Gpt Group · ASX:GPT
Gpt — The GPT Group — FY2015 Earnings Presentation
105 slides from Gpt's earnings presentation, February 2016
Slide 1: GPT Annual Result 2015
GPT Annual Result 2015
Slide 2: Agenda
Agenda 1.1 Agenda Results Presentation Section Speaker Page Group Strategy Bob Johnston 2 2015 Annual Result Highlights Bob Johnston 7 Financial Summary & Capital Management Anastasia Clarke 8 Retail Vanessa Orth 11 Office & Logistics Matthew Faddy 17 Funds Management Nicholas Harris 25 Summary & Ou
Slide 3: Group Strategy: Focus on core property sectors
Group Strategy 1.2 Results Group Strategy Focus on core property sectors Presentation Focus on core property sectors 1 Build on strong market position and high quality portfolio • Maintain investment focus on Retail, Office and Logistics sectors • Leverage expertise and scale to grow market position
Slide 4: Group Strategy: Development pipeline
Group Strategy 1.3 Results Group Strategy Development pipeline Presentation Development pipeline 2 Maximise value of development pipeline opportunities • Development pipeline of $3 - 4 billion underpins growth of core portfolio • Significant rezoning and mixed use outcomes inherent in the portfolio
Slide 5: Group Strategy: Funds management platform
Group Strategy 1.4 Results Group Strategy Funds management platform Presentation Funds management platform 3 Consolidate our position as a leading fund manager • Renew GWOF and GWSCF fund management terms • Focus on performance, and position for growth in the medium term • Sell non-core assets ($28
Slide 6: Group Strategy: Financial and business management
Group Strategy 1.5 Results Group Strategy Financial and business management Presentation Financial and business management 4 Maintain strong capital position and efficient operating model • Target gearing 25-35% • Maintain “A” credit ratings • Review of corporate overhead commenced Sources of Drawn
Slide 7: Group Strategy: Summary
Group Strategy 1.6 Results Group Strategy Summary Presentation Summary • Retain focus on 3 core sectors Investment • Drive organic growth through asset management Portfolio • Target a Group Total Return of greater than 8.5% p.a. • Measured increase in exposure Development • Internal pipeline of $3 -
Slide 8: 2015 Annual Result Highlights
2015 Annual Result Highlights 1.7 2015 Annual Result Highlights Strong business platform delivers solid results Results Presentation Strong business platform delivers solid results Delivering results from core business Investment Portfolio Performance 5.5% 11.5% 10.9% 3.8% FFO1 per security Total Re
Slide 9: 2015 Annual Result Summary
2015 Annual Result Summary 1.8 2015 Annual Result Summary Financial summary Results Presentation Financial summary 12 months to 31 December ($m) 2015 2014 Change (%) Net Profit After Tax 868.1 645.3 34.5% Less: Valuation increases1 (432.1) (249.5) Less: Distribution on exchangeable securities (1.7)
Slide 10: Segment result
2015 Annual Result Highlights 1.9 Results Segment result 2015 Annual Result Highlights Presentation Segment result 12 months to 31 December ($m) 2015 2014 Change (%) Retail NOI 251.7 248.7 Comparable growth +3.0% Office NOI 153.8 141.8 Comparable growth +6.3% Logistics NOI 91.4 85.9 Comparable growt
Slide 11: Capital Management: Strong capital position
Capital Capital Management Management 1.10 Results Strong capital position Strong capital position Presentation 31 Dec 2015 31 Dec 2014 Change Net tangible assets per security $4.17 $3.94 5.8% Total borrowings $2,948m $2,718m 8.5% Gearing (net debt to total tangible assets) 26.3% 26.3% - Look throug
Slide 12: Retail Portfolio 2015 highlights
Retail Portfolio 1.11 Retail Portfolio 2015 highlights – High quality portfolio delivering strong results Results Presentation 2015 highlights – High quality portfolio delivering strong results Portfolio Commentary 3.0% like for like income growth • 8.9% Total Portfolio Return for the 12 month perio
Slide 13: Retail: Cap rate compression valuation uplift
Retail 1.12 Retail Cap rate compression contributing to a valuation uplift of $133.7m Results Presentation Cap rate compression contributing to a valuation uplift of $133.7m • Strong cap rate compression of 29bps across the portfolio Valuation Uplift Property 2015 $m % Melbourne Central $64.8 6.1% R
Slide 14: Retail: Specialty sales up 6.5%
Retail Retail 1.13 Results Specialty sales up 6.5% in the year to December 2015 Presentation Specialty sales up 6.5% in the year to December 2015 Monthly Specialty Sales Growth1,2 Moving Annual Change in Retail Sales by Category1 6 monthly = 7.3% 6 monthly = 5.8% Quarterly = 5.4% 23.0% 9.3% 9.3% Spe
Slide 15: Retail: Strong sales growth and leasing results
Retail 1.14 Results Strong sales growth underpinning positive leasing results Retail Presentation Strong sales growth underpinning positive leasing results Portfolio Highlights Highpoint Delivery of Level 1 Asian Dining and Entertainment Precinct opened July 15 Charlestown Square Delivery of an Inte
Slide 16: Retail: Digital initiatives
Retail 1.15 Retail Digital initiatives informing portfolio and tenant strategies Results Presentation Digital initiatives informing portfolio and tenant strategies Using digital technology and data… MARKET SHARE GAIN AND RETURN ON INVESTMENT SHOPPER INSIGHTS ASSET RESPONSE DATA SOURCES DATA ANALYSIS
Slide 17: Retail: Evolving retail mix and development pipeline
Retail 1.16 Retail Evolving retail mix as part of the retail development pipeline Results Presentation Evolving retail mix as part of the retail development pipeline Forecast GPT’s GWSCF’s Property Development Opportunity Total Cost Share Share GPT Assets Casuarina Square $34m $17m $17m Leisure and
Slide 18: Office Portfolio 2015 highlights
Office Portfolio 1.17 Office Portfolio 2015 highlights – Portfolio delivering strong results Results Presentation 2015 highlights – Portfolio delivering strong results Portfolio Commentary 6.3% like for like income growth • 12.8% Total Portfolio Return with all assets recording positive revaluations
Slide 19: Office: Leasing success resulting in high occupancy
Office 1.18 Results Office Leasing success resulting in high occupancy Presentation Leasing success resulting in high occupancy • 133,925 sqm of leases signed, and 39,670 sqm of deals at Heads of Agreement stage − Average incentive of 28% (19% including effective deals) • Space requirements led by P
Slide 20: Office: 12.8% Total Portfolio Return
Office 1.19 Office Leasing and cap rate compression driving 12.8% Total Portfolio Return Results Presentation Leasing and cap rate compression driving 12.8% Total Portfolio Return • Cap rate compression, market rental growth and a reduction in downtime from forward solving expiries has resulted in $
Slide 21: Office: Actively resolving future expiries
Office 1.20 Office 2 Results Actively resolving future expiries Presentation Actively resolving future expiries Lease Expiry Profile by Income 17.2% Expiry as at Dec-‐14 Expiry as at Dec-‐15 13.2% 8.8% 9.6% 9.4% 9.9% 8.3% 7.2% 8.3% 4.9% 2016 2017 2018 2019 2020 MCT: MCT: MCT: 750 Collins*: CBW: DH
Slide 22: Logistics Portfolio 2015 highlights
Logistics Portfolio 1.21 Logistics Portfolio 2015 highlights – Portfolio well positioned Results Presentation 2015 highlights – Portfolio well positioned Portfolio Commentary 0.7% like for like income growth • 13.7% Total Portfolio Return for 12 month period • High portfolio WALE of 8.2 years due to
Slide 23: Logistics: 13.7% Total Portfolio Return
Logistics 1.22 Logistics 13.7% Total Portfolio Return Results Presentation 13.7% Total Portfolio Return Revaluations of $99.5m1 driven by cap rate compression, leasing and sales DEVELOPMENT INVESTMENT ASSET SALES PORTFOLIO $20.3 million $45.3 million $33.9 million Development Enhancing and re-leasi
Slide 24: Logistics: Development deliveries and land opportunities
Logistics 1.23 Logistics Results Focus on development deliveries and land opportunities Presentation Focus on development deliveries and land opportunities Development completions – $300 million end value Asset End Value WALE Completion Date Coles RRM, Erskine Park $135.0m 20 years June 2015 Rand, E
Slide 25: Logistics: Reducing near-term expiry profile
Logistics 1.24 Logistics Results Good progress on reducing near-term expiry profile Presentation Good progress on reducing near-term expiry profile • Minimal expiry over next 12 months: two expiries in Dec 2016 • 2017 expiries reduced from 24% to 18% Lease Expiry Profile by Income Expiry as at Dec-
Slide 26: Funds Management: Strong contribution to Group return
Funds Management 1.25 Funds Management Strong contribution to overall Group return Results Presentation Strong contribution to overall Group return GPT Total Return from Funds Management 14.0% • FM business generated a 14.0% total return to 3.0% the Group over the year 4.8% • FUM increased by 4.6% d
Slide 27: Summary & Outlook
1.26 Summary Summary & Outlook & Outlook Results Presentation Well positioned to deliver growth } High portfolio occupancy with structured rent increases } Organic growth opportunities through internal development pipeline } Strong balance sheet 2016 Guidance } FFO per security growth of 4-5%
Slide 28: 2015 GPT Annual Result Appendices
2015 GPT Annual Result Appendices
Slide 29: Appendices: Retail
2015 GPT Annual Result Appendices Retail
Slide 30: Retail: Strong specialty sales driving improving metrics
Retail 1.29 Results Strong specialty sales driving improving metrics Retail Presentation Strong specialty sales driving improving metrics Comparable Net Income Growth Specialty MAT Growth 5% 7% 6.5% 4.8% 4.8% 4.7% 6% 4% 4.5% 4.3% 5% 4.1% 3% 3.6% 4% 3.0% 2.9% 2% 3% 2.5% 2% 1% 1% 0% 0% Dec 05 Dec 06 D
Slide 31: Contribution to portfolio specialty sales growth by asset
Retail 1.30 Retail Investing in the right centres and catchments is driving stronger sales growth Results Presentation Investing in the right centres and catchments is driving stronger sales growth Contribution by asset to 6.5% Specialty MAT growth1 2.5% Contribution to portfolio specialty sales gro
Slide 32: Contribution to specialty sales growth by commodity group
Retail 1.31 Retail Food Catering, General Retail and Apparel driving growth Results Presentation Food Catering, General Retail and Apparel driving growth Contribution by commodity group to 6.5% Specialty MAT growth1 1.6% 1.4% Food Catering 1.4% Contribution to portfolio specialty sales growth 1.2% G
Slide 33: Growth favouring South Eastern seaboard centres
Retail 1.32 Results Nature of growth favouring South Eastern seaboard shopping centres Presentation Retail Nature of growth favouring South Eastern seaboard shopping centres Retail Trade Growth vs Consumer Sentiment Index Westpac Consumer Sentiment Index (by state) Consumer Confidence (RHS) Retail T
Slide 34: Appendices: Office
2015 GPT Annual Result Appendices Office
Slide 35: Sydney CBD Office
Sydney CBD Office 1.34 Results Sydney CBD Office Strong demand - exceeding supply, solid net effective rental growth Presentation Strong demand - exceeding supply, solid net effective rental growth Sydney CBD: Rents and Incentives (4Q15) • Strongest market fundamentals of all of the major $1,000 40
Slide 36: Melbourne CBD Office
Melbourne CBD Office 1.35 Results Solid demand matching supply, stable vacancy rate, modest rent growth Melbourne CBD Office Presentation Solid demand matching supply, stable vacancy rate, modest rent growth Melbourne CBD: Rents and Incentives (4Q15) • Second best performing market during the last 1
Slide 37: Brisbane CBD Office
Brisbane CBD Office 1.36 Brisbane CBD Office Demand recovering, rents yet to respond Results Presentation Demand recovering, rents yet to respond Brisbane CBD: Rents and Incentives (4Q15) $800 40.0% • The Brisbane CBD is showing early signs of 34.6% (+193bp) recovery after the impact of the downtown
Slide 38: Perth CBD Office
Perth CBD Office 1.37 Results Perth CBD Office Supply far outstripping demand, vacancy rising and rents still falling Presentation Supply far outstripping demand, vacancy rising and rents still falling Perth CBD: Rents and Incentives (4Q15) • Experiencing both negative net absorption and $900 41.6%
Slide 39: Appendices: Logistics
2015 GPT Annual Result Appendices Logistics
Slide 40: Sydney space market fundamentals improving
Logistics 1.39 Logistics Results Sydney space market fundamentals improving Presentation Sydney space market fundamentals improving Sydney Industrial Supply ('000 m2) • 2015 saw strongest take-up figures in Sydney 900 since 2007. 800 700 • Combined with relatively low levels of new 600 additions, v
Slide 41: Melbourne competitive leasing environment
Logistics 1.40 Results Logistics Supply side issues maintain competitive leasing environment in Melbourne Presentation Supply side issues maintain competitive leasing environment in Melbourne Melbourne Industrial Supply ('000 m2) • An active pre-lease market has seen record take- 900 up levels in
Slide 42: Brisbane lower rents and elevated incentives
Logistics 1.41 Logistics Brisbane – landlords submitting to lower rents and elevated incentives Results Presentation Brisbane – landlords submitting to lower rents and elevated incentives Brisbane Industrial Supply ('000 m2) • 2015 demand in line with long term averages. 900 • Rents have gone backwa
Slide 43: Disclaimer
1.42 Disclaimer Results Disclaimer Presentation 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
Slide 44: GPT Annual Result Data Pack 2015
GPT Annual Result Data Pack 2015
Slide 45: Contents
Contents GPT Overview 2.0 Financial Performance 3.0 Retail Portfolio 4.0 Office Portfolio 5.0 Logistics Portfolio 6.0 Development 7.0 Funds Management 8.0 Note: All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWOF and GWSCF) and its ASX list
Slide 46: GPT Overview
GPT Annual Result GPT Overview 2015
Slide 47: GPT Overview
2.1 GPT Overview GPT Overview GPT’s core portfolio consists of high quality properties in the retail, office and logistics sectors. The portfolio includes some of the most iconic buildings in Australia and award winning developments. GPT Portfolio Diversity Retail Portfolio Office Portfolio Logistic
Slide 48: GPT Portfolio Metrics
2.2 GPT Portfolio Metrics GPT Overview Across the three sectors, GPT has maintained high occupancy and a long WALE. Comparable Portfolio Size1 Income Growth2 WALE Occupancy WACR Retail $5.04b 3.0% 4.0 years 99.2% 5.58% Office $3.71b 6.3% 5.8 years 96.0% 5.94% Logistics $1.35b 0.7% 8.2 years 92.3% 7.
Slide 49: GPT Securityholder Overview
2.3 GPT Securityholder Overview GPT Overview GPT Securityholders by Geography GPT Securityholders by Type As at 31 December 2015 As at 31 December 2015 Australia & New Zealand 59% Domestic Institutions 51% North America 21% Foreign Asia 9% Institutions 41% Europe (ex UK) 7% Retail UK 4% Investors 8%
Slide 50: Glossary
2.4 Glossary GPT Overview A-Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’ Gearing The level of borrowings relative to assets AFFO Adjusted Funds From Operations GFA Gross Floor Area Adjusted Funds From Operations is defined as FFO less maintenance capex, GLA G
Slide 51: Glossary (continued)
NAV Net Asset Value ROCE Return on capital employed Net Gearing Net gearing is defined as debt less cash divided by total tangible assets Specialty Tenants Retail tenancies with a GLA below 400 sqm less cash SQM Square metre NLA Net Lettable Area TR Total Return NPAT Net Profit After Tax Total Retur
Slide 52: One One One Eagle Street, Brisbane
One One One Eagle Street, Brisbane
Slide 53: Financial Performance
GPT Annual Result Financial Performance 2015
Slide 54: Financial Summary
3.1 Financial Summary Financial Performance 12 months to 31 December 2015 2014 Change Funds From Operations ($m) 501.7 452.1 Up 11.0% Net profit after tax ($m) 868.1 645.3 Up 34.5% FFO per ordinary security (cents) 28.28 26.81 Up 5.5% FFO yield (based on period end price) 5.9% 6.2% Down 30 bps Distr
Slide 55: Results Summary
3.2 Results Summary Financial Performance Segment performance 12 months to 31 December ($m) 2015 2014 Comment Retail NOI 251.7 248.7 Comparable income growth of 3.0% Office NOI 153.8 141.8 Comparable income growth of 6.3% Logistics NOI 91.4 85.9 Comparable income growth of 0.7% Income from Funds 98.
Slide 56: Funds From Operations to Adjusted Funds From Operations
3.3 Funds From Operations to Adjusted Funds From Operations Financial Performance 12 months to 31 December ($m) 2015 2014 Core business 645.2 602.4 Non-core operations 12.1 11.1 Financing and corporate overheads (153.9) (136.4) Distribution to exchangeable securities (1.7) (25.0) Funds From Operatio
Slide 57: NTA Movement
3.4 NTA Movement Financial Performance Securities on Issue Number of Securities (million) Opening balance 1 January 2015 1,685.5 Issue of securities 109.3 31 December 2015 Balance 1,794.8 Net Assets No. of Securities NTA per Security NTA Movement ($m) (million) ($) NTA position as at 31 December 201
Slide 58: Capital Management Summary
3.5 Capital Management Summary Financial Performance Gearing ($m) As at 31 December 2015 Interest Cover ($m) 31 December 2015 Total assets 11,006.5 Funds From Operations 501.7 Less: intangible assets (35.5) Add: taxes deducted 5.5 Total tangible assets 10,971.0 Add: distributions to exchangeable sec
Slide 59: Look Through Gearing
3.6 Look Through Gearing Financial Performance Look Through Gearing as at 31 December 2015 GPT Group GWOF GWSCF GMF Other2 Total Share of assets of non-consolidated entities Group total tangible assets 10,971.0 10,971.0 Plus: GPT share of assets of non-consolidated entities 1,194.3 761.5 54.2 936.9
Slide 60: Debt
3.7 Debt Financial Performance Debt Cost Sources of Drawn Debt Average for period ending Average Debt % of Average Debt Interest Rate 31 December 2015 ($m) (%) (%) As at 31OF SOURCES December DRAWN 2015 DEBT Hedged debt 2,230 84% 3.3% Floating debt 438 16% 2.3% Total debt 2,668 100% 3.2% Margin 1.0%
Slide 61: Debt Facilities
3.8 Debt Facilities Financial Performance Current Debt Facilities as at 31 December 2015 Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv) Bank Facility – Metroplex 7 30 Nov 16 10 3 Bank Bilateral 75 10 Mar 172 75 0 Bank Bilateral 150 11 Mar 172 150 0 Bank Bilateral 10
Slide 62: Debt Maturity Profile
3.9 Debt Maturity Profile Financial Performance Debt Maturity Profile As at 31 December 2015 (A$ millions) Facility 600 438 419 400 300 263 196 146 105 75 50 10 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 63: Liquidity Profile
3.10 Liquidity Profile Financial Performance Liquidity Profile As at 31 December 2015 0.9 0.8 0.7 0.6 0.5 ($bn) 0.4 0.3 0.2 0.1 0.0 Cash balance Undrawn Current Retained Sale ARR deffered Capex Debt facility Excess liquidity 31 Dec 2015 existing liquidity earnings of assets settlement expiries at 31
Slide 64: Hedging Profile
3.11 Hedging Profile Financial Performance Hedging Profile as at 31 December 2015 Average Rate on Hedged Balance Principal Amount of Derivative Principal Amount of Hedging Position excl Margins Financial Instruments ($m) Fixed Rate Borrowings ($m) 31 December 2015 3.20% 1,175 525 31 December 2016 3.
Slide 65: 800 & 808 Bourke Street, Melbourne
800 & 808 Bourke Street, Melbourne
Slide 66: Retail Portfolio
GPT Annual Result Retail Portfolio 2015
Slide 67: Retail Portfolio Overview
4.1 Retail Portfolio Overview Retail Portfolio GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.0 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF). Da
Slide 68: Retail Portfolio Summary
4.2 Retail Portfolio Summary Retail Portfolio The GPT retail portfolio is well positioned with a high level of occupancy at 99.2%. The retail portfolio achieved comparable income growth of 3.0% over the 12 months to 31 December 2015. Top Ten Tenants1 Asset Quality Geographic Weighting As at 31 Decem
Slide 69: Retail Portfolio Summary
4.3 Retail Portfolio Summary Retail Portfolio The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 14 shopping centres. GLA (100% 31 Dec 15 31 Dec 15 External or Annual Centre Occupancy Specialty Interest) Fair Value Cap Rate Internal
Slide 70: Retail Sales Summary
4.4 Retail Sales Summary Retail Portfolio Comparable Comparable Centre MAT Centre MAT Specialty MAT Specialty MAT Specialty ($m) Growth Growth ($psm) Occupancy Cost GPT Portfolio Casuarina Square 389.1 (2.5%) (0.9%) 11,472 15.8% Charlestown Square 539.5 3.3% 6.2% 10,706 15.2% Highpoint Shopping Cent
Slide 71: Comparable Change in Retail Sales by Category
4.5 Comparable Change in Retail Sales by Category Retail Portfolio Retail sales showed positive growth over the 12 months to 31 December 2015 with total centre sales up 4.1% and specialties up 6.5%. Comparable Change in Retail Sales by Category as at 31 December 2015 MAT ($m) 12 Months Growth Depart
Slide 72: Retail Sales
4.6 Retail Sales Retail Portfolio Retail specialty sales have increased 6.5% over the 12 months to 31 December 2015. Specialty MAT Growth 6.5% 6.0% 5.9% 5.8% 4.8% 4.4% 4.2% 3.9% 4.0% 3.6% 3.3% 3.2% 2.8% 2.7% 2.3% 2.1% 1.8% 1.4% 1.5% 1.2% 1.1% 0.5% 0.4% 0.2% Jun 04 Dec 04 Jun 05 Dec 05 Jun 06 Dec 06
Slide 73: Lease Expiry Profile
4.7 Lease Expiry Profile Retail Portfolio Weighted Average Lease Expiry (by base rent) as at 31 December 2015 Major Tenants 11.0 years Mini-Major Tenants 4.3 years Specialty Tenants 2.5 years Weighted Total 4.0 years Total Centres Total Specialty Tenants 28%1 23%1 17% 16% 16% 15% 14% 14% 13% 13% 9%
Slide 74: External Valuation Summary
4.8 External Valuation Summary Retail Portfolio 100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2015. Valuation Interest Cap Rate Terminal Cap Discount Rate State Date Valuer ($m) (%) (%) Rate (%) (%) GPT Portfolio Casuarina Square NT 31 Dec 15 CBRE 285.5 50% 5
Slide 75: Income and Fair Value Schedule
4.9 Income and Fair Value Schedule Retail Portfolio Income Fair Value Reconciliation 12 months to 31 Dec ($m) Capex Fair Value Development Maintenance Lease Net Other Fair Value % of 31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio 2014 2015 Variance (
Slide 76: Retail Sustainability
4.10 Retail Sustainability Retail Portfolio Water (Total) Emissions Waste % Area GLA Litres/m2 kg CO2-e/m2 Recycled/Reused GPT Portfolio Casuarina Square 53,000 1,768 96 41% Charlestown Square 90,200 489 31 70% Highpoint Shopping Centre 153,100 1,043 52 30% Melbourne Central 54,700 2,024 111 18% Rou
Slide 77: Office Portfolio
GPT Annual Result Office Portfolio 2015
Slide 78: Office Portfolio Overview
5.1 Office Portfolio Overview Office Portfolio GPT’s office portfolio comprises ownership in 24 high quality assets with a total investment of $3.7 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF). New South Wales Vict
Slide 79: Office Portfolio Summary
5.2 Office Portfolio Summary Office Portfolio The GPT office portfolio has exposure to 100% Prime Grade office assets and benefits from a diversified tenant base. Top Ten Tenants1 Tenant Mix by Industry Geographic Weighting As at 31 December 2015 As at 31 December 2015 As at 31 December 2015 Members
Slide 80: Lease Expiry Profile
5.3 Lease Expiry Profile Office Portfolio Lease Expiry Profile (by Income) 17% 14% 14% 10% 8% 8% 8% 7% 6% 5% 2% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Note: Includes Signed Leases and Heads of Agreements.
Slide 81: Office Portfolio Summary
5.4 Office Portfolio Summary Office Portfolio Office Occupancy Office NLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income Location Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years) GPT Portfolio Australia Square,
Slide 82: Office Portfolio Summary (GWOF)
Office Occupancy Office NLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income Location Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years) GWOF Portfolio Liberty Place, Sydney NSW 50% 56,400 535.2 5.25% Internal 97.1%
Slide 83: External Valuation Summary
5.6 External Valuation Summary Office Portfolio 100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2015. Valuation Interest Cap Rate Terminal Cap Discount Rate State Date Valuer ($m) (%) (%) Rate (%) (%) GPT Portfolio Australia Square, Sydney NSW 30 Jun 15 Savills
Slide 84: External Valuation Summary (GWOF)
Valuation Interest Cap Rate Terminal Cap Discount Rate State Date Valuer ($m) (%) (%) Rate (%) (%) GWOF Portfolio Liberty Place, Sydney NSW 30 Sep 15 JLL 535.0 50% 5.25% 5.75% 7.50% DP1: 5.88% DP1: 6.13% DP1: 7.50% Darling Park 1 & 2, Sydney NSW 31 Dec 15 Colliers 737.0 50% DP2: 5.63% DP2: 6.13% DP2
Slide 85: Income and Fair Value Schedule
5.8 Income and Fair Value Schedule Office Portfolio Income Fair Value Reconciliation 12 months to 31 December ($m) Capex Fair Value Development Maintenance Lease Net Other Fair Value % of 31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio 2014 2015 Varia
Slide 86: Office Sustainability
5.9 Office Sustainability Office Portfolio NABERS Energy Rating (including Green Power) NABERS Water Rating 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 GPT Portfolio Australia Square, Sydney (Tower) 4.0 4.5 5.0 4.5 4.0 4.0 4.0 4.5 3.5 4.0 4.0 4.0 4.0 3.0 3.0 3.5 A
Slide 87: Office Sustainability (continued)
5.10 Office Sustainability (continued) Office Portfolio NABERS Energy Rating (including Green Power) NABERS Water Rating 2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015 GWOF Portfolio Liberty Place, Sydney – – – – – – 5.0 5.0 – – – – – – – 3.5 Darling Park 1, Sydney 4
Slide 88: Office Sustainability
5.11 Office Sustainability Office Portfolio Water (Total) Emissions Waste Area NLA Litres/m2 kg CO2-e/m2 % Recycled/Reused GPT Portfolio Australia Square, Sydney 51,400 982 87 63% Citigroup Centre, Sydney 73,200 670 78 75% MLC Centre, Sydney 67,400 608 55 30% 1 Farrer Place, Sydney 85,300 757 86 58%
Slide 89: Office Sustainability (continued)
5.12 Office Sustainability (continued) Office Portfolio Water (Total) Emissions Waste Area NLA Litres/m2 kg CO2-e/m2 % Recycled/Reused GWOF Portfolio Liberty Place, Sydney 56,400 853 71 58% Darling Park 1 & 2, Sydney 101,900 932 36 56% Darling Park 3, Sydney 29,800 746 37 57% HSBC Centre, Sydney 37,
Slide 90: Logistics Portfolio
GPT Annual Result Logistics Portfolio 2015
Slide 91: Logistics Portfolio Overview
6.1 Logistics Portfolio Overview Logistics Portfolio GPT’s logistics portfolio consists of ownership in 31 high quality logistics and business park assets located across Australia’s Eastern Seaboard. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Metro O
Slide 92: Logistics Portfolio Summary
6.2 Logistics Portfolio Summary Logistics Portfolio The logistics portfolio delivered a Total Portfolio Return of 13.7%, underpinned by a high occupancy level of 92.3% and a long weighted average lease expiry of 8.2 years. Top Ten Tenants1 Key Operating Metrics Geographic Weighting As at 31 December
Slide 93: Lease Expiry Profile
6.3 Lease Expiry Profile Logistics Portfolio The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 8.2 years. Lease Expiry Profile (by Income) 41% 18% 10% 9% 7% 4% 4% 3% 3% 1% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ Note: Includes Signed Leas
Slide 94: Logistics Portfolio Summary
6.4 Logistics Portfolio Summary Logistics Portfolio Logistics Occupancy GLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years) GPT Portfolio Rosehill Business P
Slide 95: Logistics Portfolio Summary (continued)
Logistics Occupancy GLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years) Quad 1, Sydney Olympic Park NSW 100% 4,6002 24.9 7.75% Internal 85.4% 85.4% 89.0% 3.9
Slide 96: External Valuation Summary
6.6 External Valuation Summary Logistics Portfolio 82% of the logistics portfolio was valued externally in the 12 months to 31 December 2015. Interest Cap Rate Terminal Cap Discount Rate State Date Valuer Valuation ($m) (%) (%) Rate (%) (%) GPT Portfolio Rosehill Business Park, Camellia NSW 31 Dec 1
Slide 97: External Valuation Summary (continued)
Interest Cap Rate Terminal Cap Discount Rate State Date Valuer Valuation ($m) (%) (%) Rate (%) (%) Quad 1, Sydney Olympic Park NSW 30 Jun 15 Savills 24.3 100% 7.75% 7.75% 8.50% Quad 4, Sydney Olympic Park NSW 30 Jun 15 Savills 36.5 100% 6.75% 7.50% 8.75% 372–374 Victoria Street, Wetherill Park NSW 3
Slide 98: Income and Fair Value Schedule
6.8 Income and Fair Value Schedule Logistics Portfolio Income Fair Value Reconciliation 12 months to 31 Dec ($m) Capex Fair Value Development Maintenance Lease Net Other Fair Value % of 31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio 2014 2015 Varianc
Slide 99: Assets Sold During the Period
Income Fair Value Reconciliation 12 months to 31 Dec ($m) Capex Fair Value Development Maintenance Lease Net Other Fair Value % of 31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio 2014 2015 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%) Asse
Slide 100: 36–52 Templar Road, Erskine Park, NSW
36–52 Templar Road, Erskine Park, NSW
Slide 101: Development
GPT Annual Result Development 2015
Slide 102: Development Overview
7.1 Development Overview Development GPT has $0.2 billion in development projects currently underway across the retail, office and logistics sectors, with an additional $3.5 billion pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT’s funds. Forecast C
Slide 103: Funds Management
GPT Annual Result Funds Management 2015
Slide 104: GPT Funds Management Summary
8.1 GPT Funds Management Summary Funds Management The Group’s Funds Management platform provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income strea
Slide 105: GPT Funds Management Overview
8.2 GPT Funds Management Overview Funds Management One of GPT’s key strategic focal points is the growth in the contribution the Funds Management business makes to the Group’s overall earnings. Historical Growth in Funds under Management Growth in Funds under Management for the 12 months to 31 Decem