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1
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SECTION	PAGE
ABOUT STOCKLAND	A3
GROUP FINANCE	A11
COMMERCIAL PROPERTY	A27
RESIDENTIAL	A46
RETIREMENT LIVING	A57
RESEARCH	A61

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Stockland FY17 Results Presentation

About Stockland

Aura, South East Queensland

Our strategy for success

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Stockland FY17 Results Presentation

Stockland quick facts

Trust

RETAIL TOWN CENTRE

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Stockland Shellharbour, NSW

Create market leading retail town centres

54 % SGP portfolio

41 Assets

Ownership interests valued at $7.1b and gross book value of $7.6b

LOGISTICS & BUSINESS PARKS

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Ingleburn Distribution Centre, Sydney

Grow and develop a leading portfolio

15 % SGP portfolio

27 Assets

Ownership interests valued at $2.0b and gross book value of $2.3b

OFFICE

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135 King St, Sydney

Optimise returns

5 % SGP portfolio

8 Assets

Ownership interests valued at $0.8b and gross book value of $1.2b

Corporation

RESIDENTIAL

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Aura, Qld

Maximise returns by creating thriving communities

17 % SGP portfolio

80,400 lots remaining

End value $21.1b

RETIREMENT LIVING

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Willowdale Retirement Village, NSW

Leading operator and developer

9 % SGP portfolio

65 Established Villages Over 9,600 units

$2.3b estimated end value of development pipeline.

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Stockland FY17 Results Presentation

We are well positioned with a diverse portfolio[1,2]

22% Qld 52% NSW 17% Vic 1% SA 7% WA Key Retail Office Logistics and Business Parks Residential Communities Retirement Living <1% ACT	ALL STATES CP RESI RL TOTAL
	NUMBER OF PROJECTS 79 56 73 208
	BOOK VALUE $10.3b $2.4b $1.3b $14.0b
	SGP PORTFOLIO % 74% 17% 9% 100% QLD CP RESI RL TOTAL
	NUMBER OF PROJECTS 19 25 10 54
	BOOK VALUE $2.1b $0.9b $0.2b $3.2b
	SGP PORTFOLIO % 15% 6% 1% 22% VIC CP RESI RL TOTAL
	NUMBER OF PROJECTS 14 15 28 57
	BOOK VALUE $1.2b $0.6b 0.6b $2.4b
	SGP PORTFOLIO % 9% 4% 4% 17%

NSW	CP	RESI	RL	TOTAL
NUMBER OF PROJECTS	38	10	21	69
BOOK VALUE	$6.3b	$0.5b	$0.4b	$7.2b
SGP PORTFOLIO %	45%	4%	3%	52%
SA AND ACT	CP	RESI	RL	TOTAL
NUMBER OF PROJECTS	2	-	12	14
BOOK VALUE	$0.1b	-	$0.1b	$0.2b
SGP PORTFOLIO %	1%	-	1%	2%
WA	CP	RESI	RL	TOTAL
NUMBER OF PROJECTS	6	6	2	14
BOOK VALUE	$0.6b	$0.4b	<$0.1b	$1.0b
SGP PORTFOLIO %	4%	3%	<1%	7%

Includes Unlisted Property Fund assets

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RL established and development assets at same location are treated as a single property/project (disclosed separately in Property Portfolio) Stockland FY17 Results Presentation

Key Residential projects, located in population growth areas[1]

Sydney

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Source: Location IQ

Stockland FY17 Results Presentation

Key Residential projects, located in population growth areas[1]

Melbourne

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Source: Location IQ

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Stockland FY17 Results Presentation

Key Residential projects, located in population growth areas[1]

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Brisbane (LHS), Perth (RHS)

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Source: Location IQ

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Stockland FY17 Results Presentation

Retirement Living: Strong demand drivers

Compelling demand fundamentals

Australian population aged +65[1 ] growing at significantly faster pace than under 65 population

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Over 65:
2.6% pa CAGR
over next 15 years
Under 65:
Growth 4.1% 1.5% CAGR over
rate next 15 years
3.2%
2.3% 2.3% 2.5%
1.3% 1.2% 1.1%
2011-2016 2016-2021 2021-2026 2026-2031
actuals forecasts forecasts forecasts
Implied demand for units [2]
Current rate of supply insufficient to meet baseline implied demand [1]
@ 8% take-up
2.6% pa CAGR @ 6% take-up 84 (reflects international
over the next 15 years 75 benchmarks)
64
Thousands
of units 221 250 Baseline demand @
134 169 189 current 6.0% take-up
2011 2016 2021 2026 2031
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ABS
Assumes 1.3 residents per ILU

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Stockland FY17 Results Presentation

Group Finance

Aura Vision Centre, Qld

Profit summary

Profit summary	Profit summary	Profit summary
FY17$M FY16$M
Residential Communities EBIT (before interest in COGS)	412	354
Commercial Property EBIT	545	525
Retirement Living EBIT	69	64
Consolidated segment EBIT	1,026	943
Amortisation of lease incentives and lease fees	69	67
Straight-line rent adjustments	(6)	(8)
Unallocated corporate overheads	(60)	(57)
Group EBIT (before interest in COGS)	1,029	945
Net interest expense:
- Interest income	4	8
- Interest expense	(209)	(209)
- Interest capitalised to Inventory	113	116
- Interest capitalised to Investment Properties under development	13	12
Share of interest paid on external debt of equity accounted investment	-	(1)
Net interest in Profit & Loss before capitalised interest expensed	(79)	(74)
Capitalised interest expensed in Profit & Loss	(148)	(131)
Net interest expense	(227)	(205)
Funds from Operations	802	740
Statutory Profit adjustments	393	149
Statutory Profit	1,195	889

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Stockland FY17 Results Presentation

FFO and AFFO reconciliation to the PCA guidelines

The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”

FFO and AFFO reconciliation to the PCA guidelines The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”	FFO and AFFO reconciliation to the PCA guidelines The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”	FFO and AFFO reconciliation to the PCA guidelines The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”	FFO and AFFO reconciliation to the PCA guidelines The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”	FFO and AFFO reconciliation to the PCA guidelines The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper “Voluntary best practice guidelines for disclosing FFO and AFFO”
PCA REFERENCE FY17$M FY16$M COMMENTS
	Statutory Profit	1,195	889
A	Investmentproperty and inventory
A1/ A2	Loss from sale of investmentproperty	1	2
A3/ A4	Fair value gain on investment property	(241)	(392)	Includes fair value movement of the Retirement Living investment property net of Resident Obligations
B	Goodwill and intangibles
B1	Impairment ofgoodwill and intangibles	-	-
C	Financial instruments
C2	Fair value(gain)/loss on mark-to-market of derivatives	(118)	171
D	Incentives and straight-lining
D1	Amortisation of fit-out incentives	51	49
D4	Amortisation of rent-freeperiods	18	18
D5	Rent straight-lining	(6)	(8)
E	Tax expense1	6	30	The Group is entitled to significant tax deductions and has accumulated tax losses of $1.9b. As a result, income tax expense in the current year is a non- cash amount funded through utilisation of deferred tax assets.
F	Other unrealised or one-off items
F2	Other unrealised or one-off items:
	- Net DMF earned,unrealised	(29)	(16)
	- Netgain on other financial assets	(1)	(4)
	- Other items	(74)	1	Includes BGP distribution of$71m received in 2017
G	Funds from Operations(‘FFO’)	802	740
G2	Maintenance capex	(53)	(53)	Includes$9m(2016:$9m)Retirement Livingcommon area capital expenditure
G3	Incentives and leasingcosts for the accounting period	(62)	(63)	Excludes development centres
	Adjusted Funds from Operations (‘AFFO’)	687	624

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Non cash tax expense

Stockland FY17 Results Presentation

Net interest gap

INTEREST EXPENSE	FY17	FY16
	INTEREST ($M) DEFERRED INTEREST ($M) TOTAL ($M)	INTEREST ($M) DEFERRED INTEREST ($M) TOTAL ($M)
Interest income	(4) (4)	(8) – (8)
Interest expense	200 9 209	197 12 209
Share of interest paid on external debt of equity accounted investment	– – –	1 – 1
_Less:_capitalised interest
- Commercial Property development projects	(9) – (9)	(5) – (5)
- Residential	(103) (9) (112)	(105) (11) (116)
- Retirement Living	(5) – (5)	(7) – (7)
Total capitalised interest	(117) (9) (126)	(117) (11) (128)
Sub-total: Borrowing cost in P&L	79 – 79	73 1 74
_Add:_capitalised interest expensed in P&L1	148 – 148	131 – 131
Total interest expense in P&L	227 – 227	204 1 205

Capitalised interest expensed in P&L is higher due to disposal of impaired projects.

Lower capitalised interest on projects is a result of lower cost of debt.

Deferred interest – Residential

Non-cash adjustments for unwinding of present value discount on land acquisitions on deferred terms:

Discount initially booked through balance sheet (inventory and land creditors)

Made up of: Residential $142m (June 2016: $124m) and Retirement Living $6m (June 2016: $7m). This differs to statutory reporting by $5m (June 2016: $7m) as Retirement Living is reported through the fair value adjustment of investment properties

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Stockland FY17 Results Presentation

Strategic mix

TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16	TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16	TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16	TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16	TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16	TARGET ASSETS 30 JUNE 2017 ASSETS 30 JUNE 2016 OPERATING PROFIT FY17 OPERATING PROFIT FY16
Recurring
Commercial Property		74%	72%	66%	70%
Retirement Living		7%	7%	6%	6%
Other and unallocated corporate overheads		-	-	(3%)	(3%)
Total recurring	70-80%	81%	79%	69%	73%
Trading
Residential		18%	19%	33%	30%
Retirement Living		1%	2%	1%	1%
Commercial Property		-	-	1%	-
Other and unallocated corporate overheads		-	-	(4%)	(4%)
Total trading	20-30%	19%	21%	31%	27%

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Stockland FY17 Results Presentation

Return on assets, return on equity

	FY17	FY17	FY17	FY16 COMMENTARY CASH PROFIT ($M) AVG. CASH INVESTED ($B) RETURN (%)	FY16 COMMENTARY CASH PROFIT ($M) AVG. CASH INVESTED ($B) RETURN (%)	FY16 COMMENTARY CASH PROFIT ($M) AVG. CASH INVESTED ($B) RETURN (%)	FY16 COMMENTARY CASH PROFIT ($M) AVG. CASH INVESTED ($B) RETURN (%)
	CASH PROFIT ($M) AVG. CASH INVESTED ($B) RETURN (%)
Retail Town Centres	409	5.1	8.1%	393	4.8	8.2%
Logistics & Business Parks	147	1.8	8.0%	131	1.6	8.2%	Returns impacted by commencement of development projects and timing of acquisitions
Office	58	0.7	8.4%	68	0.8	8.6%
Residential – Core	366	1.8	20.8%	327	1.7	19.6%	ROA growth reflects continued trading success in our Residential Communities
Retirement Living	71	1.1	6.2%	66	1.1	5.8%	ROA continues to improve through improved settlements, capital recycling and improved operating efficiencies
Core Business ROA (sub-total)	1,051	10.5	10.0%	985	10.0	9.9%
Residential – Workout1	(57)	0.3	(20.3%)	(40)	0.4	(9.7%)	Continual phase out of non-core impaired projects
Unallocated Overheads & Other Income	(60)	-	-	(57)	-	-
Group ROA	934	10.8	8.7%	888	10.4	8.5%
Net interest/net debt	(195)	(3.5)	5.6%	(188)	(3.3)	5.7%
Group ROE	739	7.3	10.1%	700	7.1	9.8%
Group ROE (excl workout)	796	7.0	11.4%	740	6.7	11.0%

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Includes all impaired projects

Stockland FY17 Results Presentation

Reconciliation between return on equity table values and accounting results

Reconciliation of Group return in ROE calculation to Underlying Profit

Reconciliation of capital employed in ROE calculation to statutory net assets

FY17($M) FY16($M)	FY17($M) FY16($M)	FY17($M) FY16($M)
Cash return	739	700
Capitalised interest expensed in COGS	(148)	(131)
Capitalised interest for the year1	117	117
Add-back impairment release in COGS	103	67
CP straight-line rent and other	(9)	(13)
Funds From Operations (FFO)	802	740
Add-back CP AIFRS adjustments	(63)	(59)
Tax	(43)	(21)
Underlying Profit	696	660

AVERAGE FOR FY17 ($B) AVERAGE FOR FY16 ($B)	AVERAGE FOR FY17 ($B) AVERAGE FOR FY16 ($B)	AVERAGE FOR FY17 ($B) AVERAGE FOR FY16 ($B)
Group capital employed (Net Assets)	7.3	7.1
Commercial Property revaluations	2.4	2.0
Residential Communities capitalised interest	0.4	0.4
Residential Communities and Apartments impairment	(0.2)	(0.3)
Retirement Living DMF revaluations	0.1	0.1
Distribution provision and non-cash working capital	(0.4)	(0.4)
Statutory net assets (average for the period)	9.6	8.9

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Excludes deferred interest

Stockland FY17 Results Presentation

Stockland return on equity methodology

	NUMERATOR(CASH RETURN) DENOMINATOR(AVERAGE CASH INVESTED)	NUMERATOR(CASH RETURN) DENOMINATOR(AVERAGE CASH INVESTED)
Residential (incl. MD & Apartments)	EBIT (including cash loss realised on impaired projects)	Net Funds Employed (NFE) (excluding accrued capitalised interest and impairment provision) average for the 12 month period
Commercial Property	Operating Profit before amortisation of lease incentives	Average cost + capital additions + lease incentives + development work in progress Business unit overheads are allocated across the asset classes based on NOI contribution
Retirement Living	EBIT	Average NFE (including inventory, development expenditure, cash paid for acquired DMFs and goodwill, excluding capitalised interest and revaluations)
Debt funding	Cash interest paid less interest income received	Average debt drawn (net of cash on hand)

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Stockland FY17 Results Presentation

Cost management

FY17$M FY16$M	FY17$M FY16$M	FY17$M FY16$M
Commercial Property1	18	18
Residential	184	153
Retirement Living	39	36
Unallocated corporate overheads	60	57
Total sales, general and administration costs	301	264

Prudent approach to cost management remains embedded across the Group
Commercial Property costs offset by higher Lease Fee and Property Management Fee Income



Increase in overheads largely attributable to growth in both Residential and Retirement Living, and investment in our growth initiatives
Increase in our Unallocated corporate costs attributable to increased capability to support our growth

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Net of recoveries, costs capitalised to development projects and property management fee income

Stockland FY17 Results Presentation

Long dated, diverse debt

Long-dated drawn debt maturity profile (WADM 5.7 years)[1]

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$M
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700
EMTNs
DMTNs
600
USPP
Aus. Bank Debt
500
400
300
200
100
0
FY18 FY19 FY20 FY21 FY22 FY23 FY25 FY26 FY27 FY28 FY29 FY31 FY32
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Diverse debt sources – Committed Facilities

Cost of debt for FY17

Cost of debt for FY17	Cost of debt for FY17	Cost of debt for FY17	Cost of debt for FY17
DEBT ($M)2 TOTAL DEBT (%)3 INTEREST RATE (%)
Hedged debt	3,348	97%	4.3%
Floating debt	110	3%	0.0%
Total debt	3,458		4.3%
Margin			0.9%
Fees			0.2%
All-in cost of funds for FY17			5.4%

Excludes bank guarantees of $0.4b and cash on deposit of $0.2b
Face value as at 30 June 2017
Average % for FY17

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Stockland FY17 Results Presentation

Fixed debt/ Hedge profile

Historical high fixed hedge rates[1 ] have been reduced in future years to positively impact the Group’s WACD Billions

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4.5 4.5%
Forecast Hedge Rate 4.4%
4.0
4.3%
4.2%
3.5
4.1%
4.0%
3.0 4.0%
3.9%
3.8%
2.5
3.7% 3.8%
3.6%
Hedged Debt 3.6% 3.7%
2.0
3.6%
1.5 3.5%
3.4%
1.0
3.3%
3.2%
0.5 Fixed Debt
3.1%
0.0 3.0%
FY18 FY19 FY20 FY21 FY22
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Excludes fees and margins

Stockland FY17 Results Presentation

Debt summary

FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M)1,2	FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M)1,2	FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M)1,2	FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M)1,2	FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M)1,2
Bank Debt	920		130
Commercial Paper	-		-
Domestic Medium Term Notes	560		560
USPP	2,118		2,118
European Medium Term Notes	650		650
Total Debt	4,248		3,458
FACILITY FACILITY LIMIT ($M)1 AMOUNT DRAWN ($M) FACILITY MATURITY
Bank Debt
- Multi option facility - Australia	100	-		Dec 2017
- Multi option facility - Australia	100	-		Jul 2018
- Multi option facility - Australia	100	-		Dec 2018
- Multi option facility - Australia	120	-		Aug 2019
- Multi option facility - Australia	250	-		Jan 2020
- Multi option facility - Australia	150	30		Feb 2021
- Multi option facility - Australia	100	100		Nov 2021
Total Bank Debt	920	130

Debt Capital Markets

A$277m USPP was repaid in FY17
6 year A$150m DMTN was repaid in July 2016
A$398m USPP (10 – 15 year terms) was transacted in July 2016 and settled in August 2016

Bank Debt

a number of facilities were extended for a further 12 months
Sufficient liquidity to manage refinance and investment requirements
Facility limit excludes bank guarantees of $360m of which $321m was utilised as at 30 June 2017
Amount excludes borrowing costs and fair value adjustments, but includes transaction costs

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Stockland FY17 Results Presentation

Debt summary (continued)

Debt summary	(continued)
FACILITY	ISSUED DEBT($M)1	FACILITY MATURITY
DOMESTIC MEDIUM TERM NOTE FACILITY(MTN)
- MTN	150	Sep 2019
- MTN	160	Nov 2020
- MTN	250	Nov 2022
Total Domestic	560

OFFSHORE MEDIUM TERM NOTE FACILITY(MTN)
- European MTN	433	Nov 2021
- Asia MTN	62	May 2025
- Asia MTN	55	Oct 2025
- Asia MTN	100	Jan 2026
Total Offshore	650

FACILITY ISSUED DEBT($M)1 FACILITY MATURITY	FACILITY ISSUED DEBT($M)1 FACILITY MATURITY	FACILITY ISSUED DEBT($M)1 FACILITY MATURITY
- USPP	61	Oct 2017
- USPP	250	Jun 2018
- USPP	269	Oct 2018
- USPP	71	Jul 2019
- USPP	90	Jul 2020
- USPP	176	Sep 2021
- USPP	28	Jun 2022
- USPP	105	Aug 2022
- USPP	50	Aug 2024
- USPP	156	Aug 2025
- USPP	100	Dec 2025
- USPP	200	Aug 2026
- USPP	20	Jun 2027
- USPP	131	Aug 2027
- USPP	139	Aug 2028
- USPP	141	Feb 2029
- USPP	72	Aug 2030
- USPP	59	Aug 2031
Total USPP	2,118

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Amount relates to face value of debt and excludes borrowing costs and fair value adjustments

Stockland FY17 Results Presentation

Covenant calculations

AS AT 30 JUNE 2017 STATUTORY BALANCE SHEET($M) ADJUSTMENTS ($M) GEARING COVENANT BALANCE SHEET($M) Assets Cash 238 - 238 Real estate related assets 13,940 - 13,940 Retirement Living Gross-Up 2,616 (2,616) - Intangibles 156 (156) - Other financial assets 310 (269) 41 Other assets 235 - 235 Total assets 17,495 (3,041) 14,454 Liabilities Interest-bearing liabilities (3,529) 82 (3,447) Retirement Living resident obligations (2,629) 2,616 (13) Other financial liabilities (242) 242 - Other liabilities (1,168) - (1,168) Total liabilities (7,568) 2,940 (4,628) Net assets 9,927 (101) 9,826 A B A A B	AS AT 30 JUNE 2017 STATUTORY BALANCE SHEET($M) ADJUSTMENTS ($M) GEARING COVENANT BALANCE SHEET($M) Assets Cash 238 - 238 Real estate related assets 13,940 - 13,940 Retirement Living Gross-Up 2,616 (2,616) - Intangibles 156 (156) - Other financial assets 310 (269) 41 Other assets 235 - 235 Total assets 17,495 (3,041) 14,454 Liabilities Interest-bearing liabilities (3,529) 82 (3,447) Retirement Living resident obligations (2,629) 2,616 (13) Other financial liabilities (242) 242 - Other liabilities (1,168) - (1,168) Total liabilities (7,568) 2,940 (4,628) Net assets 9,927 (101) 9,826 A B A A B	AS AT 30 JUNE 2017 STATUTORY BALANCE SHEET($M) ADJUSTMENTS ($M) GEARING COVENANT BALANCE SHEET($M) Assets Cash 238 - 238 Real estate related assets 13,940 - 13,940 Retirement Living Gross-Up 2,616 (2,616) - Intangibles 156 (156) - Other financial assets 310 (269) 41 Other assets 235 - 235 Total assets 17,495 (3,041) 14,454 Liabilities Interest-bearing liabilities (3,529) 82 (3,447) Retirement Living resident obligations (2,629) 2,616 (13) Other financial liabilities (242) 242 - Other liabilities (1,168) - (1,168) Total liabilities (7,568) 2,940 (4,628) Net assets 9,927 (101) 9,826 A B A A B	AS AT 30 JUNE 2017 STATUTORY BALANCE SHEET($M) ADJUSTMENTS ($M) GEARING COVENANT BALANCE SHEET($M) Assets Cash 238 - 238 Real estate related assets 13,940 - 13,940 Retirement Living Gross-Up 2,616 (2,616) - Intangibles 156 (156) - Other financial assets 310 (269) 41 Other assets 235 - 235 Total assets 17,495 (3,041) 14,454 Liabilities Interest-bearing liabilities (3,529) 82 (3,447) Retirement Living resident obligations (2,629) 2,616 (13) Other financial liabilities (242) 242 - Other liabilities (1,168) - (1,168) Total liabilities (7,568) 2,940 (4,628) Net assets 9,927 (101) 9,826 A B A A B
Assets
Cash	238	-	238
Real estate related assets	13,940	-	13,940
Retirement Living Gross-Up	2,616	(2,616)	-
Intangibles	156	(156)	-
Other financial assets	310	(269)	41
Other assets	235	-	235
Total assets	17,495	(3,041)	14,454
Liabilities
Interest-bearing liabilities	(3,529)	82	(3,447)
Retirement Living resident obligations	(2,629)	2,616	(13)
Other financial liabilities	(242)	242	-
Other liabilities	(1,168)	-	(1,168)
Total liabilities	(7,568)	2,940	(4,628)
Net assets	9,927	(101)	9,826

All lenders have consistent covenants

Total liabilities/total tangible assets (TL/TTA): less than 45% no adjustment made for cash held
Interest cover: more than 2:1 (write-downs and provisions are excluded from calculation)

Gearing covenant limited to Stockland’s balance sheet liabilities and excludes:

MTM of hedges and interest-bearing liabilities

A B

 Retirement Living obligation for existing residents

B	B	B	B
INTEREST COVER1 TL/TTA D/TTA (NET OF CASH)
30 June 2017	4.8:1	32.0%	22.7%2
30 June 2016	4.5:1	33.3%	23.8%2
30 June 2015	4.0:1	32.7%	23.4%

Gearing is lower compared to prior year – decrease to 22.7% primarily driven by the growth in CP assets from a combination of revaluation uplifts and developments .
Rolling 12 month average
Debt = Interest bearing debt ($3,447m) + transaction costs ($11m) – Cash $238m. TTA = Total tangible assets $14,454m – Cash ($238m)

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Stockland FY17 Results Presentation

Balance sheet summary

FY17$M FY16$M	FY17$M FY16$M	FY17$M FY16$M
Cash	238	208
Real estate related assets
- Commercial Property	10,255	9,706
- Residential	2,453	2,517
- Retirement Living	1,232	1,175
- Other	-	-
Retirement Living Gross-Up	2,616	2,414
Intangibles1	156	122
Other financial assets	310	547
Other assets	235	253
Total assets	17,495	16,942
Interest-bearing liabilities	3,529	3,800
Retirement Living resident obligations2	2,629	2,427
Other financial liabilities	242	316
Other liabilities	1,168	1,145
Total liabilities	7,568	7,688
Net assets	9,927	9,254
NTA per share	$4.04	$3.82

Increase reflects software development
This amount comprises $2,616m of existing resident obligations (30 June 2016: $2,414m), being a balance sheet gross up and $13m of former resident obligations (30 June 2016: $13m)

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Stockland FY17 Results Presentation

Stockland corporation income tax reconciliation

	FY17 FY16	FY17 FY16
	STATUTORY PROFIT($M) STATUTORY PROFIT($M)
Net profit before tax	1,201	919
Less: Trust profit and Intergroup eliminations	(948)	(824)
Corporation profit/(loss) before tax	253 ~~B~~	95
Prima facie tax (expense)/benefit @ 30%	(76)	(28)
Tax effect of permanent differences:
Other assessable income	-	(1)
Non-assessable/(non-deductible) items	-	1
Underprovided in prior years	-	(2)
Non-assessable dividend income	21	-
Tax losses recognised during the period1	49	-
Tax (expense)/benefit	(6) A	(30)
Effective tax rate ( / ) A B	2.4%	31.6%
Effective tax rate (excluding $49m DTA tax loss benefit)	21.7%	31.6%

A tax benefit of $49.3m has been booked in the current period to recognise the DTA on tax losses arising from certain FX adjustments as confirmed with the ATO

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Stockland FY17 Results Presentation

Commercial Property

Shellharbour, NSW

Commercial Property: Portfolio weightings and valuation movements

Commercial Property assets: $9.9b[1]

Retail Town Centres: $7.1b 41 properties 1,014,646 sqm gross lettable area[2]

Logistics and Business Parks: $2.0b 27 properties 1,372,277 sqm gross lettable area[2,3]

Office: $0.8b

8 properties 140,598 sqm net lettable area[2]

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Qld
5.1% SA
4.5%
WA
2.6%
71.7% 20.5%
Qld of CP total of CP total
NSW, 26.1% assets NSW Vic assets
56.9% 67.6% 20.2%
WA,
6.1%
Vic
10.9%
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Qld
3.1% 7.8%
of CP total
NSW WA assets
80.1% 13.6%
ACT
3.2%
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WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)	WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)	WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)	WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)	WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)	WACR JUN17 WACR JUN16 BOOK VALUE UNDER OWNERSHIP($M) FY17 REVALUATION MOVEMENT($M) GROSS BOOK VALUE6 ($M)
Retail Town Centres	5.9%	6.1%	7,127	194	7,620
Logistics and Business Parks	7.0%	7.3%	2,035	18	2,253
Office	6.4%	7.0%	779	58	1,205
Capital works and sundry properties4		-	312	3	312
Total	6.2%	6.4%	10,2535	2735	11,390

This excludes capital works in progress and sundry properties 2. Represents 100% owned, JV and associates properties
Excludes hardstand and vehicle storage
An independent valuation will be performed on completion of the capital works 5. Excluding stapling adjustment related to owner occupied space 6. Represents all assets that we have ownership in, at 100%

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Stockland FY17 Results Presentation

Commercial Property: Funds from operations

$M	RETAIL	RETAIL	LOGISTICS AND BUSINESS PARKS	LOGISTICS AND BUSINESS PARKS	OFFICE	OFFICE	TRADING PROFIT	TRADING PROFIT	NET OVERHEAD COSTS	NET OVERHEAD COSTS	TOTAL	TOTAL
	FY17 FY16		FY17 FY16		FY17 FY16		FY17 FY16		FY17 FY16		FY17 FY16
Operating EBIT	385	371	129	119	44	53	5	-	(18)	(18)	545	525
Adjust for: Amortisation of fit out incentives and lease fees	37	34	6	6	8	9	-	-	-	-	51	49
Amortisation of rent-free incentives	-	-	11	10	7	8	-	-	-	-	18	18
Straight-line rent	(3)	(3)	(3)	(3)	-	(2)	-	-	-	-	(6)	(8)
Funds from Operations	419	402	143	132	59	68	5	-	(18)	(18)	608	584

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Stockland FY17 Results Presentation

Commercial Property Portfolio: Trend in cap rates over time

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Retail
9%
8%
7%
6% 7.3% 7.4% 7.2% 7.1% 7.0% 6.8%
6.3% 6.5% 6.1% 5.9%
5%
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Logistics and Business Parks
9%
8%
7%
8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0%
6% 7.5% 7.3% 7.0%
5%
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
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Office
9%
8%
7%
6% 6.7% 7.9% 8.0% 7.7% 7.9% 7.9% 7.7% 7.4% 7.0% 6.4%
5%
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
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Stockland FY17 Results Presentation

Retail Town Centres: Portfolio capitalisation rates

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%
AS AT 30 JUNE 2006 ALLOCATION
Regional 14%
Sub-Regional 78%
Neighbourhood and Other 8%
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%
AS AT 30 JUNE 2017 ALLOCATION
Regional 45%
Sub-Regional 44%
Neighbourhood and Other 11%
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8.0% 8.0%
Retail Portfolio
Neighbourhood and other
7.5% 7.5%
Sub-Regional
Regional
7.0% 7.0%
6.5% 6.5%
6.0% 6.0%
5.5% 5.5%
5.0% 5.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Stockland FY17 Results Presentation

Commercial Property: Revaluation and book value

Commercial Property book values: $9.9b[1]

($b)

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 75% by value of all investment property assets were independently valued during FY17

		LOGISTICS AND
NET REVALUATION BREAKDOWN	RETAIL($M)	BUSINESS PARKS($M)	OFFICE($M)	TOTAL($M)
Operating Assets	146	7	58	211
Development	48	11	0	59
Sundry Properties	3	0	0	3
Total net revaluations3	197	18	58	273

Includes joint venture and associate investment properties. Excludes capital works in progress and sundry properties
During FY17, Vincentia, Jimboomba, Garden Square were sold and Lamerton House and Cinema at Shellharbour were acquired. 3. Excluding stapling adjustments related to owner occupied space

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Stockland FY17 Results Presentation

Retail Town Centres: Performance

Retail FFO movements between FY16 and FY17 ($M)

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11 (2)
3
5
419
402
FY16 FFO Acquisition Development Income growth Disposals FY17 FFO
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Leasing activity

Leasing activity	Leasing activity	Leasing activity	Leasing activity
NO. OF DEALS AREA (SQM) RENTAL GROWTH
Lease renewals	291	40,305	3.0%
New leases	194	26,234	2.7%
Total portfolio	485	66,539	2.9%

	KEY METRICS (STABLE PORTFOLIO) FY17 FY16	KEY METRICS (STABLE PORTFOLIO) FY17 FY16	KEY METRICS (STABLE PORTFOLIO) FY17 FY16
	Occupancy	99.5%	99.3%
	Specialty occupancy costs1 Regional Small sub-regional Neighbourhood centres	14.9% 16.7% 13.8% 14.0%	14.7% 16.6% 13.8% 12.9%
	Specialty store leases: - Fixed annual increases - CPI+	97% 3%	96% 4%
95% ON FIXED 4-5% PER ANNUM
	Tenant retention2	69%	77%
	Weighted average lease expiry3 Options WALE4	6.6 years 11.4 years	6.6 years 10.7 years

Stable portfolio. FY17 basket different to FY16 basket
Adjusted for operational centre remixes and reconfiguration as well as retailers subject to administration
Assumes all leases terminate at earlier of expiry / option date
If all call options are exercised on Majors’ leases

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Stockland FY17 Results Presentation

Retail Town Centres: Sales growth for comparable centres

Comparable centres represent 74% of book value for this period

	1.4% 4.6% 0.0% 1.8% 1.9% 1.6% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth	1.4% 4.6% 0.0% 1.8% 1.9% 1.6% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth	1.4% 4.6% 0.0% 1.8% 1.9% 1.6% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth	1.4% 4.6% 0.0% 1.8% 1.9% 1.6% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth	1.4% 4.6% 0.0% 1.8% 1.9% 1.6% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth
	FY17 FY16 TOTAL MAT ($M) SGP TOTAL MAT GROWTH 12 MONTH COMPARABLE CENTRES GROWTH 6 MONTH COMPARABLE CENTRES GROWTH2
Supermarkets		2,614	2.5%	(0.2%)	0.7%
Department1/ DDS		913	(3.5%)	(3.1%)	2.1%
Specialties		1,996	0.3%	0.2%	2.4%
Mini Majors/ Cinemas/Other		1,199	5.0%	3.6%	3.8%
Total		6,722	1.4%	0.0%	1.9%

Includes Myer at Stockland Townsville (Qld) and Stockland Shellharbour (NSW)
Includes Wetherill Park (Sydney), Glasshouse (Sydney) and Point Cook (Vic)

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Stockland FY17 Results Presentation

Retail Town Centres : Productive centres and diverse income base

Specialty MAT/sqm, centres with future development potential

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Stockland average [1] :
$9,072/sqm
$14,000
Urbis average [2] :
$8,376/sqm
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$-
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Strong diversity in rental income Gross rent: Total portfolio

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Other Retail [3]
Department Stores
<1% <1%
Homewares
and general
DDS
Theatres/leisure 7%
10%
and technology
8%
Supermarkets
13%
Apparel
and 18%
Jewellery
11%
Mini
Majors
18% 14%
Retail services Specialty
– reporting and Food/
non reporting Food
catering
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MLA methodology, comparable centres
Urbis Sub-regional Shopping centre Benchmarks June 2016
Other Retail includes travel agents, lotto, pad sites (food and non-food)

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Stockland FY17 Results Presentation

Retail Town Centres : Significant development pipeline driving growth and returns

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NEIGHBOURHOOD SUB REGIONAL REGIONAL MAJOR REGIONAL MIXED USE [2] /CBD
COMPLETED
Target returns
UNDER 9%+ incremental IRR [1]
CONSTRUCTION 7%+ incremental yield
(FFO & stabilised)
NEXT WAVE OF
COMMENCEMENTS DA approvals received
Green Hills Cinema
Traralgon Casual Dining
Baringa (Aura)
Bundaberg Pad Sites &
Casual Dining
FUTURE PROJECTS
DA approvals submitted
Rockhampton Cinemas
North Shore Large Format
Typical GLA < 10,000 sqm 10,000 to 40,000 sqm 40,000 to 60,000 sqm 60,000 to 85,000 sqm
Development rationale
Growth Repositioning Defensive
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*Centre developed on acquired land as part of Residential Community activity 1. Unlevered 10 year IRR on incremental development from completion
Retail portion of development only

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Stockland FY17 Results Presentation

Retail Town Centres: Development pipeline

EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD1 TOTAL INCOME LEASED SPECIALTY INCOME LEASED2 EST. INCREMENTAL RETURN3 (%) EST. TOTAL RETURN4 (%) DATE VALUE ($M)
Completed
Kensington (Bundaberg, Qld)	30			FY17	31	7.0%	98%	90%	8.1	8.1
	30
Under Construction
Green Hills (NSW)	412	204	208	FY185	840 - 860	7.0%	73%	65%	~11.9	~10.5
Wendouree (Vic)	37	4	33	FY18	188 - 190	7.2%	50%	17%	~13.7	~10.5
	449		241
Pipeline	~1,000		~1,000			Range 7%+			Range 9%+
TOTAL	1,449		1,241

Stabilised incremental FFO yield, includes property management fees to Stockland Corporation
All specialty income including shops, kiosks, ATMs and pad sites, excluding majors and mini majors
Unlevered 10 year IRR on incremental development from completion
Unlevered 10 year IRR for existing assets and incremental development from completion 5. Cinemas due for completion early FY19

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Stockland FY17 Results Presentation

Logistics & Business Parks and Office: Performance

Logistics & Business Parks

Logistics & Business Parks FFO movements between FY16 and FY17 ($M )

Logistics and Business Parks assets by book value

OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16	OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16	OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16
Occupancy	99.0%	94.7%
WALE	4.5 yrs	4.4 yrs

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7 (1)
5
143
132
FY16 FFO Income Growth Acquistion Development FY17 FFO
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$2.0b
Logistics $0.7b $1.3b
Business Parks
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Office

OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16	OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16	OCCUPANCY AND LEASE EXPIRY – BY INCOME FY17 FY16
Occupancy	91.4%	95.4%
WALE	3.6 yrs	3.7 yrs

Office FFO movements between FY16 and FY17 ($m)

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1
(9)
(1)
68
59
FY16 FFO Income Growth Disposals Development FY17 FFO
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Office assets by book value
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$0.1b
$0.8b
Premium, A Grade $0.7b
B Grade
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Stockland FY17 Results Presentation

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Logistics & Business Parks: Growing & activating the development
pipeline
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COMPLETED ACTIVE DEVELOPMENT PLANNING UNDERWAY FUTURE WAVE
Land Option
Coopers Paddock, Warwick Farm Target returns
(Western Sydney)
9%+ IRR (Greenfield)
Waterside (Land Subdivision) 7%+ incremental
yield (FFO)
NSW Yennora (Bldg 3 & 8A) Yennora (Bldg 1 & 2)
Ingleburn (Stage 3)
Ingleburn (Stage 1) Ingleburn (Stage 2)
DA approvals received
Macquarie Technology Park Yatala (Stage 1 & 2)
Port Adelaide
Warwick Farm
Vic Oakleigh (Bldg 2 & 3) Brooklyn (A & C) Altona DC Brooklyn (Building A &
C)
Balcatta
Yennora (Bld 3 & 8A)
Willawong [1]
Qld
Yatala
DA approvals
submitted
SA Port Adelaide DC Willawong
Ingleburn (Stage 2)
WA Balcatta (Land Subdivision)
Development type
1. Asset developed on acquired land as part of Residential Community activity
Greenfield Brownfield
Stockland FY17 Results Presentation 39
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Logistics & Business Parks: Development pipeline

DEVELOPMENT TYPE EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	DEVELOPMENT TYPE EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	DEVELOPMENT TYPE EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	DEVELOPMENT TYPE EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	DEVELOPMENT TYPE EST. TOTAL INCREMENTAL COST($M) COST SPENT TO DATE ($M) EST. COST TO COMPLETE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)	COMPLETION EST. FULLY LEASED YEAR ONE YIELD2 TOTAL INCOME LEASED EST. INCREMENTAL RETURN3 EST. TOTAL RETURN4 DATE VALUE ($M)
Completed
Oakleigh, Building 2 & 3 (Vic)	Brownfield	15			FY17	53	7.1%	100%	~13.5%	~11.0%
Under Construction1
Coopers Paddock, Warwick Farm (NSW)	Greenfield	77	31	46	FY18	81 - 84	7.3%	66%	~10.7%	~10.7%
		92	31	46		134 - 138
Pipeline		~680		~680			Range 7%+		Range 9%+
TOTAL		772	31	726

Excludes land sub-division projects
Stabilised incremental FFO yield, includes property management fees
Unlevered 10 year IRR on incremental development from completion
Unlevered 10 year IRR for existing assets and incremental development from completion

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Stockland FY17 Results Presentation

Logistics & Business Parks and Office: Tenancy retention and new leasing metrics

LOGISTICS & BUSINESS PARKS	TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 212,567 (1.4%) 12.3% 13,280 (4.2%) 24.4% 20,306 (1.1%) 11.2% 26,134 6.8% 8.1% 139,530 (6.6%) 14.4% 411,817 (2.7%) 13.0% TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 1,184 9.8% 13.9% 1,585 2.1% 19.4% 314 (19.9%) 17.7% 2,926 (23.8%) 32.1% 650 - 24.9% 6,659 (9.2%) 21.4%	TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 212,567 (1.4%) 12.3% 13,280 (4.2%) 24.4% 20,306 (1.1%) 11.2% 26,134 6.8% 8.1% 139,530 (6.6%) 14.4% 411,817 (2.7%) 13.0% TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 1,184 9.8% 13.9% 1,585 2.1% 19.4% 314 (19.9%) 17.7% 2,926 (23.8%) 32.1% 650 - 24.9% 6,659 (9.2%) 21.4%	TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 212,567 (1.4%) 12.3% 13,280 (4.2%) 24.4% 20,306 (1.1%) 11.2% 26,134 6.8% 8.1% 139,530 (6.6%) 14.4% 411,817 (2.7%) 13.0% TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 1,184 9.8% 13.9% 1,585 2.1% 19.4% 314 (19.9%) 17.7% 2,926 (23.8%) 32.1% 650 - 24.9% 6,659 (9.2%) 21.4%	TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 212,567 (1.4%) 12.3% 13,280 (4.2%) 24.4% 20,306 (1.1%) 11.2% 26,134 6.8% 8.1% 139,530 (6.6%) 14.4% 411,817 (2.7%) 13.0% TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 1,184 9.8% 13.9% 1,585 2.1% 19.4% 314 (19.9%) 17.7% 2,926 (23.8%) 32.1% 650 - 24.9% 6,659 (9.2%) 21.4%	TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 212,567 (1.4%) 12.3% 13,280 (4.2%) 24.4% 20,306 (1.1%) 11.2% 26,134 6.8% 8.1% 139,530 (6.6%) 14.4% 411,817 (2.7%) 13.0% TOTAL LEASED1 GLA LEASED (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 1,184 9.8% 13.9% 1,585 2.1% 19.4% 314 (19.9%) 17.7% 2,926 (23.8%) 32.1% 650 - 24.9% 6,659 (9.2%) 21.4%	RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 118,709 (3.6%) 15.4% 3,836 (2.2%) 18.3% 4,322 (14.7%) 9.7% - - - 52,330 (0.4%) (6.0%) 179,197 (2.9%) 12.6% 72% retention2 RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 - - - 165 10.1% - 314 (19.9%) 17.7% 921 (2.9%) 15.5% - - - 1,400 (5.2%) 14.2% 43% retention2	RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 118,709 (3.6%) 15.4% 3,836 (2.2%) 18.3% 4,322 (14.7%) 9.7% - - - 52,330 (0.4%) (6.0%) 179,197 (2.9%) 12.6% 72% retention2 RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 - - - 165 10.1% - 314 (19.9%) 17.7% 921 (2.9%) 15.5% - - - 1,400 (5.2%) 14.2% 43% retention2	RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3 118,709 (3.6%) 15.4% 3,836 (2.2%) 18.3% 4,322 (14.7%) 9.7% - - - 52,330 (0.4%) (6.0%) 179,197 (2.9%) 12.6% 72% retention2 RETENTION1 RETENTION (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4 - - - 165 10.1% - 314 (19.9%) 17.7% 921 (2.9%) 15.5% - - - 1,400 (5.2%) 14.2% 43% retention2	NEW LEASES1	NEW LEASES1	NEW LEASES1	NEW LEASES1	NEW LEASES1
									NEW LEASES (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES3
Sydney West	212,567	(1.4%)		12.3%					93,858	1.4%		8.2%
Sydney Metro	13,280	(4.2%)		24.4%					9,444	(5.0%)		26.9%
Qld	20,306	(1.1%)		11.2%					15,984	2.5%		11.6%
SA	26,134	6.8%		8.1%					26,134	6.8%		8.1%
Vic	139,530	(6.6%)		14.4%					87,200	(10.3%)		19.4%
Total	411,817	(2.7%)		13.0%					232,620	(2.6%)		13.4%
OFFICE									NEW LEASES1
									NEW LEASES (SQM)1 WEIGHTED AVERAGE BASE RENT GROWTH % WEIGHTED AVERAGE INCENTIVES4
Sydney CBD	1,184		9.8%		13.9%	-	-	-	1,184		9.8%		13.9%
Sydney Metro	1,585		2.1%		19.4%	165	10.1%	-	1,420		1.2%		21.7%
Qld	314		(19.9%)		17.7%	314	(19.9%)	17.7%	-		-		-
WA	2,926		(23.8%)		32.1%	921	(2.9%)	15.5%	2,005		(33.5%)		39.7%
ACT	650		-		24.9%	-	-	-	650		-		24.9%
Total	6,659		(9.2%)		21.4%	1,400 43% retention2	(5.2%)	14.2%	5,259		(10.2%)		27.2%

Includes executed leases only and represents 100% property ownership
Represents the percentage (by income) of total executed deals, which were expiring leases renewed by existing customers during the period. Excludes new leases on vacant space 3. Incentives based on net rent
Incentives based on gross rent

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Stockland FY17 Results Presentation

Retail Town Centres: Asset values

RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)
Stockland Shellharbour	757.9	29.8	4.1%	5.50%	40.7
Stockland Wetherill Park2	742.1	43.5	6.2%	5.50%	38.7
Stockland Merrylands	555.0	17.0	3.2%	5.50%	32.2
Stockland Rockhampton2	425.8	4.1	1.0%	5.75%	23.3
Stockland Green Hills2	398.4	-	-	5.75%	15.4
Stockland Glendale	336.0	31.9	10.5%	5.75%	20.0
Stockland Point Cook2	233.6	-	-	6.25%	14.6
Stockland Townsville(50%) 2	226.5	-	-	5.75-6.50%	12.0
Stockland Cairns	211.0	(28.7)	(12.0%)	6.25%	13.7
Stockland Baldivis	204.0	-	-	5.75%	11.6
Stockland HerveyBay	185.0	(14.6)	(7.3%)	6.25%	11.3
Stockland Burleigh Heads	185.0	6.1	3.4%	6.50%	11.4
Stockland The Pines	182.0	8.2	4.7%	6.00%	12.3
Stockland Forster	172.9	4.6	2.7%	6.00%	11.5
Stockland Balgowlah	169.5	20.8	14.0%	5.50%	9.9
Stockland Jesmond	168.0	4.7	2.9%	6.25%	10.7
Stockland Baulkham Hills	158.0	10.0	6.8%	6.00%	10.1
Stockland Wendouree	149.9	-	-	6.50%	9.8
Stockland Gladstone	148.5	2.3	1.6%	6.50%	10.4
Stockland Bundaberg	142.8	-	-	6.50%	9.8
Stockland Caloundra	140.8	12.7	9.9%	5.75-6.00%	8.5
Stockland Nowra	129.3	8.3	7.0%	6.00%	7.9
Stockland Cleveland	112.9	7.5	7.1%	6.00%	7.2

RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)	RETAIL PORTFOLIO BOOK VALUE ($M) FY17 VAL. INCR/(DECR) ($M)1 CHANGE CAP RATE FY17 FFO ($M)
Stockland Bull Creek	107.4	3.9	3.7%	6.25%	7.0
Stockland Traralgon	100.0	(9.2)	(8.4%)	6.50%	8.2
Stockland Bathurst	95.7	-	-	6.75%	6.9
Stockland Wallsend	80.3	7.1	9.8%	6.50%	5.5
Glasshouse(50%) 2	73.5	8.9	13.8%	4.50%	3.3
Stockland Tooronga	71.0	6.5	10.0%	5.75%	4.0
Stockland Corrimal	69.3	(7.9)	(10.3%)	7.00%	5.1
Stockland Riverton(50%)	67.0	2.4	3.7%	6.25%	4.7
Stockland Harrisdale2	54.9	3.2	6.2%	6.25%	3.2
Shellharbour Retail Park	54.4	0.6	1.1%	7.25%	4.2
Stockland Cammeray	49.2	3.7	8.2%	5.75%	3.0
Stockland Highlands	39.2	5.0	14.7%	5.75%	2.1
Stockland Piccadilly (50%)	36.4	0.7	1.5%	5.50%	2.4
Stockland Kensington	31.0	1.1	3.6%	6.00%	0.5
North Shore Townsville	22.6	(0.7)	(2.9%)	6.25%	1.3
Burleigh Central	21.0	0.6	3.1%	7.25%	1.6
Merrylands Court2	10.1	-	-	7.00%	(0.1)
ToowongMixed Use2	6.8	-	-	n/a	0.2
T/ville Kingsvale & Sunvale (50%)3	2.5	-		n/a	(0.1)
Subtotal Retail	7,127.2	194.1			416.0
Disposals	-	-	-	-	0.6
Other3	-	2.5	-	-	2.0
Total Retail	7,127.2	196.6		WACR 5.9%	418.6

Movements due to independent valuations
Properties impacted by development or still in stabilisation mode 3. Relates to sundry properties

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Stockland FY17 Results Presentation

Logistics & Business Park and Office: Asset values

LOGISTICS & BUSINESS PARKS PORTFOLIO	BOOK VALUE ($M)	FY17 VAL. INCR/(DECR) ($M)1	CHANGE	CAP RATE	FY17 FFO ($M)
Yennora Distribution Centre Optus Centre(51%) Triniti Business Campus	390.0 227.0 180.4	- 0.2 -	- 0.1% -	6.75% 6.75% 6.75%	26.5 15.2 11.9
Ingleburn Distribution Centre3 60-66 Waterloo Road	104.8 99.0	3.9 -	3.8% -	6.75% 6.50-6.75%	6.4 7.0
Hendra Distribution Centre3	93.0	0.8	0.9%	7.75%	5.2
Mulgrave	92.7	(1.0)	(1.0%)	7.00%	6.1
Port Adelaide Distribution Centre	92.0	(8.6)	(8.5%)	9.00%	9.6
Brooklyn Estate Forrester Distribution Centre	82.3 81.4	- -	- -	8.00% 7.00%	7.2 6.3
Macquarie TechnologyCentre	56.8	2.2	3.9%	6.75-7.75%	3.9
9-11A Ferndell Street	56.3	-	-	7.00-8.25%	4.0
1090-1124 Centre Road,Oakleigh3	53.3	5.6	11.8%	6.75%	2.2
Balcatta Distribution Centre 16 Giffnock Avenue	51.9 50.7	(0.3) 7.2	(0.6%) 16.6%	6.75% 7.12%	3.2 3.6
20-50 Fillo Drive and 10 Stubb Street3 23 Wonderland Drive	39.2 36.9	6.2 (0.9)	18.6% (2.5%)	7.50% 6.50%	3.0 2.7
Altona Distribution Centre	36.3	5.2	16.6%	7.50%	2.7
CherryLane 2 Davis Road	32.1 26.2	- -	- -	7.25% 7.00%	2.4 1.8
Baker St,Botany Erskine Park	24.7 22.6	- 2.3	- 11.5%	6.25% 6.00%	1.6 1.3
Coopers Paddock,Warwick Farm	18.8	-	-	n/a	-
56-60 Toll Drive	17.9	-	-	7.25%	1.3
32-54 Toll Drive 11-25 Toll Drive	17.7 17.3	- 0.8	- 4.6%	7.00% 6.25%	1.4 1.5
76-82 Fiilo Drive 40 Scanlon Drive	13.0 9.1	(0.8) -	(5.0%) -	7.75% 7.50%	1.5 0.9
Export Park,9-13 Viola Place	5.9	(3.7)	(38.5%)	10.44%	1.4
M1 Yatala Enterprise Park	5.8	(1.0)	(14.2%)	n/a	-
Other	-	-	-	-	0.8
Total Logistics & Business Parks	2,035.1	18.1		WACR 7.0%	142.6

	BOOK	FY17 VAL.	FY17 VAL.
OFFICE	VALUE	INCR/(DECR)			CAP	FY17 FFO
PORTFOLIO	($M)		($M)1	CHANGE	RATE	($M)
Piccadilly Complex2 (50%)	243.5		34.6	16.5%	5.75-6.00%	14.6
135 King Street (50%)	182.5		42.7	30.5%	5.38%	9.6
Durack Centre	106.4		(10.1)	(8.7%)	8.00%	13.4
601 Pacific Highway	95.2		-	-	6.75%	7.9
77 Pacific Highway	72.9		3.6	5.1%	6.50%	5.9
110 Walker Street	29.7		-	-	6.75%	2.8
40 Cameron Avenue	24.8		(8.1)	(24.6%)	10.50%	2.7
80-88 Jephson Street3	17.0		(5.6)	(24.8%)	8.00%	1.7
27-29 High Street3	3.6		0.3	7.8%	7.00%	0.2
23 High Street3	3.4		0.2	7.8%	7.00%	0.4
Subtotal Office	779		57.6	-	-	59.2
Disposals	-		-	-	-	0.5
Other	-		-	-	-	(0.3)
Total Office	779		57.6		WACR 6.4%	59.4
1. Movements due to independent valuations
2. Piccadilly Complex includes Piccadilly		Tower	and Court
3. Properties impacted by development in FY17

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Stockland FY17 Results Presentation

Top 20 tenants by income

RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20	RETAIL PORTFOLIO TENANT % PORTFOLIO Wesfarmers Ltd 12.0% Woolworths Ltd 11.2% Specialty Fashion Group Ltd 1.6% Prouds Jewellers Pty Ltd 1.4% Priceline Pty Ltd 1.4% Westpac Banking Corporation Ltd 1.3% The Reject ShopLtd 1.3% Commonwealth Bank of Australia Ltd 1.3% Just Group Ltd 1.3% Best & Less PtyLtd 1.1% H&M Hennes & Mauritz PtyLtd 1.0% PrettyGirl Fashion PtyLtd 0.9% ALDI Foods PtyLtd 0.8% Myer Ltd 0.8% Luxottica Retail Australia Pty Ltd 0.8% National Australia Bank Ltd 0.8% Cotton On ClothingGroupPtyLtd 0.8% TerryWhite Chemist Ltd 0.8% ANZ BankingGroupLtd 0.7% Specsavers Optical Group Ltd 0.7% 42.0%	LOGISTICS & BUSINESS PARKS PORTFOLIO TENANT % PORTFOLIO Optus Administration Pty Ltd 10.8% ACI Operations Pty Ltd 7.3% Toll Holdings Ltd 7.2% Qube Holdings Ltd (Qube Logistics) 4.5% AWH (Australian Wool Handlers) Pty Ltd 4.4% Kmart Australia Pty Ltd 4.1% Autocare Services Pty Ltd 4.0% Downer EDI Ltd 3.3% Daikin Australia Pty Ltd 2.6% Brownes Food Operations Ltd 2.3% CSR Ltd 2.0% Laverty Health Ltd 1.9% Automotive Holdings Group Limited 1.9% Icehouse Logistics Pty Ltd 1.9% Chubb Security Holdings Australia Pty Ltd 1.7% Austpac Pty Ltd 1.7% Boral Constructions Materials Ltd 1.7% Citrix Systems Asia Pacific Pty Ltd 1.7% Janssen Cilag Pty Ltd 1.6% CRT Group Pty Ltd 1.4% 67.8%	OFFICE PORTFOLIO
			TENANT % PORTFOLIO
			IBM Australia Ltd 7.5%
			Jacobs Group 7.1%
			Stockland Development Pty Ltd 6.0%
			Hewlett Packard Pty Ltd 4.3%
			Australian Bureau of Statistics 3.1%
			Brookfield Multiplex Ltd 2.6%
			Russell Investment Group Pty Ltd 2.2%
			Government Property NSW 2.1%
			The University of Sydney 2.1%
			UXC Ltd 2.1%
			GHD Services Pty Ltd 2.0%
			The Uniting Church of Australia Property Trust 2.0%
			Fleet Partners Pty Ltd 1.7%
			Smartsalary Pty Ltd 1.7%
			Minister for Works 1.6%
			Optus Administration Pty Ltd 1.5%
			Linkforce Hire Pty Ltd 1.5%
			National Health Call Centre Network 1.4%
			Infosys Technologies Australia Pty Ltd 1.3%
			Moore Stephens International Ltd 1.3%
			55.1%

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Stockland FY17 Results Presentation

Commercial Property: Asset acquisitions & disposals

PROPERTY ACQUIRED ASSET CLASS TYPE ACQUISITION DATE ACQUISITION VALUE1 ($M)	PROPERTY ACQUIRED ASSET CLASS TYPE ACQUISITION DATE ACQUISITION VALUE1 ($M)	PROPERTY ACQUIRED ASSET CLASS TYPE ACQUISITION DATE ACQUISITION VALUE1 ($M)	PROPERTY ACQUIRED ASSET CLASS TYPE ACQUISITION DATE ACQUISITION VALUE1 ($M)	PROPERTY ACQUIRED ASSET CLASS TYPE ACQUISITION DATE ACQUISITION VALUE1 ($M)
4 Memorial Drive, Shellharbour, NSW (Cinema)	Retail	Income Producing	Nov 2016	9.0
Lamerton House, Shellharbour, NSW	Retail	Income Producing	Dec 2016	8.0
Total Asset Acquisitions				17.0
PROPERTY DISPOSED ASSET CLASS TYPE SETTLEMENT DATE DISPOSAL VALUE2 ($M)
Garden Square, Qld	Office	Income Producing	Aug 2016	36.5
Jimboomba, Qld	Retail	Joint Venture	Oct 2016	18.6
Vincentia, NSW	Retail	Income Producing	Oct 2016	13.0
Total Asset Disposals				68.1

Excludes associated acquisition costs
Excludes associated disposal costs

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Stockland FY17 Results Presentation

Residential

Altona North, Melbourne

Development pipeline – Major active projects

STATE	PROJECT STATE PERCENTAGE APPROXIMATE LOT SALES PER ANNUM1 APPROX REMAINING PROJECT LOTS	PROJECT STATE PERCENTAGE APPROXIMATE LOT SALES PER ANNUM1 APPROX REMAINING PROJECT LOTS	PROJECT STATE PERCENTAGE APPROXIMATE LOT SALES PER ANNUM1 APPROX REMAINING PROJECT LOTS	PROJECT STATE PERCENTAGE APPROXIMATE LOT SALES PER ANNUM1 APPROX REMAINING PROJECT LOTS	ANTICIPATED SETTLEMENTS
					FY18 FY19 FY20 FY21 FY22+
Qld	North Shore		90	3,700
	Aura		430	19,150#
	Newport		240	1,600
	Pallara		160	570
	All Other Projects			9,060#
	Sub-total	42.4%		34,080
Vic	Highlands		670	3,300#
	Cloverton		300	10,640#
	The Grove		250	1,920
	Orion (Braybrook)2		140	420#
	Waterlea (Stamford Park)2		60	190#
	All Other Projects			11,580#
	Sub-total	35.0%		28,050
WA	Newhaven3		120	240
	Vale		300	1,350#
	Sienna Wood		180	3,040
	Calleya		220	990#
	All Other Projects			2,630#
	Sub-total	10.2%		8,250
NSW	Willowdale		450	1,880#
	Elara		740	2,820#
	Altrove		130	1,030#
	All Other Projects			4,260#
	Sub-total	12.4%		9,990
	Total	100.0%		80,370

# Dwellings

Average number of lots estimated for three years for FY18 - FY20 2. Average number of dwellings estimated for FY19 – FY21 3. Average number of lots estimated for two years for FY18 - FY19

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Stockland FY17 Results Presentation

Eight projects with first settlements in next two years

	PROJECT TIMING OF FIRST SETTLEMENTS APPROXIMATE TOTAL LOTS IN PROJECT APPROXIMATE LIFE OF PROJECT	PROJECT TIMING OF FIRST SETTLEMENTS APPROXIMATE TOTAL LOTS IN PROJECT APPROXIMATE LIFE OF PROJECT	PROJECT TIMING OF FIRST SETTLEMENTS APPROXIMATE TOTAL LOTS IN PROJECT APPROXIMATE LIFE OF PROJECT	PROJECT TIMING OF FIRST SETTLEMENTS APPROXIMATE TOTAL LOTS IN PROJECT APPROXIMATE LIFE OF PROJECT
Vic	Edgebrook	FY18	790	7 yrs
	Waterlea (Stamford Park)	FY19	190#	3 yrs
	Orion (Braybrook)	FY19	420#	3 yrs
	Minta Farm	FY19	1,710	9 yrs
	Mt Atkinson	FY19	4,220	17 yrs
Qld	Foreshore	FY18	520	4 yrs
	Bokarina Beach	FY18	290#	8 yrs
	Paradise Waters	FY19	2,080	16 yrs
		Total lots	10,220

Includes dwellings

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Stockland FY17 Results Presentation

Projects completing prior to FY20

	PROJECT TIMING OF FINAL SETTLEMENTS APPROXIMATE TOTAL LOTS# LOTS# REMAINING (AS AT 30 JUN 2017)	PROJECT TIMING OF FINAL SETTLEMENTS APPROXIMATE TOTAL LOTS# LOTS# REMAINING (AS AT 30 JUN 2017)	PROJECT TIMING OF FINAL SETTLEMENTS APPROXIMATE TOTAL LOTS# LOTS# REMAINING (AS AT 30 JUN 2017)	PROJECT TIMING OF FINAL SETTLEMENTS APPROXIMATE TOTAL LOTS# LOTS# REMAINING (AS AT 30 JUN 2017)
NSW	Brooks Reach	FY18	590	152
WA	Newhaven	FY19	2,660	247
Qld	The Observatory	FY18	900	15
	Riverstone Crossing	FY18	760	31
	Highland Reserve	FY18	1,160	44
	Stone Ridge	FY18	590	101
	Ormeau Ridge	FY18	660	139
	Brightwater	FY19	1,660#	98
	Augustine Heights	FY19	1,040	128
	Vale	FY19	630	140
	North Lakes	FY19	4,970#	239
Vic	Arve	FY18	80#	36
	The Address	FY18	480	64
	Mernda Villages	FY19	2,990	267
		Total lots	19,170	1,701

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Includes dwellings

Stockland FY17 Results Presentation

Price per Sqm

Retail sales price[1]

Retail sales price1
STATE	FY17 SETTLEMENTS				FY16 SETTLEMENTS
	NO. LOTS AV. SIZE PER LOT SQM AV. PRICE PER LOT$K $/SQM				NO. LOTS AV. SIZE PER LOT SQM AV. PRICE PER LOT$K $/SQM
NSW	1,301	388	420	1,082	1,023	409	365	894
Qld	1,870	411	242	588	1,666	439	237	540
Vic	2,026	399	225	565	1,888	383	206	538
WA	1,084	324	215	665	1,494	351	237	676
Total Residential Communities	6,281	387	269	694	6,071	395	249	631
Total Medium Density	213	N/M	562	N/M	15	N/M	424	N/M

Revenue Reconciliation ($M)

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1,809
Proforma residential gross revenue
(6,281 LND x $269k per lot)
(213 MD x $562k per dwelling)
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(170) (42) 170
1,767
GST Non-Stockland PDA revenue Superlot revenue, Actual FY17 total revenue
>1,000 sqm lot sales,
Disposal proceeds²
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Average price of retail sales excludes sales of all lots over 1,000 sqm, superlot sales, completed homes and apartments revenue, and disposal proceeds. Average price includes GST. Includes Project Development Agreements (PDAs) for which Stockland receives a part-share
Includes the disposal of impaired project Wallarah (NSW), the second tranche of revenue from the disposal of Bahrs Scrub (Qld) and the disposal of a Café site in The Islands Apartments at Southbeach (WA)

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Stockland FY17 Results Presentation

Lots settled by location

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6,604
6,135
5,876
1,371 NSW
5,388
1,035
5,219 771
899 4,641 531
1,104 WA
732 1,620 1,497
1,059
1,768
1,473 2,018 Qld
1,704
1,601
1,894
1,812
1,417
2,111 Vic
1,829 1,899
1,591
1,019 1,108
FY12 FY13 FY14 FY15 FY16 FY17
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Stockland FY17 Results Presentation

Net deposits by quarter

Net deposits by buyer

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Net deposits by buyer 76.7% 75.2% 75.2% 74.7% 75.6% 76.5% % Owner
71.0% 71.4% Occupier
2,301
2,116
1,557 1,581 1,706 524 571 1,792 1,891462 1,864438 Retail
398 522 454 Investors
452 452 583
443 452 442 452 Upgraders
428 401
1,208 First Home
677 728 865 1,009 886 987 974 Buyers
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Net deposits by state 2,301
2,116
1,891 1,864
692 1,792
1,557 1,581 1,706 648 312 NSW
442 521
190 317 405 245 280 265 WA
317 209 291 214 278
478 403 486 599 649 481 583 572 Qld
572 652 524 624 680 655 509 715 Vic
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
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Stockland FY17 Results Presentation

Leads and enquiry levels

High lead volumes for FY17, strong performance

First Home Buyers impacted by timing of state grants

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8,000
Average Monthly Leads
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
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75%
Composition of Stockland new leads
51% 51%
50% 54% 49% 46% 46% 47% 42% 47% 43% First home
buyers
35% 38% 37% 30% 33% 32% 32%
34% 25% 25% Upgraders
25%
23% 26% 24% 24% 25% Retail Investors
17% 20% 21%
11% 13%
0%
Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17
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Qld is the front-runner for FY17, followed by Vic

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21,000
18,000
NSW
15,000
WA
12,000
Qld
9,000
6,000
3,000 Vic
-
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
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Stockland FY17 Results Presentation

Providing affordable product

Stockland providing more affordable product than local median house price[2,3,4]

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1,220k Stockland medium density
Stockland H&L entry price
Median price
830k
737k 749k
565k 565k 582k
540k 525k 422k 497k 472k 430k 418k 415k 409k 511k 430k 499k 415k 403k 477k 458k 462k 464k
345k
Elara Willowdale Aura Pallara Vale Highlands Cloverton The Grove Vale Calleya Newhaven
NSW Qld Vic WA
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National Land Survey Program, Charter Keck Cramer/Research4 and Stockland Research
Stockland data, House and Land packages for sale within Stockland House and Land Finder July 2017
RP Data: Median value of established (4b,2b,2c) houses in surrounding suburbs as at June 2017
Entry price for Stockland medium density product in June 17 quarter

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Stockland FY17 Results Presentation

Residential: Acquisitions

Residential: Acquisitions	Residential: Acquisitions	Residential: Acquisitions	Residential: Acquisitions	Residential: Acquisitions	Residential: Acquisitions
PROPERTY ACQUIRED TYPE ACQUISITION DATE ACQUISITION VALUE ($M) APPROXIMATE NUMBER OF LOTS FIRST SETTLEMENTS EXPECTED
Mt Atkinson, Melbourne	Masterplanned Community	May 17	Not disclosed	4,220#	FY19
Minta Farm, Melbourne	Masterplanned Community	Dec 16	Not disclosed	1,710#	FY19
Truganina, Melbourne	Masterplanned Community	May 17	Not disclosed	1,630#	FY20
Highlands Consolidation, Melbourne	Masterplanned Community	Mar 17	$75m	980	FY21
Orion (Braybrook), Melbourne	Medium Density	Mar 17	$62m	420 dwellings	FY19
Altona North, Melbourne	Medium Density	Jun 17	Not disclosed	270 dwellings	FY22
Highlands consolidation, Melbourne	Masterplanned Community	Mar 17	Not disclosed	260	FY21
Whiteman Edge Consolidation, Perth	Masterplanned Community	Jun 17	Not disclosed	220	FY20
Hope Island, Qld	Medium Density	May 17	$14m	110 dwellings	FY20
Altrove Consolidation, Sydney	Masterplanned Community	Jun 17	Not disclosed	80	FY19
				9,900 lots and dwellings

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Includes dwellings

Stockland FY17 Results Presentation

Impairment provision utilisation

30 JUNE 2017 TOTAL RESIDENTIAL ($M)	30 JUNE 2017 TOTAL RESIDENTIAL ($M)
Net decrease in impairment	(3)
Utilisation of provision	(103)

IMPAIRMENT PROVISION BALANCE 30 JUNE 2017($M) FINAL SETTLEMENT	IMPAIRMENT PROVISION BALANCE 30 JUNE 2017($M) FINAL SETTLEMENT	IMPAIRMENT PROVISION BALANCE 30 JUNE 2017($M) FINAL SETTLEMENT
Projects to be developed	$139m	~10 yrs
Disposal of undeveloped sites	$44m	~2 yrs
Total	$183m

Residential forecast utilisation of provision[1] Balance $M

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600
Disposal of undeveloped sites
Projects to be developed out
400
183 (Current balance) 166
44
200 38
96
64
139 128 48 33
96 64 48 33
0
Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
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Forecast utilisation impairment provision as at 30 June 2017, based on forecast settlement dates, revenue and costs by project

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Stockland FY17 Results Presentation

Retirement Living

Cardinal Freeman The Residences Sydney

Established portfolio and development pipeline

PORTFOLIO STATISTICS FY17 FY16	PORTFOLIO STATISTICS FY17 FY16	PORTFOLIO STATISTICS FY17 FY16	PORTFOLIO STATISTICS FY17 FY16
Established villages	65		70
Established units	9,610		9,616
Established units settlements	731		716
Units removed for redevelopment/alternate use	88		24
Turnover rate excluding developments1	8.5%		8.2%
Turnover rate total portfolio	7.6%		7.7%
Average age of resident on entry	73.5 yrs		73.5 yrs
Average age of current residents	80.6 yrs		80.6 yrs
Average tenure on exited residents	9.1 yrs		9.2 yrs
Average village age	24.0 yrs		23.3 yrs
Development pipeline	2,970 units		3,165 units
KEY VALUATION ASSUMPTIONS FY17 FY16
Weighted average discount rate		13.0%	12.9%
Weighted average 20 year growth rate		3.6%	3.7%
Average length of stay of current and future residents		10.8 yrs	10.6 yrs

Net reservations

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965 1,001
261 270
Development
Established
704 731
222 186
67
58
155 128
On hand Net new FY17 On hand
Jun 2016 reservations turnovers / settlements Jun 2017
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Age profile of established villages

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63%
22%
6% 9%
0-5 Years 6-10 Years 11-20 Years +20 Years
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Excludes development settlements from last five years

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Stockland FY17 Results Presentation

Net funds employed Development pipeline breakup

Net Funds Employed

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$1,307m
$1,251m
76 Goodwill
76
164 Revaluation
136
206 Development WIP 190
861 Established 849
FY17 FY16
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Geographically diverse development pipeline

DEVELOPMENT PIPELINE	FY17
Development villages	18
Total development pipeline units	2,970
- Greenfield pipeline units	1,980
- Village extension pipeline units	990
Estimated end value including DMF	$2.3b

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WA
SA 9%
5%
NSW
32%
Qld
22%
Vic
32%
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1,520
1,450
1,500
Future pipeline
1,000
Future stages
of current projects
500
Under construction
0
FY18-FY21 FY22+
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1. Timing subject to market conditions

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Stockland FY17 Results Presentation

Strong project pipeline forecast

CONSTRUCTION TIMEFRAME	FUTURE SETTLEMENTS FY18 FY19 FY20 FY21 FY22+	FUTURE SETTLEMENTS FY18 FY19 FY20 FY21 FY22+
Completed (FY17)	SelandraRise,Vic
	Highlands, NSW
	Sub-total	55
Current Development Projects	Lightsview, SA
	Somerton Park, SA
	Mernda,Vic
	Cardinal Freeman TheResidences,NSW
	Affinity,WA
	Willowdale,NSW
	Birtinya (formerly Oceanside), Qld
	Gillin Park,Vic
	Aspire atElara,NSW
	Aspire at Calleya, WA
	Sub-total	1,105
To start within 18 months	Newport, Qld
	Somerton Park, SA
	Sub-total	145
Master planning/ future projects	The Grove,Vic
	Aspire atAltrove,NSW
	Aura, Qld
	Cloverton, Vic
	Sub-total	935
Redevelopments	Proposed Redevelopments
	Sub-total	730
Total units yet to be released		2,970

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Stockland FY17 Results Presentation

Research Annexure

Economic Overview

Bells Reach, Qld

Contribution to Australia’s GDP by industry(%)

Industry contribution to GDP[1] (%)

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Financial services
Ownership of dwellings
Healthcare
Mining
Construction
Professional services
Public admin
Manufacturing
Transport
Education
Retail trade
Wholesale trade
Admin services
Tourism
Property services
Info Media & telco
Utilities
Accom & food
2015-16
Agriculture
Other services
Forecast 2020-21
Arts
0% 2% 4% 6% 8% 10% 12%
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ABS, Stockland Research, Deloitte Access Economics June 2017

Stockland FY17 Results Presentation

Investor lending rates rising independently of cash rates, labour market improving across all states

Historical and implied forward RBA cash rates[1]

Labour market improving strongly in WA[2] Seek Job Ads (Annual % change in number of ads)

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12% 80%
60%
10%
Owner occupier
standard variable
40%
mortgage rates
8%
Investor standard 20%
6% variable mortgage rates NSW
Vic
0%
Qld
4% WA
Cash rate
-20%
2%
-40%
Implied forward
cash rates
0% -60%
2005 2007 2009 2011 2013 2015 2017 2019 2005 2007 2009 2011 2013 2015 2017
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RBA, Stockland Research
Seek, July 2017

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Stockland FY17 Results Presentation

Australia: Retail drivers

Rate of growth in online retail spend[1] is declining

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30% 7.0%
ABS Retail Spend Growth (RHS)
25% Online Spend Growth (LHS) 6.0%
5.0%
20%
4.0%
15%
3.0%
10%
2.0%
5% 1.0%
0% 0.0%
2012 2013 2014 2015 2016 2017
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Employment growth has been improving across our states[3]

Employment growth (Annual % change)

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8%
6%
4%
Vic
2% Qld
WA
0% NSW
-2%
2005 2007 2009 2011 2013 2015 2017
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Consumer Sentiment below neutral[2]

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130
120
110
100
90
80
70
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Despite good employment growth, wage growth outcomes have been trending down since 2011[3]

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6%
5%
4%
3%
NSW
2% Vic
Qld
1%
WA
0%
2003 2005 2007 2009 2011 2013 2015 2017
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Bricks and Mortar spend ($) taken from ABS, $ amount of online spend estimated from Quantium %.
Westpac – University of Melbourne Consumer Sentiment Survey 3. ABS

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Stockland FY17 Results Presentation

Dwelling commencements responding to accumulated undersupply

Dwelling commencements are elevated, but close to long term averages on a per capita basis and past its peak[1]

Pent up dwelling demand[2]

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Thousands Annual Rolling Sum (‘000s) Annual Rolling Sum (‘000s)
250 30
Dwelling
Commencements (LHS) 25
200
20
150
15
100
10
50
Dwelling 5
Commencements per
1000 people (RHS)
0 0
1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
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ABS, Stockland Research
UBS Economics, July 2017

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Stockland FY17 Results Presentation

Population Growth continues to underpin dwelling demand

AUS population growth – Annual[1]

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Vic and Qld seeing strong positive interstate migration[2] Annual Rolling Sum (‘000s)

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Forecast
Total Growth
(%)
Natural Increase
Net International Migration
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NSW and Vic seeing strong overseas migration[2] Annual Rolling Sum (‘000s)

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ABS, Deloitte Access Economics, Department of Immigration 2. ABS

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Stockland FY17 Results Presentation

Stronger selling environments in Sydney and Melbourne

Established stock on market rising across most markets[1]

Established houses days on market low in Sydney and Melbourne, rising in Perth and Brisbane[2]

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40,000 100
90
35,000
80
30,000 Perth
70
25,000
60
Brisbane Brisbane
20,000 Perth 50
Melbourne
Sydney 40
15,000 Sydney
30 Melbourne
10,000
20
5,000
10
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017
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SQM Research
CoreLogic/RP Data

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Stockland FY17 Results Presentation

National building approvals[1]

NSW house approvals rebounding; unit approvals off high peaks

Vic house approvals steady; unit approvals also off high peaks

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4,000 Apartment: 4,000 House:
+100.9%
+22.1%
above long above
3,000 term average 3,000
long term
average
House:
2,000 +19.4% 2,000 Apartment:
above +111.4%
long term above
1,000 1,000
average long term
average
0 0
1985 1989 1993 1997 2001 2005 2009 2013 2017 1985 1989 1993 1997 2001 2005 2009 2013 2017
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Qld house approvals stable; unit approvals down from peak

WA house and unit approvals trending lower

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4,000
House:
3,000 (0.9%)
below
long term
2,000 average
Apartment:
1,000 +51.7%
above
long term
0 average
1985 1989 1993 1997 2001 2005 2009 2013 2017
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4,000
3,000
House:
(17.5%)
below
2,000
long term
average
1,000 Apartment:
+26.9%
above
0 long term
1985 1989 1993 1997 2001 2005 2009 2013 2017 average
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ABS, data as at June 2017

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Stockland FY17 Results Presentation

Residential rental vacancy rates still tight and supportive of rental growth in Sydney and Melbourne[1,2]

Sydney

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5.0% Median Rent $550
Vacancy Rates
4.0%
$400
3.0%
2.0%
$250
1.0%
0.0% $100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Melbourne

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5.0% $550
Median Rent
4.0%
Vacancy Rates
$400
3.0%
2.0%
$250
1.0%
0.0% $100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Brisbane

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5.0% $550
4.0% Vacancy Rates Median Rent
$400
3.0%
2.0%
$250
1.0%
0.0% $100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Perth

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$550
5.0%
Median Rent
4.0%
$400
3.0% Vacancy Rates
2.0% $250
1.0%
0.0% $100
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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CoreLogic/RP Data, June 2017
SQM Research, June 2017

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Stockland FY17 Results Presentation

National house and land prices – less than two months of residential trading lots remain nationally

Land Price per sqm[1]

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1200 Sydney
1000
800
Melbourne
600 Perth
SEQ
400
200
0
2009 2010 2011 2012 2013 2014 2015 2016 2017
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Capital City House Prices – Rolling Annual Change[2]

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50%
40%
30%
20%
Melbourne
10% Sydney
0% Brisbane
Perth
-10%
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
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Closing stock of land lots[1]

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6,000 18,000
16,000
5,000 National (RHS)
Perth 14,000
4,000 12,000
10,000
3,000
8,000
2,000 SEQ 6,000
Melbourne
4,000
1,000
Sydney 2,000
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017
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National residential land lots – less than two months of supply
Months
9
8
7
6
5
4
3
2
1
0
2009 2010 2011 2012 2013 2014 2015 2016 2017
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National Land Survey Program June Qtr 2017, Charter Keck Cramer 2. RP Data, June 2017
Estimated months of trading – based on total closing stock divided by current net monthly sale rate.

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Stockland FY17 Results Presentation

Strong vacant land market, and WA showing small signs of recovery[1]

NSW vacant land sales supply-constrained

Quarterly Sales

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4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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Vic vacant land sales volumes at record highs and trending upward Quarterly Sales

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7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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SEQ land market strong volumes and price growth Quarterly Sales

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3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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Perth vacant land sales recovering off a low base, prices are stable

Quarterly Sales

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4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
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National Land Survey Program, Charter Keck Cramer/Research4 and Stockland Research Stockland FY17 Results Presentation

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Household affordability trends

Census 2016 shows the % of households under mortgage stress falling, while the proportion of households under rental stress[1] have increased[2] . % of households with mortgage repayments over 30% of income % of households with rent payments over 30% of income

% of households with rent payments over 30% of income

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16.0%
12.0%
12.0% 9.9% 11.0% 10.0% 11.0%
9.3%
8.4% 8.1%
7.2%
8.0% 6.4% 2011
2016
4.0%
0.0%
AUS Sydney Melbourne Brisbane Perth
Household Debt-to-Asset ratio falling, Debt-to-Income rising [[3]]
200% Debt to Income 30%
Ratio (LHS)
150%
20%
Debt to Asset
100%
Ratio (RHS)
10%
50%
% %
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
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Household Debt-to-Asset ratio falling, Debt-to-Income rising[[3]]

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

16.0%
12.9% 12.9%
12.0% 10.4% 11.5% 12.6% 9.7%11.0% 11.7% 9.2% 9.9%
8.0% 2011
2016
4.0%
0.0%
AUS Sydney Melbourne Brisbane Perth
Mortgage repayments as a percentage of household income rising in
Sydney and Melbourne due to recent house price growth [[4]]
60%
50%
Sydney
40%
Melbourne
30%
Brisbane
20% Perth
10%
0%
1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017
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Mortgage repayments as a percentage of household income rising in Sydney and Melbourne due to recent house price growth[[4]]

Mortgage stress defined as paying more than 30% of household income in mortgage repayments. Rental stress defined as paying more than 30% of household income in rent. 2. ABS Census 2016.
RBA, ABS, Stockland Research
ABS, RBA, CoreLogic/RP Data, Stockland Research

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Stockland FY17 Results Presentation

Summary of policies affecting housing demand[1]

	NSW	Vic	Qld	WA
First home buyer grants	$10k grant on new homes valued up to $600k; for owner-builders the value is up to $750k	$10k grant on new or existing homes valued up to $750k. $20k grant on homes in regional Vic	$15k grant on new homes valued up to $750k. Grant was $20k prior to July 2017	$10k grant on new homes. Cap of $750k for properties in metro Perth; $1m for regional properties. $5k boost removed in July 2017
First home buyer stamp duty concessions	Exempt for new and existing homes valued up to $650k	Exempt for new and existing homes valued up to $600k	Concessions for new and existing homes valued up to $550k	Exempt on new and existing properties valued up to $430k
	Exempt for vacant land purchases valued up to $350k	Concessions for properties valued between $600k-$750k	Concessions on vacant land valued up to $400k	Exempt on vacant land purchases valued up to $250k
	Concessions for new and existing homes valued between $650k-$800k	-	-	Concessions on new and existing properties valued between $430-$530k
	Concessions for vacant land purchases valued between $350k-$450k	-	-	Concessions on vacant land purchases valued between $250k-$400k
Other	Investor stamp duty: 12 month deferral for off-the-plan purchases abolished from July 2017	Vacant property surcharge at 1% of capital improved value of the property; vacant land surcharge at 1.5% value of land	-	-
Foreign buyer surcharges	8.0% on purchase; 0.75% annual land tax	7.0% on purchase; 1.5% annual land tax	3.0% on purchase	-
Federal restrictions on foreign owners	50% cap on foreign ownership in new developments CGT withholding tax rate raised from 10% to 12.5%, with the threshold dropped from $2m to $750k. Foreign owners will have no access to CGT exemptions going forward; properties bought prior to May 2017 will be grandfathered until June 2019 Vacant property tax on foreign owners of residential property that is not occupied or genuinely available on the rental market. Tax will be levied annually and at the same rate as fee payable for foreign investment application Downsizing - persons over age 65 are allowed to make a non-concessional contribution of up to $300k from the proceeds of selling their home into superannuation. The home must have been held for a minimum of 10 years
APRA regulations on bank lending	Interest only lending limited to 30% of new residential mortgage lending. Interest only lending is currently running at 37.5% of all loans - Internal limits on volume of interest only lending at LVRs >80% - Ensure there is strong scrutiny and justification of interest only lending at >90% LVR Manage lending to investors to comfortably remain below the previously advised benchmark of 10% growth Review and ensure that serviceability metrics, including interest rate and net income buffers, are set at appropriate levels for current conditions Continue to restrain lending growth in higher risk segments of the portfolio, i.e. high loan-to-income loans, high LVR loans, and loans for very long terms

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Source: State Revenue Departments for NSW, Vic, Qld, WA; APRA; Federal Budget 2017-18.

Stockland FY17 Results Presentation

Important Notice

Stockland Corporation Limited ACN 000 181 733

Stockland Trust Management Limited ACN 001 900 741; AFSL 241190

As responsible entity for Stockland Trust ARSN 092 897 348

25th Floor

133 Castlereagh Street SYDNEY NSW 2000

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. This presentation contains forward-looking statements, including statements regarding future earnings and distributions that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by these forward looking statements. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in the release.

The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution of you obtaining independent advice. Subject to any terms implied by law and which cannot be excluded, Stockland accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this presentation. All information in this presentation is subject to change without notice.

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

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AI assistant

STOCKLAND — Annual Report 2017

65781_rns_2017-08-15_aba845e9-92c5-4afc-939f-666b5078bba8.pdf

Contents

About Stockland

Our strategy for success

Stockland quick facts

41 Assets

Corporation

RESIDENTIAL

RETIREMENT LIVING

We are well positioned with a diverse portfolio[1,2]

Key Residential projects, located in population growth areas[1]

Sydney

Key Residential projects, located in population growth areas[1]

Melbourne

Retirement Living: Strong demand drivers

Compelling demand fundamentals

Profit summary

FFO and AFFO reconciliation to the PCA guidelines

Net interest gap

Strategic mix

Return on assets, return on equity

Reconciliation between return on equity table values and accounting results

Reconciliation of Group return in ROE calculation to Underlying Profit

Reconciliation of capital employed in ROE calculation to statutory net assets

Stockland return on equity methodology

Cost management

Long dated, diverse debt

Long-dated drawn debt maturity profile (WADM 5.7 years)[1]

Cost of debt for FY17

Fixed debt/ Hedge profile

Debt summary

Debt Capital Markets

Bank Debt

Debt summary (continued)

Covenant calculations

Balance sheet summary

Stockland corporation income tax reconciliation

Commercial Property: Portfolio weightings and valuation movements

Commercial Property assets: $9.9b[1]

Commercial Property: Funds from operations

Commercial Property Portfolio: Trend in cap rates over time

Retail Town Centres: Portfolio capitalisation rates

Commercial Property: Revaluation and book value

Commercial Property book values: $9.9b[1]

Retail Town Centres: Performance

Retail FFO movements between FY16 and FY17 ($M)

Leasing activity

Retail Town Centres: Sales growth for comparable centres

Comparable centres represent 74% of book value for this period

Retail Town Centres : Productive centres and diverse income base

Specialty MAT/sqm, centres with future development potential

Retail Town Centres : Significant development pipeline driving growth and returns

Retail Town Centres: Development pipeline

Logistics & Business Parks and Office: Performance

Office

Logistics & Business Parks: Development pipeline

Logistics & Business Parks and Office: Tenancy retention and new leasing metrics

Retail Town Centres: Asset values

Logistics & Business Park and Office: Asset values

Top 20 tenants by income

Commercial Property: Asset acquisitions & disposals

Residential

Development pipeline – Major active projects

# Dwellings

Eight projects with first settlements in next two years

Includes dwellings

Projects completing prior to FY20

Includes dwellings

Price per Sqm

Retail sales price[1]

Revenue Reconciliation ($M)

Lots settled by location

Net deposits by quarter

Net deposits by buyer

Leads and enquiry levels

High lead volumes for FY17, strong performance

First Home Buyers impacted by timing of state grants

Qld is the front-runner for FY17, followed by Vic

STOCKLAND Annual Report 2017