MIRVAC GROUP

FY24 Additional Information

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8 AUGUST 2024

FY24 Additional Information 8 August 2024

32 Overview 51 Investment

33 Mirvac overview 52 Portfolio overview 34 Mirvac is a leading, diversified 53 Total investment value Australian property group 54 Key ventures
35 Deep platform value 55 Key acquisitions & disposals 36 Sustainability commitment 56 Portfolio performance 37 Setting new goals for sustainability versus benchmark 38 Our ESG performance 57 Office 39 ESG performance 58 Portfolio details 40 Reimagine urban life, sustainably 59 Leasing details
41 Financial 60 Research

41 Financial

42 FY24 & FY23 operating to 61 Industrial statutory result reconciliation 62 Portfolio details
43 FY24 EBIT movement by segment 63 Leasing details
44 FY24 Investment income 64 Research
reconciliation by segment 65 Retail
45 FFO & AFFO based on PCA guidelines 66 Portfolio details
46 Finance costs by segment

70 Build to Rent

71 Portfolio details 72 Research

73 Land Lease
74 Portfolio details
75 Pipeline projects 76 Research

77 Funds

78 Platform growth 79 Platform overview 80 Research

81 Development

82 Commercial & Mixed Use
83 Recently completed
& pipeline projects
84 JV partner funding hypothetical example

85 Residential

86 Pipeline positioning
87 Masterplanned communities pipeline (key projects)
88 Apartments pipeline (key projects)
89 Pre-sales detail
90 FY24 acquisitions & additional pipeline projects
91 FY25 expected major releases
92 FY24 settlements
93 FY24 settlements detail
94 EBIT reconciliation and gross development margin
95 Research

96 Calendar

97 1H25 Calendar

98 Glossary & Important notice

98 Glossary
99 Important notice
67 Sales by category
47 Invested capital 68 Leasing details
48 Capital management metrics & liquidity profile 69 Research
49 Debt & hedging profile 50 NTA & securities on issue reconciliation

FY24 Additional Information 8 August 2024

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Overview

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Everleigh, Brisbane 32
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FY24 Additional Information 8 August 2024
Mirvac overview
Net Positive Scope 1 and 2 emissions, Awarded world’s first +24% pa Unrivalled experience
9 years before target 6 Green Star growth in 3rd party capital 5 star >50 year
building by the GBCA under management since 2016 Gold Star iCIRT rating residential track record
INVESTMENT FUNDS DEVELOPMENT
~$22BN ASSETS UNDER MANAGEMENT [9] ~$29BN DEVELOPMENT PIPELINE [6]
~$15.4bn third party
~$10.6bn passive invested capital [10] ~$3.5bn active invested capital [10]
capital under management [5]
Office Industrial Retail Living Funds Commercial & Mixed Use Residential
> 31 assets [1] > 12 assets [1] > 9 assets [1] > JV & Co-investment > ~$12.0bn Funds > ~$4.5bn active developments [6] > 28,219 pipeline lots [7]
> Portfolio value: $6.3bn [2] > Portfolio value: $1.5bn [2] > Portfolio value: $2.2bn [2] equity value: $0.6bn [2] under management [11] > ~$10.1bn total pipeline value [6] > ~$19.3bn expected
> NLA: 772,111 sqm [3] > NLA: 577,529 sqm [3] > NLA: 313,986 sqm [3] > 5,392 operational and > 15 funds, mandates future revenue [6]
3,240 pipeline living sector lots, and JV partners
across Build to Rent and > ~$1.3bn pre-sales [8]
Land Lease [4]
101 Miller Street, North Sydney Aspect Industrial Estate, Sydney Orion Springfield Central, Brisbane LIV Aston, Melbourne Bourke Place, Melbourne Elizabeth Enterprise, Badgerys Creek [12] The Peninsula, Perth [12]
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Includes assets for sale and co-investment properties, but excludes IPUC and properties held for development. 2. Includes the carrying value of assets held for sale, properties being held for development, and co-investments based on equity value, excludes IPUC, and the gross up of lease liability under AASB16. Subject to rounding. 3. Includes properties held for sale but excludes 80 Bay Street, Ultimo, properties held for development, IPUC and properties held in co-investments. 4. Completed apartments include LIV Indigo, LIV Munro, and completed Land Lease lots; pipeline lots 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’s 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. 7. Subject to change depending on various factors outside of Mirvac’s control. 8. Represents Mirvac’s share of total pre-sales (includes GST). 9. Assets Under Management represents the total value of capital where we generate fees by providing property management services (includes Mirvac’s share). 10. Investment (passive) invested capital includes investment properties, assets held for sale, JVA, equity accounted co-investments, other financial assets, and deferred land. Development (active) invested capital includes inventory, IPUC, JVA less deferred land and unearned income. 11. Funds Under Management (FUM) represents the total value of assets we generate fees by providing Investment Management services, includes Mirvac share. 12. Artist impression, final design may differ.

FY24 Additional Information 8 August 2024

Mirvac is a leading, diversified Australian property group

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CMU
Office [1] Industrial [1] Retail [1] Living [1] Residential Development Funds
$6.3BN 31 $1.5BN 12 $2.2BN 9 $0.6BN 30 ~$19.3BN ~$10.1BN ~$15.4BN
TOTAL VALUE ASSETS TOTAL VALUE ASSETS TOTAL VALUE ASSETS TOTAL VALUE ASSETS TOTAL VALUE [2] TOTAL VALUE [2] TOTAL VALUE [4]
Queensland
Western Australia
$1.1bn $5.1bn 10,730
investment portfolio [5] total development pipeline [2] residential pipeline lots [3]
$0.2bn $0.9bn 1,042
investment portfolio [5] total development pipeline [2] residential pipeline lots [3] New South Wales
$6.0bn $15.4bn 6,616
Victoria investment portfolio [5] total development pipeline [2] residential pipeline lots [3]
Australian Capital Territory
$1.9bn $8.0bn 9,831
investment portfolio [5] total development pipeline [2] residential pipeline lots [3]
$0.3bn
investment portfolio [5]
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Properties including co-investments but excluding IPUC. Refer to page 52 for further breakdown. 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. 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. Includes external funds, developments and assets under management and excludes Mirvac investment in those managed assets and vehicles. 5. State investment portfolio valuations exclude co-investment equity values.

FY24 Additional Information 8 August 2024

Deep platform value

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50 year TRACK RECORD

RESIDENTIAL DEVELOPMENT PLATFORM

28k lots, ~$19bn end value ~$1.3bn pre‑sales 7yr average vintage 18‑22% target gross profit margin High repeat customers[1]

INTEGRATED COMMERCIAL & MIXED USE DEVELOPMENT PLATFORM

Development

~$140m pa value creation[2] 26% average return on cost[3] ~$10bn development pipeline ~$1.3bn potential value creation[4]

~$15.4BN THIRD-PARTY CAPITAL MANAGEMENT PLATFORM

Funds

Unique alignment model ~$11bn capital raised FY23/24 ~$12bn FUM, ~$22bn AUM ~$2.6bn future FUM secured[5]

MARKET LEADING INVESTMENT PORTFOLIO AND DEVELOPMENT INVENTORY

NTA[8] $2.36

Office BTR Land Lease Industrial Retail ~9% pa long term historical return MPT portfolio >170bps long term Net positive 5.67% average cap rate[7] performance 10 year annual return to March 2024 out‑performance[6] carbon scope 1&2

Investment

Historical repeat sales rate across apartment projects. 2. Average pa realised development EBIT and development revaluation gain recorded between FY16-FY24. 3. Average return on cost on projects completed between FY14-FY24. 4. Potential to be realised predominately over the next 5 years across current secured development pipeline. Indicative estimate only and not a forecast, based on current assumptions and subject to change due to planning outcomes, market conditions, leasing outcomes and COVID 19 uncertainties. Development uplift based on current project estimates and market aligned cap rates, final outcome may differ. 5. Committed 3rd party FUM currently under development. 6. MPT Portfolio performance vs RIA commercial property market return over 5, 7, 10 and 15 years to March 2024 7. Excluding IPUC. 8. NTA excludes intangible assets, right-of-use assets, deferred tax assets and deferred tax liabilities.

FY24 Additional Information 8 August 2024

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

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5 STARS POLICY, MIRVAC REPORTS ITS MANDATORY
VOLUNTARY
GOVERNANCE & STRATEGY DISCLOSURE IN ACCORDANCE AA RATING
ANNUAL REPORTING
4 STARS DIRECT – REAL ESTATE WITH THE NGERS ACT
VOLUNTARY DISCLOSURES TO THE
LOW RISK RATING MIRVAC REPORTS IN ACCORDANCE WITH MIRVAC REPORTS IN LINE
CORPORATE EMISSIONS REDUCTION
2024 ESG TOP-RATED COMPANIES LIST THE GRI STANDARDS WITH TCFD RECOMMENDATIONS
TRANSPARENCY REPORT
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FY24 Additional Information 8 August 2024

Setting new goals for sustainability

Reached net positive carbon in scope 1 and 2 emissions

HOW WE GOT THERE:

Maximising energy efficiency Building all‑electric and buying 100% renewable electricity

Planet Positive – Our plan to reach net positive carbon released

Investing in a small amount Reduced carbon intensity by 21%, of high‑quality, community while portfolio grew by a third focussed carbon offsets ~~FY14 FY19 FY21 FY22 FY23~~

Reduced carbon intensity by 84%

TARGET SET:

TARGET SET:

Net positive in scope 1, 2, and 3 emissions by 2030[1] Our intended scope 3 approach shared Commitment to sharing emissions reduction plans

Net positive in scope 1 and 2 emissions by 2030

3.9MW commercial onsite solar installed Reduced carbon emissions by 80%

TARGET[1]

2030 NET POSITIVE FOR CARBON AND WATER (SCOPE 1, 2 & 3) ZERO WASTE TO LANDFILL

Our key levers of change Scope 3 boundaries include[1] : Our impact areas Our actions > Embodied carbon in materials > Waste In-house design Our buying Collaboration In-house > Tenant & resident emissions Planet positive in carbon, and construction power sustainability > Repairs & maintenance waste and water by 2030[1] capability expertise > High quality offsets

Lower carbon materials > Divert 100% waste from landfill by 2030 > 100% renewable electricity > Customer & supplier partnerships > High quality offsets > 25% recycled content > All electric

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Refer to Net Positive Carbon By 2030: Mirvac’s Scope Emissions Target and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our‑performance

FY24 Additional Information 8 August 2024

Our ESG performance

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ESG FOCUS AREA

TARGET

TRACKING

RECENT ACHIEVEMENTS

Carbon emissions Net positive in scope 1, 2, 3 emissions[1] Nothing Zero waste to landfill wasted ENVIRONMENT Every drop of water Net positive water

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ON TRACK

Collaborating to progress ambitious Scope 3 emissions roadmap to reach Net Positive by 2030[1] target
Released our sixth Climate Resilience (TCFD) report and prepared climate-related risks and opportunities
1 Darling Island Road, Pyrmont became our second commercial asset to be converted to all-electric base building services
Average NABERS Star ratings: 5.3 Energy and 4.5 Water
Heritage Lanes, Brisbane, achieved 6 Star Green Star Buildings certified rating from GBCA
LIV Anura, Brisbane, awarded a 5 Star Green Star Design & As Built v1.3 Design Review certified rating from the GBCA
Highforest, West Pennant Hills, Sydney was formally registered for Green Star Communities with the GBCA
Recycling waste: 96% construction waste & 66% investment waste diverted from landfill

Our Active, inclusive care people Connection Leaving a positive legacy SOCIAL ON TRACK Inclusion Creating a sense of belonging

Ranked in the top 10 globally in Equileap’s Global Report on Gender Equality for the third year in a row
$13.1 million in community investment[2] /$15.3 million spend on procurement with social and Indigenous businesses
Recognised by Good Company as one of the best workplaces to give back for the third year in a row (ranked #2)
Top Australian property company for giving in the AFR / GivingLarge Top 50
Established two new partnerships: a supplier development program with Social Traders to build capacity in social enterprises and a scholarship program with the Pinnacle Foundation to support LGBTIQ+ young people in property and construction
Concluded our second Reconciliation Action Plan (RAP) and published the outcomes we’ve delivered to date

Procurement Using our buying power for good Finance & investment Greening our finance GOVERNANCE Capability & disclosure Active, capable governance

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ON TRACK

Released our fifth Modern Slavery Statement

Mirvac ESG program ranked #1 against peers in the 2024 All Asia Institutional Investor survey
Mirvac Construction awarded 5 Gold Star iCIRT Equifax rating for the second time, the only business in Australia to do so
High ESG index ratings: AA (MSCI), 5 stars Policy Governance & Strategy and 4 for Direct – Real Estate (UNPRI)
Sustainalytics: 2024 ESG Top-Rated Companies List and low risk rating
Voluntarily disclosed through the Clean Energy Regulator Corporate Emissions Reductions Transparency pilot
Refer to Net Positive Carbon By 2030: Mirvac’s Scope Emissions Target and associated reports for further information, including assumptions on Scope 3 initiatives, found at www.mirvac.com/sustainability/our-performance 2. Refer to our methodology for calculating community investment visit www.mirvac.com/ourperformance

FY24 Additional Information 8 August 2024

ESG performance

Mirvac Net GHG Emissions[1]

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80,000 tCO2e
60,000
40,000
20,000
0
(20,000)
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Scope 1 Scope 2 [2] Offsets Net Scope 1 & 2 (market-based)
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Energy Intensity[3]

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0.4 GJ/m2 GJ/unit 50
40
0.35
30
0.3
20
0.25
10
0.2 0
FY19 FY20 FY21 FY22 FY23 FY24
Office & Industrial (GJ/m2) Retail (GJ/m2) Build to Rent (GJ/unit)
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5.5 & 6.0: 53%
5.0: 12%
4.5: 23%
4.0 and Under: 12%
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Water Intensity[3]

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1,200 L/m2 kL/unit 90
800 60
400 30
0 0
FY19 FY20 FY21 FY22 FY23 FY24
Office & Industrial (L/m2) Retail (L/m2) Build to Rent (kL/unit)
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What’s counted in net Scope 1 and 2 greenhouse gas emissions is detailed in our 2024 Sustainability Reporting Criteria.
Scope 2 emissions are location-based from FY13 to FY18 and market-based from FY19 to FY24.
Movements in FY24 incorporate increase in asset utilisation post COVID-19.

FY24 Additional Information 8 August 2024

Reimagine urban life, sustainably

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OFFICE LIVING INDUSTRIAL RETAIL
55 PITT ST, SYD [1] 1 DARLING ISLAND RD, SYD HIGHFOREST, SYD [1] LIV ANURA, BNE [1] ASPECT INDUSTRIAL ESTATE, SYD BROADWAY SYDNEY, SYD
SUSTAINABLY DESIGNED ELECTRIFICATION OF EXISTING ASSETS >10Ha OF FOREST LAND BEING KEY WORKER SUSTAINABLE INDUSTRIAL 100%
RETURNED TO PUBLIC OWNERSHIP 25% HOUSING DEVELOPMENT
reducing upfront RENEWABLE ENERGY
embodied carbon by RETROFITTED TO used in all retail assets since 2021
Formally registered for
+40% GBCA GREEN STAR 830KW
COMMUNITIES
100% 5 STAR GREEN STAR rooftop solar installed
LOW CARBON CONCRETE AND STEEL ALL ELECTRIC IN FY24 Design & As Built v1.3 at Building 1 EV READY
SOLAR AND
6.6KW RAINWATER TANK Ampol AmpCharge
partnership
to every house Translucent roof sheeting
ALL ELECTRIC 100% % 100% LED lighting
RENEWABLE ENERGY ALL-ELECTRIC COMMUNITY RENEWABLE ENERGY Rainwater harvesting RECYCLE UNWANTED CLOTHING
Smart metering
targeting 7-star NatHERs rating to EV charging COOL NEW ERA
houses and 7-star average to apartment ENERGY EFFICIENT COLLABORATION WITH RCYCL
Targeting
providing collection boxes in our centres
6 STAR GREEN STAR RECYCLING AND REUSE appliances & lighting TARGETING CARBON
Buildings rating, 5.5 Star NABERS NEUTRAL CERTIFICATION
Energy rating and a Platinum of demolition waste
WELL Core and Shell rating 96% diverted from landfill
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ALL ELECTRIC 100% % RENEWABLE ENERGY Targeting 6 STAR GREEN STAR Buildings rating, 5.5 Star NABERS Energy rating and a Platinum WELL Core and Shell rating

Note: Please see Mirvac’s TCFD Report 2024 for more detailed information. 1. Artist impression, final design may differ.

FY24 Additional Information 8 August 2024

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Financial

FY24 Additional Information 8 August 2024

FY24 & FY23 operating to statutory result reconciliation

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FY24 & FY23 operating to statutory result reconciliation FY24 Additional Information8 August 2024
	FY24	FY23	Variance
	$m	$m	$m
Investment	625	633	(8)
– Office	392	399	(7)
– Industrial	67	57	10
– Retail	147	168	(21)
– Living	19	9	10
Management and administration expenses	(13)	(14)	1
Investment EBIT	612	619	(7)
Funds Management	24	26	(2)
Asset Management	42	30	12
Management and administration expenses	(33)	(36)	3
Funds EBIT	33	20	13
Commercial & Mixed Use	146	120	26
Residential	212	156	56
Management and administration expenses	(61)	(62)	1
Development EBIT	297	214	83
Segment EBIT1	942	853	89
Unallocated overheads	(82)	(86)	4
Group EBIT	860	767	93
Net financing costs2	(261)	(162)	(99)
Operating income tax expense	(47)	(25)	(22)
Operating profit after tax	552	580	(28)
Development revaluation gain/(loss)3	34	(42)	76
Investment property revaluation loss	(1,107)	(528)	(579)
Other non-operating items	(284)	(175)	(109)
Statutory loss attributable to stapled securityholders	(805)	(165)	(640)

EBIT includes share of EBIT of joint ventures and associates.
Includes cost of goods sold interest of $58m (June 2023: $20m) and interest revenue of $10m (June 2023: $10m), and the Group’s share of joint venture and associate net financing costs of $16m (June 2023: nil), which is included in Share of net losses of joint ventures and associates. 3. Relates to the fair value movement on IPUC.

FY24 Additional Information 8 August 2024

FY24 EBIT movement by segment

Operating EBIT by segment: FY23 to FY24

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$4m $860m
$860m $83m
820
780
$13m
$767m
($7m)
740
700
FY23 EBIT Investment Funds Development Unallocated FY24 EBIT
overheads
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	FY24	FY23
	$m	$m
Investment	612	619
Funds	33	20
Development	297	214
Unallocated overheads	(82)	(86)
Group EBIT	860	767

FY24 Additional Information 8 August 2024

FY24 Investment income reconciliation by segment

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Investment Income Summary

Industrial Income Summary

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$640m
$633m
$33m
$625m
620
600 $14m
$11m
580 ($8m)
560 ($58m)
540
FY23 Disposals [1] Development Like-for-like ECL Movement Co-investment FY24
& other
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$410m
$399m
390 $20m $392m
$8m
370
$10m
($1m)
350
($44m)
330
FY23 Disposals [1] Development Like-for-like ECL Movement Co-investment FY24
& other
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$70m
$8m $1m $1m $67m
60
$57m
50
FY23 Development Like-for-like ECL Movement FY24
& other
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Retail Income Summary

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$180m
$168m
$5m
$147m
140
($11m)
($7m) ($8m)
100
FY23 Disposals Development Like-for-like ECL Movement FY24
& other
Living Income Summary
$20m $13m $19m
10 $9m
0 ($3m)
FY23 Disposals [2] Co-investment FY24
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Includes assets held for sale.
Reflects sell-down of BTR assets into LIV venture. Mirvac retains 44% stake in venture.

FY24 Additional Information 8 August 2024

FFO & AFFO based on PCA guidelines

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FFO & AFFO based on PCA guidelines FY24 Additional Information8 August 2024
	FY24	FY23
	$m	$m
Operating profit after tax	552	580
SaaS implementation costs	25	24
Funds From Operations (FFO)	577	604
Maintenance capex	(65)	(44)
Incentives	(74)	(88)
Utilisation of tax losses	41	—
Adjusted Funds From Operations (AFFO)	479	472

FY24 Additional Information 8 August 2024

Finance costs by segment

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Finance costs by segment FY24 Additional Information8 August 2024
	Investment	Funds	Development	Unallocated	Group
FY24	$m	$m	$m	$m	$m
Interest expense	(1)	—	(112)	(157)	(270)
Interest expensed through COGS	—	—	(58)	—	(58)
Interest capitalised	1	—	75	—	76
Borrowing costs amortised	—	—	—	(3)	(3)
Total finance costs	—	—	(95)	(160)	(255)
Add: interest revenue	1	—	2	7	10
Net finance costs (balance sheet)	1	—	(93)	(153)	(245)
Deduct: net finance costs (co-investments)1	(16)	—	—	—	(16)
Net finance costs (look-through)	(15)	—	(93)	(153)	(261)

FY23

FY23
Interest expense	(1)	—	(89)	(129)	(219)
Interest expensed through COGS	—	—	(20)	—	(20)
Interest capitalised	1	—	70	—	71
Borrowing costs amortised	—	—	—	(4)	(4)
Total finance costs	—	—	(39)	(133)	(172)
Add: interest revenue	—	—	—	10	10
Net finance costs (balance sheet)	—	—	(39)	(123)	(162)
Deduct: net finance costs (co-investments)1	—	—	—	—	—
Net finance costs (look-through)	—	—	(39)	(123)	(162)

Represents Mirvac’s share of net finance costs in BTR, MWOF and Serenitas.

FY24 Additional Information 8 August 2024

Invested capital

Development (Active)[2]

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Investment (Passive) [1]
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75% $10.6bn 25% $3.5bn
Office 59% $14.1bn Residential 57%
Retail 21% TOTAL INVESTED CAPITAL Commercial & Mixed Use 43%
Industrial 14%
Living 6%
Commercial 43%
Communities 31%
Apartments 26%
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FY24 return on invested capital

FY24 return on invested capital
	Group
	$m
Profit/(loss) for the year attributable to stapled securityholders	(805)
Add back:
Development interest costs and other interest costs	261
Net loss on foreign exchange movements, derivatives and other	40
Total return	(504)
Investment properties3	9,037
Inventories	2,660
Indirect investments and other assets	2,927
Less:
Fund through adjustments (deferred revenue)	(32)
Deferred land payable	(441)
Net tax liability4	(10)
FY24 total invested capital	14,141
1H24 total invested capital	15,018
FY23 total invested capital5	15,520
Average invested capital6	14,893
FY24 return on invested capital	(3.4%)

Investment (passive) invested capital includes investment properties, assets held for sale, JVA, equity accounted co-investments, other financial assets, and deferred land.
Development (active) invested capital includes inventory, IPUC, JVA less deferred land and unearned income.
Includes IPUC and assets held for sale.
Includes deferred tax liability and current tax asset.
FY23 has been restated.
Average over the three reporting periods.

FY24 Additional Information 8 August 2024

Capital management metrics & liquidity profile

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Capital management metrics

Liquidity profile

	30 June 2024	30 June 2023
NTA1	$2.36	$2.64
Balance sheet gearing2	26.7%	25.9%
Look through gearing	28.5%	27.0%
Total interest bearing debt3	$4,380m	$4,440m
Average borrowing cost4	5.6%	5.4%
Average debt maturity	4.4 yrs	5.0 yrs
Hedged percentage	74%	60%
Average hedge maturity	2.8 yrs	3.4 yrs
Moody’s / Fitch credit rating	A3/A-	A3/A-

	Facility limit	Drawn amount	Available liquidity
As at 30 June 2024	$m	$m	$m
Facilities due within 12 months5	236	136	100
Facilities due post 12 months5	5,197	4,244	953
Total5	5,433	4,380	1,053
Cash on hand			335
Total liquidity			1,388
Less facilities maturing <12 months5			236
Funding headroom			1,152

NTA excludes intangible assets, right-of-use assets, deferred tax assets and deferred tax liabilities.
Net debt (at foreign exchange hedged rate) / (total tangible assets – cash).
Total interest bearing debt (at foreign exchange hedged rate).
WACD (including margins and line fees) represents the rate as at 30 June 2024. WACD over the 12 months to 30 June 2024 was 5.5% (4.7% for the prior corresponding period).
Based on hedged rate, not carrying value, subject to rounding.

FY24 Additional Information 8 August 2024

Debt & hedging profile

	Maturity	Total amount	Amount drawn
Issue/source	date	$m	$m
USPP1	Dec 24	136	136
Bank Facility	Jan 25	100	—
Bank Facility	Jul 25	300	—
Bank Facility	Sep 25	493	100
USPP1	Sep 25	45	45
Bank Facility	Dec 25	258	258
USPP1	Dec 25	151	151
Bank Facility	Feb 26	300	300
Bank Facility	Aug 26	200	170
Bank Facility	Sep 26	405	175
EMTN1	Mar 27	501	501
Bank Facility	Sep 27	400	400
USPP1	Sep 27	249	249
EMTN1	Mar 28	50	50
USPP1	Sep 28	298	298
MTN	Sep 29	300	300
USPP1	Sep 30	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	Sep 34	84	84
USPP1	Sep 39	100	100
Total		5,433	4,380

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Drawn debt maturities as at 30 June 2024

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$1,000m
750
500
250
0
FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43 FY44
USPP Bank EMTN MTN
Debt drawn sources
USPP BANK FACILITIES EMTN MTN
38% 32% 23% 7%
Hedging & fixed interest profile 30 June 2024 [2]
$3,500m 4.0%
3.52%
2,800 3.42% 3.36%
2,100
2.91% 3.0
1,400
2.37% 2.39%
700
0 2.0
Jun 24 Jun 25 Jun 26 Jun 27 Jun 28 Jun 29
Swaps Options Fixed Average rate (RHS)
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Drawn amounts based on hedged rate not carrying value.
Includes bank callable swaps.

FY24 Additional Information 8 August 2024

NTA & securities on issue reconciliation

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Net tangible assets	$m
As at 1 July 2023	10,409
Operating profit for the half year	552
Revaluation of investment properties	(816)
Securities issued during the period	1
Other net equity movements and non-operating items through profit and loss	(432)
Distributions1	(414)
As at 30 June 2024	9,300
Securities on issue	No. of securities
As at 30 June 2024	3,945,860,217
NTA per stapled security2	$2.36

	FY24	FY23
Net tangible assets	$m	$m
Cash and Cash equivalents	335	122
Investment properties	8,737	9,753
– Office	4,950	5,579
– Industrial	1,385	1,568
– Retail	2,402	2,606
Investments in joint ventures and associates	2,545	2,302
Assets classified as held for sale	300	759
Inventory	2,659	3,239
Other financial assets	709	502
Other assets	180	57
Total tangible assets	15,465	16,734
Borrowings	4,424	4,476
Other financial liabilities	1,322	1,447
Other liabilities	419	402
Total liabilities	6,165	6,325
Net tangible assets	9,300	10,409
Number of securities on issue	3,945,860,217	3,945,860,217
NTA per security2	$2.36	$2.64

FY24 Distribution is 10.5cpss, with the distribution of 6.0cpss for the 6 months ending 30 June 2024, payable on 29 August 2024. Taxable income exceeded distribution income for FY24.
NTA excludes intangible assets, right-of-use assets, deferred tax assets and deferred tax liabilities.

FY24 Additional Information 8 August 2024

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Investment

Locomotive Workshop, South Eveleigh, Sydney (Image Credit: Simon Whitbread) 51

FY24 Additional Information 8 August 2024

Investment: portfolio overview

					LIVING	LIVING
INVESTMENT PORTFOLIO	OFFICE	INDUSTRIAL	RETAIL	BUILD TO RENT		LAND LEASE	TOTAL PORTFOLIO
(including co-investments)	$6.3bn	$1.5bn	$2.2bn	$0.4bn		$0.2bn	~$10.6bn
	Ofice	Industrial	Retail	Build to Rent		Land Lease	Total
Investment property valuations1	$5,921m	$1,450m	$2,183m	—		—	$9,554m
Co-investments (at equity value)2	$359m	—	—	$386m		$235m	$980m
No. of investment property assets3	21	12	9	—		—	42
No. of co-investment property assets4	10	—	—	2		28	40
Lettable area3	772,111 sqm	577,529 sqm	313,986 sqm	n/a		n/a	1,663,626 sqm
Occupancy (by area)	95.1%5	99.3%5	98.0%5	93.8%	6	100.0%6	97.1%7
WALE (by income)5	5.9 yrs	6.1 yrs	3.3 yrs	n/a		n/a	5.3 yrs
WACR	5.86%3	5.46%3	5.70%3	4.26%		5.42%	5.67%

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Investment portfolio by sector[8]

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Retail: 21% Industrial: 14% Living: 6%

Property value includes the carrying value of properties held for sale but excludes IPUC and properties held in co-investments. Subject to rounding.
Co-investments are reflected using equity value.
Includes properties held for sale but excludes properties held for development, IPUC and co-investments.
Includes operational properties held in co-investments but excludes properties that are jointly held with Mirvac directly.
Excludes properties held for sale, properties held for development, held in co-investments and IPUC.
BTR and Land Lease occupancy is by lot, excluding lots under development and display lots.
Total portfolio calculation excludes co-investments.
Includes investment property valuations and co-investments (at equity value).

FY24 Additional Information 8 August 2024

Investment: total investment value

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Investment Portfolio Movement

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$13,000m
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360
12,000 11,925
(719) (47)
11,000
10,534
(985)
10,000
9,000
8,000
FY23 Acquisitions Disposals Developments Valuation Movement FY24 [1]
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Property value includes the carrying value of properties held for sale but excludes IPUC. Subject to rounding.

FY24 Additional Information 8 August 2024

Investment: key ventures

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						Mirvac	Mirvac
	Total	Number of				ownership	ownership
	assets	properties	Occupancy1	WACR2	Gearing	stake	value3	FY24 EBIT
Office
MWOF	~$6.0bn	11	~90%	5.91%	23.4%	8%	$359m	$25m
Industrial
Industrial Venture	~$0.8bn	3	~98%	5.21%1	—	51%	$401m4	$8m
Living
Build to Rent Venture	~$1.4bn	5	~94%	4.26%	31.9%	44%	$386m	$6m
Serenitas	~$1.1bn5	28	100%	5.42%	43.5%	48%	$235m	$13m

Excludes IPUC.
Includes IPUC.
Represents the equity value held by Mirvac at its ownership percentage.
Includes $181m of development assets associated with Aspect North & South.
Excludes related party receivable.

FY24 Additional Information 8 August 2024

Investment: key acquisitions & disposals

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Acquisitions FY24	State	Sector	Acquisition price	Settlement date
Serenitas	Various	Living	$271m1	February 2024
Total			$271m
Disposals FY24	State	Sector	Sale price2	Settlement date
60 Margaret Street, Sydney	NSW	Office	$345m	October 2023
MetCentre, Sydney	NSW	Retail	$41m	October 2023
Cooleman Court, Canberra	ACT	Retail	$70m	May 2024
383 La Trobe Street, Melbourne	VIC	Office	$87m	May 2024
1-3 Smail Street, Sydney	NSW	Retail	$27m	June 2024
40 Miller Street, North Sydney	NSW	Office	$125m	June 2024
Total			$695m

The following properties were exchanged during the year but will settle at a later date:

	State	Sector	Sale price2	Exchange date
367 Collins Street, Melbourne	VIC	Office	$300m	Exchanged June 20243
Total			$300m

Includes $60m deferred payment.
Sale price after transaction costs.
Exchange occurred June 2024, deposit received, settlement expected 1H25.

FY24 Additional Information 8 August 2024

Investment: portfolio performance versus benchmark

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All Property Returns[1]

Based on compound average annual returns

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10%
8.8% 9.0% 8.6%
8 7.6%
6.9% 7.0% 6.9%
6 5.2% 5.7% 5.4%
4 4.4% 3.6%
2 1.6% 1.4%
0
(2)
(1.8%)
(4)
(3.2%)
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 2024
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Industrial Property Returns[1]

Based on compound average annual returns

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

16% 15.8%
14.0%
12.9% 13.3% 12.7%
12 11.9% 12.1% 11.9% 11.7%
10.6% 10.7%
10.0%
9.3%
8
5.0%
4
2.7%
1.4%
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
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[1]

Based on compound average annual returns

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12%
9.5% 9.5% 9.3%
8 8.3% 7.5% 7.7% 7.3%
5.7% 5.8%
4 3.8% 3.2%
1.3%
0
(0.3%)
(4) (2.0%)
(8) (5.8%) (6.2%)
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
Source: RIA commercial property market return indicator as at March 2024 Mirvac Benchmark
Retail Property Returns [1]
Based on compound average annual returns
8%
7.1% 7.0%
6.7%
6
5.5% 5.7%
5.0% 5.1% 5.2%
4 4.1%
3.6% 3.7%
3.2%
2.6%
2
1.7%
1.3%
0.4%
0
1 YRS 2 YRS 3 YRS 5 YRS 7 YRS 10 YRS 12 YRS 15 YRS
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Source: RIA commercial property market return indicator as at March 2024

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Mirvac Benchmark
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Source: RIA commercial property market return indicator as at March 2024

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

Mirvac Benchmark
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Based on RIA Commercial Property Market Return Indicator.

FY24 Additional Information 8 August 2024 Office

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Heritage Lanes – 80 Ann Street, Brisbane 57

FY24 Additional Information 8 August 2024

Office: portfolio details

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1
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Ofce: portfolio details 1
	FY24	FY23
No. of properties2	21	24
NLA2	772,111 sqm	836,970 sqm
Portfolio valuations3	$5,921m	$7,285m
WACR	5.86%	5.30%
Property net operating income (NOI)	$367m	$395m
Like-for-like NOI growth	2.5%	3.3%
Maintenance capex	$40m	$23m
Incentive capex4	$22m	$35m
Occupancy (by area)	95.1%	95.0%
NLA leased	77,292 sqm	61,738 sqm
% of portfolio NLA leased	10.0%	7.4%
WALE (by area)5	6.7 yrs	6.6 yrs
WALE (by income)5	5.9 yrs	5.7 yrs

[6]

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[7]

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[6]

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Sydney 53%
Melbourne 30%
Premium 48%
Brisbane 7%
A grade 52%
Canberra 6%
Perth 4%
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Fixed 87%
CPI linked 13%
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Reflects Office investment portfolio excluding MWOF equity co-investment.
Excludes IPUC.
Includes the carrying value of assets held for sale, properties being held for development, excludes co-investments equity values, IPUC, and the gross up of lease liability under AASB16. Subject to rounding.
Includes cash and fitout incentives.
Excludes IPUC, assets held for sale, and assets held for development.
By portfolio valuations, excluding IPUC, co-investment equity values, and properties being held for development.
By income, excludes lease expiries.

FY24 Additional Information 8 August 2024

1 Office: leasing details

[2]

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60%
52%
40
20
17%
9%
6% 6%
5% 5%
0
Vacant FY25 FY26 FY27 FY28 FY29 FY30+
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Ofice top10 tenants3	Ofice top10 tenants3	Percentage4	Credit ratings
1	Government	17%	Aaa / Aa2 / AAA / AA+
2	Westpac	13%	Aa3 / AA-
3	Commonwealth Bank	6%	Aa3 / AA-
4	Google	5%	—
5	EY	5%	—
6	Suncorp	4%	A1 / AA-
7	Deloitte	3%	—
8	AGL Energy	2%	—
9	Work Club	2%	—
10	PwC	2%	—
Total		59%

		Leasing	Average	Average
FY24 Leasingactivity	Area	spread	incentive	WALE2
Renewals	37,789 sqm	1.3%	32.2%	6.3 yrs
New Leases	39,503 sqm	1.1%	34.5%	8.0 yrs
Total Office	77,292 sqm	1.2%	33.5%	7.2 yrs
% of Office portfolio NLA Leased	10.0%

Reflects Office investment portfolio excluding MWOF equity co-investment.
By income, excludes assets held for sale.
Excludes Mirvac tenancies.
Percentage of gross office portfolio income.

FY24 Additional Information 8 August 2024

Office: research

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Three year net absorption, cumulative square metres

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$900/sqm
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600
300
0
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '23 '24
Source: JLL Research, June 2024 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
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30%

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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 '24
Source: JLL Research, June 2024 Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
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150,000 sqm
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75,000
0
(75,000)
(150,000)
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL Research, June 2024 Prime Secondary
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2025-2028 new supply vs Past 30 Year Annual Averages

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2.0% of existing stock
1.5
1.0
0.5
0
(0.5)
(1.0)
(1.5)
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Withdrawals – Past 30yrs Ann Average Gross Completions 2025-2028 Net Supply – Past 30yrs Ann Average Net Supply 2025-2028
Source: JLL Data, Mirvac Research calculations and forecast, June 2024
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FY24 Additional Information 8 August 2024

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Industrial

FY24 Additional Information 8 August 2024

Industrial: portfolio details

	FY24	FY23
No. of properties1	12	10
NLA	577,529 sqm	470,939 sqm
Portfolio valuations1	$1,450m	$1,324m
WACR	5.46%	4.62%
Property net operating income (NOI)	$67m	$57m
Like-for-like NOI growth	2.3%	4.3%
Maintenance capex	$8m	$1m
Incentive capex2	—	—
Occupancy (by area)	99.3%	100.0%
NLA leased	23,949 sqm	80,720 sqm
% of portfolio NLA leased	4.1%	17.1%
WALE (by area)	6.8 yrs	7.6 yrs
WALE (by income)	6.1 yrs	6.6 yrs

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Industrial geographic diversity [3]
Sydney 100%
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Industrial rent review structure[4]

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Fixed 94%
CPI linked 6%
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Excludes IPUC and properties being held for development.
Includes cash and fitout incentives.
By portfolio valuations, excluding assets held in funds.
By income, excludes lease expiries.

FY24 Additional Information 8 August 2024

Industrial: leasing details

Industrial lease expiry profile[1]

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60%
55%
40
20
16%
9%
7%
6%
5%
2%
0
Vacant FY25 FY26 FY27 FY28 FY29 FY30+
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Industrial top10 tenants	Industrial top10 tenants	Percentage2	Sector
1	Woolworths Group	13%	Retail Trade
2	Interactive	9%	Information, Media & Telecommunication
3	Thales Australia	6%	Professional, Scientific & Technical Services
4	CEVA Logistics	6%	Transport, Postal & Warehousing
5	Legrand Australia	5%	Professional, Scientific & Technical Services
6	WSI Logistics	4%	Transport, Postal & Warehousing
7	De’Longhi	4%	Wholesale Trade
8	Vulcan Steel	3%	Wholesale Trade
9	ACFS	Port Logistics	3%
10	BagTrans	3%	Transport, Postal & Warehousing
Total		56%

		Leasing	Average	Average
FY24 Leasingactivity	Area	spread	incentive	WALE1
Renewals	21,328 sqm	14.6%	6.9%	6.9 yrs
New leases	2,621 sqm	13.5%	17.3%	5.9 yrs
Total Industrial	23,949 sqm	14.5%	8.2%	6.8 yrs
% of Industrial portfolio NLA leased	4.1%

Percentage of gross industrial portfolio income.
By income.

FY24 Additional Information 8 August 2024

Industrial: research

Industrial land secured on attractive terms[1]

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$1,600/sqm 10%
1,200 7.5
800 5
400 2.5
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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Source: JLL Research, June 2024 Average Sydney land values (2-5Ha) Sydney Prime Outer West capitalisation rate[1] (RHS) 1. Sydney includes average of Outer Central West, Outer North West and Outer South West.

Australian e-commerce penetration

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16%
12
8
4
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: ABS, May 2024 E-commerce penetration
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Average net face rental growth ($/sqm, %y/y)

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

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

20
10
0
(10)
'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
Source: JLL Research, June 2024 Sydney Melbourne Brisbane
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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 Dec 23 Jun 24
Source: SA1 Pro, June 2024 Sydney Melbourne Brisbane
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FY24 Additional Information 8 August 2024

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Retail

FY24 Additional Information 8 August 2024

Retail: portfolio details1

Retail: portfolio details 1
	FY24	FY23
No. of properties1	9	11
NLA2	313,986 sqm	330,718 sqm
Portfolio valuations3	$2,183m	$2,400m
WACR	5.70%	5.59%
Property net operating income (NOI)	$147m	$168m
Like-for-like NOI growth4	4.4%	(2.0%)
Maintenance capex	$18m	$19m
Incentive capex5	$6m	$7m
Occupancy (by area)	98.0%	97.5%
GLA leased	61,660 sqm	90,963 sqm
% of portfolio GLA leased	19.4%	26.6%
WALE (by area)	4.4 yrs	4.2 yrs
WALE (by income)	3.3 yrs	3.1 yrs
Specialty occupancy cost6	14.2%	13.6%
Total comparable MAT	$2,733m	$2,930m
Total comparable MAT productivity7	$10,997/sqm	$11,061/sqm
Total comparable MAT growth7	1.1%	17.3%
Specialties comparable MAT productivity7	$11,245/sqm	$10,925/sqm
Specialties comparable MAT growth7	2.0%	28.2%
New leasing spreads	(1.6%)	4.4%
Renewal leasing spreads	(0.5%)	0.1%
Total leasing spreads	(0.8%)	0.5%

Excludes IPUC.
Excludes 80 Bay Street, Ultimo.
Portfolio valuations excludes IPUC and the gross up of lease liability under AASB16.
Excludes COVID-19 impact.
Includes cash and fitout incentives.

Retail diversity by grade[9]

Retail geographic diversity[8]

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Sydney 65%
Brisbane 30%
Melbourne 5%
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Retail rent review structure[10]

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Fixed 83%
CPI linked 13%
Other 4%
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Includes contracted COVID-19 tenant support, but excludes further support provisions.
In line with SCCA guidelines.
By portfolio value. Brisbane includes Sunshine Coast. Excluding IPUC.
By portfolio value as per PCA classification. Excluding IPUC.
By income, excludes lease expiries.

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Regional 47%
Sub Regional 27%
Outlet 19%
Neighbourhood 4%
CBD Retail 3%
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FY24 Additional Information 8 August 2024

Retail: sales by category

		FY24	FY23
	FY24	Comparable	Comparable
Retail sales bycategory	Total MAT	MATgrowth	MATgrowth
Supermarkets	$936m	3.6%	7.4%
Discount department stores	$210m	(1.5%)	11.6%
Mini-majors	$482m	(2.9%)	12.7%
Specialties	$878m	2.0%	28.2%
Other retail	$227m	(0.6%)	53.7%
Total	$2,733m	1.1%	17.3%

			FY24	FY23
	FY24	Comparable		Comparable
Specialtysales bycategory	Total MAT	MATgrowth		MATgrowth
Food retail	$81m		1.5%	5.1%
Food catering	$242m		4.6%	38.5%
Jewellery	$25m		(2.5%)	12.7%
Mobile phones	$34m		34.8%	29.5%
Homewares	$36m		(1.2%)	15.4%
Retail services	$103m		2.3%	26.8%
Leisure	$23m		(17.7%)	12.8%
Apparel	$255m		0.0%	35.9%
General retail	$79m		0.0%	26.7%
Total specialties	$878m		2.0%	28.2%

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(Compared to same prior period)

35%

30 25 20 15 10 5 0 (5) (10) (15) Total Centre Total Specialties Foot Traffic Annual Growth

FY24 Additional Information 8 August 2024

Retail: leasing details

Retail lease expiry profile: by income

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30%
28%
20
23%
10
13%
12%
11% 11%
2%
0
Vacant FY25 FY26 FY27 FY28 FY29 FY30+
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Retail lease expiry profile: by area

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Retail top10 tenants	Retail top10 tenants	Percentage1	Credit ratings
1	Coles Group Limited	7%	BBB+ / Baa1
2	Wesfarmers Limited	4%	A- / A3
3	Volkswagen Group Australia	3%	BBB+ / A3 / A-
4	Woolworth Group Limited	2%	BBB / Baa2
5	Aldi Food Stores	2%	—
6	Event Cinemas	2%	—
7	Virgin Active Group	2%	—
8	Cotton On Group	2%	—
9	Wanda Group	1%	CCC / C
10	Accent Group	1%	—
Total		26%

50%

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40
41%
30
20
18%
10
2% 9% 11% 9% 10%
0
Vacant FY25 FY26 FY27 FY28 FY29 FY30+
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		Leasing	Average	Number of
FY24 Leasingactivity	Area	spread	incentive	deals done
Renewals	43,899 sqm	(0.5%)	0.4%	168
New leases	17,761 sqm	(1.6%)	17.4%	91
Total Retail	61,660 sqm	(0.8%)	7.3%	259
% of Retail portfolio GLA leased	19.4%

Percentage of gross retail portfolio income.

FY24 Additional Information 8 August 2024

Retail: research

Cumulative Net Australian Household Savings

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$300bn
200
100
0
Mar '20 Jun '20 Sep '20 Dec '20 Mar '21 Jun '21 Sep '21 Dec '21 Mar '22 Jun '22 Sep '22 Dec '22 Mar '23 Jun '23 Sep '23 Dec '23 Mar '24
Source: ABS, March 2024
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Retail Sales: Total (%y/y) vs. 20 year average

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25%
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20
15
10
5
0
(5)
(10)
2019 2020 2021 2022 2023 2024
Source: ABS, May 2024 Retail Trade (%y/y) Retail Trade 20 Year Average
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ANZ job ads index (inversed) vs unemployment rate

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0 Job Ads 12%
8
100
4
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 '24
Source: ANZ June 2024 (ads), ABS May 2024 (employment) ANZ Job Ads Index (LHS, INV) AU Unemployment Rate % (RHS)
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Wage growth by state (%YoY)

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6%
4
2
0
2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
Source: ABS, March 2024 NSW VIC QLD WA
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FY24 Additional Information 8 August 2024

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Build to Rent

FY24 Additional Information 8 August 2024

Build to Rent: portfolio details

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Build to Rent: portfolio details FY24 Additional Information8 August 2024
	FY24	FY23
No. of completed properties1	2	2
No. of completed apartments1	805	805
Co-investment equity value	$386m	$272m
Leased (by apartment)2	95%	75%
Occupancy (by apartment)2	94%	72%

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

Excludes IPUC and display apartments.

FY24 Additional Information 8 August 2024

Build to Rent: research

Annual growth in apartment rents[1]

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30%
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15
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0
(15)
May 13 May 14 May 15 May 16 May 17 May 18 May 19 May 20 May 21 May 22 May 23 May 24
Source: Domain Group APM Research, May 2024 Greater Melbourne Greater Sydney Greater Brisbane
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Number of Renters[3]

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1.0m people
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0.8
0.6
0.4
0.2
0
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89
Age
Source: ABS, Census 2006-2021 2006 2011 2016 2021
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Capital city vacancy rates[2]

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

6%
4
2
0
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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 Jun 24 Source: SQM Research, Macrobond, June 2024 Melbourne Sydney Brisbane

Source: SQM Research, Macrobond, June 2024

Primary renter age cohort forecast to grow significantly

2.5m people

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2.0
1.5
1.0
0.5
0
Age
Source: Australian Government Centre for Population, 2023 Population Statement FY23 FY34
0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-3940-44 45-49 50-54 55-5960-64 65-69 70-74 75-79 80-84 85-89 90-94 95-99
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3-month median, units.
Seasonally Adjusted.
Greater Sydney, Greater Melbourne and Greater Brisbane, count of persons, place of enumeration.

FY24 Additional Information 8 August 2024

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Land Lease

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Thyme Lifestyle Resort, Evans Head, Queensland (artist impression, final design may differ) 73
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FY24 Additional Information 8 August 2024

Land Lease: portfolio details

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Land Lease: portfolio details FY24 Additional Information8 August 2024
	FY24	FY231
No. of communities	28	n/a
No. of occupied sites	4,587	n/a
No. of development sites	1,872	n/a
Co-investment equity value	$235m	n/a
Occupancy (by lot)	100%	n/a
Sales2	361	n/a
Settlements3	409	n/a
Average Settlement Price4	~$500,000	n/a

Investment made in FY24, no comparable period.
Including 66 DSA Projects (these include unconditional and conditional).
New home settlements includes 81 Development Services Agreement (DSA) related settlements in FY24.
12 month average price to June 2024. Excludes GST and DSA Projects.

FY24 Additional Information 8 August 2024

Land Lease: pipeline projects

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Land Lease: pipeline projects FY24 Additional Information8 August 2024
Major projects State Stage	Expected settlement profile (lots)1
	Pre-FY25 FY25 FY26 FY27 FY28 FY29 Post-FY29
Vibe Baldivis Lifestyle Village WA Development	297 20
The Anchorage Lifestyle Resort QLD Development	78 17
Thyme Lifestyle Resort Moreton Bay QLD Development	133 49
Thyme Lifestyle Resort Evans Head NSW Development	103 61
Thyme Lifestyle Resort Mareeba QLD Development	139 36
The Vantage Lifestyle Resort – Vasse WA Development	150 58
Latitude 25 RV Lifestyle Community2 QLD Development	235 46
Lucas Lifestyle Estate VIC Development	97 109
Thyme Lifestyle Resort HerveyBay QLD Development	166 167
Tuart Lakes Lifestyle Resort WA Development	283 194
Helena ValleyLifestyle Village2 WA Development	295 85
The Outlook Lifestyle Resort WA Development	111 120
SpringLakes Resort QLD Development	59 144
Thyme Lifestyle Resort Canungra QLD Development	— 167
Thyme Lifestyle Resort Rothwell QLD Development	— 190
Thyme Lifestyle Resort Sunbury VIC Development	— 186
Thyme Lifestyle Resort Forster NSW Development	— 161

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. 2. Project currently under external development service agreements (DSA).

FY24 Additional Information 8 August 2024

Land Lease: research

Number of Australians intending to retire annually

ABS Estimate

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250,000 people
200,000
150,000
100,000
50,000
0
1985 1991 1997 2003 2009 2015 2021 2027 2033 2039
Source: ABS, Mirvac Research, May 2024 ABS Estimate of Retiring Persons Forecast Past 30yr average
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Population aged 55+ Intergenerational review projections

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53%
15.0m people
43
10.0
33
5.0
23
1.0 13
Jun 1973 Jun 1983 Jun 1993 Jun 2003 Jun 2013 Jun 2023 Jun 2033 Jun 2043 Jun 2053 Jun 2063
Source: ABS Historical Population, Estimated Resident Population, Number (LHS) % of total population (RHS)
Federal Treasury 2023 Intergenerational Report
Residents & bedrooms
(% of total, aged 55-79 years)
60%
40
20
0
1 2 3 4+
Number per dwelling
Source: ABS Census 2021 (2021 Census – counting persons, place of enumeration) Residents per dwelling Bedrooms per dwelling
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FY24 Additional Information 8 August 2024

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Funds

Quay Quarter Tower, Sydney (image credit: Adam MØrk) 77

FY24 Additional Information 8 August 2024

Funds: platform growth1

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Historical growth in third party capital under management

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$20bn
$1.6bn
18
$17.1bn
($1.1bn)
16
($0.8bn) $15.4bn
($1.4bn)
14
12
$10.4bn
10 $9.6bn
$9.0bn
8 $8.1bn
6
4
$2.8bn
2
0
FY16 FY19 FY20 FY21 FY22 FY23 New Capital Capital Asset Valuation FY24
Raised not yet deployed [2] Disposals Movement
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Represents external funds, assets and development under management and excludes Mirvac’s investment in those managed assets and vehicles.
Adjusted for capital raised in prior year, deployed in current year.

FY24 Additional Information 8 August 2024

Funds: platform overview

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Third Party Capital Under Management[1]

Funds and Assets Managed[2]

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By vehicle type By investor domicile
~$15.4bn
Funds & Ventures 40% Overseas 54%
Joint Ventures 38% Australia 46%
Mandates 22%
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$30bn
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$25.6bn
20
$21.8bn $22.2bn
$14.4bn
10
$12.0bn
$6.7bn
0
Funds under management [3] Assets under management [4]
FY22 FY23 FY24
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Represents $15.4bn of external funds, assets and development under management and excludes Mirvac’s investment in those managed assets and vehicles.
Includes Mirvac share.
Funds Under Management (FUM) represents the total value of assets we generate fees by providing Investment Management services, includes Mirvac share.
Assets Under Management (AUM) represents the total value of capital where we generate fees by providing Property Management services, includes Mirvac share.

FY24 Additional Information 8 August 2024

Funds: research

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Superannuation Assets and Super Guarantee Contribution (%)

Preferred Investment Locations 2024

$4,000bn 12.5% 12.0 3,000 11.5 11.0 10.5 10.0 9.5 9.0 2,000 1,000 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Source: ASFA Superannuation Statistics, June 2024; ATO Super Guarantee Rates (RHS) Total Superannuation Assets (LHS)	90%
	80 ~~85%~~
	70
	60 70% 70% 67%
	50 59%
	40 48%
	30 37%
	20 ~~33%~~
	10 19%
	0 11% 11%
	Melbourne Other Aus cities Singapore China Tier 1 cities Hong Kong & Macau Source: ANREV Investment Intentions Survey Asia Pacific 2024 Tokyo Sydney Osaka Seoul Other Japan India

FY24 Additional Information 8 August 2024

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Development

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

FY24 Additional Information 8 August 2024

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Commercial & Mixed Use

LIV Albert Fields, Melbourne (artist impression, final decision may differ) 82

FY24 Additional Information 8 August 2024

Commercial & Mixed Use: recently completed & pipeline projects

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Commercial & Mixed Use: recently completed & pipeline projects FY24 Additional Information8 August 2024
Sector Area / lots Mirvac Ownership % Pre-leased 1 Estimated value on completion 2 Estimated yield on cost 3	Expected project timing4
	FY24 FY25 FY26 FY27 FY28+
Recently completed projects Switchyard, Sydney Industrial ~72,000 sqm 51% 100% ~$370m ~5%
Committed LIV Aston, Melbourne BTR 474 44% n/a n/a n/a LIV Anura, Brisbane BTR 396 44% n/a n/a n/a LIV Albert Fields, Melbourne BTR 498 44% n/a n/a n/a Waterloo Metro Quarter, Sydney (Southern Precinct) Mixed-Use 5055 50% n/a ~$210m n/a Aspect Kemps Creek, Sydney (North & South)6 Industrial ~213,000 sqm 51% 57% ~$690m ~6% 7 Spencer Street, Melbourne Office ~46,500 sqm 50% 8% ~$640m >5% 55 Pitt Street, Sydney Office ~63,000 sqm 33% n/a ~$2.0bn >6%	~~~$10~~.1bn ~~COMMERCIAL &~~ MIXED USE TOTAL PIPELINE EXPECTED END VALUE2

Uncommitted Aspect Kemps Creek, Sydney (Central) Industrial ~31,500 sqm 100% n/a n/a n/a Harbourside, Sydney Mixed-Use ~35,000 sqm / 263 100% 13% $2.2bn n/a Waterloo Metro Quarter, Sydney (Northern Precinct) Mixed-Use ~37,000 sqm / 150 50% n/a n/a n/a Elizabeth Enterprise Badgerys Creek, Sydney (Stage 1) Industrial ~133,000 sqm 100% n/a n/a n/a Elizabeth Enterprise Badgerys Creek, Sydney (Stage 2) Industrial ~235,000 sqm 100% n/a n/a n/a 90 Collins St, Melbourne Office ~34,000 sqm 100% n/a n/a n/a





	Planning Construction

% of space pre-leased, including non-binding heads of agreements. Areas are approximate, subject to rounding.
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.
Expected yield on cost including land and interest.
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.
Lots include social housing and student accommodation.
Includes completed building.

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Mirvac Group FY24 Additional Information

Development: JV partner funding hypothetical example

Profile of commercial development

Mirvac has a unique competitive advantage through its internal development capability
For large commercial development projects Mirvac will look to sell a +50% indirect interest to a capital partner that will fund a portion of the development, matching cash outflows with cash inflows. In turn, delivering a higher ROIC during development

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PLANNING DELIVERY OPERATING
DEVELOPMENT AND CONSTRUCTION SERVICES IM & PM FEES
Mirvac Net Operating Income
Mirvac capital deployed
Site Risk reduction
acquisition
Initial leasing Practical completion
commences Sell down to capital partner – Development revaluation gains
achievedDA – Partial profit recognition– Capital payment received Progressiveleasing – Net operating income commences– Asset and Investment management fees commence
– Development committed
Demolition Mirvac capital deployed Mirvac Cumulative Profit Recognition AM & IM fee streams
commences
& early works FOR ILLUSTRATIVE PURPOSE ONLY – Not directly to scale
Capital deployed / profit recognition
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Case Study: 55 Pitt St, Sydney

Planning

Initial site purchased in 2013, site amalgamation of 3 office budlings
Initial DA Approvals for ~33,000 sqm
Additional air rights for ~30,000 sqm secured from AGL & Telstra

Capital partnering

67% stake sold down to Mitsui Fudosan Australia to fund the ~$2bn end value development

Capital impact

Release of proportionate share of capital on sell down
Partner to fund 67% of remaining capex
No coupon paid on partner’s cumulative capital investment

Profit recognition

Profit recognition through life of the development
Initial development earnings recognises value created in the land and cumulative de-risking of project to date:
Planning approval
Demolition and early works complete and procurement initiatives
Residual leasing risk passed to owners (No rental guarantee at end of project)
Residual profit recognition in line with construction progress/de-risking

Post completion

Investment management and property management fees on completion
Development revaluation gain on Mirvac share recorded on completion (not reflected in illustration)
NOI on Mirvac 33% ownership stake (not reflected in illustration)

FY24 Additional Information 8 August 2024

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Residential

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Riverlands, Sydney (artist impression, final design may differ) 85
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FY24 Additional Information 8 August 2024

Residential: pipeline positioning | 28,219 pipeline lots | ~$19.3bn expected revenue

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1
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Share of expected future revenue by product[2]

Pipeline lots by product

Pipeline lots by price point: masterplanned communities[4]

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Masterplanned communities 59%
Apartments 41%
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Masterplanned communities 85%
Apartments 15%
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<$500k 72%
>$500k 28%
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Share of expected future revenue by geography[2]

Pipeline lots by structure

Pipeline lots by price point: apartments[4]

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NSW 42%
VIC 28%
QLD 25%
WA 5%
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100% Mirvac balance sheet [3 ] 58%
PDA / DMA 23% <$1.2m 27%
JVA 13% >$1.2m 73%
JO 6%
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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.

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.
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.
Includes projects on capital efficient deferred terms.
Price point includes GST.

FY24 Additional Information 8 August 2024

Residential: masterplanned communities pipeline (key projects)

Major projects State Stage Ownership Type Approx. total project value (incl. GST)1		Expected settlement profile (lots)2	Expected settlement profile (lots)2	Expected settlement profile (lots)2
	Pre-FY25	FY25 FY26 FY27 FY28 FY29 Post-FY29
Georges Cove NSW Multiple Stages PDA House $190m	135	44 —
Iluma Private Estate WA Multiple Stages 100% Land $180m	610	80 —
One71 Baldivis WA Multiple Stages 100% Land $80m	353	58 —
The Village NSW Multiple Stages PDA House & Land $210m	181		197 —
The Fabric VIC Multiple Stages 100% House $260m	120		120 —
Cobbitty by Mirvac NSW Multiple Stages 100% House & Land $630m	116		765 —
Riverlands NSW Multiple Stages 100% House $410m	—		312 —
Henley Brook WA Multiple Stages 100% Land $250m	309			530 —
Googong NSW Multiple Stages JVA House & Land $2,100m	3,078			784 1,210
Woodlea VIC Multiple Stages JVA House & Land $2,000m	4,759			1,424 283
Olivine VIC Multiple Stages 100% & DMA House & Land $1,700m	1,218			1,841 1,564
Smiths Lane VIC Multiple Stages 100% & JO House & Land $1,400m	1,376			1,803 —
Everleigh QLD Multiple Stages 100% Land $990m	905			1,224 1,148
Highforest NSW Multiple Stages 100% House $430m	—			165 —
Milperra, Western Sydney University Campus NSW Multiple Stages PDA House $480m	—			332 51
Wantirna South VIC Multiple Stages PDA House & Land $1,400m	—			590 1,127
Mulgoa NSW Multiple Stages 100% House & Land $1,200m	—			836 363
Monarch Glen QLD Multiple Stages PDA Land —	—			776 6,424

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Masterplanned communities project pipeline analysis

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~80%
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Note: PDAs are development service contracts and there is no land ownership to Mirvac.

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.
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.

FY24 Additional Information 8 August 2024

Residential: apartments pipeline (key projects)

Residential: apartments pipeline (key projects) FY24 Additional Information8 August 2024
Major projects State Stage Pre-sold1 % Ownership Approx. total pipeline value (incl. GST) 2		Expected settlement profile (lots)3
	Pre-FY24	FY25	FY26 FY27 FY28 FY29 Post-FY29
Green Square4 NSW Released stages 98% PDA $480m	307	11	—
The Langlee NSW All stages 84% PDA $170m	42	13	—
Ascot Green QLD Charlton House 93% PDA $140m	—	112	—
Waterfront QLD Quay 100% 100% $200m	—	135	—
NINE Willoughby NSW All stages 58% 100% $800m	211	206	—
The Albertine VIC All stages 29% 100% $200m	—		98 —
Waterfront QLD Isle 93% 100% $230m	—		124 —
Prince and Parade VIC All stages 26% 100% $290m	—			160 —
Highforest NSW All stages 63% 100% $400m	—			249 —
The Peninsula WA Ador 44% 100% $140m	—			82 —
Yarra's Edge VIC Trielle 53% 100% $400m	—			191 —
Yarra's Edge VIC Future stages Not released 100% $330m	—				249 —
The Fabric VIC Future stages Not released 100% $230m	—				340 —
Ascot Green QLD Future stages Not released PDA $660m	—				269 392
Harbourside5 NSW Future stages Not released 100% —	—				263	—
The Peninsula WA Future stages Not released 100% $550m	—					125 166
Green Square NSW Future stages Not released 100% $1,300m	—					265 552
Waterfront QLD Future stages Not released 100% $350m	—					126
Note PDAs are develoment service contracts and there is no land ownershi to Mirvac			APT Projects under construction with impacted margins

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

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Apartments project pipeline analysis

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~20%
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Pre-sales based on released lots. Excludes deposits. Subject to rounding.
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.
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.
Residential lots only.
Relates to Residential build to sell lots within Mixed Use projects.

FY24 Additional Information 8 August 2024

Residential: pre-sales detail

Pre-sales by geography[1]

Reconciliation of movement in exchanged pre-sales contracts to FY24[1]

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$1,039m
$2,500m
47%
QLD 40%
41%
VIC 34%
2,000 53% NSW 21%
WA 5%
$1,821m
59%
1,500 28%
$1,258m
($1,602m)
1,000 27% Pre-sales by buyer profile [1,2]
72%
500
73%
0 Offshore 3%
FY23 FY24 FY24 FY24
Pre-sales exchanges settlements Pre-sales
balance balance
Apartments MPC
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Owner occupier[3] 76% Investor 21% Offshore 3%

Pre-sales by type[1]

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[1]

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Apartments 74%
Masterplanned
communities 26%
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FY25 49%
FY26 31%
FY27+ 20%
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Represents Mirvac’s share of total pre-sales contract value and includes GST. Subject to rounding.
Buyer profile information approximate only and based on customer surveys.
Includes first home buyers.

FY24 Additional Information 8 August 2024

Residential: FY24 acquisitions & additional pipeline projects

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Project	State	Ownership	No. of lots1	Product type	Estimated settlement commencement1
Acquisitions / agreements
Monarch Glen	QLD	PDA	7,200	Masterplanned Communities	FY27
Additional pipeline projects
Mulgoa	NSW	100%	1,199	Masterplanned communities	FY27
Total acquisitions and additional pipeline projects			8,399

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.

FY24 Additional Information 8 August 2024

Residential: FY25 expected major releases

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Masterplanned communities	State	Type	Approximate lots1
Smiths Lane	VIC	Masterplanned communities – land & house	310
Everleigh	QLD	Masterplanned communities – land	250
Cobbitty by Mirvac	NSW	Masterplanned communities – land	220
Woodlea	VIC	Masterplanned communities – land & house	190
Henley Brook	WA	Masterplanned communities – land	190
Olivine	VIC	Masterplanned communities – land & house	160
Masterplanned communities major releases			1,320
Apartments	State	Type	Approximate lots1
Highforest	NSW	Apartments	118
Harbourside2	NSW	Apartments	86
The Fabric	VIC	Apartments	60
NINE Willoughby	NSW	Apartments	36
Apartments major releases			300
Total major releases			1,620

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.

FY24 Additional Information 8 August 2024

Residential: FY24 settlements | 2,401 lot settlements

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	Apartments Lots %1 560 23% — — 9 1% — — 569 24%	Masterplanned communities Lots %1 362 15% 204 9% 920 38% 346 14% 1,832 76%	Total
			Lots %1
NSW QLD VIC WA			922 38% 204 9% 929 39% 346 14%
Total			2,401 100%

FY24 lot settlements

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BY PRODUCT TYPE

Apartments 24% Masterplanned communities 76% Land 66% House 10%

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BY GEOGRAPHY

VIC 39% NSW 38% WA 14% QLD 9%

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BY STRUCTURE

100% Mirvac balance sheet 47% PDA 20% JVA 18% JO 15%

Subject to rounding.

FY24 Additional Information 8 August 2024

Residential: FY24 settlements detail

FY24 Major settlements	Product type	Ownership	Lots
Smiths Lane, VIC	Masterplanned Communities	100% & JO	380
Woodlea, VIC	Masterplanned Communities	JVA	325
Green Square, NSW	Apartments	PDA	307
NINE Willoughby, NSW	Apartments	100%	211
Everleigh, QLD	Masterplanned Communities	100%	188
Henley Brook, WA	Masterplanned Communities	100%	184
Olivine, VIC	Masterplanned Communities	100% & DMA	156
Cobbitty by Mirvac, NSW	Masterplanned Communities	100%	116
Googong, NSW	Masterplanned Communities	JVA	101
One71 Baldivis, WA	Masterplanned Communities	100%	88
Subtotal			2,056
Other projects			345
Total			2,401

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FY24 settlement buyer profile

FY24 settlement buyer profile by geography

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Upgraders/Rightsizer 40%
Investors 30%
First home buyers 30%
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Domestic 97%
Offshore 3%
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FY24 settlements average sales price[1]

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Apartments House Land
~$1.7m ~$850k ~$408k
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Note: PDAs are development service contracts and there is no land ownership to Mirvac. 1. Inclusive of GST.

FY24 Additional Information 8 August 2024

Residential: EBIT reconciliation and gross development margin

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		FY24	FY23
Residential EBIT reconciliation		$m	$m
Total Revenue	A	1,480	834
Total cost of development and construction	B	(1,222)	(621)
Residential Gross Margin1	C = A + B	$258m	$213m
Residential Gross Margin (%)	D = C / A	17.4%	25.5%
Other expenses2	E	(46)	(57)
Total Costs	F = B + E	(1,268)	(678)
Residential EBIT	G = F + A	$212m	$156m
Residential EBIT Margin (%)	H = G / A	14.3%	18.7%

Prior period adjustment relates to reclass of Total costs of development and construction to include post completion and maintenance costs and consolidation of Other Revenue into Total Revenue. Gross Margin restated 1H24 to 17.8% (1H24 was reported at 16.8%) and FY23 to 25.5% (FY23 was reported at 25.7%).

Includes Sales and Marketing, Employee and other expense.

FY24 Additional Information 8 August 2024

Residential: research

Median land price (per sqm)

$2,000/sqm

Net land sales (per month)

3,000 lots

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1,500
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1,000
500
0
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 Jun 24
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Source: Research4; June 2024 NSW – All of Market VIC – All of Market SEQ – All of Market WA – All of Market

Trading stock available

16 months

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12
8
4
0
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 Jun 24
Source: Research4; June 2024 NSW – All of Market VIC – All of Market SEQ – All of Market WA – All of Market
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2,000
1,000
0
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 Jun 24
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Source: Research4; June 2024 NSW – All of Market VIC – All of Market SEQ – All of Market WA – All of Market

80%

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60
40
20
0
May 14 May 15 May 16 May 17 May 18 May 19 May 20 May 21 May 22 May 23 May 24
Source: Domain Group APM Reseaerch, May 2024, Greater Sydney Greater Melbourne Greater Brisbane Greater Perth
Mirvac Research, 16-month median.
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FY24 Additional Information 8 August 2024

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Calendar

Waterfront, Brisbane (artist impression, final design may differ) 96

FY24 Additional Information 8 August 2024

1H25 Calendar

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1H25 Calendar FY24 Additional Information8 August 2024
Event	Location	Date1
Private roadshow	Sydney	9-16 August 2024
Private roadshow	Melbourne	12-13 August 2024
Macquarie Australia & New Zealand Corporate Day	Singapore/Hong Kong	3-6 September 2024
BofA 2024 Global Real Estate Conference & US NDR	New York/Boston	9-12 September 2024
1Q25 Operational update	—	22 October 2024
2024 Annual General Meeting	—	15 November 2024

All dates are indicative and subject to change.

FY24 Additional Information 8 August 2024

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

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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% office space – If the asset comprises less than 75% of NABERS rateable office space by area. iv. Buildings with less than 2,000 sqm office space

	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	Operating profit reflects the core earnings of the Group, representing statutory profit adjusted for specific
Profit	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

FY24 Additional Information 8 August 2024

Important notice

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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.

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 2024, 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 2024, unless otherwise noted.

Thank you

CONTACT

Gavin Peacock, CFA | General Manager Investor Relations [email protected]

AUTHORISED FOR RELEASE BY

The Mirvac Group Board

Level 28, 200 George Street, Sydney NSW 2000

‘Reimagining Country’ by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji), We are 27 Creative

AI assistant

MIRVAC GROUP — Annual Report 2024

65328_rns_2024-08-07_e88727d3-3c65-44a6-a247-32330879eda9.pdf

FY24 Additional Information

Contents

32 Overview 51 Investment

41 Financial

70 Build to Rent

77 Funds

81 Development

96 Calendar

98 Glossary & Important notice

Overview

Mirvac is a leading, diversified Australian property group

Deep platform value

RESIDENTIAL DEVELOPMENT PLATFORM

INTEGRATED COMMERCIAL & MIXED USE DEVELOPMENT PLATFORM

~$15.4BN THIRD-PARTY CAPITAL MANAGEMENT PLATFORM

MARKET LEADING INVESTMENT PORTFOLIO AND DEVELOPMENT INVENTORY

Investment

Sustainability commitment

MIRVAC REPORTS TRANSPARENTLY TO A RANGE OF ESG PERFORMANCE INDICES ON TOPICS SPANNING THE BREADTH OF ENVIRONMENT, SOCIAL AND GOVERNANCE

Setting new goals for sustainability

HOW WE GOT THERE:

TARGET SET:

TARGET[1]

Our ESG performance

ESG FOCUS AREA

TARGET

TRACKING

RECENT ACHIEVEMENTS

ESG performance

Mirvac Net GHG Emissions[1]

Energy Intensity[3]

Water Intensity[3]

Reimagine urban life, sustainably

Financial

FY24 & FY23 operating to statutory result reconciliation

FY24 EBIT movement by segment

Operating EBIT by segment: FY23 to FY24

FY24 Investment income reconciliation by segment

Industrial Income Summary

FFO & AFFO based on PCA guidelines

Finance costs by segment

FY23

Invested capital

FY24 return on invested capital

Capital management metrics & liquidity profile

Capital management metrics

Liquidity profile

Debt & hedging profile

Drawn debt maturities as at 30 June 2024

NTA & securities on issue reconciliation

Investment

Investment: portfolio overview

Investment portfolio by sector[8]

Investment: total investment value

Investment Portfolio Movement

Investment: key ventures

Investment: key acquisitions & disposals

Investment: portfolio performance versus benchmark

All Property Returns[1]

Industrial Property Returns[1]

[1]

Office: portfolio details

1 Office: leasing details

[2]

Office: research

Industrial

Industrial: portfolio details

Industrial rent review structure[4]

Industrial: leasing details

Industrial lease expiry profile[1]

Industrial: research

Industrial land secured on attractive terms[1]

Australian e-commerce penetration

Average net face rental growth ($/sqm, %y/y)

Vacancy trend (by city)

Retail: portfolio details1

Retail diversity by grade[9]

MIRVAC GROUP Annual Report 2024