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2019 Annual Result 2019 Annual Result 2019 Annual Result 2019 Annual Result Market Briefing 10 February 2020 The GPT Group acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and community. We pay our respects to First Nations Elders past, present and emerging. Artwork created by Molly Wallace Agenda 4 2019 Annual Result Highlights | Bob Johnston 9 Financial Summary & Capital Management | Anastasia Clarke 13 Office & Logistics | Matthew Faddy 26 Retail | Chris Barnett 33 Funds Management | Nicholas Harris 36 Summary & Outlook | Bob Johnston 2019 Annual Result RESULTS PRESENTATION 4 Our Strategic + Growing our Office & Logistics portfolio Delivering attractive + High weighting to NSW and VIC markets returns Focus + Increased the development pipeline to an expected end value of approximately $5 billion1 5yr avg. Total + Total Assets Under Management of Return 13.3% $25.3 billion 5yr avg. FFOps growth 4.0% 5yr avg. DPS growth 4.5% Shifting our TARGET 2019 FOCUS GROUP strategic SYDNEY & MELBOURNE EARNINGS COMPOSITION Office asset Logistics Office Logistics 40% Logistics NSW 20% 41% Office 16% allocation 16% 52% 36% VIC 36% Retail Funds Retail Retail 40% NT QLD Management 42% 43% 2% 10% 6% 1. Includes both GPT direct interest and Fund opportunities The GPT Group | 2019 Annual Result | 10 February 2020 4 2019 Annual Consistently delivering strong returns Result 2.6% 4.0% $5.80 8.7% FINANCIAL FFO GROWTH DISTRIBUTION NTA PER TOTAL HIGHLIGHTS PER SECURITY GROWTH PER SECURITY RETURN SECURITY UP 3.9 PER CENT Investment Portfolio Portfolio Revaluation $ occupancy 96.5% gains 342.2M Like for like Weighted Average income growth 3.5% Capitalisation Rate 4.95% 161 Castlereagh Street, Sydney The GPT Group | 2019 Annual Result | 10 February 2020 5 RESULTS PRESENTATION 5 RESULTS PRESENTATION 6 Executing on Strategy Executing on Strategy Office & Retail Developments Darling Park Acquisition & Development Opportunity Expected end value of $800 million Expected end value, including Cockle Bay Park development, of >$1 billion1 Current + Darling Park 1&2 and Cockle Bay Wharf 25% interest in the premium Sydney CBD $2.1 billion office and retail complex with an initial yield of 32 Smith Street, Parramatta, office - + 5.3% and average fixed rental growth profile of 4.0% per annum development + Cockle Bay Park Development Expected yield on cost of - 25% interest in a $2 billion landmark Sydney CBD office development opportunity that will provide future approximately 6.75% and an end - value >$320 million growth with an expected IRR of >12%. Development cost of approximately $400 million (GPT’s share) Proposed 2020 commencements + 300 Lonsdale office development - Expected yield on cost of >6.5% and Growing GPT’s Investment in Logistics an end value of $220 million Expected development end value of >$1 billion - Subject to securing a pre-commitment and authority approvals + Western Sydney logistics acquisitions + Andrews Road, Penrith, logistics acquisition + Melbourne Central retail expansion - Acquired five assets for $212 million with an - Construction has commenced on a 50,000sqm - $70 million expansion and an initial yield of 5.4% fund-through opportunity, leased for 10 years expected yield on cost of >6.5% + Truganina, Melbourne logistics development + Truganina, Melbourne logistics acquisition + Rouse Hill Town Centre, Sydney, retail - Completed Stage 1 (26,500sqm) with five - Secured 23,000sqm pre-leased facility for $42m expansion future stages planned due to settle on completion in 2020 - $200 million expenditure with an + Wembley Business Park, Brisbane logistics + New land acquisitions expected yield on cost of >6.0% development - Western Sydney - 36 hectares2 has been secured - Construction of first two assets underway - Western Melbourne - 48 hectares has been with an expected yield on cost of >6% secured 1. GPT direct interest 2. Excludes 10 hectares attributable to Andrews Road, Penrith, fund-through development The GPT Group | 2019 Annual Result | 10 February 2020 6 Environmental Sustainability The GPT Group | 2019 Annual Result | 10 February 2020 7 RESULTS PRESENTATION 7 RESULTS PRESENTATION 8 Social Responsibility Social Responsibility The GPT Group | 2019 Annual Result | 10 February 2020 8 Finance & Treasury Annual Result 2019 Artists impression – 550 BourkeRESULTS Street PRESENTATION and 181 Williams Street,9 Melbourne RESULTS PRESENTATION 10 Financial Summary Financial Summary 12 Months to 31 December ($ million) 2019 2018 Change Funds From Operations (FFO) 613.7 574.6 6.8% $ Valuation increases 342.2 910.7 880M STATUTORY NET PROFIT Treasury instruments marked to market (82.7) (39.6) AFTER TAX Other items 6.8 6.0 Net Profit After Tax (NPAT) 880.0 1,451.7 2.6% Funds From Operations (cents per stapled security) 32.68 31.84 2.6% FFO PER SECURITY GROWTH Funds From Operations (FFO) 613.7 574.6 6.8% Maintenance capex (55.2) (53.2) Lease incentives (61.0) (60.9) 4.0% DISTRIBUTION PER Adjusted Funds From Operations (AFFO) 497.5 460.5 SECURITY GROWTH Distribution (cents per stapled security) 26.48 25.46 4.0% The GPT Group | 2019 Annual Result | 10 February 2020 10 Segment Result Segment Result 12 Months to 31 December 2019 2018 Change Comments ($ million) Strong comparable income growth of 6.2% driven by strong leasing outcomes and Office 276.3 268.7 ▲ 2.8% higher rents. Segment result was offset by reduced income post the sale of MLC Operations net income up 15.4% driven by acquisitions and development Logistics 121.0 109.9 ▲ 10.1% completions, offset by lower development profits Operations net income up 0.9% due to fixed rent increases offset by lower Retail 326.0 326.2 ▼ 0.1% turnover rent, increased downtime and lower development profits Funds Management 46.3 42.6 ▲ 8.7% Strong growth due to a 5.6% increase in assets under management Net Income 769.6 747.4 Net interest expense (108.0) (124.4) ▼ 13.2% Lower average cost of debt by 60 basis points to 3.6% Corporate overheads (35.3) (34.2) Tax expense (12.6) (14.2) Corporate (155.9) (172.8) Funds From Operations 613.7 574.6 The GPT Group | 2019 Annual Result | 10 February 2020 11 RESULTS PRESENTATION 11 RESULTS PRESENTATION 12 Capital Management DomesticDomesticDomestic ForeignForeignForeign CapitalCapital ManagementManagement CPICPICPI Bonds BondsBondsbankbankbank debt debtdebt bankbankbank 2%2%2% debtdebtdebt 2%2%2% SecuredSecuredSecured Foreign9%9%9% ModestModest gearing gearing of of 22.1% 22.1% Domestic bankbankbank debt debtdebt ++ Capital Management CPI Bonds bank SuccessfullySuccessfullySuccessfully completed completedcompleted $867 $867$867 million millionmillion equity equityequity raising raisingraising to toto bank debt 3%3%3% ++ SourcesSources ofof 2% 2% debt fundfundfund acquisition acquisitionacquisition and andand growth growthgrowth opportunities opportunitiesopportunities 9% Secured + Modest gearing of 22.1% DrawnDrawn bankCommercialCommercialCommercial debt ++ IncreasedIncreasedIncreased liquidity liquidityliquidity to toto $1.4 $1.4$1.4 billion billionbillion USPPUSPPUSPP 3%PaperPaperPaper + Successfully completed $867 million equity raising to Sources of BankBankBank Debt DebtDebt 9%9%9% IssuedIssuedIssued US$400 US$400US$400 million millionmillion of ofof debt debtdebt in inin US USUS Private PrivatePrivate DebtDebt 44%44%44% 14%14%14% ++ fund acquisition and growth opportunities Commercial PlacementPlacementPlacement market marketmarket for forfor an anan average averageaverage term termterm of ofof 12.9 12.912.9 years yearsyears AsAsDrawnAs at atat 31 3131 December DecemberDecember DebtDebtDebt Capital CapitalCapital + Increased liquidity to $1.4 billion USPP Paper andandand margin marginmargin of ofof 170 170170 basis basisbasis points pointspoints 201920192019 MarketsBankMarkets Debt 9% Issued US$400 million of debt in US Private Debt 44% 86%86%86%14% + HedgingHedging reduced reduced following following the the sale sale of of MLC, MLC, with with ++ Placement market for an average term of 12.9 years As at 31 December Debt Capital hedginghedginghedging level levellevel subsequently subsequentlysubsequently increasing increasingincreasing as asas a a aresult resultresult of ofof and margin of 170 basis points 2019 Markets DomesticDomesticDomestic MTNs MTNsMTNs thethethe equity equityequity raising raisingraising 86% + Hedging reduced following the sale of MLC, with 23%23%23% ++ S&PS&PhedgingS&P A AA and andand level Moody’s Moody’sMoody’s subsequently A2 A2A2 credit creditcredit increasing ratings ratingsratings as a result of ForeignForeignForeign MTNs MTNsMTNs 7%7%7% Domestic MTNs the equity raising $m$m$m 23% +KeyKeyS&P Statistics Statistics A and Moody’s A2 creditDec Decratings 2019 2019 DecDec 2018 2018 700700700 DebtDebt Foreign MTNs $1.4b$1.4b$1.4b 600600600 7% MaturityMaturity $m liquidityliquidityliquidity NetNetKeyNet tangible tangibletangible Statistics assets assetsassets per perper security securitysecurity Dec $5.802019$5.80$5.80 Dec $5.582018$5.58$5.58 500500700500 Debt $1.4b NetNetNet gearing gearinggearing 22.1%22.1%22.1% 26.3%26.3%26.3% 400400600400 ProfileProfile liquidity Net tangible assets per security $5.80 $5.58 AsAsMaturityAs at atat 31 3131 December DecemberDecember 300300500300 WeightedWeighted average average cost cost of of debt debt 3.6%3.6%3.6% 4.2%4.2%4.2% 201920192019 Net gearing 22.1% 26.3% Profile 200200400200 WeightedWeighted average average term term to to maturity maturity 7.77.77.7 years yearsyears 6.36.36.3 years yearsyears As at 31 December 100100300100 Weighted
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