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Investor Tour December 6, 2017

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Investor Tour December 6, 2017 Stockland Investor Tour December 6, 2017 Stockland Green Hills, NSW Contents SECTION PAGE STOCKLAND RETAIL TOWN CENTRES 3 CASE STUDY: WETHERILL PARK 7 STOCKLAND GLENDALE 10 STOCKLAND GREEN HILLS 17 STRONG OPPORTUNITY IN REGIONAL LOCATION 19 DEVELOPMENT UPDATE 22 LEASING STRATEGY 27 DEVELOPMENT STAGES 31 CENTRE MAP 32 Stockland Investor Tour 2017 2 Stockland Retail Town Centres Stockland Investor Tour 2017 3 Retail Town Centres: Productive assets with a diverse income base Strong diversity in rental income • 40 assets valued at $7bn with an average capitalisation rate of Gross rent: Total portfolio 6.2%1 2 • Creating market leading retail town centres Other Retail Department Stores <1% <1% Homewares and general • Continuing to meet the specific needs of each community with a DDS strong focus on food, experience and services Theatres/leisure 7% and technology 10% 8% • Investing in our assets to improve performance and facilitate new Supermarkets formats 13% Apparel and 18% Jewellery 11% Mini Majors 18% 14% Retail services Specialty – reporting and Food/ non reporting Food catering 1. As at 30 June 2017, excludes Corrimal, sold in 1Q18 for ~&70m 2. Other Retail includes travel agents, lotto, pad sites (food and non-food) Stockland Investor Tour 2017 4 Retail Town Centres: Enhancing our customer experience Continuing centre enhancements to improve customer Retailer mix – change in customer trends experience and deliver on retail trends: CHANGE FROM JUNE 2010 TO JUNE 2017 • Significant change in tenant mix reflecting emerging Growth in MAT Growth in Stores categories Smart Phones & Communication • Rent from non-reporting retail services has increased 30% 1 over 2010-2017 Services • We continue to monitor productivity by category to reflect characteristics of each trade area Food Catering Leisure, Cinemas & Entertainment1 Mini Majors Apparel and Jewellery 0% 40% 80% 120% 160% 1. Number of stores increasing from a base of nine stores in June 2010 to 25 stores in June 2017 Stockland Investor Tour 2017 5 Retail trends Australian prime retail town centre landscape less exposed to online retailing risk than US and UK1 Australia USA more Australia has 6.0 5.1 60% proactive in a lower supply 5.0 50% Canada Australia remixing 4.0 40% of floor space 3.0 UK Australia toward per capita 3.0 2.3 Australia 30% 1.8 Australia shopper than US retail 2.0 USA 20% experience 1.0 10% USA USA than US - 0% GLA/capita (sqm, LHS) % of GLA % mall space % mall space Department stores Apparel Food & Entertainment Australian population density (people/km2) and online penetration lower in comparison with other countries. Australian Australian online 5,567 people/km2 30% 1,200 1,025 population Not shown on graph penetration 1,000 relatively less 849 similar to 800 688 20% dense, Australia Canada post 600 Canada impacting 390 449 six years of Australia 400 10% Canada logistics costs entry by 200 USA USA UK UK Amazon - 0% Greater Greater Greater Greater Greater Greater Online Penetration Online Penetration (ex. Food) New York Los Angeles Toronto London Sydney Melbourne 1. Michael Baker Consulting, Euromonitor, ABS, ONS, Statistics Canada, US Census Bureau Stockland Investor Tour 2017 6 Case Study Stockland Wetherill Park, NSW Stockland Wetherill Park A leading lifestyle, food, fashion and leisure centre • Three extensions since 1983 completion Construction On completion commencement • Customer demand for a redevelopment based on fresh food, cafes, restaurants, mini-majors, theatre, lifestyle, health and services IRR1 ~14.8% ~15.8% FFO 7.3% 7.3% • 5 Star Green Star Design rating and a significant 925 kw PV solar plant Yield2 • Completed centre, 70,000 sqm, fully leased and trading strongly Valuation $645-$665m $740m Wetherill Park pre and post development comparison 10,271 9,241 $380m 7.6 $49m $263m $152m $97m 6.7 $21m Centre MAT Traffic (million persons) Mini Majors MAT SpecialtySpec MAT Specialty MAT $/psm 1. Incremental IRR 2. Incremental FFO yield Stockland Investor Tour 2017 8 Stockland Investor Tour 2017 9 Stockland Glendale Stockland Glendale Located on the northern fringe of Lake Macquarie, Stockland Glendale was the first of the true super centre outdoor shopping concepts combining retail, leisure and entertainment on a large 19.6 hectare site GLA MAJORS Target, Coles, Woolworths, Kmart, Event Cinemas 55,376 SQM CAR SPACES MINI-MAJORS Lowes, TK Maxx, Best And Less, Chemistworks, The Reject Shop, 2,287 JB HiFi, Harris Farm, Daiso Japan, Toymate, Hot Bargain SPECIALTY STORES MAT TRAFFIC 77 4.6M MAT SALES AVERAGE SPEC RENT $320M ~$1,300 psm AVERAGE SPEND SPECIALTY SALES $PSQM $69.91 $8,902* (+4.2%) OCCUPANCY COST AVERAGE SPECIALTY SHOP SIZE 15.7% Larger than average at 165m2 ANCHORED BY COLES, WOOLWORTHS, KMART AND TARGET PLUS 9 MINI-MAJORS, INCLUDING TK MAXX, COMPLEMENTED BY 77 SPECIALTY STORES AND CONVENIENT PARKING FOR 2,287 CARS. A DA HAS BEEN APPROVED TO EXPAND THE CENTRE BY 7,700 SQM. Information is accurate as at 30 October 2017. Specialty number includes kiosks and shops. Does not include ATMs. *This number is based on annualised sales. Stockland Investor Tour 2017 11 Glendale development concept Introducing 40 new specialty stores within an open mall running in front of Woolworths and Coles. Overall, we are increasing the centre GLA by 6,250 sqm A restaurant/casual dining precinct complemented by a children’s play area with a covered walkway connecting it to the cinema complex Second level of retail with 1,250 sqm GLA above the casual dining precinct Pad site behind Kmart fronting the extension of Stockland Drive May commence in 2018; estimated total development spend of ~$80m Stockland Investor Tour 2017 12 Glendale proposed design concept Stockland Investor Tour 2017 13 Future Glendale masterplan Stockland Investor Tour 2017 14 Glendale aerial Stockland Investor Tour 2017 15 Stockland Green Hills Stockland Green Hills – Pre development Stockland Green Hills – Stockland Investor Tour 2017 Post development 17 17 Stockland Investor Tour 2017 18 An extensive trade area, limited competition from other regional centres Stockland Investor Tour 2017 19 A growing economy Affluent, diverse, with above average population growth Main Trade Area • Total trade area retail expenditure at $3.7 billion • Highest income households to north and west of Green Families with Average household Hills dependent income • High population of young families with dependant children $89,146 8% higher than non 55% children metro NSW average3 Higher than Australian • Younger population than non-metro NSW average average3 • The leading regional economy in Australia1,2 Home Ownership Higher than 256,000 Total trade area • The Hunter region: 71.8% Australian average3 population On completion • contributes 28% of regional NSW's economic output 1,2 • is the largest regional contributor to NSW GDP Retail expenditure • output is expected to increase by 75% to around 4.8% growth forecast $64.8 billion by 20363 Per annum4,5 1. Newcastle City Council, Economic Development Strategy, 2016-2019; 2. NSW Dept of Industry, Economic Profile Hunter; 3. NSW Dept of Industry, Hunter drivers and opportunities 4. Location IQ, July 2017 5. Total trade area 2017 - 2021 Stockland Investor Tour 2017 20 Strong opportunity for development #1 Little Gun Specialty stores outperforming at1 Total trade area retail expenditure Growing at 4.8% pa from $3.69bn to2 for best performing $14,262 sub-regional in Australia in 2015 by 2021 per sqm $3.87bn (specs MAT/m2) Total trade area population Escape expenditure Only major shopping 256,000 estimated3 centre in its total 2 trade area expanding to $1bn 272,190 by 2021 1. Sales at December 2015 2. Location IQ, July 2017 3. Estimate using Quantium NAB data, 12 months to February 2017 at suburb level Stockland Investor Tour 2017 21 Development overview Creating market leading Retail Town Centres PRE DEVELOPMENT ON COMPLETION IN FY18 • $414m redevelopment GROSS LETTABLE AREA 31,828sqm ~74,000sqm • Targeting ~7% stabilised FFO yield and ~11.9% incremental IRR Big W David Jones, Coles, Woolworths Woolworths, Big W, Target, MAJORS & MINI-MAJORS • Commenced January 2016, due for completion mid FY18 Coles Hoyts Six mini-majors 15 mini-majors • Pre development metrics1: SPECIALTY STORES AND • MAT: $335.6m KIOSKS 90 230 • Speciality occupancy cost: 13.8% FOOD COURT 400 Indoor seating 1,650 indoor/ outdoor seating • Speciality sales/sqm $14,262 CAR PARKING SPACES 1,600 3,100 1. As at December 2015 Stockland Investor Tour 2017 22 Design features Existing New Shopper-friendly two level mall with clear sight Very high performing lines Woolworths, Big W and specialities Features David Jones, Target, Harris Scarfe, Dan Murphy’s, JB Hi-Fi plus 5 new mini majors and over 130 specialties and kiosks Existing majors retained A leading food and casual dining offer Car park management with State of the art 7 screen HOYTS LUX cinema park assist complex with 2 Xtreme screens and 2 LUX screens and new casual dining precinct Easy access via Entertainment precinct with Chipmunks play connections to external centre, one of the largest Timezones nationally road network Convenient parking with simple access Stockland Investor Tour 2017 23 Retail mix reflecting current and emerging retail trends Retailer mix by category relative to peer benchmark1 49.7% 47.5% 16.0% 17.2% 2.8% 0% -51.1% Department Store Discount Department Supermarket Total Food Catering Total Homewares Total Retail Services Store Green Hills 2 2 2 6,207m2 13,980m2 8,573m 4,177m 1,164m 2,300m2 GLA 1. Relative to five comparable
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