Grand Plaza ● Milton Village 12% Mt Ommaney Centre ● Queensplaz a ● Taigum Square Qld the Myer Centre Brisbane
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DIRECT PORTFOLIO PROPERTY BOOK June 2018 Contents 03 About Vicinity Centres Direct Portfolio 04 Overview 09 New South Wales (NSW) 26 Queensland (QLD) 41 South Australia (SA) 47 Victoria (VIC) and Tasmania (TAS) 74 Western Australia (WA) Disclaimer Effect of rounding This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance A number of figures, amounts, percentages, estimates, of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements calculations of value and fractions in this document are included in this document are based on information available to Vicinity Centres as at the date of this document and are subject to the effect of rounding. Accordingly, the actual not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or calculation of these figures, amounts, percentages, implied by the forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions estimates, calculations of value and fractions may differ and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ from the figures, amounts, percentages, estimates, materially from the anticipated results, performance or achievements expressed, projected or implied by these forward- calculations of value and fractions set out in this looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or document. Also due to rounding, some totals in tables regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these forward-looking statements. and charts may not sum. This document is not intended to be relied upon as advice to investors or potential investors and does not take into Copyright account the investment objectives, financial situation or needs of any particular investor. The copyright of this document and the information The information and figures contained in this document are current as at 30 June 2018 unless otherwise specified. contained therein is vested in the Vicinity Centres group In addition, the information presented is in summary form only and does not purport to be complete. It is to be read of companies. This document should not be copied, in conjunction with the Financial Report for the full year ended 30 June 2018, lodged with the Australian Securities reproduced or redistributed without prior consent. Exchange (ASX) on 15 August 2018. 2 Vicinity Centres Direct Portfolio June 2018 About Vicinity Centres Vicinity’s strategic focus is to create unique and relevant consumer experiences, deliver compelling value for our retail partners and strive for excellence in everything we do. Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform. A top-50 entity on the Australian Securities Exchange, Vicinity has 82 retail assets1,2,3 across Australia under management valued at $27.7 billion, generating annual retail sales of $18.2 billion across approximately 2.8 million square metres of gross lettable area. Vicinity has a directly-owned portfolio (Direct Portfolio) with ownership interests in 74 shopping centres2,3 across Australia, valued at $16.4 billion. Vicinity’s flagship asset, Chadstone, is Australia’s leading shopping, dining and entertainment destination. Located in Victoria, Vicinity’s 50% interest in Chadstone represents approximately 19% of the Direct Portfolio’s value. Generating the highest annual sales of any Australian shopping centre for the past 17 consecutive years4, Chadstone exceeded $2.0 billion in annual retail sales during 2018. Vicinity’s intensive asset management approach, together with the progression of its extensive development pipeline and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy. 1. Includes Gateway Plaza Leopold that was divested on 17 July 2018. 2. Includes Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018. The Galeries, NSW 3. Includes DFO Perth (under construction). 4. Reported in the Big Guns survey 2018. Last survey included data up to 31 December 2017. Commitment to reconciliation Vicinity launched its Reflect Reconciliation Action Plan (RAP) this year, commencing our reconciliation journey. Cover image: Queen Victoria Building, NSW Vicinity Centres Direct Portfolio June 2018 3 Overview Vicinity’s Direct Portfolio of 74 shopping centres1,3 across Australia, either wholly or jointly owned, is valued at $16.4 billion. The Direct Portfolio generated annual retail sales of $16.9 billion, across 2.6 million square metres of gross lettable area. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone, Australia’s number one shopping centre by retail sales, located in south-east Melbourne in Victoria and valued at approximately 19% of the Direct Portfolio. Following the acquisition of 50% interests in Sydney CBD premium retail assets Queen Victoria Building, The Strand Arcade and The Galeries during the year, City Centre assets represent 15% of the Direct Portfolio’s value. Vicinity also has a portfolio of six DFO Outlet Centres, including DFO Perth opening in October 2018, which represent 10% of the Direct Portfolio’s value. Key statistics by centre type Total portfolio Regional2 Sub Regional Neighbourhood Outlet Centre Number of retail centres3 74 25 30 13 6 Gross lettable area (m) (sqm) 2.6 1.6 0.7 0.1 0.2 Total value3 ($m) 16,365 10,690 3,429 684 1,562 Portfolio weighting by value3 (%) 100 65 21 4 10 Capitalisation rate (weighted average)3 (%) 5.36 4.92 6.27 6.31 6.04 Comparable Net Property Income (NPI) growth4 (%) 1.0 (1.4) 2.3 (0.9) 7.4 Occupancy rate (%) 99.7 99.6 99.7 99.4 100 Moving annual turnover (MAT) growth5 (%) 1.2 1.5 0.3 (0.2) 4.6 Mini major and specialty MAT growth5 (%) 1.6 1.4 0.6 (3.1) 4.6 Specialty sales productivity5 ($/sqm) 10,133 11,250 8,637 7,363 9,934 Specialty occupancy cost5 (%) 14.7 16.5 13.2 13.0 10.9 Note: Totals may not sum due to rounding. 1. Includes Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018. 2. Includes Super Regional, Major Regional, City Centre and Regional centres. 3. Includes DFO Perth (under construction). 4. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period. 5. Excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines and includes Chadstone same-store sales. Composition by centre typea Store type exposureb Super Regional 19% Majorsc 19% Major Regional 20% Mini majors 11% City Centre 15% Specialties 56% Regional 12% Other retail 5% Sub Regional 21% Non retail 10% Neighbourhood 4% Outlet Centre 10% Note: Totals may not sum due to rounding. a Expressed by ownership value. b Expressed by ownership rent. c Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas. 4 Vicinity Centres Direct Portfolio June 2018 74 $16.4b $16.9b shopping centres^* total value^* annual retail sales^* WHITSUNDAY PLAZA ● BURANDA VILLAGE KARRATHA CITY ● DFO BRISBANE GRAND PLAZA ● MILTON VILLAGE 12% MT OMMANEY CENTRE ● QUEENSPLAZ A ● TAIGUM SQUARE QLD THE MYER CENTRE BRISBANE 14% 13 GYMPIE CENTRAL NORTH SHORE VILLAGE WA 17^ BRISBANE OXENFORD VILLAGE 5% RUNAWAY BAY CENTRE STIRLINGS CENTRAL SA 4 19% ARMIDALE CENTRAL NSW 15 PERTH LAKE HAVEN CENTRE ADELAIDE SYDNEY ● CASTLE PLAZA COLONNADES ● ELIZABETH CITY CENTRE LAVINGTON SQUARE BANKSTOWN CENTRAL ● KURRALTA CENTRAL ● CURRAMBINE CENTRAL WEST END PLAZA CARLINGFORD COURT ● DIANELLA PLAZA CHATSWOOD CHASE SYDNEY DFO PERTH^ ● DFO HOMEBUSH ● ELLENBROOK CENTRAL LENNOX VILLAGE ● NEPEAN VILLAGE ● FLINDERS SQUARE* CORIO CENTRAL MELBOURNE GALLERIA BELMONT VILLAGE QUEEN VICTORIA BUILDING HALLS HEAD CENTRAL ROSELANDS ● KALAMUNDA CENTRAL 50% THE GALERIES ● LIVINGSTON MARKETPLACE ● ALTONA GATE EMPORIUM MELBOURNE THE STRAND ARCADE ● MADDINGTON CENTRAL ● BAYSIDE MORNINGTON CENTRAL WARRIEWOOD SQUARE MANDURAH FORUM ● BENTONS SQUARE MYER BOURKE STREET VIC/TAS ROCKINGHAM CENTRE ● BOX HILL CENTRAL (NORTH PRECINCT) NORTHLAND ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (SOUTH PRECINCT) ● OAKLEIGH CENTRAL 25 ● WARNBRO CENTRE ● BROADMEADOWS CENTRAL ● ROXBURGH VILLAGE ● WARWICK GROVE CHADSTONE SUNSHINE MARKETPLACE CRANBOURNE PARK ● THE GATEWAY ● DFO ESSENDON THE GLEN HOBART ● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE ● DFO SOUTH WHARF ● EASTLANDS ● NORTHGATE l Wholly owned % Portfolio value (%) ¢ Jointly owned ^ Includes DFO Perth (under construction). £ Number of shopping centres * Includes the divestment of Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018. Vicinity Centres Direct Portfolio June 2018 5 Property statistics as at 30 June 2018 Gross Specialty Centre Ownership Capitalisation Discount lettable Occupancy Moving annual MAT/sqm MAT/sqm occupancy Page type interest Value1 rate rate area (GLA) rate by GLA2 turnover (MAT) Total2 Specialty2 costs2,3 number (%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%) New South Wales Armidale Central Sub Regional 100 46.0 7.00 7.50 14,746 99.4 91.4 6,344 6,449 10.7 11 Bankstown Central Major Regional