GPT : 2021 Annual Result Presentation (with speaker notes)

For personal use only

14 February 2022

2021 Annual Result Presentation (with speaker notes)

The GPT Group ('GPT') provides its 2021 Annual Result Presentation (with speaker notes) which is authorised for release by The GPT Group's Managing Director and Chief Executive Officer Bob Johnston.

-ENDS-

For more information, please contact:

INVESTORS AND MEDIA Penny Berger

Head of Investor Relations and Corporate Affairs [phone]

Level 51, 25 Martin Place, Sydney NSW 2000

www.gpt.com.au

use only	Market Briefing
	Annual Result 2021
	14 February 2022
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Good morning everyone and welcome to GPT's Full Year Results briefing.

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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.

Annual Result 2021

onlyuse

personalI would like to start the briefing by acknowledging the traditional custodians of the lands on which our business, and our assets operate, and pay my respects to Elders past, present and

emerging. For

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only	2021 Year in Review | Bob Johnston	4
		Finance and Treasury | Anastasia Clarke	8
		Office | Martin Ritchie	12
use	Logistics | Chris Davis	21
Retail | Chris Barnett	28
2022 Outlook | Bob Johnston	37
		Agenda
		Agenda	Annual Result 2021
personal

Joining me for today's presentation are

• Anastasia Clarke the Group CFO,

• Martin Ritchie, Head of Office,

• Chris Davis, Head of Logistics, and

• Chris Barnett, Head of Retail and Mixed-Use.

Martin Ritchie and Chris Davis were appointed to their roles as part of the changes to the Leadership Team I announced last month.

Martin was previously the Fund Manager of the GPT Wholesale Office Fund, and has successfully led the Fund from inception, growing it to nearly $10 billion in assets under management. Martin now has responsibility for both the balance sheet portfolio and oversight of the Office Fund.

Chris Davis was most recently the Head of Investment across the Logistics and Office Forportfolios, and has been instrumental in growing our Logistics business over a number of

years. Growth in the sector will continue to be a focus for the Group, and Chris is now responsible for leading this.

As usual, we will take your questions at the end of the presentation.

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Our Logistics and Office portfolios continued to deliver strong results, with increased leasing activity and development completions enhancing the portfolios.

Valuation gains during the year totalled $924 million, with 60% of this uplift coming from the Logistics portfolio, and the balance from our Office portfolio.

THE GPT GROUP | 2021 ANNUAL RESULT

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32 SMITH, PARRAMATTA

» Strong momentum in 1H disrupted by Delta outbreak in 2H − Restrictions more severe than 2020

− Retail rent collections in 3Q fell to 63% of gross billings, recovering to 101% in 4Q − Omicron has been a setback to the recovery

− Melbourne Central continues to be impacted by an inactive CBD

» Logistics portfolio continues to benefit from strong demand and high occupancy

» Office portfolio leasing activity improved in 2H despite extended period of work from home

» Portfolio valuation gains of $924m driven primarily by Logistics » Continued to execute on strategy

− Logistics 27% of portfolio weighting

− Completed ~$800m of Office developments

− Advanced retail and mixed-useschemes for Highpoint and Rouse Hill Town Centre

− Expanded capital partnership with QuadReal Agenda− On track to deliver Carbon Neutral target in 2024

onlyuse

personalI m pleased to report today that the team has delivered a solid result in what has been another COVID impacted year.

After a strong start to 2021, driven by the rebound in the performance across most of our Retail assets, the Delta outbreak did cause a setback in momentum in the second half.

The restrictions imposed during the Delta outbreak were more severe than in 2020, and in New South Wales they extended for a longer period.

We saw trading conditions bounce back quickly though, when restrictions were lifted in late October, resulting in improved rent collections. In the third quarter, our rent collections for the Retail portfolio fell to 63% of gross billings, but recovered to 101% in the fourth quarter.

The emergence of Omicron has been a further setback, but the worst of this seems to be behind us. Case numbers are trending lower, mobility is starting to lift again and we are

Forseeing foot traffic improving in our retail centres.

Melbourne Central started to see the benefit of a more active CBD in the fourth quarter, but as you would expect Omicron has had an impact over the last 2 months. We remain confident that the asset will recover when the CBD is reactivated, and students and tourists return.

2021 Year in review

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