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InvestorDay 8June2016 EmporiumMelbourne,VIC Investorday 8June2016 Welcome andoverview Angus McNaughton Chadstone,VIC Investorday Agenda MORNING Welcomeandoverview AFTERNOON Developmentoverview AngusMcNaughtonCEOandManagingDirector MichaelO’BrienChiefInvestmentOfficerandActingEGMDevelopment Page2 Page 43 Brandanddigital MandurahForum SimoneCarroll EGMDigital,Marketing,People&Culture JamesFudgeProjectDirector Page9 Page 48 Leasing TheGlen StuartMacraeEGMLeasing BarnabyGiudiceProjectDirector Page22 Page 62 Intensiveassetmanagement Roselands JustinMills EGMShopping Centres JonSavellDirector– Development Page 28 Page 80 OutletCentres Assettour– Chadstone MichaelO’BrienChiefInvestmentOfficerandActingEGMDevelopment MarkKelleyProjectDirector Page 36 StuartMacraeEGMLeasing Assettour–DFOSouthWharf Wrapup JustinBlumfieldRGMShoppingCentres(DFOs,TAS,SA,ACT) AngusMcNaughtonCEOandManagingDirector MichaelQuinnAreaCentreManager,DFOSouthWharf VicinityCentres| Investorday| 8June2016 3 Strategicfocusisclear Createvalueandsustainablegrowthbyowning,managinganddevelopingqualityAustralianassetsacrosstheretailspectrum Purpose Enrichingcommunityexperiences Vision DeliveringtheleadingretailpropertyandlifestyleexperienceinAustralia Strategicfocus Createvalueandsustainablegrowthbyowning,managinganddevelopingqualityAustralianassetsacrosstheretailspectrum Value Investment Development Intensiveassetmanagement drivers platform Capitaland Enablers Operationalexcellence People Digital Strategic StrategicPartnerships VicinityCentres| Investorday| 8June2016 4 Organisationalchart Structuredtosupportstrategyexecution CEOandManagingDirector AngusMcNaughton ChiefInvestment EGM EGM ChiefFinancial EGM EGM OfficerandActing Business GeneralCounsel Digital,Marketing, Officer Leasing ShoppingCentres EGMDevelopment Development People&Culture RichardJamieson MichaelO’Brien DavidMarcun CarolynReynolds SimoneCarroll StuartMacrae JustinMills VicinityCentres| Investorday| 8June2016 5 Groupinvestmentprinciples FocusedonlongͲtermvaluecreationanddeliveringsustainableearningsgrowththroughthecycle Simpleandtransparentbusinessmodel Keyfinancialobjectives(‘throughcycle’basis) withasinglesectorfocus Grouplevel Target InvestinqualityAustralianassetsacrossthe Totalreturn1 >9.0%p.a. retailspectrum Underlying earningsgrowth >3.0% p.a. FocusonlongͲtermvaluecreation and sustainableearningsgrowth Portfoliolevel Target Propertylevelreturns >8.5%p.a. Maintainstrongbalancesheet andaccesstodiversecapitalsources Developmentreturns Initial yield6%to8+% Incremental IRR10% to15+% Efficientcoststructure 1. Calculatedas:(ChangeinNTAduringperiod+distributions)/NTAatstartofperiod. VicinityCentres| Investorday| 8June2016 6 Executingonstrategy Astrongandactivestartinthefirst12months November March May Rebrand $120mof Executed$926m developments ofdivestmentsand completed1 extendeddivestment December programto~$1.5b Reiteratedstrategy, April announced~$750mͲ$1b $350mMandurah divestmentprogram Forumdevelopment commenced 2015 2016 February May June StrongFY16 April DFOBrisbane Mergercompleted interimresultand November InauguralEMTN business 18monthsahead $320mofPerth launchedwith acquired onoperationalcost acquisitions £350missuance synergies May DFOPerth February JVagreement Mergerrefinancing complete 1. Vicinity’sshareis$63m. VicinityCentres| Investorday| 8June2016 7 Deliveringonourportfolioenhancementstrategy StrongprogressmadeonourassetdivestmentprogramandreinvestmentintovalueͲenhancingopportunities Assetdivestmentprogram Divestmentprogramof~$750mto$1bannouncedinDecember2015 FiveassetsalesagreedinMay2016for$926m Divestmentprogramextendedto$1.5binMay2016 Developments Fiveprojects(~$320m)completedinFY161 EnteredJVagreementstodevelopaDFO2 atPerthAirportfor~$145m Pipelineincreasedto$3.8b(Vicinityshare:$1.8b) Acquisitions AcquiredtwoPerthshoppingcentreswithattractivefundamentals Acquired3 DFOBrisbanebusinessfor~$55m Investmentincapability ResourcesaddedtoLeasing,DevelopmentandDigitalteams todrivegrowth 1. 100%interestandincludesWarriewoodSquare,NSWwhichwillbecompletedinJune2016.Vicinity‘sshareis$162m. 2. 100%interest.Vicinity‘sshareis50%. TheShopsatEllenbrook,WA 3. Excludingtransactioncostsandothercostsassociatedwiththetransaction. VicinityCentres| Investorday| 8June2016 8 Brand anddigital SimoneCarroll ChatswoodChaseSydney,NSW Theroleoftheshoppingcentreinsociety Thegatheringplace AGORA “GATHERINGPLACE” VicinityCentres| Investorday| 8June2016 10 Theroleoftheshoppingcentreinsociety Inventionoftheshoppingcentre “PROVIDETHENEEDEDPLACEAND OPPORTUNITYFORPARTICIPATIONIN MODERNCOMMUNITYLIFE” Ͳ VICTORGRUEN,INVENTOROFTHESHOPPINGMALL VicinityCentres| Investorday| 8June2016 11 Keytrends CustomerͲcentricity CUSTOMERͲCENTRICITY VicinityCentres| Investorday| 8June2016 12 Keytrends Technologyenhancedexperiences TECHNOLOGYENHANCED EXPERIENCES VicinityCentres| Investorday| 8June2016 13 Keytrends Rapidvalidationandspeedtomarket RAPIDVALIDATIONAND SPEEDTOMARKET VicinityCentres| Investorday| 8June2016 14 Keytrends Integratingdigitalintothefabricoforganisations INTEGRATINGDIGITALINTOTHE FABRICOFORGANISATIONS VicinityCentres| Investorday| 8June2016 15 Keytrends Experimentingacrossmultiplehorizons EXPERIMENTINGACROSS MULTIPLEHORIZONS VicinityCentres| Investorday| 8June2016 16 Visionforbrandanddigital Delivering‘Better,Easier,MoreEnjoyable’experiences Consumer(B2C) Peoplewhovisit andexperience TheVicinitybrand “Better,Easier, Customer Vicinity MoreEnjoyable” (B2B) Ourpeople, Ourretail destinations, partners products andservices VicinityCentres| Investorday| 8June2016 17 Vicinity’sbrandarchitecture Atailoredapproach Purpose Enrichingcommunityexperiences Brandvision Tobeknownfor‘Better,Easier,MoreEnjoyable’experiences Master Leadership Aspirational Heartland Strategic brand brands brands brands pillars Develop Protectandgrow Testandlearn, Optimise platform productdevelopment Strategic Enablers People Digitalassets Physicalassets VicinityCentres| Investorday| 8June2016 18 Vicinity’sconsumerͲleddigitalstrategy Enrichingcommunityexperiencesviaafullyintegrateddigitalandpropertyplatform Purpose Enrichingcommunityexperiencesviaafullyintegrateddigitalandpropertyplatform TobeAustralia'smostfrequentedandmostlovedretaildestinations Digitalvision throughseamlesslycombinedphysicalanddigitalconsumerexperiences Strategic pillars platform Connectivity Online Omni/phygital Connectingourcommunities Leadingonlinedigitalassetsthatare Convergenceofdigitalandphysical alignedwithourphysicalassets solutionstoaddresscommunityneeds Strategic Enablers People Digitalculture Technology VicinityCentres| Investorday| 8June2016 19 Digitalroadmap Deliveryacrossmultiplehorizons 2016 2018 2020 Connectivity Connectingourcommunities Online Leadingonlinedigitalassetsthat arealignedwithourphysicalassets Omni/phygital Convergenceofdigitalandphysical solutionstoaddresscommunityneeds VicinityCentres| Investorday| 8June2016 20 Brandanddigital Enrichingcommunityexperiences 1. Clearbrandstrategy 2. Digitalpathwayset 3. Teamcommittedtoexecutionalexcellence VicinityCentres| Investorday| 8June2016 21 Leasing StuartMacrae EmporiumMelbourne,VIC Alargeportfoliowithbroadpotential Strongtenantrelationshipsunderpinnedbyaportfoliowithscaleandrelevance 95assetsundermanagementacrosstheretailspectrum anddiversifiedgeographically 9,500+ ~3,700 leases tenants Hightenantcommonalityacrosscentretypes Criticalmassofpremiumassetsintheportfolio attractsluxuryandinternationalretailers ~1,500 #1centre(Chadstone) leasingdealsperannum1 fortotalsalesinAustraliafor14years Deepnationalretailerrelationships LargestlandlordtoWesfarmersandWoolworths 70 40 leasingexecutives retaildesignanddeliveryexecutives Note:Dataasat31December2015. 1.Excludingdevelopmentleasing. VicinityCentres| Investorday| 8June2016 23 Aclearapproachtoleasingwithaproductfocus FocusingonretailmixandcustomerdemanddriveslongͲtermincomegrowth Simple,consistentleasingparameterexpectationsdesigned tomaximiseincome FiveͲyearstrategicleasingplanforeachasset,updatedannually LongͲtermapproachfocusedoncustomer wantsandneeds Dedicatedleasingexecutivesforthetop20retailers Dedicatedretaildesignanddeliveryteamtoensurefitout qualityandoptimalturnaroundonanyvacatingtenants HallsHeadCentral,WA VicinityCentres| Investorday| 8June2016 24 Consistentspecialtystoreleasingparameterexpectationsdeliverstrongerresults Settingclearparameterexpectationsenablesatransparentdiscussionwithretailersandnarrowstheleasingnegotiation Specialtystoreleasing parameter Rationale 5to6yearterms Providesbalance ofstabilityandflexibilityforbothownerandretailer 5%annualincrease Underpinsstronggrowthovertheleaseterm Maximises incomeeventhoughleasingspreadsonrenewalmaybenegative Providesrentalcertaintytobothownerandretailer Promotionalfund Maximisesmarketingspendtodrivefoottrafficand,inturn,salesandrents Fullfitoutsonexpiry Ensures individualstorefitoutsremainrelevantandconsistentwiththecentrelookandfeel Assistsinmaintainingconsistentpresentationstandardacrosstenancies Noincentivesorrentfreeonrenewals Clearpositionwithretailers VicinityCentres| Investorday| 8June2016 25 Strategicleasingplansinplaceforeverycentre UniquecentreͲspecificplansdeliveratailoredcommunityexperience Strategicleasingplansidentifykeyfocusareas Development Centreteam • customerrequirements • strongerperformingretailers Visionandmasterplanning Centreoperationalplan • productopportunities Development,refurbishment, Siteworks, • tenantrenewal/replacementstrategy andreconfiguration tenancydelivery • rentandcapitalrequirements requirements andretailer onͲboarding FiveͲyearleasingplans,updatedannually Strategic leasingplan Customerandretailerinsights
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