8 August 2019 Reimagine Urban Life

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8 August 2019 Reimagine Urban Life Reimagine Urban Life FY19 Property Compendium 8 August 2019 Investment Overview 275 Kent Street, Sydney Mirvac manages a diverse portfolio of investment assets across the office, industrial and retail sectors, leased to quality tenants including leading Australian and international companies. Mirvac’s integrated business approach includes utilising the specialised in-house asset management team, that is responsible for all leasing and property management across the entire portfolio. Investment Overview Property Portfolio as at 30 June 2019 NO. OF BOOK GLA/NLA WALE OCCUPANCY CAP TYPE OF PROPERTY PROPERTIES1 VALUE2 (sqm) (by income) (by area) RATE OFFICE 31 $6,655m 657,140 sqm 6.4 yrs 98.2% 5.43% INDUSTRIAL 10 $877m 469,315 sqm 7.7 yrs 99.7% 5.72% RETAIL 17 $3,441m 437,899 sqm 4.1 yrs 99.2% 5.41% SUBTOTAL 58 $11,101m3 1,564,354 sqm 5.7 yrs 99.0% 5.45% OTHER INVESTMENTS n/a $259m n/a n/a n/a n/a TOTAL PORTFOLIO 58 $11,360m3 1,564,354 sqm 5.7 yrs 99.0% 5.45% Property Portfolio Diversification Sector Diversification4 Geographic Diversification4 NSW 64% OFFICE 61% VIC 17% INDUSTRIAL 8% QLD 11% RETAIL 31% WA 4% ACT 4% Lease Expiry Profile5 Total Portfolio Office Portfolio 70% 60% 53% 60% 50% 50% 44% 40% 40% 30% 30% 20% 20% 13% 12% 11% 11% 10% 10% 8% 9% 8% 10% 10% 7% 2% 2% 0% 0% Vacant FY20 FY21 FY22 FY23 FY24 FY25+ Vacant FY20 FY21 FY22 FY23 FY24 FY25+ Industrial Portfolio Retail Portfolio 70% 70% 60% 56% 60% 50% 50% 40% 40% 30% 28% 30% 21% 20% 14% 20% 15% 10% 11% 13% 12% 10% 10% 5% 3% 10% 1% 1% 0% 0% Vacant FY20 FY21 FY22 FY23 FY24 FY24 FY25+ FY25+ Vacant FY20 FY21 FY22 FY23 FY23 FY24 FY25+ FY25+ 1. Portfolio number includes investment properties under construction (IPUC), but excludes properties being held for development. 2. Portfolio value includes investment properties under construction (IPUC), and properties being held for development. Subject to rounding. 3. Includes $128m of residential IPUC, relating to Building 3 and 5 at Pavilions, held by Australian Build to Rent Club. 4. By book value, including IPUC and properties being held for development, but excluding other investments. 5. By income, excludes other investments. IPUC and properties being held for development. 3 Office South Eveleigh (Axle), Sydney Comprising 61% of Mirvac’s property portfolio, the office portfolio is focused on the core markets of Sydney and Melbourne and has a weighted average lease expiry of 6.4 years. Office Grade Diversification1 Geographic Diversification2 Sydney 58% Premium 34% Melbourne 27% A Grade 61% Perth 7% B Grade 2% Canberra 5% C Grade 3% Brisbane 3% % OF OFFICE PORTFOLIO BOOK GROSS VALUATION AT NABERS 3 4 PROPERTY LOCATION NLA VALUE OFFICE RENT 30 JUNE 19 RATING 1 101-103 MILLER STREET NORTH SYDNEY, NSW 37,473 SQM 5.0% $979/SQM $296.3m 5.0 Star 2 40 MILLER STREET NORTH SYDNEY, NSW 12,615 SQM 2.4% $888/SQM $146.7m 5.0 Star 3 10-20 BOND STREET SYDNEY, NSW 38,282 SQM 5.4% $1,091/SQM $325.1m 5.5 Star 4 200 GEORGE STREET SYDNEY, NSW 38,983 SQM 8.2% $1,354/SQM $495.6m 5.5 Star 5 275 KENT STREET SYDNEY, NSW 75,868 SQM 12.5% $1,236/SQM $757.4m 5.0 Star 6 60 MARGARET STREET SYDNEY, NSW 40,875 SQM 5.6% $992/SQM $340.2m 4.0 Star 7 37 PITT STREET SYDNEY, NSW 12,138 SQM 1.7% $681/SQM $100.0m 3.5 Star 8 51 PITT STREET SYDNEY, NSW 4,986 SQM 0.7% $718/SQM $40.0m 2.5 Star 9 6-8 UNDERWOOD STREET SYDNEY, NSW 3,251 SQM 0.3% $536/SQM $21.0m 3.0 Star 10 QUAY WEST CAR PARK, 109-111 HARRINGTON STREET SYDNEY, NSW 398 SQM 0.6% $38.6m 11 75 GEORGE STREET PARRAMATTA, NSW 9,568 SQM 1.4% $596/SQM $87.6m 2.0 Star 12 1 DARLING ISLAND PYRMONT, NSW 22,197 SQM 4.8% $802/SQM $290.9m 6.0 Star 13 65 PIRRAMA ROAD PYRMONT, NSW 15,931 SQM 3.0% $770/SQM $183.0m 6.0 Star 14 699 BOURKE STREET MELBOURNE, VIC 19,303 SQM 1.7% $700/SQM $103.5m 5.0 Star 15 90 COLLINS STREET MELBOURNE, VIC 21,308 SQM 4.3% $730/SQM $259.8m 4.0 Star 16 367 COLLINS STREET MELBOURNE, VIC 37,863 SQM 6.4% $690/SQM $389.0m 4.0 Star 17 664 COLLINS STREET MELBOURNE, VIC 26,476 SQM 2.4% $644/SQM $143.6m 18 383 LA TROBE STREET MELBOURNE, VIC 10,211 SQM 2.0% $651/SQM $123.6m 2.5 Star 19 380 ST KILDA ROAD MELBOURNE, VIC 24,554 SQM 2.9% $521/SQM $176.0m 5.0 Star 20 RIVERSIDE QUAY SOUTHBANK, VIC 31,817 SQM 5.2% $643/SQM $311.6m 4.5 Star 21 2 RIVERSIDE QUAY SOUTHBANK, VIC 21,132 SQM 2.3% $667/SQM $140.0m 22 23 FURZER STREET PHILLIP, ACT 46,167 SQM 5.0% $527/SQM $303.5m 6.0 Star 23 340 ADELAIDE STREET BRISBANE, QLD 12,742 SQM 1.2% $586/SQM $72.0m 4.5 Star 24 189 GREY STREET SOUTHBANK, QLD 12,729 SQM 1.4% $564/SQM $86.8m 4.0 Star 25 ALLENDALE SQUARE, 77 ST GEORGES TERRACE PERTH, WA 29,043 SQM 4.0% $912/SQM $239.0m 4.0 Star OFFICE INVESTMENT PROPERTIES TOTAL 605,910 SQM 92.3% 5 $5,585.7m 5 26SOUTH EVELEIGH (BUILDINGS 1-3) SOUTH EVELEIGH, NSW $275.2m 27 LOCOMOTIVE WORKSHOPS SOUTH EVELEIGH, NSW $83.4m 28 80 ANN STREET BRISBANE, QLD $72.4m 29 477 COLLINS STREET MELBOURNE, VIC $177.1m OFFICE INVESTMENT PROPERTIES UNDER CONSTUCTION TOTAL $608.1m OFFICE INVESTMENT PROPERTIES AND INVESTMENT PROPERTIES UNDER 605,910 SQM 5 CONSTRUCTION TOTAL $6,193.7m 30 8 CHIFLEY SQUARE SYDNEY, NSW 19,349 SQM 4.0% $1,589/SQM $239.5m 5.0 Star 31 DAVID MALCOLM JUSTICE CENTRE, 28 BARRACK STREET PERTH, WA 31,881 SQM 3.7% $884/SQM $221.8m 5.0 Star INVESTMENTS IN JOINT VENTURES TOTAL 51,230 SQM 7.7% $461.3m OFFICE TOTAL 657,140 SQM 100% 5 $6,655.1m 5 WEIGHTED AVERAGE LEASE EXPIRY (BY INCOME) 6.4 YEARS OCCUPANCY % (BY AREA) 98.2% 1. By book value, excluding IPUC and properties being held for development. 2. By book value, including IPUC and properties being held for development. 3. Excludes office properties under development. 4. Book values represent Mirvac’s ownership. 5. This total value includes 55 Coonara Avenue West Pennant Hills, valued at $76.5m, and 53 Walker Street & 97 Pacific Highway, North Sydney, valued at $25.9m, which are being held for development, and various other of $12.5m. These assets are excluded from all other metrics. Subject to rounding. 5 Investment Property Office 101-103 MILLER STREET NORTH SYDNEY, NSW This landmark premium grade office tower and major retail centre is located above Greenwood Plaza in the heart of the North Sydney CBD, with a direct link to North Sydney Railway Station. The complex was built in 1992 and underwent major refurbishment in 2008. The only premium grade office tower in North Sydney, it has achieved a 5 Star Green Star rating and a 5 Star NABERS Energy rating. Summary Information GRADE Premium NABERS RATING 5.0 Star OWNERSHIP 50% Mirvac, 50% Nuveen NLA 37,473 SQM CAR SPACES 184 ACQUISITION DATE Jun-94 LAST EXTERNAL VALUATION DATE 31-Dec-18 VALUATION AT 30 JUNE 19 $296.3m 1 VALUER Directors Valuation CAPITALISATION RATE 5.38% DISCOUNT RATE 6.75% GROSS OFFICE RENT $979/SQM Major Tenants NLA SQM Lease Expiry Commonwealth of Australia 10,324 Nov-26 Genworth Financial Mortgage Insurance 5,898 Jul-23 Lease Expiry Profile % Income VACANCY 2.6% FY20 0.9% FY21 0.2% FY22 17.6% FY23 1.4% FY24 22.4% FY25+ 54.9% WALE 5.7 YEARS 1. Book value represents Mirvac's ownership. 6 Investment Property Office 40 MILLER STREET NORTH SYDNEY, NSW 40 Miller Street is an A-grade office building located adjacent to North Sydney Railway Station. Developed by Mirvac in 2000, it enjoys commanding views of Sydney harbour from all floors, with outdoor balconies providing additional amenity for tenants. The building has achieved a 5 Star NABERS Energy rating. Summary Information GRADE A NABERS RATING 5.0 Star OWNERSHIP 100% NLA 12,615 SQM CAR SPACES 105 ACQUISITION DATE May-98 LAST EXTERNAL VALUATION DATE 30-Jun-18 VALUATION AT 30 JUNE 19 $146.7m VALUER Directors Valuation CAPITALISATION RATE 6.25% DISCOUNT RATE 7.00% GROSS OFFICE RENT $888/SQM Major Tenants NLA SQM Lease Expiry UGL Limited 7,703 Nov-20 InvoCare Australia Pty Ltd 1,658 May-21 Lease Expiry Profile % Income VACANCY 0.6% FY20 0.0% FY21 75.9% FY22 4.7% FY23 9.1% FY24 9.7% FY25+ 0.0% WALE 1.9 YEARS 7 Investment Property Office 10-20 BOND STREET SYDNEY, NSW Following a $60 million transformation, 10-20 Bond Street delivers a powerful blend of modern style and function. An A-grade office building with premium grade services, this efficient commercial office tower provides regularly shaped floor plates throughout, inviting natural light to permeate the workspaces and showcase the impressive cityscape and harbour views. The building has achieved a 4 Star Green Star design rating, and a 5.5 Star NABERS Energy rating.
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