Gpt Group · ASX:GPT

Gpt — Investor Presentation (April 2004)

14 slides from Gpt's investor presentation, Apr 1, 2004

  1. Slide 1: GPT 1 April 2004

  2. Slide 2: Overview

    Overview | ¢ Financial performance ¢ Darling Park 3 acquisition ¢ Development update ¢ Book-build summary GPT

  3. Slide 3: Established Growth Profile

    Established Growth Profile © Distribution (cpu) Growth Earnings (cpu) EPU Growth Underlying Growth* 1 Yr Total Return * Excludes the impact of the change in fee 2000 19.3 2.3% 19.3 2.3% 2.3% 20.1% 2001 19.7 2.1% 19.7 2.1% 2.1% 9.9% 2002 20.4 3.5% 20.4 3.6% 3.6% 12.8% PT

  4. Slide 4: Financial Performance

    Financial Performance Net Operating Income Total Assets Total Borrowings Interest Cover Gearing NTA per unit 2002 +6.0% $6.7b $1.4b 5.6x 20.3% $2.60 GPT

  5. Slide 5: Darling Park 3 acquisition

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  6. Slide 6: Darling Park Summary

    Darling Park 3 Summary ” Total acquisition cost $225 million — Land acquisition ($30m) — Development cost ($162.7m) — Other costs ($32.3m) Completion due mid 2006 29,000 sqm quality office space Marsh Mercer lease — 14,300 sqm — 10 years (to April 2016) — Structured lease Year 1 yield forecast 7.2%

  7. Slide 7: Darling Park: Key Facts

    Darling Park: Key Facts Towers 1&2” | Tower 3 Tower 3 Valuation Acquisition Value $880m $235m $225m** GPT interest 50% 100% 100% Price $m2 $8,480 $8,007 $7,760 Av net face market | $523/$524*** $400-560 $525** rent Outgoings $107 $111 $111** Cap rate/Yield 6.75% 7.0%* 7.2%** (reversionary) “April 03

  8. Slide 8: Enhances Office Portfolio

    Enhances Office Portfolio ¢ Enhances portfolio quality ¢ Improves tenant diversification and credit quality ¢ Leverages portfolio to improving Sydney office market ¢ Increases weighted average lease term ¢ Reduces age of services GPT

  9. Slide 9: Strong Development Pipeline

  10. Slide 10: Current Commitments

    Current Commitments $372m committed in projects already underway — Increases gearing to 31.2% by Dec 04 National Building — $57 million, complete July 04 Melbourne Central — $138 million, complete Dec 04 Fortitude Valley — $49 million, complete Dec 04 Darling Park 3 — $225 million, complete mid 2006

  11. Slide 11: Retail Development Pipeline

    Retail Development Pipeline 2004 2005 2006 2007 2008 Floreat Forum Erina Fair Melbourne Central Fortitude Valley Macarthur Square Complete Penrith Plaza Rouse Hill Regional Centre Charlestown Square * Approximate value & timing Chirnside Wollongong Sunshine Plaza $20M | GPT

  12. Slide 12: Book Build Details

    Book Build Details ¢ Institutional placement of approx 67 million GPT units ¢ Units rank pari passu with existing units — Entitled to March 04 distribution * Closing price 1 April 2004 - $3.10 ¢ VWAP — 3 days ending 4pm 1 April 2004 - $3.077 GPT

  13. Slide 13: Financial Impact

    Financial Impact Increased balance sheet strength Gearing reduced to 26% — Well within policy range of 20-30% Provides efficient funding of development pipeline Maintain 3% growth target GPT

  14. Slide 14: GPT

GPT Group — Investor Presentation (April 2004) on 6ix