Gpt Group · ASX:GPT
Gpt — H1 2003 Earnings Presentation
25 slides from Gpt's earnings presentation, Jul 30, 2003
Slide 1: Mid Year Results 30 July 2003
Slide 2: Highlights
Highlights Earnings per unit up 5.5% Distribution per unit up 4.0% Strong underlying portfolio performance Future expansion secured — Developments on track — Pipeline expanded — Rouse Hill & Master Planned communities GPT
Slide 3: Growth Profile Enhanced
Growth Profile Enhanced . Earnings (cents per unit) EPU Growth Underlying growth* Distribution (cents per unit) Growth 1 Yr Total Return 2000 (annual) 19.3 2.3% 2.3% 19.3 2.3% 20.1% 2001 2002 (annual) (annual) 19.7 20.4 2.1% 3.6% 2.1% 3.6% 19.7 20.4 2.1% 3.5% 9.9% 12.8% *Underlying growth excludes t
Slide 4: Financial Performance
Financial Performance. Jun 2002. Jun2003 %chg Net Operating Income $192.5m $208.6m +8% Dec 2002 = Jun2003. %chg Total assets $6,696.6m $6,942.9m +4% Total borrowings $1,361.0m $1,595.0m +17% Gearing 20.3% 23.0% NTA per unit $2.60 $2.62
Slide 5: Retail $3.5 billion (51%)
Slide 6: Key Results: Retail
Key Results: Retail ¢ Income up 12.5% ¢ Portfolio delivering growth — Specialty productivity at $8,489/sqm for regionals (+2.4%) — Regional specialty occupancy costs at 14.7% — Base rent up 4.9% GPT
Slide 7: GPT Retail Portfolio: Specialty MAT/sqm
-errormance: Sales Product > GPT Retail Portfolio Specialty MAT/sqm (Inci. GST) June 2003 JHD Averages
Slide 8: GPT Retail Portfolio: Specialty Occupancy Cost
GPT Retail Portfolio Specialty Occupancy Cost (incl. GST} June 2003 19.0% +- JHD Averages
Slide 9: Homemaker Strategy
Homemaker Strate Strong income performance Rental growth 7.5% at review opportunity Occupancy remains high at 98% Portfolio grown to $351 million — Fortitude Valley and Moorabbin — Castle Hill expansion — Rouse Hill Regional Centre & Erina Actively pursuing opportunities GPT
Slide 10: Developments will Deliver Growth
Developments will Deliver'Growth * $1.4 billion underway and planned next 7 years ¢ Underway — Floreat Forum ($46m) — August 03 — Erina Fair ($105m) — end 03 — Melbourne Central ($226m) — end 04 ¢ Masterplanning — Macarthur Square (DA lodged) — Rouse Hill — Penrith Plaza — Wollongong Central — Charl
Slide 11: Office $2.6 billion (38%)
Slide 12: Key Results: Office
Key Results: Offic Income up over 5% Occupancy remains high — 19,400 sqm leased to June 2003 — 4,200 sqm leased July Strong lease expiry profile — Average lease term 5 years National Building well progressed — Stage 1 Oct 03, Stage 2 Jul 04 — Yield of 8%+ GPT
Slide 13: Manageable Expiry Risk
Manageable Expiry Risk © | 50% 40% 30% 20% 10% 0% Vacant 2003 2004 2005 2006 2007 2008+ Office Lease Expiry Profile by Area 30 June 2003 ¢ ¢ ¢ Strategy of forward leasin positioned portfolio well 2001 - 27,000 sqm 2002 — 75,000 sqm Manageable forward expiry GPT
Slide 14: Key Leasing
Key Leasing Darling Park — ABA, JAL, Wesfarmers Australia Square — Lend Lease Tattersalls — Westpac Transit Centre — Telstra 530 Collins —- UBS Melbourne Central — Ex-Andersen space Renewed Refurbishment commenced Extension secured Space refurbished 1 floor leased Likely to exercise 5 year option UB
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Slide 16: Key Results: Hotel/Tourism
Key Results: Hotel/ Our ism * Portfolio income steady * Ayers Rock Resort — Revenue — Room Nights Sold Room Rate GPT Income -3% -8% +4% -3% * Four Points by Sheraton Sydney Revenue Room Nights Sold Room Rate GPT Income -2% -2% -1% -2% GPT
Slide 17: Room Nights Sold Improving
Room Nights Sold Imp oving Ayers Rock Resort Room Nights Sold @ 2002 @ 2003 25,000 + 20,000 ; 15,000 - 10,000 ; 5,000 + FEL ERPS IY VSS S Market bottomed Forward bookings encouraging Recovery from 4" quarter GPT
Slide 18: Forward Bookings
Forward Bookings 10,000 8,000 6,000 4,000 2,000 Ayers Rock Resort Holdings for 4th Qtr 03 as of July 03 Oct Nov Dec Total B 2002 RNS m 2003 RNS GPT
Slide 19: Industrial/Business Park $213 million (3%)
Slide 20: Income up 50%
Income up 50% Occupancy 100% Acquisitions — Just Jeans facility — Quad 3 Developments — Stage 2 Camellia, 43% pre-leased — Quad 4 (future opportunity) — Stage 3 Camellia (future opportunity) Average lease expiry 5.4 years GPT
Slide 21: Master Planned Communities
Master Planned Communities _ ¢ Rouse Hill agreement to be finalised this quarter ¢ Actively pursuing other opportunities ¢ Strong partner — Delfin Lend Lease — Lots under control 35,200 — Average project size 1,600 dwellings GPT
Slide 22: Capital Management
Capital Management Total Assets $6.9 billion Gearing of 23% (limit 40%) — forecast to increase to 26% by Dec 03 — Sufficient capacity for future opportunities Borrowings — Maturities from within one month to 2029 — 85% hedged — Current effective interest rate 5.88% — Average duration 3.7 years S&P r
Slide 23: In Summary
In Summary. ... ¢ Performance strong: — Retail — high sales productivity and low occ. costs, Homemaker strategy executed, delivery of developments ~ Office — well positioned with limited vacancy and few expiry risks, focus on leasing pending recovery during 04 — Hotel — refurbished assets, stable pe
Slide 24: GPT
GPT
Slide 25: Office Portfolio: snapshot
Office Portfolio: snapshot - | Offices Occ Term Passing Market Value (%) $im? $im?* $im2** Australia Square Twr (50%) 89.1 2.4 641 540 8,500 Australia Square Plz (50%) 100.0 0.7 481 439 - HSBC Centre 92.1 3.1 468 439 5,400 MLC Centre (50%) 97.6 5.5 638 617 8,200 179 Elizabeth St (Tatts) 64.6 3.0 488