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Direct Portfolio December 2015 Disclaimer This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements included in this document are based on information available to Vicinity Centres as at the date of this document and are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements. This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. The Financial Report for the half-year ended 31 December 2015, lodged with the Australian Stock Exchange (ASX) on 17 February 2016, has been reviewed by Ernst & Young. Certain financial information contained within this document has been derived from the reviewed Financial Report. Ernst & Young has not reviewed this document. The information and figures in this document are current as at 31 December 2015. Please note the commercial property at 15 Bowes Street, Woden, is excluded from this document. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures, amounts, percentages, estimates, calculations of value and fractions may differ from the figures, amounts, percentages, estimates, calculations of value and fractions set out in this document. Also due to rounding, some totals in tables and charts may not sum. Copyright The copyright of this document and the information contained therein is vested in the Vicinity Centres group of companies. This document should not be copied, reproduced or redistributed without prior consent. 02 | Vicinity Centres Direct Portfolio December 2015 Contents Page About Vicinity Centres 04 Direct Portfolio Overview 05 New South Wales (NSW) and Australian Capital Territory (ACT) 10 Queensland (QLD) 30 South Australia (SA) 50 Victoria (VIC) and Tasmania (TAS) 58 Western Australia (WA) 90 Emporium Melbourne, VIC Cover image: Emporium Melbourne, VIC Vicinity Centres Direct Portfolio December 2015 | 03 About Vicinity Centres Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform. Vicinity’s strategic focus is to create value and sustainable growth by owning, managing and developing quality Australian assets across the retail spectrum. A top-30 entity on the Australian Securities Exchange, Vicinity is the second largest listed manager of Australian retail assets. Vicinity is also Australia's largest owner and manager of Sub Regional centres and Outlet Centres, and second largest owner and manager of Regional centres1. Vicinity has 95 retail assets under management, which are valued at over $23 billion and generated annual retail sales of $18.5 billion across 3 million square metres of gross lettable area. The scale and diversity of Vicinity’s managed portfolio enables it to strengthen and grow its partnerships with key domestic, international and luxury retailers. Vicinity has a directly-owned portfolio (Direct Portfolio) with interests in 85 shopping centres across Australia valued at $15 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically and with its tenant exposure. Vicinity is the joint owner of Chadstone Shopping Centre in Victoria, which has generated the most annual sales of any Australian shopping centre for the past 14 consecutive years2. Vicinity’s intensive asset management approach, together with the progression of its $3.1 billion development pipeline (Direct Portfolio share is $1.5 billion), and selective asset disposals and acquisitions, are key to its ongoing portfolio enhancement strategy. 1 Includes Super Regional, Major Regional, City Centre and Regional centres. 2 Reported in the Big Guns survey. Last survey included data up to 31 December 2014. Chadstone Shopping Centre, VIC 04 | Vicinity Centres Direct Portfolio December 2015 Overview Vicinity’s Direct Portfolio of 85 shopping centres across Australia, either wholly or jointly owned, is valued at over $15 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.9 billion across 2.8 million square metres of gross lettable area. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 64% of the Direct Portfolio’s value. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone Shopping Centre located in south-east Melbourne in Victoria, valued at 14% of the Direct Portfolio. Key statistics by centre type Outlet Centre/ Total portfolio Regional1 Sub Regional Neighbourhood Bulky Goods Number of shopping centres 85 25 36 19 5 Gross lettable area (m) (sqm) 2.8 1.6 0.8 0.2 0.2 Total value ($b) 15.0 9.6 3.6 0.7 1.0 Portfolio weighting by value (%) 100.0 64.1 24.2 4.8 6.9 Capitalisation rate (weighted average) (%) 6.10 5.72 6.84 6.87 6.58 Comparable NPI growth2 (%) 3.7 2.9 1.2 0.2 17 Occupancy rate (%) 99.2 99.3 99.0 98.4 99.6 Total MAT growth3 (%) 1.6 1.5 0.4 1.9 11.6 Specialty MAT growth3 (%) 3.4 2.4 2.6 2.3 10.7 Specialty sales productivity3 ($/sqm) 8,459 9,078 7,656 6,707 7,868 Specialty occupancy cost3 (%) 15.2 17.0 13.3 11.4 11.0 1 Includes Super Regional, Major Regional, City Centre and Regional centres. 2 Excludes acquisitions, divestments and development-impacted centres and is calculated based on ownership share at the end of the period. 3 Excludes acquisitions, divestments and development-impacted centres in line with SCCA guidelines. Composition by centre typea Store type exposureb Super Regional 14% Majorsc 21% Major Regional 20% Specialties 54% City Centre 12% Mini majors 11% Regional 18% Other retail 3% Sub Regional 24% Non retail 11% Neighbourhood 5% Outlet Centre/Bulky Goods 7% a Expressed by ownership value. b Expressed by ownership income. c Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores and discount department stores. Vicinity Centres Direct Portfolio December 2015 | 05 85 shopping centres $15.0 billion total value $16.9 billion annual retail sales l Wholly owned ¢ Jointly owned £ Number of shopping centres % Portfolio value (%) WHITSUNDAY PLAZA ● BURANDA VILLAGE KARRATHA CITY ● INDOOROOPILLY CENTRAL ● MILTON VILLAGE ● MONIER VILLAGE 16% MT OMMANEY CENTRE THE MYER CENTRE BRISBANE ● QUEENSPLAZ A QLD ● TAIGUM SQUARE ● TOOMBUL 13% 17 GYMPIE CENTRAL GOLDFIELDS PLAZA NORTH SHORE VILLAGE WA 17 CLIFFORD GARDENS BRISBANE GRAND PLAZA OXENFORD VILLAGE 5% RUNAWAY BAY SHOPPING VILLAGE TWEED MALL STIRLINGS CENTRAL SA 5 20% TOORMINA GARDENS ARMIDALE CENTRAL NSW/ACT 17 PERTH TERRACE CENTRAL MAITLAND HUNTER MALL LAKE HAVEN ADELAIDE SYDNEY ● CASTLE PLAZA ALBANY BROOKS GARDEN COLONNADES ● ELIZABETH LAVINGTON SQUARE TUGGERANONG HYPERDOME (ACT) ● HILTON PLAZA ● CURRAMBINE CENTRAL WEST END PLAZA ● KURRALTA CENTRAL WODONGA PLAZA ● DIANELLA PLAZA ● FLINDERS SQUARE BANKSTOWN CENTRAL GALLERIA CARLINGFORD COURT HALLS HEAD CENTRAL CORIO MELBOURNE ● CHATSWOOD CHASE SYDNEY ● KALAMUNDA CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH ● LIVINGSTON MARKETPLACE LENNOX VILLAGE ● MADDINGTON CENTRAL 46% ● NEPEAN VILLAGE MANDURAH FORUM ● ALTONA GATE EMPORIUM MELBOURNE ROSELANDS ROCKINGHAM ● BAYSIDE ● FOREST HILL CHASE WARRIEWOOD SQUARE ● THE SHOPS AT ELLENBROOK BENTONS SQUARE ● MORNINGTON CENTRAL VIC/TAS ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH) MYER BOURKE STREET ● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH) NORTHLAND 29 ● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL ● BRIMBANK ● ROXBURGH PARK ● BROADMEADOWS SUNSHINE MARKETPLACE CHADSTONE ● THE GATEWAY HOBART CRANBOURNE PARK THE GLEN ● DFO ESSENDON VICTORIA GARDENS ● DFO MOORABBIN ● EASTLANDS DFO SOUTH WHARF ● NORTHGATE 06 | Vicinity Centres Direct Portfolio December 2015 Property statistics Gross Moving annual Specialty Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page type interest Value1 rate rate area (GLA) rate by GLA2 (MAT) Total2 Specialty2 costs2,3 number (%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%) New South Wales 10 Armidale Central Sub Regional 100 45.5 7.00 8.50 14,688 99.5 94.3 6,482 5,950 10.7 13 Bankstown Central Major Regional 50 325.0 6.50 8.50 85,158 99.1 466.0 6,159 8,227 18.4 14 Carlingford Court Sub Regional 50 104.4 6.50 8.50 32,963 99.4 189.7 6,995 9,342 16.3 15 Chatswood Chase Sydney Major Regional 100 960.0 5.25 8.00 63,715 99.8 566.8 9,823 13,334 15.5 16 DFO Homebush Outlet Centre 100 365.8 6.00 8.25 29,938 100.0 306.5 10,317 14,148 8.8 17 Lake Haven Shopping Centre Sub Regional 100 272.1 7.00 8.50 43,038 99.1 280.8 8,121 9,745 11.9 18 Lavington Square Sub Regional 100 58.0 7.75 8.00 20,239 99.0 116.8 6,827 7,875 11.2 19 Lennox Village Neighbourhood 50 31.8 6.50 8.00 9,995 99.4 115.2 11,809 6,666 15.9 20 Maitland Hunter Mall Sub Regional 100 20.0 8.00 8.50 12,944 99.6 43.9 4,081 7,001 10.2 21 Nepean Village Sub Regional 100 160.0 6.25 8.50 23,625 97.3 226.3 10,189 11,290 11.4 22 Roselands Major Regional 50 185.0 6.50 8.50 61,692 98.5 312.1 5,334 8,541 18.0 23 Terrace Central Neighbourhood 100 32.5 7.25 8.50 7,241 91.8 59.3 9,642 8,082 10.3 24 Toormina
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