Gpt Group · ASX:GPT
Gpt — The GPT Group — FY2009 Earnings Presentation
129 slides from Gpt's earnings presentation, Feb 23, 2010
Slide 1: Full Year Results
For personal use only Full Year Results 23 February 2010
Slide 2: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 3: Agenda
For personal use only Agenda MICHAEL CAMERON, CEO Performance Strategy Update Operational Review - Australian Retail - Australian Office - Australian Industrial/Business Park - Australian Funds Management MICHAEL O’BRIEN, CFO Financial Overview MICHAEL CAMERON, CEO Outlook Questions 1
Slide 4: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 5: Key Points
For personal use only Key Points 9 Achieved 3.7% growth(1) in income, returning to profit in the second half 9 Significant transformation of the organisation resulting in a simplified business model, strong balance sheet and a clear strategy 9 Strong organic growth opportunities and an extensive dev
Slide 6: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 7: Performance
For personal use only Performance
Slide 8: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 9: 2009 Scorecard
For personal use only 2009 Scorecard 9 2009 operating earnings guidance exceeded 9 Balance sheet strengthened - gearing at 23.5%(1) 9 Covenant risk and near term refinancing risk removed 9 Credit ratings improved 9 $1.1 billion in asset sales 9 JV with Babcock & Brown exited and GPT Halverton sold 9
Slide 10: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 11: Results Summary
For personal use only Results Summary FY09 FY08 Realised operating income from continuing 344.5 326.6 operations ($m) Discontinuing operations (31.3) 142.2 Total realised operating income ($m) 375.8 468.8 A-IFRS net profit/(loss) ($m) (1,070.6) (3,253.5) Distribution per security (cents)(1) 4.5 17.7
Slide 12: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 13: Core Portfolio Performing Well
Core Portfolio Performing Well For personal use only Comparable Weighted Weighted Av % Occupancy income average lease Cap rate Investments(1) (%) growth (%) expiry(2) (%) Retail 47 4.8 - 6.26 99.6 Office(3) 20 2.6 5.2 7.27 95.9 Industrial/BP 9 2.5 7.2 8.43 96.5 GWOF(3) 8 - 6.3 7.41 91.4 GWSCF 7 - -
Slide 14: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 15: Strategy Update
For personal use only Strategy Update
Slide 16: Other Key Information Notes
For personal use only Other Key Information Notes
Slide 17: For personal use only
GPT iS a property company with broad access to capital invested in quality assets which, through proactive management, creates great customer experiences, and therefore, Superior retu ns. The GPT Group
Slide 18: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 19: Five Drivers of Growth
For personal use only Five Drivers of Growth Competitive Strengths – Scale, Quality, Diversification, Culture Structured Rent Increases – majority of portfolio Development Pipeline – $2.4 billion Investment Capacity – $2.5 billion Clear Strategy – Active Owner of Australian Real Estate 9
Slide 20: GPT Market Capitalisation
Other Key Information Notes GPT Market Capitalisation For personal use only Source: IRESS 15 February 2010
Slide 21: Competitive Strengths
For personal use only Competitive Strengths Scale Quality Third largest listed property owner Retail – 93% regional assets in Australia Office – 100% prime grade $8.2 billion Australian Retail, Office, Industrial/Business Park – prime Industrial/BP Portfolios locations $4.9 billion Whole
Slide 22: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 23: Structured Rent Increases
For personal use only Structured Rent Increases(1) Retail Office Industrial/ Average increase 4.5%(2) Average increase 4.0% Business Park Average increase 3.3% (1) Rent review profile 2010. 11 (2) Excludes tenancies over 400 sqm.
Slide 24: Developments Complete & Underway
For personal use only Other Key Information Notes Developments Complete & $m Underway 2009 Charlestown Square 470 One One One Eagle Street GPT 185 GWOF 210 Wollongong Central – GWSCF (complete) 30 Austrak, Minto (complete) 25 530 Collins Street (complete) GWOF 25 Erskine Park Stage 2 (complete) 20 T
Slide 25: Development Pipeline
For personal use only Development Pipeline Pipeline $m Newcastle CBD 600 Target minimum yield 7% Sydney Olympic Park 400 Target IRR Q Centre GWOF 290 - Retail 10-13% Wollongong Central GWSCF 250 - Office 11-14% Erskine Park (Stages 3-5) 220 Highpoint Shopping GPT 50 - Industrial/BP 12-15% Centre
Slide 26: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 27: Investment Capacity at 30% Gearing
For personal use only Investment Capacity at 30% Gearing Debt Current Gearing Investment Capacity (%) (m) Balance Sheet 23.5 $810 Wholesale Funds - Office 21.2 $370 - Retail 10.0 $580 Proceeds from sale of non-core assets $735 Total $2,495 Additional capacity available through Capital Partners, Co
Slide 28: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 29: Drivers of Growth
For personal use only Drivers of Growth Active ownership of Australian Retail, Office and Industrial Real Estate Balance Sheet to seed acquisitions, drive active management and initiate development Currently investing an average of $220 million per annum(1) on development but seek to accelerat
Slide 30: Core assets now represent 91% of portfolio
Other Key Information Notes Core assets now represent 91% of GPT’s portfolio(1) For personal use only December 2009 December 2008 (1) JV and US Seniors, GWOF & GWSCF based on GPT’s equity interest.
Slide 31: Operational Review
For personal use only Operational Review
Slide 32: Income
Other Key Information Notes Income(1) For personal use only December 2009 December 2008 (1) Based on realised operating income.
Slide 33: Australian Retail
For personal use only Australian Retail All information includes GPT owned assets and GPT’s interest in GWSCF, unless otherwise stated.
Slide 34: Retail valuations and cap rate
For personal use only Other Key Information Notes 86% of all assets valued externally in 2009 46% of all retail assets valued externally 2H09 Portfolio weighted average cap rate(1) 6.26%, (6.26% Jun 09), (6.04% Dec 08) Retail Portfolio Weighted Average Capitalisation Rate (WACR)(1) (1) Exclude
Slide 35: Retail Portfolio Performance
Retail Portfolio Performance For personal use only (1) Comparable income up 4.8% Comparable specialty MAT growth 3.2% Sales and occupancy solid Sustainability initiatives: 4% electricity, 18% gas (reductions on 2008) and 41% waste recycling rate achieved Key Operating Metrics Asset Quality D
Slide 36: Specialty Lease Expiry Profile and MAT Growth
Other Key Information Notes Specialty Lease Expiry Profile By Base Rent For personal use only Note: Excluding non-core Homemaker Portfolio and assets under development. Excludes tenancies over 400 sqm. GPT Retail Specialty Total MAT Growth Note: Excludes development affected centres and Homemaker Ci
Slide 37: Retail Portfolio Outlook
Retail Portfolio Outlook For personal use only Lower stimulus and potential rising interest rates will lead to modest retail sales growth in 2010 Improvements in economic, employment and wages growth are expected to support a return to stronger sales growth in 2011 Valuations appear to be stab
Slide 38: Charlestown Square development
For personal use only Other Key Information Notes Development expands Charlestown Square to 88,000 sqm Charlestown Square targeting ecological footprint 30% less than a standard centre – Gas fired co-generation plant for electricity and air conditioning – Solar thermal technology (partnership wi
Slide 39: Retail Portfolio Development
Retail Portfolio Development For personal use only $470 million Charlestown Square development - Commenced Jan 2008 - Construction on program - Forecast completion late 2010 - Majors all secured - Leasing program well progressed • 160 of 240 specialty deals completed - Enhances asset performance a
Slide 40: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 41: Australian Office
For personal use only Australian Office All information includes GPT owned assets and GPT’s interest in GWOF, unless otherwise stated.
Slide 42: Office valuations and cap rate
For personal use only Other Key Information Notes 100% of managed assets valued externally in 2009 32% of managed assets valued externally 2H09 Portfolio weighted average cap rate 7.27%, (7.13% Jun 09), (6.63% Dec 08) Office Weighted Average Capitalisation Rate (WACR)
Slide 43: Office Portfolio Performance
Office Portfolio Performance For personal use only Comparable income up 2.6% Occupancy at 95.9%(1) remains above market Weighted average lease term 5.2 years (by area)(1) Sustainability initiatives: 4% energy, 8% water reductions on 2008 GPT Versus National Occupancy Asset Quality Source: Co
Slide 44: Lease Expiry by Area
Other Key Information Notes (1) Lease Expiry by Area For personal use only (as at 1 January 2010) (1) Individual GPT and GWOF expiry profiles available in additional disclosures.
Slide 45: Office Portfolio Outlook
Office Portfolio Nominal Prime Gross Effective Rents Outlook For personal use only Indications of demand improving - positive net absorption major markets Q4 09 and increased enquiry into 2010 Sublease space reducing in CBDs Rental growth and occupancy levels generally forecast to improve late
Slide 46: One One One Eagle Street
For personal use only Other Key Information Notes One One One Eagle Street (GPT share) ($m) Spent to 31 December 64 Remaining to be spent 2010 estimate 61 2011 estimate 60 Total 185(1) Brisbane Market Sqm One One One Eagle St - 64,000sqm Leasing Target by PC (40%) 25,600 Balance to be let 15 mths po
Slide 47: Office Portfolio Development
Office Portfolio Development For personal use only One One One Eagle Street Best development site in Brisbane On program for late 2011 completion Targeting from $750 per sqm gross, market incentives Target minimum yield 7% Physical space can now be inspected Future opportunities $450 mil
Slide 48: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 49: Australian Industrial/Business Park
For personal use only Australian Industrial/ Business Park
Slide 50: Valuations
Other Key Information Notes Valuations For personal use only 42% of assets valued externally in 2H09 71% of assets valued externally in 2009 Portfolio weighted average cap rate 8.43%, (8.25% Jun 09), (7.86% Dec 08) Industrial - Weighted Average Capitalisation Rate (WACR)
Slide 51: Industrial/Business Park Portfolio Performance
Industrial/Business Park Portfolio Performance For personal use only Comparable income up 2.5% Portfolio occupancy 96.5% Average lease expiry 7.2 years (by income) 87% of the portfolio by income has fixed reviews averaging 3.3% in 2010 Cap rate movements slowed 2H09 Sustainability initia
Slide 52: Lease Expiry by Income
Other Key Information Notes Lease Expiry by Income For personal use only (as at 1 January 2010)
Slide 53: Industrial/Business Park Portfolio Outlook
Industrial/Business Park Portfolio Outlook For personal use only Demand improving as economy recovers and inventories and imports rise Additional supply constrained by higher cost of capital and limited speculative development Positive rental growth in 2010 and 2011 as demand recovers and supp
Slide 54: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 55: Industrial/Business Park Portfolio Development
Industrial/Business Park Portfolio Development For personal use only Good progress on Erskine Park development - Goodman Fielder – 15,200 sqm facility ($36 million) completed June 2009 - Target – 12,700 sqm facility ($20 million) completed February 2010 - Seeking further pre-commitments Extensiv
Slide 56: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 57: Australian Funds Management
For personal use only Australian Funds Management
Slide 58: Fee structure, performance and loan facilities
Other Key Information Fee structure For personal use only - Base fee 0.1125% per quarter of Asset Value - Performance fee 15% of the outperformance above 10 year bond yield plus 3% per annum (post base management fee) - Fees capped at 0.90% per annum Performance - GWOF 1 year return -5.90% (pre
Slide 59: Australian Funds Management
For personal use only Australian Funds Management Strong performance against peers(1) Fund Summary – GWSCF No. 1 (retail) Fund Metrics GWOF GWSCF – GWOF No. 2 (office) Total Assets $2.9b $2.0b GPT income $112.5 million GPT Investment ($) $753.3m $592.7m – GWOF distributions: $53.8 million GPT In
Slide 60: Sustainability
For personal use only Other Key Information Notes GPT is committed to improving the social, economic and environmental capital of our stakeholders. We engage our tenants, communities and our people to actively manage the evolution of our assets over their lifecycle Results − Global DJSI Real Est
Slide 61: GPT - Global Leader in Sustainability
GPT - Global Leader in Sustainability
Slide 62: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 63: Financial Overview
For personal use only Financial Overview
Slide 64: Earnings per security (adjusted)
For personal use only Other Key Information Notes Earnings per security (adjusted)(1) 31 Dec 09 12 months to Dec 2009 Weighted average number of securities (billion) 7,360.5 Realised operating income ($ million) 375.8 Less distribution on exchangeable securities 25.0 ($ million) Total ($ million) 35
Slide 65: Operating Income by Division
Operating Income by Division Guidance Exceeded For personal use only Segment 12 months Full Year Dec 09 31 Dec 09 Guidance(1) Actual ($m) ($m) Retail, Office and Industrial/Business Park 436.6 437.0 Australian Funds Management 95.6 92.0 Hotel/Tourism 53.3 50.0 US Seniors Housing 18.6 8.0 European Fu
Slide 66: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 67: Reconciliation: Realised Operating Income to Statutory Result
Reconciliation Realised Operating Income to Statutory Result For personal use only FY09 2H09 1H09 FY08 ($m) ($m) ($m) ($m) Core Business(1) 532.2 259.3 272.9 568.9 Non-core Operations 49.9 24.9 25.0 154.8 Financing and corporate overheads (206.3) (91.4) (114.9) (254.9) Realised Operating Income 375.
Slide 68: Gearing and Interest Cover
Other Key Information Notes Gearing For personal use only 31 Dec 09 $m Total assets 9.163.4 Less: intangible assets (16.2) Total tangible assets 9,147.2 Current borrowings 1,699.9 Non-current borrowings 483.8 Total borrowings 2,183.7 Headline Gearing 23.9% Net Gearing(1) 23.5% Interest Cover 31 Dec
Slide 69: Balance Sheet Overview
For personal use only Balance Sheet Overview Dec 09 Dec 08 Total assets $9.2b $13.0b Total debt $2.2b $5.0b Gearing(1) 23.5% 33.7% Interest cover(2) 2.9x 2.7x Weighted average debt term to maturity 3.3 years Effective interest rate at 31 December 2009: 6.83% Corporate credit ratings − S&P: BBB
Slide 70: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 71: Capital Management Strategy
Capital Management Strategy Key Goals For personal use only Match to Group strategy Diversify funding sources Reduce refinancing risk Objectives Progress • Improve GPT’s credit ratings • S&P upgrade to BBB+ (positive) achieved Aug 09 • Achieve A- (S&P), A3 (Moody's) • Moody’s upgrade to Baa1 (
Slide 72: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 73: Credit Markets Outlook
Credit Markets Outlook Debt Capital Markets Corporate Issuance For personal use only Corporate bond markets have reopened globally in last 6-9 months - Demand strengthening (particularly in US 144A market) - Spreads contracting - Longer term issuance becoming more regular - “Premium” for real esta
Slide 74: Look Through Gearing
Other Key Information Look Through Gearing For personal use only 31 Dec 09 GPT Group GWOF GWSCF Seniors US Retail Investment Other Housing in DAF $m $m $m $m $m $m $m $m Share of assets of non-consolidated entities Group total tangible assets 9,147.2 9,147.2 - - - - - - (i) Plus: GPT share of assets
Slide 75: Credit Benchmarks
Credit Benchmarks Balance sheet will be managed to benchmarks established across a range of key For personal use only credit metrics Benchmarks are consistent with A category credit ratings GPT comfortably within all benchmarks 23.5% Dec’09 40% covenant Balance sheet gearing (%)1 25% 30% 35% 3
Slide 76: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 77: Debt Maturity Profile
For personal use only Debt Maturity Profile(1) Weighted average term to maturity of 3.3 years (Dec 2009) v medium term target of > 4 years New debt lines totalling $600 million maturing 2013 and 2015 has improved maturity profile 38 (1) Includes new debt lines.
Slide 78: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 79: Liquidity Profile – 2010
For personal use only Liquidity Profile – 2010 Significant liquidity headroom − Covers 2010 commitments − Estimated position at end 2010 covers current commitments and expiries in 2011 Ongoing position and liquidity headroom dependent on − Status of credit markets − Progress on addressing 2012 e
Slide 80: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 81: Hedging Profile
For personal use only Hedging Profile(1) Average drawn debt for 2010, based on current commitments: $2.4 billion Projected hedging increases to ~ 90% by June 2010 40 (1) Assumes additional hedging undertaken in 1H 2010.
Slide 82: Debt Cost
Other Key Information Debt Cost (at end of December 2009) For personal use only Debt $m Interest rate % (at Dec 09) Hedged debt 1,312 5.74% Floating debt 872 3.66% Total debt 2,184 4.91% Margin 0.92% Fees 0.99% All-in cost of funds 6.83% Total annual cost of debt and hedging to 31 December 2009 is
Slide 83: Average Cost of Debt
For personal use only Average Cost of Debt Cost of debt 6.8% at December 2009 Average cost of debt rises to 8.2% in 2010 − Hedging increasing from 60% to ~ 90% − Higher margins on new debt − Higher commitment fees 41 Note: Capitalised interest estimated at $27 million for 2010.
Slide 84: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 85: Summary
For personal use only Summary Solid operating result ahead of guidance - All core business units contributed strongly - Well positioned for 2010 Balance sheet in very strong position Clear Capital Management Strategy in place with significant progress made against objectives Credit metrics v
Slide 86: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 87: Outlook
For personal use only Outlook
Slide 88: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 89: Outlook
For personal use only Outlook Recent transactions show support for valuations and indicate increasing appetite for real estate Resilient labour market – possibility unemployment peaked at less than 6% While increasing debt costs will be here for some time, credit market conditions appear to be
Slide 90: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 91: Outlook
For personal use only Outlook Retail – rental growth expected, but at slower than historic levels Office – demand increasing, supply slowing with evidence of improving rents Industrial/BP – little increase in supply, if pre-commitments can be achieved some development could emerge Target inc
Slide 92: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 93: 2010 Future Scorecard
For personal use only 2010 Future Scorecard Development Cultural Successfully complete Charlestown Work Environment Project underway Square Increase Research and Innovation Commence leasing One One One capability Eagle Street Create a customer centric organisation Commence next phase of pipeline Mai
Slide 94: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 95: Key Points
For personal use only Key Points 9 Achieved 3.7% growth(1) in income, returning to profit in the second half 9 Significant transformation of the organisation resulting in a simplified business model, strong balance sheet and a clear strategy 9 Strong organic growth opportunities and an extensive dev
Slide 96: For personal use only
Notes AjuO esn [euoss od JO The GPT Group
Slide 97: Questions
For personal use only Questions
Slide 98: Appendices
For personal use only Appendices
Slide 99: Business Model: Active Ownership
Business Model Active Ownership For personal use only 50
Slide 100: Remaining Non-Core Assets
Remaining Non-Core Assets As at 23 February 2010 For personal use only Asset Value (1) Income (2) Asset ($m) ($m) Ayers Rock Resort 300.0 28.0 US Seniors Housing 152.4 18.6 Remaining Homemaker City Portfolio(3) 222.0 26.3 Interest in DAF/GRP 42.2 5.3 US Multifamily Portfolio (BBR) 18.9 1.7 Ayers Roc
Slide 101: Progress on Non-Core Asset Sales
For personal use only Progress on Non-Core Asset Sales
Slide 102: Increase in Disclosures
For personal use only Increase in Disclosures Income and capex by property – Core portfolio (income and fair value schedule) Funds – Income by asset – Valuations and cap rates per asset – Fair values and cap rates per asset – Income by category (distribution versus fees) – Total return by Fund
Slide 103: Securities on Issue
For personal use only Securities on Issue Number of Securities Opening balance 1 Jan 2009 4,467,363,800 Add: – May 2009 rights offer and placement 4,810,220,943 31 Dec 2009 closing balance of securities on issue(1) 9,277,584,743 54 (1) Excludes exchangeable securities, which if converted at current
Slide 104: NTA Movement
For personal use only NTA Movement (1) NTA: $6.8 billion, units on issue: 9.6 billion. 55 (2) NTA: $6.6 billion, units on issue: 9.6 billion.
Slide 105: Operational Expenses (Continuing Operations)
Operational Expenses (Continuing Operations) Full year ended 31 December 2009 For personal use only Management and administrative $m $m costs Retail 13.1 Office 2.9 Industrial/BP 0.7 Property Expenses US Seniors Housing 139.0 2.5 Net Interest Expense Funds Management Australia 175.1 13.5 Tax Expense
Slide 106: Current Debt Facilities: GPT Bonds
Current Debt Facilities GPT Bonds For personal use only Outstanding $Am Fixed / Tranche Maturity Date (equiv) Indexed Rate Fixed MTN 100 7-Nov-2010 6.25 Floating MTN 125 7-Nov-2010 Fixed MTN(1) 200 22-Aug-2013 Floating MTN 12 22-Aug-2013 CPI indexed 85 10-Dec-2029 8.22 Total Borrowings 522 57 (1) Sw
Slide 107: Current Debt Facilities: Bank Facilities
Current Debt Facilities Bank Facilities For personal use only Outstanding Available A$m Limit A$m Tranche Maturity Date A$m (equiv) (equiv) (equiv) Euro Multi Option Syndicated - 26-Oct-2010 1,605 1,605 Bank Facility - Somerton 77 31-Mar-2011 78 1 Multi Option Bilateral - 22-Aug-2011 175 175 Bank Bi
Slide 108: Projected AUD Interest Rate Hedging
Balance Sheet Projected AUD Interest Rate Hedging For personal use only Principal amount of Principal amount of Average Rate on derivative financial fixed rate Hedging Position as at hedged balance excl instruments borrowings Margins A$m A$m 31 December 2009 5.74% 1,127 185 31 December 2010 6.06% 2,
Slide 109: Balance Sheet: Projected AUD Interest Rate Hedging
Balance Sheet Projected AUD Interest Rate Hedging For personal use only 60
Slide 110: USD Interest Rate Hedging
Balance Sheet USD Interest Rate Hedging (at Dec 09) For personal use only Principal amount of Average Rate on derivative financial Hedging Position as at hedged balance excl instruments Margins US$m 31 December 2009 - - 31 December 2010 - - 31 December 2011 5.02% 130 31 December 2012 5.02% 130 31 De
Slide 111: USD Interest Rate Hedging
Balance Sheet USD Interest Rate Hedging (at Dec 09) For personal use only 62
Slide 112: 2009 Normalised NOI (for Disposals)
For personal use only 2009 Normalised NOI (for Disposals) Funds Management Retail Office Industrial Australia ($m) ($m) ($m) ($m) Other(2) Total Reported NOI Continuing Operations 2009 281.0 123.4 50.6 112.5 25.6 593.1 Adjustments(1) (3.8) (2.6) (2.5) (8.9) NOI on assets sold (8.1) - (0.4) (3.5) (12
Slide 113: Retail Portfolio ($5.0 billion)
Retail Portfolio ($5.0 billion)(1) Sub sector by Diversity For personal use only Sub sector Regional 93.1% Sub Regional 1.1% Neighbourhood 1.1% Homemaker 4.7% 64 (1) Includes $592.7 million equity investment in GWSCF.
Slide 114: Retail Portfolio Top Ten Tenants
Retail Portfolio Top Ten Tenants For personal use only (1) % income 1. Woolworths 6.2% 2. Wesfarmers (Coles Group) 5.7% 3. Myer 3.7% 4. Just Group 2.2% 5. Hoyts 1.7% 6. Colorado Group 1.4% 7. Prouds 1.3% 8. Retail Apparel Group 1.3% 9. Luxottica Group 1.2% 10.Sussan 1.2% 65 (1) Based on gross rent (
Slide 115: Retail Portfolio Sales Summary
Retail Portfolio Sales Summary For personal use only 66
Slide 116: Comparable Change in Retail Sales by Category
Retail Portfolio Comparable Change in Retail Sales by Category For personal use only Period to 31 December 2009 12 Months 6 Months 3 Months Department Stores -0.8% -0.3% -0.3% Discount Department Stores 2.1% 9.0% 11.1% Supermarkets 4.7% 7.4% 9.7% Cinemas 11.5% 10.0% 15.7% Clothing & Shoes/Bags/Acces
Slide 117: Retail Portfolio Fair Values
Retail Portfolio Fair Values For personal use only Jun 09 Dec 09 Dec 09 Fair Value Property Cap Rate Cap Rate ($m) (%) (%)(1) Casuarina Square $433.4 6.25 6.25 Charlestown Square $654.2 6.00 6.00 Dandenong Plaza $201.0 8.00 8.50 Erina Fair (50%) $375.4 6.00 6.25 Highpoint Shopping Centre (16.67%) $2
Slide 118: Office Portfolio ($2.6 billion)
Office Portfolio ($2.6 billion)(1) Geographic Weighting For personal use only 69 (1) Includes $753.3 million investment in GWOF.
Slide 119: Office Portfolio Top Ten Tenants
Office Portfolio Top Ten Tenants For personal use only % income(1) 1. Commonwealth of Australia 6.0% 2. Citigroup 5.4% 3. National Australia Bank 4.5% 4. BP Australia 4.0% 5. Freehills Services 3.9% 6. Commonwealth Bank of 3.3% Australia 7. State Government 3.1% 8. PricewaterhouseCoopers 3.0% 9. Eri
Slide 120: Office Portfolio Over/under-renting by Asset
Office Portfolio Over/under–renting by Asset For personal use only Average Gross Gross % Office Occ Office Occ Lease Term Passing Market Rent Over/Under- Offices (%) (%) Ownership Yrs Rent $psm $psm rented (1) Area (2) (3) Australia Square, Sydney 98.1% 98.6% 50% 4.1 741 729 2% MLC Centre, Sydney 98
Slide 121: Office Portfolio Over/under-renting by Asset
Office Portfolio Over/under–renting by Asset For personal use only Average Gross Gross % Office Occ Office Occ Lease Term Passing Market Rent Over/Under- Offices (%) (%) Ownership Yrs Rent $psm $psm rented (1) Area (2) (3) Darling Park 1 & 2, Sydney 97.4% 97.4% 50% 8.9 726 669 9% Darling Park 3, Syd
Slide 122: Office Portfolio Fair Values
Office Portfolio Fair Values For personal use only Jun 09 Dec 09 Dec 09 Fair Value Property Cap Rate Cap Rate ($m) (%) (%) (1) Australia Square, Sydney, NSW $269.1 7.00 7.15 MLC Centre, Sydney, NSW $379.5 7.00 7.25 Melbourne Central, VIC $338.8 7.50 7.50 818 Bourke Street, Melbourne, VIC $114.0 7.50
Slide 123: Industrial/Business Park Portfolio ($780 million)
Industrial/Business Park Portfolio ($780 million) Geographic Weighting For personal use only 74
Slide 124: Industrial/Business Park Top Ten Tenants
Industrial/Business Park Portfolio Top Ten Tenants For personal use only % income(1) 1. Coles Myer 16.7% 2. Australian Pharmaceutical 14.5% Industries 3. Steinhoff Asia Pacific 12.6% 4. Vodafone Australia 10.0% 5. Goodman Fielder 9.9% 6. SuperCheap Auto 8.9% 7. Effem Foods 7.8% 8. Mitsubishi Motors
Slide 125: Industrial/Business Park Fair Values
Industrial/Business Park Portfolio Fair Values For personal use only Jun 09 Dec 09 Dec 09 Fair Value Property Cap Rate Cap Rate ($m) (%) (%) (1) ` $13.5 10.00 10.00 Austrak Business Park, Somerton (50%) $155.7 7.75 8.10 15 Berry Street, Granville $12.0 8.50 8.75 19 Berry Street, Granville $24.5 8.50
Slide 126: Industrial/Business Park Fair Values
Industrial/Business Park Portfolio Fair Values For personal use only Jun 09 Dec 09 Dec 09 Fair Value Property Cap Rate Cap Rate ($m) (%) (%) (1) 4 Holker Street, Silverwater $30.0 8.50 8.50 116 Holt Street, Pinkenba $15.2 9.25 9.25 Lots 42-44 Ocean Steamers Drive, Port Adelaide (50%) $7.0 9.50 9.50
Slide 127: Australian Funds Management Ownership Composition
Australian Funds Management Ownership Composition For personal use only GWSCF No. % Fund GWOF No. % Fund GPT 1 33.5% GPT 1 34.1% Domestic Super Funds 6 20.6% Domestic Super Funds 14 39.6% Domestic - Other 8 13.8% Domestic - Other 5 7.2% Offshore Pension Funds 4 18.7% Offshore Pension Funds 3 9.7% So
Slide 128: Contact Information
For personal use only Contact Information Michael Cameron Donna Byrne Michael O’Brien Chief Executive Officer and Head of Investor Relations and Chief Financial Officer Managing Director Corporate Affairs Tel: +61 2 8239 3565 Tel: +61 2 8239 3515 Tel: +61 2 8239 3544 Mob: +61 410 437 597 Mob: +61 40
Slide 129: Disclaimer
For personal use only Disclaimer The information provided in this presentation has been prepared by the GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188). The information pro