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1H20 Annexures 19 February 2020

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1H20 Annexures 19 February 2020 1H20 Annexures 19 February 2020 BARINGA, QLD update Agenda Group About Stockland results 40 Financial Group Finance Communities 43 Property Commercial Property Commercial 54 Summary Communities and outlook 74 Research 93 39 1H20 Results Presentation Figures are rounded to nearest million, unless otherwise stated. Percentages are calculated based on the figures rounded to one decimal place throughout this presentation. Stockland quick facts Trust – $10.4bn1 Corporation - $4.7bn2 Stockland Shellharbour, NSW Warwick Farm, Sydney Piccadilly Complex, Sydney Highlands, VIC Mernda Retirement Village, VIC Retail Town Centre Logistics Workplace Residential Retirement Living Create market leading Grow and develop Grow premium portfolio Maximise returns by creating Leading operator retail town centres a leading portfolio thriving communities and developer 43% portfolio weighting3 19% portfolio weighting3 7% portfolio weighting3 22% portfolio weighting3 9% portfolio weighting3 63 Established Villages 32 assets 29 assets 6 assets Over 76,000 lots remaining Over 9,200 units Ownership interests valued at Ownership interests Ownership interests Net funds employed $2.3bn Book value $1.4bn $6.6bn valued at $2.8bn valued at $1.0bn End market value $21.4bn 1. Excludes Unlisted Property Fund Assets (19.9% ownership), WIP and sundry properties. 2. Includes Residential book value of $3.3bn and Retirement Living book value of $1.4bn. 3. Includes Unlisted Property Fund Assets (19.9% ownership), WIP and sundry properties. 40 1H20 Results Annexure Strategic mix Assets Operating Profit Recurring Target 1H20 1H19 1H20 1H19 Commercial Property 69% 67% 68% 68% Retirement Living 7% 7% 4% 4% Unallocated corporate overheads - - (3)% (4)% Total recurring 70 – 80% 76% 74% 69% 68% Trading Target 1H20 1H19 1H20 1H19 Residential 22% 23% 34% 35% Retirement Living 2% 3% 1% 1% Commercial Property - - - - Unallocated corporate overheads - - (4)% (4)% Total trading 20 – 30% 24% 26% 31% 32% 41 1H20 Results Annexure We are well positioned with a diverse portfolio1,2 Book Value by State WA - $1.0bn | 6% of portfolio QLD - $3.1bn | 20% of portfolio 6 9 3 20 22 13 Commercial Residential Retirement Commercial Residential Retirement SA & ACT - $0.2bn | 1% of portfolio 6% 20% NSW - $8.2bn | 53% of portfolio - 1 12 30 11 22 1% Commercial Residential Retirement Commercial Residential Retirement 53% VIC - $3.0bn | 19% of portfolio 19% 12 12 27 Commercial Residential Retirement 1. Includes Unlisted Property Fund Assets (at 100% ownership), WIP & Sundry. 2. RL established and development assets at same location are treated as a single property/project. Note – Percentages may not add due to rounding. 42 1H20 Results Annexure Group Finance Annexure Artist Impression M_PARK, NSW Profit summary $m 1H20 1H19 Change Residential Communities EBIT (before interest in COGS) 208 170 22.2% Commercial Property EBIT 301 307 (1.6)% Retirement Living EBIT 20 22 (8.2)% Consolidated segment EBIT 529 499 6.2% Amortisation of lease fees 7 7 (4.3)% Unallocated corporate overheads (27) (32) (15.5)% Group EBIT (before interest in COGS) 509 474 7.5% Net interest expense: - Interest income 1 2 (47.6)% - Interest expense (110) (116) (4.7)% - Interest capitalised to inventory 57 71 (19.1)% - Interest capitalised to investment properties under development 4 6 (30.6)% Net interest in Profit & Loss before capitalised interest expensed (48) (37) 29.5% Capitalised interest expensed in Profit & Loss1 (77) (30) 153.6% Net interest expense (125) (67) 85.6% Funds from operations 384 407 (5.6)% Statutory profit adjustments 120 (107) (212.1)% Statutory profit 504 300 68.1% 1. Increase in Capitalised interest expensed in Profit & Loss is driven by the recent capital partnering transaction at Aura. 44 1H20 Results Annexure Net interest gap $m 1H20 1H19 Deferred interest – Residential Interest Deferred Total Interest Deferred Total Interest expense Interest Interest Interest income (1) - (1) (2) - (2) • Non-cash adjustments for unwinding of Interest expense 95 15 110 93 23 116 present value discount on land acquisitions Less: capitalised interest on deferred terms - Commercial Property development (3) - (3) (3) - (3) projects - Residential (42) (15) (57) (48) (23) (71) • Discount initially booked through balance sheet (inventory and land creditors) - Retirement Living (1) - (1) (3) - (3) Total capitalised interest (46) (15) (61) (54) (23) (77) Sub-total: borrowing cost in P&L 48 - 48 37 - 37 Add: capitalised interest expensed in P&L1 77 - 77 30 - 30 Total interest expense in P&L 125 - 125 67 - 67 1. Made up of Residential $74m (1H19: $28m) and Retirement Living $3m (1H19: $2m). This differs to statutory reporting by $3m (1H19: $2m) as interest expense in Retirement Living is reported through fair value adjustment of investment properties. Note: increase in Residential capitalised interest in COGS is driven by the recent capital partnering transaction at Aura. 45 1H20 Results Annexure Return on assets, return on equity Key metrics CY2019 CY2018 Cash Avg. Cash Cash Avg. Cash Return Return profit ($m) invested ($bn) profit ($m) invested ($bn) Retail Town Centres 412 5.4 7.7% 426 5.5 7.8% Logistics 160 2.1 7.7% 155 2.0 7.8% Workplace 48 0.6 7.7% 50 0.6 7.7% Residential – core 463 2.2 20.9% 365 2.0 18.5% Retirement Living 61 1.4 4.5% 60 1.3 4.5% Core business ROA (sub-total) 1,144 11.7 9.8% 1,056 11.4 9.3% Residential – workout1 (2) 0.2 (1.2)% (4) 0.2 (2.4)% Unallocated overheads & other income (56) - - (67) - - Group ROA 1,086 11.9 9.2% 985 11.6 8.5% Net interest/net debt (187) (4.3) 4.4% (192) (3.9) 4.9% Group ROE 899 7.6 11.9% 793 7.7 10.3% Group ROE (excl. workout) 901 7.4 12.2% 797 7.5 10.6% 1. Includes all impaired projects. 46 1H20 Results Annexure 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 statutory net assets $m CY2019 CY2018 $bn Average for CY2019 Average for CY2018 Cash return 899 793 Group capital employed (net assets) 7.6 7.7 Capitalised interest expensed in COGS (145) (82) Commercial Property revaluations 2.6 2.7 Capitalised interest for the year1 97 119 Residential Communities capitalised interest 0.4 0.4 Add-back impairment release in COGS 32 12 Residential Communities and Apartments impairment (0.2) (0.2) CP straight-line rent and other (9) (9) Retirement Living DMF revaluations 0.2 0.2 FFO 874 833 Distribution provision and non-cash working capital (0.5) (0.5) Statutory net assets (average for the period) 10.1 10.3 1. Excludes deferred interest. 47 1H20 Results Annexure Cost management $m 1H20 1H19 Residential 90 92 • Diligent approach to managing cost across the Group Retirement Living 17 18 • Reduction in unallocated ccorporate costs largely attributable to the business restructure and other savings initiatives Commercial Property 7 9 • Some savings across business units are weighted towards 1H20 Unallocated corporate overheads 27 32 • On track to deliver the target $8m forecast unallocated corporate overheads savings Total sales, general and administration costs1 141 151 1. Net of recoveries, costs capitalised to development projects and property management fee income. 48 1H20 Results Annexure Long dated, diverse debt Long-dated drawn debt maturity profile Committed facilities of $5.2bn Drawn debt of $4.3bn2 (WADM 5.4 years)1 1,000 900 Commercial Bank debt, Bank debt, Paper 800 $1,050m, 20% $200m, 5% $249m, 6% USPP 700 USPP, EMTNs, $2,105m $2,105m, 48% $1,179m, 27% 40% 600 500 Commercial Paper, 400 $249m, 5% 300 200 100 EMTNs, 0 $1,179m, 23% DMTNs, DMTNs, FY21 FY31 FY27 FY20 FY22 FY23 FY25 FY28 FY30 FY32 FY33 FY26 FY29 FY34 FY24 $610m, 12% $610m, 14% Bank Debt Commercial Paper EMTNs DMTNs USPP 1. Excludes bank guarantees of $350 million. 2. Face value as at 31 December 2019. 49 1H20 Results Annexure Cost of debt and hedge profile Cost of debt for 1H20 3 $bn Forecast hedge rate Debt1 Total debt2 Interest rate 4.0 4.4% Hedged debt $3,632m 84% 3.1% 3.5 4.2% Floating debt $711m 16% 0.2% 4.0% Total debt $4,343m 3.3% 3.0 Margin 0.9% 3.8% 2.5 Fees 0.2% Fixed 3.6% Debt Weighted average cost of debt for 1H20 4.4% 2.0 3.4% 1.5 3.1% 3.1% 3.2% 1.0 3.0% 2.9% 2.9% 3.0% Hedged 0.5 Debt ~4.0% 2.8% 0.0 2.6% FY20 FY21 FY22 FY23 FY24 Expected WACD in FY20 1. Represents average debt balance over 1H20. Balances as at 31 December 2019 were hedged debt: $3,037m and floating debt: $1,306m. 2. Average % for 1H20. 3. Excludes fees and margins. 50 1H20 Results Annexure Covenant calculations Statutory Gearing Covenant At 31 December 2019 Adjustments $m Balance Sheet $m Balance Sheet $m All lenders have consistent covenants Assets • Financial Indebtedness/Total Ttangible assets (FI/TTA): less than 50% Cash - 245 245 • Interest cover: more than 2:1 (write-downs and provisions are excluded from calculation) Real estate related assets - 15,378 15,378 Retirement Living Gross-Up (2,630) B - 2,630 Intangibles (174) - Gearing covenant limited to Stockland’s 174 balance sheet liabilities and excludes Other financial assets (480) A 17 497 • MTM of hedges and interest-bearing liabilities A Other assets - 337 337 • Retirement Living obligation for existing residents B Total assets 19,261 (3,284) 15,977 Financial indebtedness Borrowings 419 A (4,326) (4,745) Interest cover​ FI /TTA D/TTA (net of cash)3 Other financial liabilities 199 - (199) 2 Other liabilities1 - (82) 31 December 2019 5.0:1 27.6% 26.1% (82) Total Financial Indebtedness (5,026) 618 (4,408) 30 June 20192 4.7:1 27.8% 26.7% 1.
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