2016 INTERIM RESULT. Data Pack

Transcription

1 2016 INTERIM RESULT Data Pack

2 CONTENTS GPT Overview 27 Financial Performance 33 Retail Portfolio 45 Office Portfolio 59 Logistics Portfolio 75 Development 87 Funds Management 89 Note: All information included in this pack includes GPT owned assets and GPT s interest in the Wholesale Funds (GWOF and GWSCF) and its ASX listed Fund (GMF), unless otherwise stated. Contents

3 2016 INTERIM RESULT GPT Overview

4 GPT Overview 27 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 30 June shopping centres 990,000 sqm GLA 3,400 + tenants $4.9b portfolio $8.1b AUM 23 assets 1,160,000 sqm NLA tenants $4.0b portfolio $9.1b AUM 31 assets 810,000 sqm GLA 90 + tenants $1.4b portfolio $1.8b AUM Retail 47% Office 39% Logistics 14% Melbourne Central, Melbourne One One One Eagle Street, Brisbane Lockwood Road, Erskine Park

5 GPT Portfolio Metrics 28 GPT Overview Across the three sectors, GPT has maintained high occupancy and a long WALE. Portfolio Size WALE Occupancy WACR Retail $4.94b 4.1 years 99.4% 5.52% Office $4.03b 5.3 years 97.3% 5.58% Logistics $1.44b 7.9 years 92.7% 6.81% Total $10.41b 5.2 years 95.8% 5.70% Structured Rental Increases 1 Retail Office Logistics 4.5% Average Increase Fixed 72% Other 28% 3.8% Average Increase Fixed 87% Other 13% 3.3% Average Increase Fixed 92% Other 8% 1. Structured rent reviews for the 12 months to 31 December Other includes market reviews, CPI reviews and expiries in 2016.

6 GPT Securityholder Overview 29 GPT Overview GPT Securityholders by Geography As at 30 June 2016 GPT Securityholders by Type As at 30 June 2016 Australia & New Zealand 60% North America 21% Asia 8% Europe (ex UK) 7% UK 4% Domestic Institutions 52% Foreign Institutions 41% Retail Investors 7%

7 Glossary 30 GPT Overview A-Grade As per the Property Council of Australia s A Guide to Office Building Quality GFA Gross Floor Area AFFO Adjusted Funds From Operations: Adjusted Funds From Operations is defined as FFO less maintenance capex, leasing incentives and other items calculated in accordance with the PCA Voluntary Best Practice Guidelines for Disclosing FFO and AFFO GLA GMF GWOF Gross Lettable Area GPT Metro Office Fund GPT Wholesale Office Fund AREIT Australian Real Estate Investment Trust GWSCF GPT Wholesale Shopping Centre Fund ASX Australian Securities Exchange HoA Heads of Agreement AUM Assets under management IFRS International Financial Reporting Standards Bps Basis Points IPD Investment Property Databank Capex Capital expenditure IRR Internal Rate of Return CBD Central Business District LBP Logistics & Business Parks CO 2 CPI cps DPS EBIT EPS FFO FUM Gearing 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 The level of borrowings relative to assets 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 defined as debt less cash divided by total tangible assets less cash

8 NLA Net Lettable Area ROCE Return on capital employed NPAT Net Profit After Tax Specialty Tenants Retail tenancies with a GLA below 400 sqm NTA Net Tangible Assets Sqm Square metre 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 TR TSR Total Tangible Assets USPP VWAP WACD WACR WALE 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 Weighted average lease expiry

9 One One One Eagle Street, Brisbane

10 2016 INTERIM RESULT Financial Performance

11 Financial Summary 33 Financial Performance 6 months to 30 June Change Funds From Operations Up 8.4% Net profit after tax Up 39.0% FFO per ordinary security (cents) Up 6.1% FFO yield (based on period end price) 5.6% 6.7% Down 110 bps Distribution per ordinary security (cents) Up 4.5% Distribution yield (based on period end price) 4.3% 5.2% Down 90 bps Net interest expense (50.1) (57.3) Down 12.6% Interest capitalised Up 21.4% Weighted average cost of debt 4.3% 4.6% Down 30 bps Interest cover 6.3 times 5.4 times Up 0.9 times As at 30 Jun 16 As at 31 Dec 15 Change Total assets 11, ,006.5 Up 2.3% Total borrowings 2, ,948.0 Down 5.3% NTA per security ($) Up 5.0% Net gearing 24.4% 26.3% Down 190 bps Net look through gearing 26.2% 27.8% Down 160 bps Weighted average term to maturity of debt 5.9 years 5.1 years Up 0.8 years Credit ratings A (stable) / A3 (stable) A- (positive) / A3 (stable) Upgraded Weighted average term of interest rate hedging 5.3 years 5.6 years Down 0.3 years

12 Results Summary 34 Financial Performance Segment performance 6 months to 30 June Comment Retail Operations net income Comparable property income growth of 3.0% Development net income Sale of residential land at Rouse Hill Office Operations net income Comparable property income growth of 6.0% Development net income Logistics Operations net income Comparable property income growth of 0.1% Development net income Funds Management H Performance Fee Net financing costs (50.1) (57.3) Lower debt balance and lower fixed/floating rates Corporate management expenses (13.8) (16.4) Tax expenses (5.9) (5.7) Non-core Interest income from ILC, ceases 1 July 2016 Less: distribution to exchangeable securities (1.7) Redeemed in January 2015 Funds From Operations (FFO) Valuation increase Financial instruments mark to market movements and net foreign exchange movements (65.7) year interest swap rates down 65 bps from December 2015 Other items included profit on sale of 1 & 2 Murray Rose Exclude distributions on exchangeable securities in Funds From Operations 1.7 Net Profit After Tax (NPAT)

13 Funds From Operations to Adjusted Funds From Operations 35 Financial Performance 6 months to 30 June Core operations Non-core operations Financing and corporate overheads (69.8) (79.4) Less: distribution to exchangeable securities (1.7) Funds From Operations Maintenance capital expenditure (25.5) (22.4) Lease incentives (including rent free) (36.2) (29.4) Adjusted Funds From Operations

14 NTA Movement 36 Financial Performance Securities on Issue Number of Securities (million) Opening balance 1 January ,794.8 Issue of securities June 2016 Balance 1,798.0 NTA Movement Net Assets No. of Securities (million) NTA per Security ($) NTA position as at 31 December , , FFO Revaluations (include development profit) Mark to market of Treasury (66.3) (0.04) Distribution (206.8) (0.115) Issue of securities Other (2.1) Movement in NTA NTA position as at 30 June , ,

15 Capital Management Summary 37 Financial Performance Gearing As at 30 June 2016 Total assets 11,255.7 Less: intangible assets (35.1) Total tangible assets 11,220.6 Current borrowings 24.3 Non-current borrowings 2,767.3 Interest Cover 30 June 2016 Funds From Operations Add: taxes deducted 5.9 Add: Finance Costs for the period 51.8 Earnings Before Interest and Tax (EBIT) Finance Costs 51.8 Total borrowings 1 2,791.6 Headline Gearing 24.9% Net Gearing % 1. Includes fair value and other adjustments. As at 30 June 2016, drawn debt is $2,478 million. 2. Net gearing equals debt less cash/total tangible assets less cash. Interest Cover 6.3 times

16 Look Through Gearing 38 Financial Performance Look Through Gearing as at 30 June 2016 GPT Group GWOF GWSCF GMF Other 2 Total Share of assets of non-consolidated entities Group total tangible assets 11, ,220.6 Plus: GPT share of assets of non-consolidated entities 1, , ,112.5 Less: total equity investment in non-consolidated entities (1,042.0) (635.4) (39.0) (992.4) (2,708.8) Less: GPT loans to non-consolidated entities (9.1) (9.1) Total look through assets 11, ,615.2 Group total borrowings 2, ,791.6 Plus: GPT share of external debt of non-consolidated entities Total look through borrowings 2, ,109.3 Look through gearing 26.8% Look through gearing based on net debt % 1. Net debt equals debt less cash/total tangible assets less cash. 2. Retail, office, logistics and other assets held in joint ventures.

17 Debt 39 Financial Performance Debt Cost Average for period ending 30 June 2016 Average Debt % of Average Debt (%) Interest Rate (%) Sources of Drawn Debt As at 30 June 2016 Hedged debt 1,652 64% 3.1% Floating debt % 2.1% Total debt 2, % 2.8% Margin 1.0% Fees 0.5% All-in cost of funds 4.3% Debt Funded Capacity As at 30 June 2016 Current Gearing (%) Investment Capacity 1 Comment Domestic bank debt 37% Foreign bank debt 7% Secured bank debt 4% Domestic MTNs 19% Foreign MTNs 7% USPP 23% CPI bonds 3% Balance Sheet 24.4% 1,320 Assumes increase to 30% gearing Funds GWOF 13.7% 1,415 Assumes increase to 30% gearing GWSCF 15.4% 805 Assumes increase to 30% gearing Total 3, Pro-forma adjusted for GPT s divestments in July 2016 and excludes unrealised fair value adjustments on foreign borrowings.

18 Debt Facilities 40 Financial Performance Current Debt Facilities as at 30 June 2016 Outstanding (equiv) Maturity Date Limit (equiv) Available (equiv) Bank Facility Metroplex 7 30 Nov Bank Facility Metroplex 5 5 May Bank Facility Metroplex May Bank Bilateral Sep Bank Bilateral Sep Medium Term Notes Nov Bank Bilateral Jan Bank Bilateral 62 1 Jan Bank Bilateral Mar Bank Bilateral Sep Bank Bilateral Sep Bank Bilateral Oct Bank Bilateral Oct Bank Bilateral Nov Medium Term Notes Jan Bank Facility Somerton Feb Bank Bilateral May Bank Bilateral 0 30 Nov Medium Term Notes Sep Bank Bilateral 0 1 Oct Bank Bilateral 0 1 Oct Bank Bilateral 0 30 Oct Bank Bilateral Nov Bank Bilateral 0 31 Mar Medium Term Notes Aug US Private Placement Jun Medium Term Notes Mar 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 2,478 3, Quarterly extension facility.

19 Debt Maturity Profile 41 Financial Performance Debt Maturity Profile As at 30 June 2016 (A$ millions) H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Facility

20 Liquidity Profile 42 Financial Performance Liquidity Profile As at 30 June ($bn) Cash balance 30 Jun 2016 Undrawn existing facilities Current liquidity Retained earnings Acquisitions, Divestments & ARR Settlement Development/Capex Debt facility expiries Excess liquidity at 31 Dec 2016

21 Hedging Profile 43 Financial Performance Hedging Profile as at 30 June 2016 Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments Principal Amount of Fixed Rate Borrowings 30 June % 1, June % 1, June % 1, June % 1, June % 1, June % 1, ,500 5% 3,000 2,500 2,000 1,500 1, % 3.11% 3.23% 3.23% 2.99% 2.75% 2.76% 2.76% 2.58% 3.58% 4% 3% 2% 1% 0 0 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20 0% Forecast Debt Swaps Fixed rate debt Weighted average fixed rate

22 2 Southbank Boulevard, Melbourne

23 2016 INTERIM RESULT Retail Portfolio

24 Retail Portfolio Overview 45 Retail Portfolio GPT is a leading owner, manager and developer of Australian retail property. GPT s retail investments of $4.9 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 Northern Territory GPT Owned Casuarina Square (50%) Australian Capital Territory GWSCF Owned Westfield Woden (50%) 1 WA Number of assets in each state NT SA QLD Brisbane 1 NSW Sydney Canberra 1 VIC 5 TAS 6 Melbourne GWSCF Owned Casuarina Square (50%) Queensland GPT Owned Sunshine Plaza (50%) 1 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 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.

25 Retail Portfolio Summary 46 Retail Portfolio The GPT retail portfolio is well positioned with a high level of occupancy at 99.4%. The retail portfolio achieved comparable income growth of 3.0% over the six months to 30 June Top Ten Tenants 1 Geographic Weighting As at 30 June 2016 As at 30 June 2016 Wesfarmers Woolworths Myer Premier Retail (Just Group) Cotton On Clothing NSW 45% VIC 39% 4.8% 4.3% 2.9% 2.8% 2.7% 1.9% 1.4% 1.2% 1.2% 1.0% QLD 8% NT 7% Hoyts Country Road Group BB Retail Westpac Sussan ACT 1% 1. Based on gross rent (including turnover rent).

26 Retail Portfolio Summary 47 Retail Portfolio The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 14 shopping centres. State Ownership GLA (100% Interest) (sqm) 30 Jun 16 Fair Value 30 Jun 16 Cap Rate (%) External or Internal Valuation Occupancy Annual Centre Turnover Occupancy Cost Specialty GPT Portfolio Casuarina Square NT 50% 53, % External 99.4% % 11,582 Charlestown Square NSW 100% 90, % External 99.0% % 11,150 Highpoint Shopping Centre¹ VIC 16.67% 153, % Internal 98.7% % 10,740 Melbourne Central² VIC 100% 54,700 1, % Internal 99.4% % 11,674 Rouse Hill Town Centre NSW 100% 69, % Internal 100.0% % 8,264 Sunshine Plaza QLD 50% 73, % External 99.8% % 11,768 Westfield Penrith NSW 50% 90, % External 100.0% % 11,978 GWSCF Portfolio Casuarina Square NT 50% 53, % External 99.4% % 11,582 Chirnside Park VIC 100% 37, % Internal 100.0% % 11,490 Highpoint Shopping Centre¹ VIC 58.33% 153,100 1, % Internal 98.7% % 10,740 Macarthur Square NSW 50% 94, % External n/a % 10,289 Northland Shopping Centre VIC 50% 97, % External 99.8% % 8,441 Norton Plaza NSW 100% 11, % Internal 100.0% % 11,975 Parkmore Shopping Centre VIC 100% 36, % External 99.2% % 8,874 Westfield Woden ACT 50% 74, % External 99.0% % 9,026 Wollongong Central NSW 100% 56, % External 97.2% % 8,158 Total 994, % 99.4%³ 6, %⁴ 10,766⁴ 1. Fair value includes Homemaker City Maribyrnong. Cap rate of 8.00%. 2. Fair value includes retail and 100% interest of car park. Car park cap rate of 6.00%. 3. Excludes development impacted centre (Macarthur Square). 4. Excludes development impacted centres (Wollongong Central and Macarthur Square). Specialty Sales ($psm)

27 Retail Sales Summary 48 Retail Portfolio Centre MAT Comparable Centre MAT Growth Comparable Specialty MAT Growth Specialty MAT ($psm) Specialty Occupancy Cost GPT Portfolio Casuarina Square (1.3%) (0.3%) 11, % Charlestown Square (1.7%) (1.2%) 11, % Highpoint Shopping Centre % 7.4% 10, % Melbourne Central % 8.3% 11, % Rouse Hill Town Centre % 5.7% 8, % Sunshine Plaza¹ % 4.4% 11, % Westfield Penrith² % 4.9% 11, % GWSCF Portfolio Casuarina Square (1.3%) (0.3%) 11, % Chirnside Park % 4.2% 11, % Highpoint Shopping Centre % 7.4% 10, % Northland Shopping Centre³ % 1.6% 8, % Norton Plaza % 7.9% 11, % Parkmore Shopping Centre % 3.4% 8, % Westfield Woden² (0.1%) 1.7% 9, % GPT Weighted Total 2, % 4.2% 10, % Centres Under Development GWSCF Portfolio Wollongong Central % 7.9% 8, % Macarthur Square (0.1%) 2.2% 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 49 Retail Portfolio Retail sales showed positive growth over the 12 months to 30 June 2016 with total centre sales up 3.2% and specialties up 4.2%. Comparable Change in Retail Sales by Category as at 30 June 2016 MAT 12 Months Growth Department Store $132.9m 3.7% Discount Department Store $256.2m 0.7% Supermarket $440.8m 1.6% Mini and Other Majors $337.3m 4.5% Other Retail¹ $230.0m 1.1% Total Specialties $1,339.6m 4.2% Total Centre $2,736.7m 3.2% Specialty Sales Split General Retail $136.9m 16.4% Homewares $72.6m 10.7% Jewellery $81.8m 9.8% Mobile Phones $54.3m 6.2% Leisure $79.1m 4.5% Food Catering $253.0m 4.2% Retail Services $109.2m 2.7% Apparel $489.0m 0.3% Food Retail $63.7m (1.1%) Based on GPT weighted interest. Excludes development impacted centres (Macarthur Square and Wollongong Central). 1. Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants.

29 Retail Sales 50 Retail Portfolio Retail specialty sales have increased 4.2% over the 12 months to 30 June Specialty MAT Growth 6.5% 5.9% 1.4% 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% 0.2% 0.5% 0.4% Jun 06 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 From December 2014, based on GPT weighted interest. Excludes development impacted centres.

30 Lease Expiry Profile 51 Retail Portfolio Weighted Average Lease Expiry (by base rent) as at 30 June 2016 Major Tenants Mini-Major Tenants Specialty Tenants Weighted Total 10.9 years 4.5 years 2.7 years 4.1 years Total Centres Total Specialty Tenants 12% 1 14% 15% 15% 13% 18% 18% 17% 16% 1 16% 16% 9% 10% 5% 3% 1% 2% 2H H Includes holdovers.

31 External Valuation Summary 52 Retail Portfolio 67% of the GPT retail portfolio was valued externally in the six months to 30 June State Ownership Date Valuer Valuation Capitalisation Rate (%) GPT Portfolio Casuarina Square NT 50% 30 Jun 16 CBRE % Charlestown Square NSW 100% 30 Jun 16 M % Highpoint Shopping Centre¹ VIC 16.67% 31 Mar 16 Savills % Melbourne Central² VIC 100% 31 Dec 15 Savills 1, % Rouse Hill Town Centre³ NSW 100% 31 Dec 15 JLL % Sunshine Plaza QLD 50% 30 Jun 16 M % Westfield Penrith NSW 50% 30 Jun 16 Knight Frank % GWSCF Portfolio Casuarina Square NT 50% 30 Jun 16 CBRE % Chirnside Park VIC 100% 31 Mar 16 Savills % Highpoint Shopping Centre¹ VIC 58.33% 31 Mar 16 Savills 1, % Macarthur Square NSW 50% 30 Jun 16 Colliers % Northland Shopping Centre VIC 50% 30 Jun 16 Knight Frank % Norton Plaza NSW 100% 31 Mar 16 Knight Frank % Parkmore Shopping Centre VIC 100% 30 Jun 16 CBRE % Westfield Woden ACT 50% 30 Jun 16 CBRE % Wollongong Central NSW 100% 30 Jun 16 JLL % Note: Valuations include ancillary assets. 1. Valuation includes Homemaker City Maribyrnong. 2. Valuation includes retail and car park. 3. Valuation excludes expansion land.

32 Income and Fair Value Schedule 53 Retail Portfolio Income 6 months to 30 Jun Variance Fair Value 31 Dec 15 Development & Other Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 30 Jun 16 % of Portfolio (%) GPT Portfolio Casuarina Square Charlestown Square (3.1) Highpoint Shopping Centre Melbourne Central , , Rouse Hill Town Centre Sunshine Plaza (27.4) Westfield Penrith (0.5) Assets Sold During the Period Dandenong Plaza (6.4) (0.1) (197.1) Land Held For Development Rouse Hill Land (23.0) Equity Interests GPT Equity Interest in GWSCF (20.2%)¹ (0.4) (0.2) Total Retail Portfolio (7.4) 5, (220.1) , 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 six months to 30 June 2016 represents GPT s share of FFO for the period.

33 Retail Sustainability 54 Retail Portfolio Area GLA Water (Total) Litres/m 2 Emissions Waste % kg CO 2 -e/m 2 Recycled/Reused GPT Portfolio Casuarina Square 53,000 1, % Charlestown Square 90, % Highpoint Shopping Centre 153,100 1, % Melbourne Central 54,700 2, % Rouse Hill Town Centre 69,700 1, % Sunshine Plaza 73,400 1, % Westfield Penrith 90,400 1, % GWSCF Portfolio Casuarina Square 53,000 1, % Chirnside Park 37, % Highpoint Shopping Centre 153,100 1, % Macarthur Square 94,600 1, % Northland Shopping Centre 97, % Norton Plaza 11,800 1, % Parkmore Shopping Centre 36, % Westfield Woden 74,400 1, % Wollongong Central 56, % Portfolio Average 1, % Note: Sustainability data as at 31 December 2015.

34 Retail The relative economic strength of NSW and Victoria is supporting sales growth 55 Retail Portfolio Appendices State Final Demand Growth Westpac Consumer Sentiment Index (by state) AUS NSW VIC QLD WA Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Index 16% 12% 8% 4% 0% -4% -8% AUS NSW VIC QLD WA Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Quarterly Growth (Trend - %) Source: Deloitte Access Economics, Business Outlook, June Source: Westpac MI Consumer Sentiment Index, July Retail Trade Growth (by State) Retail Trade Growth vs Westpac Consumer Sentiment Index Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Annual Growth (QoQ) 12% 10% 8% 6% 4% 2% 0% -2% Consumer Confidence (RHS) Retail Trade Growth (SA - LHS) AUS NSW VIC QLD WA 10% 130 8% 6% 4% 2% 0% % Jul 95 Jul 96 Jul 97 Jul 98 Jul 99 Jul 00 Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Annual Growth MoM (%) Index Source: ABS Retail Trade, May 2016 (Seasonally adjusted). Source: ABS Retail Trade June 2016, Westpac MI Consumer Sentiment Index, July 2016.

35 Retail Investing in the right centres and catchments is driving sales growth 56 Retail Portfolio Appendices Contribution by asset to 4.2% Specialty MAT growth 1 2.5% Contribution to portfolio specialty MAT sales growth 2.0% 1.5% 1.0% 0.5% 0.0% Casuarina -0.3% Charlestown 0.0% -1.2% -0.2% Westfield Woden 1.7% 0.0% Northland 1.6% 0.0% Westfield Penrith 4.9% 0.6% Parkmore 3.4% 0.0% Sunshine 4.4% 0.4% Chirnside 4.2% 0.1% Rouse Hill 5.7% 0.8% Highpoint 7.4% 0.7% Melbourne Central 8.3% 1.8% Norton Plaza 7.9% 0.0% -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% 10% Specialty MAT Growth 1. Based on GPT weighted interest. Excludes development impacted assets (Wollongong Central & Macarthur Square).

36 Retail Specialty MAT sales growth up 4.2% strongly driven by General Retail 57 Retail Portfolio Appendices Contribution by asset to 4.2% Specialty MAT growth 1 2.0% Contribution to portfolio specialty MAT sales growth 1.5% 1.0% 0.5% 0.0% Appendices To come from Alice as a PPT slide to be inserted. NB. This is a different Master page. Apparel 0.3% 0.1% Retail Services 2.7% 0.2% Food Catering 4.2% 0.8% Leisure 4.5% 0.3% Mobile Phones 6.2% 0.2% Jewellery 9.8% 0.6% Homewares 10.7% 0.5% General Retail 16.4% 1.5% Food Retail -1.1% % black = specialty MAT growth -0.1% % blue = contribution to GPT portfolio specialty MAT growth Size of circle indicates asset weighted proportion of total portfolio specialty sales -0.5% -5% 0% 5% 10% 15% 20% Specialty MAT Growth 1. Based on GPT weighted interest. Excludes development impacted assets (Wollongong Central & Macarthur Square).

37 Highpoint Shopping Centre, Victoria

38 2016 INTERIM RESULT Office Portfolio

39 Office Portfolio Overview 59 Office Portfolio GPT s office portfolio comprises ownership in 23 high quality assets with a total investment of $4.0 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 The Zenith, Chatswood (50%) Victoria GPT Owned Melbourne Central Tower CBW, Melbourne (50%) GWOF Owned 2 Southbank Boulevard (50%) 8 Exhibition Street (50%) Twenty8 Freshwater Place (50%) 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%) GWOF Owned One One One Eagle Street (33%) 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.

40 Office Portfolio Summary 60 Office Portfolio 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 30 June 2016 As at 30 June 2016 As at 30 June 2016 Government IAG Deloitte Members Equity Bank NBN Co SYDNEY 57% 8.5% 3.2% 2.9% 2.8% 2.7% MELBOURNE 32% 2.5% 2.4% 2.0% 2.0% 1.9% Citibank NAB Arrow Energy ANZ CBA BRISBANE 11% 1. Based on gross rent. Banking 17% Legal 15% Other Business Services 15% Insurance 13% Government 10% Accountants 9% Info and Comms Technology 9% Finance 5% Mining & Energy 4% Other 3%

41 Lease Expiry Profile 61 Office Portfolio Lease Expiry Profile (by Income) 17% 15% 14% 10% 8% 8% 8% 5% 6% 6% 2% 2H Note: Includes Signed Leases.

42 Office Portfolio Summary 62 Office Portfolio State Ownership Office NLA (100% Interest) (sqm) 30 Jun 16 Fair Value 30 Jun 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, % External 97.5% 99.3% 99.6% 4.1 Citigroup Centre, Sydney NSW 50% 73, % External 84.2% 99.5% 99.5% 6.0 MLC Centre, Sydney NSW 50% 67, % External 90.6% 97.8% 97.8% Farrer Place, Sydney NSW 25% 84, % External 64.7% 77.8% 91.7% 6.8 Melbourne Central Tower, Melbourne VIC 100% 65, % External 99.3% 99.3% 100.0% 3.4 CBW, Melbourne VIC 50% 76, % External 100.0% 100.0% 100.0% 4.0 One One One Eagle Street, Brisbane QLD 33% 63, % External 97.6% 97.6% 97.6% 7.1 Australia Square, Sydney MLC Centre, Sydney CBW, Melbourne

43 State Ownership Office NLA (100% Interest) (sqm) 30 Jun 16 Fair Value 30 Jun 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% 9.2 Darling Park 1 & 2, Sydney NSW 50% 101, DP1: 5.50% DP2: 5.25% External 100.0% 100.0% 100.0% 7.0 Darling Park 3, Sydney NSW 100% 29, % External 100.0% 100.0% 100.0% 5.4 HSBC Centre, Sydney NSW 100% 37, % External 86.3% 96.5% 100.0% 3.3 workplace 6, Sydney NSW 100% 16, % External 100.0% 100.0% 100.0% Southbank Boulevard, Melbourne VIC 50% 53, % External 97.9% 97.9% 97.9% Exhibition Street, Melbourne VIC 50% 44, % External 83.8% 88.1% 88.1% Collins Street, Melbourne VIC 100% 19, % External 100.0% 100.0% 100.0% Collins Street, Melbourne VIC 100% 65, % External 98.0% 98.0% 98.0% Collins Street, Melbourne VIC 100% 16, % External 100.0% 100.0% 100.0% Collins Street, Melbourne VIC 100% 37, % External 100.0% 100.0% 100.0% 3.4 CBW, Melbourne VIC 50% 76, % External 100.0% 100.0% 100.0% /808 Bourke Street, Melbourne VIC 100% 59, % External 100.0% 100.0% 100.0% 11.1 One One One Eagle Street, Brisbane QLD 33% 63, % External 97.6% 97.6% 97.6% 7.1 Riverside Centre, Brisbane QLD 100% 51, % External 87.3% 87.3% 88.2% 3.3 GWOF assets for sale 1 Various Various 90, % Various 95.5% 98.2% 98.2% 2.3 Total 1,162, % 93.8% 97.3% 98.4% GWOF assets for sale include The Zenith, Chatswood, Twenty8 Freshwater Place, Melbourne and 545 Queen Street, Brisbane.

44 External Valuation Summary 64 Office Portfolio The entire GPT office portfolio was valued externally in the six months to 30 June 2016, with the exception of two of the GWOF assets that are held for sale. State Ownership Date Valuer Valuation Capitalisation Rate (%) GPT Portfolio 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% 30 Jun 16 CBRE % One One One Eagle Street, Brisbane QLD 33% 30 Jun 16 Colliers % Liberty Place, Sydney

45 State Ownership Date Valuer Valuation Capitalisation Rate (%) GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 30 Jun 16 Urbis % Darling Park 1 & 2, Sydney NSW 50% 30 Jun 16 Knight Frank % Darling Park 3, Sydney NSW 100% 30 Jun 16 Knight Frank % HSBC Centre, Sydney NSW 100% 30 Jun 16 Savills % workplace 6, Sydney NSW 100% 30 Jun 16 JLL % 2 Southbank Boulevard, Melbourne VIC 50% 30 Jun 16 JLL % 8 Exhibition Street, Melbourne VIC 50% 30 Jun 16 Knight Frank % 150 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills % 530 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills % 655 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills % 750 Collins Street, Melbourne VIC 100% 30 Jun 16 Knight Frank % CBW, Melbourne VIC 50% 30 Jun 16 CBRE % 800/808 Bourke Street, Melbourne VIC 100% 30 Jun 16 CBRE % One One One Eagle Street, Brisbane QLD 33% 30 Jun 16 Colliers % Riverside Centre, Brisbane QLD 100% 30 Jun 16 Colliers % GWOF assets for sale 1 Various Various Various Various % 1. GWOF assets for sale include The Zenith, Chatswood, Twenty8 Freshwater Place, Melbourne and 545 Queen Street, Brisbane.

46 Income and Fair Value Schedule 66 Office Portfolio Income 6 months to 30 June Variance Fair Value 31 Dec 15 Development & Other Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Fair Value 30 Jun 16 % of Portfolio (%) GPT Portfolio Australia Square, Sydney (0.1) Citigroup Centre, Sydney MLC Centre, Sydney Farrer Place, Sydney (0.1) Melbourne Central Tower, Melbourne CBW, Melbourne One One One Eagle Street, Brisbane Equity Interests GPT Equity Interest in GWOF (20.4%) (6.0) , 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 six months to 30 June 2016 represents GPT s share of FFO for the period.

47 Office Sustainability 67 Office Portfolio 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 One One One Eagle Street, Brisbane

48 Office Sustainability (continued) 68 Office Portfolio NABERS Energy Rating (including Green Power) NABERS Water Rating GWOF Portfolio Liberty Place, 161 Castlereagh Street, Sydney Darling Park 1, Sydney Darling Park 2, Sydney Darling Park 3, Sydney HSBC Centre, Sydney workplace 6, Sydney The Zenith, Chatswood Southbank Boulevard, Melbourne Exhibition Street, Melbourne Twenty8 Freshwater Place, 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 n/a Portfolio Average Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. 1. Asset in the process of being rated, requiring 12 months post commissioning and occupancy data to be assessed.

49 Office Sustainability 69 Office Portfolio Area NLA Water (Total) Litres/m 2 Emissions kg CO 2 -e/m 2 Waste % Recycled/Reused GPT Portfolio 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, % Note: Sustainability data as at 31 December Only recycled waste reported. 2 Southbank Boulevard, Melbourne

50 Office Sustainability (continued) 70 Office Portfolio 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, % The Zenith, Chatswood 43, % 2 Southbank Boulevard, Melbourne 53, % 8 Exhibition Street, Melbourne 44, % Twenty8 Freshwater Place, Melbourne 33, % 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, % Portfolio Average % Note: Sustainability data as at 31 December Only recycled waste reported.

51 Office Sydney CBD strong performance during last 12 months, outlook positive 71 Office Portfolio Appendices Strong market fundamentals in the last 12 months. Demand has exceeded supply, vacancy and incentives have reduced and rental growth has been strong. Supply cycle will peak in 3Q16. Prime cap rates stabilising at prior cyclical lows. $/sqm pa $1,000 $900 $800 $700 $600 $500 $400 $300 Dec 04 Dec 05 Sydney CBD: Rents and Incentives (2Q16) Dec 06 Net Face Rent (LHS) Dec 07 Dec 08 Incentives (RHS) Net Effective Rent (LHS) Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 $909 (+7.0%) 28.4% (-291bp) $538 (+17.1%) Dec 15 Dec 16 40% 35% 30% 25% 20% 15% 10% sqm pa 250, ,000 50,000-50, , ,000 Dec 04 Sydney CBD: Demand, Supply & Vacancy (2Q16) 12.0% Vacancy 7.1% 8.0% Rate (RHS) 119k 4.0% 91k 0.0% Net Supply (LHS) Dec 05 Dec 06 Dec 07 JLL Research 2Q16, GPT Research. Dec 08 Dec 09 Net Absorption (LHS) Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec % -8.0% -12.0% Yield 9% 8% 7% 6% 5% 4% Dec 04 Sydney CBD: Upper & Lower Prime Yields (2Q16) 7.8% Lower Prime 6.50% Upper Prime 5.00% Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec % 5.00% Dec 16

52 Office Melbourne CBD improving fundamentals to strengthen rental growth 72 Office Portfolio Appendices Demand significantly exceeded net supply (138,000 vs. 44,000 sqm) in the last 12 months driving the vacancy rate down from 10.1% to 8.0%. Rental growth has been slow to respond, however, is expected to strengthen in the next 12 months due to a low level of net supply delivery and solid demand to continue. $/sqm pa $550 $500 $450 $400 $350 $300 $250 $200 Dec 04 Dec 05 Melbourne CBD: Rents and Incentives (2Q16) Dec 06 Dec 07 Net Face Rent (LHS) Dec 08 Dec 09 Incentives (RHS) Net Effective Rent (LHS) Dec 10 Dec 11 Dec 12 Dec 13 Dec % (+104bp) $466 (+3.1%) $279 (+1.9%) Dec 15 Dec 16 35% 30% 25% 20% 15% 10% sqm pa 300, , , , ,000 50, , ,000 Dec 04 Melbourne CBD: Demand, Supply & Vacancy (2Q16) Net Supply (LHS) Dec 05 Dec 06 Dec 07 Dec 08 Vacancy Rate (RHS) Net Absorption (LHS) Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec % 138k 44k Dec % 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Yield 9% 8% 7% 6% 5% 4% Melbourne CBD: Upper & Lower Prime Yields (2Q16) Lower Prime Upper Prime 5.75% Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec % 5.25% Dec 16 JLL Research 2Q16, GPT Research.

53 Office Brisbane CBD demand recovering, although supply remains an issue 73 Office Portfolio Appendices The Brisbane CBD is showing signs of recovery as positive net absorption returns. Demand is focussed on A-Grade accommodation. Vacancy has increased in the past 12 months (15.2% to 16.6%) due to soft demand being met with new supply and a significant level of backfill space. Appendices To come from Alice as a PPT slide to be inserted. $100 NB. This is a different Master page. $0 Outlook to gradually improve with no new supply in 2017 and demand continuing to recover. $/sqm pa $800 $700 $600 $500 $400 $300 $200 Dec 04 Dec 05 Brisbane CBD: Rents and Incentives (2Q16) Dec 06 Dec 07 Dec 08 Dec 09 Net Face Rent (LHS) Incentives (RHS) Dec % (+188 bp) $575 (+0.6%) Net Effective Rent (LHS) $269 (-3.5%) Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec % 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% sqm per annum Brisbane CBD: Demand, Supply & Vacancy (2Q16) Vacancy 16.6% 250,000 Net Supply 20.0% Rate (RHS) 200,000 (LHS) 16.0% 150, % 92k 100, % 50,000 47k 4.0% 0 0.0% -50, , ,000 Net Absorption (LHS) -4.0% -8.0% -12.0% 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 Yield 9% 8% 7% 6% 5% 4% Dec 04 Brisbane CBD: Upper & Lower Prime Yields (2Q16) Lower Prime 7.75% Upper Prime 5.75% 5.50% Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 JLL Research 2Q16, GPT Research.

54 Office Perth CBD weak market fundamentals to continue 74 Office Portfolio Appendices Vacancy and incentives continued to rise due to a large level of new supply combined with negative net absorption. As a result both net face and effective rents continued to decline (-3.6% and -20.1% p.a. respectively). Demand to remain weak due to ongoing contraction in resource sector related services industries. $/sqm pa $1,000 $800 $600 $400 $200 $0 Dec 04 Dec 05 Perth CBD: Rents and Incentives (2Q16) Dec 06 Dec 07 Dec 08 Net Face Rent (LHS) Dec 09 Incentives (RHS) Dec 10 Net Effect Rent (LHS) Dec 11 Dec 12 Dec % (+900bp) Dec 14 $631 (-3.6%) $279 (-20.1%) Dec 15 Dec 16 50% 40% 30% 20% 10% 0% sqm pa 180, ,000 80,000 30,000-20,000-70,000 Perth CBD: Demand, Supply & Vacancy (2Q16) Net Supply (LHS) Net Absorption (LHS) Vacancy Rate (RHS) 24.5% 24.0% 16.0% 124k 8.0% 0.0% -24k -8.0% Yield 10% 9% 8% 7% 6% Perth CBD: Upper & Lower Prime Yields (2Q16) Lower Prime Upper Prime 6.25% 8.25% 6.00% -120,000 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 % 5% 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 JLL Research 2Q16, GPT Research.

55 2016 INTERIM RESULT Logistics Portfolio

56 Logistics Portfolio Overview 75 Logistics Portfolio GPT s logistics portfolio consists of ownership in 31 high quality logistics and business park assets located across Australia s Eastern Seaboard. The portfolio includes assets held on the Group s balance sheet and an investment in the GPT Metro Office Fund. WA Number of assets in each state NT SA QLD Brisbane 3 NSW Sydney 24 VIC 4 Melbourne TAS New South Wales GPT Owned 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 2-4 Harvey Road, Kings 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 New South Wales GMF Owned 3 Murray Rose Avenue, Sydney Olympic Park 5 Murray Rose Avenue, Sydney Olympic Park Quad 2, Sydney Olympic Park Quad 3, Sydney Olympic Park Victoria GPT Owned Citiwest Industrial Estate, Altona North Citiport Business Park, Port Melbourne Austrak Business Park, Somerton (50%) GMF Owned Vantage, 109 Burwood Road, Hawthorn Queensland GPT Owned Quarry Road, Yatala 59 Forest Way, Karawatha GMF Owned Optus Centre, 15 Green Square Close, Fortitude Valley Note: All totals and averages are based on GPT s balance sheet portfolio and weighted ownership interest in the GMF portfolio.

57 Logistics Portfolio Summary 76 Logistics Portfolio The logistics portfolio delivered a Total Portfolio Return of 13.1%, underpinned by a high occupancy level of 92.7% and a long weighted average lease expiry of 7.9 years. Top Ten Tenants 1 Key Operating Metrics Geographic Weighting As at 30 June 2016 As at 30 June 2016 As at 30 June 2016 Wesfarmers Toll Rand Transport TNT Australia Freedom Furniture 1H H 2015 Number of Assets NSW 66% 16.8% 7.1% 5.9% 5.2% 4.4% Portfolio Value 3 $1,437.2m $1,385.2m Comparable Net Income Growth 0.1% 0.8% Occupancy % 92.4% VIC 22% 4.3% 3.9% 3.8% 3.8% 3.2% Weighted Average Lease Expiry 7.9 years 8.2 years Australian Pharmaceutical Industries Schenker Australia Goodman Fielder Vodafone Super Cheap Auto 2. Consolidated properties are counted individually. 3. Includes equity interest in GMF. Excludes land and development held in GPTMH. 4. Includes Signed Leases. QLD 12% 1. Based on gross rent.

58 Lease Expiry Profile 77 Logistics Portfolio Lease Expiry Profile (by Income) 41% 17% 10% 11% 9% 2% 0% 4% 1% 3% 3% 2H Note: Includes Signed Leases.

59 Logistics Portfolio Summary 78 Logistics Portfolio State Ownership GLA (100% Interest) (sqm) 30 Jun 16 Fair Value 30 Jun 16 Cap Rate (%) External or Internal Valuation Actual Logistics Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) GPT Portfolio Rosehill Business Park, Camellia NSW 100% 41, % Internal 100.0% 100.0% 100.0% Interchange Drive, Eastern Creek NSW 100% 15, % Internal 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 15, % External 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 24, % External 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 21, % External 100.0% 100.0% 100.0% Templar Road, Erskine Park NSW 100% 12, % Internal 100.0% 100.0% 100.0% Lockwood Road, Erskine Park NSW 100% 32, % External 100.0% 100.0% 100.0% Harvey Road, Kings Park NSW 100% 40, % Internal 100.0% 100.0% 100.0% Pembroke Road, Minto NSW 50% 15, % External 100.0% 100.0% 100.0% Holker Street, Newington NSW 100% 7, % Internal 100.0% 100.0% 100.0% Derby Street, Silverwater NSW 100% 17, % Internal 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park 1 NSW 100% 6, n/a External 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park NSW 100% 8, % External 100.0% 100.0% 100.0% Figtree Drive, Sydney Olympic Park 1 NSW 100% 3, n/a External 100.0% 100.0% 100.0% Herb Elliott Avenue, Sydney Olympic Park 1 NSW 100% 4, n/a External 26.8% 26.8% 26.8% Herb Elliott Avenue, Sydney Olympic Park 1 NSW 100% 3, n/a External 100.0% 100.0% 100.0% 3.6

60 State Ownership GLA (100% Interest) (sqm) 30 Jun 16 Fair Value 30 Jun 16 Cap Rate (%) External or Internal Valuation Actual Logistics Occupancy Inc. Signed Leases Inc. Heads of Agreement WALE by Income (Years) Quad 1, Sydney Olympic Park NSW 100% 4, % External 88.3% 88.3% 94.9% 3.4 Quad 4, Sydney Olympic Park NSW 100% 8, % External 100.0% 100.0% 100.0% Victoria Street, Wetherill Park NSW 100% 20, % Internal 100.0% 100.0% 100.0% Pine Road, Yennora NSW 100% 33, % External 100.0% 100.0% 100.0% 2.7 Citiwest Industrial Estate, Altona North VIC 100% 90, % Internal 65.5% 65.5% 65.5% 1.7 Citiport Business Park, Port Melbourne VIC 100% 27, % External 92.9% 92.9% 92.9% 3.0 Austrak Business Park, Somerton VIC 50% 211, % Internal 92.3% 92.3% 92.3% Quarry Road, Yatala QLD 100% 40, % Internal 94.9% 94.9% 94.9% Forest Way, Karawatha QLD 100% 44, % External 100.0% 100.0% 100.0% 12.7 GMF Portfolio 3 Murray Rose Avenue, Sydney Olympic Park NSW 100% 13, % Internal 100.0% 100.0% 100.0% Murray Rose Avenue, Sydney Olympic Park NSW 100% 12, % Internal 100.0% 100.0% 100.0% 7.8 Quad 2, Sydney Olympic Park NSW 100% 5, % Internal 100.0% 100.0% 100.0% 3.1 Quad 3, Sydney Olympic Park NSW 100% 5, % Internal 95.1% 95.1% 95.1% 2.8 Vantage, 109 Burwood Road, Hawthorn VIC 100% 12, % Internal 69.6% 76.3% 89.2% 4.7 Optus Centre, 15 Green Square Close, Fortitude Valley QLD 100% 16, % Internal 97.8% 97.8% 97.8% 5.7 Total 812, % 92.6% 92.7% 92.7% 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.

61 External Valuation Summary 80 Logistics Portfolio 61% of the logistics portfolio was valued externally in the six months to 30 June GPT Portfolio State Ownership Date Valuer Valuation Capitalisation Rate (%) Rosehill Business Park, Camellia NSW 100% 31 Dec 15 Urbis % 10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 15 JLL % 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 15 CBRE % Lockwood Road, Erskine Park NSW 100% 30 Jun 16 CBRE % 2-4 Harvey Road, Kings Park NSW 100% 30 Jun 14 Savills % 407 Pembroke Road, Minto NSW 50% 30 Jun 16 m % 4 Holker Street, Newington NSW 100% 30 Jun 14 Colliers % 83 Derby Street, Silverwater NSW 100% 31 Dec 15 m % 3 Figtree Drive, Sydney Olympic Park 1 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 Park 1 NSW 100% 30 Jun 16 Knight Frank 15.0 n/a 6 Herb Elliott Avenue, Sydney Olympic Park 1 NSW 100% 30 Jun 16 Knight Frank 11.0 n/a 8 Herb Elliott Avenue, Sydney Olympic Park 1 NSW 100% 30 Jun 16 Knight Frank 11.3 n/a

62 State Ownership Date Valuer Valuation Capitalisation Rate (%) Quad 1, Sydney Olympic Park NSW 100% 30 Jun 16 Savills % Quad 4, Sydney Olympic Park NSW 100% 30 Jun 16 Savills % Victoria Street, Wetherill Park NSW 100% 31 Dec 15 JLL % 38 Pine Road, Yennora NSW 100% 30 Jun 16 CBRE % Citiwest Industrial Estate, Altona North VIC 100% 31 Dec 15 Savills % Citiport Business Park, Port Melbourne VIC 100% 30 Jun 16 Savills % Austrak Business Park, Somerton VIC 50% 31 Dec 15 m % Quarry Road, Yatala QLD 100% 31 Dec 14 Knight Frank % 59 Forest Way, Karawatha QLD 100% 30 Jun 16 CBRE % GMF Portfolio 3 Murray Rose Avenue, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers % 5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers % Quad 2, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers % Quad 3, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers % Vantage, 109 Burwood Road, Hawthorn VIC 100% 31 Mar 16 Colliers % Optus Centre, 15 Green Square Close, Fortitude Valley QLD 100% 31 Mar 16 Colliers % 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.

63 Income and Fair Value Schedule 82 Logistics Portfolio Income 6 months to 30 Jun Variance Fair Value 31 Dec 15 Development & Other Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments GPT Portfolio Rosehill Business Park, Camellia Interchange Drive, Eastern Creek Templar Road, Erskine Park Templar Road, Erskine Park (0.7) Templar Road, Erskine Park (3.2) Templar Road, Erskine Park Lockwood Road, Erskine Park (0.4) Pembroke Road, Minto Holker Street, Newington Derby Street, Silverwater (0.2) 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 (0.3) Victoria Street, Wetherill Park Pine Road, Yennora (0.1) Citiwest Industrial Estate, Altona North (0.9) Citiport Business Park, Port Melbourne (0.1) Austrak Business Park, Somerton (0.4) Quarry Road, Yatala Forest Way, Karawatha Fair Value 30 Jun 16 % of Portfolio (%)

64 Income 6 months to 30 Jun Variance Fair Value 31 Dec 15 Development & Other Capex Capex Maintenance Capex Lease Incentives Fair Value Reconciliation Acquisitions Sales Net Revaluations Other Adjustments Assets Held for Sale 2-4 Harvey Road, Kings Park Assets Under Development Erskine Park Development & Land Pembroke Road, Minto Land Murray Rose Avenue, Sydney Olympic Park Abbott Road, Seven Hills (0.8) (2.0) Lot 2012, Eastern Creek Drive Lot 21, Old Wallgrove Road Austrak Business Park, Somerton Land Equity Interests GPT Equity Interest in GMF (13.0%) Total Logistics Portfolio , , 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 for the six months to 30 June 2016 represents GPT s share of FFO for the period. 2. Excludes $2.5 million which was attributable to 16 Holt Street, Pinkenba and Berry Street, Granville, which were sold in Fair Value 30 Jun 16 % of Portfolio (%)

65 Logistics Sydney well balanced market fundamentals 84 Logistics Portfolio Appendices 2015 saw strongest take-up figures in since Combined with relatively low levels of new supply, vacancy has decreased. Sydney is best placed for rental growth with well balanced supply and demand Sydney Industrial: Total vacant stock by grade ('000 sqm) Prime Secondary Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 sqm sqm Sydney Industrial Supply ('000 sqm) 8 year average Sydney Industrial Demand ('000 sqm) All Other Pre-Lease and Design & Construct 8 year average H 2016 Source: Knight Frank, JLL. Full Calendar Year Half Year

66 Logistics Melbourne strong demand but challenging supply side issues 85 Logistics Portfolio Appendices Activity in the pre-lease market experienced record demand in Supply levels remain high as developers continue to activate projects in Melbourne s West. Vacancy levels and incentives are elevated as tenants relocate to new facilities Melbourne Industrial: Vacant stock by grade ('000 sqm) Prime Secondary Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Source: Knight Frank, JLL. sqm sqm Melbourne Industrial Supply ('000 sqm) 8 year average Melbourne Industrial Demand ('000 sqm) All Other Pre-Lease and Design & Construct 8 year average H 2016 Full Calendar Year Half Year

67 Logistics Brisbane contracting rents amidst subdued demand 86 Logistics Portfolio Appendices Demand has been subdued in the first half of 2016, with evidence of increasing incentives. Supply below long term average. Vacancy stabilising as developers wait to secure pre-leases before activating projects Brisbane Industrial: Total vacant stock by grade ('000 sqm) Prime Secondary Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Source: Knight Frank, JLL. sqm sqm Brisbane Industrial Supply ('000 sqm) 8 year average Brisbane Industrial Demand ('000 sqm) All Other Pre-Lease and Design & Construct 8 year average H 2016 Full Calendar Year Half Year

68 2016 INTERIM RESULT Development

69 Development Overview 87 Development GPT has $0.2 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 Casuarina Square, NT Retail 50% GPT / 50% GWSCF H 2016 Total Underway Planned Rouse Hill Town Centre, NSW Retail 100% GPT Wollongong Central, NSW Retail 100% GWSCF Melbourne Central, VIC Retail 100% GPT Sunshine Plaza, QLD Retail 50% GPT Casuarina Square, NT Retail 50% GPT / 50% GWSCF MLC Centre, NSW Office 50% GPT Murray Rose Avenue, Sydney Olympic Park, NSW Office 100% GPT Austrak Business Park, Minto, NSW Logistics 50% GPT Eastern Creek Drive & Old Wallgrove Road, Eastern Creek, NSW Logistics 100% GPT Lockwood Road & Templar Road, Erskine Park, NSW Logistics 100% GPT Lot 11, Templar Road, Erskine Park, NSW Logistics 50% GPT Abbott Road, Seven Hills, NSW Logistics 100% GPT Austrak Business Park, Somerton, VIC Logistics 50% GPT Metroplex, Wacol, QLD Logistics 50% GPT Wembley Business Park, Berrinba, QLD Logistics 100% GPT Total Planned 1,425 1,

70 Development Overview (continued) 88 Development Sector Ownership Interest (%) Forecast Total Cost Forecast Cost to Complete GPT s Share Fund s Share Future Pipeline Highpoint Shopping Centre, VIC Retail 16.67% GPT / 58.33% GWSCF Parkmore Shopping Centre, VIC Retail 100% GWSCF Chirnside Park, VIC Retail 100% GWSCF Other 1, Total Future Pipeline 1, ,130 Total Underway, Planned and Future Pipeline 3,573 2,005 1,338 Target Completion Date Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works. Casuarina Square, NT

71 2016 INTERIM RESULT Funds Management

72 GPT Funds Management Summary 89 Funds Management 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 includes the GPT Wholesale Office Fund (GWOF), the GPT Wholesale Shopping Centre Fund (GWSCF) and the ASX-listed GPT Metro Office Fund (GMF). Fund Summary as at 30 June 2016 GWOF GWSCF GMF Number of Assets Total Assets $6.1bn $3.9bn $0.4bn Net Gearing 13.7% 15.4% 28.1% One Year Equity IRR (post-fees) 18.6% 5.3% 23.1%¹ 1. Total Unitholder Return. Fund Details as at 30 June 2016 Highpoint Shopping Centre, VIC GPT's Ownership Interest 20.4% 20.2% 13.0% 2 GPT's Investment $1,042.0m $635.4m $39.0m 2 Established July 2006 March 2007 October 2014 Weighted Average Capitalisation Rate 5.68% 5.62% 6.70% Portfolio Occupancy 97.6% 98.9% 94.9% GPT s Share of Fund FFO $25.1m $17.8m $1.4m GPT s Base Management Fee $13.2m $8.5m $1.3m GPT Performance Fee $14.4m $0.0m n/a 2. On 1 July 2016, GPT sold its interest in GMF.

73 GPT Funds Management Overview 90 Funds Management Historical Growth in Funds under Management $9.6b $9.8b $10.0b $10.4b $9.8b Growth in Funds under Management for the 12 months to 30 June 2016 $0.8b ($0.2b) $10.4b $5.3b $5.6b $6.6b $7.1b Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Jun 2015 Dec 2015 Jun 2016 Jun 15 FUM Developments Acquisitions Divestments Jun 16 FUM & Asset Growth 18.8 GWOF performance versus benchmark GWSCF performance versus benchmark Total return (%) 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 1 Year 3 Years 5 Years 7 Years Source: Mercer / IPD.

74 GWOF Capital Management 91 Funds Management Total borrowings for the Fund at 30 June 2016 were $863 million resulting in net gearing of 13.7%. GWOF Capital Management Summary as at 30 June 2016 Net Gearing 13.7% Weighted Average Cost of Debt 4.4% Fees and Margins (included in above) 1.4% Weighted Average Debt Term 3.7 years Drawn Debt Hedging 72% Weighted Average Hedge Term 3.3 years GWOF Loan Facilities Facility Limit Facility Expiry Amount Currently Drawn Bank Bilateral Facility Jul Bank Bilateral Facility Sep Bank Bilateral Facility Sep Bank Bilateral Facility Oct Bank Bilateral Facility Sep Bank Bilateral Facility Jan Bank Bilateral Facility Sep Bank Bilateral Facility Oct Medium Term Notes May Total 1, Quarterly extension facility. CBW, Melbourne

75 GWSCF Capital Management 92 Funds Management Total borrowings for the Fund at 30 June 2016 were $613 million resulting in net gearing of 15.4%. GWSCF Capital Management Summary as at 30 June 2016 Net Gearing 15.4% Weighted Average Cost of Debt 4.7% Fees and Margins (included in above) 1.6% Weighted Average Debt Term 3.3 years Drawn Debt Hedging 75% Weighted Average Hedge Term 2.9 years GWSCF Loan Facilities Facility Limit Facility Expiry Amount Currently Drawn Bilateral Facility Jul Medium Term Notes Nov Bilateral Facility Oct Bilateral Facility Jul Bilateral Facility Sep Forward Start Facility Jan Bilateral Facility Jul Bilateral Facility Oct Forward Start Facility Oct Forward Start Facility Apr Total Quarterly extension facility. Wollongong Central, NSW