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DIRECT PORTFOLIO June 2017 For personal use only Contents 03 About Vicinity Centres Direct Portfolio 04 Overview 09 New South Wales (NSW) 26 Queensland (QLD) 43 South Australia (SA) 50 Victoria (VIC) and Tasmania (TAS) 79 Western Australia (WA) 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. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these 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 information and figures contained in this document are current as at 30 June 2017 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the 2017 Annual Report lodged with the Australian Securities Exchange (ASX) on 16 August 2017. Effect of rounding A number of figures, amounts, percentages, estimates, calculationsFor personal use only 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. 2 Vicinity Centres Direct Portfolio June 2017 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 unique and relevant consumer experiences, deliver compelling value for our retail partners and strive for excellence in everything we do. A top-35 entity on the Australian Securities Exchange, Vicinity has 84 retail assets1,2 under management valued at $25.3 billion, generating annual retail sales of $17.9 billion across approximately 2.8 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 74 shopping centres2 across Australia, valued at $15.5 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically. Vicinity is the joint owner of Chadstone in Victoria, which has generated the highest annual sales of any Australian shopping centre for the past 16 consecutive years3. Vicinity’s intensive asset management approach, together with the progression of its $2.0 billion development pipeline (Vicinity's share is $0.9 billion), and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy. For personal use only 1. Includes a centre managed for a Vicinity wholesale fund that was divested on 14 July 2017. 2. Includes DFO Brisbane business which is referred to as 'DFO Brisbane' within this document and excludes DFO Perth (under construction). 3. Reported in the Big Guns survey. Last survey included data up to 31 December 2016. DFO South Wharf, VIC Cover image: Chadstone, VIC Vicinity Centres Direct Portfolio June 2017 3 Overview Vicinity’s Direct Portfolio of 74 shopping centres across Australia, either wholly or jointly owned, is valued at $15.5 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.2 billion across 2.6 million square metres of gross lettable area. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone, located in south-east Melbourne in Victoria and valued at 17.2% of the Direct Portfolio. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 64% of the Direct Portfolio’s value. Vicinity also has a portfolio of five DFO Outlet Centres which represent 8.8% of the Direct Portfolio’s value, with an additional Outlet Centre currently under construction. Key statistics by centre type Total portfolio Regional1 Sub Regional Neighbourhood Outlet Centre Number of retail centres 74 22 32 15 5 Gross lettable area (m) (sqm) 2.6 1.5 0.7 0.1 0.2 Total value ($m) 15,549 10,000 3,447 728 1,374 Portfolio weighting by value (%) 100.0 64 22 5 9 Capitalisation rate (weighted average) (%) 5.61 5.19 6.35 6.51 6.29 Comparable Net Property Income (NPI) growth2 (%) 2.5 0.6 2.9 3.1 8.5 Occupancy rate (%) 99.5 99.5 99.5 99.3 100.0 Total Moving Annual Turnover (MAT) growth3 (%) 0.4 (0.9) 0.1 0.5 7.6 Specialty MAT growth3 (%) 0.5 (1.3) 0.2 (1.4) 6.1 WHITSUNDAY PLAZA Specialty sales productivity3 ($/sqm) 9,429 10,164 8,448 7,351 9,697 ● BURANDA VILLAGE KARRATHA CITY ● DFO BRISBANE 3 Specialty occupancy cost (%) 14.6 17.2 13.3 12.4 10.5 GRAND PLAZA ● MILTON VILLAGE Note: Totals may not sum due to rounding. 12% MT OMMANEY CENTRE 1. Includes Super Regional, Major Regional, City Centre and Regional centres. ● QUEENSPLAZ A 2. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period. ● TAIGUM SQUARE QLD THE MYER CENTRE BRISBANE 3. Excludes divestments and development-impacted centres in line with Shopping Centre Council of Australia (SCCA) guidelines. 14% 14 GOLDFIELDS PLAZA GYMPIE CENTRAL NORTH SHORE VILLAGE WA 16 BRISBANE Composition by centre typea Store type exposureb OXENFORD VILLAGE 5% RUNAWAY BAY CENTRE STIRLINGS CENTRAL SA MajorsC 20% 4 20% TOORMINA GARDENS Super Regional 17% ARMIDALE CENTRAL Major Regional 22% Mini majors 11% NSW City Centre 11% Specialties 55% 14 PERTH Regional 14% Other retail 4% TERRACE CENTRAL Sub Regional 22% Non retail 10% LAKE HAVEN CENTRE ADELAIDE SYDNEY Neighbourhood 5% ● CASTLE PLAZA COLONNADES ● ELIZABETH CITY CENTRE Outlet Centre 9% LAVINGTON SQUARE ● KURRALTA CENTRAL ● CURRAMBINE CENTRAL WEST END PLAZA ● DIANELLA PLAZA ● ELLENBROOK CENTRAL BANKSTOWN CENTRAL ● FLINDERS SQUARE CARLINGFORD COURT GALLERIA CORIO CENTRAL MELBOURNE ● CHATSWOOD CHASE SYDNEY HALLS HEAD CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH ● KALAMUNDA CENTRAL LENNOX VILLAGE ● LIVINGSTON MARKETPLACE 49% ● NEPEAN VILLAGE ● MADDINGTON CENTRAL ● ALTONA GATE ● DFO SOUTH WHARF ROSELANDS MANDURAH FORUM ● BAYSIDE EMPORIUM MELBOURNE WARRIEWOOD SQUARE ROCKINGHAM CENTRE ● BENTONS SQUARE MORNINGTON CENTRAL VIC/TAS ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH PRECINCT) MYER BOURKE STREET ● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND 26 For personal use only ● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL ● BROADMEADOWS CENTRAL ● ROXBURGH VILLAGE CHADSTONE SUNSHINE MARKETPLACE CRANBOURNE PARK ● THE GATEWAY HOBART ● DFO ESSENDON THE GLEN ● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE ● EASTLANDS ● NORTHGATE 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 and supermarkets. 4 Vicinity Centres Direct Portfolio June 2017 74 shopping centres $15.5 billion total value $16.2 billion 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% 14 GOLDFIELDS PLAZA GYMPIE CENTRAL NORTH SHORE VILLAGE WA 16 BRISBANE OXENFORD VILLAGE 5% RUNAWAY BAY CENTRE STIRLINGS CENTRAL SA 4 20% TOORMINA GARDENS ARMIDALE CENTRAL NSW 14 PERTH TERRACE CENTRAL LAKE HAVEN CENTRE ADELAIDE SYDNEY ● CASTLE PLAZA COLONNADES ● ELIZABETH CITY CENTRE LAVINGTON SQUARE ● KURRALTA CENTRAL ● CURRAMBINE CENTRAL WEST END PLAZA ● DIANELLA PLAZA ● ELLENBROOK CENTRAL BANKSTOWN CENTRAL ● FLINDERS SQUARE CARLINGFORD COURT GALLERIA CORIO CENTRAL MELBOURNE ● CHATSWOOD CHASE SYDNEY HALLS HEAD CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH ● KALAMUNDA CENTRAL LENNOX VILLAGE ● LIVINGSTON MARKETPLACE 49% ● NEPEAN VILLAGE ● MADDINGTON CENTRAL ● ALTONA GATE ● DFO SOUTH WHARF ROSELANDS MANDURAH FORUM ● BAYSIDE EMPORIUM MELBOURNE WARRIEWOOD SQUARE ROCKINGHAM CENTRE ● BENTONS SQUARE MORNINGTON CENTRAL VIC/TAS ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH PRECINCT) MYER BOURKE STREET ● WARNBRO