Gpt Group · ASX:GPT
Gpt — Shareholder Meeting (April 2004)
36 slides from Gpt's shareholder meeting presentation, Apr 29, 2004
Slide 1: GPT Meeting of Unitholders
GPT Meeting of Unitholders 29 April 2004
Slide 2: Donna Byrne, Investor Relations Manager
Donna Byrne Investor Relations Manager
Slide 3: Richard Longes, Chairman
Richard Longes Chairman
Slide 4: Nic Lyons, Chief Executive Officer
Nic Lyons Chief Executive Officer
Slide 5: Key Achievements
Key Achievements — « Earnings growth of 5.6% * Increase in distribution to 21.2 cents per unit ¢ Strong underlying performance ¢ Major redevelopments completed and others commenced ¢ Entry into masterplanned urban communities sector
Slide 6: Secure & Growing Earnings
Secure & Growing Earni 2000 2001 2002 2004 Earnings (cpu) 19.3 19.7 20.4 21.6 Earnings Growth (%) 2.3% 21% 3.6% 5.6%" * Includes impact of change in fee Distribution (cpu) 19.3 19.7 20.4 21.2 NTA per unit $2.53 $2.58 $2.60 $2.73
Slide 7: March Quarter Distribution
March Quarter Distribution | ¢ Distribution of 5.4 cents per unit — GPT Split Income 4.725 cents per unit — GPT Split Growth 0.675 cents per unit ¢ Record date 10 May ¢ Distribution paid 24 May
Slide 8: Returns Commensurate with Index
Returns Commensurate w th Index Total Return 25.0% 20.0% 15.0% 10.0% 5.0% GPT mLPT index
Slide 9: Strong Balance Sheet
Strong Balance Sheet Total assets $7.7 billion Gearing within policy range (20-30%) Borrowings — Varied maturity profile — Current effective interest rate 6.01% S &P ratings
Slide 10: Michael O'Brien, Fund Manager
Michael O’Brien Fund Manager
Slide 11: Portfolio Composition
Portfolio Compositio’ Hotel Industrial 7% 4% Retail 50% Value $7.6 billion
Slide 12: on tee
Mi on 7 tee
Slide 13: Retail Portfolio
Retail Aa teat ¢ Increased income by 11% - Solid performance across Portfolio - Strong specialty productivity - Strong revaluations - Homemaker portfolio demonstrating growth - Portfolio in great shape to deliver growth - Total centre MAT up 2.9% - Occupancy costs low - on 75 a
Slide 14: Homemaker Strategy
Homemaker Strategy. Deliveririg * Income up 18.8% ¢ Rental growth 8.7% at review (6 months to Dec) * Occupancy remains high at 99% * Portfolio grown to $460 million — Epping & Stage 2 Fortitude Valley — Potential expansions — Rouse Hill Regional Centre — Positive valuations * Actively pursuing oppor
Slide 15: Retail Development Pipeline
Retail Development Pipeline 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 Floreat Forum Erina Fair Melbourne Central Fortitude Valley Macarthur Square Complete Penrith Plaza Rouse Hill Regional Centre Charlestown Square Chirnside *Approximate vaiue & timing Wollongong Sunshine Plaza
Slide 16: Erina Fair
Erina Fair ~ $212m expansion ($106m GPT 50% share) Expansion included — Town Square - restaurants — Leisure facilities — ice rink, gymnasium — Community facilities — library, community & youth centres — Additional retail — fashion, food & homewares Completed ahead of schedule Trading very well ¢ Yea
Slide 17: Erina Fair
Slide 18: Erina Fair
Slide 19: Erina Fair
Slide 20: eae
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Slide 21: Melbourne Central
Melbourne Central 90% of base rent committed First stage (90 new retailers) now open ¢ On track for completion end 2004 ¢ Project cost $245 million 8.5% initial yield
Slide 22: Office Portfolio
Slide 23: Office Portfolio
Office Portfolio ¢ Income up 3.8% despite weak market ¢ Portfolio quality enhanced — Darling Park stage 3 — 1 Farrer Place — National Buildings — Refurbishments ¢ Occupancy remains high ¢ Even lease expiry profile
Slide 24: National Building Stage 1
Slide 25: 1 Farrer Place
Slide 26: omen
Lo omen
Slide 27: Office Lease Expiry Profile by Area
k Office Lease Expiry Profile by Area 60.0% December 2003 53.8% 50.0% April 2004 | 40.0% 30.0% 17.7% 20.0% 11.5% 12.1% 10.9% — 10,6% 19.2% 5.8% 58% 8.5% 7.8% 10.0% 5 0.0% + Vacl2004 2005 2006 2007 2008 Beyond ¢ Portfolio well positioned « Manageable forward expir
Slide 28: Hotel & Tourism Portfolio
Slide 29: Hotel & Tourism Portfolio
Hotel & Tourism Portfolio - ¢ Difficult market conditions * Income increased by 4% * Ayers Rock Resort — income flat — room rate improved * Four Points refurbishment largely complete — increased room rate — income up 12% ¢ Medium-term outlook positive
Slide 30: a By ome
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Slide 31: ADIC!I Did CU Da 6) =
ADIC!I Did CU Da 6) = Ee ay) a
Slide 32: Masterplanned Urban Communities
Masterplanned Urban Communities - ¢ Entered sector in Feb 2003 ¢ Rouse Hill to commence late 2004 — $1 billion development — 1,500 dwellings/lots over 10 years ¢ Twin Waters to commence 2005 — Cost $20.6m (excluding acquisition costs) — 370 dwellings/lots over 7 years * Actively pursuing other oppor
Slide 33: On Track for Continued Growth
On Track for Continued Growth Portfolio quality improved All portfolios positioned well Retail developments will deliver growth ¢ Masterplanned communities Confident of ability to continue to deliver earnings growth
Slide 34: Richard Longes, Chairman
Richard Longes Chairman
Slide 35: Ken Moss
Ken Moss
Slide 36: GPT