MIRVAC GROUP — Interim / Quarterly Report 2023

Feb 8, 2023

REIMAGINE URBAN LIFE 09 FEBRUARY 2023 1H23 AdditionalInformation

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Reimagine Urban Life

1H23 ADDITIONAL INFORMATION

ContentsOverview

Overview

• 34 Mirvac overview

• 35 Asset overview

• 36 Sustainability commitment 37 Our ESG performance

Financial

• 39 1H23 & 1H22 operating to statutory profit reconciliation

• 40 1H23 EBIT movement by segment

• 41 1H23 NOI reconciliation by segment

• 42 FFO & AFFO based on PCA guidelines

• 43 Finance costs by segment

• 44 Invested capital

• 45 Assets & funds under management

• 46 Capital management metrics & liquidity profile

• 47 Debt & hedging profile

• 48 NTA & securities on issue reconciliation

Investment

• 50 Investment: portfolio overview

• 51 Investment: key acquisitions

• & disposals

Office

• 53 Office: portfolio details

• 54 Office: leasing details 55 Office: research

Industrial

• 57 Industrial: portfolio details

• 58 Industrial: leasing details

• 59 Industrial: research

Retail

• 61 Retail: portfolio details

• 62 Retail: sales by category

• 63 Retail: leasing details 64 Retail: research

Build to Rent

• 66 Build to Rent: portfolio details

• 67 Build to Rent: research

Development

Commercial & Mixed Use

• 70 Commercial & Mixed Use:

• recently completed & committed projects

• 71 Commercial & Mixed Use: development pipeline

• 72 Development indicative timeline

Residential

• 74 Residential: pipeline positioning

• 75 Residential: masterplanned communities pipeline

• 76 Residential: apartments pipeline

• 77 Residential: pre-sales detail

• 78 Residential: 1H23 acquisitions

• & additional pipeline projects

• 79 Residential: 2H23 expected major releases

• 80 Residential: 1H23 settlements

• 81 Residential: 1H23 settlements detail

• 82 Residential: EBIT reconciliation and gross development margin

• 83 Residential: research

Calendar

85 2H23 Calendar

Glossary & Important Notice

• 86 Glossary

• 87 Important notice

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Bourke Place, Melbourne

1H23 ADDITIONAL INFORMATION Reimagine Urban Life

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 ~$35bn total assets under management, including ~$18bn external assets and funds 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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INTEGRATED INVESTMENT PORTFOLIO DEVELOPMENT
Office Industrial Retail Build to Rent Commercial & Mixed Use Residential
> 24 assets [ 1] > 10 assets [1] > 12 assets [ 1] > 2 assets [ 1] > ~$2.1bn committed developments [ 5] > 24,466 pipeline lots [ 4]
> Portfolio value: $7.9bn [ 2] > Portfolio value: $1.6bn [ 2] > Portfolio value: $2.9bn [ 2] > Portfolio value: $0.8bn [ 2] > ~$12.5bn total pipeline value [ 5] > ~$17.4bn expected future revenue [ 5]
> NLA: 837,706 sqm > NLA: 469,339 sqm > GLA: 348,038 sqm [ 6] > 805 completed and 1,368 > ~$1.7bn pre-sales [ 7]
pipeline apartments [ 3]
Artist impression Artist impression Artist impression
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1. Includes assets held for sale/on market for sale and excludes IPUC.

2. Portfolio value includes IPUC, assets held for sale/on market for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16).

3. 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.

4. 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.

5. Represents 100% expected end value/future revenue (including GST), subject to various factors outside Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 6. Excludes 80 Bay Street and 1-3 Smail Street, Ultimo.

6. Represents Mirvac’s share of total pre-sales and includes GST.

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1H23 ADDITIONAL INFORMATION

Mirvac is a lAsset overvi e w ading, diversified Australian property group

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1 3 1 5
Queensland
Office Industrial Retail Build to Rent Residential CMU development
$7.9bn [1] $1.6bn [1] $2.9bn [1] $0.8bn [1] $17.4bn [2] $12.5bn [2]
total value total value total value total value total value total value $1.2bn $3.4bn
27 13 14 5 34 [4,048]
assets assets assets assets assets investment portfolio [1] total development pipeline [2] residential pipeline lots [3]
1 6 NT 14 13 9 1 12
Western Australia New South Wales
WA QLD
$0.3bn $0.7bn [1,440] SA $8.3bn $16.1bn [7,358]
investment portfolio [1] total development pipeline [2] residential pipeline lots [3] investment portfolio [1] total development pipeline [2] residential pipeline lots [3]
NSW
10 1 3 11 1 1
Victoria ACT Australian Capital Territory
VIC
$3.0bn $9.6bn [11,620] $0.5bn
investment portfolio [1] total development pipeline [2] residential pipeline lots [3] investment portfolio [1]
TAS
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Note: Asset numbers include investment properties, IPUC, and assets in marketing for sale. Excludes residential proposed projects.

1. Portfolio value includes IPUC, assets for sale, and properties being held for development 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), 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.

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1H23 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

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MIRVAC REPORTS ITS MANDATORY
5 STARS DISCLOSURE IN ACCORDANCE AAA RATING ‘ADVANCED’ RATING
WITH THE NGERS ACT
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NEGLIGIBLE RISK RATING
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MIRVAC REPORTS IN ACCORDANCE
WITH THE GRI STANDARDS
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MIRVAC’S COMMUNITY MIRVAC REPORTS IN LINE INVESTMENT IS VERIFIED B4SI WITH TCFD RECOMMENDATIONS

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FIRST AUSTRALIAN
PROPERTY COMPANY TO JOIN
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VOLUNTARY DISCLOSURES TO THE
CORPORATE EMISSIONS REDUCTION
TRANSPARENCY REPORT
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1H23 ADDITIONAL INFORMATION

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Our ESG performance

ESG FOCUS AREA

TARGET

TRACKING RECENT ACHIEVEMENTS Carbon emissions Net positive in scope 1, 2, 3 emissions > Released our plan and approach to be net positive in scope 3 carbon emissions by 2030 > 18 assets rated 5+ stars NABERS Energy Nothing > 100% renewable energy for our operating assets wasted Zero waste to landfill ON TRACK > Recycling 94% construction and 68% operational waste in FY22 > On track to halving development waste Every drop of water Net positive water > On track to buying 25% recycled content (concrete, steel) Our people Active, inclusive care > Good Company – one of the best workplaces to give back for 2nd consecutive year > $9.6m verified community investment in FY22; $45m since FY18 Connection Leaving a positive legacy ON TRACK > Unlimited, paid volunteer leave (delivered FY19) > $14m in social procurement in FY22; $42m since FY18 > World #1 most gender equitable company, by Equileap Inclusion Truly included Procurement Using our buying power for good > Released our 3rd Modern Slavery Statement > Achieved top rating (5 stars) in the latest UN Principles for Responsible Investment > Committed to the Science Based Targets Initiative Finance & investment Greening our finance ON TRACK > Applied for certification as a B-Corp > Mirvac Construction became first business in Australia awarded a 5 Gold Star iCIRT rating Capability > Recognised in the inaugural SL25 list for stewardship leadership in Asia Pacific region & disclosure Active, capable governance > #1 in 2022 AFR Boss ‘Best places to work’ awards (property)

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1H23 ADDITIONAL INFORMATION

Financial

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Mirvac Office, Melbourne

Reimagine Urban Life

1H23 ADDITIONAL INFORMATION

1H23 & 1H22 operating to statutory profit reconciliation

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1H23 1H22 Variance
$m $m $m
Investment EBIT 335 270 65
Integrated Investment Property NOI 327 275 52
Office NOI 205 181 24
Retail NOI 90 65 25
Industrial NOI 28 27 1
BTR and Other 4 2 2
Asset and funds management EBIT 29 16 13
Management and administration expenses (21) (21) —
Development EBIT 94 162 (68)
Commercial & Mixed Use 58 73 (15)
Residential 36 89 (53)
Segment EBIT [1] 429 432 (3)
Unallocated overheads (42) (41) (1)
Group EBIT 387 391 (4)
Net financing costs [ 2] (68) (62) (6)
Operating income tax expense (14) (32) 18
Operating profit after tax 305 297 8
Development revaluation (loss)/gain [3] (19) 48 (67)
Investment property revaluation 35 260 (225)
Other non-operating items (106) (40) (66)
Statutory profit attributable to stapled securityholders 215 565 (350)
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1. EBIT includes share of net profit of joint ventures and associates.

2. Includes cost of goods sold interest of nil for Commercial & Mixed Use (December 2021: $6m) and $4m for Residential (December 2021: $9m) and interest revenue of $4m (December 2021: $2m). Refer to page 43 for break down.

3. Relates to the fair value movement on IPUC.

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1H23 ADDITIONAL INFORMATION

1H23 EBIT movement by segment

Operating EBIT by segment: 1H22 to 1H23

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$460m
$65m ($15m)
($53m)
420
$391m ($1m) $387m
380
340
1H22 EBIT Investment Commercial Residential Unallocated 1H23 EBIT
& Mixed Use overheads
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	1H23	1H22
	$m	$m
Investment	335	270
Commercial & Mixed Use	58	73
Residential	36	89
Unallocated overheads	(42)	(41)
Group operating EBIT	387	391

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1H23 ADDITIONAL INFORMATION

1H23 NOI reconciliation by segment

Integrated Investment Portfolio NOI summary

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$400m
$31m $327m
$9m
$16m
$275m
200 ($4m)
0
1H22 NOI [ 1] Divestments Development Like-for-like Net change in 1H23 NOI [ 1]
& others [ 1] COVID-19 impact [ 2]
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$205m $4m $205m
$6m
$16m
185
$181m
($2m)
165
1H22 NOI Divestments Development Like-for-like Net change in 1H23 NOI
& others COVID-19 impact
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Industrial NOI summary

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$1m $28m
$28m $27m
14 $27m
0
1H22 NOI Like-for-like 1H23 NOI
Retail NOI summary
$100m
$27m $90m
$65m
$1m
50 ($2m)
($1m)
0
1H22 NOI Divestments Development Like-for-like Net change in 1H23 NOI
& others COVID-19 impact
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1. Includes BTR.

2. Net change in COVID-19 impact represents the movement between the +$6m 1H23 COVID-19 impact and the ($25m) 1H22 COVID-19 impact.

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1H23 ADDITIONAL INFORMATION

FFO & AFFO based on PCA guidelines

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	1H23	1H22
	$m	$m
Operating profit after tax	305	297
SaaS implementation costs	11	9
Funds From Operations (FFO)	316	306
Maintenance capex	(10)	(20)
Incentives	(35)	(32)
Utilisation of tax losses	14	32
Adjusted Funds From Operations (AFFO)	285	286

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1H23 ADDITIONAL INFORMATION

Finance costs by segment

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	Integrated
	Investment	Commercial
	Portfolio	& Mixed Use	Residential	Unallocated	Group
1H23	$m	$m	$m	$m	$m
Interest expense	13	7	19	56	95
Interest capitalised	(13)	(6)	(11)	—	(30)
COGS interest	—	—	5	—	5
Borrowing costs amortised	—	—	—	2	2
Total finance costs	—	1	13	58	72
Less: interest revenue	—	—	—	(4)	(4)
Net finance costs	—	1	13	54	68
1H22
Interest expense	6	4	14	40	64
Interest capitalised	(6)	(4)	(6)	—	(16)
COGS interest	—	6	9	—	15
Borrowing costs amortised	—	—	—	1	1
Total finance costs	—	6	17	41	64
Less: interest revenue	—	—	—	(2)	(2)
Net finance costs	—	6	17	39	62

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1H23 ADDITIONAL INFORMATION

Invested capital

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Passive invested capital [1]
84% $13.4bn
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Office 60%
Retail 22%
Industrial 12%
Build to Rent 6%
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Active invested capital [2]
16% $2.6bn
Residential 78%
Commercial
& Mixed Use: 22%
MPC 40%
Apartments 38%
Commercial
& Mixed Use 22%
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$16.0bn
Total invested capital
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Residential 78%
Commercial
& Mixed Use: 22%
MPC 40%
Apartments 38%
Commercial
& Mixed Use 22%
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1. Invested capital includes investment properties, IPUC, assets held for sale, JVA, other financial assets, and deferred land on balance sheet.

2. Active invested capital includes deferred land and unearned income.

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1H23 ADDITIONAL INFORMATION

Assets & funds under management

Balance sheet assets 48% $16.7bn

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$34.6bn
Total assets & funds
under management
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External assets & funds under management 52% $17.9bn

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Office 93%
Retail 5%
Industrial 2%
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1H23 ADDITIONAL INFORMATION

Capital management metrics & liquidity profile

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Capital management metrics

Liquidity profile

	31 December 2022	30 June 2022
NTA	$2.79	$2.79
Balance sheet gearing1	24.5%	21.3%
Look through gearing	24.7%	22.0%
Total interest bearing debt2	$4,260m	$4,090m
Average borrowing cost3	4.8%	3.9%
Average debt maturity	5.3 yrs	5.6 yrs
Hedged percentage	53%	55%
Average hedge maturity	3.4 yrs	3.7 yrs
Moody’s / Fitch credit rating	A3 / A-	A3 / A-

	Facility limit	Drawn amount	Available liquidity
As at 31 December 2022	$m	$m	$m
Facilities due within 12 months4	250	250	—
Facilities due post 12 months4	5,110	4,010	1,100
Total	5,360	4,260	1,100
Cash on hand			67
Total liquidity			1,167
Less facilities maturing <12 months4			(250)
Funding headroom			917

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 31 December 2022. WACD over the 6 months to 31 December 2022 was 4.5% and 3.4% for the prior corresponding period.

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

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1H23 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	400	—
USPP1	Dec 24	136	136
Bank Facility	Sep 25	450	310
USPP1	Sep 25	45	45
Bank Facility1	Dec 25	258	258
USPP1	Dec 25	151	151
Bank Facility	Aug 26	200	200
Bank Facility	Sep 26	300	140
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	Sep32	181	181
USPP1	Mar 34	120	120
USPP1	Sep34	84	84
USPP1	Sep39	100	100
Total		5,360	4,260

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Drawn debt maturities as at 31 December 2022

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$900m
600
300
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43
USPP EMTN Bank MTN
Debt drawn sources
USPP BANK FACILITIES EMTN MTN
40% 28% 19% 13%
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Hedging & fixed interest profile 31 December 2022[ 2]

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$2,500m 4.0%
2,000
1,500 3.15% 3.0
1,000 2.80% 2.64%
2.96%
2.47%
500 2.83%
0 2.0
Dec 22 Jun 23 Jun 24 Jun 25 Jun 26 Jun 27
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.

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1H23 ADDITIONAL INFORMATION

NTA & securities on issue reconciliation

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Net tangible assets		$m
As at 1 July 20221		11,002
Operating profit for the half year		305
Revaluation of investment properties		17
Securities issued during the period		6
Other net equity movements and non-operating items through profit and loss		(99)
Distributions2		(205)
As at 31 December 2022		11,026
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 31 December 2022		3,945,860,217
Weighted average number of securities		3,945,223,165
NTA per stapled security		$2.79

1. HY23 distribution is 5.2 cpss, payable on 28 February 2023.

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

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1H23 ADDITIONAL INFORMATION

Investment

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The Foundry, South Eveleigh, Sydney
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1H23 ADDITIONAL INFORMATION

Investment: portfolio overview

Mirvac total property portfolio valuations	Office1 $7.9bn	Industrial1 $1.6bn	Retail1 $2.9bn	Build to Rent1 $0.8bn	Total Portfolio1 ~$13.2bn
	Office	Industrial	Retail	Build to Rent	Total Portfolio
Investment property valuations2	$7.7bn	$1.3bn	$2.6bn	$0.6bn	$12.2bn
IPUC valuations2	$0.2bn	$0.3bn	$0.3bn	$0.2bn	$1.0bn
No. of investment property assets3	24	10	12	2	48
Lettable area3	837,706 sqm	469,339 sqm	348,038 sqm	n/a	1,655,083 sqm
Occupancy (by area)4	96.3%	100.0%	97.6%	95%6	97.6% 7
WALE (by income)5	6.0 yrs	6.4 yrs	3.1 yrs	n/a	5.3 yrs
WACR	5.05%	4.33%	5.35%	4.05%	4.99%

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Investment portfolio
by sector [8]
Office 60%
Retail 22%
Industrial 12%
Build to Rent 6%
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1. Portfolio valuations includes IPUC, assets held for sale/for sale, and properties being held for development and represents fair value (excludes gross up of lease liability under AASB 16). Subject to rounding.

2. Subject to rounding.

3. Includes assets held for sale and excludes IPUC, 53 Walker Street & 97 Pacific Highway, North Sydney, and South Eveleigh Carpark.

4. Excludes IPUC.

5. Excludes IPUC and properties being held for development.

6. Occupancy by apartment. Excludes IPUC, display apartment and stabilising properties (LIV Munro). Note: LIV Munro 18% leased as at 31 December 2022.

7. BTR is excluded from total portfolio calculation.

8. By total property portfolio valuations, which includes IPUC, assets held for sale/on market for sale, and properties being held for development.

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1H23 ADDITIONAL INFORMATION

Investment: key acquisitions & disposals

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Acquisitions 1H23	State	Sector	Acquisition price	Settlement date
Switchyard, 300 Manchester Road Auburn1	NSW	Industrial	$138m	September 2022
Total			$138m
Disposals 1H23	State	Sector	Sale price2	Settlement date
Allendale Square, 77 St Georges Terrace, Perth	WA	Ofice	$223m	December 2022
189 Grey Street, Brisbane	QLD	Ofice	$104m	October 2022
Total			$327m

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

	State	Sector	Saleprice2	Exchange date
Stanhope Village, Stanhope Gardens	NSW	Retail	$158m	December 20223
Total			$158m

1. Acquisition price represents 49% ownership interest, consolidating Mirvac’s ownership of the asset to 100% from this date.

2. Sale price before transaction costs and adjustments.

3. Settlement expected 2H23.

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1H23 ADDITIONAL INFORMATION
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Reimagine Urban Life
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Office

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80 Ann Street, Brisbane
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1H23 ADDITIONAL INFORMATION

Office: portfolio details

	1H23	1H22
No. of properties1	24	25
NLA1	837,706 sqm	795,395 sqm
Portfolio valuations2	$7,863m	$8,121m
WACR	5.05%	5.10%
Property net operating income (NOI)	$205m	$181m
Like-for-like NOI growth	3.5%	0.8%
Maintenance capex	$5m	$10m
Incentive capex3	$6m	$4m
Occupancy (by area)	96.3%	95.0%
NLA leased	24,326 sqm	25,557 sqm
% of portfolio NLA leased	2.9%	3.2%
WALE (by area)4	6.9 yrs	7.3 yrs
WALE (by income)4	6.0 yrs	6.3 yrs

[ 5]

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Sydney 57%
Melbourne 30%
Brisbane 5%
Canberra 5%
Perth 3%
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[ 7]

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Fixed 88%
CPI linked 12%
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[ 6]

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Premium 42%
A grade 56%
B grade 2%
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1. Includes assets for sale and excludes IPUC and 53 Walker Street & 97 Pacific Highway, North Sydney, and South Eveleigh Carpark.

2. Includes IPUC, assets for sale and properties being held for development. 1H23 IPUC value of $209m (4 properties) and 1H22 IPUC value of $703m (4 properties). Subject to rounding.

3. Includes cash and fitout incentives.

4. Excludes IPUC and assets held for development.

5. By portfolio valuations, including IPUC and properties being held for development or assets on market for sale.

6. By portfolio valuations, excluding IPUC.

7. By income, excludes lease expiries.

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1H23 ADDITIONAL INFORMATION

Office: leasing details

[ 1]

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60%
52%
40
20
15%
10%
7%
5% 5% 6%
0
Vacant 2H23 FY24 FY25 FY26 FY27 FY28+
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Office top 10 tenants2	Office top 10 tenants2		Percentage3		Credit ratings
1	Government		15%	Aaa, Aa2, AAA, AA+
2	Westpac		12%		Aa3, AA-
3	Commonwealth Bank of Australia		5%		AA3, AA-
4	Google		4%		—
5	EY		4%		—
6	Suncorp		3%		Baa2
7	Deloitte		3%		—
8	AGL Energy		3%		—
9	John Holland		2%		—
10	Corrs		1%		—
Total			52%
			Leasing	Average	Average
1H23 Leasing activity		Area	spread	incentive	WALE1
Renewals		8,363 sqm	3.7%	20.5%	3.1 yrs
New leases		15,963 sqm	7.6%	32.7%	5.7 yrs
Total Office		24,326 sqm	5.5%	29.2%	4.7 yrs
%	of Office portfolio NLA leased	2.9%

1. By income. Expiry profile excludes development affected assets.

2. Excludes Mirvac tenancies.

3. Percentage of gross office portfolio income.

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1H23 ADDITIONAL INFORMATION

Office: research

Major leases signed 2020+ (net movement)

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250,000 sqm 40%
208,982 37%
200,000
30
167,462
150,000 24% 135,593 146,930 135,668 152,552
20
100,000
10
50,000 8%
0 0
Brisbane CBD Melbourne CBD Sydney CBD
Leased Vacated Net increase in space take-up (RHS)
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Source: JLL, December 2022. Occupier moves across Sydney, Brisbane, Melbourne. Analysis includes leases signed 2020+ and omits blanks on lease signed date, pure expansion, pure contraction. Moves within market only.

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80%
60
40
20
0
Melbourne CBD Sydney CBD Brisbane CBD Perth CBD
Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22
Source: Property Council of Australia, November 2022
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30%
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20
10
0
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
Sydney CBD Melbourne CBD Brisbane CBD Perth CBD
Source: JLL, December 2022
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ANZ job ads (inv) vs Australian unemployment rate

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8% 0 Job Ads
6
100,000
4
200,000
2
0 300,000
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22
AU Unemployment Rate (LHS) ANZ, Average Weekly Job Ads (RHS)
Source: ABS, ANZ, September 2022 (ads)/November 2022 (unemployment)
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1H23 ADDITIONAL INFORMATION
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Industrial

Reimagine Urban Life

1H23 ADDITIONAL INFORMATION

Industrial: portfolio details

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	1H23	1H22
No. of properties1	10	10
NLA	469,339 sqm	469,339 sqm
Portfolio valuations2	$1,644m	$1,578m
WACR	4.33%	4.44%
Property net operating income (NOI)	$28m	$27m
Like-for-like NOI growth	4.5%	1.7%
Maintenance capex	$0.4m	$2m
Incentive capex3	—	—
Occupancy (by area)	100.0%	100.0%
NLA leased	40,881 sqm	11,722 sqm
% of portfolio NLA leased	8.7%	2.5%
WALE (by area)	7.3 yrs	7.9 yrs
WALE (by income)	6.4 yrs	7.1 yrs

Industrial geographic diversity[ 4]

Industrial rent review structure[ 5]

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Sydney 100% Fixed 97%
CPI linked 3%
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1. Excludes IPUC and properties being held for development.

2. Includes IPUC and properties being held for development. 1H23 IPUC value of $353m (3 properties). 1H22 IPUC value of $386m (2 properties) and investment in JV value of $55m (1 property). Subject to rounding. 3. Includes cash and fitout incentives.

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

4. By income, excludes lease expiries.

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1H23 ADDITIONAL INFORMATION

Industrial: leasing details

Industrial lease expiry profile[ 1]

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80%
67%
60
40
20
16%
5% 7%
4%
0 0% 1%
Vacant 2H23 FY24 FY25 FY26 FY27 FY28+
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		Leasing	Average	Average
1H23 Leasing activity	Area	spread	incentive	WALE1
Renewals	40,194 sqm	9.0%	4.9%	5.0 yrs
New leases	687 sqm	5.7%	6.6%	5.0 yrs
Total Industrial	40,881 sqm	8.9%	4.9%	5.0 yrs
% of Industrial portfolio NLA leased	8.7%

1. By income.

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1H23 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
JLL – Av Sydney land values (2-5Ha) [1] (LHS) JLL Sydney prime industrial cap rate [1] (RHS)
Source: JLL, December 2022
1. Sydney includes average of Outer Central West, Outer North West and Outer South West.
Jun 11Dec 11Jun 12Dec 12Jun 13Dec 13Jun 14Dec 14Jun 15Dec 15Jun 16Dec 16Jun 17Dec 17Jun 18Dec 18Jun 19Dec 19Jun 20Dec 20Jun 21Dec 21Jun 22Dec 22
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Australian e-commerce penetration

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16%
12
8
4
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
E-commerce penetration
Source: ABS, November 2022
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Net face rental growth

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24%
18
12
6
0
(6)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Sydney Melbourne Brisbane
Source: JLL, December 2022
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Vacancy trend (by city)

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6%
4
2
0
Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22
Sydney Melbourne Brisbane
Source: SA1, December 2022
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1H23 ADDITIONAL INFORMATION
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Reimagine Urban Life

Retail

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1H23 ADDITIONAL INFORMATION

Retail: portfolio details

	1H23	1H22
No. of properties1	12	14
GLA2	348,038 sqm	400,289 sqm
Portfolio valuations3	$2,857m	$3,107m
WACR	5.35%	5.38%
Property net operating income (NOI)	$90m	$65m
Like-for-like NOI growth4	1.6%	0.1%
Maintenance capex	$5m	$8m
Incentive capex5	$6m	$2m
Occupancy (by area)	97.6%	97.6%
GLA leased	41,785 sqm	18,529 sqm
% of portfolio GLA leased	11.6%	4.5%
WALE (by income)	3.1 yrs	3.4 yrs
WALE (by area)	4.1 yrs	4.1 yrs
Specialty occupancy cost6	14.1%	16.5%
Total comparable MAT	$3,004m	$2,847m
Total comparable MAT productivity7	$10,749/sqm	$9,463/sqm
Total comparable MAT growth	16.9%	(1.0%)
Specialties comparable MAT productivity7	$10,428/sqm	$9,015/sqm
Specialties comparable MAT growth	23.6%	(2.0%)
New leasing spreads	(4.2%)	7.5%
Renewal leasing spreads	(1.2%)	(4.4%)
Total leasing spreads	(1.5%)	(0.9%)

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Retail geographic diversity[ 8] Retail diversity by grade[ 9]

Retail rent review structure[ 10]

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Sydney 67% Regional 42% Fixed 81% Brisbane 26% Sub Regional 30% CPI linked 13% Melbourne 4% Outlet 16% Other 6% Canberra 3% Neighbourhood 7% CBD Retail 5%

1. Excludes IPUC.

2. Excludes 80 Bay & 1-3 Smail Streets, Ultimo.

3. Includes IPUC and represents fair value (excludes gross up of lease liability under AASB 16). 1H23 IPUC value of $295m (2 properties) and 1H22 IPUC value of nil. Subject to rounding.

4. Excludes COVID-19 impact.

5. Includes cash and fitout incentives.

6. Includes contracted COVID-19 tenant support.

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

8. By portfolio value. Brisbane includes Sunshine Coast.

9. By portfolio value, excluding IPUC as per PCA classification.

10. By income, excludes lease expiries.

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1H23 ADDITIONAL INFORMATION

Retail: sales by category

		1H23	FY22
	1H23	Comparable	Comparable
Retail sales by category	Total MAT	MAT growth	MAT growth
Supermarkets	$1,053m	4.2%	2.1%
Discount department stores	$243m	13.4%	(5.6%)
Mini-majors	$584m	17.5%	(2.4%)
Specialties	$924m	23.6%	(7.3%)
Other retail	$200m	97.1%	89.2%
Total	$3,004m	16.9%	0.1%

		1H23	FY22
	1H23	Comparable	Comparable
Specialty sales by category	Total MAT	MAT growth	MAT growth
Food retail	$104m	3.9%	(5.0%)
Food catering	$245m	30.3%	(3.1%)
Jewellery	$26m	15.1%	(5.4%)
Mobile phones	$18m	(27.0%)	(31.3%)
Homewares	$37m	21.9%	(17.3%)
Retail services	$114m	24.7%	1.0%
Leisure	$34m	9.4%	(7.7%)
Apparel	$260m	37.3%	(12.0%)
General retail	$86m	22.7%	(5.3%)
Total Specialties	$924m	23.6%	(7.3%)

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Monthly sales growth %

(Compared to 2019)

20%

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10
0
(10)
(20)
(30)
(40)
(50)
(60)
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(70) Total Centre Total Specialties Total Centre ex CBD Total Specialties ex CBD Note: Excludes South Village Shopping Centre, Sydney and Kawana Shoppingworld, Sunshine Coast as assets were not comparable in 2019.

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1H23 ADDITIONAL INFORMATION

Retail: leasing details

Retail lease expiry profile: by income

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30%
26%
24%
20
16%
14%
11%
10
7%
2%
0
Vacant 2H23 FY24 FY25 FY26 FY27 FY28+
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Retail top 10 tenants	Retail top 10 tenants	Percentage1	Credit ratings
1	Coles Group Limited	7%	BBB+, Baa1
2	Wesfarmers Limited	4%	A-, A3
3	Woolworths Group Limited	3%	BBB, Baa2
4	Volkswagen Group Australia	2%	BBB+, A3, A-
5	ALDI Food Stores	2%	—
6	Cotton On Group	2%	—
7	Event Cinemas	1%	—
8	Virgin Active Group	1%	—
9	Accent Group	1%	—
10	Wanda Group	1%	BB+, BBB+
Total		24%

Retail lease expiry profile: by area

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50%
40 39%
30
20
17%
13% 13%
10 10%
6%
2%
0
Vacant 2H23 FY24 FY25 FY26 FY27 FY28+
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		Leasing	Average	No.
1H23 Leasing activity	Area	spread	incentive	deals done
Renewals	33,068 sqm	(1.2%)	0.9%	145
New leases	8,717 sqm	(4.2%)	15.5%	44
Total Retail	41,785 sqm	(1.5%)	4.4%	189
% of Retail portfolio NLA leased	11.6%

1. Percentage of gross retail portfolio income, subject to rounding.

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1H23 ADDITIONAL INFORMATION Reimagine Urban Life

Retail: research

Household saving ratio

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25 ratio
20
15
10
5
0
(5)
1959 1966 1973 1980 1987 1994 2001 2008 2015 2022
Household Saving Ratio Household Saving Ratio [mean -20y-]
Source: ABS, September 2022
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Retail sales: total (%YoY) vs 20 year average

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30%
25
20
15
10
5
0
(5)
(10)
(15)
2019 2020 2021 2022
Retail Trade (%y/y) Retail Trade 20 Year Average
Source: ABS, November 2022
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Australia retail sales vs pre-pandemic trend

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$36bn
32
28
24
20
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Total
Source: ABS, November 2022
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Wage growth by state (%YoY)

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6%
5
4
3
2
1
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
NSW VIC QLD WA
Source: ABS, September 2022
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1H23 ADDITIONAL INFORMATION Reimagine Urban Life

Build to Rent

9 FEBRUARY 2023 | 65

LIV Munro, Melbourne

Reimagine Urban Life

1H23 ADDITIONAL INFORMATION

Build to Rent: portfolio details

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	1H23	1H22
No. of completed properties1	2	1
No. of completed apartments1	805	315
Portfolio valuations2	$826m	$510m
Leased (by apartment)3	95%	88%
Occupancy (by apartment)3	95%	83%
WACR1	4.05%	4.00%

1. Excludes IPUC and display apartment.

1. Excludes IPUC, display apartment and stabilising properties (LIV Munro). Note: LIV Munro 18% leased as at 31 December 2022.

1. Includes IPUC. 1H23 IPUC value of $245m (3 properties) and 1H22 IPUC value of $290m (4 properties). Subject to rounding.

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1H23 ADDITIONAL INFORMATION

Build to Rent: research

Annual growth in apartment rents[1]

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20%
10
0
(10)
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
Greater Brisbane Greater Melbourne Greater Sydney
Source: CoreLogic, December 2022
1. 3-month median, units.
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Median time on market to rent[1]

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50 days
40
30
20
10
0
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
Greater Brisbane Greater Melbourne Greater Sydney
Source: CoreLogic, December 2022
1. 3-month median, units.
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Combined capital city rental market

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3% 12%
2 6
1 0
0 (6)
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22
Annual growth – units [1 ] (RHS) National vacancy rate [2 ] (LHS)
Source: CoreLogic, SQM Research, Macrobond, December 2022
1. 8 Capital City, 12-month median. 2. All dwellings, seasonally adjusted.
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Primary renter age cohort forecast to grow significantly

2,500,000 people

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2,000,000
1,500,000
1,000,000
500,000
0
Age FY22 FY32
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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1H23 ADDITIONAL INFORMATION

Development

1H23 ADDITIONAL INFORMATION

Reimagine Urban Life

Commercial & Mixed Use

Harbourside, Sydney (artist impression, final design is subject to approvals and may differ)

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1H23 ADDITIONAL INFORMATION

Commercial & Mixed Use: recently completed & committed projects

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				%	Estimated
				Pre-leased on	value on	Estimated		Lease
Recentlycompletedprojects	Sector	Area / lots	Ownership	completion1	completion2	yield on cost3	PC/OC date	commencement
LIV Munro, Melbourne	BTR	490	100%	n/a	$361m	>4.5%	Nov 2022	n/a

Committed Sector Area / lots Ownership % Pre-leased1 Estimated value on completion2 Estimated yield on cost3	Estimatedproject timing4 FY23 FY24 FY25+
Switchyard Auburn, Sydney Industrial ~72,000 sqm 100% ~76% ~$345m >5% LIV Anura, Brisbane BTR 396 100% n/a TBC >4.5% LIV Aston, Melbourne BTR 474 100% n/a TBC >4.5% Aspect Kemps Creek, Sydney Industrial ~211,000 sqm 100% ~64% ~$745m >5% Waterloo Metro Quarter, Sydney (Southern Precinct) Mixed Use 5055 50% n/a ~$200m n/a

1. % of space pre-leased, including non-binding heads of agreements (excluding heads of agreements Switchyard is ~60% and Aspect is ~47% pre-leased). Areas are approximate, subject to rounding.

2. Represents 100% expected end value, excluding the sale of any undeveloped land, 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. 3. Expected yield on cost including land and interest.

3. 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.

4. Lots include social housing and student accommodation.

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1H23 ADDITIONAL INFORMATION

Commercial & Mixed Use: development pipeline

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		Site		DA	DA	Tenant	Construction	Capital partner	Practical	Lease	End value
Project	Sector	secured	Zoning	lodged	approved	commitment	commencement	sell-down	completion	commencement	$m 1
Switchyard Auburn, Sydney	Industrial										~$345m
LIV Anura, Brisbane	BTR										TBC
LIV Aston, Melbourne	BTR										TBC
7 Spencer Street, Melbourne	Office
55 Pitt Street, Sydney	Office
Aspect Kemps Creek, Sydney2	Industrial										~$745m
383 La Trobe Street, Melbourne	Office
90 Collins Street, Melbourne	Office
Waterloo Metro Quarter, Sydney3	Mixed Use										~$200m3
Harbourside, Sydney	Mixed Use
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 1)	Industrial
Elizabeth Enterprise Badgerys Creek, Sydney (Stage 2)	Industrial								~~COMMERCIAL & MIXED USE~~
LIV Albert Fields, Melbourne	BTR									TOTAL PIPELINE
75 George Street, Parramatta	Office								EXPECTED END VALUE1
200 Turbot Street, Brisbane4 Green Square, Sydney	Office Office								~~~$12.5bn~~

Milestone reached FY22 or earlier Milestone reached 1H23 Milestone expected 2H23[ 5]

1. Represents 100% expected end value, excluding the sale of any undeveloped land, 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. 2. 2H23 expected milestone relates to Aspect (Northern Precinct) only.

2. 2H23 expected milestone and end value relates to Southern Precinct only.

3. Mirvac has an option to purchase the site subject to DA approval and pre-leasing.

4. 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.

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1H23 ADDITIONAL INFORMATION

Development indicative timeline

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OFFICE INDUSTRIAL BUILD TO RENT MIXED USE
1 1 2 1
~$5.9bn ~$2.4bn ~$1.2bn ~$3.0bn
Switchyard Auburn, Aspect Kemps Creek, LIV Anura, Elizabeth Enterprise LIV Aston / 7 Spencer Street, Waterloo Metro Quarter, LIV Albert Fields,
Sydney Sydney Brisbane Badgerys Creek, Sydney Melbourne Sydney Melbourne
2023 2023+ 2024+ 2024+ 2024/25 2024+ 2 025+
200 Turbot Street, 55 Pitt Street, Harbourside, 383 La Trobe Street, 75 George Street, Green Square, 90 Collins Street,
Brisbane Sydney Sydney Melbourne Parramatta Sydney Melbourne
2 026+ 2026+ 2026+ 2027+ 2027+ 2028+ 202 8+
----- End of picture text -----

Note: Timeline is indicative only and reflects potential project timing (calendar year) subject to change for various factors outside of Mirvac’s control such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. Note: All images are artist impressions, final design may differ.

1. Represents 100% expected end value/revenue, subject to various factors outside Mirvac’s control, such as planning outcomes, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties. 2. Represents forecast value on completion incorporating a stabilisation allowance and 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.

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1H23 ADDITIONAL INFORMATION

Reimagine Urban Life

Residential

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Green Square Terraces, Sydney (artist impression, final design may differ)
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1H23 ADDITIONAL INFORMATION

Residential: pipeline positioning | 24,466 pipeline lots

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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 53% Apartments 47%

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Masterplanned communities 80% Apartments 20%

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<$250k 1%
$250k–$500k 51%
>$500k 48%
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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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NSW 46%
VIC 35%
QLD 14%
WA 5%
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100% Mirvac balance sheet [ 2] 41%
PDA / DMA 31%
JV 19%
JO 9%
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<$1.2m 41%
>$1.2m 59%
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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.

2. Price point includes GST.

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1H23 ADDITIONAL INFORMATION

Residential: masterplanned communities pipeline (key projects)

Major projects State Stage Ownership Type Total Project Value (incl. GST)1 Pre-2H23	Expected settlement profile (lots)2
	2H23 FY24 FY25 FY26 FY27 Post- FY27
Ashford Residences QLD Multiple stages 100% House & Land $90m 63	61 —
Madox WA Multiple stages 100% Land $120m 325	73 —
Iluma Private Estate WA Multiple stages 100% Land $170m 497	128 —
Georges Cove NSW Multiple stages PDA House & Land $190m —	179 —
The Village NSW Multiple stages PDA House & Land $220m 95	283 —
The Fabric VIC Multiple stages 100% House $250m 46	201 —
One71 Baldivis WA Multiple stages 100% Land $80m 253	133 26
Henley Brook WA Multiple stages 100% Land $230m 96	673 71
Everleigh QLD Multiple stages 100% Land $960m 606	1,067 1,783
Googong NSW Multiple stages JV House & Land $2,000m 2,691	1,232 1,115
Olivine VIC Multiple stages 100% & DMA House & Land $1,920m 891	1,461 2,275
Woodlea VIC Multiple stages JV House & Land $2,010m 4,155	1,811 601
Smiths Lane VIC Multiple stages 100% & JO House & Land $1,570m 877	1,913 391
Riverlands NSW Multiple stages 100% House $380m —	312 —
Cobbitty NSW Multiple stages 100% House & Land $650m —	953 —
55 Coonara Avenue NSW Multiple stages 100% House $340m —	165 —
Milperra, Western Sydney University Campus NSW Multiple stages PDA House $470m —	290 123
Marsden Park North NSW Multiple stages PDA House & Land $320m —	221 326
Wantirna South VIC Multiple stages PDA House & Land $1,360m —	185 1,532

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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.

2. 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.

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Residential: apartments pipeline (key projects)

Major projects State Stage Pre-sold1 Ownership Total Project Value (incl. GST)2 Pre-2H23	Expected settlement profile (lots)3
	2H23 FY24 FY25 FY26 FY27	Post- FY27
Pavilions NSW All stages 95% PDA $350m 333	26	—
The Langlee NSW All stages 29% PDA $160m —	55	—
Tullamore VIC Forme 92% 100% $80m —	92	—
Yarra's Edge VIC Voyager 78% 100% $300m 233	82	—
NINE Willoughby NSW All stages 54% 100% $790m —	420	—
Waterfront Sky QLD Quay 100% 100% $200m —	135	—
Green Square4 NSW Released stages 66% PDA $470m —	319	—
Ascot Green QLD Charlton House 63% PDA $135m —	112	—
The Peninsula WA Ador 48% 100% $110m —	82	—
The Fabric VIC Future stages Not released 100% $230m —	131	209
699 Park Street, Brunswick VIC Future stages Not released 100% TBC —	168	—
31 Queens Road VIC Future stages Not released 100% TBC —	110	—
Waterfront Sky QLD Isle 63% 100% $220m —	127	—
55 Coonara Avenue NSW Future stages Not released 100% $330m —	252	—
Ascot Green QLD Future stages Not released PDA $600m —	269	392
Yarra's Edge VIC Future stages Not released 100% $550m —	376	22
The Peninsula WA Future stages Not released 100% $340m —	196	58

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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.

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.

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Residential: pre-sales detail

Reconciliation of movement in exchanged pre-sales contracts to 1H23[1]

$2,500m

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$376m ($304m)
2,000
37% 54%
78%
63% $1,707m
$1,635m
22%
1,500 44% 43%
62%
1,000
57%
56%
500
0
FY22 1H23 1H23 1H23
Pre-sales balance net sales settlements Pre-sales balance
APT MPC
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Pre-sales by geography[ 1]

Pre-sales by type[ 1]

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NSW 40%
VIC 30%
QLD 26%
WA 4%
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Masterplanned
communities 43%
Apartments 57%
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Pre-sales by buyer profile[ 1,2]

[ 1]

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Owner occupier [ 3] 72%
FY23 36%
Investor 24%
Offshore 4% FY24 53%
FY25+ 11%
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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.

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1H23 ADDITIONAL INFORMATION

Residential: 1H23 acquisitions & additional pipeline projects

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					Estimated settlement
Project	State	Ownership	No. of lots1	Product type	commencement1
Acquisitions / Agreements
—	—	—	—	—	—
Additional Pipeline Projects
Henley Brook (West)	WA	100%	215	Masterplanned communities	FY27
Total Acquisitions and Additional Pipeline Projects			215

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.

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Residential: 2H23 expected major releases

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Masterplanned communities1	State	Type	Approximate lots1
Woodlea	VIC	Masterplanned communities – land & built form	227
Smiths Lane	VIC	Masterplanned communities – land & built form	141
Everleigh	QLD	Masterplanned communities – land	112
Olivine	VIC	Masterplanned communities – land & built form	100
Cobbitty	NSW	Masterplanned communities – land	80
Henley Brook	WA	Masterplanned communities – land	40
Masterplanned communities major releases			700
Apartments1	State	Type	Approximate lots1
Yarra's Edge, Trielle	VIC	Apartments	191
699 Park Street	VIC	Apartments	168
31 Queens Road	VIC	Apartments	110
NINE, Willoughby, Stage 2	NSW	Apartments	107
The Fabric	VIC	Apartments	88
Apartments major releases			664
Total major releases			1,364

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.

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1H23 ADDITIONAL INFORMATION

Residential: 1H23 settlements | 807 lot settlements

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	Apartments Lots %1 39 5% — — 18 2% — — 57 7%	Masterplanned communities Lots %1 139 17% 83 10% 413 51% 115 15% 750 93%	Total
			Lots %1
NSW QLD VIC WA			178 22% 83 10% 431 53% 115 15%
Total			807 100%

1H23 lot settlements

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By product type
Apartments 7%
Masterplanned communities 93%
Land 85%
House 8%
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By geography
VIC 54%
NSW 22%
WA 14%
QLD 10%
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By structure 100% Mirvac balance sheet 48% JVA 47% PDA/DMA 5%

1. Subject to rounding.

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1H23 ADDITIONAL INFORMATION

Residential: 1H23 settlements detail

1H23 Major settlements	Product type	Ownership	Lots
Woodlea, VIC	Masterplanned communities	JV	245
Googong, NSW	Masterplanned communities	JV	137
Smiths Lane, VIC	Masterplanned communities	100%	115
Everleigh, QLD	Masterplanned communities	100%	67
Illuma Private Estate, WA	Masterplanned communities	100%	49
Pavilions, NSW	Apartments	PDA	39
Madox, WA	Masterplanned communities	100%	33
The Fabric, VIC	Masterplanned communities	100%	31
Voyager Yarra's Edge, VIC	Apartments	100%	17
Henley Brook, WA	Masterplanned communities	100%	17
Subtotal			750
Other projects			57
Total			807

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1H23 settlement 1H23 settlement
buyer profile buyer profile by geography
Upgraders/empty nesters 42% Domestic 98%
First home buyers 32% Offshore 2%
Investors 26%
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1H23 settlements average sales price[1]

Apartments House Land ~$1.2m ~$721k ~$351k

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

1. Inclusive of GST.

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1H23 ADDITIONAL INFORMATION

Residential: EBIT reconciliation and gross development margin

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	1H23	1H22
Gross development margin	$m	$m
Development revenue	230	510
JV development revenue	65	61
Total development revenue	295	571
Cost of development and construction	(177)	(388)
JV cost of development and construction	(36)	(45)
Total cost of development and construction	(213)	(433)
Residential gross development profit	$82m	$138m
Residential gross development margin %	28%	24%
	1H23	1H22
Gross development margin (excludingJVprojects)	$m	$m
Development revenue	230	510
Cost of development and construction	(177)	(388)
Residential gross development profit (excluding JV projects)	$53m	$122m
Residential gross development margin % (excluding JV projects)	23%	24%

	1H23	1H22
Residential EBIT reconciliation	$m	$m
Development revenue	230	510
Management fee revenue	1	1
Total development revenue (excluding JV)	231	511
Share of net profit of JV and other revenue	30	21
Total operating revenue and other income	261	532
Cost of development and construction	(177)	(388)
Other development costs	(5)	(4)
Sales and marketing expense	(16)	(26)
Employee and other expenses	(27)	(25)
Total cost of property development and construction	(225)	(443)
Total Residential EBIT	$36m	$89m
Residential EBIT margin	14%	17%

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1H23 ADDITIONAL INFORMATION

Residential: research

Median price (per sqm)

$2,000/sqm

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1,500
1,000
500
0
‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
Source: Research4, December 2022
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Trading stock available

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20 months
15
10
5
0
‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
Source: Research4, December 2022
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Net land sales (per month)

3,000 lots

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2,000
1,000
0
‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
NSW-Sydney Metro SEQ-All of Market VIC-All of Market WA-All of Market
Source: Research4, December 2022
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[1]

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80%
60
40
20
0
‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22
Greater Brisbane Greater Melbourne Greater Sydney Greater Perth Averages
Source: CoreLogic, December 2022
1. 6-month median.
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1H23 ADDITIONAL INFORMATION
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Calendar

Reimagine Urban Life

1H23 ADDITIONAL INFORMATION

2H23 Calendar

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Event	Location	Date1
Private roadshow	Sydney	10, 14-17 February 2023
Private roadshow	Melbourne	13 February 2023
Private ofshore roadshow	Virtual (Asia)	27-28 February 2023
2023 Citi Global Property CEO Conference	Miami, USA	6-7 March 2023
Private ofshore roadshow	USA	8-9 March 2023
3Q23 Operational update	—	28 April 2023
Macquarie Australia Conference	Sydney	2 May 2023
FY23 Results Briefing	Sydney	16 August 2023

1. All dates are indicative and subject to change.

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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

	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

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1H23 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 31 December 2022, which has been subject to review 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 31 December 2022, unless otherwise noted.

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1H23 ADDITIONAL INFORMATION

Thank you

Contact

Gavin Peacock, CFA | General Manager Investor Relations investor.relations@mirvac.com

Authorised for release by The Mirvac Group Board Mirvac Group Level 28, 200 George Street, Sydney NSW 2000

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