2016 ANNUAL RESULT. Data Pack

Transcription

1 2016 ANNUAL RESULT Data Pack

2 CONTENTS GPT Overview 38 Financial Performance 44 Retail Portfolio 56 Office Portfolio 70 Logistics Portfolio 86 Development 100 Funds Management 102 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. Contents

3 2016 ANNUAL RESULT GPT Overview

4 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 Office Portfolio Logistics Portfolio GPT Portfolio Diversity As at 31 December shopping centres 930,000 sqm GLA 3,200 + tenants $5.3b portfolio $8.2b AUM 23 assets 1,120,000 sqm NLA tenants $4.3b portfolio $9.6b AUM 24 assets 710,000 sqm GLA 60 + tenants $1.4b portfolio $1.4b AUM Retail 48% Office 39% Logistics 13% Highpoint Shopping Centre, Victoria HSBC Centre, Sydney TNT Erskine Park, Sydney GPT OVERVIEW 38

5 GPT OVERVIEW 39 GPT Portfolio Metrics Across the three sectors, GPT has maintained high occupancy and a long WALE. Portfolio Size Comparable Income Growth 1 WALE Occupancy WACR Retail $5.32b 3.8% 4.0 years 99.6% 5.39% Office $4.34b 6.3% 5.5 years 97.0% 5.55% Logistics $1.40b 1.4% 7.9 years 95.3% 6.54% Total $11.07b 4.5% 5.1 years 97.1% 5.58% Structured Rental Increases 2 4.7% Average fixed Increase Retail (Specialties) Fixed 74% Other 26% 3.9% Average fixed Increase Office Fixed 90% Other 10% 3.3% Average fixed Increase Logistics Fixed 93% Other 7% 1. Income for the 12 months to 31 December 2016 compared to the previous corresponding period. 2. Structured rent reviews for the 12 months to 31 December Other includes market reviews and expiries in 2017.

6 GPT Securityholder Overview GPT Securityholders by Geography As at 31 December 2016 GPT Securityholders by Type As at 31 December 2016 Australia & New Zealand 57% North America 22% Europe (ex UK) 8% Asia 8% UK 5% Domestic Institutions 47% Foreign Institutions 45% Retail Investors 8% GPT OVERVIEW 40

7 Glossary GPT OVERVIEW 41 A-Grade As per the Property Council of Australia s A Guide to Office Building Quality GLA Gross Lettable Area AFFO Adjusted Funds From Operations: Adjusted Funds From Operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in accordance with the PCA Voluntary Best Practice Guidelines for Disclosing FFO and AFFO GWOF GWSCF HoA GPT Wholesale Office Fund GPT Wholesale Shopping Centre Fund Heads of Agreement AREIT Australian Real Estate Investment Trust IFRS International Financial Reporting Standards ASX Australian Securities Exchange IPD Investment Property Databank AUM Assets under management IRR Internal Rate of Return Bps Basis Points LBP Logistics & Business Parks Capex CBD CO 2 CPI cps DPS EBIT EPS FFO FUM Capital expenditure Central Business District Carbon Dioxide Consumer Price Index Cents per security Distribution per security Earning Before Interest and Tax Earnings per security: Earnings per security is defined as Funds From Operations per security Funds From Operations: Funds From Operations is defined as the underlying earnings calculated in accordance with the PCA Voluntary Best Practice Guidelines for Disclosing FFO and AFFO Funds under management Major Tenants MAT MER Mini-Major Tenants MTN N/A NABERS NAV Net Gearing Retail tenancies including Supermarkets, Discount Department Stores, Department Stores and Cinemas Moving Annual Turnover Management Expense Ratio: Management Expense Ratio is defined as management expenses divided by assets under management Retail tenancies with a GLA above 400 sqm not classified as a Major Tenant Medium Term Notes Not Applicable National Australian Built Environment Rating System Net Asset Value Net gearing is calculated net of cash and excludes any fair value adjustment on foreign bonds and their associated cross currency derivative asset positions Gearing The level of borrowings relative to assets NLA Net Lettable Area GFA Gross Floor Area NPAT Net Profit After Tax

8 NTA Net Tangible Assets Specialty Tenants Retail tenancies with a GLA below 400 sqm Ordinary Securities PCA Premium Grade Prime Grade psm PV Retail Sales Ordinary securities are those that are most commonly traded on the ASX: The ASX defines ordinary securities as those securities that carry no special or preferred rights. Holders of ordinary securities will usually have the right to vote at a general meeting of the company, and to participate in any dividends or any distribution of assets on winding up of the company on the same basis as other ordinary securityholders Property Council of Australia As per the Property Council of Australia s A Guide to Office Building Quality Includes assets of Premium and A-Grade quality Per square metre Present Value Based on a weighted GPT interest in the assets and GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines Sqm TR TSR Total Tangible Assets USPP VWAP WACD WACR Square metre Total Return: Total Return at GPT Group level is calculated as the change in Net Tangible Assets (NTA) per security plus distributions per security declared over the year, divided by the NTA per security at the beginning of the year Total Securityholder Return: Total Securityholder Return is defined as distribution per security plus change in security price Total tangible assets is defined as per the Constitution of the Trust and equals Total Assets less Intangible Assets reported in the Statement of Financial Position United States Private Placement Volume weighted average price Weighted average cost of debt Weighted average capitalisation rate ROCE Return on capital employed WALE Weighted average lease expiry GPT OVERVIEW 42

9 GPT OVERVIEW Collins Street, Melbourne

10 2016 ANNUAL RESULT Financial Performance

11 Financial Summary 12 months to 31 December Change Funds From Operations Up 7.0% Net profit after tax 1, Up 32.8% FFO per ordinary security (cents) Up 5.6% FFO yield (based on period end price) 5.9% 5.9% No Change Distribution per ordinary security (cents) Up 4.0% Distribution yield (based on period end price) 4.7% 4.7% No Change Net interest expense (100.0) (115.9) 1 Down 13.7% Interest capitalised Up 47.5% Weighted average cost of debt 4.25% 4.60% Down 35 bps Interest cover 6.4 times 5.3 times Up 1.1 times The weighted average number of ordinary stapled securities was 1,797.4 million for 2016 and million for The period end price was $5.03 at 31 December 2016 and $4.78 at 31 December As at 31 Dec 16 As at 31 Dec 15 Change Total assets 11, ,006.5 Up 7.4% Total borrowings 2, ,948.0 Up 1.6% NTA per security ($) Up 9.9% Net gearing 23.7% 24.8% 2 Down 110 bps Net look through gearing 25.7% 26.3% 2 Down 60 bps Weighted average term to maturity of debt 6.5 years 5.1 years Up 1.4 years Credit ratings (S&P/Moody s) A stable / A3 stable A- Positive / A3 stable Upgraded Weighted average term of interest rate hedging 4.4 years 5.6 years Down 1.2 years 1. Excludes distribution on exchangeable securities. 2. `Net gearing and `net look through gearing for 2015 have been restated due to a change in methodology. Net gearing is calculated net of cash and excludes any fair value adjustment on foreign bonds and their associated cross currency derivative asset positions. FINANCIAL PERFORMANCE 44

12 FINANCIAL PERFORMANCE 45 Results Summary Segment performance 12 months to 31 December Comment Retail Operations net income Comparable property income growth of 3.8% Development net income Office Operations net income Comparable property income growth of 6.3% Development net income Logistics Operations net income Comparable property income growth of 1.4% Development net income Funds Management Net financing costs (100.0) (115.9) Corporate management expenses (29.8) (33.1) Tax expenses (14.0) (4.9) Non-core Less: distribution to exchangeable securities 0.0 (1.7) Funds From Operations (FFO) Valuation increase Financial instruments mark to market movements and net foreign exchange movements (23.0) (74.0) Other items Exclude distributions on exchangeable securities in Funds From Operations Net Profit After Tax (NPAT) 1,

13 Funds From Operations to Adjusted Funds From Operations 12 months to 31 December Core business Non-core operations Financing and corporate overheads (143.8) (153.9) Less: distribution to exchangeable securities 0.0 (1.7) Funds From Operations Maintenance capital expenditure (45.4) (45.6) Lease incentives (including rent free) (70.1) (73.0) Adjusted Funds From Operations FINANCIAL PERFORMANCE 46

14 FINANCIAL PERFORMANCE 47 NTA Movement Securities on Issue Number of Securities (million) Opening balance 1 January ,794.8 Issue of securities December 2016 Balance 1,798.0 NTA Movement Net Assets No. of Securities (million) NTA per Security ($) NTA position as at 31 December , , Funds From Operations Revaluations (include development profit) Mark to market of Treasury (8.3) (0.01) Distribution (420.7) (0.23) Issue of securities Other Movement in NTA NTA position as at 31 December , ,

15 Capital Management Summary Gearing As at 31 December 2016 Total assets 11,817.9 Less: intangible assets (35.3) Less: Cross currency swap assets (214.4) Total tangible assets 11,568.2 Current borrowings 48.8 Interest Cover 31 December 2016 Funds From Operations Add: taxes deducted 14.0 Add: Finance Costs for the period Earnings Before Interest and Tax (EBIT) Finance Costs Non-current borrowings 2,947.8 Less: Fair value of foreign currency bonds (214.5) Total borrowings 1 2,782.1 Headline Gearing 24.0% Net Gearing % 1. Includes unamortised establishment costs and other adjustments. As at 31 December 2016, drawn debt is $2,752 million. 2. Calculated net of cash and excludes any fair value adjustment to foreign bonds and their associated cross currency derivative asset positions. Interest Cover 6.4 times FINANCIAL PERFORMANCE 48

16 FINANCIAL PERFORMANCE 49 Look Through Gearing Look Through Gearing as at 31 December 2016 GPT Group GWOF GWSCF Other 2 Total Share of assets of non-consolidated entities Group total tangible assets 11, ,568.2 Plus: GPT share of assets of non-consolidated entities 1, , ,623.9 Less: total equity investment in non-consolidated entities (1,283.1) (822.7) (1,014.4) (3,120.2) Less: GPT loans to non-consolidated entities (2.0) (2.0) Total look through assets 11, ,069.9 Group total borrowings 2, ,782.1 Plus: GPT share of external debt of non-consolidated entities Total look through borrowings 2, ,172.2 Look through gearing 26.3% Look through gearing based on net debt % 1. Calculated net of cash and excludes any fair value adjustment to foreign bonds and its associated cross currency derivative asset positions. 2. Retail, office and other assets (held in joint ventures).

17 Debt Debt Cost Average for period ending 31 December 2016 Average Debt % of Average Debt (%) Interest Rate (%) Sources of Drawn Debt As at 31 December 2016 Hedged debt 1,613 62% 3.0% Floating debt % 2.1% Total debt 2, % 2.7% Margin 1.1% Fees 0.5% All-in cost of funds 4.25% Debt Funded Capacity As at 31 December 2016 Current Gearing (%) Investment Capacity Comment Domestic bank debt 21% Foreign bank debt 14% Secured bank debt 4% Domestic MTNs 32% Foreign MTNs 6% USPP 20% CPI bonds 3% Balance Sheet 23.7% 1,040 Assumes increase to 30% gearing Funds GWOF 17.8% 1,140 Assumes increase to 30% gearing GWSCF 9.4% 1,100 Assumes increase to 30% gearing Total 3,280 FINANCIAL PERFORMANCE 50

18 FINANCIAL PERFORMANCE 51 Debt Facilities Current Debt Facilities as at 31 December 2016 Current Forward Start Debt Facilities Outstanding (equiv) Maturity Date Limit (equiv) Available (equiv) Start Date Maturity Date Limit (equiv) Bank Facility Metroplex 3 28 Feb Aug Nov Bank Facility Metroplex 4 5 May Aug Oct Bank Facility Metroplex May Total 150 Medium Term Notes Nov Bank Bilateral Mar Bank Bilateral Mar Bank Bilateral Oct Bank Bilateral Nov Bank Bilateral Jan Medium Term Notes Jan Bank Facility Somerton Feb Bank Bilateral May Bank Bilateral Jul Bank Bilateral 0 31 Jul Medium Term Notes Sep Bank Bilateral 0 1 Oct Bank Bilateral 0 1 Oct Bank Bilateral Nov Bank Bilateral 0 31 Mar Bank Bilateral 0 31 Jul Bank Bilateral Sep Bank Bilateral 0 30 Nov Bank Bilateral Dec Medium Term Notes Aug Medium Term Notes Nov US Private Placement Jun Medium Term Notes Mar Medium Term Notes Aug US Private Placement 64 2 Jun Medium Term Notes 99 5 Feb US Private Placement 64 2 Jun US Private Placement Jun US Private Placement 67 8 Jul US Private Placement Jul CPI Indexed Bonds Dec Total Borrowings 2,752 3, Quarterly extension facility.

19 Debt Maturity Profile 600 Debt Maturity Profile As at 31 December 2016 (A$ millions) H H 1H H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Facility Limit FINANCIAL PERFORMANCE 52

20 FINANCIAL PERFORMANCE 53 Liquidity Profile Liquidity Profile 0.9 As at 31 December ($bn) Cash balance 31 Dec 2016 Undrawn existing facilities Current liquidity Forward Start Facilities Development/Capex Retained earnings Debt facility expiries Excess liquidity at 31 Dec 2017

21 Hedging Profile Hedging Profile as at 31 December 2016 Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments Principal Amount of Fixed Rate Borrowings 31 December % 1, December % 1, December % 1, December % 1, December % December % % 2.75% 2.77% 2.77% % 3.24% 3.24% 2.70% 4.08% 4.08% 4.08% Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Fixed rate debt Swaps FINANCIAL PERFORMANCE 54

22 FINANCIAL PERFORMANCE 55 TNT, Erskine Park, Sydney

23 2016 ANNUAL RESULT Retail Portfolio

24 Retail Portfolio Overview GPT is a leading owner, manager and developer of Australian retail property. GPT s retail investments of $5.3 billion include a portfolio of assets held on the Group s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF). Darwin 1 NT WA SA Number of assets in each state QLD Brisbane 1 NSW Sydney VIC 5 TAS 6 Melbourne New South Wales GPT Owned Charlestown Square Rouse Hill Town Centre Westfield Penrith (50%) 1 GWSCF Owned Macarthur Square (50%) 1 Norton Plaza Wollongong Central Victoria GPT Owned Melbourne Central Highpoint Shopping Centre (16.67%) GWSCF Owned Chirnside Park Highpoint Shopping Centre (58.33%) Northland Shopping Centre (50%) 1 Parkmore Shopping Centre Northern Territory GPT Owned Casuarina Square (50%) GWSCF Owned Casuarina Square (50%) Queensland GPT Owned Sunshine Plaza (50%) 1 1. Not Managed by GPT Note: GLA and number of tenancies is updated on an annual basis, as at 31 December All totals and averages are based on GPT s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines. RETAIL PORTFOLIO 56

25 RETAIL PORTFOLIO 57 Retail Portfolio Summary The GPT retail portfolio is well positioned with a high level of occupancy at 99.6%. The retail portfolio achieved comparable income growth of 3.8% over the 12 months to 31 December Geographic Weighting Top Ten Tenants 1 As at 31 December 2016 As at 31 December 2016 Wesfarmers Woolworths Cotton On Clothing Myer Just Group NSW 44% VIC 41% 4.9% 4.1% 2.9% 2.7% 2.6% 1.9% 1.5% 1.2% 1.2% 1.0% QLD 8% NT 7% Hoyts Country Road Group Westpac BB Retail Capital Australian Pharmaceutical Industries 1. Based on gross rent (including turnover rent).

26 Retail Portfolio Summary The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 13 shopping centres. State Ownership GLA (100% Interest) (sqm) 31 Dec 16 Fair Value 31 Dec 16 Cap Rate (%) External or Internal Valuation Occupancy Annual Centre Turnover Occupancy Cost Specialty Specialty Sales ($psm) GPT Portfolio Casuarina Square NT 50% 54, % External 99.6% % 11,501 Charlestown Square NSW 100% 93, % Internal 99.2% % 11,858 Highpoint Shopping Centre¹ VIC 16.67% 154, % External 99.9% % 10,771 Melbourne Central² VIC 100% 56,000 1, % External 99.8% % 12,064 Rouse Hill Town Centre NSW 100% 69, % External 100.0% % 8,409 Sunshine Plaza QLD 50% 73, % External 99.8% % 11,704 Westfield Penrith NSW 50% 91, % Internal 100.0% % 12,308 GWSCF Portfolio Casuarina Square NT 50% 54, % External 99.6% % 11,501 Chirnside Park VIC 100% 37, % External 98.9% % 11,605 Highpoint Shopping Centre¹ VIC 58.33% 154,000 1, % External 99.9% % 10,771 Macarthur Square NSW 50% 94, % External n/a % 10,558 Northland Shopping Centre VIC 50% 97, % External 99.7% % 8,621 Norton Plaza NSW 100% 11, % External 99.1% % 12,013 Parkmore Shopping Centre VIC 100% 36, % External 98.4% % 8,866 Wollongong Central NSW 100% 56, % External 98.2% % 8,427 Total 927, % 99.6%³ 2, %⁴ 11,036⁴ 1. Fair value includes Homemaker City Maribyrnong. Cap rate of 7.50%. 2. Fair value includes retail and 100% interest of car park. Car park cap rate of 5.75%. 3. Excludes development impacted centre (Macarthur Square). 4. Excludes development impacted centres (Wollongong Central and Macarthur Square). RETAIL PORTFOLIO 58

27 RETAIL PORTFOLIO 59 Retail Sales Summary Centre MAT Comparable Centre MAT Growth Comparable Specialty MAT Growth Specialty MAT ($psm) Specialty Occupancy Cost GPT Portfolio Casuarina Square % (0.7%) 11, % Charlestown Square % (1.0%) 11, % Highpoint Shopping Centre % 2.1% 10, % Melbourne Central % 8.1% 12, % Rouse Hill Town Centre % 3.6% 8, % Sunshine Plaza¹ % 2.5% 11, % Westfield Penrith² % (0.1%) 12, % GWSCF Portfolio Casuarina Square % (0.7%) 11, % Chirnside Park % 4.3% 11, % Highpoint Shopping Centre % 2.1% 10, % Northland Shopping Centre³ % 2.0% 8, % Norton Plaza % 5.4% 12, % Parkmore Shopping Centre % 0.3% 8, % GPT Weighted Total 2, % 2.6% 11, % Centres Under Development GWSCF Portfolio Wollongong Central % 2.4% 8, % Macarthur Square ¹ (6.0%) (4.5%) 10, % 1. Analysis provided by Lend Lease. 2. Analysis provided by Scentre Group. 3. Analysis provided by Vicinity Centres.

28 Comparable Change in Retail Sales by Category Retail sales showed positive growth over the 12 months to 31 December 2016 with total centre sales up 3.2% and specialties up 2.6%. Comparable Change in Retail Sales by Category as at 31 December 2016 MAT 12 Months Growth Department Store $136.4m 4.2% Discount Department Store $255.7m (2.6%) Supermarket $458.4m 2.4% Mini and Other Majors $375.6m 12.6% Other Retail¹ $235.9m 0.8% Total Specialties $1,383.7m 2.6% Total Centre $2,845.7m 3.2% Specialty Sales Split Jewellery $88.2m 14.5% General Retail $148.2m 13.9% Homewares $75.6m 6.2% Retail Services $116.7m 3.6% Food Catering $260.2m 2.4% Food Retail $66.4m 2.0% Apparel $497.4m (1.2%) Leisure $77.9m (1.9%) Mobile Phones $53.2m (3.5%) Note: Excludes development impacted centres (Wollongong Central and Macarthur Square). 1. Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants. RETAIL PORTFOLIO 60

29 RETAIL PORTFOLIO 61 Retail Sales Retail specialty sales have increased 2.6% over the 12 months to 31 December Specialty MAT Growth 6.5% 5.9% 2.3% 3.9% 4.0% 4.4% 2.8% 3.6% 3.2% 2.1% 1.2% 1.5% 1.1% 1.8% 2.7% 4.2% 4.2% 2.6% 0.2% 0.5% 0.4% Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Wollongong Central and Macarthur Square).

30 Lease Expiry Profile Weighted Average Lease Expiry (by base rent) as at 31 December 2016 Major Tenants Mini-Major Tenants Specialty Tenants Weighted Total 10.5 years 4.5 years 2.7 years 4.0 years Total Centres 26% 1 Total Specialty Tenants 21% 1 16% 15% 17% 15% 15% 16% 13% 13% 10% 8% 6% 4% 1% 1% 2% Includes holdovers RETAIL PORTFOLIO 62

31 RETAIL PORTFOLIO 63 External Valuation Summary 100% of the GPT retail portfolio was valued externally in the 12 months to 31 December State Ownership Date Valuer Valuation Capitalisation Rate (%) GPT Portfolio Casuarina Square NT 50% 31 Dec 16 CBRE % Charlestown Square NSW 100% 30 Jun 16 m % Highpoint Shopping Centre¹ VIC 16.67% 31 Dec 16 Savills % Melbourne Central² VIC 100% 31 Dec 16 CBRE 1, % Rouse Hill Town Centre NSW 100% 31 Dec 16 m3/knight Frank % Sunshine Plaza QLD 50% 31 Dec 16 m % Westfield Penrith NSW 50% 30 Jun 16 Knight Frank % GWSCF Portfolio Casuarina Square NT 50% 31 Dec 16 CBRE % Chirnside Park VIC 100% 31 Dec 16 Savills % Highpoint Shopping Centre¹ VIC 58.33% 31 Dec 16 Savills 1, % Macarthur Square NSW 50% 31 Dec 16 Colliers % Northland Shopping Centre VIC 50% 31 Dec 16 CBRE % Norton Plaza NSW 100% 31 Dec 16 Knight Frank % Parkmore Shopping Centre VIC 100% 31 Dec 16 CBRE % Wollongong Central NSW 100% 31 Dec 16 JLL % Note: Valuations include ancillary assets. 1. Valuation includes Homemaker City Maribyrnong. 2. Valuation includes retail and car park.

32 Income and Fair Value Schedule Income 12 months to 31 Dec Variance Fair Value 31 Dec 15 Development Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 31 Dec 16 % of Portfolio (%) GPT Portfolio Casuarina Square Charlestown Square Highpoint Shopping Centre Melbourne Central , , Rouse Hill Town Centre Sunshine Plaza (27.3) Westfield Penrith (0.1) Assets Sold During the Period Dandenong Plaza (14.5) (0.1) (197.1) Land Held For Development Rouse Hill - Land (23.0) 3.2 (49.7) Equity Interests GPT Equity Interest in GWSCF (25.3%) (0.1) Total Retail Portfolio (3.2) 5, (220.1) (28.7) 5, Rouse Hill Land: ($49.7m) reflects a combination of (i) transfer of residential land from GPT Trust to Inventory in GMH ($30.1m) and (ii) residual balance of land combined with Rouse Hill Town Centre that is allocated for potential future retail development ($19.6m). 2. GPT Equity Interest in GWSCF 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 2016 represents GPT s share of FFO for the period. RETAIL PORTFOLIO 64

33 RETAIL PORTFOLIO 65 Retail Sustainability GPT Portfolio Area GLA Water (Total) Litres/m 2 Emissions Waste % kg CO 2 -e/m 2 Recycled/Reused Casuarina Square 54,700 2, % Charlestown Square 93, % Highpoint Shopping Centre 154,000 1, % Melbourne Central 56,000 2, % Rouse Hill Town Centre 69,300 1, % Sunshine Plaza 73,400 1, % Westfield Penrith 91,800 1, % GWSCF Portfolio Casuarina Square 54,700 2, % Chirnside Park 37, % Highpoint Shopping Centre 154,000 1, % Macarthur Square 94,600 1, % Northland Shopping Centre 97, % Norton Plaza 11,900 1, % Parkmore Shopping Centre 36, % Wollongong Central 56, % Portfolio Average 1, %

34 Retail Specialty MAT growth Contribution by asset to 2.6% Specialty MAT growth 1 2.5% Contribution to portfolio specialty MAT sales growth 2.0% 1.5% 1.0% 0.5% 0.0% Charlestown -1.0% -0.2% GPT assets GWSCF assets Westfield Penrith -0.1% 0.0% Casuarina -0.7% -0.1% Parkmore 0.3% 0.0% Highpoint 2.1% 0.2% Northland 2.0% 0.0% Sunshine 2.5% 0.2% Rouse Hill 3.6% 0.5% Chirnside 4.3% 0.1% Norton Plaza 5.4% 0.0% Melbourne Central 8.1% 1.8% -0.5% % black = specialty MAT growth % blue = contribution to specialty MAT growth Bubble size = asset proportion of total portfolio specialty sales -1.0% -4% -2% 0% 2% 4% 6% 8% Specialty MAT Growth 1. Excludes development impacted assets (Wollongong Central and Macarthur Square). GPT 2016 Annual Result RETAIL PORTFOLIO 66

35 RETAIL PORTFOLIO 67 Retail Specialty MAT growth Contribution by commodity group to 2.6% Specialty MAT growth 1 2.0% Contribution to portfolio specialty MAT sales growth 1.5% 1.0% 0.5% 0.0% -0.5% Mobile Phones -3.5% -0.1% Leisure -1.9% -0.1% Apparel -1.2% -0.5% Food Catering 2.4% 0.4% Food Retail 2.0% 0.1% Retail Services 3.6% 0.3% Homewares 6.2% 0.3% General Retail 13.9% 1.3% Jewellery 14.5% 0.8% % black = specialty MAT growth % blue = contribution to GPT portfolio specialty MAT growth Bubble size = asset proportion of total portfolio specialty sales -1.0% -5% 0% 5% 10% 15% Specialty MAT Growth 1. Excludes development impacted assets (Wollongong Central and Macarthur Square). GPT 2016 Annual Resul

36 Rouse Hill Town Centre Rouse Hill Data Sydney Metro Northwest 42km from Sydney CBD 425,500 trade area population New station to be located directly outside the Rouse Hill Town Centre Services expected to start in 1H 2019, with a train every 4 minutes at peak times Travel time of 45 minutes to Martin Place station $110,000 average household income (25% above national average) RETAIL PORTFOLIO 68

37 RETAIL PORTFOLIO 69 Macarthur Square, New South Wales

38 2016 ANNUAL RESULT Office Portfolio

39 Office Portfolio Overview GPT s office portfolio comprises ownership in 23 high quality assets with a total investment of $4.3 billion. The portfolio includes assets held on the Group s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF). WA Number of assets in each state NT SA QLD NSW VIC 10 TAS Brisbane 3 Sydney 10 Melbourne New South Wales GPT Owned Australia Square (50%) Citigroup Centre (50%) MLC Centre (50%) 1 Farrer Place (25%) GWOF Owned Liberty Place (50%) Darling Park 1 & 2 (50%) Darling Park 3 HSBC Centre workplace 6 Victoria GPT Owned Melbourne Central Tower CBW, Melbourne (50%) GWOF Owned 2 Southbank Boulevard (50%) 8 Exhibition Street (50%) 100 Queen Street 150 Collins Street 530 Collins Street 655 Collins Street 750 Collins Street CBW, Melbourne (50%) 800/808 Bourke Street Queensland GPT Owned One One One Eagle Street (33.33%) GWOF Owned One One One Eagle Street (66.67%) Riverside Centre 545 Queen Street Note: All totals and averages are based on GPT s balance sheet portfolio and weighted ownership interest in the GWOF portfolio. OFFICE PORTFOLIO 70

40 OFFICE PORTFOLIO 71 Office Portfolio Summary The GPT office portfolio has exposure to 100% Prime Grade office assets and benefits from a diversified tenant base. Top Ten Tenants 1 Tenant Mix by Industry Geographic Weighting As at 31 December 2016 As at 31 December 2016 As at 31 December 2016 Government ANZ NBN Co Deloitte NAB SYDNEY 54% 6.8% 3.5% 3.1% 3.1% 2.7% MELBOURNE 33% 2.7% 2.6% 2.4% 2.2% 2.2% IAG Members Equity Bank Citibank Arrow Energy PwC BRISBANE 13% 1. Based on gross rent. Banking 20% Legal 15% Other Business Services 14% Insurance 12% Info and Comms Technology 10% Accountants 9% Government 7% Finance 5% Mining & Energy 4% Other 3%

41 Lease Expiry Profile 17% Lease Expiry Profile (by Income) 14% 11% 12% 8% 7% 6% 6% 9% 7% 3% Note: Includes Signed Leases. OFFICE PORTFOLIO 72

42 OFFICE PORTFOLIO 73 Office Portfolio Summary State Ownership Office NLA (100% Interest) (sqm) 31 Dec 16 Fair Value 31 Dec 16 Cap Rate (%) External or Internal Valuation Actual Office Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) GPT Portfolio Australia Square, Sydney NSW 50% 51, % Internal 99.9% 99.9% 100.0% 3.9 Citigroup Centre, Sydney NSW 50% 73, % Internal 86.9% 99.6% 100.0% 5.5 MLC Centre, Sydney NSW 50% 67, % Internal 95.2% 99.5% 99.5% Farrer Place, Sydney NSW 25% 84, % Internal 82.7% 91.7% 93.1% 6.6 Melbourne Central Tower, Melbourne VIC 100% 65, % Internal 92.7% 94.9% 99.4% 3.3 CBW, Melbourne VIC 50% 76, % External 96.0% 98.0% 98.0% 6.8 One One One Eagle Street, Brisbane QLD 33.33% 63, % External 97.8% 97.8% 98.8% Farrer Place, Sydney CBW, Melbourne MLC Centre, Sydney

43 State Ownership Office NLA (100% Interest) (sqm) 31 Dec 16 Fair Value 31 Dec 16 Cap Rate (%) External or Internal Valuation Actual Office Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 56, % External 100.0% 100.0% 100.0% 8.6 Darling Park 1 & 2, Sydney NSW 50% 101, DP1: 5.50% DP2: 5.25% Internal 100.0% 100.0% 100.0% Darling Park 3, Sydney NSW 100% 29, % Internal 45.3% 67.6% 75.0% 7.6 HSBC Centre, Sydney NSW 100% 37, % External 96.5% 100.0% 100.0% 3.7 workplace 6, Sydney NSW 100% 16, % External 100.0% 100.0% 100.0% Southbank Boulevard, Melbourne VIC 50% 53, % Internal 98.5% 99.3% 99.3% Exhibition Street, Melbourne VIC 50% 44, % Internal 88.1% 99.0% 99.0% Queen Street, Melbourne VIC 100% 34, % External 100.0% 100.0% 100.0% Collins Street, Melbourne VIC 100% 19, % Internal 93.0% 93.0% 93.0% Collins Street, Melbourne VIC 100% 65, % External 98.8% 98.8% 98.8% Collins Street, Melbourne VIC 100% 16, % Internal 100.0% 100.0% 100.0% Collins Street, Melbourne VIC 100% 37, % Internal 100.0% 100.0% 100.0% 2.9 CBW, Melbourne VIC 50% 76, % External 96.0% 98.0% 98.0% /808 Bourke Street, Melbourne VIC 100% 59, % External 100.0% 100.0% 100.0% 10.6 One One One Eagle Street, Brisbane QLD 66.67% 63, % External 97.8% 97.8% 98.8% 7.0 Riverside Centre, Brisbane QLD 100% 51, % Internal 86.2% 89.0% 89.4% Queen Street, Brisbane QLD 100% 13, % External 96.6% 96.6% 96.6% 0.6 Total 1,119, % 93.6% 97.0% 98.1% The Fair Value consists of the external valuation as at 31 December 2016 of $68.5m and a non-refundable deposit of $12.3m. DP1: 5.0 DP2: 9.5 OFFICE PORTFOLIO 74

44 OFFICE PORTFOLIO 75 External Valuation Summary The entire GPT office portfolio was valued externally in the 12 months to 31 December GPT Portfolio State Ownership Date Valuer Valuation Capitalisation Rate (%) Australia Square, Sydney NSW 50% 30 Jun 16 Savills % Citigroup Centre, Sydney NSW 50% 30 Jun 16 Colliers % MLC Centre, Sydney NSW 50% 30 Jun 16 Knight Frank % 1 Farrer Place, Sydney NSW 25% 30 Jun 16 JLL % Melbourne Central Tower, Melbourne VIC 100% 30 Jun 16 JLL % CBW, Melbourne VIC 50% 31 Dec 16 JLL % One One One Eagle Street, Brisbane QLD 33.33% 31 Dec 16 Colliers % Citigroup Centre, Sydney

45 State Ownership Date Valuer Valuation Capitalisation Rate (%) GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 31 Dec 16 Urbis % Darling Park 1 & 2, Sydney NSW 50% 30 Sep 16 Knight Frank DP1: 5.50% DP2: 5.25% Darling Park 3, Sydney NSW 100% 30 Sep 16 Knight Frank % HSBC Centre, Sydney NSW 100% 31 Dec 16 Savills % workplace 6, Sydney NSW 100% 31 Dec 16 JLL % 2 Southbank Boulevard, Melbourne VIC 50% 30 Sep 16 JLL % 8 Exhibition Street, Melbourne VIC 50% 30 Sep 16 Knight Frank % 100 Queen Street, Melbourne VIC 100% 7 Dec 16 Colliers % 150 Collins Street, Melbourne VIC 100% 30 Sep 16 Savills % 530 Collins Street, Melbourne VIC 100% 31 Dec 16 Savills % 655 Collins Street, Melbourne VIC 100% 30 Sep 16 Savills % 750 Collins Street, Melbourne VIC 100% 30 Sep 16 Knight Frank % CBW, Melbourne VIC 50% 31 Dec 16 JLL % 800/808 Bourke Street, Melbourne VIC 100% 31 Dec 16 Urbis % One One One Eagle Street, Brisbane QLD 66.67% 31 Dec 16 Colliers % Riverside Centre, Brisbane QLD 100% 30 Sep 16 Colliers % 545 Queen Street, Brisbane QLD 100% 31 Dec 16 JLL % OFFICE PORTFOLIO 76

46 OFFICE PORTFOLIO 77 Income and Fair Value Schedule Income 12 months to 31 Dec Variance Fair Value 31 Dec 15 Development Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 31 Dec 16 % of Portfolio (%) GPT Portfolio Australia Square, Sydney Citigroup Centre, Sydney MLC Centre, Sydney Farrer Place, Sydney Melbourne Central Tower, Melbourne CBW, Melbourne One One One Eagle Street, Brisbane Assets Under Development 4 Murray Rose Avenue, Sydney Olympic Park Equity Interests GPT Equity Interest in GWOF (24.5%)¹ , Total Office Portfolio , , 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 for the 12 months to 31 December 2016 represents GPT s share of FFO for the period.

47 Office Sustainability NABERS Energy Rating (including Green Power) NABERS Water Rating GPT Portfolio Australia Square, Sydney (Tower) Australia Square, Sydney (Plaza) Citigroup Centre, Sydney MLC Centre, Sydney Farrer Place, Sydney (GMT) n/a n/a Farrer Place, Sydney (GPT) n/a n/a Melbourne Central, Melbourne CBW, Melbourne 5.0/ / / / / /4.5 One One One Eagle Street, Brisbane Exhibition Street, Melbourne OFFICE PORTFOLIO 78

48 OFFICE PORTFOLIO 79 Office Sustainability (continued) GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney NABERS Energy Rating (including Green Power) NABERS Water Rating Darling Park 1, Sydney Darling Park 2, Sydney Darling Park 3, Sydney HSBC Centre, Sydney workplace 6, Sydney Southbank Boulevard, Melbourne Exhibition Street, Melbourne Queen Street, Melbourne Collins Street, Melbourne Collins Street, Melbourne Collins Street, Melbourne Collins Street, Melbourne CBW, Melbourne 5.0/ / / / / / /808 Bourke Street, Melbourne One One One Eagle Street, Brisbane Riverside Centre, Brisbane Queen Street, Brisbane Portfolio Average Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. 1. The 2016 NABERS ratings for this asset are in the process of being reassessed. 2. Asset acquired in 2016, energy rating is for whole of building including tenant effects. 3. Asset in the process of being rated, requiring 12 months post commissioning and occupancy data to be assessed. 4. Portfolio average is calculated based on the portfolio composition as at 31 December of each year.

49 Office Sustainability GPT Portfolio Area NLA Water (Total) Litres/m 2 Emissions kg CO 2 -e/m 2 Waste % Recycled/Reused Australia Square, Sydney 51, % Citigroup Centre, Sydney 73, % MLC Centre, Sydney 67, % 1 Farrer Place, Sydney 84, % Melbourne Central Tower, Melbourne 65, % CBW, Melbourne 76, % One One One Eagle Street, Brisbane 63, % MLC Centre, Sydney OFFICE PORTFOLIO 80

50 OFFICE PORTFOLIO 81 Office Sustainability (continued) Area NLA Water (Total) Litres/m 2 Emissions kg CO 2 -e/m 2 Waste % Recycled/Reused GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney 56, % Darling Park 1 & 2, Sydney 101, % Darling Park 3, Sydney 29, % HSBC Centre, Sydney 37, % workplace 6, Sydney 16, % 2 Southbank Boulevard, Melbourne 53, % 8 Exhibition Street, Melbourne 44, % 100 Queen Street, Melbourne¹ 34,900 n/a n/a n/a 150 Collins Street, Melbourne 19, % 530 Collins Street, Melbourne 65, % 655 Collins Street, Melbourne 16, % 750 Collins Street, Melbourne 37, % CBW, Melbourne 76, % 800/808 Bourke Street, Melbourne 59, % One One One Eagle Street, Brisbane 63, % Riverside Centre, Brisbane 51, % 545 Queen Street, Brisbane 13,100 1, % Portfolio Average % 1. Asset acquired in 2016 and in the process of being assessed.

51 Office Sydney CBD Strongest performing market in terms of rental growth. Robust prime grade demand matched a large level of net supply, resulting in a stable vacancy rate for the year. Solid face rental growth and tightening incentives led to strong effective rental growth. $/sqm pa $1,000 $900 $800 $700 $600 $500 $400 $300 Sydney CBD: Rents and Incentives (Q416) Net Face Rent (LHS) Net Effective Rent (LHS) Incentives (RHS) $962 (+9.5%) 25.0% (-468bp) $616 (+22.5%) 40% 35% 30% 25% 20% 15% 10% Upper prime cap rates reached new all time lows. Dec-04 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 Sydney CBD: Demand, Supply & Vacancy (Q416) Sydney CBD: Upper & Lower Prime Yields (Q416) 300, % 9% sqm pa 200, , , ,000 Net Supply (LHS) Net Absorption (LHS) Vacancy Rate (RHS) 7.7% 83k 82k 9.0% 6.0% 3.0% 0.0% -3.0% -6.0% -9.0% 8% 7% 6% 5% Lower Prime Upper Prime 5.8% 4.88% -300, % 4% Dec-04 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-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Yield Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 JLL Research Q4 2016, GPT Research. OFFICE PORTFOLIO 82

52 OFFICE PORTFOLIO 83 Office Melbourne CBD Office Melbourne CBD Melbourne was the second strongest performing Melbourne market in 2016 was the based second on rental strongest growth. performing market Demand in significantly 2016 based on exceeded rental growth. net supply Demand (189,000 significantly vs. 107,000 sqm) exceeded during net 2016 supply driving (189,000 the vacancy vs. 107,000 rate down sqm) from during 10.0% 2016 to 8.1%. driving the Face vacancy rental rate growth down responded from 10.0% in the to 8.1%. second half Face of 2016 rental growing growth 8.2% responded and incentives in the second started half of tightening 2016 growing after 8.2% peaking and in incentives Q started tightening after peaking in Q $/sqm $/sqm pa pa $550 $550 $500 $500 $450 $450 $400 $400 $350 $350 $300 $300 $250 $250 $200 $200 Dec-04 Dec-04 Melbourne CBD: Rents and Incentives $/sqm pa (Q416) Melbourne CBD: Rents and Incentives $/sqm pa (Q416) $504 (+8.9%) $504 (+8.9%) Net Face Rent Net Face (LHS) 31.8% (-157bps) 31.8% Rent (LHS) Incentives Incentives (RHS) (RHS) (-157bps) $312 (+13.0%) $312 Net Effective Net Rent Effective (LHS) (+13.0%) Rent (LHS) Dec-05 Dec-05 Dec-06 Dec-06 Dec-07 Dec-07 Dec-08 Dec-08 Dec-09 Dec-09 Dec-10 Dec-10 Dec-11 Dec-11 Dec-12 Dec-12 Dec-13 Dec-13 Dec-14 Dec-14 Dec-15 Dec-15 Dec-16 Dec-16 Dec-17 Dec-17 Dec-18 Dec-18 45% 45% 40% 40% 35% 35% 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% sqm pa Melbourne Melbourne CBD: CBD: Demand, Demand, Supply Supply & Vacancy & Vacancy (Q416) (Q416) 300, , % 12.0% 250,000 Vacancy 250,000 Vacancy 8.1% 8.1% 10.0% 10.0% Rate Rate (RHS) (RHS) 200, , % Net 8.0% Net Supply Supply 189k 189k 150, ,000 (LHS) (LHS) 6.0% 6.0% 100, , % 107k 4.0% 107k 50,000 50, % 2.0% sqm pa % 0.0% -50,000 Net -50,000 Net Absorption Absorption -2.0% -2.0% (LHS) (LHS) -100, , % -4.0% Dec-04 Dec-04 Dec-05 Dec-05 Dec-06 Dec-06 Dec-07 Dec-07 Dec-08 Dec-08 Dec-09 Dec-09 Dec-10 JLL JLL Research Research Q4 2016, Q4 2016, GPT GPT Research. Research. Dec-10 Dec-11 Dec-11 Dec-12 Dec-12 Dec-13 Dec-13 Dec-14 Dec-14 Dec-15 Dec-15 Dec-16 Dec-16 Dec-17 Dec-17 Yield 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% Yield 4% 4% Dec-04 Melbourne Melbourne CBD: CBD: Upper Upper & Lower & Lower Prime Prime Yields Yields (Q416) (Q416) Lower Lower Prime Prime 6.3% 6.3% Upper Upper Prime Prime 5.0% 5.0% Dec-04 Dec-05 Dec-05 Dec-06 Dec-06 Dec-07 Dec-07 Dec-08 Dec-08 Dec-09 Dec-09 Dec-10 Dec-10 Dec-11 Dec-11 Dec-12 Dec-12 Dec-13 Dec-13 Dec-14 Dec-14 Dec-15 Dec-15 Dec-16 Dec-16 Dec-17 Dec-17

53 Office Brisbane CBD Office Brisbane CBD The Brisbane CBD continued to show early signs of The leasing Brisbane recovery CBD during continued to show early signs Supply of leasing exceed recovery demand during during , resulting in a rising Supply vacancy exceed rate demand tenant during incentives. 2016, resulting in However, a rising with vacancy limited rate new and supply tenant incentives. the near term However, and recovering with limited demand, new supply the vacancy in the near rate is forecast term and to peak recovering early demand, the vacancy rate is forecast to peak in early $/sqm pa $800 $700 $600 $500 $400 $300 $/sqm pa $200 $100 $0 Dec-04 $800 $700 $600 $500 $400 $300 $200 $100 Brisbane CBD: Rents and Incentives (Q416) 40% Brisbane CBD: Rents and Incentives (Q416) 36.4% Net Face (+181bp) 35% Rent (LHS) 36.4% $573 30% Net Face (+181bp) (+0.7%) Rent (LHS) 25% $573 Incentives (RHS) (+0.7%) 20% Incentives (RHS) Net Effective $266 15% Rent (LHS) (-3.2%) 10% Net Effective $266 5% Rent (LHS) (-3.2%) 0% Dec-05 Dec-04 Dec-06 Dec-05 Dec-07 Dec-06 Dec-08 Dec-07 Dec-09 Dec-08 Dec-10 Dec-09 Dec-11 Dec-10 Dec-12 Dec-11 Dec-13 Dec-12 Dec-14 Dec-13 Dec-15 Dec-14 Dec-16 Dec-15 Dec-17 Dec-16 Dec-18 Dec-17 $0 Dec-18 40% 35% 30% 25% 20% 15% 10% 5% 0% sqm pa 250, , , ,000 50, , , ,000 Dec-04 Brisbane CBD: Demand, Supply & Vacancy (Q416) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Vacancy Rate (RHS) Net Absorption (LHS) Dec-11 Dec-12 Net Supply (LHS) Dec-13 Dec-14 Dec % Dec-16 78k 42k Dec % 16.0% 12.0% 8.0% 4.0% 0.0% -4.0% -8.0% -12.0% Yield 9% 8% 7% 6% 5% 4% Yield Brisbane Brisbane CBD: Upper CBD: Upper & Lower & Lower Prime Prime Yields Yields (4Q16) (4Q16) 9% Lower Prime Lower Prime 8% 7.5% 7.5% 7% 6% Upper Prime Upper Prime 5.5% 5.5% 5% 4% Dec-04 Dec-05 Dec-04 Dec-06 Dec-05 Dec-07 Dec-06 Dec-08 Dec-07 Dec-09 Dec-08 Dec-10 Dec-09 Dec-11 Dec-10 Dec-12 Dec-11 Dec-13 Dec-12 Dec-14 Dec-13 Dec-15 Dec-14 Dec-16 Dec-15 Dec-17 Dec-16 Dec-17 JLL Research Q4 2016, GPT Research. OFFICE PORTFOLIO 84

54 OFFICE PORTFOLIO 85 Metropolitan & Mixed Use Opportunities Parramatta Camellia Second largest CBD in NSW 23km west of Sydney CBD Regional centre for Greater Western Sydney s est. population of 1.3m Office market comprises c.680,000sqm of space GPT own a site on corner Phillip St and Smith St with commercial development potential of approx. 28,000sqm (GLA) Draft West Central District Plan exhibited late 2016 Camellia earmarked as Major Mixed-Use Precinct within Priority Growth Area GPT holds 8ha land parcel with expected change to mixed-use in Draft Land Use Plan exhibited in 2015 Authorities currently finalising wider infrastructure plans Draft rezoning expected to be exhibited mid-2017 and finalised 1st half 2018 Sydney Olympic Park 2030 Draft Masterplan open for public comment Vision is for Sydney Olympic Park to become a Super Precinct within the Greater Parramatta to Olympic Peninsula Priority Growth Area Authorities currently finalising the wider infrastructure and transport plans GPT holds 5.2ha within a future Town Centre precinct Masterplan gazettal expected in the 2nd half of 2017

55 2016 ANNUAL RESULT Logistics Portfolio

56 Logistics Portfolio Overview GPT s logistics portfolio consists of ownership in 24 high quality logistics and business park assets located across Australia s Eastern Seaboard. WA Number of assets in each state NT SA QLD Brisbane 2 NSW Sydney 19 VIC 3 Melbourne TAS New South Wales Rosehill Business Park, Camellia 10 Interchange Drive, Eastern Creek Templar Road, Erskine Park Templar Road, Erskine Park Templar Road, Erskine Park Templar Road, Erskine Park Lockwood Road, Erskine Park 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington 83 Derby Street, Silverwater 3 Figtree Drive, Sydney Olympic Park 5 Figtree Drive, Sydney Olympic Park 7 Figtree Drive, Sydney Olympic Park 6 Herb Elliott Avenue, Sydney Olympic Park 8 Herb Elliott Avenue, Sydney Olympic Park Quad 1, Sydney Olympic Park Quad 4, Sydney Olympic Park Victoria Street, Wetherill Park 38 Pine Road, Yennora Victoria Citiwest Industrial Estate, Altona North Citiport Business Park, Port Melbourne Austrak Business Park, Somerton (50%) Queensland Quarry Road, Yatala 59 Forest Way, Karawatha Note: All totals and averages are based on GPT s balance sheet portfolio. LOGISTICS PORTFOLIO 86

57 LOGISTICS PORTFOLIO 87 Logistics Portfolio Summary The logistics portfolio delivered a Total Portfolio Return of 10.8%, underpinned by a high occupancy level of 95.3% and a long weighted average lease expiry of 7.9 years. Top Ten Tenants 1 Key Operating Metrics Geographic Weighting As at 31 December 2016 As at 31 December 2016 As at 31 December 2016 Wesfarmers Toll Rand Transport TNT Australia Australian Pharmaceutical Industries Number of Assets NSW 65% 18.1% 7.6% 6.2% 5.7% 4.7% Portfolio Value 3 $1,404.8m $1,345.6m 4 Comparable Net Income Growth 1.4% 0.7% Occupancy % 92.3% VIC 24% 4.1% 4.1% 4.0% 3.5% 2.8% Weighted Average Lease Expiry 7.9 years 8.2 years Schenker Australia Goodman Fielder Vodafone Super Cheap Auto ASICS 2. Consolidated properties are counted individually. 3. Excludes land and development held in GPTMH. 4. Includes equity interest in GMF which was divested on 1 July Includes Signed Leases. QLD 11% 1. Based on gross rent.

58 Lease Expiry Profile Lease Expiry Profile (by Income) 37% 11% 13% 12% 12% 7% 3% 0% 0% 2% 3% Note: Includes Signed Leases. LOGISTICS PORTFOLIO 88

59 LOGISTICS PORTFOLIO 89 Logistics Portfolio Summary GPT Portfolio State Ownership GLA (100% Interest) (sqm) 31 Dec 16 Fair Value 31 Dec 16 Cap Rate (%) External or Internal Valuation Actual Logistics Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) Rosehill Business Park, Camellia NSW 100% 41, % External 100.0% 100.0% 100.0% Interchange Drive, Eastern Creek NSW 100% 15, % External 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 15, % Internal 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 24, % Internal 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 21, % Internal 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 12, % External 100.0% 100.0% 100.0% Lockwood Road, Erskine Park NSW 100% 32, % Internal 100.0% 100.0% 100.0% Pembroke Road, Minto NSW 50% 15, % Internal 100.0% 100.0% 100.0% Holker Street, Newington NSW 100% 7, % External 100.0% 100.0% 100.0% Derby Street, Silverwater NSW 100% 17, % External 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park¹ NSW 100% 6, n/a Internal 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park NSW 100% 8, % Internal 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park¹ NSW 100% 3, n/a Internal 100.0% 100.0% 100.0% Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 4, n/a Internal 26.8% 26.8% 26.8% Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 3, n/a Internal 100.0% 100.0% 100.0% 3.1 Quad 1, Sydney Olympic Park NSW 100% 4,500² % Internal 100.0% 100.0% 100.0% 3.0 Quad 4, Sydney Olympic Park NSW 100% 8,100² % Internal 100.0% 100.0% 100.0% Victoria Street, Wetherill Park NSW 100% 20, % External 100.0% 100.0% 100.0% Pine Road, Yennora NSW 100% 33, % Internal 100.0% 100.0% 100.0% 2.2

60 State Ownership GLA (100% Interest) (sqm) 31 Dec 16 Fair Value 31 Dec 16 Cap Rate (%) External or Internal Valuation Actual Logistics Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) Citiwest Industrial Estate, Altona North VIC 100% 90, % External 86.4% 100.0% 100.0% 2.4 Citiport Business Park, Port Melbourne VIC 100% 27, % Internal 94.2% 94.2% 94.2% 2.4 Austrak Business Park, Somerton VIC 50% 210, % External 95.1% 95.1% 95.1% Quarry Road, Yatala QLD 100% 40, % External 55.1% 55.1% 55.1% Forest Way, Karawatha QLD 100% 44, % Internal 100.0% 100.0% 100.0% 12.2 Total 706, % 93.2% 95.3% 95.3% Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value. 2. NLA. Citiwest Industrial Estate, Altona North, VIC LOGISTICS PORTFOLIO 90

61 LOGISTICS PORTFOLIO 91 External Valuation Summary 100% of the logistics portfolio was valued externally in the 12 months to 31 December GPT Portfolio State Ownership Date Valuer Valuation Capitalisation Rate (%) Rosehill Business Park, Camellia NSW 100% 31 Dec 16 CBRE % 10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 16 Knight Frank % Templar Road, Erskine Park NSW 100% 30 Jun 16 CBRE % Templar Road, Erskine Park NSW 100% 30 Jun 16 CBRE % Templar Road, Erskine Park NSW 100% 30 Jun 16 JLL % Templar Road, Erskine Park NSW 100% 31 Dec 16 Savills % Lockwood Road, Erskine Park NSW 100% 30 Jun 16 CBRE % 407 Pembroke Road, Minto NSW 50% 30 Jun 16 m % 4 Holker Street, Newington NSW 100% 31 Dec 16 CBRE % 83 Derby Street, Silverwater NSW 100% 31 Dec 16 JLL % 3 Figtree Drive, Sydney Olympic Park¹ NSW 100% 30 Jun 16 Knight Frank 24.0 n/a 5 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 16 Knight Frank % 7 Figtree Drive, Sydney Olympic Park¹ NSW 100% 30 Jun 16 Knight Frank 15.0 n/a 6 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 30 Jun 16 Knight Frank 11.0 n/a 8 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 30 Jun 16 Knight Frank 11.3 n/a Quad 1, Sydney Olympic Park NSW 100% 30 Jun 16 Savills %

62 State Ownership Date Valuer Valuation Capitalisation Rate (%) Quad 4, Sydney Olympic Park NSW 100% 30 Jun 16 Savills % Victoria Street, Wetherill Park NSW 100% 31 Dec 16 CBRE % 38 Pine Road, Yennora NSW 100% 30 Jun 16 CBRE % Citiwest Industrial Estate, Altona North VIC 100% 31 Dec 16 CBRE % Citiport Business Park, Port Melbourne VIC 100% 30 Jun 16 Savills % Austrak Business Park, Somerton VIC 50% 31 Dec 16 m % Quarry Road, Yatala QLD 100% 31 Dec 16 CBRE % 59 Forest Way, Karawatha QLD 100% 30 Jun 16 CBRE % 1. Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value. Austrak Business Park, Somerton, VIC LOGISTICS PORTFOLIO 92

63 LOGISTICS PORTFOLIO 93 Income and Fair Value Schedule Income 12 months to 31 Dec Variance Fair Value 31 Dec 15 Development Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 31 Dec 16 GPT Portfolio Rosehill Business Park, Camellia Interchange Drive, Eastern Creek Templar Road, Erskine Park Templar Road, Erskine Park (0.7) Templar Road, Erskine Park (3.6) Templar Road, Erskine Park Lockwood Road, Erskine Park (0.4) Pembroke Road, Minto Holker Street, Newington (0.2) (0.1) (2.5) Derby Street, Silverwater (0.3) Figtree Drive, Sydney Olympic Park Figtree Drive, Sydney Olympic Park Figtree Drive, Sydney Olympic Park Herb Elliott Avenue, Sydney Olympic Park (0.2) (2.4) Herb Elliott Avenue, Sydney Olympic Park Quad 1, Sydney Olympic Park (2.5) Quad 4, Sydney Olympic Park (0.1) Victoria Street, Wetherill Park (0.5) Pine Road, Yennora (0.3) Citiwest Industrial Estate, Altona North (0.9) (2.4) Citiport Business Park, Port Melbourne Austrak Business Park, Somerton Quarry Road, Yatala (4.5) Forest Way, Karawatha % of Portfolio (%)

64 Income 12 months to 31 Dec Variance Fair Value 31 Dec 15 Development Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 31 Dec 16 Assets Sold During the Period 2-4 Harvey Road, Kings Park (50.3) Assets Under Development Erskine Park Development & Land Pembroke Road, Minto Land Abbott Road, Seven Hills (0.8) (2.0) Lot 2012 Eastern Creek Drive Lot 21 Old Wallgrove Road, Eastern Creek Huntingwood Drive, Huntingwood (2.0) Austrak Business Park, Somerton Land (1.4) Loscam, Metroplex Equity Interests GPT Equity Interest in GMF (1.4) (39.0) Total Logistics Portfolio , (89.3) , GPT Equity Interest in GMF 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 to 1 July 2016, when the interest was divested. 2. Excludes $4.3 million which was attributable to 16 Holt Street, Pinkenba and Berry Street, Granville, which were sold in % of Portfolio (%) LOGISTICS PORTFOLIO 94

65 LOGISTICS PORTFOLIO 95 Logistics Sydney Sydney appears best placed for rental growth take-up was the strongest in 19 years. Increased competition amongst developers and limited serviced land has contributed to upward pressure on land values. Customer demand is expected to be strong in Western locations as Government investment in infrastructure improves supply chain efficiency. Sydney Industrial: Total vacant stock by grade ('000 sqm) Prime Secondary Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 sqm sqm 1, Sydney Industrial Supply('000 sqm) 10 year average Sydney Industrial Demand ('000 sqm) 10 year average All Other Pre-Lease and Design & Construct 10 yr Avg. Source: Knight Frank, JLL.

66 Logistics Melbourne Take-up remained strong in 2016 with a greater proportion satisfied by existing assets. Supply levels were high, as 2015 pre-leases reached practical completion. Vacancy levels remain elevated, particularly in the West. High incentives continue to add pressure on rental market. Melbourne Industrial: Vacant stock by grade ('000 sqm) Prime Secondary Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 sqm sqm Melbourne Industrial Supply('000 sqm) 10 year average Melbourne Industrial Demand ('000 sqm) 10 year average All Other Pre-Lease and Design & Construct 10 yr Avg. Source: Knight Frank, JLL. LOGISTICS PORTFOLIO 96

67 LOGISTICS PORTFOLIO 97 Logistics Brisbane Subdued demand in 2016 with higher vacancy has led to increased pressure on rents and incentives. sqm Brisbane Industrial Supply('000sqm) Supply was muted in 2016 as developers wait to secure pre-leases before activating projects year average Brisbane Industrial: Total vacant stock by grade ('000 sqm) sqm Brisbane Industrial Demand ('000sqm) Prime Secondary year average Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct All Other Pre-Lease and Design & Construct 10 yr Avg. Source: Knight Frank, JLL.

68 Sydney Industrial Market GPT Industrial Assets Erskine Park Eastern Creek 1 Erskine Park 2 Eastern Creek 3 Huntingwood Dr, Huntingwood 4 Victoria St, Wetherill Park 5 Pine Rd, Yennora 6 Rosehill Business Park, Camellia 7 Derby St, Silverwater 8 Holker St, Newington 9 Sydney Olympic Park 10 Pembroke Rd, Minto LOGISTICS PORTFOLIO 98

69 LOGISTICS PORTFOLIO 99 Rand, Erskine Park, Sydney

70 2016 ANNUAL RESULT Development

71 Development Overview GPT has $0.6 billion in development projects currently underway across the retail, office and logistics sectors, with a significant pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT s funds. Sector Ownership Interest (%) Forecast Total Cost Forecast Cost to Complete GPT s Share Fund s Share Target Completion Date Underway Macarthur Square, NSW Retail 50% GWSCF H 2017 Wollongong Central, NSW Retail 100% GWSCF H 2017 Sunshine Plaza, QLD Retail 50% GPT H Murray Rose Avenue, Sydney Olympic Park, NSW Office 100% GPT H 2018 Lot 2012 Eastern Creek Drive, Eastern Creek, NSW Logistics 100% GPT H Abbott Road, Seven Hills, NSW Logistics 100% GPT H A Huntingwood, Huntingwood, NSW Logistics 100% GPT H Whitelaw Place, Richlands (Metroplex), QLD Logistics 100% GPT H 2017 Total Underway Planned Rouse Hill Town Centre, NSW Retail 100% GPT Chirnside Park, VIC Retail 100% GWSCF Melbourne Central, VIC Retail 100% GPT Casuarina Square, NT Retail 50% GPT / 50% GWSCF MLC Centre, NSW Office 50% GPT Phillip Street & 32 Smith Street, Parramatta, NSW Office 100% GPT Austrak Business Park, Minto, NSW Logistics 50% GPT Lot 21 Old Wallgrove Road, Eastern Creek, NSW Logistics 100% GPT Lockwood Road, Erskine Park, NSW Logistics 100% GPT Lot 11, Templar Road (576B Mamre Road), Erskine Park, NSW Logistics 50% GPT Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works. DEVELOPMENT 100

72 DEVELOPMENT 101 Development Overview (continued) Sector Ownership Interest (%) Forecast Total Cost Forecast Cost to Complete GPT s Share Fund s Share Austrak Business Park, Somerton, VIC Logistics 50% GPT Metroplex, Wacol, QLD Logistics 50% GPT B Huntingwood, Huntingwood, NSW Logistics 100% GPT Wembley Business Park, Berrinba, QLD Logistics 100% GPT Total Planned 1, Future Pipeline Highpoint Shopping Centre, VIC Retail 16.67% GPT / 58.33% GWSCF Parkmore Shopping Centre, VIC Retail 100% GWSCF Other 1, Total Future Pipeline 1, ,210 Total Underway, Planned and Future Pipeline 3,818 2,050 1,445 Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works. Target Completion Date Charlestown Square, NSW

73 2016 ANNUAL RESULT Funds Management

74 GPT Funds Management Summary The Group s Funds Management platform provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income stream through a significant co-investment in the Group s managed funds. GPT s Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF). Fund Summary as at 31 December 2016 GWOF GWSCF Number of Assets 18 8 Total Assets $6.6b $3.8b Net Gearing 17.8% 9.4% One Year Equity IRR (post-fees) 14.5% 11.5% Fund Details as at 31 December 2016 Wollongong Central, New South Wales GPT's Ownership Interest 24.5% 25.3% GPT's Investment $1,283.1m $822.7m Established July 2006 March 2007 Weighted Average Capitalisation Rate 5.55% 5.46% Portfolio Occupancy 96.6% 99.2% GPT s Share of Fund FFO $59.4m $38.7m GPT Base Management Fee $28.3m $17.2m GPT Performance Fee $28.1m $0.0m FUNDS MANAGEMENT 102

75 FUNDS MANAGEMENT 103 GPT Funds Management Overview Historical Growth in Funds under Management Growth in Funds under Management for the 12 months to 31 December 2016 $9.6b $10.0b $10.4b $10.0b $0.9b $0.6b ($1.1b) $10.4b $5.3b $5.6b $6.6b $7.1b Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 15 FUM Developments Acquisitions Divestments Dec 16 FUM & Asset Growth GWOF performance versus benchmark GWSCF performance versus benchmark Total return (%) GWOF Mercer / IPD All Office Index Peer 1 Peer 2 Peer 3 GWSCF Mercer / IPD All Retail Index Peer 1 Peer 2 Peer 3 1 Year 3 Years 5 Years 7 Years 9 Years 1 Year 3 Years 5 Years 7 Years 9 Years Source: Mercer / IPD.

76 GWOF Capital Management Total borrowings for the Fund at 31 December 2016 were $1,205 million resulting in net gearing of 17.8%. GWOF Capital Management Summary as at 31 December 2016 Net Gearing 17.8% Weighted Average Cost of Debt 4.4% 1 Fees and Margins (included in above) 1.6% 1 Weighted Average Debt Term 3.9 years Drawn Debt Hedging 63% Weighted Average Hedge Term 3.5 years GWOF Loan Facilities Facility Limit Facility Expiry Amount Currently Drawn 750 Collins Street, Melbourne Bilateral Facility January Bilateral Facility January Bilateral Facility September Bilateral Facility October Bilateral Facility September Bilateral Facility November Bilateral Facility January Bilateral Facility September Bilateral Facility October Bilateral Facility October Bilateral Facility May Forward Start Facility September Bilateral Facility November Medium Term Notes May Total 1, , Average for the six months to 31 December Quarterly extension facility. FUNDS MANAGEMENT 104

77 FUNDS MANAGEMENT 105 GWSCF Capital Management Total borrowings for the Fund at 31 December 2016 were $373 million resulting in net gearing of 9.4%. GWSCF Capital Management Summary as at 31 December 2016 Net Gearing 9.4% Weighted Average Cost of Debt 4.6% 1 Fees and Margins (included in above) 1.6% 1 Weighted Average Debt Term 3.7 years Drawn Debt Hedging 83% Weighted Average Hedge Term 3.2 years GWSCF Loan Facilities Facility Limit Facility Expiry Amount Currently Drawn Casuarina Square, Darwin Medium Term Notes November Bilateral Facility January Bilateral Facility October Forward Start Facility November Bilateral Facility July Bilateral Facility September Forward Start Facility October Forward Start Facility January Bilateral Facility July Bilateral Facility July Bilateral Facility October Bilateral Facility October Forward Start Facility April Total 1, Average for the six months to 31 December Quarterly extension facility.