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MIRVAC GROUP Annual Report 2023

Aug 15, 2023

65328_rns_2023-08-15_c435ff9e-e9c5-4562-b029-43c215866463.pdf

Annual Report

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FY23 Additional Information

16 August 2023

55 Pitt Street, Sydney (artist impression, final design may differ)

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FY23 ADDITIONAL INFORMATION

Contents

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Overview 32 Investment 49 Funds 71 Calendar 90
Mirvac overview 33 Investment: portfolio overview 50 Funds: platform growth 72 1H24 Calendar 91
Mirvac is a leading, diversified Investment: co-investments detail 51 Funds: platform overview 73
Australian property group
Sustainability commitment		 34
35		 Investment: key acquisitions & disposals
Investment: portfolio performance		 52 Funds: research 74 Glossary 92
Setting new ambitious goals for sustainability
Our ESG performance		 36
37		 versus benchmark
Ofice		 53
54		 Development 75 Glossary 92
Financial 39 Ofice: portfolio details
Ofice: leasing details
Ofice: research		 55
56
57		 Commercial & Mixed Use
Commercial & Mixed Use: recently
completed & committed projects		 76
77		 Important notice
Important notice		 93
93
FY23 & FY22 operating to statutory
result reconciliation		 40 Industrial 59 Commercial & Mixed Use: development pipeline 78
FY23 EBIT movement by segment
FY23 Investment income		 41 Industrial: portfolio details
Industrial: leasing details		 60
61		 Residential
Residential: pipeline positioning		 79
80
reconciliation by segment
42
FFO & AFFO based on PCA guidelines
43
Finance costs by segment
44
Invested capital
45
Capital management metrics & liquidity profile 46		 Industrial: research
Retail
Retail: portfolio details
Retail: sales by category
Retail: leasing details		 62
63
64
65
66		 Residential: masterplanned
communities pipeline (key projects)
81
Residential: apartments pipeline (key projects) 82
Residential: pre-sales detail
83
Residential: FY23 acquisitions
& additional pipeline projects
84
Debt & hedging profile 47 Retail: research 67 Residential: FY24 expected major releases 85
NTA & securities on issue reconciliation 48 Build to Rent 68 Residential: FY23 settlements 86
Build to Rent: portfolio details 69 Residential: FY23 settlements detail 87
Build to Rent: research 70 Residential: EBIT reconciliation and
gross development margin 88
Residential: research 89

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FY23 ADDITIONAL INFORMATION

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Orion Springfield Central, Brisbane
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Overview

16 AUGUST 2023 32

FY23 ADDITIONAL INFORMATION

Mirvac overview

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  • Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability, operating across residential, retail, office, industrial and build to rent sectors

  • With 50 years of experience, Mirvac has earned a reputation for delivering quality products and services and currently has ~$26bn total assets under management, including ~$17bn 3rd party capital under management

  • With our overarching purpose to reimagine urban life, we take a holistic approach to urban development, recognising that life isn’t compartmentalised

  • Our collaborative approach enables seamless project delivery and gives Mirvac the capacity to undertake complex mixed use developments or projects that require a high level of integrated expertise

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INVESTMENT FUNDS DEVELOPMENT
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DEVELOPMENT
~$29BN DEVELOPMENT PIPELINE
COMMERCIAL & MIXED USE RESIDENTIAL
> ~$3.1bn active developments [6] > 22,974 pipeline lots [7]
> ~$11.6bn total pipeline value [6] > ~$17bn expected
future revenue [6]
> ~$1.8bn pre-sales [8]
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~$26BN ASSETS UNDER MANAGEMENT ~$29BN DEVELOPMENT PIPELINE
OFFICE
INDUSTRIAL
RETAIL
BUILD TO RENT		 FUNDS COMMERCIAL & MIXED USE
RESIDENTIAL

> 11 assets1
> Portfolio value: $2.4bn2
> NLA: 330,718 sqm3
> 24 assets1
> Portfolio value: $7.7bn2
> NLA: 836,970 sqm
> 10 assets1
> Portfolio value: $1.5bn2
> NLA: 470,939 sqm
> 2 assets1and 3 developments
under construction
> Co-investment
equity value: $272m2
> 805 completed
1,368 pipeline apartments4
Broadway Sydney
Heritage Lanes, Brisbane
Calibre, Sydney
LIV Munro, Melbourne		 > ~$17.1bn 3rd party capital
under management5
> $14.4bn Funds under
management
> 14 funds, mandates and
JV partners
> ~$3.1bn active developments6
> ~$11.6bn total pipeline value6
> 22,974 pipeline lots7
> ~$17bn expected
future revenue6
> ~$1.8bn pre-sales8
Angel Place, Sydney
Elizabeth Enterprise, Badgerys Creek9
Olivine, Melbourne9
  1. Includes BTR, assets for sale, but excludes IPUC, other co-investment properties and properties held for development. 2. Portfolio value includes assets held for sale, properties being held for development and co-investments, based on equity value, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). 3. Excludes 80 Bay Street and 1-3 Smail Street, Ultimo. 4. Completed apartments include LIV Indigo and LIV Munro; pipeline apartments are subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 5. Includes external Funds, Developments and Assets under management and excludes Mirvac investment in those managed assets and vehicles. 6. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 7. Subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 8. Represents Mirvac’s share of total pre-sales and includes GST. 9. Artist impression, final design may differ.

16 AUGUST 2023 33

FY23 ADDITIONAL INFORMATION

Mirvac is a leading, diversified Australian property group

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QUEENSLAND
BUILD CMU
OFFICE INDUSTRIAL RETAIL RESIDENTIAL FUNDS
TO RENT DEVELOPMENT
$7.7bntotal value [1] $1.5bntotal value [1] $2.4bntotal value [1] $0.3bntotal value [1] $17bntotal value [2] ~$11.6bntotal value [2] ~$17.1bntotal value [4] $1.2bn $2.7bn 3,929
investment portfolio [5] total development pipeline [2] residential pipeline lots [3]
38 10 11 2
assets assets assets assets
NT
WESTERN AUSTRALIA NEW SOUTH WALES
WA QLD
$0.3bn $0.7bn 1,368 SA $6.9bn $16.1bn 6,904
investment portfolio [5] total development pipeline [2] residential pipeline lots [3] investment portfolio [5] total development pipeline [2] residential pipeline lots [3]
NSW
ACT
VICTORIA AUSTRALIAN CAPITAL TERRITORY
VIC
$2.2bn $9.1bn 10,773 $0.4bn
investment portfolio [5] total development pipeline [2] residential pipeline lots [3] investment portfolio [5]
TAS
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Note: Asset numbers include investment properties, co-investment properties, and assets held for sale. Excludes residential proposed projects and IPUC.

  1. Portfolio valuations includes co-investment equity values, assets held for sale, and properties being held for development, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding. 2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 3. Indicative only and subject to change. Final lot numbers will depend on various factors outside of Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 4. Includes external Funds, Developments and Assets under management. 5. State investment portfolio valuations exclude co-investment equity values.

16 AUGUST 2023 34

FY23 ADDITIONAL INFORMATION

Sustainability commitment

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Mirvac reports transparently to a range of ESG performance indices
on topics spanning the breadth of environment, social and governance
MIRVAC REPORTS ITS MANDATORY
VOLUNTARY
5 STARS DISCLOSURE IN ACCORDANCE AAA RATING
ANNUAL REPORTING
WITH THE NGERS ACT
VOLUNTARY DISCLOSURES TO THE
MIRVAC REPORTS IN ACCORDANCE MIRVAC’S COMMUNITY MIRVAC REPORTS IN LINE
NEGLIGIBLE RISK RATING CORPORATE EMISSIONS REDUCTION
WITH THE GRI STANDARDS INVESTMENT IS VERIFIED BY B4SI WITH TCFD RECOMMENDATIONS
TRANSPARENCY REPORT
16 AUGUST 2023 35
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FY23 ADDITIONAL INFORMATION

Setting new goals for sustainability

Reached net positive carbon in scope 1 and 2 emissions

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FY14
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How we got there:
Maximising energy efficiency
Building all-electric and buying
100% renewable electricity
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Planet Positive – Our
plan to reach net positive
TARGET SET: carbon released FY21
Net positive
Reduced carbon intensity
in scope 1 and 2
by 21%, while portfolio
emissions by 2030
grew by a third Reduced carbon
intensity by 84%
3.9MW commercial
onsite solar installed
FY19
Reduced carbon
emissions by 80%
Our key levers for change
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Investing in a small amount of high-quality, community focussed carbon offsets

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FY22
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In-house design and Our buying Collaboration In-house
construction capability power sustainability expertise
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Planet positive in carbon, waste and water by 2030[1]

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TARGET [1]
2030
FY23
NET POSITIVE
Target set: FOR CARBON
Net positive in scope 1, 2, (SCOPE 1, 2 & 3) [1]
and 3 emissions by 2030 [1]
AND WATER
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Our intended scope 3 approach shared Commitment to sharing emissions reduction plans

ZERO WASTE TO LANDFILL

Scope 3 boundaries include:

Our actions

  • Our impact areas > Embodied carbon in materials

  • Lower carbon materials

  • Divert 100% waste from landfill by 2030

Waste

  • 100% renewable electricity

  • Tenant & resident emissions

  • Customer & supplier partnerships

  • Repairs & maintenance

  • High quality offsets

  • 25% recycled content

  • All electric

  • The target reflects Mirvac’s current intention. Mirvac reserves the right to change this target in the future.

16 AUGUST 2023 36

FY23 ADDITIONAL INFORMATION ADDITIONAL INFORMATION

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FY23 ADDITIONAL INFORMATION ADDITIONAL INFORMATION
Our ESG performance
ESG FOCUS AREA TARGET TRACKING RECENT ACHIEVEMENTS
Carbon
emissions Net positive in scope 1, 2, 3 emissions [1] > Set Scope 3 emissions target to be Net Positive by 2030 [1] & released our roadmap on how we intend to pursue this
> Released our fifth Climate Resilience (TCFD) report and prepared climate-related risks and opportunities
> Average NABERS Star ratings: 5.2 Energy and 4.8 Water
Nothing
wasted Zero waste to landfill > Completed our first Green Star Home at Waverley Park, Victoria
ENVIRONMENT ON TRACK > > Outlined emissions reduction intentions, e.g. the Science-Based Targets initiativeAchieved net positive in scope 1 and 2 emissions for the second year
Planet positive in carbon, waste and water by 2030 Every drop of water Net positive water > Recycling waste: 95% construction and 68% operations
Our Active, inclusive care > Ranked #1 most gender equitable company in the world by Equileap
people > $13.9 million in verified community investment
> $9.2 million spend on procurement with social and Indigenous businesses
> Recognised by Good Company as one of the best workplaces to give back for the second year in a row
Connection Leaving a positive legacy
> Established community partnerships to build capacity in social enterprises and support LGBTIQ+ young people
SOCIAL in property and construction
By 2030 we’ll have invested ON TRACK > Held our biggest National Community Day employee volunteering event to date
$50 million to create a strong sense of belonging Inclusion Creating a sense of belonging > Investment in Reconciliation education and support of Indigenous artists
Procurement Using our buying power for good > Released our fourth Modern Slavery Statement
> First business in Australia to receive the Equifax 5 Gold Star iCIRT rating, demonstrating our capability to deliver
trustworthy buildings
Finance & > Recognised as a top Stewardship Leader by Stewardship Asia
investment Greening our finance > Released Sustainable Finance Framework, with a third of our total debt facilities now certified as green loans
GOVERNANCE > Top ESG index ratings: AAA (MSCI), 5 Star (UN principles for Responsible Investment), Negligible Risk (Sustainalytics)
Most trusted owner ON TRACK > Voluntarily disclosed through the Clean Energy Regulator Corporate Emissions Reductions Transparency pilot
and developer Capability & disclosure Active, capable governance > Applied to be certified as a B-Corp force for good company
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Our ESG performance

  1. The target reflects Mirvac’s current intention. Mirvac reserves the right to change this target in the future.

16 AUGUST 2023 37

FY23 ADDITIONAL INFORMATION

ESG performance

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MIRVAC NET EMISSIONS[1]

OFFICE PORTFOLIO NABERS RATINGS

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80,000
60,000
40,000
20,000
0
(20,000)
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Scope 1 Scope 2 [2] Offsets Net Scope 1 & 2 (market-based)
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5.5 and 6.0: 46%
5.0: 21%
4.5: 25%
4.0 and Under: 8%
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ENERGY INTENSITY[3,4]

WATER INTENSITY[3,5]

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GJ/m2 GJ/unit
0.4 14.8
14.6
0.3
14.4
0.2 14.2
14
13.8
0.1
13.6
0 13.4
FY19 FY20 FY21 FY22 FY23
Office & Industrial Retail Build to Rent
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L/m2 kL/unit
1,200 73
72
71
800 70
69
68
400 67
66
65
0 64
FY19 FY20 FY21 FY22 FY23
Office & Industrial Retail Build to Rent
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  1. What’s counted in net Scope 1 and 2 greenhouse gas emissions is detailed in our 2023 Sustainability Reporting Criteria.

  2. Scope 2 emissions are location-based from FY13 to FY18 and market-based from FY19 to FY23.

  3. Assets are included in intensity calculations when we have operational control for the full financial year and the asset has stabilised after acquisition or development completion.

  4. Continued focus on energy efficiency created savings of over 0.04 GJ/m2 for Office & Industrial and Retail since FY19. Build to rent intensity improvements are the result of increased occupancy in FY23.

  5. Continued focus on water efficiency created savings of over 200 L/m2 for Office & Industrial and Retail since FY19. Build to rent intensity improvements are the result of increased occupancy in FY23.

16 AUGUST 2023 38

FY23 ADDITIONAL INFORMATION

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Heritage Lanes – 80 Ann Street, Brisbane
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Financial

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16 AUGUST 2023 39

FY23 ADDITIONAL INFORMATION

FY23 & FY22 operating to statutory result reconciliation

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FY23 FY224 Variance
$m $m $m
Investment 633 582 51
– Office 399 370 29
– Industrial 57 56 1
– Retail 168 152 16
– BTR 9 4 5
Management and administration expenses (14) (14) —
Investment EBIT 619 568 51
Funds Management 26 13 13
Asset Management 30 19 11
Management and administration expenses (36) (30) (6)
Funds EBIT 20 2 18
Commercial & Mixed Use 120 105 15
Residential 156 236 (80)
Management and administration expenses (62) (56) (6)
Development EBIT 214 285 (71)
Segment EBIT1 853 855 (2)
Unallocated overheads (86) (82) (4)
Group EBIT 767 773 (6)
Net financing costs2 (162) (115) (47)
Operating income tax expense (25) (62) 37
Operating profit after tax 580 596 (16)
Development revaluation (loss)/gain3 (42) 70 (112)
Investment property revaluation (528) 305 (833)
Other non-operating items (175) (65) (110)
Statutory (loss)/profit attributable to stapled securityholders (165) 906 (1,071)

  1. EBIT includes share of net operating profit of joint ventures and associates.

  2. Includes cost of goods sold interest of $8m for Commercial & Mixed Use (June 2022: $7m) and $12m for Residential (June 2022: $17m) and interest revenue of $10m (June 2022: $5m).

  3. Relates to the fair value movement on IPUC.

  4. FY22 business unit EBITs have been reclassed to reflect new reporting structure.

16 AUGUST 2023 40

FY23 ADDITIONAL INFORMATION

FY23 EBIT movement by segment

OPERATING EBIT BY SEGMENT: FY22 TO FY23

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$860m
$18m
840
$51m
820
800
780
$773m
$767m
760 ($71m)
($4m)
740
720
FY22 EBIT Investment Funds Development Unallocated FY23 EBIT
overheads
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FY23 FY221
$m $m
Investment 619 568
Funds 20 2
Development 214 285
Unallocated overheads (86) (82)
Group EBIT 767 773
  1. FY22 business unit EBITs have been reclassed to reflect new reporting structure.

16 AUGUST 2023 41

FY23 ADDITIONAL INFORMATION

FY23 Investment income reconciliation by segment

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INVESTMENT INCOME SUMMARY

INDUSTRIAL INCOME SUMMARY

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$640m $24m $3m $633m
$10m
$30m
$582m
540
($16m)
440
340
FY22 [1,2] Disposals Development Like-for-like ECL Co-Investment FY23 [2]
& others Movement
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$58m $2m
$57m
56 $56m
($1m)
54
52
50
48
FY22 [1] Like-for-like Other FY23
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OFFICE INCOME SUMMARY

RETAIL INCOME SUMMARY

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$400m $3m $399m
$5m
$11m
380 $23m
$370m
360
($13m)
340
FY22 [1] Disposals Development Like-for-like ECL Co-Investment FY23
& others Movement
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$180m
170 $19m $168m
160
$152m $3m
150
($3m) ($3m)
140
130
FY22 [1] Disposals Development Like-for-like ECL Movement FY23
& others
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  1. FY22 has been reclassed to reflect new reporting structure.

  2. Includes BTR.

16 AUGUST 2023 42

FY23 ADDITIONAL INFORMATION

FFO & AFFO based on PCA guidelines

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FY23 FY22
$m $m
Operating profit after tax 580 596
SaaS implementation costs 24 18
Funds From Operations (FFO) 604 614
Maintenance capex (44) (24)
Incentives (88) (91)
Utilisation of tax losses — 44
Adjusted Funds From Operations (AFFO) 472 543

16 AUGUST 2023 43

FY23 ADDITIONAL INFORMATION

Finance costs by segment

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Investment Funds Development Unallocated Group
FY23 $m $m $m $m $m
Interest expense
Interest capitalised
COGS interest
Borrowing costs amortised		 1
(1)
—
—		 —
—
—
—		 89
(70)
20
—		 129
—
—
4		 219
(71)
20
4
Total finance costs — — 39 133 172
Less: interest revenue — — — (10) (10)
Net finance costs — — 39 123 162
FY221
Interest expense2 — — 50 80 130
Interest capitalised2 — — (36) — (36)
COGS interest — — 24 — 24
Borrowing costs amortised — — — 2 2
Total finance costs — — 38 82 120
Less: interest revenue — — — (5) (5)
Net finance costs — — 38 77 115

  1. FY22 has been reclassed to reflect new reporting structure.

  2. Interest expense and interest capitalised has been restated due to the transfer of Investment properties under construction being transferred from Investment to Development.

16 AUGUST 2023 44

FY23 ADDITIONAL INFORMATION

Invested capital

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PASSIVE INVESTED CAPITAL [1] ACTIVE INVESTED CAPITAL [2]
77% $11.9bn 23% $3.6bn
Office 66% Residential 59%
Retail 20% $15.5bn Commercial & Mixed Use 41%
Industrial 12% TOTAL INVESTED CAPITAL
Build to Rent 2%
Commercial & Mixed Use 41%
Apartments 33%
Communities 26%
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FY23 RETURN ON INVESTED CAPITAL

FY23 RETURN ON INVESTED CAPITAL
Group
$m
Profit/(loss) for the year attributable to stapled securityholders (165)
Add back:
Development interest costs and other interest costs 162
Net gain on foreign exchange movements and derivatives (17)
Income tax expense (17)
Total return (37)
Investment properties3 10,512
Inventories 3,239
Indirect investments and other assets 2,474
Less:
Fund through adjustments (deferred revenue) (67)
Deferred land payable (685)
Non-controlling Interests —
FY23 total invested capital 15,473
1H23 total invested capital 15,969
FY22 total invested capital4 15,474
Average invested capital5 15,639
FY23 return on invested capital (0.2%)

  1. Invested capital includes investment properties, assets held for sale, JVA, equity accounted co-investments, other financial assets, and deferred land on balance sheet.

  2. Active invested capital includes inventory, IPUC less deferred land and unearned income.

  3. Includes IPUC and assets held for sale.

  4. FY22 has been restated.

  5. Average over three reporting periods.

16 AUGUST 2023 45

FY23 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

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CAPITAL MANAGEMENT METRICS

LIQUIDITY PROFILE

30 June 2023
30 June 2022
NTA $2.64
$2.79
Balance sheet gearing1 25.9%
21.3%
Look through gearing 27.0%
22.0%
Total interest bearing debt2 $4,440m
$4,090m
Average borrowing cost3 5.4%
3.9%
Average debt maturity 5.0 yrs
5.6 yrs
Hedged percentage 60%
55%
Average hedge maturity 3.4 yrs
3.7 yrs
Moody’s / Fitch credit rating A3/A-
A3/A-
LIQUIDITY PROFILE
Facility limit Drawn amount Available liquidity
As at 30 June 2023 $m $m $m
Facilities due within 12 months4 550 250 300
Facilities due post 12 months4 5,120 4,190 930
Total 5,670 4,440 1,230
Cash on hand 122
Total liquidity 1,352
Less facilities maturing <12 months4 550
Funding headroom 802

  1. Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).

  2. Total interest bearing debt (at foreign exchange hedged rate).

  3. WACD (including margins and line fees) represents the rate as at 30 June 2023. WACD over the 12 months to 30 June 2023 was 4.7% (3.4% for the prior corresponding period).

  4. Based on hedged rate, not carrying value, subject to rounding.

16 AUGUST 2023 46

FY23 ADDITIONAL INFORMATION

Debt & hedging profile

Maturity Total amount Amount drawn
Issue/source date $m $m
MTN VII Sep 23 250 250
Bank Facility Jan 24 300 —
Bank Facility Jul 24 300 300
Bank Facility Aug 24 100 —
Bank Facility Sep 24 425 —
USPP1 Dec 24 136 136
Bank Facility Sep 25 475 300
USPP1 Sep 25 45 45
Bank Facility Dec 25 258 258
USPP1 Dec 25 151 151
Bank Facility Aug 26 200 200
Bank Facility Sep 26 385 155
EMTN1 Mar 27 501 501
USPP1 Sep 27 249 249
EMTN1 Mar 28 50 50
USPP1 Sep28 298 298
MTN VIII Sep29 300 300
USPP1 Sep30 179 179
USPP1 Sep 31 139 139
EMTN1 Dec 31 118 118
EMTN1 Mar 32 151 151
USPP1 Sep 32 181 181
EMTN1 Mar 33 175 175
USPP1 Mar 34 120 120
USPP1 Sep34 84 84
USPP1 Sep39 100 100
Total 5,670 4,440

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DRAWN DEBT MATURITIES AS AT 30 JUNE 2023

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$900m
675
450
225
0
FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41
USPP Bank EMTN MTN
DEBT DRAWN SOURCES
USPP BANK FACILITIES EMTN MTN
38% 27% 23% 12%
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HEDGING & FIXED INTEREST PROFILE 30 JUNE 2023[2]

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$3,000m
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4.0%

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3.30%
2,000 3.13%
3.02%
2.91% 3.0
1,000 3.11% 2.37%
0 2.0
Jun 23 Jun 24 Jun 25 Jun 26 Jun 27 Jun 28
Swaps Options Fixed Average rate (RHS)
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  1. Drawn amounts based on hedged rate not carrying value.

  2. Includes bank callable swaps.

16 AUGUST 2023 47

FY23 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

Net tangible assets $m
As at 1 July 20221 11,002
Operating profit for the full year 580
Revaluation of investment properties (480)
Securities issued during the period 6
Other net equity movements and non-operating items through profit and loss (285)
Distributions2 (414)
As at 30 June 2023 10,409
Securities on issue No. of securities
As at 1 July 2022 3,943,069,322
FY20 LTI Deferral Rights – vested in FY23 12 Aug 22 2,790,895
As at 30 June 2023 3,945,860,217
Weighted average number of securities 3,945,539,073
NTA per stapled security $2.64

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FY23 FY22
Net tangible assets
$m		 $m3
Cash and Cash equivalents
122
Investment properties
9,753
– Ofice
5,579
– Industrial
1,568
– Retail
2,606
– BTR
—		 558
12,189
7,054
1,583
2,918
634
Investments in joint ventures and associates
2,302
Assets classified as held for sale
759
Inventory
3,239
Other financial assets
502
Other assets
57		 1,481
—
2,261
489
104
Total tangible assets
16,734		 17,082
Borrowings
4,476
Other financial liabilities
1,447
Other liabilities
402		 4,211
1,484
385
Total liabilities
6,325		 6,080
Net tangible assets
10,409		 11,002
Number of securities on issue
3,945,539,073		 3,942,211,916
NTA per security
$2.64		 $2.79

  1. The comparative amount has been restated to exclude deferred tax assets.

  2. FY23 Distribution is 10.5cpss, with the distribution of 5.3cpss for the 6 months ending 30 June 2023, payable on 31 August 2023.

  3. FY22 has been restated for the recognition of a put option liability presented in other financial liabilities.

16 AUGUST 2023 48

FY23 ADDITIONAL INFORMATION

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LIV Aston, Melbourne (artist impression, final design may differ)
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Investment

16 AUGUST 2023 49

FY23 ADDITIONAL INFORMATION

Investment: portfolio overview

INVESTMENT PORTFOLIO OFFICE1 INDUSTRIAL1 RETAIL1 BUILD TO RENT1 TOTAL PORTFOLIO1
(INCLUDING CO-INVESTMENTS) $7.7bn $1.5bn $2.4bn $0.3bn ~$11.9bn
Ofice Industrial Retail Build to Rent Total
Investment property valuations $7,285m $1,324m $2,400m — $11,009m
Co-investments (at equity value)2 $459m $185m — $272m $916m
No. of investment property assets3 244 107 11 2 47
Lettable area3 836,970 sqm4 470,939 sqm7 330,718 sqm n/a 1,638,627 sqm
Occupancy (by area)5 95.0%4 100.0%7 97.5% 72%8 96.9%9
WALE (by income)6 5.7 yrs4 6.6 yrs7 3.1 yrs n/a 5.2 yrs
WACR 5.30%4 4.62%7 5.59% n/a 5.28%

INVESTMENT PORTFOLIO BY SECTOR[10]

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Retail: 20% Industrial: 13% Build to Rent: 2%

  1. Portfolio valuations includes co-investment equity values, assets held for sale, and properties being held for development, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding.

  2. Co-investments are reflected using equity value, excluded from operating metrics.

  3. Includes BTR, assets held for sale and excludes MWOF properties, IPUC, 53 Walker Street & 97 Pacific Highway, North Sydney, 80 Bay Street, 1-3 Smail Street and South Eveleigh Carpark.

  4. Excludes equity accounted co-investment in MWOF.

  5. Excludes IPUC.

  6. Excludes IPUC and properties being held for development.

  7. Excludes equity co-investment in Mirvac Industrial Venture (MIV) 51% share in Switchyard, Auburn NSW.

  8. BTR occupancy is by apartment, and includes stabilising property (LIV Munro), but excludes IPUC, and display apartment.

  9. BTR is excluded from total portfolio calculation.

  10. By total investment portfolio valuations, which includes assets held for sale, equity co-investments and properties being held for development.

16 AUGUST 2023 50

FY23 ADDITIONAL INFORMATION

Investment: co-investments detail

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MGR MGR
Ownership co-investment Number of
stake value1 properties Total assets
Ofice
MWOF 8% $459m 11 $7.4bn
Industrial
Industrial Venture 51% $185m 1 $363m
Build to Rent
Build to Rent Venture 44% $272m 5 $902m
  1. Equity co-investment stake.

16 AUGUST 2023 51

FY23 ADDITIONAL INFORMATION

Investment: key acquisitions & disposals

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Acquisitions FY23 State Sector Acquisition price Settlement date
Switchyard, 300 Manchester Road, Auburn1 NSW Industrial $138m September 2022
Total $138m
Disposals FY23 State Sector Sale price2 Settlement date
189 Grey Street, Brisbane QLD Ofice $92m October 2022
Allendale Square, 77 St Georges Terrace, Perth WA Ofice $208m December 2022
Stanhope Village, Stanhope Gardens NSW Retail $154m June 2023
Total $454m

  1. Acquisition price represents 49% ownership interest, consolidating Mirvac’s ownership of the asset to 100% from this date, 49% of asset subsequently sold down as part of the MIV transaction..

  2. Sale price after transaction costs and adjustments.

16 AUGUST 2023 52

FY23 ADDITIONAL INFORMATION

Investment: portfolio performance versus benchmark

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ALL PROPERTY RETURNS[1]

Based on compound average annual returns

OFFICE PROPERTY RETURNS[1] Based on compound average annual returns

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12%
9.7% 9.9% 9.9%
8 8.6% 7.8% 8.6% 7.7% 7.6% 8.4%
7.0% 7.1% 6.9%
6.3% 6.0%
5.7%
4.7%
4
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
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Mirvac Benchmark
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Source: RIA commercial property market return indicator as at March 2023 1. Based on RIA Commercial Property Market Return Indicator.

INDUSTRIAL PROPERTY RETURNS[1] Based on compound average annual returns as at March 2023

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20% 19.3%
16.4% 17.3% 15.9%
15 13.0% 14.3% 13.6% 13.6% 12.4% 13.3% 12.6%
11.6%
10 10.2% 9.7%
8.6%
7.5%
5
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
Mirvac Benchmark
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Source: RIA commercial property market return indicator as at March 2023 1. Based on RIA Commercial Property Market Return Indicator.

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12%
11.1% 10.9% 10.8%
9.7%
9.3%
8 7.9% 7.5% 8.0% 8.6% 8.6% 7.2%
6.7%
5.3% 5.3% 4.9%
4
2.6%
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
Mirvac Benchmark
Source: RIA commercial property market return indicator as at March 2023
1. Based on RIA Commercial Property Market Return Indicator.
RETAIL RELATIVE RETURNS [[1]]
Based on compound average annual returns as at March 2023
8%
7.3% 7.5%
6 6.3% 6.4% 6.1% 5.8% 5.9% 6.3% 5.8%
5.1% 5.1%
4.8% 4.7%
4
3.5%
2.7% 2.5%
2
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
Mirvac Benchmark
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RETAIL RELATIVE RETURNS[[1]] Based on compound average annual returns as at March 2023

Source: RIA commercial property market return indicator as at March 2023 1. Based on RIA Commercial Property Market Return Indicator.

16 AUGUST 2023 53

FY23 ADDITIONAL INFORMATION

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200 George Street, Sydney
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Office

16 AUGUST 2023 54

FY23 ADDITIONAL INFORMATION

Office: portfolio details

1

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FY23 FY22
No. of properties2 24 25
NLA2 836,970 sqm 857,762 sqm
Portfolio valuations3 $7,285m $7,936m
WACR 5.30% 5.05%
Property net operating income $395m $370m8
Like-for-like NOI growth 3.3% 1.9%
Maintenance capex $23m $19m
Incentive capex4 $35m $19m
Occupancy (by area) 95.0% 95.7%
NLA leased 61,738 sqm 42,826 sqm
% of portfolio NLA leased 7.4% 5.0%
WALE (by area)5 6.6 yrs 7.3 yrs
WALE (by income)5 5.7 yrs 6.4 yrs

OFFICE GEOGRAPHIC DIVERSITY[6]

OFFICE DIVERSITY BY GRADE[6]

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Sydney 57%
Melbourne 29% Premium 42%
Brisbane 6% A grade 57%
Canberra 5% B grade 1%
Perth 3%
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OFFICE RENT REVIEW STRUCTURE [7]
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Fixed 88%
CPI linked 12%
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  1. Reflects Office investment portfolio excluding MWOF equity co-investment.

  2. Excludes IPUC and properties being held for development.

  3. Includes assets held for sale, and properties being held for development, excludes co-investment equity values, IPUC and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding. FY22 has been restated to exclude IPUC. 4. Includes cash and fitout incentives.

  4. Excludes IPUC and assets held for development.

  5. By portfolio valuations, excluding IPUC, co-investment equity values, and properties being held for development.

  6. By income, excludes lease expiries.

  7. FY22 has been restated from $369m to $370m to reflect new reporting structure.

16 AUGUST 2023 55

FY23 ADDITIONAL INFORMATION

1 Office: leasing details

OFFICE LEASE EXPIRY PROFILE[2]

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50%
48%
40
30
20
16%
10
10%
8%
7%
6%
5%
0
Vacant FY24 FY25 FY26 FY27 FY28 FY29+
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Ofice top 10 tenants3 Ofice top 10 tenants3 Percentage4 Credit ratings
1 Government 15% Aaa; Aa2, AAA; AA+
2 Westpac 11% Aa3, AA-
3 Commonwealth Bank 5% Aa3, AA-
4 Google 5% —
5 EY 4% —
6 Suncorp 4% A1, AA-
7 Deloitte 3% —
8 AGL Energy 3% —
9 UGL 2% —
10 Work Club 2% —
Total 54%
Leasing Average Average
FY23 Leasing activity Area spread incentive WALE1
Renewals 22,446 sqm 2.3% 27.9% 4.0 yrs
New Leases 39,292 sqm 5.6% 31.3% 4.4 yrs
Total Ofice 61,738 sqm 3.5% 29.8% 4.2 yrs
% of Ofice Portfolio NLA Leased 7.4%

  1. Reflects Office investment portfolio excluding MWOF equity co-investment.

  2. By income.

  3. Excludes Mirvac tenancies.

  4. Percentage of gross office portfolio income.

16 AUGUST 2023 56

FY23 ADDITIONAL INFORMATION

Office: research

MAJOR LEASES SIGNED 2020+ (NET MOVEMENT)

OFFICE DEMAND BY GRADE

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Two year net absorption, cumulative square metres

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350,000 sqm
300,000
250,000 322,269
200,000 246,702
150,000 206,044 175,031 186,581 178,451
100,000
50,000
0
Brisbane CBD Melbourne CBD Sydney CBD
Area leased Area vacated
Source: JLL, June 2023
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Analysis includes leases signed 2020+ and omits blanks on lease signed date, pure expansion, pure contraction. Moves within market only.

PRIME CBD NET EFFECTIVE RENTS ($/SQM)

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$1,000
800
600
400
200
0
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '23
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL, June 2023
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150,000 sqm
75,000
0
75,000
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(150,000) Sydney CBD Melbourne CBD Brisbane CBD Perth CBD Prime Secondary Source: JLL, June 2023

16 AUGUST 2023 57

FY23 ADDITIONAL INFORMATION

cont. Office: research

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OFFICE VACANCY BY MARKET (%)

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30%
20
10
0
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '23
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL, June 2023
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MIRVAC OFFICE PORTFOLIO OCCUPANCY VS AUSTRALIAN CBD AVERAGE %

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----- Start of picture text -----

100%
95
90
85
80
75
Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23
MPT occupancy CBD market occupancy
Source: JLL, Vacancy Rates, June 2023
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16 AUGUST 2023 58

FY23 ADDITIONAL INFORMATION

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Calibre, Sydney
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Industrial

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16 AUGUST 2023 59

FY23 ADDITIONAL INFORMATION

Industrial: portfolio details

1

FY23 FY22
No. of properties2
10
NLA
470,939 sqm
Portfolio valuations2
$1,324m
WACR
4.62%
Property net operating income (NOI)
$57m
Like-for-like NOI growth
4.3%
Maintenance capex
$1m
Incentive capex3
—
Occupancy (by area)
100.0%
NLA leased
80,720 sqm
% of portfolio NLA leased
17.1%
WALE (by area)
7.6 yrs
WALE (by income)
6.6 yrs		 10
469,339 sqm
$1,242m
4.18%

$56m6
3.3%
$2m
$1m
100.0%
15,867 sqm
3.4%
7.4 yrs
6.7 yrs

INDUSTRIAL GEOGRAPHIC DIVERSITY[4]

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Sydney 100%
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INDUSTRIAL RENT REVIEW STRUCTURE[5]

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Fixed 94%
CPI linked 3%
Other 3%
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  1. Reflects Industrial Investment portfolio excluding MIV equity co-investment.

  2. Excludes IPUC and properties being held for development. FY22 has been restated to exclude IPUC.

  3. Includes cash and fitout incentives.

  4. By portfolio valuations, excluding assets held in funds.

  5. By income, excludes lease expiries.

  6. FY22 has been restated from $55m to $56m to reflect new reporting structure.

16 AUGUST 2023 60

FY23 ADDITIONAL INFORMATION

Industrial: leasing details1

INDUSTRIAL LEASE EXPIRY PROFILE[2]

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80%
60
64%
40
20
10% 10%
0 0% 4% 5% 7%
Vacant FY24 FY25 FY26 FY27 FY28 FY29+
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Leasing Average Average
FY23 Leasing activity Area spread incentive WALE2
Renewals 80,034 sqm 14.9% 6.7% 7.0 yrs
New leases 686 sqm 5.7% 6.6% 5.0 yrs
Total Industrial 80,720 sqm 14.8% 6.7% 7.0 yrs
% of Industrial portfolio NLA leased 17.1%

  1. Reflects Industrial investment portfolio excluding MIV equity co-investment.

  2. By income.

16 AUGUST 2023 61

FY23 ADDITIONAL INFORMATION

Industrial: research

INDUSTRIAL LAND SECURED ON ATTRACTIVE TERMS

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$1,600/sqm 10%
1,200 8
800 6
400 4
0 2
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
JLL – Average Sydney land values (2-5Ha) [1] JLL Sydney prime industrial capitalisation rate [1] (RHS)
Source: JLL, June 2023
1. Sydney includes average of Outer Central West, Outer North West and Outer South West.
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AUSTRALIAN E-COMMERCE PENETRATION

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----- Start of picture text -----

16%
12
8
4
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
E-commerce penetration
Source: ABS, June 2023
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NET FACE RENTAL GROWTH ($/SQM, %Y/Y)

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30%
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----- Start of picture text -----

20
10
0
(10)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Sydney Melbourne Brisbane
Source: JLL, June 2023
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VACANCY TREND (BY CITY)

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6%
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----- Start of picture text -----

4
2
0
Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23
Sydney Melbourne Brisbane
Source: SA1, June 2023
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16 AUGUST 2023 62

FY23 ADDITIONAL INFORMATION

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Broadway Sydney
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Retail

16 AUGUST 2023 63

FY23 ADDITIONAL INFORMATION

Retail: portfolio details1

FY23 FY22
No. of properties2 11 12
GLA3 330,718 sqm 347,800 sqm
Portfolio valuations4 $2,400m $2,570m
WACR 5.59% 5.35%
Property net operating income (NOI)5 $168m
$152m
Like-for-like NOI growth6 (2.0%) 0.2%
Maintenance capex $19m $3m
Incentive capex7 $7m $17m
Occupancy (by area) 97.5% 97.6%
GLA leased 90,963 sqm 52,185 sqm
% of portfolio GLA leased 26.6% 14.5%
WALE (by income) 3.1 yrs 3.2 yrs
WALE (by area) 4.2 yrs 4.2 yrs
Specialty occupancy cost8 13.6% 17.3%
Total comparable MAT $2,930m $2,650m
Total comparable MAT productivity9 $11,061/sqm $10,245/sqm
Total comparable MAT growth 17.3% 0.1%
Specialties comparable MAT productivity9 $10,925/sqm $9,382/sqm
Specialties comparable MAT growth 28.2% (7.3%)
New leasing spreads 4.4% (5.7%)
Renewal leasing spreads 0.1% (0.3%)
Total leasing spreads 0.5% (1.4%)

RETAIL GEOGRAPHIC DIVERSITY[10]

RETAIL DIVERSITY BY GRADE[11]

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Sydney 62% Regional 44% Brisbane 31% Sub Regional 25% Melbourne 4% Outlet 16% Canberra 3% Neighbourhood 7% CBD Retail 4% Other 4%

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RETAIL RENT REVIEW STRUCTURE[12]

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Fixed 83% CPI linked 14% Other 3%

6. Like-for-like excluding ECL.

  1. Toombul, Brisbane is excluded from operating metrics.

  2. Excludes IPUC.

  3. Excludes 80 Bay Street & 1-3 Smail Street, Ultimo.

  4. Portfolio valuations includes asset held for sale, excludes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). FY22 has been restated to exclude IPUC. Subject to rounding.

  5. FY22 has been restated from $153m to $152m to reflect new reporting structure.

  6. Includes cash and fitout incentives. FY22 has been re-stated from $20m to $17m to exclude leasing and legal costs of ~$2m.

  7. Includes contracted COVID-19 tenant support.

  8. In line with SCCA guidelines, adjusted productivity for tenant closures during COVID-19 impacted period.

  9. By portfolio valuations. Brisbane includes Sunshine Coast.

  10. By portfolio valuations as per PCA classification.

  11. By income, excludes lease expiries.

16 AUGUST 2023 64

FY23 ADDITIONAL INFORMATION

Retail: sales by category

FY23 FY22
FY23 Comparable Comparable
Retail sales by category Total MAT MAT growth MAT growth
Supermarkets $1,008m 7.4% 2.1%
Discount department stores $213m 11.6% (5.6%)
Mini-majors $585m 12.7% (2.4%)
Specialties $907m 28.2% (7.3%)
Other retail $217m 53.7% 89.2%
Total $2,930m 17.3% 0.1%
FY23 FY22
FY23 Comparable Comparable
Specialty sales by category Total MAT MAT growth MAT growth
Food retail $88m 5.1% (5.0%)
Food catering $248m 38.5% (3.1%)
Jewellery $26m 12.7% (5.4%)
Mobile phones $24m 29.5% (31.3%)
Homewares $36m 15.4% (17.3%)
Retail services $108m 26.8% 1.0%
Leisure $31m 12.8% (7.7%)
Apparel $264m 35.9% (12.0%)
General retail $82m 26.7% (5.3%)
Total Specialties $907m 28.2% (7.3%)

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TOTAL CENTRE MAT SALES GROWTH % (Compared to 2019)

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40%
27.1%
20 22.5%
10.5%
8.1%
0
(20)
----- End of picture text -----

(40) (44.9%) (60) (80)

Convenience QLD CBD Out of Trade Area (OTA) Total Note: Excludes South Village Shopping Centre, Sydney and Kawana Shoppingworld, Sunshine Coast as assets were not comparable in 2019.

16 AUGUST 2023 65

FY23 ADDITIONAL INFORMATION

Retail: leasing details

RETAIL LEASE EXPIRY PROFILE: BY INCOME

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----- Start of picture text -----

40%
30 34%
20
23%
10
13%
11%
3% 8% 8%
0
Vacant FY24 FY25 FY26 FY27 FY28 FY29+
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RETAIL LEASE EXPIRY PROFILE: BY AREA

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----- Start of picture text -----

40%
37%
30
20 24%
10 14%
9%
3% 7%
6%
0
Vacant FY24 FY25 FY26 FY27 FY28 FY29+
----- End of picture text -----

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Retail top 10 tenants Percentage1 Credit ratings
1
Coles Group Limited		 7% BBB+, Baa1
2
Wesfarmers Limited		 4% A-, A3
3
Woolworths Group Limited		 4% BBB, Baa2
4
Volkswagen Group Australia		 2% BBB+, A3, A-
5
Aldi Food Stores		 2% —
6
Event Cinemas		 2% —
7
Virgin Active Group		 1% —
8
Cotton On Group		 1% —
9
Wanda Group		 1% BB+, B+
10 Accent Group 1% —
Total 25%
Leasing Average Number of
FY23 Leasing activity Area spread incentive deals done
Renewals 65,774 sqm 0.1% 0.7% 220
New leases 25,189 sqm 4.4% 15.6% 87
Total Retail 90,963 sqm 0.5% 5.1% 307
% of Retail portfolio NLA leased 26.6%
  1. Percentage of gross retail portfolio income.

16 AUGUST 2023 66

FY23 ADDITIONAL INFORMATION

Retail: research

HOUSEHOLD SAVING RATIO

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----- Start of picture text -----

25 ratio
20
15
10
5
0
(5)
1960 1967 1974 1981 1988 1995 2002 2009 2016 2023
Household Saving Ratio 20 Year Average Ratio
Source: ABS, March 2023
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RETAIL SALES: TOTAL (%Y/Y) VS. 20 YEAR AVERAGE

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----- Start of picture text -----

30%
20
10
0
(10)
2019 2020 2021 2022 2023
Retail Trade (%y/y) Retail Trade 20 Year Average
Source: ABS, June 2023
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ANZ JOB ADS (INV) VS AUSTRALIAN UNEMPLOYMENT RATE

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----- Start of picture text -----

0 Job Ads 12%
10
8
100 6
4
2
200 0
'78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '23
ANZ Job Ads Index (LHS, INV) AU Unemployment Rate (RHS)
Source: ABS, ANZ, May 2023 (unemployment)/June 2023 (ads)
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WAGE GROWTH BY STATE (%YOY)

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----- Start of picture text -----

6%
4
2
0
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023
NSW VIC QLD WA
Source: ABS, March 2023
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16 AUGUST 2023 67

FY23 ADDITIONAL INFORMATION

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LIV Munro, Melbourne
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Build to Rent

16 AUGUST 2023 68

FY23 ADDITIONAL INFORMATION

Build to Rent: portfolio details

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FY23 FY22
No. of completed properties1 2 1
No. of completed lots1 805 315
Co-investment equity value $272m n/a
Leased (by apartment)2 75% 98%
Occupancy (by apartment)2 72% 95%

  1. Excludes IPUC and display apartments.

  2. Excludes IPUC and display apartments, lower leasing and occupancy in FY23 reflects inclusion of LIV Munro, Melbourne which is still stabilising.

16 AUGUST 2023 69

FY23 ADDITIONAL INFORMATION

Build to Rent: research

ANNUAL GROWTH IN APARTMENT RENTS[1]

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30%
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----- Start of picture text -----

15
0
(15)
Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23
Greater Melbourne Greater Sydney Greater Brisbane
Source: Domain Group APM Research, June 2023
1. 3-month median, units.
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NUMBER OF RENTERS[1]

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----- Start of picture text -----

1,000,000
800,000
600,000
400,000
200,000
0
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89
Age
2006 2011 2016 2021
Source: ABS, Census 2006-2021
1. Greater Sydney, Greater Melbourne and Greater Brisbane, count of persons, place of enumeration.
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CAPITAL CITY VACANCY RATES[1]

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----- Start of picture text -----

6.0%
4.0
2.0
0
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
10 11 12 13 14 15 16 17 18 19 20 21 22 23
Melbourne Sydney Brisbane
Source: SQM Research; June 2023, Macrobond
1. Seasonally Adjusted.
PRIMARY RENTER AGE COHORT FORECAST TO GROW SIGNIFICANTLY
2,500,000 people
2,000,000
1,500,000
1,000,000
500,000
0
Age FY22 FY33
Source: Australian Government Centre for Population, 2022 Population Statement
0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 80-84 85-89 90-94 95-99
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16 AUGUST 2023 70

FY23 ADDITIONAL INFORMATION

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Collins Place, Melbourne
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Funds

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16 AUGUST 2023 71

FY23 ADDITIONAL INFORMATION

Funds: platform growth1

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HISTORICAL GROWTH IN 3RD PARTY CAPITAL UNDER MANAGEMENT

$18bn

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16
$17.1bn
14
12
10
$10.4bn
$9.6bn
8
$9.0bn
$8.1bn
6
4
2
$2.8bn
0
FY16 FY19 FY20 FY21 FY22 FY23
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  1. Represents external Funds, Assets and Development under management.

16 AUGUST 2023 72

FY23 ADDITIONAL INFORMATION

Funds: platform overview

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3RD PARTY CAPITAL UNDER MANAGEMENT [1]
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FUNDS AND ASSETS MANAGED[2]

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----- Start of picture text -----

By vehicle type By investor domicile
$30bn
$25.6bn
$21.8bn
20
~$17.1bn
$14.4bn
10
$6.7bn
Funds & Ventures 43% Overseas 50%
Joint Ventures 36% Australia 50%
Mandates 21%
0
Total Funds under management [3] Total Assets under management [4]
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FY22 FY23
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  1. Represents $17.1bn of external Funds, Assets and Development under management.

  2. Includes MGR share.

  3. Funds Under Management (FUM) represents the total value of assets we generate fees by providing Investment Management services, includes MGR share.

  4. Assets Under Management (AUM) represents the total value of capital where we generate fees by providing Property Management services, includes MGR share.

16 AUGUST 2023 73

FY23 ADDITIONAL INFORMATION

Funds: research

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SUPERANNUATION ASSETS AND SUPER GUARANTEE CONTRIBUTION (%)

PREFERRED INVESTMENT LOCATIONS 2023

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----- Start of picture text -----

4,000 12.5% 100%
12.0
80 86%
83%
3,000
11.5
60 66%
11.0
2,000 55%
52%
10.5
40 45%
41%
38%
10.0
1,000
20
9.5 21%
17%
0 9.0 0
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Sydney Melbourne Tokyo Seoul Osaka Singapore Other Other China Tier 1 India
Japan Aus cities cities
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Total Superannuation Assets (LHS) Super Guarantee Rates (RHS) Source: APRA Annual Super Bulletin June 2022; ATO July 23

Source: ANREV Investment Intentions Survey Asia Pacific 2023

16 AUGUST 2023 74

FY23 ADDITIONAL INFORMATION

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LIV Albert Fields, Melbourne (artist impression, final design may differ)
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Development

16 AUGUST 2023 75

FY23 ADDITIONAL INFORMATION

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Harbourside, Sydney (artist impression, final design may differ)
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Commercial & Mixed Use

16 AUGUST 2023 76

FY23 ADDITIONAL INFORMATION

Commercial & Mixed Use: recently completed & committed projects

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%
Pre-leased on Estimated Estimated Lease
Recently completed projects Sector Area / lots Ownership completion1 value on completion2 yield on cost3 PC/OC date commencement
LIV Munro, Melbourne BTR 490 44% n/a $361m >4.5% Nov 2022 n/a
Committed
Sector
Area / lots
Ownership
%
Pre-leased1
Estimated
value on
completion2
Estimated
yield on cost3		 Estimated project timing4
FY23
FY24
FY25
FY26+
Switchyard Auburn, Sydney
Industrial
~72,000 sqm
51%
~84%
~$370m
>5%
LIV Anura, Brisbane
BTR
396
44%
n/a
undisclosed
n/a
LIV Aston, Melbourne
BTR
474
44%
n/a
undisclosed
n/a
LIV Albert Fields, Melbourne
BTR
498
44%
n/a
undisclosed
n/a
Waterloo Metro Quarter, Sydney (Southern Precinct) Mixed Use
5055
50%
n/a
~$200m
n/a
Aspect Kemps Creek, Sydney
Industrial
~211,000 sqm
100%
~64%
~$745m
>5%
7 Spencer Street, Melbourne
Ofice
~45,500 sqm
50%
0%
~$630m
>5%

  1. % of space pre-leased as at 30 June 2023, including non-binding heads of agreements (excluding heads of agreements Switchyard is ~82% and Aspect is ~64% pre-leased). Areas are approximate, subject to rounding.

  2. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land.

  3. Expected yield on cost including land and interest.

  4. Project timing subject to change due to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

  5. Lots include social housing and student accommodation.

16 AUGUST 2023 77

FY23 ADDITIONAL INFORMATION

Commercial & Mixed Use: development pipeline

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Project Sector Zoning DA Lodged DA approved Tenant
commitment		 Residential
Launch4		 Construction
commencement5		 Capital Partner
sell-down		 Practical
Completion		 Lease
commencement		 End Value
$m1		 Expected
completion
Switchyard Auburn, Sydney Industrial ~$370m FY24
LIV Anura, Brisbane BTR FY24
LIV Aston, Melbourne BTR FY24
LIV Albert Fields, Melbourne BTR FY25
7 Spencer Street, Melbourne Ofice ~$630m FY26+
55 Pitt Street, Sydney Ofice ~$1.9bn FY27+
Aspect Kemps Creek, Sydney Industrial ~$745m FY24+
Waterloo Metro Quarter2 Mixed-use ~$200m FY25+
Harbourside, Sydney Mixed-use ~$2.1bn FY26+
383 La Trobe Street, Melbourne Ofice ~~COMMERCIAL & MIXED USE~~ FY28+
90 Collins Street, Melbourne Ofice TOTAL PIPELINE FY28+
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 1) Industrial EXPECTED END VALUE6 FY26+
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 2)
75 George Street, Sydney		 Industrial
Ofice		 ~~~$11.6bn~~ FY27+
FY30+
Green Square, Sydney Ofice FY28+
Milestone reached FY23 or earlier Milestone expected FY243

  1. Represents 100% expected end value / revenue (including GST) including where Mirvac is only providing Development Management Services, subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Industrial expected end values are excluding the sale of any undeveloped land.

  2. Expected milestone and end value relates to Southern Precinct only.

  3. Expected milestone subject to various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

  4. Relates to Residential build to sell lots within Mixed Use projects.

  5. Construction commencement refers to commencement of main works.

  6. Pipeline value represents 100% expected end value, including the sale of undeveloped land.

16 AUGUST 2023 78

FY23 ADDITIONAL INFORMATION

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Ador, Perth (artist impression, final design may differ)
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Residential

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16 AUGUST 2023 79

FY23 ADDITIONAL INFORMATION

Residential: pipeline positioning | 22,974 pipeline lots

SHARE OF EXPECTED FUTURE REVENUE BY PRODUCT[1]

PIPELINE LOTS BY PRODUCT

PIPELINE LOTS BY PRICE POINT: MASTERPLANNED COMMUNITIES[3]

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Masterplanned communities 51%
Apartments 49%
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Masterplanned communities 80%
Apartments 20%
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<$250k 1%
$250k–$500k 50%
>$500k 49%
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SHARE OF EXPECTED FUTURE REVENUE BY GEOGRAPHY[1]

PIPELINE LOTS BY STRUCTURE

PIPELINE LOTS BY PRICE POINT: APARTMENTS[3]

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100% Mirvac balance sheet [ 2] 41% <$1.2m 24%
PDA / DMA 32% >$1.2m 76%
JVA 18%
JO 9%
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NSW 47%
VIC 33%
QLD 15%
WA 5%
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Note: Expected revenue and pipeline lots subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 1. Mirvac share of forecast revenue subject to various factors outside of Mirvac’s control including planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Includes GST. 2. Includes projects on capital efficient deferred terms.

  1. Price point includes GST.

16 AUGUST 2023 80

FY23 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (key projects)

Major projects
State
Stage
Ownership
Type
Approx. total project
value (incl. GST)1		 Expected settlement profile (lots)2
Pre FY24
FY24
FY25
FY26
FY27
FY28
Post FY28
Madox
WA
Multiple stages
100%
Land
$120m		 386
12
—
Ashford Residences
QLD
Multiple stages
100%
House & Land
$90m		 108
16
—
Tullamore
VIC
Multiple stages
100%
House & Land
$640m		 567
18
—
Georges Cove
NSW
Multiple stages
PDA
House & Land
$190m		 50
129
—
Iluma Private Estate
WA
Multiple stages
100%
Land
$180m		 547
143
—
The Fabric
VIC
Multiple stages
100%
House
$250m		 72
175
—
The Village
NSW
Multiple stages
PDA
House & Land
$220m		 135
243
—
Googong
NSW
Multiple stages
JVA
House & Land
$2,100m		 2,977
1,011
1,084
Henley Brook
WA
Multiple stages
100%
Land
$230m		 125
654
61
One71 Baldivis
WA
Multiple stages
100%
Land
$80m		 265
147
—
Everleigh
QLD
Multiple stages
100%
Land
$1,050m		 717
1,184
1,555
Olivine
VIC
Multiple stages
100% & DMA
House & Land
$1,800m		 1,062
1,564
1,997
Smiths Lane
VIC
Multiple stages
100% & JO
House & Land
$1,600m		 996
2,087
103
Woodlea
VIC
Multiple stages
JVA
House & Land
$2,000m		 4,434
1,842
225
Cobbitty
NSW
Multiple stages
100%
House & Land
$630m		 —
875
—
Riverlands
NSW
Multiple stages
100%
House
$390m		 —
312
—
Milperra, Western Sydney University Campus
NSW
Multiple stages
PDA
House
$470m		 —
389
24
Wantirna South
VIC
Multiple stages
PDA
House & Land
$1,400m		 —
384
1,333
55 Coonara Avenue
NSW
Multiple stages
100%
House
$360m		 —
165
—

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MASTERPLANNED COMMUNITIES PROJECT PIPELINE ANALYSIS

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

  1. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Subject to rounding.
  1. Settlement timing and lot numbers subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

16 AUGUST 2023 81

FY23 ADDITIONAL INFORMATION

Residential: apartments pipeline (key projects)

Major projects
State
Stage
Pre-sold1
%
Ownership
Approx. total project
value (incl. GST)2		 Expected settlement profile (lots)3
Pre-FY24
FY24
FY25
FY26
FY27
FY28
Post-FY28
Green Square4
NSW
Released stages
87%
PDA
$470m		 —
319
—
The Langlee
NSW
All stages
38%
PDA
$170m		 —
55
—
NINE Willoughby
NSW
All stages
43%
100%
$800m		 —
417
—
Ascot Green
QLD
Charlton House
89%
PDA
$140m		 —
112
—
Waterfront
QLD
Quay
100%
100%
$200m		 —
135
—
55 Coonara Avenue
NSW
Future stages
Not released
100%
$340m		 —
252
—
Waterfront
QLD
Isle
90%
100%
$230m		 —
124
—
The Albertine (Queens Rd)
VIC
Future stages
Not released
100%
TBC		 —
98
—
Prince & Parade (Park St)
VIC
Future stages
Not released
100%
TBC		 —
166
—
The Peninsula
WA
Ador
49%
100%
$110m		 —
82
—
Yarra's Edge
VIC
Trielle
25%
100%
$380m		 —
191
—
Waterloo Metro Quarter5
NSW
Future stages
Not released
JVA
—		 —
126
—
Yarra's Edge
VIC
Future stages
Not released
100%
$200m		 —
207
—
The Fabric
VIC
Future stages
Not released
100%
$230m		 —
265
75
Harbourside5
NSW
Future stages
Not released
100%
—		 —
265
—
Ascot Green
QLD
Future Stages
Not released
PDA
$630m		 —
126
535
The Peninsula
WA
Future stages
Not released
100%
$380m		 —
136
133
Waterfront
QLD
Future stages
Not released
100%
$250m		 —
142
—

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APARTMENTS PROJECT PIPELINE ANALYSIS

Note: PDAs are development service contracts and there is no land ownership to Mirvac.

  1. Pre-sales based on released lots. Excludes deposits. Subject to rounding.

  2. Approximate and indicative only and subject to change. Project value includes past revenues and expected future revenues, and will depend on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

  3. Settlement timing and lot numbers subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 4. Residential lots only.

  4. Relates to Residential build to sell lots within Mixed Use projects.

16 AUGUST 2023 82

FY23 ADDITIONAL INFORMATION

Residential: pre-sales detail

RECONCILIATION OF MOVEMENT IN EXCHANGED PRE-SALES CONTRACTS TO FY23[1]

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----- Start of picture text -----

$2,800m
$1,064m ($878m)
26%
2,100 72%
74%
$1,635m 28% $1,821m
1,400 28%
53%
700
72%
47%
0
FY22 FY23 FY23 FY23
Pre-sales exchanges settlements Pre-sales
balance balance
Apartments MPC
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PRE-SALES BY GEOGRAPHY[1]

PRE-SALES BY TYPE[1]

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NSW 48%
QLD 27%
VIC 22%
WA 3%
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Apartments 72%
Masterplanned
communities 28%
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PRE-SALES BY BUYER PROFILE[1,2]

PRE-SALES EXPECTED ROLL-OFF[1]

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Owner occupier [3] 71% FY24 67%
Investor 25% FY25 16%
Offshore 4% FY26+ 17%
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  1. Represents Mirvac’s share of total pre-sales contract value and includes GST.

  2. Buyer profile information approximate only and based on customer surveys.

  3. Includes first home buyers.

16 AUGUST 2023 83

FY23 ADDITIONAL INFORMATION

Residential: FY23 acquisitions & additional pipeline projects

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Project State Ownership No. of lots1 Product type Estimated settlement commencement1
Acquisitions / agreements
— — — — — —
Additional pipeline projects
Iluma Private Estate WA 100% 65 Masterplanned communities FY25
Henley Brook (West) WA 100% 215 Masterplanned communities FY27
Total acquisitions and additional pipeline projects 280
  1. Settlement timing and lot numbers subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

16 AUGUST 2023 84

FY23 ADDITIONAL INFORMATION

Residential: FY24 expected major releases

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Masterplanned communities1 State Type Approximate lots1
Smiths Lane VIC Masterplanned communities – land & built form 286
Woodlea VIC Masterplanned communities – land & built form 282
Everleigh QLD Masterplanned communities – land 182
Olivine VIC Masterplanned communities – land & built form 176
Henley Brook WA Masterplanned communities – land 149
Cobbitty NSW Masterplanned communities – land 127
Masterplanned communities major releases 1,202
Apartments1 State Type Approximate lots1
Harbourside2 NSW Apartments 265
Prince & Parade VIC Apartments 160
The Fabric VIC Apartments 131
Coonara NSW Apartments 130
O’Connell House, Ascot Green QLD Apartments 126
Waterloo Metro Quarter2 NSW Apartments 126
Apartments major releases 938
Total major releases 2,140
  1. Subject to change depending on various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Relates to Residential build to sell lots within Mixed Use projects.

16 AUGUST 2023 85

FY23 ADDITIONAL INFORMATION

Residential: FY23 settlements | 2,298 lot settlements

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Apartments
Lots
%1
66
3%
—
—
182
8%
—
—
248
11%		 Masterplanned communities
Lots
%1
515
22%
250
11%
1,018
44%
267
12%
2,050
89%		 Total
Lots
%1
NSW
QLD
VIC
WA		 581
25%
250
11%
1,200
52%
267
12%
Total 2,298
100%

FY23 LOT SETTLEMENTS

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BY PRODUCT TYPE Apartments 11% Masterplanned communities 89%

Land 81% House 8%

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BY GEOGRAPHY
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VIC 52% NSW 25% WA 12% QLD 11%

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BY STRUCTURE

100% Mirvac balance sheet 44% JVA 41% PDA/DMA 11% JO 4%

  1. Subject to rounding.

16 AUGUST 2023 86

FY23 ADDITIONAL INFORMATION

Residential: FY23 settlements detail

FY23 Major settlements Product type Ownership Lots
Woodlea, VIC Masterplanned communities JVA 525
Googong, NSW Masterplanned communities JVA 423
Smith's Lane, VIC Masterplanned communities 100% & JO 234
Olivine, VIC Masterplanned communities 100% & DMA 181
Everleigh, QLD Masterplanned communities 100% 178
Illuma Private Estate, WA Masterplanned communities 100% 99
Madox, WA Masterplanned communities 100% 94
Voyager Yarra's Edge, VIC Apartments 100% 92
FORME Tullamore, VIC Apartments 100% 89
Pavilions , NSW Apartments PDA 65
Subtotal 1,980
Other projects 318
Total 2,298

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FY23 SETTLEMENT BUYER PROFILE

FY23 SETTLEMENT BUYER PROFILE BY GEOGRAPHY

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Upgraders/Rightsizer 42% Investors 30% First home buyers 28%

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Domestic 99%
Offshore 1%
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FY23 SETTLEMENTS AVERAGE SALES PRICE[1]

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APARTMENTS HOUSE LAND
k ~$887k ~$366k
----- End of picture text -----

~$909k

Note: PDAs are development service contracts and there is no land ownership to Mirvac. 1. Inclusive of GST.

16 AUGUST 2023 87

FY23 ADDITIONAL INFORMATION

Residential: EBIT reconciliation and gross development margin

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FY23 FY22
Residential EBIT reconciliation $m $m
Total Development Revenue1 A
824		 1,058
Other Revenue 10 32
Total Revenue B
834		 1,090
Total costs of development and construction1 C
(612)		 (786)
Residential Gross Margin ($m)3 D = A + C
$212m		 $272m
Residential Gross Margin (%)3 E = D / A
26%		 26%
Other development costs (20) (10)
Sales and marketing expenses1 (37) (46)
Employee and other expenses1,2 (9) (12)
Total Costs F
(678)		 (854)
Residential EBIT Margin ($m)4 G = B + F
$156m		 $236m
Residential EBIT Margin (%)4 H = G / B
19%		 22%

  1. Includes gross up of Mirvac share from joint ventures and associates.

  2. In line with reclassed Segment Note, employee and other expenses now excludes share of group support function costs and divisional level management overheads. FY22 value was ($52m) prior to reclassification to management and administration expense for Developments.

  3. Prior year comparative restated due to transfer of a project from Residential to Commercial & Mixed Use. FY22 Gross Margin restated 26% (FY22 as reported 25%).

  4. Residential EBIT margin calculation revised following the gross up of Mirvac share of revenues and costs from joint ventures, along with revised segment reporting structures as noted above. FY22 restated Residential EBIT $236m and EBIT Margin 22% (FY22 as presented Residential EBIT $195m and EBIT Margin 19%).

16 AUGUST 2023 88

FY23 ADDITIONAL INFORMATION

Residential: research

MEDIAN PRICE (PER SQM)

$2,500/sqm

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2,000
1,500
1,000
500
0
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Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 NSW – Sydney Metro Vic – All of Market SEQ – All of Market WA – All of Market Source: Research4; June 2023

TRADING STOCK AVAILABLE

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16 months
12
8
4
0
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Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23
NSW – Sydney Metro Vic – All of Market SEQ – All of Market WA – All of Market
Source: Research4; June 2023
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NET LAND SALES (PER MONTH)

3,000 lots

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2,000
1,000
0
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Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 NSW – Sydney Metro Vic – All of Market SEQ – All of Market WA – All of Market Source: Research4; June 2023

PRICE DIFFERENTIAL OF HOUSES TO APARTMENTS[1]

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80%
60
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40
20
0
Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23
Greater Sydney Greater Melbourne Greater Brisbane Greater Perth 10 Yr Averages
Source: Domain Group APM Research, June 2023, Mirvac Research
1. 6-month median.
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16 AUGUST 2023 89

FY23 ADDITIONAL INFORMATION

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Ascot Green, Brisbane
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Calendar

16 AUGUST 2023 90

FY23 ADDITIONAL INFORMATION

1H24 Calendar

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Event Location Date1
Private roadshow Sydney 17-18, 22-24 August 2023
Private roadshow Melbourne 21-22 August 2023
Private ofshore roadshow Singapore 4-5 September 2023
4th Annual Jeferies Asia Forum Hong Kong 6-7 September 2023
1Q24 Operational update — 25 October 2023
2023 Annual General Meeting — 16 November 2023
  1. All dates are indicative and subject to change.

16 AUGUST 2023 91

FY23 ADDITIONAL INFORMATION

Glossary

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FY23ADDITIONAL INFORMATION
Glossary
Term
Meaning
A-REIT
Australian Real Estate Investment Trust
AFFO
Adjusted Funds from Operations
AUM
Assets under management
BPS
Basis Points
BTR
Build to Rent
CBD
Central Business District
COGS
Cost of Goods Sold
CPSS
Cents Per Stapled Security
DA
Development Application – Application from the relevant planning authority to construct, add, amend
or change the structure of aproperty
DPS
Distribution Per Stapled Security
DMA
Development Management Agreement
EBIT
Earnings before interest and tax
EIS
Employee Incentive Scheme
EMTN
Euro Medium Term Note
EPS
Earnings Per Stapled Security
FFO
Funds from Operations
FHB
First Home Buyer
FIRB
Foreign Investment Review Board
FUM
Funds under management
FY
Financial Year
GLA
Gross Lettable Area
ICR
Interest Cover Ratio
IPUC
Investmentproperties under construction
IRR
Internal Rate of Return
JO
Joint Operation – A joint arrangement whereby the parties that have joint control of the arrangement
have rights to the assets, and obligations for the liabilities, relatingto the arrangement.
JVA
Joint Ventures and Associates		 Term
Meaning
LFL
Like-for-like
LTIFR
Lost Time InjuryFrequencyRate
MAT
MovingAnnual Turnover
MGR
Mirvac GroupASX code
MPT
Mirvac PropertyTrust
MTN
Medium Term Note
NABERS
National Australian Built Environment Rating system – The National Australian Built Environment Rating
System is a multiple index performance-based rating tool that measures an existing building’s overall
environmental performance during operation. In calculating Mirvac’s NABERS ofice portfolio average, several
properties that meet the following criteria have been excluded:
i. Future development – If the asset is held for future (within 4 years) redevelopment
ii. Operational control – If operational control of the asset is not exercised by MPT (i.e. tenant operates the
building or controls capital expenditure).
iii. Less than 75% ofice space – If the asset comprises less than 75% of NABERS rateable ofice space by area.
iv. Buildings with less than 2,000 sqm ofice space
NLA
Net Lettable Area
NOI
Net OperatingIncome
NPAT
Net Profit After Tax
NTA
Net Tangible Assets
Operating Profit
Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific
non-cash items and other significant items.
PCA
PropertyCouncil of Australia
PDA
Project DeliveryAgreement. Provision of development services byMirvac to the local land owner
ROIC
Return on Invested Capital
SQM
Square metre
USPP
US Private Placement
WACR
Weighted Average Capitalisation Rate
WALE
Weighted Average Lease Expiry

16 AUGUST 2023 92

FY23 ADDITIONAL INFORMATION

Important notice

Mirvac Group comprises Mirvac Limited (ABN 92 003 280 699) and Mirvac Property Trust (ARSN 086 780 645). This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services License. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac and which can cause possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor does it guarantee the repayment of capital from Mirvac or any particular tax treatment.

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This Presentation contains certain “forward looking” statements. The words “expected”, “forecast”, “estimates”, and other similar expressions are intended to identify forward looking statements. This Presentation includes forward looking statements, opinions and estimates which are based on assumptions and contingencies which can change without notice due to factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. The Presentation also includes statements about market and industry trends which are based on interpretations of current market conditions which can also change without notice again due to factors outside of Mirvac’s control. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures. Where the term operating environment is used, it is intended to cover impacts on both Mirvac, and the broader market operating conditions and macro economic conditions.

This Presentation also includes certain non-IFRS measures including operating profit after tax. Operating profit after tax is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business and has been extracted or derived from Mirvac’s financial statements ended 30 June 2023, which has been subject to audit by its external auditors.

This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

The information contained in this presentation is current as at 30 June 2023, unless otherwise noted.

16 AUGUST 2023 93

Thank you

CONTACT

AUTHORISED FOR RELEASE BY

MIRVAC GROUP

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