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FY20 Results Presentation Annexure

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FY20 Results Presentation Annexure About Group Commercial Communities Research Stockland Finance Property FY20 Annexure 25 August 2020 AURA, QLD About Group Commercial Communities Research Stockland Finance Property Agenda About Stockland 03 Financial result and capital management 06 Commercial Property 17 Communities 29 Research 50 Figures are rounded to nearest million, unless otherwise stated. Percentages are calculated based on the figures rounded to one decimal place throughout this presentation. 2 About Group Commercial Communities Research Stockland Finance Property Stockland quick facts TRUST – $9.9bn1 CORPORATION – $4.7bn2 Stockland Shellharbour, NSW StocklandPiccadillyPiccadilly Shellharbour, Complex,Complex, SydneySydney NSW Warwick Farm, Sydney Highlands, Vic Mernda Retirement Village, Vic RETAIL TOWN CENTRES WORKPLACE LOGISTICS RESIDENTIAL RETIREMENT LIVING Create market leading Grow premium portfolio Grow and develop Maximise returns by creating Leading operator retail town centres a leading portfolio thriving communities and developer 40% portfolio weighting3 7% portfolio weighting3 21% portfolio weighting3 23% portfolio weighting3 9% portfolio weighting3 30 assets 4 assets 28 assets Over 74,000 lots remaining 63 Established Villages Over 9,400 units Ownership interests valued at Ownership interests valued at Ownership interests valued at Net funds employed $2.1bn Book value $1.3bn $6.0bn $1.0bn $2.9bn End market value $19.8bn 1. Excludes WIP and sundry properties. 2. Includes Residential book value of $3.4bn and Retirement Living book value of $1.3bn. 3. Includes WIP and sundry properties. 3 About Group Commercial Communities Research Stockland Finance Property Strategic mix ASSETS OPERATING PROFIT Recurring Target FY20 FY19 FY20 FY19 Commercial Property 68% 68% 55% 60% Retirement Living 7% 7% 6% 5% Unallocated corporate overheads - - (3)% (3)% Total recurring 70 – 80% 75% 75% 58% 62% Trading Target FY20 FY19 FY20 FY19 Residential 23% 22% 45% 40% Retirement Living 2% 3% - 1% Commercial Property - - - - Unallocated corporate overheads - - (3)% (3)% Total trading 20 – 30% 25% 25% 42% 38% 4 About Group Commercial Communities Research Stockland Finance Property We are well positioned with a diverse portfolio1,2 BOOK VALUE BY STATE WA - $1.0bn | 6% of portfolio Qld - $2.8bn | 19% of portfolio 6 8 1 17 18 9 Commercial Residential Retirement Commercial Residential Retirement3 SA & ACT - $0.2bn | 1% of portfolio 6% 19% NSW - $8.4bn | 56% of portfolio - 1 12 28 10 19 1% Commercial Residential Retirement Commercial Residential Retirement 56% Vic - $2.7bn | 18% of portfolio 18% 12 14 22 Commercial Residential Retirement3 1. Includes WIP & sundry properties. 2. Retirement Living reflects Established villages. 3. Excludes Land Lease projects, Minta and Aura Note – Percentages may not add due to rounding. 5 About Group Commercial Communities Research Stockland Finance Property Group finance Annexure THE GABLES, NSW 6 About Group Commercial Communities Research Stockland Finance Property Profit summary $m FY20 FY19 CHANGE Residential Communities EBIT (before interest in COGS) 500 455 9.8% Commercial Property EBIT 523 607 (13.8)% Retirement Living EBIT 65 62 6.5% Consolidated segment EBIT 1,088 1,124 (3.2)% Amortisation of lease fees 14 16 (13.9)% Unallocated corporate overheads (56) (61) (11.8)% Group EBIT (before interest in COGS) 1,046 1,079 (3.0)% Net interest expense: - Interest income 2 4 (51.4)% - Interest expense (209) (232) (9.9)% - Interest capitalised to inventory 114 136 (16.5)% - Interest capitalised to investment properties under development 7 9 (13.8)% Net interest in Profit & Loss before capitalised interest expensed (86) (83) 3.1% Capitalised interest expensed in Profit & Loss1 (135) (99) 37.3% Net interest expense (221) (182) 21.6% Funds from operations 825 897 (8.0)% Statutory profit adjustments (839) (586) 37.6% Statutory profit (14) 311 (104.3)% 1. Increase in Capitalised interest expensed in Profit & Loss is driven by the recent capital partnering transaction at Aura, Sunshine Coast (Qld). 7 About Group Commercial Communities Research Stockland Finance Property Net interest gap DEFERRED INTEREST – RESIDENTIAL $m FY20 FY19 Interest Deferred Total Interest Deferred Total Interest expense Interest Interest Interest income (2) - (2) (4) - (4) Interest expense 176 33 209 192 40 232 • Non-cash adjustments for unwinding of present value discount on land acquisitions Less: capitalised interest on deferred terms - Commercial Property development (8) (1) (9) (4) (1) (5) projects - Residential (78) (32) (110) (95) (39) (134) - Retirement Living (2) - (2) (6) - (6) Total capitalised interest (88) (33) (121) (105) (40) (145) • Discount initially booked through balance sheet Sub-total: borrowing cost in P&L 86 - 86 83 - 83 (inventory and land creditors) Add: capitalised interest expensed in P&L1 135 - 135 99 - 99 Total interest expense in P&L 221 - 221 182 - 182 1. Made up of Residential $128m (FY19: $93m) and Retirement Living $7m (FY19: $6m). This differs to statutory reporting by $6m (FY19: $6m) as interest expense in Retirement Living is reported through fair value adjustment of investment properties. Note: increase in Residential capitalised interest in COGS is driven by the recent capital partnering transaction at Aura, Sunshine Coast (Qld). 8 About Group Commercial Communities Research Stockland Finance Property Return on assets, return on equity KEY METRICS FY20 FY19 Cash Avg. Cash Cash Avg. Cash Return Return profit ($m) invested ($bn) profit ($m) invested ($bn) Retail Town Centres 331 5.4 6.2% 421 5.5 7.7% Logistics 155 2.2 7.1% 159 2.1 7.8% Workplace 53 0.7 7.6% 46 0.5 8.3% Residential – core1 484 2.1 22.9% 438 2.1 20.6% Retirement Living 67 1.3 5.1% 63 1.4 4.5% Core business ROA (sub-total) 1,090 11.7 9.3% 1,127 11.6 9.7% Residential – workout2 (6) 0.1 (4.4)% (5) 0.2 (3.0)% Unallocated Overheads & other income (56) - - (61) - - Group ROA 1,028 11.8 8.7% 1,061 11.8 9.0% Net interest/net debt (167) (4.2) 4.0% (185) (4.2) 4.4% Group ROE 861 7.6 11.2% 876 7.6 11.5% Group ROE (excl. workout) 867 7.5 11.5% 881 7.4 11.9% 1. Includes disposal of core projects. 2. Includes all impaired projects. 9 About Group Commercial Communities Research Stockland Finance Property Reconciliation between return on equity table values and accounting results RECONCILIATION OF GROUP RETURN IN ROE CALCULATION TO FFO RECONCILIATION OF CAPITAL EMPLOYED IN ROE CALCULATION TO STATUTORY NET ASSETS $m FY20 FY19 $bn AVERAGE FOR FY20 AVERAGE FOR FY19 Cash return 861 876 Group capital employed (Net Assets) 7.7 7.6 Capitalised interest expensed in COGS (135) (98) Commercial Property revaluations 2.0 2.3 1 Capitalised interest for the year 88 105 Residential Communities capitalised interest 0.4 0.4 Add-back impairment release in COGS 22 24 Residential Communities and Apartments (0.1) (0.2) impairment CP straight-line rent and other (11) (10) Retirement Living DMF revaluations 0.1 0.2 FFO 825 897 Distribution provision and non-cash working (0.5) (0.2) capital Statutory net assets (average for the period) 9.6 10.1 1. Excludes deferred interest. 10 About Group Commercial Communities Research Stockland Finance Property Cost management $m FY20 FY19 • Diligent approach to managing cost across the Group Residential 193 199 • Reduction in unallocated corporate costs largely attributable to the business restructure Retirement Living 38 42 and other savings initiatives partly offset by increase in insurance premiums Commercial Property 20 21 Unallocated corporate overheads 56 61 Total sales, general and administration costs1 307 323 1. Net of recoveries, costs capitalised to development projects and property management fee income. 11 About Group Commercial Communities Research Stockland Finance Property Long dated, diverse debt LONG DATED DRAWN DEBT MATURITY PROFILE DRAWN DEBT OF $4.3BN1 COMMITTED FACILITIES OF $5.9BN1 (WADM 5.7 YEARS)1 $m’s Bank debt, Commercial 1,000 75m, 2% Paper 10m, 0% 900 Bank debt, USPP 1,650m, 28% 2,106m 800 USPP, EMTNs, 36% 2,106m, 49% 1,509m, 35% 700 600 500 Commercial Paper, 400 10m, 0% 300 200 DMTNs, EMTNs, 100 DMTNs, 610m, 10% 1,509m, 26% 610m, 14% 0 FY22 FY33 FY21 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY34 Bank debt Commercial Paper EMTNs DMTNs USPP 1. Face value as at 30 June 2020. Excludes bank guarantees of $350 million. 12 About Group Commercial Communities Research Stockland Finance Property Cost of debt and hedge profile COST OF DEBT FOR FY20 FORECAST HEDGE RATE3 $b DEBT1 TOTAL DEBT2 INTEREST RATE Hedged debt $3,118m 72% 2.3% 3.5 4.4% Floating debt $1,200m 28% 0.2% 4.2% Total debt $4,318m 2.5% 3.0 Fixed Margin 1.2% Debt 4.0% Fees 0.3% 2.5 3.8% All-in cost of funds for FY20 4.0% 2.0 3.6% 1.5 3.4% 3.1% 3.2% 1.0 3.0% 2.9% 2.9% 2.9% 3.0% 0.5 Hedged ~3.7% Debt 2.8% Expected WACD in FY21 0.0 2.6% FY21 FY22 FY23 FY24 FY25 1. Represents average debt balance over FY20. Balances as at 30 June 2020 were hedged debt: $2,672m and floating debt: $1,638m. 2. Average % for FY20. 3. Excludes fees and margins. 13 About Group Commercial Communities Research Stockland Finance Property Covenant calculations STATUTORY GEARING AT 30 JUNE 2020 BALANCE SHEET ADJUSTMENTS $m COVENANT $m BALANCE SHEET $m All lenders have consistent covenants Assets • Financial Indebtedness/Total Tangible assets (FI/TTA): less than 50% Cash 443 - 443 • Interest cover: more than 2:1 (write-downs and provisions are Real estate related assets 14,952 - 14,952 excluded from calculation) Retirement Living Gross-Up 2,682 (2,682) B - Intangibles 170 (170) - Gearing covenant limited to Stockland’s Other financial assets 749 (739) A 10 balance sheet liabilities and excludes Other assets 235 - 235 • MTM of hedges and interest-bearing liabilities A Total assets 19,231 (3,591) 15,640 • Retirement Living obligation for existing residents B Financial indebtedness Borrowings (5,022) 728 A (4,294) INTEREST COVER​ FI /TTA D/TTA (NET OF CASH)2 Other financial liabilities (313) 313 - 30 June 2020 6.1:1 27.9% 25.4% Other liabilities1 (74) - (74) Total Financial Indebtedness (5,409) 1,041 (4,368) 30 June 2019 5.8:1 27.8% 26.7% 1.
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