2009 Half Year Results 27 August 2009 - On track to deliver 2009 guidance - - Delivering on strategy to reinvigorate GPT - KEY POINTS • Operating income for the six months to 30 June 2009 of $183 million and cash distribution of 2.5 cents per security • On track to deliver guidance of $365 million realised operating income for 20091 • Materially strengthened balance sheet through $1.7 billion capital raising in May 2009 with 22.2% headline gearing and look-through gearing of 30.5%2 • $4.4 billion headroom in relation to headline gearing covenant • Strong liquidity position with near term refinancing risk removed • Net tangible assets per security (NTA) $0.71 cents (includes impact of $1.7 billion capital raising) • Significant progress on asset divestments ($740 million announced asset sales) • Majority of Joint Venture with Babcock & Brown (European assets) divested via In Specie Dividend • Refined strategy focused on high quality Australian real estate (now represents 90% of investments) • A-IFRS loss for the six months to 30 June 2009 of $1,195.5 million, primarily as a result of non-cash adjustments: – $567.2 million net reduction in Australian core asset valuations – $216.5 million net reduction in the value of non core investments – $1,085.7 million write off in the value of the Joint Venture with Babcock & Brown – Partially offset by gain on financial instruments of $606.6 million • Improvement in credit ratings (Standard & Poor’s BBB to BBB+; Moody’s Baa3 to Baa2)
MOF Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
