Slide 1: Interim Result 24 August 2010
For personal use only Interim Result 24 August 2010
Slide 2: Notes
Notes AjuoO esn feuosied JOS The GPT Group
Slide 3: Agenda
For personal use only Agenda MICHAEL CAMERON, CEO and Managing Director Performance Strategy Operations MICHAEL O’BRIEN, CFO Financial Overview Capital Management MICHAEL CAMERON, CEO and Managing Director Outlook Questions 3
Slide 4: Notes
Notes AjuoO esn feuosied JOS The GPT Group
Slide 5: Performance
For personal use only Performance
Slide 6: Notes
Notes AjuoO esn feuosied JOS The GPT Group
Slide 7: Reinvigorating GPT
7 For personal use only Reinvigorating GPT
Slide 8: Notes
Notes AjuoO esn feuosied JOS The GPT Group
Slide 9: Reinvigorating GPT
For personal use only Reinvigorating GPT GPT has returned to Strength, Stability and Earnings Growth and is on track to being Australia’s “Best Performing” property group Working investors’ capital hard Developing quality assets Engaging the best people Enriching the community 9
Slide 10: Notes
10 For personal use only Notes
Slide 11: Highlights
For personal use only Highlights 9 Realised operating income $205.8 million (up 12.5%) 9 Comparable income growth 3.8% 9 $580 million raised within wholesale funds (GWOF) 9 Charlestown Square and One One One Eagle Street on target 9 Average forecast debt cost reduced by 0.7%, rating increased to A-
Slide 12: Other Key Information
For personal use only Other Key Information Notes ROI per ordinary security (adjusted)(1) 6 months 6 months to Jun 2010 30 Jun 10 Weighted average number of securities (million) 1,855.5 Realised operating income (ROI) ($m) 205.8 Less distribution on exchangeable securities ($m) 12.4 Total ($m) 193.4
Slide 13: Result Summary
Result Summary Strength, stability and earnings growth For personal use only 6 months 6 months 30 Jun 10 30 Jun 09 Realised Operating Income (ROI) from continuing operations ($m) 197.2 168.5 Discontinuing operations ($m) 8.6 14.5 Total Realised Operating Income ($m) 205.8 183.0 A-IFRS net profit/(lo
Slide 14: Core portfolio historical performance
Other Key Information Notes Core portfolio historical For personal use only performance Internal rate of return (IRR) 2000 - 2009 Retail 10.8% Office 9.9% Industrial/Business Parks 10.0% Total 10.5% Note: Excludes wholesale fund assets, homemaker centres and any divestments. 14 IRR is unlevered, bas
Slide 15: Strong Core Portfolio
Strong Core Portfolio 3.8% comparable income growth For personal use only Investments(1) Comparable Weighted Weighted Occupancy(2) (%) income growth average lease average cap rate (%) (%) expiry(2) (%) (years) Retail 47.4 4.0 - 6.25 99.5 Office(3) 19.7 3.9 5.3 7.20 95.7 Industrial/Business 8.6 2.2 6
Slide 16: Notes
16 For personal use only Notes
Slide 17: Strategy
For personal use only Strategy
Slide 18: Notes
18 For personal use only Notes
Slide 19: Our Strategy
For personal use only Our Strategy Our Purpose We create and sustain environments that enrich people’s lives Our Strategy We own and actively manage a diversified portfolio of quality Australian property assets, delivering long term benefits For our investors… For our customers… We are a secure, rel
Slide 20: Notes
20 For personal use only Notes
Slide 21: Strategy Journey
Strategy Journey Reinvigorating GPT For personal use only Re‐capitalisation S&P rating A‐ Strategic capital Working capital allocation hard Exit of non‐core Refinement of Reduce debt costs Additional revenue assets strategy High productivity opportunities Board refresh Management Organisational High
Slide 22: Notes
22 For personal use only Notes
Slide 23: Strategic Focus 2010: Closing the NTA gap
Strategic Focus 2010 Closing the NTA gap For personal use only Theoretical Security Price Impact of Initiatives Being Reviewed 23
Slide 24: Notes
24 For personal use only Notes
Slide 25: Strategic Focus 2010/11
Strategic Focus 2010/11 Driving for best performance For personal use only Working capital hard Delivering accretive acquisitions and developments Achieving sustainable growth through customer and revenue focus Enhancing our culture and capabilities 25
Slide 26: Notes
26 For personal use only Notes
Slide 27: Focus on enhancing culture
Reinvigorating GPT Focus on enhancing culture For personal use only Accountability Customer focus Excellence - Better informed decisions - Rigorous processes - Innovation 27
Slide 28: Notes
28 For personal use only Notes
Slide 29: Operations
For personal use only Operations
Slide 30: Retail Valuations
Other Key Information Notes Valuations For personal use only 60% of all retail assets valued externally year All information includes GPT owned assets and GPT’s interest in to June 2010 GWSCF, unless otherwise stated. Portfolio weighted average cap rate(1) 6.25%, (6.26% Dec 09), (6.26% Jun 09) R
Slide 31: Retail Portfolio
Retail Portfolio Performance driven by high occupancy For personal use only (1) Comparable income up 4.0% Comparable centre MAT growth 1.4% Lower sales growth reflects stimulus in 2009 Yield differential (based on quality) re-emerging Key Operating Metrics 30 Jun 10 30 Jun 09 Comparable inco
Slide 32: Specialty Lease Expiry Profile
Other Key Information Notes Specialty Lease Expiry Profile By Base Rent For personal use only Note: Excluding non-core Homemaker City Portfolio and assets under development. Excludes tenancies over 400 sqm. GPT Retail Specialty Total MAT Growth 32 Note: Excludes development affected centres, non-cor
Slide 33: Retail Portfolio: Improved sales growth expected in 2011
Retail Portfolio Improved sales growth expected in 2011 For personal use only 150 basis point increase in interest rates over the last year has impacted household budgets, leading to weak sales growth over 2010 Improvements in economic, employment and wages growth expected to support improved sa
Slide 34: Office Valuations
Other Key Information Notes Valuations For personal use only 79% of all office assets valued externally All information includes GPT owned assets and GPT’s interest in GWOF, year to June 2010 unless otherwise stated. Portfolio weighted average cap rate 7.20%, (7.27% Dec 09), (7.13% Jun 09) Offic
Slide 35: Office Portfolio
Office Portfolio Performance reflects quality For personal use only Comparable income up 3.9% 95.7% space committed, above market (90.8%) Weighted average lease term 5.3 years (by area) 530 Collins refurbished to 5 Star NABERS Energy rating (HSBC Centre refurbishment in progress) GPT Versus
Slide 36: Lease Expiry by Area
For personal use only Other Key Information Notes (1) Lease Expiry by Area (as at 1 July 2010) 36 (1) Individual GPT and GWOF expiry profiles available in additional disclosures.
Slide 37: Office Portfolio: Market conditions to improve
Office Portfolio Market conditions to improve For personal use only Positive net absorption in first half National Prime Gross Effective Rents Supply constraints expected to continue Rental growth and occupancy levels forecast to improve in 2011 Vacancy expected to peak in 2010 with future r
Slide 38: Industrial Valuations
Other Key Information Notes Valuations For personal use only 50% of all industrial assets valued externally year to June 2010 Portfolio weighted average cap rate 8.45%, (8.43% Dec 09), (8.25% Jun 09) Industrial Portfolio - Weighted Average Capitalisation Rate (WACR) 38
Slide 39: Industrial/Business Park Portfolio
Industrial/Business Park Portfolio Solid performance For personal use only Comparable income up 2.2% Structured Rent Increases Portfolio occupancy 97.0% (by income) Average lease expiry 6.9 years Average increase (by income) 3.3%(1) 30,000 sqm of leasing achieved 6 months to June 2010 5
Slide 40: Lease Expiry by Income
For personal use only Other Key Information Notes Lease Expiry by Income (as at 1 July 2010) 40
Slide 41: Industrial/Business Park: Positive demand outlook
Industrial/Business Park Portfolio Positive demand outlook For personal use only Demand outlook positive as inventories and imports rise Tenant enquiry robust across retail and logistics New supply below historical average with limited speculative development Positive rental growth in 2011 a
Slide 42: Notes
42 For personal use only Notes
Slide 43: Australian Funds Management: Market leading performance
Australian Funds Management Market leading performance For personal use only Strong performance against Fund Summary peers(1) Fund Metrics GWOF GWSCF - GWSCF No. 1 (retail) Total Assets $3.1b $2.0b - GWOF No. 1 (office) GPT Investment $895.6m $595.7m - Prudent capital management GPT Investment 33.
Slide 44: Notes
44 For personal use only Notes
Slide 45: Australian Funds Management: Enhanced returns to GPT
Australian Funds Management Enhanced returns to GPT For personal use only GPT income $52.2 million (six At Current Investment Level(1) GWOF (%) GWSCF (%) Consolidated (%) months to June 2010) 30 June 2010 Weighted - GWOF distributions: $23.9 million Average Cap Rate 7.29 6.68 7.02 Distribution Yie
Slide 46: Notes
46 For personal use only Notes
Slide 47: Opportunity to further improve returns
Australian Funds Management Opportunity to further improve returns For personal use only GPT to reduce holdings At Assumed 20% Investment Level(1) GWOF (%) GWSCF (%) Consolidated (%) - Enhances return on capital 30 June 2010 Weighted Average Cap Rate 7.29 6.68 7.02 - Ability to further extend rang
Slide 48: Developments Complete and Underway
For personal use only Other Key Information Developments Complete and GPT Funds Underway 2010 ($m) ($m) Charlestown Square 470 - One One One Eagle Street 197 210 Melbourne Central (Stage 1) 30 - 7 Parkview Drive 60 - 530 Collins Street (complete) - 25 Erskine Park Stage 2 (complete) 19 - Other pas
Slide 49: Development: Disciplined approach
Development Disciplined approach For personal use only Criteria for Investment Development Targets 3 Earnings accretive Accretive initial yields 3 Funding capacity IRR targets 3 Consistent with portfolio strategy Retail 10-13% 3 Appropriate risk profile Office 11-14% 3 Best use of investors’ capital
Slide 50: Charlestown Square
Other Key Information Notes Charlestown Square For personal use only Development expands the Centre to 88,000 sqm Targeting ecological footprint 30% less than a standard centre - Gas fired co-generation plant for electricity and air conditioning - Solar thermal technology Charlestown Square ($m)
Slide 51: Charlestown Square expansion
Developments Underway Charlestown Square expansion For personal use only $470 million, construction on program - First opening (Level 1 food offer) August 2010 - Expansion to complete late 2010 - ‘Backfill’ of existing centre first half 2011 Strong leasing - Majors all secured - 220 of 240 speci
Slide 52: One One One Eagle Street
For personal use only Other Key Information Notes One One One Eagle Street (GPT share) ($m) Spent to 30 June 2010 89 Remaining to be spent 2010 estimate 35 2011 estimate 73 Total 197(1) One One One Eagle Street (sqm) One One One Eagle St 64,000 Terms agreed (approx 20%) 13,000 Leasing Target by PC (
Slide 53: One One One Eagle Street
Developments Underway One One One Eagle Street For personal use only $600 million, commenced May 2008 On program for late 2011 completion Leasing consistent with commerce Target minimum yield 7%(1) Terms agreed for approx 13,000 sqm (20%) Progressed to Level 35 53 (1) Fully leased.
Slide 54: Development land
Other Key Information Notes Development land For personal use only ($m) Newcastle CBD 49.5 Erskine Park 65.0 17 Berry Street 5.0 Rouse Hill - Joint Venture (GPT Interest) 6.7 Talavera Road 10.2 54
Slide 55: Industrial/Business Park and Retail developments
Developments Underway Industrial/Business Park and Retail For personal use only Erskine Park development - Target facility – 12,700 sqm complete Feb 2010 - Year 1 yield 9% - Seeking further pre-commitments for remaining 140,000 sqm 7 Parkview Drive commenced August 2010 - $60 million development
Slide 56: Notes
56 For personal use only Notes
Slide 57: Development: Long list of opportunities
Development Long list of opportunities For personal use only Pipeline GPT Funds ($m) ($m) Sydney Olympic Park 360 - Q Centre - 290 Wollongong Central - 250 Erskine Park (Stages 3-5) 220 - Highpoint Shopping Centre 50 150 300 Lonsdale Street 170 - Melbourne Central Retail (Stage 2) 45 - Austrak Busin
Slide 58: Sustainability recognition
Other Key Information 2010 recognition For personal use only - Rouse Hill Town Centre: ULI Award for Excellence and Innovation - Workplace6: PCA Award for Sustainable Development - VIC Premier's Sustainability Awards - Large Business winner - NSW DECCW Green Globe Awards - Commercial Property Sust
Slide 59: Sustainable Communities: A competitive advantage
Sustainable Communities A competitive advantage For personal use only GPT recognised locally and globally as the world leading property group in sustainability − Dow Jones Sustainability Index Global Real Estate Super Sector Leader − Leader in the Environmental Real Estate Index (Maastricht/Berkel
Slide 60: Notes
60 For personal use only Notes
Slide 61: Financial Overview
For personal use only Financial Overview
Slide 62: Notes
62 For personal use only Notes
Slide 63: Segment performance
2010 Interim Result Segment performance For personal use only Segment 6 months 6 months Comments 30 Jun 10 30 Jun 09 ($m) ($m) Retail 134.7 140.4 Ð Asset sales Comparable income up 4% Office 58.0 57.6 Ï Comparable income up 3.9% Industrial/Business Park 27.1 24.5 Ï Comparable income up 2.2% Australi
Slide 64: Notes
64 For personal use only Notes
Slide 65: Realised Operating Income to Statutory Result
2010 Interim Result Realised Operating Income to Statutory Result For personal use only 6 months 6 months 6 months 12 months 30 Jun 10 31 Dec 09 30 Jun 09 31 Dec 09 ($m) ($m) ($m) ($m) Core Business(1) 264.8 261.7 272.8 534.5 Non-core Operations 20.0 26.3 23.6 49.9 Financing and corporate overheads
Slide 66: Notes
66 For personal use only Notes
Slide 67: Management expenses
2010 Interim Result Management expenses For personal use only 6 mths 6 mths 6 mths 12 mths Expenses ($m) 30 Jun 10 31 Dec 09 30 Jun 09 31 Dec 09 Corporate Expenses 15.0 20.2 13.5 33.7(1) Portfolio Expenses 19.1 17.6 12.6 30.2 Tax Benefit 2.7 2.0 1.0 3.0 Total Management Expenses 36.8 39.8 27.1 66.9
Slide 68: Gearing and Interest Cover
Other Key Information Notes Gearing For personal use only 30 Jun 10 ($m) Total assets 9,476.9 Less: intangible assets (41.2) Total tangible assets 9,435.7 Current borrowings 1,670.1 Non-current borrowings 764.8 Total borrowings 2,434.9 Headline Gearing 25.8% Net Gearing(1) 25.5% Interest Cover 30 Ju
Slide 69: Management expenses: maximising operational leverage
2010 Interim Result Management expenses: maximising operational For personal use only leverage ‘Jaws’ measure - Comparable NOI June 2010 growth to Management Expense growth Need to balance cost focus with 3.8% ‘Jaws’ = 2.0% revenue focus Maximise ‘Jaws’ - maximise additional 1.8% earnings Ongo
Slide 70: Notes
70 For personal use only Notes
Slide 71: Capital Management
For personal use only Capital Management
Slide 72: Notes
72 For personal use only Notes
Slide 73: Capital Management Strategy
Capital Management Strategy Goals For personal use only Objectives Progress 9 $600 million new/$200 million extended Flatten maturity profile and extend 9 5 and 7 year facilities announced – tenor lengthens tenor Diversify debt sources 8 Bond market soft/expensive Improve credit rating 9 S&P upgrade
Slide 74: Credit metrics
Other Key Information Credit metrics Balance sheet will be managed to benchmarks established across key credit metrics For personal use only Benchmarks are consistent with ‘A category’ credit ratings GPT comfortably within all benchmarks 23.6% Dec’09 25.5% Jun’10 40% covenant Balance sheet gea
Slide 75: Balance sheet overview
2010 Interim Result Balance sheet overview For personal use only 30 Jun 10 31 Dec 09 Total assets ($b) 9.5 9.2 Total debt ($b) 2.4 2.2 Gearing(1) (%) 25.5 23.6 Interest cover(2) (x) 4.1 2.9 Weighted average cost of debt (including fees and margins) 7.49% Weighted average term to maturity 3.3 yea
Slide 76: Sources of debt funding
Other Key Information Sources of debt funding (30 June 2010) For personal use only Sources of Drawn Debt Sources of Debt Facilities 76
Slide 77: Debt Maturity Profile
Debt Maturity Profile(1) New and extended facilities improve duration For personal use only Weighted average facility term to maturity of 3.3 years (from Oct 2010) v medium term target of > 4 years New debt lines totalling $800 million maturing 2015 and 2017 have improved maturity profile 77 (1)
Slide 78: Credit markets overview
Other Key Information Credit markets overview For personal use only A$ Corporate Issuance Debt Capital Markets Market volatility starting to subside however investors remain sensitive to macroeconomic data and other news flow Demand for REITs and other corporate bond issuance has improved in glo
Slide 79: Liquidity Profile – 2010
Liquidity Profile – 2010 Well positioned For personal use only Significant liquidity headroom - Estimated position at end 2010 covers current capital commitments, 2011 expiries and progress towards 2012 expiry Ongoing liquidity headroom dependent on - Status of credit markets - Progress on addre
Slide 80: Debt cost
Other Key Information Debt cost (at end of June 2010) For personal use only Debt Interest rate ($m) (%) Hedged debt 2,073 6.04 Floating debt 362 3.00 Total debt 2,435 5.59 Margin 1.10 Fees 0.80 All-in cost of funds 7.49 Interest expense $64 million(1) for 6 months to 30 June 2010 (1) Netted for in
Slide 81: Average Cost of Debt
Average Cost of Debt(1) Reduced by 0.7% For personal use only 2.6% 1.9% 2.1% 5.6% 5.4% 5.6% Cost of debt 7.5% at June 2010 Average cost of debt forecast at 7.5% for 2010, lower than Feb 10 estimate - Cancellation of excess undrawn lines - Use of new favourable bank loan terms instead of MTNs 81
Slide 82: Notes
82 For personal use only Notes
Slide 83: Summary of Financials
For personal use only Summary of Financials Solid operating result - core business units contributing strongly Balance sheet remains in very strong position Clear Capital Management Strategy in place with significant progress made against objectives Credit metrics very healthy and consistent
Slide 84: Notes
84 For personal use only Notes
Slide 85: Outlook
For personal use only Outlook
Slide 86: Notes
86 For personal use only Notes
Slide 87: Outlook: Signs of improvement
Outlook Signs of improvement For personal use only The Australian economy will continue its recovery Investors are cautiously gaining confidence Recent transactions indicate valuations have stabilised Bank risk appetite continues to improve for strong credits Bond markets showing signs of
Slide 88: Notes
88 For personal use only Notes
Slide 89: Outlook
For personal use only Outlook Retail sales growth expected to improve in 2011 Office and industrial demand improving with supply constraints expected to continue Targeting - Total Returns > 9% - Average EPS growth of CPI +1% over 3 years(1) - Leading relative total securityholder return Expe
Slide 90: Notes
90 For personal use only Notes
Slide 91: GPT's Highlights
For personal use only GPT’s Highlights 9 Realised operating income $205.8 million (up 12.5%) 9 Comparable income growth 3.8% 9 $580 million raised within wholesale funds (GWOF) 9 Charlestown Square and One One One Eagle Street on target 9 Average forecast debt cost reduced by 0.7%, rating increased
Slide 92: Questions
For personal use only Questions
Slide 93: Appendices
For personal use only Appendices
Slide 94: Core Portfolio
Core Portfolio 92% of real estate investments For personal use only June 2010 December 2009 94 (1) US Seniors, GWOF & GWSCF based on GPT’s equity interest.
Slide 95: Core Portfolio: Contributing majority of income
Core Portfolio Contributing majority of income(1) For personal use only June 2010 June 2009 95 (1) Based on realised operating income.
Slide 96: Remaining Non-Core Assets
For personal use only Remaining Non-Core Assets Asset Asset Value(1) Income(2) 30 Jun 10 6 months Jun 10 ($m) ($m) Ayers Rock Resort 300.0 10.0 US Seniors Housing 204.6 11.4 Remaining Homemaker City Portfolio(3) 193.2 8.7 Interest in DAF/GRP 33.8 2.3 Ayers Rock Resort US Seniors Housing Occupancy 45
Slide 97: Increase in Disclosures
For personal use only Increase in Disclosures Income and capex by property - Core portfolio (income and fair value schedule) Funds - Income by asset - Valuations and cap rates per asset - Fair values and cap rates per asset - Income by category (distribution versus fees) - Total return by Fund
Slide 98: Securities on Issue
For personal use only Securities on Issue Number of Securities Opening balance 1 Jan 2010 9,277,584,743 5 to 1 security consolidation completed 19 May 2010 (7,422,055,312) 30 Jun 2010 balance post consolidation(1) 1,855,529,431 98 (1) Excludes exchangeable securities, which if converted at current c
Slide 99: NTA Movement
For personal use only NTA Movement Net No. NTA per Assets Securities security ($m) (million) ($) NTA position at 31 December 2009* 6,636.0 9,599.5 0.69 Acquisitions 13.0 Additions 303.9 Disposals (42.7) Revaluations 49.6 Movement in Cash/Receivables/Other (23.6) Movement in Assets 300.2 9,599.5 0.03
Slide 100: Look Through Gearing
For personal use only Look Through Gearing 30 Jun 10 GPT GWOF GWSCF US US Retail European Other(2) Group Seniors Funds Housing ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) Share of assets of non-consolidated entities Group total tangible assets 9,435.7 9,435.7 - - - - - - (i) Plus: GPT share of assets of
Slide 101: Core Assets Under Management
For personal use only Core Assets Under Management Balance Funds Joint Owner Total Assets Sheet Share Under Assets Management ($m) ($m) ($m) ($m) Retail 4,571.6 2,024.0 418.7 7,014.3 Office 1,832.8 3,074.1 93.3 5,000.2 Industrial/Business 794.5 - - 794.5 Parks Total 7,198.9 5,098.1 512.0 12,809.0 10
Slide 102: Debt Funded Investment Capacity at 30% Gearing
For personal use only Debt Funded Investment Capacity at 30% Gearing Debt Current Investment Gearing Capacity (%) ($m) Balance Sheet 25.5 $600 Wholesale Funds - Office 11.6 $900(1) - Retail 9.9 $590 Total $2,090 Additional capacity available through Capital Partners, Co-owners and Associates Cri
Slide 103: Current Debt Facilities: GPT bonds
Current Debt Facilities GPT bonds For personal use only Tranche Outstanding A$m Maturity Date Fixed/ (equiv) Indexed Rate (%) Fixed MTN 100 7-Nov-2010 6.25 Floating MTN 123 7-Nov-2010 Fixed MTN(1) 199 22-Aug-2013 Floating MTN 12 22-Aug-2013 CPI indexed 85 10-Dec-2029 8.23 Total Borrowings 519 103 (1
Slide 104: Current Debt Facilities: Bank facilities
Current Debt Facilities Bank facilities For personal use only Tranche Outstanding Maturity Date Limit A$m Available A$m (equiv) A$m (equiv) (equiv) Euro Multi Option Syndicated 338 26-Oct-2010 1,462 1,125 Multi Option Bilateral - 22-Aug-2011 175 175 Bank Facility – 111 Eagle St 40 30-Nov-2011 151 11
Slide 105: Hedging Profile
For personal use only Hedging Profile Average drawn debt for 2010, based on current commitments: $2.4 billion Projected hedging to remain ~ 85% at December 2010 Hedge profile indicates potential over hedging caused by optionality in GPT’s hedge book - may be mitigated by steepening of the forw
Slide 106: Projected AUD interest rate hedging
Balance Sheet Projected AUD interest rate hedging For personal use only Hedging Position as at Average Rate on Principal amount of Principal amount of hedged balance excl derivative financial fixed rate Margins instruments borrowings ($m) ($m) 30 June 2010 6.04% 1,889 184 30 June 2011 5.91% 2,572 84
Slide 107: Projected AUD interest rate hedging
Balance Sheet Projected AUD interest rate hedging For personal use only 107
Slide 108: USD interest rate hedging
Balance Sheet USD interest rate hedging For personal use only Hedging Position as at Average Rate on Principal amount hedged balance of derivative excl Margins financial instruments (US$m) 30 June 2010 - - 30 June 2011 5.02% 130 30 June 2012 5.02% 130 30 June 2013 5.02% 130 30 June 2014 5.02% 130 30
Slide 109: USD interest rate hedging
Balance Sheet USD interest rate hedging For personal use only 109
Slide 110: Retail Portfolio ($5.2 billion)
Retail Portfolio ($5.2 billion)(1) Sub sector by diversity For personal use only Sub sector Asset Quality Regional 94% Sub Regional 1% Neighbourhood 1% Homemaker 4% 110 (1) Includes $595.7 million equity investment in GWSCF.
Slide 111: Retail Portfolio: Top ten tenants
Retail Portfolio Top ten tenants For personal use only (1) % Income 1. Woolworths 6.5% 2. Wesfarmers 5.9% 3. Myer 4.0% 4. Just Group 2.7% 5. Hoyts 2.0% 6. Colorado Group 1.5% 7. Prouds 1.4% 8. Luxottica Group 1.3% 9. Sussan 1.2% 10. Red Group Retail 1.1% 111 (1) Based on gross rent (including turnov
Slide 112: Retail Portfolio: Sales summary
Retail Portfolio Sales summary For personal use only 112
Slide 113: Retail Portfolio: Sales growth v long term trend
Retail Portfolio Sales growth v long term trend For personal use only 113 Source: GPT Sales Reports. Represents Portfolio Moving Annual Turnover (MAT), excluding developments and Homemaker City Portfolio.
Slide 114: Comparable change in retail sales by category
Retail Portfolio Comparable change in retail sales by category For personal use only Period to 30 June 2010 12 Months 6 Months 3 Months Department Stores 1.8% 3.7% 1.0% Discount Department Stores -0.9% -6.1% -8.9% Supermarkets 3.7% 1.4% 1.3% Cinemas 12.7% 15.5% 6.7% Clothing & Shoes/Bags/Accessories
Slide 115: Consumer Sentiment
Consumer Sentiment Westpac Consumer Sentiment Index For personal use only CS Index Aug 10 Ï 119.2 August 2010 Consumer Sentiment reached 119.2, a level similar to the beginning of 2010 115 Source: Westpac Consumer Sentiment Index, August 2010.
Slide 116: Retail Portfolio: Fair values
Retail Portfolio Fair values (investment assets) For personal use only Property Jun 10 Fair Dec 09 Jun 10 Latest External Value Cap Rate Cap Rate Valuation ($m) (%) (%)(1) Casuarina Square $444.0 6.25 6.00 30 June 2010 Charlestown Square $751.8 6.00 6.00 31 March 2009 Dandenong Plaza $201.7 8.50 8.5
Slide 117: Office Portfolio ($2.7 billion)
Office Portfolio ($2.7 billion)(1) Geographic weighting For personal use only Asset Quality Source: Company Reports. 117 (1) Includes $895.6 million investment in GWOF.
Slide 118: Office Portfolio: Top ten tenants
Office Portfolio Top ten tenants For personal use only % income(1) 1. Commonwealth of Australia 6.9% 2. Citigroup 5.5% 3. National Australia Bank 4.6% 4. BP Australia 4.0% 5. Freehills Services 3.8% 6. State Government 3.5% 7. Commonwealth Bank of 3.2% Australia 8. PricewaterhouseCoopers 3.1% 9. Eri
Slide 119: Office Portfolio: Over/under-renting by asset
Office Portfolio Over/under-renting by asset For personal use only Offices Office Occ Office Occ Ownership Average Gross Estimated Over/Under- (%) (%) Lease Term Passing Gross rented by Area Rent Market Rent (%) (Years) ($psm) ($psm) (1) (2) (3) Australia Square, Sydney 97.0% 98.5% 50% 3.9 760 779 -
Slide 120: Office Portfolio: Over/under-renting by asset
Office Portfolio Over/under-renting by asset For personal use only Offices Office Occ Office Occ Ownership Average Gross Estimated Over/Under- (%) (%) Lease Term Passing Gross rented by Area Rent Market Rent (%) (Years) ($psm) ($psm) (1) (2) (3) Darling Park 1 & 2, Sydney 97.4% 97.8% 50% 8.4 734 672
Slide 121: Office Portfolio: Fair values
Office Portfolio Fair values (investment assets) For personal use only Property Jun 10 Fair Dec 09 Jun 10 Latest External Value Cap Rate Cap Rate Valuation ($m) (%) (%) (1) Australia Square, Sydney $269.9 7.15 7.15 31 March 2009 MLC Centre, Sydney $381.8 7.25 7.15 31 March 2009 Melbourne Central Tow
Slide 122: Industrial/Business Park Portfolio ($795 million)
Industrial/Business Park Portfolio ($795 million) Geographic weighting For personal use only 122
Slide 123: Industrial/Business Park: Top ten tenants
Industrial/Business Park Portfolio Top ten tenants For personal use only % income(1) 1. Coles Myer 16.3% 2. Australian Pharmaceutical 14.2% Industries 3. Steinhoff Asia Pacific 12.4% 4. Goodman Fielder 10.9% 5. Vodafone Australia 10.2% 6. SuperCheap Auto 8.7% 7. Mitsubishi Motors 7.8% 8. Effem foods
Slide 124: Industrial/Business Park: Fair values
Industrial/Business Park Portfolio Fair values (investment assets) For personal use only Property Jun 10 Fair Value Dec 09 Jun 10 Latest External ($m) Cap Rate Cap Rate Valuation (%) (%) (1) 18-24 Abbott Road, Seven Hills $13.5 10.00 10.00 31 December 2008 Austrak Business Park, Somerton (50%) $139.
Slide 125: Industrial/Business Park: Fair values
Industrial/Business Park Portfolio Fair values (investment assets) For personal use only Property Jun 10 Fair Value Dec 09 Jun 10 Latest External Valuation ($m) Cap Rate Cap Rate (%) (%) (1) 4 Holker Street, Silverwater $30.0 8.50 8.50 31 December 2008 92-116 Holt Street, Pinkenba $15.3 9.25 9.00 31
Slide 126: Australian Funds Management: Fees
Australian Funds Management Fees For personal use only Funds management fee structure - Base fee 45 bps per annum of Asset Value - Performance fee 15% of the outperformance above 10 year bond yield plus 3% per annum (post base management fee) - Fees capped at 90 bps per annum Property management
Slide 127: Australian Funds Management: Ownership composition
Australian Funds Management Ownership composition For personal use only GWSCF No. % Fund GWOF No. % Fund GPT 1 33.4% GPT 1 33.8% Domestic Super Funds 6 20.7% Domestic Super Funds 16 38.4% Domestic - Other 8 13.8% Domestic - Other 5 7.0% Offshore Pension Funds 4 18.7% Offshore Pension Funds 6 12.8% S
Slide 128: Fair values: GWOF
Australian Funds Management Fair values: GWOF (investment assets) For personal use only Property Jun 10 Fair Value Dec 09 Jun 10 Latest External Valuation ($m) Cap Rate Cap Rate (%) (%)(1) Darling Park 1 & 2, Sydney $556.5 6.75 6.75 31 March 2010 Darling Park 3, Sydney $275.0 7.00 7.00 31 March 2010
Slide 129: Fair values: GWSCF
Australian Funds Management Fair values: GWSCF (investment assets) For personal use only Property Jun 10 Fair Value Dec 09 Jun 10 Latest External ($m) Cap Rate Cap Rate Valuation (%) (%)(1) Carlingford Court 167.9 7.50 7.50 31 December 2009 Chirnside Park 200.0 6.75 7.00 31 March 2010 Forestway Shop
Slide 130: Capital management: GWOF
Australian Funds Management Capital management: GWOF For personal use only Gearing 11.6% $578 million equity raised - $414 million new equity - Strong demand from existing and new investors - 6 new investors (51%) Weighted average cost of debt June quarter 7.8% - Includes fees and margin of 2.
Slide 131: Capital management: GWSCF
Australian Funds Management Capital management: GWSCF For personal use only Gearing 9.9% Weighted average cost of debt for June quarter 8.4% - Includes fees and margin of 2.3% - Weighted average term 1.5 years Drawn debt 82% hedged - Weighted average term 4.2 years 131
Slide 132: Individual debt lines
Australian Funds Management Individual debt lines For personal use only Wholesale Funds: Loan Facilities Facility Limit Facility Expiry Amount ($m) Currently Drawn ($m) GWOF Syndicated Facility $300 27-Jun-11 $106 One One One Eagle Street Facility $151 30-Nov-11 $43 Term Facility $60 18-Dec-12 $60 B
Slide 133: 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 134: 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