Gpt Group · ASX:GPT

Gpt — H1 2007 Earnings Presentation

47 slides from Gpt's earnings presentation, Aug 15, 2007

1. Slide 1: Mid-Year Results 15 August 2007

   For personal use only Mid-Year Results 15 August 2007

2. Slide 2: Agenda

   Agenda For personal use only ƒ Key Achievements – Financial Highlights ƒ GPT Strategy ƒ Financial Highlights ƒ Operational Overview – Investment Portfolio – Funds Management – Development – Joint Venture ƒ Summary

3. Slide 3: Key Achievements

   Key Achievements For personal use only ƒ Underlying earnings per security growth 6.6% ƒ Distribution growth of 5.1% (14.3 cps) ƒ Funds management platform expanded – Acquisition of European platform – Expansion of Australian business ƒ Expansion of US Seniors Housing Portfolio ƒ Joint Venture with B

4. Slide 4: Business Model Established

   Business Model Established For personal use only

5. Slide 5: Ownership

   For personal use only Ownership

6. Slide 6: Management

   For personal use only Management

7. Slide 7: Development

   For personal use only Development

8. Slide 8: Business Model Established

   Business Model Established For personal use only

9. Slide 9: Financial Highlights

   For personal use only Financial Highlights

10. Slide 10: Key Results

    For personal use only Key Results

11. Slide 11: Diversified Investments and Income

    Diversified Investments and Income For personal use only Total Income Total Investment

12. Slide 12: Strong Distribution Growth (cps)

    Strong Distribution Growth (cps) For personal use only

13. Slide 13: Balance Sheet

    Balance Sheet For personal use only ƒ Total assets $12 billion ƒ Gearing 31.9%* ƒ Total borrowings $3.8 billion – $2,055.5 million AUD – €833.2 million (AUD equivalent $1,327.6 million) – US$342.4 million (AUD equivalent $403.1 million) ƒ Interest cover 4.1 times** ƒ Current effective interest rate

14. Slide 14: Operational Review

    For personal use only Operational Review

15. Slide 15: Investment Portfolio

    For personal use only Investment Portfolio

16. Slide 16: Australian Retail

    For personal use only Australian Retail

17. Slide 17: Retail

    Retail For personal use only ƒ $4.9 billion investment – GPT assets of $4.1 billion – Equity in GWSCF $794 million ƒ Comparable income up 6.1%* ƒ Revaluations $120 million* ƒ Solid operating metrics** – Comparable specialty MAT growth 3.9% – Specialty sales $8,687 per sqm – Specialty occupancy costs

18. Slide 18: Australian Office

    For personal use only Australian Office

19. Slide 19: Office

    Office For personal use only ƒ $2.8 billion investment – GPT assets $1.8 billion – Equity in GWOF $981 million ƒ Comparable income up 10.6%* ƒ Strong revaluations $188 million* ƒ 27,100 sqm leased** – Terms agreed over an additional 14,400 sqm ƒ Over 98% space committed** ƒ Average lease term 5.6 ye

20. Slide 20: Australian Hotel/Tourism

    For personal use only Australian Hotel/Tourism

21. Slide 21: Hotel/Tourism

    Hotel/Tourism For personal use only ƒ $859 million investment ƒ Comparable income down 3.4%* ƒ Solid result in subdued market – Four Points performance strong – Lodges demonstrating growth – Ayers Rock Resort impacted by weak inbound demand ƒ Improved second half expected – Ayers Rock Resort – Inbou

22. Slide 22: Australian Industrial/Business Park

    For personal use only Australian Industrial/Business Park

23. Slide 23: Industrial/Business Park

    Industrial/Business Park For personal use only ƒ Portfolio expanded - $708 million – Coles and Labelmakers at Somerton complete – Quad 4 complete June 2007 ƒ Comparable income up 3.5% ƒ Revaluations $18.1 million ƒ Occupancy 93.6% (by income) ƒ 65,900 sqm leased – Long average lease term – 6.1 years

24. Slide 24: US Seniors Housing

    For personal use only US Seniors Housing

25. Slide 25: US Seniors Housing

    US Seniors Housing For personal use only ƒ Initial portfolio (US$428 million) acquired December 2006 – 95% interest in 19 Seniors Housing properties – Well capitalised, quality assets – 20% interest in management platform, Benchmark Assisted Living ƒ On track to deliver acquisition forecast – Occupa

26. Slide 26: Funds Management: European Platform

    For personal use only Funds Management: European Platform

27. Slide 27: European Platform Acquired July 2007

    European Platform Acquired July 2007 For personal use only ƒ Hamburg Trust (60% interest) – Provides assets to German closed-end funds market – Skilled local management team (18 people) – Opportunities advanced – First fund to close August 2007

28. Slide 28: European Platform Acquired July 2007

    European Platform Acquired July 2007 For personal use only ƒ GPT Halverton (acquired July 2007) – Platform expanded - 125 people across 10 offices – New fund (BIP) launched July 2007 – Assets under management grown (€1.7 billion at end July) – 4 funds established – Future funds planned – Progress on

29. Slide 29: Funds Management: Australian Wholesale Funds

    For personal use only Funds Management: Australian Wholesale Funds

30. Slide 30: GPT Wholesale Office Fund

    GPT Wholesale Office Fund For personal use only ƒ Fund grown to $2.69 billion ƒ Three acquisitions secured ƒ Outperformance against benchmark – Full performance fee earned ƒ Capacity for growth – Limited gearing – Active Distribution Reinvestment Plan

31. Slide 31: GPT Wholesale Shopping Centre Fund

    GPT Wholesale Shopping Centre Fund For personal use only ƒ $1.9 billion core retail fund – $1.2 billion capital raised (March 2007) – Interests in 8 quality Australian retail assets – Performance in line with forecast ƒ Capacity for growth – Zero gearing – Potential developments

32. Slide 32: Development

    For personal use only Development

33. Slide 33: Retail Developments

    Retail Developments* For personal use only * Indicative cost and timing only.

34. Slide 34: Newcastle CBD Retail

    Newcastle CBD Retail For personal use only ƒ Opportunity to develop major CBD retail asset ƒ Site encompassing four CBD blocks – Proposal to deliver quality retail and entertainment offer – Potential for mixed use ƒ Program commenced – Privately owned land secured – Discussions with council/authorit

35. Slide 35: Aerial photo of Newcastle CBD

    Aerial photo of Newcastle CBD For personal use only

36. Slide 36: Newcastle CBD: An Urban Renewal Proposition

    Newcastle CBD An Urban Renewal Proposition For personal use only

37. Slide 37: Rouse Hill Town Centre

    Rouse Hill Town Centre For personal use only

38. Slide 38: Office Development Pipeline

    Office Development Pipeline* For personal use only * Indicative cost and timing only. ** Design and construction cost only.

39. Slide 39: Bourke Street

    For personal use only 818 Bourke Street

40. Slide 40: Workplace6

    For personal use only Workplace6

41. Slide 41: Artist's impression of Eagle Street

    Artist’s impression of For personal use only 77 Eagle Street

42. Slide 42: Industrial Development Pipeline

    Industrial Development Pipeline* For personal use only * Indicative cost and timing only.

43. Slide 43: Joint Venture

    For personal use only Joint Venture

44. Slide 44: Joint Venture

    Joint Venture For personal use only ƒ $2 billion invested (GPT share $1.8 billion) ƒ $84.9m contribution to result ƒ JV ROE 15.4%1 (2007 target 13%) ƒ GPT ROE 11.2%1 (2007 target 9.7%) JV Income A$m 6 months to June 2007 JV Net Profit 169.8 GPT Preferred Equity 39.6 GPT Ordinary Equity 65.1 104.7 To

45. Slide 45: Joint Venture

    Joint Venture For personal use only ƒ Portfolio grown to $6.8bn ƒ Targeting full investment by early 2008 (net of divestments) ƒ Well positioned to achieve 2007 ROE targets

46. Slide 46: In Summary

    In Summary For personal use only ƒ Strong growth delivered – Earnings per security up 6.6% – Distribution security up 5.1% ƒ Business model now established – Investment portfolio in great shape – Rapid growth in funds management – Development emerging as driver of growth ƒ Confidence in outlook – 20

47. Slide 47: Questions

    For personal use only Questions

GPT Group — H1 2007 Earnings Presentation on 6ix