Slide 1: GPT 2013 September Quarter Result Update
For personal use only GPT 2013 SEPTEMBER QUARTER <<<<<<<< RESULT UPDATE 11
Slide 2: September Quarter Highlights
SEPTEMBER QUARTER HIGHLIGHTS Delivering on core property principles For personal use only Guidance upgraded Low gearing with Robust portfolio targeting at least $2.8 billion metrics maintained 6% EPS growth for 2013 capacity(1) GWOF and GWSCF the best GWSCF successfully raised performing funds in th
Slide 3: Resilient portfolio maintains solid fundamentals
INVESTMENT MANAGEMENT Resilient portfolio maintains solid fundamentals For personal use only PORTFOLIO SUMMARY As at 30 September 2013 Portfolio Size WALE Occupancy WACR Retail $4.4bn 4.3 years 99.6% 6.00% Office $2.8bn 5.4 years 95.4%(1) 6.78% Logistics & Business Parks $1.0bn 5.6 years 95.4% 8.27%
Slide 4: Retail: Occupancy levels remain steady
RETAIL Occupancy levels remain steady For personal use only 30 Sep 2013(2) 30 Jun 2013 Comparable total centre sales growth(1) 0.3% 1.0% Comparable specialty sales growth(1) 0.8% 1.1% Specialty sales psm(1) $9,174 $8,984 Specialty occupancy costs(1) 18.2% 18.2% Occupancy rate 99.6% 99.5% Weighted av
Slide 5: Retail: The cautious consumer environment remains
RETAIL The cautious consumer environment remains For personal use only 10% Comparable Change in Annual Retail Sales Growth by Category 8.1% 8% 6% 4.5% 4.0% 4% 3.5% 2% 0.8% 1.2% 0.8% 0.3% 0% -0.1% -2% -1.0% -1.0% -1.5% -4% -2.7% -6% -4.8% -8% -7.8% -7.9% -10% Mobile Phones Apparel Food Retail Mini &
Slide 6: Retail: Early indications of growth driver improvement
RETAIL Early indications of growth driver improvement For personal use only Supportive monetary policy and weaker dollar Stable economic growth anticipated Cash Rate and Exchange Rate(1) IMF Australian Economic Growth Forecast(2) Annual Real GDP Growth Cash Rate (LHS) 8% $A/$US (RHS) 1.2 5% Forecast
Slide 7: Office: Portfolio metrics remain solid
OFFICE Portfolio metrics remain solid For personal use only 30 Sep 2013 30 Jun 2013 Occupancy (including terms agreed) 95.4% 95.2% Weighted average lease expiry 5.4 years 5.6 years Leases signed during the quarter 26,110 sqm 19,310 sqm Terms agreed at period end 16,790 sqm 27,560 sqm Weighted averag
Slide 8: Office: Solid work on retaining existing tenants
OFFICE Solid work on retaining existing tenants For personal use only Solid activity year to date with 72,840 sqm of signed leases Renewals representing 78% of September quarter 2013 leasing activity LEASING TRANSACTIONS Asset Status Tenant Sqm Term 8 Exhibition Street Signed Lease UBS 4,950 sqm
Slide 9: Office: Demand showing signs of improvement
OFFICE Demand showing signs of improvement For personal use only Leading indicators suggesting space markets passing the trough – NAB business confidence survey showing stages of improvement on a rolling twelve month basis – Prime grade net absorption for Eastern Seaboard CBD average starting to r
Slide 10: Logistics & Business Parks: Stable portfolio metrics
LOGISTICS & BUSINESS PARKS Stable portfolio metrics For personal use only 30 Sep 2013 30 Jun 2013 Occupancy 95.4% 98.5% Weighted average lease expiry 5.6 years 5.4 years Leases signed during the quarter 37,580 sqm 36,750 sqm Weighted average capitalisation rate 8.27% 8.27% Logistics and Business Par
Slide 11: Logistics & Business Parks: Demand driven by logistics companies
LOGISTICS & BUSINESS PARKS Demand driven by logistics companies For personal use only Industrial Project Completions(1) Supply and demand forecast for CY13 3.0 Under Construction Total Gross Lettable Area likely to be near 10 year averages Completed 2.5 (milllon sqm) and at a similar level to 2012
Slide 12: Two new acquisitions in logistics
LOGISTICS & BUSINESS PARKS Two new acquisitions in logistics For personal use only Quarry Road, Yatala, QLD LBP Portfolio Growth Summary $44.5 million In Jan 2012 – $0.8 billion portfolio Prime logistics facility in SE QLD At Sep 2013 – $1.4 billion (including developments) Built in 2009
Slide 13: Funds Management: Both Funds continue to perform strongly
FUNDS MANAGEMENT Both Funds continue to perform strongly For personal use only GWOF GWSCF 10.8% one year total return 11.3% one year total return Number 1 performing office fund over Ranked highest in the Mercer/IPD Unlisted one, three and five years Property Fund Index over one year 2nd o
Slide 14: Growth in FUM to $7.2 billion
FUNDS MANAGEMENT Growth in FUM to $7.2 billion For personal use only KEY FUND METRICS GWOF GWSCF 30 Sep 13 30 Jun 13 30 Sep 13 30 Jun 13 GPT Ownership Interest (%) 20.2% 20.1% 20.4% 21.9% Number of assets 15 15 10 10 AUM (Funds under Management) $4,076m $4,021m $3,168m $3,070m Gearing 12.1% 12.4% 16
Slide 15: Capital Management: Maintaining a disciplined approach
CAPITAL MANAGEMENT Maintaining a disciplined approach For personal use only GPT BALANCE SHEET 30 Sep 2013 30 Jun 2013 Total borrowings ($m) $2,141m $2,046m Gearing (%)(1) 21.2% 19.9% Weighted average cost of debt 5.05% 5.21% Weighted average term to maturity 6.0 years 6.6 years CREDIT METRICS 30 Sep
Slide 16: Long and diversified debt expiry profile
CAPITAL MANAGEMENT Long and diversified debt expiry profile For personal use only $270 million purchased through buyback (year to date) $2.8 billion capacity(1) with diversified borrowings and long flat maturity profile Sources of debt Debt maturity profile 4% Facilities 11% A$ millions 425 405
Slide 17: Upgraded guidance for 2013
GUIDANCE Upgraded guidance for 2013 For personal use only Targeting EPS(1) growth of at least 6% for 2013 Payout ratio of 80% of ROI (1) EPS defined as Realised Operating Income (ROI) per ordinary security 17 19 17
Slide 18: Appendices
For personal use only APPENDICES<<<<<<<< 1818
Slide 19: Capital Management: Hedging profile
CAPITAL MANAGEMENT Hedging profile For personal use only 3,500 3,000 3.89% 4.06% 3.89% 3.92% 3.87% 3.77% 3.75% 3.74% 3.70% 3.72% 3.73% 3.72% 3.71% 2,500 2,000 $ millions 1,500 1,000 500 0 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Forecast Debt Interes
Slide 20: Retail: Specialty monthly sales growth
RETAIL Specialty monthly sales growth For personal use only 5% 4.2% 4% 3.6% 3% 2.6% 2.0% 2% 1.7% 1.3% 0.9% 1% 0.6% 0.6% 0% -0.3% -1% -1.3% -2% -1.5% -3% -2.9% -4% Nov 12 Jan 13 Apr 13 Jun 13 Jul 13 Sep 12 Oct 12 Sep 13 Mar 13 Dec 12 Feb 13 May 13 Aug 13 Note: Includes GPT and GWSCF assets and exclud
Slide 21: Retail portfolio sales performance
RETAIL Retail portfolio sales performance For personal use only Moving Annual Turnover Occupancy Costs (%) Comparable Comparable Centre MAT Specialty Specialty Centre Name Owner Centre MAT Specialty MAT Centre (%) $PSM MAT $PSM (%) Growth (%) Growth (%) Carlingford Court GWSCF 6,747 0.5% 8,852 0.7%
Slide 22: Retail: Valuation summary
RETAIL Valuation summary For personal use only As at 30 September 2013 As at 30 June 2013 Interest Valuer Valuation Cap Fair Value Cap Rate Rate GPT Portfolio Highpoint(1) 33.33% Savills $306.4m 5.50% $291.5m 5.75% GWSCF Portfolio Highpoint(1) 50% Savills $919.3m 5.50% $873.7m 5.75% Wollongong Centr
Slide 23: Office: Valuation summary
OFFICE Valuation summary For personal use only As at 30 September 2013 As at 30 June 2013 Interest Valuer Valuation Cap Fair Value Cap Rate Rate GWOF Portfolio 800/808 Bourke Street 100% JLL $385.0m 6.50% $372.5m 6.50% 28 Freshwater Place 50% M3 $117.5m 7.00% $115.0m 7.00% The Zenith 50% Colliers $1
Slide 24: Disclaimer
DISCLAIMER For personal use only The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188). The information pro