .13	4. 7	9 8.4	4. 95

Structured Rental Increases2

Rental assistance provided to tenants affected by COVID-19 has not been reflected in metrics due to temporary nature of these arrangements.
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 Bu i l d ing Qu l ity ' 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 : f in Fro Op at io is de d a F F O les int m er ns e s s m a en an ce lea d o f f lcu lat d ing inc t ive ite ca p ex s en s a n ne -o ms ca e , in da it h t he C 'V lun ice P A ta Be st Pr t 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	Au l ian Se it ies Ex ha st ra cu r c ng e
A U M	As de ts t se u n r m an ag em en
Bp s	Ba is Po int s s
Ca p ex	Ca ita l e d itu p xp en re
C B D	Ce nt l Bu ine D ist ict ra s ss r
C O 2	Ca bo D iox i de r n
C P I	de Co Pr ice In ns um er x
cp s	ity Ce nt s p er se cu r
S D P	ist i bu io ity D t r n p er se cu r
E B I T	ing fo d Ea Be Int t a 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 : Fu ds Fro Op io ity at n m er ns p er se cu r
F F O	Fu ds Fro Op io Fu ds Fro Op io is at at 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 ta Be st Pr t ice ac co r nc e w o ry ac de l fo los d Gu i ine D isc ing F F O A F F O ' s r an
F U M	ds de Fu t n n r m an ag em en u
Ge ing ar	he lev l o f bo ing lat ive T to ts e rro s r e as se w
G F A	Gr loo F Ar os s r ea
G L A	Gr Le b le Ar tta 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	G P T W ho les le S ho ing Ce nt Fu d a p p re n
Ho A	He ds f Ag t a o re em en
I F R S	Int t io l F ina ia l Re t ing St da ds er na na nc p or an r
I P D	ba k Inv tm t Pr ty Da ta es en op er n
I R R	Int l Ra f Re te tu er na o rn
L B P	Lo ist ics & Bu ine Pa ks g s ss r
Ma j Te nt or na s	Re i l te ies inc lu d ing Su ke D isc ta ts 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	ing l Mo An Tu nu a rn ov er v
M E R	Ma Ex Ra io Ma Ex t t t na g em en p en se na g em en p en se : de f in d a d de d by Ra t io is t e iv i e em en en se s m an ag xp s de ts t as se u n m r an ag em en
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 Ma j Te nt c s s a or na
M T N	Me d ium Te No te rm s
N/ A	l ica b le No t Ap p
N A B E R S	Na io l Au l ian Bu i lt En iro Ra ing Sy t st t t st na ra v nm en em
N A V	Ne t As t Va lue se
Ne Ge ing t ar	Ne ing is de f in d a de bt les h les t g ea r e s s c as s c ro ss de iva t ive ts d d c de iva t ive 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	f it f te Ne t Pr A Ta o r x
N T A	Ne Ta i b le As t ts ng se

Or d ina Se it ies ry cu r	Or d ina it ies ho ha ly e t t t a t c ry se cu r ar se re m os om mo n de d o he A S X: T he A S X de f in d ina it ies tra n t 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 f t t he ig ht to te at l m t ing he r vo a g en er a ee o co m p an y, d t d de ds d bu f t ic ip at in iv i ist i t io e an o p ar 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 p o co m p an on sa me s u y he d ina ity ho l de ot as r o r ry se cu r rs
P C A	Pr Co i l o f Au l ia ty st op er un c ra
Pr ium Gr de em 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 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	Pr t Va lue es en
Re ta i l Sa les	Ba d o ig ht d G P T int t in t he ts se n a w e e er es as se fo d G W S C F p t l io. G P T r ts ta i l s les in an or ep or re a f da it h t he S ho ing Ce nt Co i l o ac co r nc w e p p re un c l ia ( ) i de l ine Au st S C C A ra g s u
O C R E	ita l e loy d Re tu rn on ca p m p e

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

Financial Performance

Financial Summary

hs be 12 t to 31 De m on ce m r	2 0 2 0	2 01 9	ha C ng e
ds io ( \$m ) Fu Fro Op at n m er ns	55 4.7	61 3.7	9. 6 %
( los ) f it f te ( \$m ) Ne t /p r t s ro a ax	( ) 21 3.1	8 8 0. 0	12 4. 2%
d ( ) F F O ina ity nt p er o r ry se cu r ce s	2 8.4 8	3 2. 6 8	12 9 %
( ) F F O ie l d ba d o io d e d p ice y se n p er n r	6.3 %	5. 8 %
( ) D ist i bu t io d ina ity nt 1 r n p er o r ry se cu r ce s	22 .5 0	2 6.4 8	15 0 %
( ) D ist i bu t io ie l d ba d o io d e d p ice 1 r n y se n p er n r	5. 0 %	4.7 %
( \$m ) Ne t int t e er es xp en se	( ) 1 0 2.7	( ) 1 0 8. 0	4 9 %
( \$m ) Int t c ita l ise d er es ap	1 0.3	9.5	0. 8m
W ig ht d a t o f de bt e e ve ra g e c os	3.1 %	3. 6 %	5 0 bp s
Int t c er es ov er	im 6.4 t es	im 6.7 t es

Distribution has been declared post balance date on 15 February for the six months to December 2020.

The weighted average number of ordinary stapled securities was 1,947.9 million for 2020 and 1,878.1 million for 2019.

The period end price was \$4.50 at 31 December 2020 and \$5.60 at 31 December 2019.

	As t 3 1 De 2 0 a c	As t 3 1 De c 1 9 a	ha C ng e
( \$m ) To ta l a et ss s	15 35 8. 6 ,	15 8 67 8 ,	3. 2%
( \$m ) To ta l bo ing rro w s	4, 0 87 .4	3, 8 97 .5	4 9 %
( \$ ) N T A ity p er se cu r	5.5 7	5. 8 0	4 0 %
Ne t g ing ea r	23 2%	22 .1 %	11 0 bp s
Ne t loo k t hr h g ing ou g ea r	25 9 %	24 8 %	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. 8 y ea rs	7.7 y ea rs	0.1 y ea rs
( ) Cr d it r at ing S & P/ Mo dy 's e s o	A st b le / A2 st b le a a	A st b le / A2 st b le a a	Un ha d c ng e
W ig ht d a e t f int t r at he dg ing e e ve ra g er m o er es e	2.5 y ea rs	4. 0 y ea rs	1. 5 y ea rs

Results Summary

( \$m ) Se fo hs De be nt 12 t to 31 g me p er rm an ce m on ce m r	2 0 2 0	2 01 9
Re ta i l
Op io inc at t er ns ne om e	22 0. 8	21 6 3
De lop nt t inc ve me ne om e	4. 9	4.4
	22 5.7	3 2 6. 0
O f f i ce
io inc Op at t er ns ne om e	2 8 0. 2	27 5.3
De lop inc nt t ve me ne om e	1.7	0 1.
	2 81 9	27 6.3
Lo is t ics g
Op at io t inc er ns ne om e	13 9.3	12 0. 9
lop inc De nt t ve me ne om e	0.1	0.1
	9.4 13	12 0 1.
Fu ds Ma t n na g em en	47 2	4 6.3
Ne t f in ing st an c co s	( ) 1 0 2.7	( ) 1 0 8. 0
Co at t e rp or e m an ag em en xp en se s	( ) 2 6.1	( ) 35 .3
Ta x e xp en se s	( ) 0.7 1	( ) 12 6
io ( ) Fu ds Fro Op t F F O n m er a ns	55 4. 7	61 3.7
( ) Va lua io de inc t / n cr ea se re as e	( ) 71 2.5	34 2. 2
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	( ) 5 2. 2	( ) 8 2.7
he Ot ite r ms	( ) 3.1	6. 8
( ) ( ) Ne Lo Pr f it A f te Ta N P A T t / ss o r x	( ) 21 3.1	8 8 0. 0

Funds From Operations to Adjusted Funds From Operations

( \$m ) 12 t hs to 31 De be m on ce m r	2 0 2 0	2 01 9
Co bu ine re s ss	6 94 2	7 6 9. 6
F ina ing d c he ds at nc an or p or e o ve r a	( ) 9.5 13	( ) 9 15 5.
Fu ds Fro Op io t n m er a ns	55 4. 7	61 3.7
Ma int ita l e d itu en an ce ca p xp en re	( ) 2. 0 3	( ) 2 55
( ) 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	( ) 9. 0 5	( ) 61 0
A d j d Fu ds Fro Op io te t us n m er a ns	4 63 .7	4 97 .5

Parkmore Shopping Centre, VIC

NTA Movement

Se it ies Iss cu r o n ue	f Nu be Se it ies m r o cu r ( ) m
Op ing ba lan 1 Ja 2 0 2 0 en ce nu ar y	1, 94 7. 9
Iss f s it ies ue o ec ur	0. 0
31 De be r 2 0 2 0 ba lan ce m ce	1, 94 7. 9

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 t 3 1 r 2 01 9 p os n a s a ce m	11, 2 91 .3	1, 94 7. 9	5. 8 0
F F O	55 4.7		0. 2 8
Re lua io t va ns	( ) 71 2.5		( ) 0.3 7
Ma k t ke f Tr t o r o m ar ea su ry	( ) 7 6.3		( ) 0. 04
D ist i bu io t r n	( ) 1 81 2		( ) 0. 0 9
Ot he r	( ) 2 8.3		( ) 0. 01
in Mo nt N T A ve me	( ) 44 3. 6		( ) 0. 23
it io be N T A t 3 1 De r 2 0 2 0 p os n a s a ce m	1 0, 84 7.7	1, 94 7. 9	5.5 7

Capital Management Summary

As t 3 1 De be r 2 0 2 0 a ce m
8. 6 15 35 ,
( ) 41 .5
( ) 4 0. 6
( ) 7. 8
( ) 3 6 8. 9
14 8 9 9. 8 ,
51 9. 0
3, 5 6 8.4
( ) 35 1. 6
3, 73 5. 8
37 2.5
23 2%

lud ise d e bli sh d o the dju 1. I ort sta nt sts stm ts. As at nc es un am me co an r a en
be l d n d eb t is \$3 illio 31 D 2 02 0, te ,67 0 m ec em r ex rna raw n.

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

( \$m ) Int t Co er es ve r	31 De be r 2 0 2 0 ce m
Fu ds Fro Op io at n m er ns	55 4.7
A d d: de du d ta ct xe s e	0.7 1
A d d: F ina Co fo he io d 1 st r t nc e s p er	1 03 8
( ) Ea ing Be fo Int d Ta E B I T t a rn s re er es n x	6 6 9. 2
ina Co 1 F st nc e s	1 03 8
Co Int t er es ve r	im 6.4 t es

Excludes Finance costs – leases.

Look Through Gearing

Lo k T hr h Ge ing t 3 1 De be r 2 0 2 0 o ou g ar as a ce m	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 f n l i da d e it ies ts te nt re o ss e o on -c on so
d d t l ta b le Gr j te ot i ts ou p a us a ng as se	14 8 9 9. 8 ,				14 8 9 9. 8 ,
f a f n P lus G P T s ha et l i da te d e nt it ies re o ss s o on -c on so :		1, 95 1.3	1, 0 97 .7	1, 41 8.7	4, 4 67 .7
Le : to ta l e ity inv tm t in l i da te d e nt it ies ss q u es en no n- co ns o		( ) 1, 57 9. 6	( ) 75 9.3	( ) 1, 3 84 9	( ) 3, 72 3. 8
To ta l loo k t hr h a ts ou g ss e	14 8 9 9. 8 ,	37 1.7	33 8.4	33 8	15 64 3.7 ,
Gr to ta l bo ing ou p rro w s	3, 73 5. 8				3, 73 5. 8
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 :		3 23 6	31 3.5	0. 0	63 7.1
To ta l loo k t hr h bo ing ou g rro w s	8 3, 73 5.	23 6 3	31 3.5	0. 0	2. 9 4, 37
To l loo k t hr h c h ta ou g as	2.5 37	6. 8	0. 1 4	35 .7	42 5.4
Lo k t hr h g ing ba d o de b 1 t t o ou g ea r se n n e					9 25 %

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 \$1.8 billion funds all current commitments until 2024.

* Assumes commercial paper is refinanced with committed bank facilities.

Liquidity Profile

Hedging Profile

63% hedged over the next 2.5 years at an average rate of 1.5%.

Fixed rate debtInterest rate swaps Floating rate debt

Highpoint Shopping Centre, VIC

Space&Co. Melbourne Central Tower, Melbourne

Retail Portfolio

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT's retail investments of \$5.5 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 PORTFOLIO59

NSW 41%

NT 5%

Retail Portfolio Summary

Based on gross rent (including turnover rent).
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 1 De 2 0 c Fa ir Va lue ( \$m )	3 1 De 2 0 c Ca Ra te p ( ) %	In de de t p en n In l ter or na Va lua ion t	Oc cup an cy ( ) %	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 ,	2 0 9. 8	6. 25	In de de nt p en	94 9	35 1.4	15 8	9, 93 4
C ha les Sq to r w n ua re	N S W	0 0 1	93 0 0 4 ,	87 4.5	0 5.5	In de de nt p en	9 9. 0	0 6. 8 5	15 .1	0, 9 6 1 1
ig hp int ho ing H S Ce nt o p p re	V I C	17	15 1, 1 0 0	35 0. 0	4.5 0	de de In nt p en	9 6. 0	6 6 0. 9	2 6. 0	6, 81 9
Me l bo Ce nt l ur ne ra	V I C	1 0 0	55 9 0 0 ,	1, 4 64 6	4.5 0	In de de nt p en	97 8	25 3. 2	37 2	5, 45 0
i l l Ce Ro H To nt us e w n re	S N W	1 0 0	6 9, 7 0 0	64 5. 2	5.5 0	de de In nt p en	9 9. 8	4 6 6.3	13 .5	9, 3 8 2
Su h ine P laz ns a	Q L D	5 0	1 07 9 0 0 ,	5 95 0	5. 0 0	In de de nt p en	97 9	5 81 8	1 9. 0	8, 9 2 8
W f ie l d Pe it h t es nr	N S W	5 0	91 7 0 0 ,	64 1. 0	5. 0 0	In de de nt p en	9 8.7	5 6 9.7	2 0. 6	1 0, 33 0
fo l io G W S C F Po rt
Ca ina Sq su ar ua re	N T	5 0	55 0 0 0 ,	2 0 9. 8	6. 25	In de de nt p en	94 9	35 1.4	15 8	9, 93 4
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. 0	27 1.4	1 6.1	9, 95 8
H ig hp int S ho ing Ce nt o p p re	V I C	83	15 1, 1 0 0	1, 75 0. 0	4.5 0	In de de nt p en	9 6. 0	6 6 0. 9	2 6. 0	6, 81 9
Ma hu Sq rt ca r ua re	N S W	5 0	1 0 8, 6 0 0	47 7.5	5. 25	In de de nt p en	97 6	5 6 2.5	17. 8	8, 31 6
No rt h lan d S ho ing Ce nt p p re	V I C	5 0	97 1 0 0 ,	4 0 2.5	5.5 0	In de de nt p en	97 .4	3 94 2	27 .3	5, 6 91
Pa km S ho ing Ce nt r or e p p re	V I C	0 0 1	6, 8 0 0 3	25 6. 6	6. 0 0	In de de nt p en	9 8.7	24 8 3.	17. 3	8 7, 44
l lon l W Ce nt o g on g ra	N S W	1 0 0	55 0 0 0 ,	3 9 0. 0	6. 0 0	de de In nt p en	97 .3	2 9 9. 6	15 8	7, 7 81
G P T W ig ht d To ta l e e			9 61 1 0 0 ,		5. 0 6		9 8. 0	2, 37 2.4 2	2 0.1 2	8, 3 0 0 2

Represents specialty tenancies less than 400 sqm.
Excludes development impacted centres (Sunshine Plaza).

Income and Fair Value Schedule

		Inc om e hs 12 t to m on ( \$m ) 31 De c					ir Fa	lue i l ia Va Re t co nc	io n
	2 0 1 9	2 0 2 0	Va ian r ce	Fa ir Va lue 3 1 De 1 9 c ( \$m )	De lop t ve me n Ca p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Inc ive t en Ca p ex ( \$m )	Ac is i ion / Sa les t q s u ( \$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 1 De 2 0 c ( \$m )	% f o Po fo l io t r ( ) %
fo l io G P T Po rt
Ca ina Sq su ar ua re	17. 0	13 8	( ) 3. 2	24 8. 0	0. 6	1.3	0. 6	0. 0	( ) 4 0.7	0. 0	2 0 9. 8	3. 8
C ha les to Sq r w n ua re	5 2.7	44 .1	( ) 8. 6	1, 0 03 0	1.3	2. 0	3.3	( ) 3. 6	( ) 13 1. 0	( ) 6. 0	8 6 9. 0	15 .7
H ig hp int S ho ing Ce nt o p p re	1 8. 0	11. 2	( ) 6. 8	41 2.5	3. 9	1.3	1. 0	0. 0	( ) 6 8.7	0. 0	35 0. 0	6.3
Me l bo Ce nt l ur ne ra	7 8. 6	3 6. 6	( ) 42 0	1, 61 8. 0	14 8	4. 8	4.3	0. 0	( ) 17 7.3	0. 0	1, 4 64 6	2 6.4
Ro H i l l To Ce nt us e w n re	3 9. 6	33 6	( ) 6. 0	6 8 0. 2	3.4	1.7	1.3	0. 0	( ) 41 .4	0. 0	64 5. 2	11. 6
Su h ine P laz ns a	2 8.1	23 6	( ) 4.5	6 83 .5	( ) 0.4	2.4	1. 8	0. 0	( ) 9 2.3	0. 0	5 95 0	1 0.7
W t f ie l d Pe it h es nr	35 9	3 0. 9	( ) 5. 0	73 6. 0	( ) 1.4	0. 8	1. 6	0. 0	( ) 9 6. 0	0. 0	64 1. 0	11. 6
As ts He l d fo Sa le se r
2-1 8 Pa i f ic H ig hw 14 5 c ay , C ha les to r w n	0. 0	0.4	0.4	0. 0					( ) 0.5	6. 0	5.5	0.1
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 %	45 .5	2 8.3	( ) 17. 2	94 9. 8					( ) 21 8. 6	2 8.1	75 9.3	13 .7
l i l fo l io 2 To ta Re ta Po rt	31 5.4	22 2.5	( ) 9 2. 9	6, 33 1. 0	22 2	14 .3	13 9	( ) 3. 6	( ) 8 6 6.5	2 8.1	5, 53 9.4	1 0 0. 0

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 12 months to 31 December 2020 represents GPT's share of FFO for the period.
Differences due to rounding.

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 l io G P T Po rt
Ca ina Sq su ar ua re	35 1.4	( ) 2. 2	( ) 3. 9	9, 93 4	15 8
C ha les Sq to r w n ua re	5 0 6. 8	( ) 9. 9	( ) 13 6	1 0, 1 9 6	15 .1
H ig hp int S ho ing Ce nt o p p re	6 6 0. 9	( ) 3 6. 0	( ) 43 8	6, 81 9	2 6. 0
Me l bo Ce l nt ur ne ra	25 2 3.	( ) 6. 9 5	( ) 6 0. 8	0 5, 45	2 37
i l l Ro H To Ce nt us e n re w	4 6 6.3	( ) 1. 8	( ) 6.1	9, 3 8 2	13 .5
² W t f ie l d Pe it h es nr	5 6 9.7	( ) 15 .5	( ) 14 .5	1 0, 33 0	2 0. 6
G S C fo l io W F Po rt
Ca ina Sq su ar ua re	35 1.4	( ) 2. 2	( ) 3. 9	9, 93 4	15 8
C h irn i de Pa k s r	27 1.4	( ) 0. 8 1	( ) 9. 9 1	9, 95 8	6.1 1
hp ho H ig int S ing Ce nt o p p re	6 6 0. 9	( ) 3 6. 0	( ) 43 8	6, 81 9	2 6. 0
³ Ma hu Sq rt ca r ua re	5 6 2.5	( ) 5.7	( ) 8. 8	8, 31 6	17. 8
⁴ h lan d S ho ing Ce No rt nt p p re	3 94 2	( ) 2 8. 2	( ) 3 9.3	5, 6 91	27 .3
Pa km S ho ing Ce nt r or e p p re	24 3. 8	( ) 12 9	( ) 24 .7	7, 44 8	17. 3
W l lon Ce l nt o g on g ra	2 9 9. 6	( ) 13 .5	( ) 14 .7	7, 7 81	15 8
ig 5 G P T W ht d To ta l e e	2, 37 2.4	( ) 21 9	( ) 2 8.3	8, 3 0 0	2 0.1

Represents Specialty Tenancies less than 400 sqm.
Analysis provided by Scentre Group.
Analysis provided by Lendlease.
Analysis provided by Vicinity.
Excludes development impacted centres (Sunshine Plaza).

Comparable Change in Retail Sales by Category

Co b le C ha in Re ta i l Sa les by Ca te t 3 1 De be r 2 0 2 0 mp ar a ng e g or y as a ce m	( \$m ) M A T	( ) 12 Mo nt hs Gr t h % ow
St De tm t p ar en or e	81 .4	( ) 24 .7
isc St D nt De tm t ou p ar en or e	25 3. 8	6. 9
Su ke t p er ma r	47 7. 2	0. 8
C ine ma s	17. 3	( ) 71 .5
¹ Ot he i l Re ta r	61 .4	( ) 6 8. 9
l Sp ia lt ies To ta ec	1, 4 81 .3	( ) 24 .5
Sp ia lt ies >4 0 0s ec q m •	45 3.5	( ) 14 0
Sp ia lt ies <4 0 0s ec q m •	1, 0 27 8	( ) 2 8.3
l Ce To ta nt re	2, 37 2.4	( ) 21 9
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	37 5.7	( ) 3 2.4
Te hn log & Ap l ian c o y p ce s	31 7.3	( ) 13 .7
D in ing	21 0.1	( ) 33 0
He lt h & Be ty a au	2 0 8.3	( ) 2 9.4
Le isu re	11 9. 8	( ) 13 .4
Fo d Re ta i l o	84 .1	( ) 14 .7
Ge l Re ta i l ne ra	6 8. 9	( ) 1 0.1
Je l ler we y	61 .7	( ) 15 0
Ho me wa re s	2 8. 9	( ) 14 .1
Re i l Se ice ta rv s	6.4	( ) 27 0
To l Sp ia lt ies ta ec	1, 4 81 .3	( ) 24 .5

Note: Based on weighted GPT Interest and excludes development impacted centres (Sunshine Plaza).

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

Retail Sales

Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Sunshine Plaza). 1. Represents Specialty Tenancies less than 400 sqm.

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 P T Po fo l io rt
Ca ina Sq su ar ua re	N T	5 0	31 De 2 0 c	Ur b is	2 0 9. 8	6. 25
C ha les to Sq r w n ua re	N S W	1 0 0	31 De 2 0 c	C B R E	87 4.5	5.5 0
H ig hp int S ho ing Ce nt o p p re	V I C	17	31 De 2 0 c	Sa i l ls v	35 0. 0	4.5 0
Me l bo Ce nt l ur ne ra	V I C	1 0 0	31 De 2 0 c	J L L	1, 4 64 6	4.5 0
Ro H i l l To Ce nt us e w n re	N S W	1 0 0	31 De 2 0 c	Co l l ier s	64 5. 2	5.5 0
Su h ine P laz ns a	Q L D	5 0	31 De 2 0 c	Sa i l ls v	5 95 0	5. 0 0
f ie W t l d Pe it h es nr	N S W	5 0	31 De 2 0 c	Sa i l ls v	64 1. 0	5. 0 0
fo G W S C F Po rt l io
Ca ina Sq su ar ua re	N T	5 0	De 31 2 0 c	Ur b is	2 0 9. 8	6. 25
C h irn i de Pa k s r	V I C	1 0 0	De 31 2 0 c	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	De 31 2 0 c	Sa i l ls v	1, 75 0. 0	4.5 0
Ma hu Sq rt ca r ua re	N S W	5 0	De 31 2 0 c	C B R E	47 7.5	5. 25
No h lan d S ho ing Ce rt nt p p re	V I C	5 0	De 31 2 0 c	Sa i l ls v	4 0 2.5	5.5 0
Pa km S ho ing Ce nt r or e p p re	V I C	1 0 0	De 31 2 0 c	Ur b is	25 6. 6	6. 0 0
W l lon Ce l nt o g on g ra	N S W	1 0 0	De 31 2 0 c	Co l l ier s	3 9 0. 0	6. 0 0

Note: Valuations include ancillary assets.

Macarthur Square, NSW

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, Ha is Fa Da Mu hy He lt hy L i rs er rr rm n rp a , , , Ra in bo Me at De l iw l d, 7- E lev Co st i Se fo d w 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, b ita ia, k, b ins itc he by A Be Ba t Ta Ha Du Ro K Ba n 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 E B tu p ms un g, me ra us e, ra, s, ve r p, ity Ga Sa me s, n
	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

Office Portfolio

Office Portfolio Overview

GPT's office portfolio comprises ownership in 24 high quality assets1 with a total investment of \$5.6 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

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.

Includes 87-91 George Street (held for development) and 32 Flinders Street (currently configured as a carpark). Excludes 32 Smith Street (achieved practical completion in January 2021).

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.

Based on gross rent.
By area.
Excludes 32 Smith Street, Parramatta (achieved practical completion in January 2021).

Income and Fair Value Schedule

		Inc om e				Fa ir	Va lue Re co	i l ia t nc	io n
	12 31	hs t m on ( \$m De c	to )			Ca p ex
	2 0 1 9	2 0 2 0	Va ian r ce	Fa ir Va lue 3 1 De 1 9 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 her t A d j tm ts us en ( \$m )	Fa ir Va lue 3 1 De 2 0 c ( \$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	2 6. 1	2 6. 0	( ) 0. 1	5 9 3. 5	–	1. 1	4. 3	–	–	( ) 1 5. 9	–	5 8 3. 0	1 0. 4
2 Pa k S Sy dn tre t, r e ey	3 7. 4	3 7. 5	0. 1	7 9 5. 0	–	0. 9	4. 5	–	–	4. 6	–	8 0 5. 0	1 4. 4
M L C Ce Sy dn tre n ey ,	8. 8	–	( ) 8. 8	–	–	–	–	–	–	–	–	–	–
Gov P h i l l ip & Gov Ma ie Tow Sy dne ern or ern or cq uar ers y ,	2 7. 4	2 8. 3	0. 9	6 0 1. 8	2. 3	0. 2	2. 6	–	( ) 5 8 4. 6	( ) 2 2. 3	–	–	–
Da l ing Pa k 1 & 2, Sy dn r r ey	1 0. 5	2 6. 0	1 5. 5	5 4 4. 4	0. 6	2. 5	1. 1	–	–	( ) 1 9. 9	–	5 2 8. 7	9. 4
6 0 S ion S Pa ta t tre t, t ta e rra ma	1 5. 1	1 5. 3	0. 2	2 8 2. 0	–	0. 0	–	–	–	( ) 9. 0	–	2 7 3. 0	4. 9
Sy O 4 Mu Ro Av dn ly ic Pa k rra y se en ue, ey mp r	0 5.	6. 6	1. 6	3 1 1. 5	1. 7	0. 2	0. 1	–	–	9. 5	–	3. 0 1 4	2. 6
Ce Me l bou tra l Tow Me l bou rne n er, rne	3 3 7.	3 9. 7	2. 4	9 6 6. 5	0 1 7.	3. 3	0 1 1.	–	–	2 1.	–	2 9. 0 7	3. 0 1
8 0 S 1 1 W i l l iam d 5 5 Bo ke tre ts, Me l bou an ur e rne	2 1. 4	3 1 6.	( ) 5. 1	0 0 4 4.	3. 6	2 1.	2. 6	–	–	3. 1	–	4 1 4. 5	7. 4
On On On S Eag le tre t, Br is ban e e e e e	2 0. 1	2 0. 5	0. 4	3 0 3. 0	0. 3	0. 3	6. 4	–	–	( ) 1 4. 7	–	2 9 3 5.	3 5.
As ts Un de De lop t se r ve me n
3 2 Sm S i t h tre t, Pa t ta e rra ma	–	–	–	2 2. 0 1	0 2 1 6.	–	–	–	–	2 8 5.	–	2 0 5 4.	4. 5
Eq i ty In ter ts u es
( ) G P T Eq i In in G W O F 2 1. 9 % 1 ty ter t u es	7 2. 2	7 0. 5	( ) 1. 7	1, 6 1 0. 6	–	–	–	–	–	( ) 3 6. 2	5. 2	1, 5 7 9. 6	2 8. 2
To l O f f i Po fo l io ta t ce r	2 8 1. 3	2 8 6. 7	5. 4	6, 0 8 4. 3	1 3 1. 7	9. 7	3 2. 6	–	( ) 5 8 4. 6	( ) 7 3. 8	5. 2	5, 6 0 5. 1	1 0 0. 0

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 ic N L A e				O f f i Oc ce cu p	an cy
	S ta te	Ow h ip ner s ( ) %	( 0 0 % 1 ) In ter t es (sq ) m	3 2 0 1 De c Fa ir Va lue ( \$m )	3 2 0 1 De c 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 P T Po fo l io rt
l ia Sq Sy dn Au st ra ua re ey ,	S N W	5 0	51 7 0 0 ,	5 83 0	4. 81	9 2.5	95 9	9 6.7	3.7
k St Sy dn 2 Pa et r re ey ,	S N W	5 0	73 4 0 0 ,	8 05 0	4.7 5	9 8. 6	9 8. 6	9 8. 8	3. 2
Da l ing Pa k 1 Sy dn r r ey ,	N S W	25	1 01 9 0 0	5 2 8.7	D P1 : 5 0 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 3 .7
Da l ing Pa k 2 Sy dn r r ey ,			,		D P2 : 5 0 0	D P2 : 1 0 0. 0	D P2 : 1 0 0. 0	D P2 : 1 0 0. 0	D P2 : 7. 5
6 0 St ion St Pa at et tta re rra ma ,	N S W	0 0 1	25 0 0 1 ,	27 0 3.	5.1 3	0 0. 0 1	0 0. 0 1	0 0. 0 1	8 1.
Mu Ro Av Sy dn O ly ic Pa k 4 rra y se en ue ey mp r ,	N S W	0 0 1	6 0 0 15 ,	0 14 3.	5.1 3	97 .1	9 8. 8	0 0. 0 1	8. 6
Me l bo Ce l To Me l bo nt ur ne ra we r, ur ne	V I C	1 0 0	65 5 0 0 ,	72 9. 0	4. 8 8	95 8	9 6.4	9 6. 8	6. 0
W i l l iam d 5 Bo ke St Me l bo 1 81 5 0 et an ur re s, ur ne	V I C	5 0	7 6, 2 0 0	41 4.5	5. 0 0	67 6	77 .5	77 .5	5. 2
On On On le St is ba Ea et Br e e e g re ne ,	Q L D	33 .3	63 8 0 0 ,	2 95 .3	5. 0 0	9 6.5	9 6.5	9 6.5	5. 2

			O f f ic N L A e				O f f i Oc ce cu p an	cy
	S ta te	Ow h ip ner s ( ) %	( 1 0 0 % ) In ter t es (sq ) m	3 1 De 2 0 c Fa ir Va lue ( \$m )	3 1 De 2 0 c 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
fo io G W O F Po rt l
L i be P lac 61 Ca ler h St Sy dn rty 1 st et e, ea g re ey ,	N S W	0 5	6, 0 0 5 5	0 77 5.	8 4.3	0 0. 0 1	0 0. 0 1	0 0. 0 1	7.3
Da l ing Pa k 1 Sy dn r r ey ,	N S W	5 0	1 01 9 0 0	1, 05 7.5	D P1 : 5 0 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 1 0 0. 0	D P1 : 3 .7
Da l ing Pa k 2 Sy dn r r ey ,			,		D P2 : 5 0 0	D P2 : 1 0 0. 0	D P2 : 1 0 0. 0	D P2 : 1 0 0. 0	D P2 : 7 .5
l ing k 3 dn Da Pa Sy ey r r ,	N S W	1 0 0	2 9, 8 0 0	5 9 6. 0	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	5. 0
Ge St Sy dn 5 8 0 et or g e re ey ,	S N W	1 0 0	37 1 0 0 ,	6 27 0	4. 8 8	93 0	94 0	95 6	4.4
6, kp lac Sy dn wo r e ey	N S W	1 0 0	1 6, 3 0 0	3 24 0	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	7. 9
87 -9 1 Ge St Pa et tta or g e re rra ma ,	N S W	1 0 0	N/ A	7 0.7	N/ A	N/ A	N/ A	N/ A	N/ A
2 So ut h ba k Bo lev d, Me l bo n u ar ur ne	V I C	1 0 0	53 4 0 0 ,	65 8. 0	4. 8 8	91 .1	91 .1	91 .1	5.4
8 Ex h i b it io St et Me l bo n re ur ne ,	V I C	5 0	4 4, 5 0 0	2 97 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	4.3
l in de l bo 3 2 F St et Me rs re ne ur ,	V I C	1 0 0	N/ A	8 2. 0	N/ A	N/ A	N/ A	N/ A	N/ A
Qu & Co l l ins l bo Me ee n ur ne ,	C V I	1 0 0	34 9 0 0 ,	37 7. 0	4.7 5	N/ A	N/ A	N/ A	N/ A
Co l l ins St Me l bo 15 0 et re ur ne ,	V I C	1 0 0	1 9, 1 0 0	27 0. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	5.5
53 0 Co l l ins St Me l bo et re ur ne ,	V I C	1 0 0	65 2 0 0 ,	74 1. 0	4.7 5	9 0.1	9 0.3	91 9	3.4
65 5 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	1 6, 6 0 0	17 2. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 9
75 0 Co l l ins St et Me l bo re ur ne ,	V I C	1 0 0	41 4 0 0 ,	47 7.5	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	14 8
ke l bo 8 0 0 / 8 0 8 Bo St et Me re ne ur ur ,	V I C	1 0 0	5 9, 6 0 0	5 8 0. 0	5.1 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	6. 6
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	7 6, 2 0 0	41 4.5	5. 0 0	67 6	77 .5	77 .5	5. 2
On On On Ea le St Br is ba et e e e g re ne ,	Q L D	6 6.7	63 8 0 0 ,	9 0.7 5	0 0 5.	9 6.5	9 6.5	9 6.5	2 5.
R ive i de Ce Br is ba nt rs re ne ,	Q L D	1 0 0	51 4 0 0 ,	73 2. 0	5. 0 0	9 2. 6	9 2. 9	9 2. 9	6.5
To ta l			9 9 9, 1 0 0 1		4. 8 9	93 2 2	94 9 2	95 2 2	5.1

Office NLA excludes 87-91 George Street (held for development) and 32 Flinders Street (currently configured as a carpark).
Portfolio Occupancy metrics exclude Queen & Collins (undergoing redevelopment).

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
l ia dn Au st Sq Sy ra ua re ey ,	N S W	5 0	31 De 2 0 c	C B R E	5 83 0	4. 81
k dn 2 Pa St et Sy re ey r ,	N S W	5 0	31 De 2 0 c	ig ht k Kn Fra n	8 05 0	4.7 5
l k 1 dn Da ing Pa & 2, Sy r r ey	N S W	25	31 De 2 0 c	hm ke f ie l d Cu & W s an a	5 2 8.7	D P1 : 5 0 0, D P2 : 5 0 0
6 0 St at io St et Pa tta n re rra ma ,	N S W	1 0 0	31 De 2 0 c	C B R E	27 3. 0	5.1 3
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	31 De 2 0 c	Co l l ier s	14 3. 0	5.1 3
Me l bo Ce nt l To Me l bo ur ne ra we r, ur ne	V I C	1 0 0	31 De 2 0 c	Co l l ier s	72 9. 0	4. 8 8
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	31 De 2 0 c	C B R E	41 4.5	5. 0 0
On On On Ea le St et Br is ba e e e g re ne ,	Q L D	33 .3	31 De 2 0 c	Co l l ier s	2 95 .3	5. 0 0

530 Collins Street, Melbourne

	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 ( ) %
fo io G W O F Po rt l
L i be P lac 61 Ca ler h St Sy dn rty 1 st et e, ea g re ey ,	N S W	0 5	De 2 0 31 c	Kn ig ht Fra k n	0 77 5.	8 4.3
Da l ing Pa k 1 & 2, Sy dn r r ey	N S W	0 5	De 2 0 31 c	Cu hm & W ke f ie l d s an a	05 1, 7.5	D P1 0 0, D P2 0 0 : 5 : 5
Da l ing Pa k 3 Sy dn r r ey ,	N S W	0 0 1	De 2 0 31 c	Cu hm & W ke f ie l d s an a	9 6. 0 5	8 8 4.
8 0 Ge St Sy dn 5 et or g e re ey ,	N S W	0 0 1	De 2 0 31 c	Co l l ier s	6 27 0	8 8 4.
6, kp lac Sy dn wo r e ey	N S W	0 0 1	De 0 31 2 c	J L L	0 3 24	8 8 4.
Ge St Pa 87 -9 1 et tta or g e re rra ma ,	N S W	1 0 0	De 31 2 0 c	J L L	7 0.7	N/ A
So h ba k Bo lev d, Me l bo 2 ut n u ar ur ne	V I C	1 0 0	De 31 2 0 c	Co l l ier s	65 8. 0	4. 8 8
Ex h i b it io St Me l bo 8 et n re ur ne ,	V I C	5 0	De 31 2 0 c	Sa i l ls v	2 97 0	4.7 5
F l in de St Me l bo 3 2 et rs re ur ne ,	V I C	1 0 0	De 31 2 0 c	C B R E	8 2. 0	N/ A
Qu & Co l l ins l bo Me ee n ur ne ,	C V I	1 0 0	31 De 2 0 c	Co l l ier s	37 7. 0	4.7 5
Co l l ins St l bo 15 0 et Me re ur ne ,	C V I	1 0 0	31 De 2 0 c	M3	27 0. 0	4.7 5
Co l l ins St l bo 53 0 et Me re ur ne ,	C V I	1 0 0	31 De 2 0 c	Sa i l ls v	74 1. 0	4.7 5
Co l l ins St l bo 65 5 et Me re ur ne ,	C V I	1 0 0	31 De 2 0 c	J L L	17 2. 0	4.7 5
l l ins l bo 75 0 Co St et Me re ne ur ,	V I C	1 0 0	31 De 2 0 c	i l ls Sa v	47 7.5	4.7 5
ke l bo 8 0 0 / 8 0 8 Bo St et Me re ne ur ur ,	V I C	1 0 0	31 De 2 0 c	ig ht k Kn Fra n	5 8 0. 0	5.1 5
l l d 5 ke l bo 1 81 W i iam 5 0 Bo St et Me an ur re s, ur ne	V I C	5 0	31 De 2 0 c	C B R E	41 4.5	5. 0 0
le ba On On On Ea St et Br is e e e g re ne ,	Q L D	6 6.7	31 De 2 0 c	l l Co ier s	5 9 0.7	5. 0 0
R ive i de Ce nt Br is ba rs re ne ,	Q L D	1 0 0	31 De 2 0 c	C B R E	73 2. 0	5. 0 0

Lease Expiry Profile

Note: Office income, includes Signed Leases.

Office – Sydney CBD

» Sydney CBD vacancy increased to 11.9%, with negative net absorption recorded as a result of tenant consolidations, along withincreased direct and sublease vacancy.
Minimal supply and withdrawal activity occurred in 2020, with net supply additions of approximately 77,000 sqm.
In the past 12 months prime net face rents increased by 2.2%, remaining broadly flat in past 6 months at around \$1,200/sqm. Incentives have continued to increase to 29.8% gross, resulting innet effective rents moderating by 15.1% in 2020.
» Average prime yields have softened to 4.69%, but have stabilised in the December quarter as a result of strong transactional activity.

Sydney CBD: Rents and Incentives

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

Net Face Rent (LHS) Net Eective Rent (LHS) Gross Incentive (RHS)

Source: JLL Research Q4 2020, GPT Research.

sqm per annum

Note: 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 as 2000–2019. 1. Change during the past 12 months.

Office – Melbourne CBD

» Melbourne CBD vacancy increased to 13.2% as subdued demand and sublease vacancy resulted in negative net absorption.
» Supply of ~330,000sqm was added, with 95% pre-committed, bringing total stock in line with the Sydney CBD.
» Prime net face rents moderated by 0.9% over the 12 months to \$617/sqm. Incentives increased to 32.8% net, resulting in a fall in neteffective rents of 7.8% in the period.
Average prime yields softened by 12.5 bps in the past 12 months, with transaction activity skewed to the second half of 2020.

\$/sqm pa \$200 \$300 \$400 \$500 \$600 \$700 10%15%20%25%30%35%Net Face Rent (LHS) Net Eective Rent (LHS) Net Incentive (RHS) Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 -0.9%1-7.8%1+411 bps1 32.8%\$617 \$381

Melbourne CBD: Rents and Incentives

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

Melbourne CBD: Upper & Lower Prime Yields

Source: JLL Research Q4 2020, GPT Research.

Office – Brisbane CBD

» Brisbane's CBD vacancy rate softened to 14.0%, with an increase in sublease vacancy resulting in negative net absorption.
» Minimal supply was delivered in 2020 with total stock in the Brisbane CBD of 2,261,000sqm.
» Prime net face rents increased by 2.9% over the 12 months to \$633/sqm. Incentives also increased to 39.8% gross, resulting in net effective rents moderating by 0.6%.
Average prime yields remained unchanged in 2020.

Brisbane CBD: Rents and Incentives

Bris CBD: Upper & Lower Prime Yields

Source: JLL Research Q4 2020, GPT Research.

sqm per annum

Office – Parramatta

» Parramatta's vacancy rate increased to 10.9% with net absorption of -16,167 sqm recorded for the year, primarily driven by the relocation of CBA to the Sydney Fringe in Q2.
The market has grown to 832,000sqm, with the ~4% increase related to the completion of 3 Parramatta Square.
Prime net face rents increased by 7.3% in the 12 months, with new supply continuing to re-base rents. Incentives increased from historically low levels to 30.0% gross, resulting in effective rents dropping 19.0%.
Average prime yields have compressed by 12.5 bps in the past 12months to 5.44%.

Parramatta CBD: Rents and Incentives

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

Parra CBD: Upper & Lower Prime Yields

Source: JLL Research Q4 2020, GPT Research.

Sydney CBD Office Portfolio

Sydney Metropolitan Office Update

»Greater Western Sydney has the third largest economy in Australia and is forecast to grow to 3 million people by 20361
Sydney Metropolitan Office markets are expected to benefit from occupiers considering hub/spoke model post COVID-19
Office portfolio is ~12%2 weighted to Sydney Metropolitan markets, to be increased through development pipeline

14 Murray Rose Avenue

»Occupancy of 98.8%
»75% occupied by NSW Government entities

232 Smith Street

27,200sqm tower achieved practical completion in January 2021
70% leased including terms agreed

387-91 George Street

Development site acquired, funded through GWOF
Potential for 30,000 75,000sqm tower

460 Station Street

»Acquired in 2018
» Blue chip occupiers including Deloitte & NSW Government
»Occupancy of 100%

Western Sydney University (https://www.westernsydney.edu.au/rcegws/rcegws/About/about_greater_western_sydney). 2. Inclusive of 32 Smith Street fair value at 31 December 2020.

Logistics Portfolio

Logistics Portfolio Overview

GPT's logistics portfolio consists of ownership in 41 high quality investment assets located across Australia's EasternSeaboard.

Includes properties at 3, 5, 7 Figtree Drive and 6, 8 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
»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.

Based on net rent.
Excludes assets under development.

Lease Expiry Profile

Income and Fair Value Schedule

	12 m	Inc om e hs t to 31 De on c
		( \$m )					ir Fa Va	lue i l Re co nc	ia io t n
	2 0 1 9	2 0 2 0	Va ian r ce	Fa ir Va lue 3 1 De 1 9 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 t ion q u s & 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 2 0 1 De c ( \$m )	% f o Po t fo l io r ( ) %
fo l io G P T Po rt
h l l k, l l Ro i Bu ine Pa Ca ia se me s ss r	6. 6	6.5	( ) 0.1	91 .5	0. 2	0. 2	2.1	–	1 0.5	–	1 04 .5	3.5
ha k 1 0 Int Dr ive Ea ste Cr er e ee c ng rn ,	3.7	2.5	( ) 1. 2	3 9.5	–	1.7	0. 2	–	0. 6	–	42 0	1.4
lar d, k k 1 6– 34 Te Ro Ers ine Pa mp a r	4. 0	4.1	0.1	6 9.5	–	–	–	–	2.5	–	72 0	2.4
lar d, k k 3 6– 5 2 Te Ro Ers ine Pa mp a r	6.1	6.3	0. 2	11 2. 0	–	–	–	–	1 8. 0	–	13 0. 0	4.4
lar d, k k 54 –7 0 Te Ro Ers ine Pa mp a r	1 0. 9	11. 2	0.3	1 6 2. 0	–	–	–	–	17. 0	–	17 9. 0	6. 0
lar d, k k 67 –7 5 Te Ro Ers ine Pa mp a r	2. 0	2. 0	0. 0	2 6. 0	–	–	–	–	2. 8	–	2 8. 8	1. 0
kw d d, k k 2 9– 55 Lo Ro Ers ine Pa c oo a r	5. 9	6. 0	0.1	11 3.5	–	0.5	–	–	9.7	–	12 3.7	4.1
kw d d, k k 57 –8 7 & 8 9– 9 9 Lo Ro Ers ine Pa c oo a r	2.7	5. 6	2. 9	1 07 0	–	–	–	–	3.5	–	11 0.5	3.7
dr d, h – let d 12 8 An Ro Pe it Co ew e s a nr mp Se te be r 2 0 2 0 p m	–	1.3	1.3	24 .1	2 53	–	–	–	6.3 1	–	93 6	3.1
4 07 Pe br ke Ro d, M int m o a o	2.7	2.1	( ) 0. 6	3 2. 0	–	–	0. 2	–	2. 8	–	35 0	1. 2
4 Ho l ke St et Ne ing to r re w n ,	2.3	2.3	0. 0	37 .7	–	2. 0	–	–	2.3	–	42 0	1.4
83 De by St et S i lve at r re rw er ,	2.3	2.1	( ) 0. 2	41 .3	–	–	–	–	3.7	–	45 0	1.5
Sy dn O ly ic Pa k To Ce nt 1 ey mp r w n re	5.5	2.4	( ) 3.1	13 7.5	1. 0	0.1	0.1	–	1.7	( ) 9 0.7	4 9.7	1.7
Qu d 1 Sy dn O ly ic Pa k a ey mp r ,	2. 0	2.1	0.1	2 9. 0	1.3	0.1	0.1	–	0.5	–	31 0	1. 0
Qu d 4 Sy dn O ly ic Pa k a ey mp r ,	3.5	3.7	0. 2	6 2. 8	1. 2	0.1	0. 6	–	( ) 9.7	–	55 0	1. 8
37 2– 37 4 V ict ia St et W et he i l l Pa k or re r r ,	2.1	2.1	0. 0	31 .3	–	0. 8	1. 8	–	0. 8	–	34 .7	1. 2
3 8 P ine Ro d, Ye a nn or a	3. 8	3. 9	0.1	67 0	–	0.4	0.7	–	3. 9	–	72 0	2.4
3 8 A P ine Ro d, Ye Co let d a nn or a – mp e Ma h 2 0 2 0 rc	–	0.5	0.5	1 0.7	2. 0	–	–	–	0. 9	–	13 6	0.5
1 8– 24 A b bo tt Ro d, Se H i l ls a ve n	2. 2	2.3	0.1	41 6	–	–	–	–	2. 6	–	44 2	1.5
1 A Hu nt ing d Dr ive Hu nt ing d wo o wo o ,	2.5	2. 2	( ) 0.3	4 6. 8	–	–	–	–	5. 6	–	5 2.4	1. 8
1 B Hu nt ing d Dr ive Hu nt ing d wo o wo o ,	1.4	1.4	0. 0	2 6. 6	–	–	–	–	1.4	–	2 8. 0	0. 9
54 Ea ste Cr k Dr ive Ea ste Cr k rn ee rn ee ,	2. 9	3. 0	0.1	5 2. 0	–	–	1. 0	–	7. 2	–	6 0. 2	2. 0
5 0 O l d W l lg Ro d, Ea ste Cr k a rov e a rn ee	3.3	3.5	0. 2	7 0.3	–	–	–	–	3.7	–	74 0	2.5
1 04 Va St et K ing ne ss a re sg rov e ,	1.4	1. 8	0.4	24 0	–	0.4	0.5	–	2.5	–	27 .4	0. 9
64 B i loe la St et V i l law d re oo ,	0.7	2.4	1.7	3 9.5	–	–	–	–	3. 2	–	42 .7	1.4

	12 m	Inc om e t hs to 31 De on c ( \$m )
	2 0 1 9	2 0 2 0	Va ian r ce	Fa ir Va lue 3 1 De 1 9 c ( \$m )	De lop t ve me n & O her Ca t p ex ( \$m )	Ma in ten an ce Ca p ex ( \$m )	Fa ir Va Lea se Inc ive t en s ( \$m )	lue Re i l co nc Ac is i ion t q u s & Sa les ( \$m )	ia t 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 1 De 2 0 c ( \$m )	% f o Po fo l io t r ( ) %
3 0– 3 2 Be St et B lac kt ss em er re ow n ,	1.4	2.4	1. 0	41 .5	–	–	–	–	2. 0	–	43 .5	1.5
C it iw t In du st ia l Es ta te A lto No rt h es r na ,	5. 9	6.7	0. 8	1 0 2. 6	–	0.5	2. 9	–	9. 0	–	115 0	3. 9
C it ip t Bu ine Pa k, Po rt Me l bo or s ss r ur ne	5. 6	6.1	0.5	9 0. 8	–	0.3	0.7	–	1.7	–	93 .5	3.1
Au st k Bu ine Pa k, So rto ra s ss r me n	11. 8	12 6	0. 8	1 95 2	0.3	0. 2	0.3	–	1 9.5	–	21 5.5	7. 2
Su h ine Bu ine Es ta te Su h ine ns s ss ns ,	4.7	4.3	( ) 0.4	7 9.1	–	–	–	–	8. 9	–	8 8. 0	3. 0
3 9 9 Bo da Ro d, Tr ina un ry a ug an	1. 0	1.1	0.1	1 8.4	–	–	–	–	2.1	–	2 0.5	0.7
3 9 6 Mo t De im ut Ro d, De im ut un rr a rr	0. 6	0.7	0.1	12 9	–	–	–	–	1. 8	–	14 .7	0.5
21 S h iny Dr ive Tr ina ug an ,	0.1	2. 0	1. 9	34 .7	2.7	–	–	–	4. 9	–	42 .3	1.4
21 –2 3 W irr Dr ive Po rt Me l bo aw ay ur ne – , Ac ire d Ma h 2 0 2 0 q u rc	–	1. 8	1. 8	–	–	–	–	34 2	( ) 1. 6	–	3 2. 6	1.1
1 Bo te P lac Tr ina Ac ire d ro e, ug an q u – Ma 2 0 2 0 y	–	1.3	1.3	–	–	–	–	44 8	( ) 0.4	–	44 .4	1.5
Fo da t ion Es ta te Tr ina Ac ire d un ug an q u – , De be r 2 0 2 0 ce m	–	0. 2	0. 2	–	–	–	–	12 6. 0	( ) 6. 0	–	12 0. 0	4. 0
1 6– 2 8 Qu Ro d, Ya ta la D ive ste d ar ry a – De be r 2 0 2 0 ce m	2.1	2. 8	0.7	45 .7	1.3	0. 6	1.3	( ) 5 8. 2	9.3	–	–	–
5 9 Fo W Ka ha st at re ay raw ,	7.5	7. 8	0.3	12 5. 0	–	–	–	–	12 .5	–	13 7.5	4. 6
55 W h ite law P lac W l e, ac o	0. 9	1. 0	0.1	17 .5	–	–	–	–	2.4	–	1 9. 9	0.7
2 Iro ba k C los Be in ba Co let d n r e, rr mp e – Ma h 2 0 2 0 rc	–	2.1	2.1	3 6.3	8.7	–	–	–	12 0	–	57 0	1. 9
0 Iro ba k C los Be in ba Co let d 3 n r e, rr mp e – Ma h 2 0 2 0 rc	–	1. 2	1. 2	1 6.1	8.1	–	–	–	7.1	–	31 .3	1.1

	12 m	Inc om e t hs to 31 De on c \$m )
		(					Fa ir Va	lue Re i l co nc	ia io t n
	2 0 9 1	2 0 2 0	Va ian r ce	Fa ir Va lue 3 1 De 1 9 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 1 De 2 0 c ( \$m )	% f o Po fo l io t r ( ) %
As Un de De lop ts nt se r ve me
Co P lac G len de ing Un de 42 x e, nn r – de lop nt ve me	–	–	–	1 6.7	1 6. 6	–	–	–	0.7	–	34 0	1.1
W b ley Bu ine Pa k, St Be in ba e 4 em s ss r ag rr – , Un de de lop nt r ve me	–	–	–	8.7	3. 2	–	–	–	0. 8	–	12 .7	0.4
Y ir i ba Lo ist ics Hu b, Ma Ro d, Ke na g mr e a mp s Cr k – d La ee n	–	–	–	–	1.3	–	–	33 .7	–	–	35 0	1. 2
br ke d, int d 4 07 Pe Ro M La m o a o – n	–	–	–	5. 8	–	–	–	–	4. 0	–	9. 8	0.3
& 1 ity St ina d 2, 6 0 Pro et Tr La sp er re ug an n – ,	–	–	–	1 0.7	1.1	–	–	–	2.1	–	13 9	0.5
& ito ive ina d 6 6 67 N Dr Tr La n ug an n – ,	–	–	–	3 6. 2	1. 0	–	–	–	2.4	–	3 9. 6	1.3
k ine k, So d Au st Bu Pa rto La ra s ss r me n – n	–	–	–	3 8. 8	1. 0	–	–	–	7. 8	–	47 6	1. 6
da ion ina d Fo t Es ta te Tr La un ug an n – ,			–	–	–	–	–	7. 0	( ) 1.3	–	5.7	0. 2
b ley ine k, St W Bu Pa e 3 em s ss r ag , in ba d Be La rr n –	–	–	–	1 0. 5	1.4	–	–	–	1. 0	–	12 9	0.4
l d fo Sa le As ts He se r
Sy dn O ly ic k Ce Pa To nt ey mp r w n re – 1 Me tro et a ss s	–	3.4	3.4	–	1.1	0.1	–	–	11. 1	9 0.7	1 03 0	3.5
l is ics fo l io To ta Lo t Po rt g	12 2.1	14 0. 8	1 8.7	2, 43 8.4	1 0 6.7	8. 0	12 .5	1 87 .5	22 7. 8	–	2, 9 8 0. 9	1 0 0. 0

GPT received an offer of compensation from Sydney Metro following commercial negotiation regarding the compulsory acquisition for three of GPT's properties at Sydney Olympic Park TownCentre. As at 31 December 2020, these three assets have been classified as assets held for sale with a carrying value of \$103.0 million based on the offer received.

Logistics Portfolio Summary

						Lo is g	ics Oc t cu p an	cy
	S ta te	Ow h ip ne rs ( ) %	( G L A 1 0 0 % ) In ter t es (sq ) m	3 1 De 2 0 c Fa ir Va lue ( \$m )	3 1 De 2 0 c 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 ( ) %	W A L E by Inc om e ( ) Yea rs
G P T Po fo l io rt
h i l l ine k, Ca l l ia Ro Bu Pa se s ss r me	S N W	1 0 0	41 9 0 0 ,	1 04 .5	5. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	2.3
ha ive Cr k 1 0 Int Dr Ea ste er c ng e rn ee ,	S N W	1 0 0	15 2 0 0 ,	42 0	4. 63	1 0 0. 0	1 0 0. 0	1 0 0. 0	6. 8
lar d, k ine k 1 6- 34 Te Ro Ers Pa mp a r	S N W	1 0 0	15 2 0 0 ,	72 0	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	8.5
lar d, k ine k 3 6- 5 2 Te Ro Ers Pa mp a r	N S W	1 0 0	24 5 0 0 ,	13 0. 0	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	14 .1
lar d, k ine k 54 -7 0 Te Ro Ers Pa mp a r	N S W	1 0 0	21 0 0 0 ,	17 9. 0	4. 63	1 0 0. 0	1 0 0. 0	1 0 0. 0	14 .5
lar d, k k 67 -75 Te Ro Ers ine Pa mp a r	N S W	1 0 0	12 7 0 0 ,	2 8. 8	5. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	1.1
kw d d, k k 2 9- 55 Lo Ro Ers ine Pa c oo a r	N S W	1 0 0	3 2, 2 0 0	12 3.7	4.3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 0
57 -8 7 & 8 9- 9 9 Lo kw d Ro d, Ers k ine Pa k c oo a r	N S W	1 0 0	37 7 0 0 ,	11 0.5	4.3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 2
12 8 An dr Ro d, Pe it h ew s a nr	N S W	1 0 0	5 0, 2 0 0	93 6	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9.7
4 07 Pe br ke Ro d, M int m o a o	N S W	5 0	1 8, 4 0 0	35 0	5.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	3. 9
4 Ho l ke St et Ne ing to r re w n ,	N S W	1 0 0	7, 4 0 0	42 0	5.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	5.7
83 De by St et S i lve at r re rw er ,	N S W	1 0 0	17 0 0 0 ,	45 0	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	5. 0
Sy dn O ly ic Pa k To Ce nt 1 ey mp r w n re	N S W	1 0 0	2 6, 5 0 0	15 2.7	N/ A	1 0 0. 0	1 0 0. 0	1 0 0. 0	1.7
Qu d 1 Sy dn O ly ic Pa k a ey mp r ,	N S W	1 0 0	4, 8 0 0	31 0	5.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	1. 9
Qu d 4 Sy dn O ly ic Pa k a ey mp r ,	N S W	1 0 0	7, 6 0 0	55 0	5.3 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 8
37 2- 37 4 V ict ia St et W et he i l l Pa k or re r r ,	N S W	1 0 0	2 0, 5 0 0	34 .7	5.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 2
3 8 P ine Ro d, Ye a nn or a	N S W	1 0 0	33 8 0 0 ,	72 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	2. 2
3 8 A P ine Ro d, Ye a nn or a	N S W	1 0 0	4, 8 0 0	13 6	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	4. 2
1 8- 24 A b bo Ro d, Se H i l ls tt a ve n	N S W	1 0 0	1 8, 1 0 0	44 2	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	3.7
A Hu ing d Dr ive Hu ing d 1 nt nt wo o wo o ,	N S W	0 0 1	21 0 0 1 ,	2.4 5	4.7 5	0 0. 0 1	0 0. 0 1	0 0. 0 1	6. 6

Logistics Occupancy

	S ta te	Ow h ip ne rs ( ) %	( G L A 1 0 0 % ) In ter t es (sq ) m	3 1 De 2 0 c Fa ir Va lue ( \$m )	3 1 De 2 0 c Ca Ra te p ( ) %	Ac tua l ( ) %	Inc S 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
1 B Hu nt ing d Dr ive Hu nt ing d wo o wo o ,	N S W	1 0 0	11 3 0 0 ,	2 8. 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	2.7
54 Ea ste Cr k Dr ive Ea ste Cr k rn ee rn ee ,	N S W	1 0 0	25 4 0 0 ,	6 0. 2	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	4.1
l d l lg d, k 5 0 O W Ro Ea ste Cr a rov e a rn ee	N S W	1 0 0	3 0, 1 0 0	74 0	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	6.1
St ing 1 04 Va et K ne ss a re sg rov e ,	S N W	1 0 0	7, 1 0 0	27 .4	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 6
B i loe la St V i l law d 64 et re oo ,	N S W	1 0 0	23 3 0 0 ,	42 .7	5. 25	1 0 0. 0	1 0 0. 0	1 0 0. 0	6.5
0- 2 Be St B lac kt 3 3 et ss em er re ow n ,	N S W	0 0 1	2 0, 0 0 1	43 .5	25 5.	0 0. 0 1	0 0. 0 1	0 0. 0 1	0 5.
C it iw t In du st ia l Es ta te A lto No rt h es r na ,	V I C	1 0 0	9 0, 1 0 0	115 0	5.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	3. 8
C it ip t Bu ine Pa k, Po rt Me l bo or s ss r ur ne	V I C	1 0 0	27 0 0 0 ,	93 .5	5.7 5	91 0	91 0	91 0	2. 6
k k, Au st Bu ine Pa So rto ra s ss r me n	V I C	5 0	21 0, 0 0 0	21 5.5	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	4.4
Su h ine ine Su h ine Bu Es ta te ns s ss ns ,	C V I	1 0 0	5 2, 8 0 0	8 8. 0	5. 0 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	5. 9
Bo da Ro d, Tr ina 3 9 9 un ry a ug an	V I C	1 0 0	11 9 0 0 ,	2 0.5	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 2
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	14 .7	0 0 5.	0 0. 0 1	0 0. 0 1	0 0. 0 1	0 3.
21 S h iny Dr ive Tr ina ug an ,	V I C	1 0 0	2 6, 5 0 0	42 .3	4. 8 8	1 0 0. 0	1 0 0. 0	1 0 0. 0	5.5
21 -2 3 W irr Dr ive Po rt Me l bo aw ay ur ne ,	V I C	1 0 0	7, 2 0 0	3 2. 6	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	5. 0
lac 1 Bo te P Tr ina e, ro ug an	V I C	1 0 0	23 8 0 0 ,	44 .4	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9.4
da ion ina Fo t Es ta te Tr un ug an ,	C V I	1 0 0	44 1 0 0 ,	12 0. 0	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	8.1
Fo W Ka ha 5 9 st at re ay raw ,	Q L D	1 0 0	44 0 0 0 ,	13 7.5	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	8. 2
W h ite law P lac W l 55 e, ac o	Q L D	0 0 1	6 0 0 5,	9. 9 1	4.7 5	0 0. 0 1	0 0. 0 1	0 0. 0 1	11. 4
2 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	2 0, 6 0 0	57 0	4.5 0	1 0 0. 0	1 0 0. 0	1 0 0. 0	9. 2
3 0 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	14 4 0 0 ,	31 .3	4.7 5	1 0 0. 0	1 0 0. 0	1 0 0. 0	4.5
l To ta			1, 13 6, 7 0 0		4. 84	9 9. 8	9 9. 8	9 9. 8	6.7

Note: Excludes assets under development.

GPT received an 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. As at 31 December 2020, these three assets have been classified as assets held for sale with a carrying value of \$103.0 million based on the offer received.

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 io G P T Po rt l
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 ier s	1 04 .5	5. 25
1 0 Int ha Dr ive Ea st Cr k er c ng e er n ee ,	N S W	1 0 0	31 De 2 0 c	Co l l ier s	42 0	4. 63
1 6- 34 Te lar Ro d, Er k ine Pa k mp a s r	N S W	1 0 0	31 De 2 0 c	C B R E	72 0	4.5 0
3 6- 5 2 Te lar Ro d, Er k ine Pa k mp a s r	N S W	1 0 0	31 De 2 0 c	Sa i l ls v	13 0. 0	4.5 0
0 Te lar Ro d, Er k ine Pa k 54 -7 mp a s r	N S W	0 0 1	De 2 0 31 c	C B R E	9. 0 17	63 4.
67 Te lar Ro d, Er k ine Pa k -7 5 mp a s r	N S W	0 0 1	De 2 0 31 c	J L L	2 8. 8	0 0 5.
2 9- Lo kw d Ro d, Er k ine Pa k 55 c oo a s r	N S W	0 0 1	De 2 0 31 c	Co l l ier s	12 3.7	8 4.3
-8 & 8 9- 9 9 Lo kw d Ro d, Er k ine Pa k 57 7 c oo a s r	N S W	0 0 1	De 0 31 2 c	C B R E	0.5 11	8 4.3
An dr Ro d, Pe it h 12 8 ew s a nr	N S W	1 0 0	De 31 2 0 c	Co l l ier s	93 6	4.5 0
Pe br ke Ro d, M int 4 07 m o a o	N S W	5 0	De 31 2 0 c	J L L	35 0	5.5 0
Ho l ke St Ne ing 4 et to r re w n ,	N S W	1 0 0	De 31 2 0 c	Co l l ier s	42 0	5.5 0
De by St S i lve 83 et at r re rw er ,	N S W	1 0 0	De 31 2 0 c	J L L	45 0	4. 8 8
Sy dn O ly ic k Ce 1 Pa To nt ey mp r w n re	S N W	1 0 0	31 De 2 0 c	Co l l ier s	4 9.7	N/ A
Qu d 1 Sy dn O ly ic k Pa a ey mp r ,	S N W	1 0 0	31 De 2 0 c	Co l l ier s	31 0	5.7 5
Qu d 4 Sy dn O ly ic k Pa a ey mp r ,	S N W	1 0 0	31 De 2 0 c	Co l l ier s	55 0	5.3 8
ict ia St he i l l k 37 2- 37 4 V et W et Pa or re r r ,	S N W	1 0 0	31 De 2 0 c	ig ht k Kn Fra n	34 .7	5.5 0
ine d, 3 8 P Ro Ye a nn or a	N S W	1 0 0	31 De 2 0 c	ig ht k Kn Fra n	72 0	4.7 5
ine d, 3 8 A P Ro Ye a nn or a	N S W	1 0 0	31 De 2 0 c	l l ier Co s	13 6	4.7 5
b bo d, l ls 1 8- 24 A tt Ro Se H i ve a n	N S W	1 0 0	31 De 2 0 c	l l Co ier s	44 2	4. 8 8
d d 1 A Hu nt ing Dr ive Hu nt ing wo o wo o ,	N S W	1 0 0	31 De 2 0 c	ht k Kn ig Fra n	5 2.4	4.7 5
1 B Hu nt ing d Dr ive Hu nt ing d wo o wo o ,	N S W	1 0 0	31 De 2 0 c	Kn ig ht Fra k n	2 8. 0	4.7 5
54 Ea st Cr k Dr ive Ea st Cr k er n ee er n ee ,	N S W	1 0 0	31 De 2 0 c	Co l l ier s	6 0. 2	4. 8 8

	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 ( ) %
O l d W l Ro d, Ea Cr k 5 0 st	N S	1 0 0	De 31 2 0	J L L	74 0	4.7 5
lg a ro ve a er n ee	W		c
Va St K ing 1 04 et ne ss a re sg ro ve ,	N S W	1 0 0	De 31 2 0 c	Kn ig ht Fra k n	27 .4	4.5 0
i loe la St i l law d 64 B et V re oo ,	S N W	1 0 0	31 De 2 0 c	J L L	42 .7	5. 25
St lac kt 3 0- 3 2 Be et B ss em er re ow n ,	S N W	1 0 0	31 De 2 0 c	J L L	43 .5	5. 25
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	31 De 2 0 c	C B R E	115 0	5.5 0
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	31 De 2 0 c	Sa i l ls v	93 .5	5.7 5
k ine k, Au st Bu Pa So rto ra s ss me n r	V I C	5 0	31 De 2 0 c	C B R E	21 5.5	4.7 5
h h Su ine Bu ine Es ta te Su ine ns s ss ns ,	V I C	1 0 0	31 De 2 0 c	J L L	8 8. 0	5. 0 0
da d, 3 9 9 Bo Ro Tr ina un ry a ug an	V I C	1 0 0	31 De 2 0 c	J L L	2 0.5	4.7 5
3 9 6 Mo t De im ut Ro d, De im ut un rr a rr	V I C	1 0 0	31 De 2 0 c	J L L	14 .7	5. 0 0
21 S h iny Dr ive Tr ina ug an ,	V I C	1 0 0	31 De 2 0 c	Sa i l ls v	42 .3	4. 8 8
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	4.7 5
1 Bo te P lac Tr ina ro e, ug an	V I C	1 0 0	31 De 2 0 c	Sa i l ls v	44 .4	4.5 0
Fo da t io Es ta te Tr ina un n ug an ,	V I C	1 0 0	6 No v 2 0	C B R E	12 0. 0	4.5 0
5 9 Fo st W Ka at ha re ay raw ,	Q L D	1 0 0	31 De 2 0 c	J L L	13 7.5	4.7 5
55 W h ite law P lac W l e, ac o	Q L D	1 0 0	31 De 2 0 c	J L L	1 9. 9	4.7 5
2 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	31 De 2 0 c	Sa i l ls v	57 0	4.5 0
3 0 Iro ba k C los Be in ba n r e, rr	Q L D	1 0 0	31 De 2 0 c	Sa i l ls v	31 .3	4.7 5

Note: Excludes assets under development.

GPT received an 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. As at 31 December 2020, these three assets have been classified as assets held for sale with a carrying value of \$103.0 million based on the offer received. The above value reflects the independent valuation for the remaining assets that are not held for sale, completed as at 31 December 2020.

Logistics – Sydney Logistics Sydney

Logistics Sydney Supply completed in 2020 was in line with the 10 year average. Approximately a third of total stock was located in the Outer Central West and was 78% pre-committed. Sydney • Supply completed in 2020 was in line with the 10 year average. Approximately a third of total stock was located in the Outer Central West and was 78% pre-committed.
Supply completed in 2020 was in line with the 10 year average. Approximately a third of total stock was located in the Outer Central West and was 78% pre-committed. Demand has strengthened in Sydney with leasing volumes in the past 12 months surpassing the 10 year average by ~25%. Demand has been dominated by Retail Trade, accounting for 45% of take-up. • Supply completed in 2020 was in line with the 10 year average. Approximately a third of total stock was located in the Outer Central West and was 78% pre-committed. •Demand has strengthened in Sydney with leasing volumes in the past 12 months surpassing the 10 year average by ~25%. Demand has been dominated by Retail Trade, accounting for 45% of take-up.
Demand has strengthened in Sydney with leasing volumes in the past 12 months surpassing the 10 year average by ~25%. Demand has Vacancy remains low at 3.6%, given the levels of pre-commitment across the city. •Demand has strengthened in Sydney with leasing volumes in the past 12 months surpassing the 10 year average by ~25%. Demand has Vacancy remains low at 3.6%, given the levels of pre-commitment across the city.
been dominated by Retail Trade, accounting for 45% of take-up. Vacancy remains low at 3.6%, given the levels of pre-commitment Prime face rents have grown 2.7% in the past 12 months, skewed to the first half in line with the above average demand in that period. been dominated by Retail Trade, accounting for 45% of take-up. Vacancy remains low at 3.6%, given the levels of pre-commitment Prime face rents have grown 2.7% in the past 12 months, skewed to the first half in line with the above average demand in that period.
across the city. Prime face rents have grown 2.7% in the past 12 months, skewed to the first half in line with the above average demand in that period. Average prime yields compressed 24 bps to 4.80% as investor demand remains strong, but limited by fewer transactions. across the city. Prime face rents have grown 2.7% in the past 12 months, skewed to the first half in line with the above average demand in that period. Average prime yields compressed 24 pbs to 4.80% as investor demand remains strong, but limited by fewer transactions.

Sydney Industrial Vacancy Rate Sydney Industrial Demand

Source: Urbis Q3 2020 (Industrial Vacancy Study > 10,000sqm), JLL Research Q4 2020, GPT Research 10 Year Averages calculated 2010-2019

Logistics – Melbourne Logistics - Melbourne

Supply totalling ~790,000 sqm was added in Melbourne during 2020, with ~80% pre-committed. Supply totalling ~790,000 sqm was added in Melbourne during 2020, with ~80% pre-committed.
Demand remained strong, with gross take up in 2020 ~50% more than the 10 year average. Leasing demand strengthened through the year, with ~40% of take up recorded in the December quarter. Supply totalling ~790,000 sqm was added in Melbourne during 2020, with ~80% pre-committed. Supply totalling ~790,000 sqm was added in Melbourne during 2020, • Demand remained strong, with gross take up in 2020 ~50% more than the 10 year average. Leasing demand strengthened through the year, with ~40% of take up recorded in the December quarter.
» The vacancy rate of 2.4% is the lowest vacancy rate of the Eastern Seaboard markets. Demand remained strong, with gross take up in 2020 ~50% more than the 10 year average. Leasing demand strengthened through the with ~80% pre-committed. • Demand remained strong, with gross take up in 2020 ~50% more This resulted in the vacancy rate tightening to 2.4%, being the lowest vacancy rate along the Eastern Seaboard markets.
» Prime face rents and incentives were mostly stable in the 12 months to December 2020, at \$94/sqm and 17.5% respectively. year, with ~40% of take up recorded in the December quarter. This resulted in the vacancy rate tightening to 2.4%, being the lowest than the 10 year average. Leasing demand strengthened through the year, with ~40% of take up recorded in the December quarter. This resulted in the vacancy rate tightening to 2.4%, being the lowest Prime face rents and incentives were mostly stable in the 12 months to December 2020, at \$94/sqm and 17.5% respectively.
» Strong investor demand resulted in average prime yields compressing 75 bps in the 12 months to 4.56%. vacancy rate along the Eastern Seaboard markets. Prime face rents and incentives were mostly stable in the 12 months vacancy rate along the Eastern Seaboard markets. Prime face rents and incentives were mostly stable in the 12 months Strong investor demand resulted in average prime yields compressing 75 bps in the 12 months to 4.56%.

Melbourne Industrial Supply

Melbourne Industrial Vacancy Rate Melbourne Industrial Demand

Source: Urbis Q3 2020 (Industrial Vacancy Study > 10,000sqm), JLL Research Q4 2020, GPT Research 10 Year Averages calculated 2010-2019

Logistics – Brisbane Logistics Brisbane

Above average supply of ~420,000 sqm was delivered, with ~75% ofthis pre-committed. Brisbane- Brisbane Above average supply of ~420,000 sqm was delivered, with ~75% of this pre-committed.
Demand was led by Retail Trade, followed by Transport, Postal & Warehousing occupants, who collectively accounted for 57% of take-up. However, demand dipped below the 10 year average at ~380,000 sqm. Above average supply of ~420,000 sqm was delivered, with ~75% of this pre-committed. Above average supply of ~420,000 sqm was delivered, with ~75% of this pre-committed. Demand was led by Retail Trade, followed by Transport, Postal & Warehousing occupants, who collectively accounted for 57% of take-up. However, demand dipped below the 10 year average at ~380,000 sqm. The vacancy rate increased slightly to 5.3%, driven by a combination of
» The vacancy rate increased slightly to 5.3%, driven by a combination of flight to quality and increased speculative construction. Vacancy is concentrated in the Southern markets, where both the majority of speculative developments and leasing activity is located. Demand was led by Retail Trade, followed by Transport, Postal & Warehousing occupants, who collectively accounted for 57% of take-up. However, demand dipped below the 10 year average at ~380,000 sqm. The vacancy rate increased slightly to 5.3%, driven by a combination of Demand was led by Retail Trade, followed by Transport, Postal & Warehousing occupants, who collectively accounted for 57% of take-up. However, demand dipped below the 10 year average at ~380,000 sqm. The vacancy rate increased slightly to 5.3%, driven by a combination of flight to quality and increased speculative construction. Vacancy is concentrated in the Southern markets, where both the majority of speculative developments and leasing activity is located. Prime net face rents grew by 1.3% in the past 12 months. Average
» Prime net face rents grew by 1.3% in the past 12 months. Average prime incentives have increased about 230 bps to 17.5%. flight to quality and increased speculative construction. Vacancy is concentrated in the Southern markets, where both the majority of speculative developments and leasing activity is located. flight to quality and increased speculative construction. Vacancy is concentrated in the Southern markets, where both the majority of speculative developments and leasing activity is located. prime incentives have increased about 230 bps to 17.5%. Average prime yields have compressed 29 basis points to 5.50% during the year.
» Average prime yields have compressed 29 bps to 5.50% during the year. Prime net face rents grew by 1.3% in the past 12 months. Average prime incentives have increased about 230 bps to 17.5%. • Prime net face rents grew by 1.3% in the past 12 months. Average prime incentives have increased about 230 bps to 17.5%. Brisbane Industrial Vacancy Rate

Brisbane Industrial Vacancy Rate Brisbane Industrial Demand Brisbane Industrial Vacancy Rate Brisbane Industrial Vacancy Rate

Source: Urbis Q3 2020 (Industrial Vacancy Study > 10,000sqm), JLL Research Q4 2020, GPT Research 10 Year Averages calculated 2010-2019

Brisbane Industrial Supply Brisbane Industrial Supply

LOGISTICS PORTFOLIO95

Delivering on strategy with quality developments

59 Forest Way, Toll NQX44,000sqm

Karawatha QLDDistribution centre for

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

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

55 Whitelaw Place, Wacol QLD Distribution centre for Loscam

5,600sqm

18-24 Abbott Road, Seven Hills NSW

Distribution centre and showroom for Hills Australia and Easy Auto 18,100sqm

1A Huntingwood Drive, Huntingwood NSW Redevelopment of facility leased to IVE Group 21,100sqm

54 Eastern Creek Drive, Eastern Creek NSWDistribution centre leased to Silk Logistics 25,400sqm

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

50 Old Wallgrove Road, Eastern Creek NSW

Distribution centre leased to ACR Supply Partners30,100sqm

21 Shiny Drive, Truganina VIC

Distribution centre leased to Godfrey Hirst and Petstock26,500sqm

2 Ironbark Close, Wembley Business Park QLDDistribution centre for DHL 20,600sqm

30 Ironbark Close, Wembley Business Park QLD

Distribution centre leased to JB Hi-Fi and Windoware14,400sqm

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

Wembley Business Park Berrinba, Queensland

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

wembleybusinesspark.com.au

Metroplex Place Wacol, Queensland

3.5hasite located in Brisbane

1.8ha \$ ~17,100sqm

~\$38mExpected end value on completion1 speculative facility facility

Foundation EstateTruganina, Victoria

~10,000sqm 19 site located in

Melbourne's West

Expected end value on completion

to Brisbane CBD

~15km

~55kmto Port of

Brisbane

~35kmto Brisbane Airport

~20kmto Melbourne CBD

~15kmto Port of Melbourne

~25kmto Melbourne Airport

B-Doubleapproved road network

Close proximity to Ipswich Motorway

End value based on 100% ownership (GPT share 50%).

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

Artist's impression2

Masterplan subject to authority approvals.
Artist's impressions reflective of comparable GPT development product.

Artist's impression2

Cox PlaceGlendenning, New South Wales1

M4 & M7

Sydney Logistics Portfolio

Melbourne Logistics Portfolio

Brisbane Logistics Portfolio

Wembley Business Park, Berrinba (under development)

2 Ironbark Cl, Wembley Business Park, Berrinba

Development

Development Overview

			Fo t re ca s	Fo t Co t t re ca s s	Ta t rg e
	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 )	le io Co t mp n Da te
de Un rw ay
42 Co P lac G len de ing N S W x e, nn ,	Lo ist ics g	1 0 0 % G P T	3 9	5	0	1 H 2 0 21
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	21	0	2 H 2 0 21
St e 3 T he Ga Lo ist ics Hu b, Tr ina V I C te ag wa y g ug an , ,	Lo ist ics g	1 0 0 % G P T	37	24	0	2 H 2 0 21
St W b ley Bu ine Pa k, Be in ba Q L D e 4 ag em s ss r rr , ,	Lo ist ics g	0 0 G P T 1 %	9 2	17	0	H 0 2 2 21
Me lex P lac W l, Q L D tro p e, ac o	Lo ist ics g	G P T 5 0 %	17	17	0	H 2 2 0 21
Sm it h St S 3 2 et Pa tta N W re rra ma , ,	O f f i ce	G 1 0 0 % P T	2 8 8	7 6	0	1 H 2 0 21
l l l bo Qu & Co ins Me V I C ee n ur ne , ,	f f i O ce	1 0 0 % G W O F	2 64	0	14 1	1 H 2 0 21
To ta l Un de rw ay			7 07	15 9	14 1

128 Andrews Road, Penrith, NSW

Development Overview

				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	Fo t re ca s l Co ( \$m ) To ta t s	G 's S ha ( \$m ) P T re	d 's S ha ( \$m ) Fu n re
ip ine Fu tu P l re e
Y ir i ba Lo ist ics Hu b, Ma Ro d, Ke Cr k, N S W 1 na g mr e a mp s ee	Lo ist ics g	1 0 0 % G P T	37 8	33 4	0
07 Pe br ke Ro d, M int N S W 4 m o a o,	Lo ist ics g	0 % G P T 5	8 1	12	0
St T he Ga Lo ist ics Hu b, Tr ina V I C e 4 -6 te ag wa y g ug an , ,	Lo ist ics g	G P T 1 0 0 %	87	6 2	0
da d, ina C 1 8 65 Bo Ro Tr V I un ry a ug an ,	ist ics Lo g	G 1 0 0 % P T	1 93	1 87	0
da io ina Fo t Es ta te Tr V I C un n ug an , ,	ist ics Lo g	1 0 0 % G P T	1 8	12	0
Au st k Bu ine Pa k, So rto V I C ra s ss r me n,	Lo ist ics 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
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 9	83 8
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	0 6 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	17 0
l bo l, Me Ce nt V I C ne ra ur	O f f i ce	1 0 0 % G P T	2 05	1 93	0
	l Re ta i		8 2	77	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	44 3
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	0 9 4
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	2 0 0	2 0 0	0
To ta l Fu tu re			4, 3 9 8	1, 5 83	2, 5 67
l de d ip l ine To ta Un Fu tu P rw ay an re e			5, 1 05	1, 74 2	2, 7 0 8

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, it provides GPT investors with access to a steady income stream through a significant co-investment in the Group's managed funds.

A new strategic partnership has been established with QuadReal Property Group. The GPT QuadReal Logistics Trust has an objective to acquire and develop a high quality portfolio of Australian prime logistics assets, with an initial targeted investment of \$800 million.

150 Collins Street, Melbourne

Fu d Su De be t 3 1 r 2 0 2 0 n mm ar y as a ce m	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. 0 b	\$ 3. 9 b
Ne Ge ing t ar	1 6.3 %	27 9 %

Fund Details as at 31 December 2020

G P T 's Ow h ip Int t ne rs er es	21 9 %	2 8.5 %
G P T 's Inv tm t es en	\$ 1, 57 9. 6m	\$ 75 9.3 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 6 %	5.1 6 %
Po rt fo l io Oc cu p an cy	95 .3 %	97 .1 %
G 's S ha f d O P T Fu F F re o n	\$ 7 0.5 m	\$ 2 8.3 m
G P T Ba Ma t Fe se na g em en e	\$ 42 .3m	\$ 1 8. 8m

GPT Funds Management Overview

Historical Growth in Funds under Management

\$13.3b

Dec 19 FUM Developments Acquisitions Dec 20 FUM & Asset GrowthDivestments

\$0.5b \$0.1b \$0.0b \$12.9b

Change in Funds under Management for the 12 months to 31 December 2020

GWOF performance versus benchmark

GWSCF performance versus benchmark

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 31 December 2020, the Fund had a value of \$9.0 billion.

	De be r 2 0 2 0 ce m	De be r 2 01 9 ce m
Nu be f As ts m r o se	9 1 1	8 2 1
l To ta As ts se	\$ b 9. 0	\$ b 8. 8
Ne t Ge ing ar	1 6.3 %	1 6.4 %

Fund Details as at 31 December 2020

h ip ( ) G P T 's Ow Int t % ne rs er es	21 9 %
( \$m ) G P T 's Ow h ip Int t ne rs er es	\$ 1, 57 9. 6m
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 6 %
( ) Po fo l io Oc rt % cu p an cy	95 .3 %
ha f d ( \$m ) G P T 's S Fu F F O re o n	\$ 7 0.5 m
( \$m ) G P T Ba Ma t Fe se na g em en e	\$ 42 .3m

Includes 32 Flinders Street, Melbourne which is currently configured as a carpark and 87-91 George Street, Parramatta which is being held as a future development site. 2. Includes 32 Flinders Street, Melbourne which is currently configured as a carpark.

GWOF Capital Management

Total borrowings for the Fund at 31 December 2020 were \$1,471 million resulting in net gearing of 16.3%.

GWOF Capital Management Summary as at 31 December 2020

Ne Ge ing t ar	6.3 % 1
W ig ht d Av Co f De bt st e e er ag e o	8 % 3.
( ) 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 e e er ag e rm	0 y 7. ea rs
Dr De bt He dg ing aw n	9 0 %
W ig ht d Av He dg Te e e er ag e e rm	2.4 y ea rs

Debt Maturity Profile

GWSCF Overview

GWSCF provides wholesale investors with exposure to 7 high quality retail assets. At 31 December 2020, the Fund had a value of \$3.9 billion.

	De be r 2 0 2 0 ce m	De be r 2 01 9 ce m
Nu be f As ts m r o se	7	7
To ta l As ts se	\$ 3. 9 b	\$ 4.5 b
Ne Ge ing t ar	27 9 %	23 6 %

Fund Details as at 31 December 2020

( ) G P T 's Ow h ip Int t % ne rs er es	2 8.5 %
( \$m ) G Ow h ip P T 's Int t ne rs er es	\$ 75 9.3 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 ( ) Po rt io Oc % cu p an cy	97 .1 %
( \$m ) G P T 's S ha f Fu d F F O re o n	\$ 2 8.3 m
G ( \$m ) P T Ba Ma t Fe se na g em en e	\$ 1 8. 8m

GWSCF Capital Management

Total borrowings for the Fund at 31 December 2020 were \$1,105 million resulting in net gearing of 27.9%.

GWSCF Capital Management Summary as at 31 December 2020

Ne t Ge ing ar	27 9 %
ig ht d Co f bt W Av st De e e er ag e o	2. 8 %
( ) Fe d Ma ins inc lu de d in bo es an rg a ve	6 % 1.
W ig ht d Av De bt Te e e er ag e rm	4. 6 y ea rs
Dr De bt He dg ing aw n	8 8 %
W ig ht d Av He dg Te e e er ag e e rm	2.4 y ea rs

Sustainability

The GPT Group aims to be an overall positive contributor to our communities, people and the environment. Sustainability practices underline our operations and are integrated into our organisational culture, stakeholder engagement, governance and processes.

100%GWOF operational buildings certified carbon neutral

Each operating asset1 has been certified carbon neutral using the NABERS verification pathway of the Australian Government's Climate Active for Buildings, in alignment with the International GreenhouseGas Protocol

Additional kilograms of CO2 removed per square metre of GWOF portfolio

By investing in carbon offset and carbon removal projects in excess of NABERS requirements for carbon neutral certification, GWOF has also achieved a net positive environmentaloutcome

2024

Carbon Neutral 2024 target announced in August 2020, pulling forward the goal of achieving carbon neutral operations across all managed assets by sixyears

5.8

GPT Office portfolio Average NABERS Energy rating (with Green Power)

ESG Performance

Inaugural

Sustainability Report and Climate DisclosureStatement released

Ranked2nd

Globally in real estate in the Dow Jones Sustainability Index

status achieved for GPT and its Funds 5 Star Green Star

Excludes 32 Flinders Street, Melbourne and 87-91 George Street, Sydney as sites not rated by NABERS office.

Building Certifications – Office assets

	C l im te a Ac ive t	N A B E R S En Ra ing t er g y ( ) inc lu d ing Gr Po ee n we r			N A B E R S En Ra ing t er g y ( ) lu d ing Gr Po ex c ee n we r				N A B E R S W Ra ing te t a r				N A B E R S W te as Ra ing t
	Ca bo r n l Ne tra u	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 8	2 0 1 9	2 0 2 0
fo io G P T Po rt l
( ) l ia Sq Sy dn Au st To ra ua re, ey we r		4.5	5. 0	5. 0	5. 0	5. 0	4. 0	4.5	4.5	4.5	5. 0	3.5	3.5	3.5	4. 0	4. 0		4. 0	2.5
( ) Au l ia Sq Sy dn P laz st ra ua re, ey a		5.5	5.5	5.5	5.5	5.5	0 5.	0 5.	5.5	5.5	5.5	3.5	0 4.	0 4.	0 4.	0 4.		0 4.	2.5
k St Sy dn 2 Pa et r re ey ,		5. 0	5. 0	5. 0	5. 0	5. 0	4.5	4.5	4.5	4.5	5. 0	3.5	4. 0	4. 0	4. 0	4. 0		3. 0	3.5
Da l ing Pa k 1 Sy dn r r ey ,	f ie rt i d ce	5. 0	5. 0	5. 0	5.5	6. 0	5. 0	5. 0	5. 0	5. 0	5.5	3.5	4. 0	3.5	3.5	4. 0		2. 0	2.5
Da l ing Pa k 2 Sy dn r r ey ,	i f ie d rt ce	5.5	5.5	5.5	6. 0	6. 0	5.5	5.5	4. 0	5.5	5.5	3.5	3.5	3.5	4. 0	4.5		2.5	3. 0
St ion St 6 0 at et Pa tta re rra ma ,				5. 0	5. 0	5.5			5. 0	5. 0	5.5			4. 0	4. 0	4. 0
Me l bo Ce nt l To Me l bo ur ne ra we r, ur	ne	5.5	5.5	5. 0	5.5	5.5	4.5	4.5	4.5	5. 0	5. 0	3. 0	3. 0	3. 0	3. 0	4. 0	N R	N R	N R
1 81 W i l l iam d 5 5 0 Bo ke an ur St Me l bo et re s, ur ne	i f ie d rt ce	5. 0	5. 0	5.5	6. 0 /5 .5	6. 0 / 6. 0	5. 0	5. 0	5. 0	5. 0 /5 0	5.5 /5 0	4.5	4. 0	3.5	3.5	3.5		2. 0
On On On le St Ea et e e e g re , is ba Br ne	rt i f ie d ce	5.5	6. 0	5.5	6. 0	6. 0	5.5	5.5	5.5	5.5	5.5	4.5	4.5	4.5	4. 0	4. 0			3.5

Liberty Place, 161 Castlereagh Street, Sydney

	C l im te a Ac t ive		N A B E R S En Ra t ing er g y ( ) inc lu d ing Gr Po ee n we r			N A B E R S En Ra t ing er g y ( ) lu d ing Gr Po ex c ee n we r			N A B E R S W te Ra t ing a r				N A B E R S W te as Ra t ing
	Ca bo r n Ne tra l u	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 6	2 0 1 7	2 0 1 8	2 0 1 9	2 0 2 0	2 0 1 8	2 0 1 9	2 0 2 0
G W O F Po fo l io rt
L i be rty P lac 1 61 Ca st ler h e, ea g St et Sy dn re ey ,	i f ie d rt ce	5. 0	5.5	5. 0	6. 0	6. 0	5. 0	5. 0	5. 0	5. 0	5. 0	3.5	4. 0	4. 0	4. 0	4.5		3. 0	3. 0
Da l ing Pa k 1 Sy dn r r ey ,	i f ie d rt ce	0 5.	0 5.	0 5.	5.5	6. 0	0 5.	0 5.	0 5.	0 5.	5.5	3.5	0 4.	3.5	3.5	0 4.		2. 0	2.5
Da l ing Pa k 2 Sy dn r r ey ,	i f ie d rt ce	5.5	5.5	5.5	6. 0	6. 0	5.5	5.5	4. 0	5.5	5.5	3.5	3.5	3.5	4. 0	4. 5		2.5	3. 0
l ing k 3 Sy dn Da Pa r r ey ,	i f ie d rt ce	6. 0	6. 0	5. 0	5.5	6. 0	5. 0	5. 0	4.5	5. 0	5. 0	3. 0	3.5	3.5	3. 0	4. 5		2. 0	2.5
Ge St Sy dn 5 8 0 et or g e re ey ,	i f ie d rt ce	5.5	5.5	5. 0	6. 0	6. 0	4. 0	3. 0	4.5	5. 0	5. 0	3. 0	3. 0	3. 0	3.5	5. 0	3.5	4. 0	3.5
6, kp lac dn Sy wo r e ey	f ie d rt i ce	5.5	5.5	5.5	6. 0	6. 0	5. 0	5. 0	5. 0	5. 0	5.5	3.5	4.5	4.5	4.5	5. 0	3.5	4. 0	3.5
2 So ut h ba k Bo lev d, n u ar Me l bo ur ne	i f ie d rt ce	5.5	5.5	4.5	5.5	6. 0	4.5	4.5	4.5	4.5	5. 0	4. 0	3.5	3.5	3.5	4. 0			3. 0
8 Ex h i b it ion St et Me l bo re ur ne ,	rt i f ie d ce	4.5	5. 0	4.5	6. 0	6. 0	5. 0	4.5	4.5	5. 0	5. 0	3.5	3.5	3.5	3. 0	N R *	4. 0		3. 0
Qu & Co l l ins Me l bo 1 ee n ur ne ,	N R	3. 0	3. 0	3. 0	N R	N R	3. 0	3. 0	3. 0	N R	N R		2. 0	2. 0	N R	N R		N R	N R
0 Co l l ins St Me l bo 15 et re ur ne ,	i f ie d rt ce		4.5	0 5.	0 5.	6. 0		3.5	0 5.	0 5.	4.5		2.5	0 4.	3.5	0 4.			2.5
Co l l ins St Me l bo 53 0 et re ur ne ,	i f ie d rt ce	5.5	5.5	5. 0	6. 0	6. 0	4.5	4.5	4.5	4.5	5. 0	3. 0	3. 0	3. 0	3. 0	3.5	4. 0		2.5
Co l l ins St Me l bo 65 5 et re ur ne ,	i f ie d rt ce	5. 0	5. 0	4.5	4.5	6. 0	4. 0	4. 0	4.5	4.5	4.5	3.5	3. 0	3. 0	3. 0	4.5		2.5	3.5
Co l l ins St l bo 2 75 0 et Me re ur ne ,	N R	5.5	5.5	5. 0	6. 0	N R	5. 0	5. 0	5. 0	5. 0	N R	5. 0	5. 0	4.5	5. 0	N R	3.5		N R
i l l iam d 5 ke 1 81 W 5 0 Bo an ur l bo 3 St et Me re s, ur ne	i f ie d rt ce	0 5.	0 5.	5.5	6. 0 /5 .5	6. 0 6. 0 /	0 5.	0 5.	0 5.	0 0 5. /5	0 5.5 /5	4.5	0 4.	3.5	3.5	3.5		2. 0
8 0 0 / 8 0 8 Bo ke St et ur re , Me l bo 4 ur ne	i f ie d rt ce	5.5	5.5	5.5	6. 0	6. 0	5. 0	5. 0	5. 0	5. 0	5. 0	3. 0	3. 0	3.5	3.5	4. 0	N R	N R	N R
On On On Ea le St et e e e g re , Br is ba ne	i f ie d rt ce	5.5	6. 0	5.5	6. 0	6. 0	5.5	5.5	5.5	5.5	5.5	4. 5	4. 5	4. 5	4. 0	4. 0			3.5
R ive i de Ce nt Br is ba rs re, ne	rt i f ie d ce	5.5	5.5	5. 0	6. 0	6. 0	4.5	4.5	4.5	5. 0	5. 0	3.5	3.5	3.5	3.5	4. 0			3.5

Note: 2020 data as at 31 December for NABERS and Climate Active certifications. Environmental Performance data is MAT to 31 Dec 2020, as presented for assurance. 32 Flinders Street, Melbourne (carpark), and 87-91 George Street, Parramatta (strata titled) are ineligible for NABERS for Offices due to current configuration. * 8 Exhibition Street not rated this period due to faulty water utility meter.

Queen & Collins is not rated as undergoing redevelopment, and is ineligible for NABERS for Offices. 2016, 2017 and 2018 ratings are whole building scope and excluded from portfolio averages. 2. 750 Collins Street is not rated as undergoing refurbishment, and is ineligible for NABERS for Offices.
181 William and 550 Bourke Streets have a combined NABERS Water rating.
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 P T Po fo l io 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 re ey r ,	73 4 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
6 0 St io St Pa at et tta n re rra ma ,	25 1 0 0 ,	5 0 8	43	8
Da l ing Pa k 1 & 2, Sy dn 1 r r ey	1 01 9 0 0 ,	34 1	-5	45
l bo l l bo 2 Me Ce nt To Me ne ra we ne ur r, ur	65 5 0 0 ,	3 0 2	22	24
W i l l iam d 5 Bo ke St Me l bo 1 81 5 0 et 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

Darling Park One, Sydney

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

Note: Sustainability data as at 31 December 2020 and presented for assurance according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability. 32 Flinders Street, Melbourne (carpark), and 87-91 George Street, Parramatta (strata titled) are not rated due to current configuration. 1. Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.

Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
Queen & Collins is not reported as undergoing redevelopment.
750 Collins Street is not reported as undergoing refurbishment.

Environmental performance data – Retail assets

	Ar G L A ea	( ) W te To ta l a r L itr /m 2 es	iss ion Em 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 n ua re r w	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 ,	13 07	65	3 9
G W S C F Po rt fo l io
Ca ina Sq su ar ua re	55 0 0 0 ,	1 6 0 9	9 6	27
h irn i de k C 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 rt hu Sq 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

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

Social Sustainability

GPT employees are guided by our core values, and we are committed to being a trusted and positive contributor to the communities and networks in which we operate.

Safety Culture

» Commitment to safety reflected in the adoption of safety first as one of GPT's five core values
» Imperative to identify and eliminate safety incidents and risks from our assets anddevelopments

Human Rights & Modern Slavery

» First Australian property company to become a signatory to the United Nations Global Compact, reporting an annual Communication on Progress.
» Human Rights and Modern Slavery Statements releasedduring 2020

Stretch Reconciliation Action Plan 2018 -2021

» Endorsed by Reconciliation Australia
» 10 year partnership with CareerTrackers Indigenous Internship Programme
» First Nations Engagement Strategy launched in 2020

AI assistant

GPT GROUP — Regulatory Filings 2021

65009_rns_2021-02-14_dce3bd79-f3b2-4550-8f21-42997627a184.pdf

2020 Annual Result Data Pack

2020 Year in Review

2020 Annual Result

2020 Rent Collection and COVID-19 Waivers

2020 Rent Collection and COVID-19 Waivers

Investment Property Valuations

Sustainability

Sustainability

Group Strategy

Group Strategy

Strategic Priorities

Execution

Finance and Treasury

Financial Summary

Financial Summary

Segment Result

Segment Result

Capital Management

Capital Management

Office and Logistics

Office Overview

Office Valuations

Office Valuations

Office Leasing

Office Leasing

Leases concluded with key customers

Office Development Completion

Office Development Completion

32 Smith, Parramatta

32 Smith, Parramatta

Office Development Pipeline

Office Development Pipeline

Future of Office | GPT View

Future of Office | GPT View

Hybrid Model

Physical office to remain important

Vibrant CBDs

Flexibility

Healthy Buildings and ESG Investments

Customer Insights | GPT Response

Customer Insights | GPT Response

Flexibility

Space&Co.

Furnished Suites

Lease Flexibility

Healthy Buildings and ESG Investments

Healthy Building Upgrades

Investing in Sustainability

Office Market Outlook

Office Market Outlook

GPT's Office Portfolio Resilience

GPT's Office Portfolio Resilience

2021 Focus

Logistics Overview

Logistics Leasing

Logistics Leasing

Logistics Portfolio Growth

Logistics Portfolio Growth

GPT Logistics Portfolio²

Logistics Development Completions

Logistics Development Completions

Logistics Developments Underway

Logistics Developments Underway

Logistics Development Pipeline

Logistics Acquisitions

Logistics Acquisitions

Logistics Sector Outlook

Logistics Sector Outlook

Market Outlook

E-commerce acceleration

Supply chain sophistication

Urbanisation

GPT Portfolio Growth

Retail

Retail Overview

Retail Sales and Customer Insights

Retail Sales and Customer Insights

GPT GROUP Regulatory Filings 2021

GPT Logistics Portfolio^²