Property Portfolio 2011 31 DECEMBER 2011

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About
Stockland
We have a long and proud history
of creating places that meet the needs
of our customers and communities.
Front cover image:
Merrylands, NSW
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Our PrOPerty POrtfOliO

STOCKLAND IS ONE OF AUSTRALIA’S LEADING DIVERSIFIED PROPERTY GROUPS. WE’RE ACTIVE IN RESIDENTIAL COMMUNITIES, RETIREMENT LIVING, RETAIL AS WELL AS OFFICE AND INDUSTRIAL PROPERTY. THIS PORTFOLIO IDENTIFIES ALL OF OUR PROPERTIES AND PROJECTS ACROSS AUSTRALIA AND THE UNITED KINGDOM.

MORE INFORMATION ON STOCKLAND’S ACTIVITIES AND AN ONLINE VERSION OF PORTFOLIO DATA IS AVAILABLE AT www.stOckland.cOm.au

Ervin Graf, 1952

Our stOry

Ervin Graf founded Stockland in 1952 with a vision to “not merely achieve growth and profits but to make a worthwhile contribution to the development of our cities and great country”.

Pursuing that vision has seen Stockland grow to become one of Australia’s leading diversified property groups – developing and managing a large portfolio of residential community, apartment, retirement living, retail, office and industrial assets.

With the benefit of our diverse property skills, we connect together property styles in shared locations, to create thriving communities; places that inspire people to gather, to share and to live life.

We recognise our responsibilities to the environment and are striving to become a leader in sustainable business practices. Our positive and adaptable team shares Graf’s vision of making a worthwhile contribution to our community.

We work hard, we expect a lot of one another, and we seek true worklife balance. For over half a century, we’ve worked hard to grow our diverse portfolio of assets and projects while maintaining a conservative balance sheet. It’s proven to be a sound approach and we’re now Australia’s largest diversified property group and a top 50 ASX listed company.

Property Portfolio

~~cOmmercial POrtfOliO~~ retail (page 7) 41 properties 873,440 m[2] GLA Valued at $4.8 billion

residential POrtfOliO

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residential communities (page 45)

75 communities 91,000 lots End-market value approximately $24.5 billion

residential POrtfOliO

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apartments (page 82)

4 projects 78 units with a remaining end-market value of approximately $0.2 billion

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retirement POrtfOliO

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stOckland uk

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Office (page 25) 24 properties 487,198 m[2] NLA Valued at $1.9 billion

retirement living (page 65)

61 established villages 7,769 units Development pipeline of 3,627 units

stockland uk (page 84)

On balance sheet assets $94.8 million

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unlisted PrOPerty funds

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industrial (page 37) 14 properties 1.2 million m[2] GLA Valued at $1.0 billion

unlisted Property funds (page 77)

Funds under management $441.6 million

Stockland ProPerty Portfolio DECEMBER 2011 1

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australia new sOuth wales
sydney
Property cBd and
Portfolio north shore
118-120 Pacific Highway
601 Pacific Highway
77 Pacific Highway
110 Walker Street
North Sydney
The Rocks
7 Macquarie Place
a
9 Castlereagh Street
135 King Street
Stockland Piccadilly,
133 Castlereagh Street
175-181 Castlereagh Street
key a key
Retail Port Adelaide Distribution Centre Retail
Office The Grange Retirement Village Office
Industrial Salford Retirement Estate
Residential Communities Unity Retirement Village
Apartments
Retirement Living
Unlisted Property Funds
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new sOuth wales

new sOuth wales /act

Greater sydney

north/south coast canberra and surrounds

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Hundred Hills
Tamworth Homespace
e
Warriewood
Marsden Park Stockland Forster/Woolworths Forster
North West Sector Maybrook
Village Golden Ponds Resort
Castle Ridge Resort
Anambah
Stockland Lochinvar McKeachie’s Run
Baulkham Hills
Lourdes Village Darcy’s Peak
The Willows Village Macquarie Park,
B North Ryde Chatswood Newcastle
Parramatta Ryde c The Village Swansea
75 George Street, Parramatta Stockland Balgowlah/The Village Murrays Beach/Wallarah Peninsula
9-11a Ferndell Street, Granville
Lakewood North
Merrylands Court Sydney Stockland Bathurst Wamberal Gardens
Stockland Bay Village
Stockland Merrylands Stockland Cammeray
2 Davis Road, Wetherill Park Waterside The Cove Village
Stockland Wetherill Park
Yennora Distribution Glenmore Ridge
Centre Sydney
Macarthur Gardens
Cardinal Freeman Sydney Macquarie Grove Sandon Point
MoorebankDefence Distribution Centre, Village Sydney Brooks Reach/Illawarra Waratah Highlands Stockland Corrimal
Airport Stockland Shellharbour
Shellharbour Retail Park
Bexley
East Leppington Gardens Stockland Nowra
Vincentia Shopping Centre
Bayswood
ACT
d
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key B Retail Macquarie Technology Centre Office 16 Giffnock Avenue Industrial Optus Centre, Macquarie Park Residential Communities 60–66 Waterloo Road Retirement Living Triniti Business Campus Unlisted Property Funds 78 Waterloo Road

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||||
|---|---|---|
|key|c|e|
|Retail|Stockland Green Hills|Hastings Parklands Village|
|Office|Stockland Glendale|Lincoln Gardens|
|Residential Communities|Stockland Jesmond|Bellevue Gardens|
|Retirement Living|Stockland Wallsend|Queens Lake Village|
|Unlisted Property Funds|d|Camden View Village|
|40 Cameron Avenue, Belconnen|
|Ridgecrest|

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Stockland ProPerty Portfolio DECEMBER 2011

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Queensland Queensland
Greater Brisbane
Brisbane cBd
Caboolture Waters/Caboolture West/Ripeford
Export Park
Stone Ridge
Fig Tree Redcliffe
North Lakes
Freshwater China Town
Kangaroo
Point
Waterfront Place
Hendra Distribution Centre
Farrington Grove, Ferny Hills
South Brisbane
Brisbane
Woolworths Toowong
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Garden Square,
Mt Gravatt
Interchange Industrial
Estate, Wacol Greenleaves
Salford Waters
Ipswich Brookbent Road Retirement Estate
Jimboomba Village Shopping Centre
Sovereign Pocket Parkwood
Paradise Waters
Augustine Heights
M1 Yatala Enterprise Park
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key
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Retail Office Industrial Residential Communities Retirement Living Unlisted Property Funds

key Office Industrial

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Queensland Queensland Queensland
sunshine
Gold coast coast far north
Vale
Bahrs Scrub Lake Doonella
Noosa Heads
Ormeau Ridge
Hope Island Cairns
Stockland Cairns
Highland Reserve
Oxenford
Allisee
Riverstone Crossing
Pacific Pines
Pacific Pines The Boardwalk Townsville
Shopping Centre
North Shore
Southport Stockland Townsville
Ocean Drive
Surfers Paradise
Benowa Gardens Maroochydore
Mackay
Brightwater Cane Bridge
Kawana Business Village Bokarina Beach
Lake Kawana
Burleigh Central Birtinya Island
Stockland Burleigh Heads
The Observatory
Burleigh Heads Stockland Caloundra Rockhampton
Bellcarra Retirement Resort Stockland Rockhampton
Pine Lake
Gladstone
Stockland Gladstone
Caloundra
Bells Reach
Woodgrove Caloundra South Stockland Hervey Bay
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key

Retail

Residential Communities Apartments Retirement Living 50% Unlisted Property Funds

key

Retail

Residential Communities Retirement Living Unlisted Property Funds

key

Retail

Residential Communities

Stockland ProPerty Portfolio DECEMBER 2011

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VictOria VictOria
Greater melbourne
melbourne cBd
Carlton Fitzroy
Lockerbie
Midlands Terrace
Stockland Wendouree Mernda Village
Hawkstowe
Sunbury Highlands/Newbury Village
Gowanbrae 40 Scanlon Drive, Epping
20-50 & 76-82 Fillo Drive & Eucalypt Arilla
10 Stubb Street, Somerton Plenty Valley
Bundoora
Rylands 222 Russell Street Car Park
Keilor Kew Latrobe
The Lakes Estate Rylands Templestowe
Taylors Hill The Lakes Hawthorn Stockland The Pines
Burnside at Delbridge Tooronga Donvale
Brooklyn Estate, Brooklyn
Tarneit Skies Retirement Village Cameron Close
Davis Road Toll Business Park,Allura Altona Vermont Salford Park
Altona Distribution Centre Wantirna Knox
1090-1124 Centre
Stockland Point Cook Oak Road, Oakleigh
Grange
Gillin Park Retirement Village
Geelong Patterson Lakes
Cranbourne F
Long Island
Selandra Rise
2-4 Yarra Street
Rosebud
The Point
South Yarra
Stockland Traralgon
541 St Kilda Road
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key Apartments Unlisted Property Funds

key f Retail Eve Industrial Sierra Residential Communities Arbourlea Apartments Retirement Living Unlisted Property Funds

western australia Perth and surrounds

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Amberton
Vale
Corimbia Whiteman Edge
181 Great Eastern
Highway, Belmont
G Perth
Adelaide Street
Stockland Riverton
Plaza
Stockland Bull Creek
The Islands South Beach
Banjup
Newhaven
H Baldivis Wungong Reach
Brookdale
West
Halls Head
Village Murray River Village
Leschenault Retirement Village
Bunbury
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key
Retail	Durack Centre	Baldivis Town Centre
Offce Residential Communities	45 St Georges Terrace 255 & 267 St Georges	Settlers Hills Townside
Apartments	Terrace	Affnity Village
Retirement Living	River Parks Village	Stockland Baldivis
Unlisted Property Funds	River Pines Village

retail cOmmercial POrtfOliO

Retail

Stockland is one of the largest retail property owners, developers and managers in Australia. At 31 December 2011 the portfolio comprises 41 retail centres valued at $4.8 billion. The properties accommodate more than 2,600 tenants and generate in excess of $5.4 billion in retail sales per annum.

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Stockland Rockhampton, QLD

lease expiry profile %

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2 6 12 9 9 62
Vacant FY
12 13 14 15 16+
Geographic split %
54 12 30 4
NSW VIC QLD WA
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Stockland ProPerty Portfolio DECEMBER 2011 7

retail cOmmercial POrtfOliO

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Stockland
MerrylandS, nSW
LocatEd 21
kiLoMEtrES WESt oF
thE SydNEy cBd thiS
cENtrE haS SErvicEd
thE LocaL coMMuNity
For 40 yEarS.
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retail cOmmercial POrtfOliO

retail Portfolio as at 31 december 2011

							annual sales	Specialty
				Book value	aifrS	% of retail	december 2011	occupancy	Specialty
Page	Property	location	Gla (m2)	($m)	noi ($m)	Portfolio	($m)	costs (%)**	sales ($/m2)**
10	Stockland Wetherill Park	NSW	54,789	358.0	12.2	7.5	264.1	16.9	11,131
10	Stockland Merrylands	NSW	34,507	350.6	3.4	7.4	176.6	N/A	N/A
10	Stockland Rockhampton	QLD	57,596	345.8	10.7	7.3	358.7	14.5	8,398
11	Stockland Townsville	QLD	25,517	280.4	5.2	5.9	135.9	N/A	N/A
11	Stockland Shellharbour	NSW	38,434	273.0	9.1	5.7	214.3	N/A	N/A
11	Stockland Green Hills	NSW	33,166	259.4	9.1	5.5	323.5	12.8	13,692
12	Stockland Glendale	NSW	55,014	248.1	8.7	5.2	319.3	14.8	7,897
12	Stockland Cairns	QLD	49,538	215.0	6.5	4.5	277.3	11.7	9,720
12	Stockland Point Cook	VIC	42,642	187.0	6.3	3.9	182.4	N/A	N/A
13	Stockland BayVillage	NSW	29,200	164.0	6.3	3.4	206.3	14.3	8,053
13	Stockland Burleigh Heads	QLD	26,814	145.0	5.5	3.0	174.0	15.2	7,522
13	Stockland The Pines	VIC	24,483	145.0	5.0	3.0	166.3	18.0	7,429
14	Stockland Forster*	NSW	38,410	132.0	4.6	2.8	213.4	12.6	7,507
14	Stockland Jesmond	NSW	20,972	120.6	4.7	2.5	148.3	14.1	8,872
14	Stockland Balgowlah	NSW	12,867	112.4	3.4	2.4	134.9	16.1	7,381
15	Stockland Wendouree	VIC	25,311	110.1	4.4	2.3	160.7	13.4	8,097
15	Stockland Baulkham Hills	NSW	17,730	106.9	3.7	2.2	132.2	14.3	6,973
15	Stockland Caloundra/Stockland South	QLD	22,141	103.0	3.8	2.2	163.0	13.0	9,234
16	Stockland Gladstone	QLD	27,324	99.9	4.2	2.1	195.3	10.8	11,740
16	Stockland Nowra	NSW	16,226	85.3	3.2	1.9	139.7	11.8	10,531
16	Stockland Cleveland	QLD	15,799	81.1	3.0	1.7	130.8	13.6	7,351
17	Stockland Bull Creek	WA	16,700	81.0	2.9	1.7	111.5	14.6	8,341
17	Stockland Traralgon	VIC	19,441	77.8	2.9	1.6	121.2	13.1	7,433
17	Stockland Bathurst	NSW	19,282	76.0	3.0	1.6	114.7	12.3	9,110
18	Stockland HerveyBay	QLD	15,569	71.0	1.9	1.5	84.0	N/A	N/A
18	Stockland Corrimal	NSW	9,767	58.2	2.4	1.2	110.4	15.1	7,709
18	Stockland Riverton^	WA	19,813	55.0	2.0	1.2	134.4	14.9	6,266
19	Stockland Piccadilly	NSW	5,252	54.0	1.4	1.1	25.0	20.4	8,552
19	Stockland Wallsend	NSW	11,527	51.9	2.0	1.1	78.5	10.8	8,617
19	Stockland Tooronga	VIC	9,132	49.0	1.1	1.0	78.3	N/A	N/A
20	Shellharbour Retail Park	NSW	22,145	46.1	1.7	1.0	128.4	N/A	N/A
20	Stockland Baldivis	WA	6,895	45.4	1.0	1.0	74.5	10.0	8,565
–	Glasshouse – 135 KingStreet,Sydney^	NSW	3,926	41.0	1.5	0.9	7.2	N/A	N/A
20	Stockland Cammeray	NSW	4,717	30.3	1.0	0.6	23.4	15.3	8,593
21	Stockland North Shore	QLD	5,777	18.9	0.7	0.4	N/A	N/A	N/A
21	Jimboomba Village ShoppingCentre^	QLD	10,046	15.9	0.6	0.3	40.5	8.2	7,365
21	Stockland Burleigh Central	QLD	7,914	15.5	0.6	0.3	3.7	N/A	N/A
22	Adelaide St Plaza,Fremantle	WA	4,557	13.9	0.5	0.3	12.2	N/A	N/A
22	Woolworths Toowong	QLD	2,275	13.6	0.1	0.3	N/A	N/A	N/A
22	Stockland Vincentia ShoppingCentre	NSW	4,163	12.3	0.4	0.3	46.6	16.2	4,509
23	Stockland Merrylands Court	NSW	6,062	9.1	0.2	0.2	N/A	N/A	N/A
			873,440	4,758.5	150.9	100.0

Excludes adjacent land holdings
** Note this number is only inclusive of tenants operating for longer than two years
^ Book value represents Stockland’s 50% ownership
n.b. Stockland Glenrose and Eagle Street Pier – capital works in progress and sundry properties

Stockland ProPerty Portfolio DECEMBER 2011 9

retail cOmmercial POrtfOliO

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Stockland Wetherill Park

Wetherill Park is a highly productive shopping centre located in the south-west of Sydney. The 12 hectare site boasts a diverse offering including Big W and Target discount department stores, Woolworths and Franklins supermarkets, Hoyts Cinema and 140 specialty stores. ‘Big Guns 2010 Survey’, ranked the centre 7th in the category of Specialty MAT Store Sales per/sqm. A DA has been approved which will allow for an additional 12,000sqm, taking it to 67,000sqm, which is a full regional centre. The space will provide an entertainment and lifestyle precinct along with additional mini majors and specialty stores.

location: Western Sydney, nSW

location: Western Sydney, nSW
acquisition date:	aug1983
ownership/title:	100%/Freehold
cost includingadditions:	$113.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$358.0 million($6,534/m2)
capitalisation rate:	6.75%
discount rate:	9.00%
carparkingspaces:	1,988

Gross lettable area:	54,789m2
annual sales:	$264.1 million
Specialtyoccupancycost:	16.9%
Weighted average lease expiry:	9.1years

Major tenants	Gla(m2)	lease expiry
BigW	8,097	Jun 2025
target	7,020	Jul 2018
hoyts	4,613	Nov 2023
Woolworths	4,232	Jun 2021
Franklins	3,273	Nov 2016

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Stockland Merrylands

Located 21 kilometres west of the Sydney CBD this centre has serviced the local community for 40 years. Currently undergoing a major $395m redevelopment, the centre will offer 59,000sqm of GLA on completion. Stages completed to date are anchored by Coles, Franklins, Kmart, Target and JB Hi-Fi and feature a 750-seat food court, over 130 specialty stores, together with an outside restaurant precinct. The final Stage 4 of construction, making way for Big W, Woolworths, four new mini-majors and 75 additional speciality stores is due for completion fourth quarter 2012.

location: Merrylands, nSW

location: Merrylands, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$294.1 million

last independent valuation
date:	dec 2006
valuation/($/m2):	$151.0 million($4,376/m2)
capitalisation rate:	6.50%
discount rate:	8.50%
carparkingspaces:	2,000

Gross lettable area:	34,507m2
annual sales:	$176.6 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	9.8years

Major tenants	Gla(m2)	lease expiry
kmart	7,300	Nov 2017
target	6,200	Nov 2028
coles	3,634	oct 2019
Franklins	3,634	Jan 2014

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Stockland rockhampton

Rockhampton is a key regional city 700 kilometres north of Brisbane. Stockland Rockhampton is a regional centre that has recently been redeveloped and is anchored by two supermarkets, two discount department stores, a cinema complex, medical centre, gym, 10 mini majors and more than 160 specialty stores. The centre is the largest shopping destination between Sunshine Coast and Mackay and provides Central Queensland with a premier shopping experience.

location: rockhampton, Qld

location: rockhampton, Qld
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$257.0 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$340.0 million($5,903/m2)
capitalisation rate:	6.75%
discount rate:	9.25%
carparkingspaces:	3,015

Gross lettable area:	57,596m2
annual sales:	$358.7 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	7.5years

Major tenants	Gla(m2)	lease expiry
BigW	8,200	Nov 2028
kmart	6,000	aug2024
Woolworths	4,223	aug2015
coles	3,642	aug2024
Birch carroll and coyle cinemas	3,392	dec 2013

lease expiry profile %

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13 8 11 14 64
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Vacant FY

10 12 13 14 15 16+

retail cOmmercial POrtfOliO

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~~Stockland townsville~~

Located in the heart of Townsville, the centre is host to over 100 specialty stores plus major retailers such as Big W, Woolworths, Best & Less, and Rebel Sport. A redevelopment has commenced which will deliver the first Myer in Townsville along with a new 4,500sqm fresh food Woolworths and an additional 50 specialty stores. Due for completion in FY12, the centre will comprise 46,000sqm of GLA. Stockland also holds additional land to the east for future development stages.

location: townsville, Qld

location: townsville, Qld
acquisition date:	Jun 1987
ownership/title:	100%/Freehold
cost includingadditions:	$180.3 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$200.0 million($7,838/m2)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	1,200

Gross lettable area:	25,517m2
annual sales:	$135.9 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	6.1years

Major tenants	Gla(m2)	lease expiry
BigW	6,987	apr 2015
Woolworths	3,887	Feb 2015

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~~Stockland Shellharbour~~

Shellharbour is very well located on the south coast of NSW. With a brand new Coles, Kmart, Target, Harris Scarfe and 120 specialty shops, the centre has a strong presence in its trade area. A $330 million redevelopment and expansion of the existing centre has commenced that will take the shopping centre to over 75,000sqm GLA. The redevelopment will introduce a Myer, Woolworths, brand new Coles and Kmart, a town square and restaurant precinct and 130 more specialty stores to the centre. The first stage of the redevelopment is programmed to open in June 2012.

	location: Shellharbour, nSW
	acquisition date:	Jun 2003
	ownership/title:	100%/Freehold
	cost includingadditions:	$159.7 million

last independent valuation
date:	dec 2009
valuation/($/m2):	$265.0 million	($6,895/m2)
capitalisation rate:	7.00%
discount rate:	9.25%
carparkingspaces:	2,060

Gross lettable area:	38,434m2
annual sales:	$214.3 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	3.0years

Major tenants	Gla(m2)	lease expiry
Bunnings	7,762	Feb 2013
kmart	7,460	Nov 2017
target	7,171	Jul 2015
Woolworths	4370	July2018
coles	3,952	Nov 2012

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Stockland Green Hills

This strong performing centre houses a Woolworths and Coles supermarket, Big W, food court and 90 specialty shops. It is the largest shopping centre in its trade area and was ranked number two in Australia for MAT/sqm in the Shopping Centre News ‘Little Guns’ (2011). Maitland Council approved an expansion of the centre to a full major regional with the addition of Myer, Target, 130 new specialty stores, mini majors and food court.

location: east Maitland, nSW

location: east Maitland, nSW
acquisition date:	dec 2000
ownership/title:	100%/Freehold
cost includingadditions:	$122.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$259.0 million($7,809/m2)
capitalisation rate:	7.00%
discount rate:	9.25%
carparkingspaces:	1,604

Gross lettable area:	33,166m2
annual sales:	$323.5 million
Specialtyoccupancycost:	12.8%
Weighted average lease expiry:	7.0years

Major tenants	Gla(m2)	lease expiry
BigW	8,024	Sep2022
Woolworths	4,871	Sep2022
coles	3,702	Sep2017

lease expiry profile %

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Stockland ProPerty Portfolio DECEMBER 2011 11

retail cOmmercial POrtfOliO

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Stockland Glendale

Located on the northern fringe of Lake Macquarie Glendale was the first of the true super centre concepts combining retail, leisure and entertainment on a large 19.6 hectare site. The retail mix includes Target, Kmart, Greater Union Cinemas, Coles, Woolworths, Harris Farm Market, JB Hi-Fi, Trade Secret and ALDI and is complimented by over 2,300 car spaces on one single level.

location: newcastle, nSW

location: newcastle, nSW
acquisition date:	Mar 1996
ownership/title:	100%/Freehold
cost includingadditions:	$87.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$247.0 million($4,490/m2)
capitalisation rate:	6.75%
discount rate:	9.25%
carparkingspaces:	2,338

Gross lettable area:	55,014m2
annual sales:	$319.3 million
Specialtyoccupancycost:	14.8%
Weighted average lease expiry:	5.4years

Major tenants	Gla(m2)	lease expiry
target	8,522	Jul 2016
kmart	6,425	Nov 2020
coles	5,109	Mar 2016
Woolworths	4,952	Mar 2016
Greater union	5,324	dec 2016

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Stockland cairns

Located on the main southern arterial road accessing Cairns, the centre occupies an 11 hectare site and has two discount department stores, two supermarkets and 125 speciality stores. A successful shopping centre, it now features a new Coles concept supermarket and an upgraded council library, a 750-seat foodcourt and 6 screen cinema. JB Hi-Fi was added to the centre in 2010, enhancing the centre’s offer and bringing the number of mini-majors to nine.

location: cairns, Qld

location: cairns, Qld
acquisition date:	Jun 1992
ownership/title:	100%/Freehold
cost includingadditions:	$167.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$215.0 million($4,341/m2)
capitalisation rate:	6.75%
discount rate:	9.25%
carparkingspaces:	2,381

Gross lettable area:	49,538m2
annual sales:	$277.3 million
Specialtyoccupancycost:	11.7%
Weighted average lease expiry:	6.9years

Major tenants	Gla(m2)	lease expiry
BigW	8,259	Jun 2024
target	7,079	Jul 2015
Woolworths	4,254	Jun 2016
coles	3,698	Mar 2029
Birch carroll and coyle cinemas	3,184	Nov 2021

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Stockland Point cook

Point Cook is a newly developed two level, sub-regional shopping centre located in the Wyndham region, 23 kilometres south-west of the Melbourne CBD. The 42,642sqm centre is anchored by Target, Harris Scarfe, Coles, ALDI, Dan Murphy, 10 mini-majors, 116 speciality stores and 6,000sqm of commercial office space. The centre is located in one of Melbourne’s fastest growing population corridors and has further expansion and remixing potential.

location: Point cook, Vic

location: Point cook, Vic
acquisition date:	Jun 2011
ownership/title:	100% Freehold
cost includingadditions:	$186.7 million

last independent valuation
date:	N/a
valuation/($/m2):	N/a
capitalisation rate:	N/a
discount rate:	N/a
carparkingspaces:	1,534

Gross lettable area:	42,642m2
annual sales:	$182.4 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	8.2years

Major tenants	Gla(m2)	lease expiry
target	6,500	aug2028
coles	4,000	aug2028
harris Scarfe	2,587	Nov 2019
aLdi	1,300	aug2018

lease expiry profile %

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~~Stockland Bay Village~~

Bay Village is located on the NSW central coast and has a convenience based offering. Tenants include three supermarkets, a Kmart department store and a full range of banks and services.

location: Bateau Bay, nSW

location: Bateau Bay, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$114.8 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$162.0 million($5,548/m2)
capitalisation rate:	8.00%
discount rate:	9.75%
carparkingspaces:	1,269

Gross lettable area:	29,200m2
annual sales:	$206.3 million
Specialtyoccupancycost:	14.3%
Weighted average lease expiry:	7.0years

Major tenants	Gla(m2)	lease expiry
kmart	7,587	aug2019
coles	5,135	aug2019
Woolworths	3,579	apr 2025
aLdi	1,226	Sep2015

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~~Stockland Burleigh Heads~~

Burleigh Heads is a fully enclosed, single level, sub-regional shopping centre located on the Gold Coast, 80 kilometres south of Brisbane. Situated near the intersection of two arterial roads, the centre is anchored by Big W, Woolworths, and Drakes Supa IGA. The centre also houses Best & Less, The Reject Shop, Dick Smith, 115 specialty stores and a 450-seat food court.

location: Burleigh Heads, Qld
acquisition date:	aug2003
ownership/title:	100%/Freehold
cost includingadditions:	$117.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$145.0 million($5,408/m2)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	1444

Gross lettable area:	26,814m2
annual sales:	$174.0 million
Specialtyoccupancycost:	15.2%
Weighted average lease expiry:	7.7years

Major tenants	Gla(m2)	lease expiry
BigW	6,653	Mar 2025
Woolworths	4,356	apr 2026
iGa	2,454	dec 2013

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Stockland the Pines

The Pines is well located in one of Melbourne’s strong socio-economic trade areas. The retail mix includes Coles, ALDI, Woolworths, a Target discount department store, over 100 specialty stores and the addition of the Reject Shop in 2011. The centre is complimented with a full suite of banks, services including a medical clinic and 200-seat food court.

location: doncaster east, Vic

location: doncaster east, Vic
acquisition date:	Nov 2004
ownership/title:	100%/Freehold
cost includingadditions:	$129.8 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$145.0 million($5,922/m2)
capitalisation rate:	7.25%
discount rate:	9.25%
carparkingspaces:	1,400

Gross lettable area:	24,483m2
annual sales:	$166.3 million
Specialtyoccupancycost:	18.0%
Weighted average lease expiry:	6.2years

Major tenants	Gla(m2)	lease expiry
target	6,829	Jul 2012
Woolworths	3,830	Jul 2024
coles	3,197	oct 2024
aLdi	1,374	oct 2019

lease expiry profile %

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Stockland ProPerty Portfolio DECEMBER 2011 13

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~~Stockland forster~~

Forster is located on the mid-north coast of NSW and consists of a Coles, ALDI, Kmart, Target Country and a recently acquired Woolworths. The centre has over 75 specialty stores including an outdoor take-away food/café precinct, children’s play area and fully equipped parents room. The adjoining retail park houses large format retail boxes including a flagship Bunnings Warehouse.

location: forster, nSW

location: forster, nSW
acquisition date:	Jul 2003/May2010
ownership/title:	100%/Freehold
cost includingadditions:	$113.5 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$132.0 million($3,437/m2)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	1,435

Gross lettable area:	38,410m2
annual sales:	$213.4 million
Specialtyoccupancycost:	12.6%
Weighted average lease expiry:	3.9years

Major tenants	Gla(m2)	lease expiry
Bunnings	8,008	Mar 2014
kmart	5,838	Jan 2015
coles	4,083	Jan 2015
Woolworths	3,800	Nov 2020
target	1,487	Nov 2016

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~~Stockland Jesmond~~

Located in the suburb of Jesmond, Newcastle, the centre is constructed on five hectares and anchored by a recently upgraded Woolworths and Big W as well as 74 specialty stores. The centre is supported by extensive car parking, a new parents room and public transport facilities.

location: newcastle, nSW

location: newcastle, nSW
acquisition date:	Feb 1984
ownership/title:	100%/Freehold
cost includingadditions:	$44.2 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$118.5 million($5,650/m2)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	948

Gross lettable area:	20,972m2
annual sales:	$148.3 million
Specialtyoccupancycost:	14.1%
Weighted average lease expiry:	9.8years

Major tenants	Gla(m2)	lease expiry
BigW	7,944	Jun 2029
Woolworths	3,053	Nov 2019

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Stockland Balgowlah

Located in the northern suburbs of Sydney, the centre occupies 13,000sqm of ‘The Village’, a mixed-use development with 240 residential apartments. Construction of this centre was completed in June 2009 and delivered a convenient and unique boutique style centre with a new Coles concept supermarket, Platinum Fitness First and 60 specialty stores including a quality fresh food market, a fashion precinct and 690 retail car spaces. The second level is an open air plaza offering a restaurant and service precinct.

location: Balgowlah, nSW

location: Balgowlah, nSW
acquisition date:	Jun 2009/Nov 2009
ownership/title:	100%/Freehold
cost includingadditions:	$135.5 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$113.0 million($8,782/m2)
capitalisation rate:	7.00%
discount rate:	8.75%
carparkingspaces:	690

Gross lettable area:	12,867m2
annual sales:	$134.9 million
Specialtyoccupancycost:	16.1%
Weighted average lease expiry:	10.4years

Major tenants	Gla(m2)	lease expiry
coles	4,443	Jun 2029

lease expiry profile %

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~~Stockland Wendouree~~

Located in the historic city of Ballarat, 110 kilometres west of Melbourne, this sub-regional shopping centre accommodates 84 speciality stores, a new fresh food precinct, Kmart, Coles and Safeway. The centre also includes a fully equipped parents room as well as the regional library. Additional land surrounding Wendouree allows for future development and expansion with masterplanning well underway.

location: Wendouree, Vic

location: Wendouree, Vic
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$65.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$110.0 million($4,346/m2)
capitalisation rate:	7.50%
discount rate:	9.75%
carparkingspaces:	1,212

Gross lettable area:	25,311m2
annual sales:	$160.7 million
Specialtyoccupancycost:	13.4%
Weighted average lease expiry:	4.9years

Major tenants	Gla(m2)	lease expiry
kmart	7,831	May2013
coles	3,252	aug2022
Safeway	3,100	Nov 2020

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~~Stockland Baulkham Hills~~

Baulkham Hills is located in the Hills district, 30 kilometres northwest of the Sydney CBD, close to the M2 Motorway. Anchored by Woolworths, Coles, ALDI and Harris Farm, the centre also offers 69 specialty stores and services, 842 car parking spaces, an outdoor children’s play area, community room and a fully equipped parent’s room.

location: Baulkham Hills, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$85.7 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$106.0 million($5,979/m2)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	842

Gross lettable area:	17,730m2
annual sales:	$132.2 million
Specialtyoccupancycost:	14.3%
Weighted average lease expiry:	8.4years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,855	Jul 2027
coles	3,034	Jun 2027
aLdi	1,429	dec 2011

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~~Stockland caloundra/Stockland South~~

Caloundra is located within the southern part of the Sunshine Coast in a population growth corridor. The centre includes a Coles supermarket, Kmart discount department store and 48 specialty stores. The centre is in close proximity to the Caloundra town centre. There is over one hectare of land adjacent for future expansion. Opposite Stockland Caloundra is Stockland South, completed in 2008 this neighbourhood shopping centre is anchored by a Woolworths supermarket and five specialty shops. A DA has been lodged for an additional DDS and associated retail on land adjoining Stockland Caloundra.

location: caloundra, Qld

location: caloundra, Qld
acquisition date:	Jun 2003/dec 2009
ownership/title:	100%/Freehold
cost includingadditions:	$73.4 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$98.8 million($4,462/m2*)
capitalisation rate:	7.50%
discount rate:	9.41%
carparkingspaces:	1,141

Gross lettable area:	22,141m2
annual sales:	$163.0 million
Specialtyoccupancycost:	13.0%
Weighted average lease expiry:	6.3years

Major tenants	Gla(m2)	lease expiry
kmart	7,075	Mar 2012
Woolworths	4,288	dec 2029
coles	4,102	Jul 2020

lease expiry profile %

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includes caloundra Woolworths

Stockland ProPerty Portfolio DECEMBER 2011 15

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Stockland Gladstone

Situated on the Dawson Highway, Stockland Gladstone is the only major shopping centre in Gladstone, a thriving regional location 500 kilometres north of Brisbane. The property comprises two adjacent centres, linked by a pedestrian and vehicular underpass. The shopping centre includes Coles, Woolworths, Kmart, Big W, Target Country and 47 specialty stores. There is 3.5 hectares of land adjacent for future expansion. The rezoning process is advanced and the DA has been lodged. Shopping Centre News ‘Little Guns 2011 survey’ ranked the centre ninth in the category of Speciality MAT/sqm, with strong growth.

location: Gladstone, Qld

location: Gladstone, Qld
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$63.6 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$99.0 million($3,623/m2)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	1,418

Gross lettable area:	27,324m2
annual sales:	$195.3 million
Specialtyoccupancycost:	10.8%
Weighted average lease expiry:	5.2years

Major tenants	Gla(m2)	lease expiry
kmart	10,935	Sep2017
BigW	6,828	aug2016
Woolworths	3,264	aug2016
coles	2,995	Sep2017
target	1,481	Sep2017

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Stockland nowra

Nowra is a sub-regional centre conveniently located on the Princes Highway, a major arterial road, 160 kilometres south of Sydney. The centre is anchored by Kmart, a Woolworths supermarket and 50 specialty stores. The centre has six hectares of zoned land adjacent to the site with DA approval for an additional 30,000sqm in GLA.

location: nowra, nSW

location: nowra, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$64.2 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$85.0 million($5,239/m2)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	819

Gross lettable area:	16,226m2
annual sales:	$139.7 million
Specialtyoccupancycost:	11.8%
Weighted average lease expiry:	4.6years

Major tenants	Gla(m2)	lease expiry
kmart	7,190	Nov 2013
Woolworths	4,230	Nov 2020

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Stockland cleveland

Located 25 kilometres south-east of the Brisbane CBD, Stockland Cleveland is a successful example of an integrated town centre development. The centre comprises two separate malls, anchored by Coles and Woolworths supermarkets and over 60 specialty stores.

location: cleveland, Qld

location: cleveland, Qld
acquisition date:	oct 2002
ownership/title:	100%/Freehold
cost includingadditions:	$72.4 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$80.0 million($5,064/m2)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	780

Gross lettable area:	15,799m2
annual sales:	$130.8 million
Specialtyoccupancycost:	13.6%
Weighted average lease expiry:	4.0years

Major tenants	Gla(m2)	lease expiry
Woolworths	4,068	aug2014
coles	3,536	oct 2017

lease expiry profile %

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~~Stockland Bull creek~~

Bull Creek is a single level sub-regional centre located 15 kilometres south of the Perth CBD. The centre is anchored by a Woolworths supermarket, Target discount department store and 48 specialty stores. The centre is positioned as a convenience and value destination in its trade area.

location: Bull creek, Wa acquisition date: Jun 2003 ownership/title: 100%/Freehold cost including additions: $56.3 million last independent valuation date: dec 2011 valuation/($/m[2] ): $81.0 million ($4,850/m[2] ) capitalisation rate: 7.75% discount rate: 9.50% car parking spaces: 920 Gross lettable area: 16,700m[2] annual sales: $111.5 million Specialty occupancy cost: 14.6% Weighted average lease expiry: 5.0 years Major tenants Gla (m[2] ) lease expiry target 8,131 Jul 2018 Woolworths 3,426 Nov 2013

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~~Stockland traralgon~~

Traralgon is located in the region of the Latrobe Valley in Victoria, 160 kilometres east of Melbourne. The retail offer includes a Coles supermarket, Kmart discount department store and 48 specialty stores with extensive undercover parking.

location: traralgon, Vic

acquisition date: Jun 2003 ownership/title: 100%/Freehold cost including additions: $49.2 million last independent valuation date: dec 2010 valuation/($/m[2] ): $76.5 million ($3,935/m[2] ) capitalisation rate: 7.75% discount rate: 9.50% car parking spaces: 756 Gross lettable area: 19,441m[2] annual sales: $121.2 million Specialty occupancy cost: 13.1% Weighted average lease expiry: 1.9 years Major tenants Gla (m[2] ) lease expiry kmart 8,107 Nov 2012 coles 4,737 Nov 2012

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Stockland Bathurst

Bathurst includes the only two discount department stores in the region, Big W and Target, a Woolworths supermarket and 45 specialty stores. The centre also provides convenient undercover parking for 524 cars.

location: Bathurst, nSW

location: Bathurst, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$56.6 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$76.0 million($3,941/m2)
capitalisation rate:	8.00%
discount rate:	9.50%
carparkingspaces:	524

Gross lettable area:	19,282m2
annual sales:	$114.7 million
Specialtyoccupancycost:	12.3%
Weighted average lease expiry:	4.9years

Major tenants	Gla(m2)	lease expiry
BigW	6,150	Mar 2015
target	5,973	Nov 2019
Woolworths	2,940	Nov 2014

lease expiry profile %

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Stockland ProPerty Portfolio DECEMBER 2011 17

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Stockland Hervey Bay

Hervey Bay is a single level sub-regional shopping centre located on the Fraser Coast, 300 kilometres north of Brisbane. The recently acquired centre is anchored by Target, IGA, and 39 specialty stores. The centre is located on a 12 hectare site and has development approval to be expanded by 20,000sqm. The redeveloped centre is expected to be the largest centre between Rockhampton and Maroochydore.

location: Hervey Bay, Qld
acquisition date:	apr 2011
ownership/title:	100% Freehold
cost includingadditions:	$70.8 million

last independent valuation
date:	N/a
valuation/($/m2):	N/a
capitalisation rate:	7.50%
discount rate:	N/a
carparkingspaces:	992

Gross lettable area:	15,569m2
annual sales:	$84.0 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	3.4years

Major tenants	Gla(m2)	lease expiry
target	5,592	Jul 2015
Supa iGa	2,349	Mar 2020

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Stockland corrimal

Located seven kilometres north of Wollongong, Stockland Corrimal is a neighbourhood centre anchored by a strong Woolworths supermarket and Dan Murphy’s following a successful remix. New upgrades to internal facilities are complete, with future upgrade plans for the centres entrance. Constructed over a single level on a 2.3 hectare site, 42 specialty stores trade from this shopping centre.

location: corrimal, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$40.4 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$58.0 million($5,938/m2)
capitalisation rate:	8.00%
discount rate:	9.50%
carparkingspaces:	524

Gross lettable area:	9,767m2
annual sales:	$110.4 million
Specialtyoccupancycost:	15.1%
Weighted average lease expiry:	11.0years

Major tenants	Gla(m2)	lease expiry
Woolworths	6,044	Jun 2027

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Stockland riverton

Riverton occupies a 6.3 hectare site on a major arterial road in Riverton, 11 kilometres south east of Perth’s CBD. A substantial tenant remix and refurbishment was completed in December 2009. The centre houses a Woolworths supermarket, Big W discount department store, three mini-majors, over 60 specialty stores and five pad sites, including an alfresco dining area and fully equipped parent’s room.

location: riverton, Wa

location: riverton, Wa
acquisition date:	aug2006
ownership/title:	50%/Freehold
cost includingadditions:	$52.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$55.0 million($5,552/m2*)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	1,236

Gross lettable area:	19,813m2
annual sales:	$134.4 million
Specialtyoccupancycost:	14.9%
Weighted average lease expiry:	4.8years

Major tenants	Gla(m2)	lease expiry
BigW	7,294	Sep2016
Woolworths	3,963	Sep2016

lease expiry profile %

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Vacant FY

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retail cOmmercial POrtfOliO

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~~Stockland Piccadilly~~

Piccadilly is a two level shopping centre located in Sydney’s premier CBD retail precinct, 150 metres from Pitt Street mall and opposite the Hilton International Hotel. The centre benefits from main entrances off both Pitt and Castlereagh Streets and adjoining thoroughfare to David Jones. The food court has recently undergone a refurbishment and a retailer remix to include national retailers Nando’s and Hokka Hokka. The centre is also home to award winning The Palace Chinese Restaurant.

location: Sydney cBd, nSW

acquisition date: oct 2000 ownership/title: 100%/Leasehold cost including additions: $36.1 million last independent valuation date: dec 2011 valuation/($/m[2] ): $54.0 million ($10,281/m[2] ) capitalisation rate: 7.25%-8.25% discount rate: 9.50% car parking spaces: N/a Gross lettable area: 5,252m[2] annual sales: $25.0 million Specialty occupancy cost: 20.4% Weighted average lease expiry: 4.4 years Major tenants Gla (m[2] ) N/a

lease expiry

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~~Stockland Wallsend~~

Wallsend is located 10 kilometres north-west of the Newcastle CBD. The centre has a GLA of over 11,000sqm and provides the Wallsend community with both Coles and ALDI supermarkets, over 39 specialty stores and an extensive range of services including RTA, Medicare, Australia Post and banks. ALDI has recently committed another 10 years to the centre.

location: Wallsend, nSW acquisition date: Sep 2007 ownership/title: 100%/Freehold cost including additions: $63.2 million last independent valuation date: dec 2010 valuation/($/m[2] ): $51.0 million ($4,424/m[2] ) capitalisation rate: 8.25% discount rate: 9.75% car parking spaces: 585 Gross lettable area: 11,527m[2] annual sales: $78.5 million Specialty occupancy cost: 10.8% Weighted average lease expiry: 3.1 years Major tenants Gla (m[2] ) lease expiry coles 4,185 oct 2012 aLdi 1,292 Jun 2020

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Stockland tooronga

Tooronga is 12 kilometres south-east of the Melbourne CBD. The centre provides a Coles concept supermarket, 1st Choice Liquor and 21 new specialty stores over two retail levels. The first level is fully enclosed with a fresh food market and premium specialty stores. The second level is an open-air piazza which will soon provide a restaurant and lifestyle offering inclusive of spa and bistro.

location: tooronga, Vic

location: tooronga, Vic
acquisition date:	aug2010
ownership/title:	100%/Freehold
cost includingadditions:	$45.3 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$47.8 million($5,234/m2)
capitalisation rate:	7.25%
discount rate:	9.50%
carparkingspaces:	488

Gross lettable area:	9,132m2
annual sales:	$78.3 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	11.0years

Major tenants	Gla(m2)	lease expiry
coles	4,130	aug2025

lease expiry profile %

13 13 14 10 59

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5 2 43 19 9 23
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5 95

Stockland ProPerty Portfolio DECEMBER 2011 19

retail cOmmercial POrtfOliO

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Shellharbour retail Park

Shellharbour Retail Park is located in close proximity to Stockland Shellharbour on New Lake Entrance Road. This successful retail park development is anchored by Woolworths, Dan Murphy’s and a Bunnings Warehouse.

location: Shellharbour, nSW

location: Shellharbour, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$35.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.1 million($2,082/m2)
capitalisation rate:	8.25%
discount rate:	9.50%
carparkingspaces:	834

Gross lettable area:	22,145m2
annual sales:	$128.4 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	3.7years

Major tenants	Gla(m2)	lease expiry
Bunnings	7,762	Feb 2013
Woolworths	4,370	Nov 2018
dan Murphy’s	1,500	Sep2015

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Stockland Baldivis

Baldivis is located in one of the fastest growing populations, adjacent to Stockland’s residential community, Settlers Hills. The centre includes a full-line Coles supermarket, McDonalds, 21 specialty stores with also potential for future expansion on the adjacent six hectares of land. Development approval has been granted for an expansion to incorporate a DDS and 35 additional specialty stores, which will take the centre to 20,600sqm. An application for the next stage is underway, incorporating a second supermarket and a further 3,000sqm of specialty.

location: Baldivis, Wa
acquisition date:	aug2006
ownership/title:	100%/Freehold
cost includingadditions:	$31.2 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$45.4 million($6,584/m2)
capitalisation rate:	7.50%
discount rate:	9.75%
carparkingspaces:	382

Gross lettable area:	6,895m2
annual sales:	$74.5 million
Specialtyoccupancycost:	10.0%
Weighted average lease expiry:	9.5years

Major tenants	Gla(m2)	lease expiry
coles	3,205	May2027

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Stockland cammeray

Cammeray is a 4,700sqm centre, located in the northern suburbs of Sydney, seven kilometres from the CBD. The centre is anchored by Harris Farm and provides a unique combination of boutique specialty retailers. There is a focus on fresh food including restaurants and iconic Sydney fine food retailers, such as Simmone Logue and Hudson Meats. The centre also includes a childcare centre and 850sqm of commercial suites.

location: cammeray, nSW

location: cammeray, nSW
acquisition date:	dec 2008
ownership/title:	100%/Stratum
cost includingadditions:	$55.2 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$29.8 million($6,318/m2)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	80

Gross lettable area:	4,717m2
annual sales:	$23.4 million
Specialtyoccupancycost:	15.3%
Weighted average lease expiry:	11.5years

Major tenants	Gla(m2)	lease expiry
harris Farm	746	oct 2023

lease expiry profile %

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2 37 7 12 43
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9 23 4 64
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12 2 95

Vacant FY 12 13 14 15 16+

retail cOmmercial POrtfOliO

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~~Stockland north Shore~~

A convenient neighbourhood centre located within the Stockland North Shore residential community in the suburb of Burdell, QLD. The centre opened in March 2011 and is host to a new Woolworths supermarket and 13 specialty stores. There is also potential to develop an additional 45,000sqm of retail space adjacent to the newly lodged Bunnings extension site.

location: north Shore, Qld

location: north Shore, Qld
acquisition date:	Mar 2011
ownership/title:	100%/Freehold
cost includingadditions:	$17.6 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$19.0 million($3,289/m2)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	250

Gross lettable area:	5,777m2
annual sales:	N/a
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	8.1years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,609	Mar 2021

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~~Jimboomba Village Shopping centre~~

Jimboomba Village Shopping Centre is well located 50 kilometres south of Brisbane in one of the strongest performing growth corridors. Stockland own a 50 percent interest together with management and development rights and associated land parcels. A DA has been approved on the adjacent greenfield land to create a brand new 22,000sqm sub-regional shopping centre with further expansion potential beyond that.

location: Jimboomba, Qld
acquisition date:	Jan 2007
ownership/title:	50%/Freehold
cost includingadditions:	$25.3 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$15.9 million($3,164/m2*)
capitalisation rate:	8.75%
discount rate:	10.00%
carparkingspaces:	470

Gross lettable area:	10,046m2
annual sales:	$40.5 million
Specialtyoccupancycost:	8.2%
Weighted average lease expiry:	5.5years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,716	dec 2017

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~~Stockland Burleigh central~~

Burleigh Central is a strategic land holding for Stockland Burleigh Heads. The seven large format stores at Stockland Burleigh Central include tenants such as Rip Curl and Spotlight.

location: Burleigh Heads, Qld

location: Burleigh Heads, Qld
acquisition date:	aug2003
ownership/title:	100%/Freehold
cost includingadditions:	$15.2 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$15.5 million($1,959/m2)
capitalisation rate:	9.25%
discount rate:	10.00%
carparkingspaces:	265

Gross lettable area:	7,914m2
annual sales:	$3.7 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	3.6years

Major tenants	Gla(m2)	lease expiry
Spotlight	2,700	Jan 2013
Sam’s Warehouse	2,173	april 2017
ripcurl	1,304	Nov 2013

lease expiry profile %

100

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3 2 11 7 5 73
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34 17 14 36
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* 100% interest
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Stockland ProPerty Portfolio DECEMBER 2011 21

retail cOmmercial POrtfOliO

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~~adelaide St Plaza, fremantle~~

Adelaide St Plaza is located in Fremantle, south of Perth. The centre is anchored by a Woolworths supermarket. In addition to the supermarket, there are eight specialty stores, 1,100sqm of upper floor office and basement parking for 122 vehicles.

location: fremantle, Wa
acquisition date:	dec 2009
ownership/title:	100%/Leasehold
cost includingadditions:	$18.2 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$13.3 million($2,919/m2)
capitalisation rate:	8.75%
discount rate:	9.75%
carparkingspaces:	122

Gross lettable area:	4,557m2
annual sales:	$12.2 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	11.5years

Major tenants	Gla(m2)	lease expiry
Woolworths	2,529	Jun 2028

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Woolworths toowong

Woolworths Toowong is a freestanding supermarket located immediately opposite Toowong Village Shopping Centre. This property is held as part of the Toowong development site which offers mediumterm mixed-use development potential.

location: toowong, Qld acquisition date: oct 2000 ownership/title: 100%/Freehold cost including additions: $5.2 million last independent valuation date: dec 2010 valuation/($/m[2] ): $13.2 million ($5,802/m[2] ) capitalisation rate: N/a discount rate: N/a car parking spaces: 1,276 Gross lettable area: 2,275m[2] annual sales: N/a Specialty occupancy cost: N/a Weighted average lease expiry: 0.1 years Major tenants Gla (m[2] ) lease expiry Woolworths 2,275 holding over

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Stockland Vincentia Shopping centre

Vincentia Shopping Centre is a single level, open air neighbourhood shopping centre of 4,163sqm GLA. The property is situated in Vincentia, a developing residential and tourist township on the south coast of NSW. The centre is anchored by a strong performing BI-LO and 23 specialty stores.

location: Vincentia, nSW

location: Vincentia, nSW
acquisition date:	Jan 2007
ownership/title:	100%/Freehold
cost includingadditions:	$15.2 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$12.3 million($2,956/m2)
capitalisation rate:	9.00%
discount rate:	9.75%
carparkingspaces:	198

Gross lettable area:	4,163m2
annual sales:	$46.6 million
Specialtyoccupancycost:	16.2%
Weighted average lease expiry:	2.6years

Major tenants	Gla(m2)	lease expiry
Bi-Lo	1,973	Mar 2014

lease expiry profile %

2 5 1 12 8 72

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100
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11 5 14 47 11 12

Vacant FY

12 13 14 15 16+

retail cOmmercial POrtfOliO

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Stockland Merrylands court

Located within the Merrylands CBD, Merrylands Court is a strategic land holding anchored by Harris Farm and includes retailers such as Car Lovers, Contours, Red Rooster, Subway and Video Ezy. The property was acquired as it is located adjacent to Stockland Merrylands, which is currently undergoing a major redevelopment.

location: Merrylands, nSW
acquisition date:	dec 2002
ownership/title:	100%/Freehold
cost includingadditions:	$17.6 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$9.1 million($1,501/m2)
capitalisation rate:	9.00%
discount rate:	10.00%
carparkingspaces:	140

Gross lettable area:	6,062m2
annual sales:	N/a
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	2.1years

Major tenants	Gla(m2)	lease expiry
harris Farm	1,214	dec 2014

lease expiry profile %

37 4 16 3 20 20

Stockland ProPerty Portfolio DECEMBER 2011 23

Office cOmmercial POrtfOliO

2 Victoria aVe, PertH

aN a-GradE, 4 LEvEL oFFicE BuiLdiNG aWardEd Wa’S FirSt 6-Star GrEEN Star ratiNG By thE GrEEN BuiLdiNG couNciL oF auStraLia, aLoNG With Pca’S ProPErty oF thE yEar aWard For Wa.

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Office cOmmercial POrtfOliO

Office

At 31 December 2011 the portfolio comprises 24 properties valued at $1.9 billion. Our focus is on maximising investment returns across the portfolio.

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135 King Street, Sydney, NSW

lease expiry profile %

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6 5 10 14 12 53
Vacant FY
12 13 14 15 16+
Geographic split %
69 16 12 3
NSWQLD WA ACT
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Stockland ProPerty Portfolio DECEMBER 2011 25

Office cOmmercial POrtfOliO

2 Victoria aVe, PertH

aN a-GradE, 4 LEvEL oFFicE BuiLdiNG aWardEd Wa’S FirSt 6-Star GrEEN Star ratiNG By thE GrEEN BuiLdiNG couNciL oF auStraLia, aLoNG With Pca’S ProPErty oF thE yEar aWard For Wa.

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Office cOmmercial POrtfOliO

offce Portfolio as at 31 december 2011

Page	Property	location	nla (m2)	Book value# ($m)	aifrS noi ($m)	% of offce Portfolio	Passing rent ($/m2)	net/Gross
28	PiccadillyComplex,133-145 Castlereagh Street,Sydney^	NSW	39,507	307.0	8.9	16.0	586*	Net
28	Waterfront Place,Eagle Street,Brisbane**	QLD	58,988	219.8	9.7	11.0	727	Gross
28	9 Castlereagh Street,Sydney	NSW	20,989	172.5	3.8	9.0	786	Gross
29	Triniti Business Campus,North Ryde	NSW	28,158	169.5	4.7	9.0	339	Net
29	Durack Centre,263 Adelaide Terrace and 2 Victoria Ave,Perth	WA	25,308	150.7	5.6	8.0	572	Net
29	Optus Centre,Macquarie Park^^	NSW	84,194	118.0	5.1	6.0	275	Net
30	135 KingStreet,Sydney**^	NSW	27,067	98.2	2.7	5.0	740	Gross
30	78 Waterloo Road,Macquarie Park	NSW	14,979	70.0	1.9	4.0	327	Net
30	60-66 Waterloo Road,Macquarie Park	NSW	18,238	68.5	2.5	4.0	320	Net
31	601 Pacifc Highway,St Leonards	NSW	12,681	66.3	3.1	3.0	443	Net
31	77 Pacifc Highway,North Sydney	NSW	9,368	55.5	1.9	3.0	494	Net
31	45 St Georges Terrace,Perth	WA	10,003	55.0	2.5	3.0	532	Net
32	175-181 Castlereagh Street,Sydney	NSW	11,948	54.9	2.0	3.0	458	Gross
32	7 Macquarie Place,Sydney**	NSW	13,582	52.3	1.4	3.0	632	Net
32	40 Cameron Avenue,Belconnen	ACT	15,364	41.7	2.5	2.0	375	Gross
33	Garden Square,Mt Gravatt	QLD	12,647	37.3	1.6	2.0	374	Gross
33	Macquarie TechnologyCentre,Macquarie Park	NSW	15,141	35.1	1.3	2.0	238	Net
33	16 Giffnock Avenue,Macquarie Park	NSW	11,780	34.2	0.7	1.0	286	Net
34	255-267 St Georges Terrace,Perth	WA	4,109	26.8	0.8	1.0	437	Net
34	80-88 Jephson Street,23 and 27-29 High Street,Toowong	QLD	7,864	25.4	0.7	1.0	384	Gross
–	150 Charlotte Street,Brisbane^^^	QLD	11,255	24.7	-0.4	1.0	N/A	N/A
34	110 Walker Street,North Sydney	NSW	4,532	22.4	0.7	1.0	462	Net
–	Myuna Complex,Canberra^^^	ACT	24,366	21.7	0.6	1.0	N/A	N/A
35	118-120 Pacifc Highway,St Leonards	NSW	5,130	20.1	0.7	1.0	462	Gross
			487,198	1,947.6	65.0	100.0

represents the full carrying value of the investment property.
represents passing rent for tower only. Net court passing rent is $370/m[2]
** Book value represents Stockland’s 50% ownership interest.
^ Book value and NLa, office component only. retail component included in retail Portfolio.
^^ Book value represents Stockland’s 31% ownership interest.
^^^ assets held for sale

Stockland ProPerty Portfolio DECEMBER 2011 27

Office cOmmercial POrtfOliO

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Piccadilly complex

The Piccadilly Complex comprises the Tower, an A-grade 32 storey office building, and Piccadilly Court, a 14 storey B-grade office building. In addition a retail mall is situated over two levels constructed between the two office buildings, basement parking accommodates 232 vehicles, and average floor plates of 1,200sqm. Stockland’s head office is located within the Tower, occupying nine floors. The space achieved the first 6-star Green Star rating for a tenant fitout.

location: 133-145 castlereagh Street, Sydney, nSW

acquisition date:	oct 2000
ownership/title:	100%/Leasehold(Expiry2091)
cost includingadditions:	$225.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$307.0 million($7,771/m2)
capitalisation rate:	7.25-8.25%
discount rate:	9.00-9.50%
carparkingspaces:	232

Net lettable area:	39,507m2
Weighted average lease expiry:	3.6years
NaBErS energyrating:	4.5/3.5*
Green Star rating:	6 Star**(Stockland offce only)

Major tenants	nla(m2)
Stockland	10,627
unitingchurch	4,906
Smart Salary	2,492
icac	2,456

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Waterfront Place

Waterfront Place is located on Eagle Street, overlooking the Brisbane River from a prime commercial location providing panoramic river views and Brisbane vistas from all commercial levels. The building offers 36 levels of premium grade office space over floor plates averaging 1,800sqm. The building is currently undergoing an extensive upgrade to the foyer, lifts and a rolling refurbishment on the office floors. The Australian Future Fund recently acquired a 50 percent interest in the building.

location: eagle Street, Brisbane, Qld

acquisition date:	Feb 2004
ownership/title:	50%/Freehold/Leasehold
cost includingadditions:	$161.6 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$219.0 million($7,425/m2*)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	498

Net lettable area:	58,988m2
Weighted average lease expiry:	4.9years
NaBErS energyrating:	4.5
Green Star rating:	N/a

Major tenants	nla(m2)
Minter Ellison	7,860
Ernst & young	6,187
Mallesons Stephen Jaques	5,864
dLa Phillips Fox	4,147

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9 castlereagh Street

Designed and constructed in 1989 by Australia’s leading architect, Harry Seidler, 9 Castlereagh Street is a landmark Sydney building. Located in the heart of Sydney’s CBD, the property has significant frontage to Castlereagh Street and offers 31 levels of A-grade office accommodation, a ground floor child care centre and an automated stacking system for the carpark. The building has recently undergone a rolling refurbishment, upgrade to the foyer and plant facilities.

location: Sydney, nSW

location: Sydney, nSW
acquisition date:	Mar 2008
ownership/title:	100%/Freehold
cost includingadditions:	$219.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$172.5 million($8,219/m2)
capitalisation rate:	7.15%
discount rate:	9.25%
carparkingspaces:	74

Net lettable area:	20,989m2
Weighted average lease expiry:	2.3years
NaBErS energyrating:	3
Green Star rating:	N/a

Major tenants	nla(m2)
PtW architects	2,170
talent 2	1,340
van Eyk research	774
Jigsaw corporate childcare	767

lease expiry profile %

11 5 3 11 21 49

Piccadilly tower and Piccadilly court respectively ** Green Star office interiors v.1 – www.gbca.org.au

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2 1 11 26 60
100% interest
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17 11 16 10 20 26
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Vacant FY

12 13 14 15 16+

Office cOmmercial POrtfOliO

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triniti Business campus

Triniti Business Campus is located within Riverside Corporate Park close to the new North Ryde railway station providing sweeping views of the Sydney CBD and districts. Buildings one and two were completed in 2008 and Building three in 2009. The campus houses blue chip companies including Baulderstone, Goodman Fielder, CSR and Downer EDI Engineering. The adjacent site has vacant land with an approved DA for future development. Triniti won the 2010 PCA Innovation and Excellence Award for Business/Industrial Parks.

location: north ryde, nSW

location: north ryde, nSW
acquisition date:	Jun 2001
ownership/title:	100%/Freehold
cost includingadditions:	$150.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$169.5 million($6,020/m2)
capitalisation rate:	7.50%
discount rate:	9.00%
carparkingspaces:	1042

Net lettable area:	28,158m2
Weighted average lease expiry:	4.7years
NaBErS energyrating:	5.0*
Green Star rating:	5 Star**

Major tenants	nla(m2)
Goodman Fielder	8,521
downer Edi Engineering	7,030
cSr	6,486
Baulderstone hornibrook	4,665

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~~durack centre~~

The Durack Centre comprises a 13-storey building with large 1,300sqm floor plates, two basement levels and parking for 167 cars. The building enjoys extensive views across the Swan River. A second building at 2 Victoria Avenue was completed in 2009 and is anchored by Shell. The A Grade, four level office building was awarded WA’s first 6-Star Green Star rating by the Green Building Council of Australia, along with PCA’s Property of the Year Award for WA.

location: 263 adelaide terrace and 2 Victoria ave, Perth, Wa	location: 263 adelaide terrace and 2 Victoria ave, Perth, Wa
acquisition date:	oct 2006
ownership/title:	100%/Leasehold
cost includingadditions:	$106.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$150.7 million($5,955/m2)
capitalisation rate:	8.50-9.00%
discount rate:	9.75-10.00%
carparkingspaces:	167

Net lettable area:	25,308m2
Weighted average lease expiry:	5.7years
NaBErS energyrating:	4.0/5.0*
Green Star rating:	6 Star**

Major tenants	nla(m2)
Sinclair knight Merz	10,607
Shell	5,718
BhP Billiton	2,013
Stockland development	1,269

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~~optus centre~~

The Optus Centre is located approximately 12 kilometres north-west of the Sydney CBD in Macquarie Park. The integrated campus comprises six low-rise office buildings with an NLA of 84,194sqm and parking for 2,100 vehicles.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	Jul 2000
ownership/title:	31%*/Freehold
cost includingadditions:	$105.7 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$117.8 million($4,513/m2**)
capitalisation rate:	7.25%
discount rate:	9.00%
carparkingspaces:	2100

Net lettable area:	84,194m2
Weighted average lease expiry:	10.5years
NaBErS energyrating:	N/a
Green Star rating:	N/a

Major tenants	nla(m2)
optus	84,194

lease expiry profile %

1 99

Buildings one and two only
** Green Star office as Built v.2 – www.gbca.org.au

3 9 4

263 adelaide terrace and 2 victoria ave respectively
Green Star office design v.2 (2 vic only) – www.gbca.org.au
**

100

Sdot2 has 49% ownership
** 100% interest

Stockland ProPerty Portfolio DECEMBER 2011 29

Office cOmmercial POrtfOliO

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135 king Street

The property was completed in 1990 and comprises a prominent 24 level, A-grade office tower as well as the Glasshouse, a three-level retail centre in the heart of Pitt Street Mall that includes 27 specialty retail tenancies. The building recently completed a mechanical plant upgrade and a rolling refurbishment over the office floors are underway.

location: Sydney, nSW
acquisition date:	Jun 2003
ownership/title:	50%/Freehold
cost includingadditions:	$83.3 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$96.5 million($7,130/m2*)
capitalisation rate:	6.90%-7.20%
discount rate:	9.00%
carparkingspaces:	55

Net lettable area:	27,067m2
Weighted average lease expiry:	3.4years
NaBErS energyrating:	3
Green Star rating:	N/a

Major tenants	nla(m2)
Macquarie Bank	4,757
Brookfeld Multiplex	4,028
russell investments	3,655
tresscox Maddox	3,653

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78 Waterloo road

Completed in June 2009, 78 Waterloo Road is an innovatively designed building featuring a central atrium servicing two efficient floor plates. The building is an eight-level commercial building anchored by Schneider and sits in the heart of the Macquarie Park precinct. The 5-Star Green Star v.2 rated property has dual frontage access to Waterloo Road and Byfield Street, and is diagonally opposite the Macquarie University and Macquarie Park railway station.

location: Macquarie Park, nSW
acquisition date:	aug2007
ownership/title:	100%/Freehold
cost includingadditions:	$76.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$70.0 million($4,673/m2)
capitalisation rate:	7.50%
discount rate:	9.00%
carparkingspaces:	272

Net lettable area:	14,979m2
Weighted average lease expiry:	7.4years
NaBErS energyrating:	N/a
Green Star rating:	5 Star*

Major tenants	nla(m2)
Schneider	9,618
Boehringer ingelheim	4,219

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60-66 Waterloo road

60-66 Waterloo Road is located in Sydney’s Macquarie Park, 12 kilometres north-west of Sydney CBD. 60 Waterloo Road comprises a modern office, laboratory and warehouse building which has recently been renewed to Laverty Health. 66 Waterloo Road offers A-grade office accommodation and offers average floor plates of 1,700sqm.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$52.3 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$69.8 million($3,827/m2)
capitalisation rate:	8.25-8.50%
discount rate:	9.25%
carparkingspaces:	492

Net lettable area:	18,238m2
Weighted average lease expiry:	2.9years
NaBErS energyrating:	5.0*
Green Star rating:	N/a

Major tenants	nla(m2)
Lavertyhealth	8,167
ScheringPlough	5,270
Jansen cilagPtyLtd	4,781

lease expiry profile %

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15 1 30 13 4 37
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2 3 95 * Green Star office design v.2 – www.gbca.org.au

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38 62
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66 Waterloo only
Excludes retail ** 100% interest Vacant FY

12 13 14 15 16+

Office cOmmercial POrtfOliO

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601 Pacifc Highway

Completed in 1988, 601 Pacific Highway is a high profile A-grade office tower located 200 metres east of St Leonards railway station. The property comprises 13 office levels, ground floor showroom, two retail tenancies and basement car parking. The upper office levels enjoy spectacular city and district views. The office tower is wholly occupied by IBM as its Australian head office.

location: St leonards, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$65.3 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$66.3 million($5,228/m2)
capitalisation rate:	8.50%
discount rate:	9.50%
carparkingspaces:	155

Net lettable area:	12,681m2
Weighted average lease expiry:	1.6years
NaBErS energyrating:	4.5
Green Star rating:	N/a

Major tenants	nla(m2)
iBM	11,826

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77 Pacifc Highway

The property has a high profile location in close proximity to North Sydney railway station and offers expansive harbour and city views. The property was redeveloped in 2002 to A-grade standard, including expansion of the NLA by 1,900sqm, new floor to ceiling glass facade and an impressive double-height entry foyer.

location: north Sydney, nSW
acquisition date:	Jan 2000
ownership/title:	100%/Freehold
cost includingadditions:	$54.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$55.5 million($5,924/m2)
capitalisation rate:	8.25%
discount rate:	9.50%
carparkingspaces:	40

Net lettable area:	9,368m2
Weighted average lease expiry:	2.5years
NaBErS energyrating:	4
Green Star rating:	N/a

Major tenants	nla(m2)
comops	1,266
ShL	900
health administration	855

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45 St Georges terrace

45 St Georges Terrace is located between William and Barrack Streets within the historic heart and traditional financial precinct of the Perth CBD. The building comprises nine office levels, ground floor banking accommodation and 36 basement level parking spaces.

location: Perth, Wa

location: Perth, Wa
acquisition date:	Mar 2007
ownership/title:	100%/Freehold
cost includingadditions:	$61.6 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$54.8 million($5,478/m2)
capitalisation rate:	8.75%
discount rate:	10.25%
carparkingspaces:	36

Net lettable area:	10,003m2
Weighted average lease expiry:	2.7years
NaBErS energyrating:	N/a
Green Star rating:	N/a

Major tenants	nla(m2)
WorleyParsons	5,946
amnet	1,096

lease expiry profile %

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3
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13 18 36 23 19
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8 3 65
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2 22
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Stockland ProPerty Portfolio DECEMBER 2011 31

Office cOmmercial POrtfOliO

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175-181 castlereagh Street

The 17-level building has 13 levels of commercial office accommodation and four levels of basement parking. The property is located in the mid-town precinct of the Sydney CBD close to Stockland’s head office.

location: Sydney, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$37.2 million

last independent valuation
date:	dec 2009
valuation/($/m2):	$53.0 million($4,436/m2)
capitalisation rate:	8.75%
discount rate:	9.50%
carparkingspaces:	168

Net lettable area:	11,948m2
Weighted average lease expiry:	1.7years
NaBErS energyrating:	4.5
Green Star rating:	N/a

Major tenants	nla(m2)
hMGM QEii(crown Property)	4,632
department For Women	884
Savill hotel Group	878
department of teachers	875

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7 Macquarie Place

7 Macquarie Place is an A-grade boutique commercial building located 200 metres from Circular Quay. The building has 12 office levels with two lift rises with all office floors overlooking Macquarie Place Park. The top five levels also have large attractive garden terraces with views over Sydney Cove to the Opera House. The lower levels have a retail component that includes three ground floor tenancies and a lower ground tavern.

location: Sydney, nSW
acquisition date:	Jun 2003
ownership/title:	50%/Freehold
cost includingadditions:	$49.8 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$52.5 million($7,731/m2*)
capitalisation rate:	7.25%
discount rate:	9.25%
carparkingspaces:	23

Net lettable area:	13,582m2
Weighted average lease expiry:	2.7years
NaBErS energyrating:	4
Green Star rating:	N/a

Major tenants	nla(m2)
centric Services	2,846
Platinum asset Management	1,982
Booz allen & hamilton	1,273
West LB aG	1,273

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40 cameron avenue

The Chandler Building occupies a prominent corner site in the southeastern precinct of the Belconnen Town Centre. Constructed in 1993, 40 Cameron Avenue is an A-grade office building comprising four upper levels of office accommodation, basement car parking for 50 cars and on-grade parking for 166 cars. The building has floor plates in excess of 3,500sqm and is occupied by the ATO with refurbishment and reletting underway.

location: Belconnen, act

location: Belconnen, act
acquisition date:	Feb 2007/Nov 2009
ownership/title:	100%/Leasehold(Expiry2096)
cost includingadditions:	$61.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$41.8 million($2,721/m2)
capitalisation rate:	9.25%
discount rate:	11.00%
carparkingspaces:	216

Net lettable area:	15,364m2
Weighted average lease expiry:	2.2years
NaBErS energyrating:	2
Green Star rating:	N/a

Major tenants	nla(m2)
ato	9,672

lease expiry profile %

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65 1 9 18
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2 29 17 24 28 63 37
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100% interest

Vacant FY 12 13 14 15 16+

Office cOmmercial POrtfOliO

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~~Garden Square~~

Garden Square occupies a high profile location in the regional business district of Upper Mt Gravatt, approximately 11 kilometres south of Brisbane’s CBD. Garden Square is a commercial office park comprising two buildings offering a total of seven levels of office accommodation and on-site parking for 390 vehicles. The building is currently undergoing mechanical and service upgrades. A DA has been approved for the development of an additional 22,000sqm of office space.

location: Mt Gravatt, Qld
acquisition date:	Feb 2007
ownership/title:	100%/Freehold
cost includingadditions:	$63.3 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$37.3 million($2,949/m2)
capitalisation rate:	9.00%
discount rate:	9.75%
carparkingspaces:	390

Net lettable area:	12,647m2
Weighted average lease expiry:	2.7years
NaBErS energyrating:	3.5
Green Star rating:	N/a

Major tenants	nla(m2)
department of Public Works	8,187

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Macquarie technology centre

Macquarie Technology Centre is located approximately 12 kilometres north-west of Sydney’s CBD in Macquarie Park. Erected on the site are two buildings, 33-39 Talavera Road and 11-17 Khartoum Road, largely comprising of office space with on-site parking for 321 vehicles. 33-39 Talavera Road is fully occupied by Sony Australia. 11-17 Khartoum Road is leased to a range of smaller tenants, and comprises office and warehouse accommodation.

location: Macquarie Park, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$40.3 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$35.1 million($2,318/m2)
capitalisation rate:	8.25-9.00%
discount rate:	9.50-9.75%
carparkingspaces:	366

Net lettable area:	15,141m2
Weighted average lease expiry:	2.8years
NaBErS energyrating:	3.5*
Green Star rating:	N/a

Major tenants	nla(m2)
Sony (australia)	10,644
Noel arnold & associates	1,681

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16 Giffnock avenue

16 Giffnock Avenue is located in Macquarie Park, 12 kilometres north-west of Sydney and is positioned adjacent to the Optus Centre. The building comprises a modern commercial office with an ancillary warehouse and parking for 266 vehicles.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$29.4 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$33.0 million($2,801/m2)
capitalisation rate:	8.90%
discount rate:	9.50%
carparkingspaces:	266

Net lettable area:	11,780m2
Weighted average lease expiry:	3.0years
NaBErS energyrating:	2
Green Star rating:	N/a

Major tenants	nla(m2)
alstom Power	3,985
Bausch & Lomb	2,277
apotex	1,954
chloride Power Electronics	1,556

lease expiry profile %

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13 11 37
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12 27
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8 6 3 73
11-17 khartoum road only
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10
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17 13 34 36
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Stockland ProPerty Portfolio DECEMBER 2011 33

Office cOmmercial POrtfOliO

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255-267 St Georges terrace

267 St Georges Terrace is a four-level office building with a total NLA of 3,484sqm and secure basement car parking for 39 cars. 255 St Georges Terrace is a two-level office building constructed in 1987 with a total NLA of 625sqm. The building features a central atrium providing extensive natural light.

location: Perth, Wa
acquisition date:	Jul 2007
ownership/title:	100%/Freehold
cost includingadditions:	$28.2 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$26.8 million($6,522/m2)
capitalisation rate:	9.31%
discount rate:	10.25%
carparkingspaces:	86

Net lettable area:	4,109m2
Weighted average lease expiry:	3.3years
NaBErS energyrating:	2.5/3.0*
Green Star rating:	N/a

Major tenants	nla(m2)
aSG asia Pacifc	939
advanced Well technologies	934
regus	848

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80-88 Jephson Street, 23 and 27-29 High Street

80-88 Jephson, 23 and 27-29 High Street are located in the heart of Toowong’s commercial district. 80-88 Jephson Street is a five-level office building that adjoins Stockland’s Woolworths Toowong. 23 and 27-29 High Street offer 1,487sqm of retail and office accommodation over two levels and are held as part of the Toowong development site which offers medium term mixed-use development potential.

location: toowong, Qld
acquisition date:	Jun 2006/Jul 2006/Jan 2008
ownership/title:	100%/Freehold
cost includingadditions:	$39.2 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$25.4 million($3,230/m2)
capitalisation rate:	8.25-9.00%
discount rate:	9.75%
carparkingspaces:	119

Net lettable area:	7,864m2
Weighted average lease expiry:	2.1years
NaBErS energyrating:	2.0*
Green Star rating:	N/a

Major tenants	nla(m2)
allianz	1,468
trans cityJv	1,896

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110 Walker Street

The seven level property is located in the heart of North Sydney CBD. The building comprises six upper levels of office accommodation, with several terrace areas, ground floor retail and 80 basement car parking bays.

location: north Sydney, nSW

location: north Sydney, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$24.6 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$22.4 million($4,943/m2)
capitalisation rate:	8.50%
discount rate:	9.50%
carparkingspaces:	80

Net lettable area:	4,532m2
Weighted average lease expiry:	1.7years
NaBErS energyrating:	4
Green Star rating:	N/a

Major tenants	nla(m2)
rice daubney	1,454
dBM australia	681
aPN Newspapers	650

lease expiry profile %

19 81

267 and 255 St Georges terrace respectively

12 6 4 42 24 12

80-88 Jephson Street only

30 29

5 36

Vacant FY

12 13 14 15 16+

Office cOmmercial POrtfOliO

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118-120 Pacifc Highway

The Clemenger Building has a high profile location on the Pacific Highway, a short walk from St Leonards railway station. The Property Council of Australia award-winning building comprises seven levels with expansive views of Sydney CBD and surrounding districts. There are terraces on three levels and two levels of basement car parking, with a generous ratio of one space per 34sqm.

location: St leonards, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$22.0 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$20.0 million($3,898/m2)
capitalisation rate:	9.00%
discount rate:	9.75%
carparkingspaces:	151

Net lettable area:	5,130m2
Weighted average lease expiry:	6.8years
NaBErS energyrating:	4
Green Star rating:	N/a

Major tenants	nla(m2)
clemenger	5,130

lease expiry profile %

100

Stockland ProPerty Portfolio DECEMBER 2011 35

industrial cOmmercial POrtfOliO

yennora diStriBUtion centre, yennora, nSW

yENNora diStriButioN cENtrE iS oNE oF thE LarGESt diStriButioN cENtrES oF itS kiNd iN thE SouthErN hEMiSPhErE aNd iS a SitE oF StatE SiGNiFicaNcE, With aLMoSt 300,000SQM uNdEr rooF aNd a FurthEr 60,000SQM oF dEdicatEd coNtaiNEr hardStaNd. thE SitE oPEratES aS aN iNtErModaL raiL tErMiNaL, With NEarLy 7kM oF raiL SidiNGS coNNEctEd to thE MaiN WEStErN raiL LiNE. currENtLy, StockLaNd haS MaStErPLaN da coNSENt to BuiLd aN 8,500SQM WarEhouSE FaciLity WithiN thE WEStErN PrEciNct.

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industrial cOmmercial POrtfOliO

Industrial

At 31 December 2011 the portfolio comprises 14 properties incorporating over one million square metres of building area valued at $1.0 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

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Yennora Distribution Centre, Yennora, NSW

lease expiry profile %

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

16 41 3 10 39
Vacant FY
12 13 14 15 16+
Geographic split %
55 26 10 9
NSW VIC QLD SA
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Stockland ProPerty Portfolio DECEMBER 2011 37

industrial cOmmercial POrtfOliO

yennora diStriBUtion centre, yennora, nSW

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industrial cOmmercial POrtfOliO

~~industrial Portfolio as at 31 december 2011~~
Page
Property
location
Gla (m2)
Book value#
($m)
aifrS
noi ($m)
% of industrial
Portfolio
Passing
warehouse
rent ($/m2)
net/Gross
40
Yennora Distribution Centre,Yennora
NSW
291,812
335.4
12.7
35.1
90
Net
40
Defence National Storage and Distribution Centre,Moorebank
NSW
238,876
134.2
4.7
14.2
74
Net
40
Brooklyn Estate,Brooklyn
VIC
129,883
82.9
3.2
8.7
62
Net
41
Port Adelaide Distribution Centre,Port Adelaide
SA
168,374
82.3
3.9
8.6
51
Net
41
Hendra Distribution Centre,Brisbane
QLD
83,786
81.6
3.5
8.5
96
Net
41
Toll Business Park,Altona
VIC
52,845
47.0
1.9
4.8
85
Net
42
20-50 and 76-82 Fillo Drive and 10 Stubb Street,Somerton
VIC
71,326
46.9
1.9
4.9
62
Net
42
9-11a Ferndell Street,Granville
NSW
48,114
40.8
1.6
4.3
99
Net
42
1090-1124 Centre Road,Oakleigh
VIC
44,401
33.7
1.2
3.5
69
Net
43
Altona Distribution Centre,Altona
VIC
36,004
26.2
1.0
2.7
67
Net
43
2 Davis Road,Wetherill Park
NSW
16,813
16.0
0.9
1.7
110
Net
43
Export Park,9-13 Viola Place,Brisbane Airport
QLD
8,468
12.6
0.7
1.3
188
Net
44
M1 Yatala Enterprise Park,Yatala
QLD
N/A
8.5
N/A
0.9
N/A
N/A
44
40 Scanlon Drive,Epping
VIC
9,370
7.8
0.3
0.8
77
Net
1,200,072
955.9
37.4
100.0*

represents the full carrying value of the investment property
Excludes hardstand
** Book value represents Stockland’s 55% ownership interest

Stockland ProPerty Portfolio DECEMBER 2011 39

industrial cOmmercial POrtfOliO

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yennora distribution centre

Yennora Distribution Centre is one of the largest distribution centres of its kind in the southern hemisphere with almost 300,000sqm under roof and a further 60,000sqm of dedicated container hardstand. The site operates as an ‘intermodal’ rail terminal with nearly seven kilometres of rail sidings connected to the main western rail line. A 2.1 hectare site was acquired last year, which lead to the construction of a new 11,000sqm warehouse and a successful pre-lease to Toll due for completion first quarter 2012. There is also a masterplan DA consent to build a 8,500sqm warehouse facility within the western precinct.

location: yennora, nSW

location: yennora, nSW
acquisition date:	Jul 2000/Nov 2010
ownership/title:	100%/Freehold
cost includingadditions:	$243.7 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$330.1 million($1,131/m2)
capitalisation rate:	8.00%
discount rate:	9.50%

Lettable area:	291,812m2
Site area:	70ha
hardstand:	63,045m2
Weighted average lease expiry:	2.1years

Major tenants	Gla(m2)
aWh	77,784
o-i	53,817
Linfox	43,881
P&o	39,956

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defence national Storage and distribution centre

Moorebank Defence National Storage and Distribution Centre is located approximately 26km south-west of Sydney’s CBD with direct access to the M5 Motorway and only two minutes to the Prestons M7 interchange. The site comprises over 238,000sqm of existing buildings translating to a site coverage of 29 percent. Planning has commenced under Part 3A of the State Environment Planning and Assessment Act, in which the estate will provide a significant intermodal connection to Port Botany via the proposed Southern Sydney freight rail line.

	location: Moorebank, nSW
	acquisition date:	dec 2007
	ownership/title:	55%/Freehold
	cost includingadditions:	$168.2 million

	last independent valuation
	date:	Jun 2011
	valuation/($/m2):	$133.4 million($1,015/m2*)
	capitalisation rate:	7.00%
	discount rate:	N/a

	Lettable area:	238,876m2
	Site area:	83ha
	hardstand:	N/a
	Weighted average lease expiry:	1.2years

	Major tenants	Gla(m2)
	department of defence	238,876

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Brooklyn estate

Brooklyn Estate is a well established 22 hectare distribution centre, located 10 kilometres west of the Melbourne CBD and adjacent to the four-way interchange of West Gate Freeway and the Princes Highway. The estate comprises eight separate warehouses, which were completed in the 1980s and early 1990s.

location: Brooklyn, Vic

location: Brooklyn, Vic
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$62.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$82.8 million($637/m2)
capitalisation rate:	9.00%
discount rate:	9.75%

Lettable area:	129,883m2
Site area:	22ha
hardstand:	12,951m2
Weighted average lease expiry:	3.3years

Major tenants	Gla(m2)
ceva(tNt)	35,119
unitised Building (aust)PtyLtd	32,809
P&o	30,133
Silk Logistics	12,309

lease expiry profile %

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6 62 3 3 26 100
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----- Start of picture text -----

9 33 58
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100% interest

Vacant FY 12 13 14 15 16+

industrial cOmmercial POrtfOliO

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~~Port adelaide distribution centre~~

Port Adelaide Distribution Centre is the largest distribution centre in South Australia. The complex comprises 12 warehouses, the majority of which are of modern construction. There is surplus development land with potential to add a further 7,500sqm of building area. The asset maintains O-I as its largest tenant occupying over 100,000sqm leased until later 2015.

location: Port adelaide, Sa

location: Port adelaide, Sa
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$47.0 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$82.4 million($489/m2)
capitalisation rate:	9.50%
discount rate:	10.50%

Lettable area:	168,374m2
Site area:	32ha
hardstand:	N/a
Weighted average lease expiry:	2.8years

Major tenants	Gla(m2)
o-i	101,965
hi-Fert PtyLimited	20,728
Spendless Shoes	12,582
P&o	10,075

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~~Hendra distribution centre~~

The complex comprises 17 warehouses, including a large, modern distribution centre along with offices, amenities and ancillary improvements. The property is well situated in Brisbane’s Trade Coast precinct, enjoying excellent road, port and air accessibility.

location: Brisbane, Qld

location: Brisbane, Qld
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$48.5 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$81.5 million($973/m2)
capitalisation rate:	9.00%
discount rate:	9.75%

Lettable area:	83,786m2
Site area:	17ha
hardstand:	23,160m2
Weighted average lease expiry:	4.8years

Major tenants	Gla(m2)
kmart distribution	28,500
Sleepcity	8,271
Fletcher Wood Panels	7,902
Lion Nathan	7,724

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toll Business Park

Toll Business Park comprises three modern warehouses/distribution facilities. 11-25 Toll Drive consists of state of the art automated picking technology and is leased to Toll (IPEC) until 2015. 32-54 Toll Drive is a warehouse/distribution facility that is capable of expansion up to 10,000sqm. 56-60 Toll Drive features a temperature controlled warehouse in addition to five recessed sunken docks and another nine loading bays. An additional freestanding single level office is also provided on the site.

location: altona, Vic

location: altona, Vic
acquisition date:	Sep2006
ownership/title:	100%/Freehold
cost includingadditions:	$62.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.2 million($875/m2)
capitalisation rate:	8.75-9.50%
discount rate:	9.75%

Lettable area:	52,845m2
Site area:	13ha
hardstand:	7,000m2
Weighted average lease expiry:	2.9years

Major tenants	Gla(m2)
toll	52,845

lease expiry profile %

14 9 4 12 61

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

3 9 15 7 66
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34 66

Stockland ProPerty Portfolio DECEMBER 2011 41

industrial cOmmercial POrtfOliO

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20-50 and 76-82 fillo drive and 10 Stubb Street

The property comprises three warehouse facilities with adjacent boundaries. 20-50 Fillo Drive comprises a 31,000sqm distribution facility, with clearance of eight metres and multiple loading points. 10 Stubb Street is located on the same title and comprises a distribution facility, consisting of a two-level office attached to a medium-bay warehouse with loading to three elevations. 76-82 Fillo Drive is a modern industrial building with extensive loading docks, functional awning areas and future expansion potential.

location: Somerton, Vic
acquisition date:	Sep2006/Jul 2006
ownership/title:	100%/Freehold
cost includingadditions:	$63.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.9 million($657/m2)
capitalisation rate:	9.00-9.25%
discount rate:	9.75%

Lettable area:	71,326m2
Site area:	16ha
hardstand:	N/a
Weighted average lease expiry:	3.2years

Major tenants	Gla(m2)
toll	52,504
yakka PtyLtd	18,822

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9-11a ferndell Street

9-11a Ferndell Street comprises three modern office/warehouse buildings on a 5.4 hectare site. 11a Ferndell Street is a factory/ warehouse building comprising three warehouse bays and ancillary office leased to Visy until 2013. Both properties are located in the established industrial suburb of Granville, 20 kilometres west of the Sydney CBD.

location: Granville, nSW
acquisition date:	apr 2003/Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$52.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$40.8 million($848/m2)
capitalisation rate:	9.50-10.00%
discount rate:	10.25-10.75%

Lettable area:	48,114m2
Site area:	9ha
hardstand:	N/a
Weighted average lease expiry:	3.9years

Major tenants	Gla(m2)
visyindustrial Plastics	17,546
Frucor Beverage’s(australia)	6,540
consortium centre	4,612

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1090-1124 centre road

The property is well located in Melbourne’s south-eastern suburbs, approximately 17km from Melbourne’s CBD. The 8.1 hectare site is situated on a prominent main road location and currently comprises five fully occupied warehouses and a single office building.

location: oakleigh, Vic

location: oakleigh, Vic
acquisition date:	Feb 2007
ownership/title:	100%/Freehold
cost includingadditions:	$51.8 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$32.5 million($732/m2)
capitalisation rate:	8.79%
discount rate:	9.50%

Lettable area:	44,401m2
Site area:	8ha
hardstand:	N/a
Weighted average lease expiry:	3.5years

Major tenants	Gla(m2)
amcor	11,489
Steinhoff asia Pacifc	7,603
averydenison	7,470
SiMS Metal	6,846

lease expiry profile %

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10 36 14 12 28

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Vacant FY 12 13 14 15 16+

industrial cOmmercial POrtfOliO

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altona distribution centre

The complex is located in the western industrial precinct of Melbourne adjacent to the Western Ring Road, and comprises nine separate buildings. A new 8,000sqm building completed following a successful pre lease to CEVA until 2015.

location: altona, Vic
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$27.5 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$26.2 million($728/m2)
capitalisation rate:	9.25%
discount rate:	9.75%

Lettable area:	36,004m2
Site area:	15ha
hardstand:	66,051m2
Weighted average lease expiry:	3.4years

Major tenants	Gla(m2)
ceva(tNt)	15,654
autonexus	6,220
Petrogas	4,877

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2 davis road

This property is a modern office/warehouse building which was completed in 1990. The building has three high-clearance warehouse bays and has further development potential to the rear with only 38 percent existing site coverage.

location: Wetherill Park, nSW
acquisition date:	apr 2003
ownership/title:	100%/Freehold
cost includingadditions:	$16.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$16.0 million($952/m2)
capitalisation rate:	9.25%
discount rate:	9.75%

Lettable area:	16,813m2
Site area:	4ha
hardstand:	N/a
Weighted average lease expiry:	0.5years

Major tenants	Gla(m2)
visyPEt PtyLtd	16,813

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export Park

9-13 Viola Place is a high-tech office and warehouse facility located in the recently developed industrial estate of ‘Export Park’ at Brisbane Airport. The property is fully leased to DHL and Union Switch & Signal (US&S) expiring in 2017. This facility benefits from excellent access to the Gateway Motorway and port of Brisbane.

location: 9-13 Viola Place, Brisbane	airport, Qld
acquisition date:	Nov 2007
ownership/title:	100%/Leasehold(Expiry2047)
cost includingadditions:	$16.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$12.6 million($1,488/m2)
capitalisation rate:	9.00%
discount rate:	9.50%

Lettable area:	8,468m2
Site area:	N/a
hardstand:	N/a
Weighted average lease expiry:	5.6years

Major tenants	Gla(m2)
dhL Global Forwarding	4,322
union Switch & Signal	4,146

lease expiry profile %

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Stockland ProPerty Portfolio DECEMBER 2011 43

industrial cOmmercial POrtfOliO

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M1 yatala enterprise Park

The property is located in the industrial suburb of Yatala, approximately 33 kilometres south of the Brisbane CBD. The 16.42 hectare property boasts direct access to the Pacific (M1) Motorway, with main access through Darlington Drive. This development site has the potential to deliver in excess of 45,000sqm of prime warehousing and distribution solutions. Divided into two precincts, the 6.1 hectare ‘Eastern Precinct’ is a 12-lot subdivision, with the ‘Western Precinct’ an 8.9 hectare lot.

location: yatala, Qld
acquisition date:	Nov 2006
ownership/title:	100%/Freehold
cost includingadditions:	$26.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$8.5 million
capitalisation rate:	N/a
discount rate:	N/a

Lettable area:	N/a
Site area:	9ha
hardstand:	N/a
Weighted average lease expiry:	N/a

Major tenants	Gla(m2)
N/a	N/a

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40 Scanlon drive

40 Scanlon Drive is a new warehouse facility of 9,370sqm. The building offers high quality warehouse and office accommodation and is located in Northpoint Enterprise Park approximately 20 kilometres north of the Melbourne CBD. Access is available to the Craigeburn Bypass via Cooper Street interchange and both properties are currently fully leased.

location: epping, Vic
acquisition date:	Sep2007
ownership/title:	100%/Freehold
cost includingadditions:	$8.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$7.7 million($822/m2)
capitalisation rate:	8.75%
discount rate:	9.75%

Lettable area:	9,370m2
Site area:	4ha
hardstand:	N/a
Weighted average lease expiry:	5.1years

Major tenants	Gla(m2)
Mission australia	5,306
Grace australia	4,065

lease expiry profile %

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Vacant FY 44 12 13 14 15 16+

residential cOmmunities residential POrtfOliO

Residential Communities

Stockland is the leading residential developer in Australia and is focused on delivering a range of masterplanned and mixed-use communities in growth areas across the country. Stockland has 91,000 lots in it’s portfolio and projects with a total end value of approximately $24.5 billion.

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Highlands, VIC

Geographic split %*

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15 26 45 14
By current lots
NSW VIC QLD WA
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Stockland ProPerty Portfolio DECEMBER 2011

residential cOmmunities residential POrtfOliO

MckeacHieS rUn, nSW

LocatEd iN thE MaitLaNd arEa, 1.5 hourS North oF SydNEy. thiS ProJEct iS BEiNG dEvELoPEd to rEFLEct a ruraL hEritaGE.

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residential cOmmunities residential POrtfOliO

nSW – released to market

Property/		total project
acquisition date	location	value ($m)*	total lots	% Sold^	Price range ($)	Project description
McKeachies Run	Maitland	190	1,017	33	100,000 – 260,000	Located in the Maitland area, 1.5 hours north of Sydney. This project is being
2003,2011						developed to refect a rural heritage.
Waterside	Penrith	183	609	43	213,000 – 388,000	Waterside is located close to Penrith and has recently opened a community facility
2003						comprisingof a swimming pool,community pavilion andplayground.
Sandon Point (including	Bulli/Thirroul	156	285	60	250,000 – 550,000	Incorporating the latest release of the McCauley’s Beach stage, Sandon Point has
McCauley’s Beach)						been developed for the discerning local home buyer.
1998
Lakewood	Greystanes	148	517	94	240,000 – 295,000	Located high on Prospect Hill in the geographic heart of Sydney, 26 kilometres from
2002						the CBD.
Murrays Beach	Lake Macquarie	144	490	36	200,000 – 500,000	Approximately 1.5 hours drive north of Sydney having frontage to Lake Macquarie.
2004						Thisproject offers superb natural livingenvironments and lakeside living.
Glenmore Ridge	Penrith	131	505	49	160,000 – 307,000	Glenmore Ridge is located four kilometres south of Penrith. Recently it has
2004						completed its mainpark includinga large children’splayground andpicnic area.
Brooks Reach	South Coast	124	618	0	140,000 – 260,000	Brooks Reach is located approximately 1.5 hours south of Sydney and appeals to
2003						local families.
Bayswood	Jervis Bay	83	491	34	120,000 – 213,000	Bayswood is located in Vincentia surrounded by National Park, stunning beaches
2003						and amenities. 2.5 hours from Sydney and on the doorstep of the beautiful Jervis
						Bayarea.
Macarthur Gardens**	Campbelltown	46	195	97	N/A	A joint venture with Landcom approximately 30 kilometres from the CBD, close to
2003						shoppingand transport with appeal to a broad demographic.
Darcy’s Peak**	Hunter/North Coast	31	222	51	100,000 – 280,000	Located in the Maitland area, 1.5 hours north of Sydney. This project is being
2005	Regions					developed within the rural setting.
		1,236	4,949

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** represents Stockland’s estimated share of joint development income including an option for future development

Stockland ProPerty Portfolio DECEMBER 2011 47

residential cOmmunities residential POrtfOliO

WaterSide, nSW LocatEd cLoSE to PENrith aNd haS rEcENtLy oPENEd a coMMuNity FaciLity coMPriSiNG oF a SWiMMiNG PooL, coMMuNity PaviLioN aNd PLayGrouNd.

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residential cOmmunities residential POrtfOliO

nSW – development pipeline

Property/		total project
acquisition date	location	value ($m)*	total lots	Price range ($)	Project description
East Leppington**	East Leppington	1,080	3,200	209,000 – 425,000	A community of 3,200 new homes, with the capacity for retail and retirement opportunities. The site
2011					is located 1.5 kilometres from a proposed railway station and approximately 50 kilometres from the
					SydneyCBD.
Marsden Park^^**	Marsden Park	826	2,300	217,000 – 420,000	Located 50 kilometres north-west of the Sydney CBD in Blacktown LGA. The site is fve kilometres
2012					from a local railway station, 2.5 kilometres from the proposed Marsden Park business Park and within
					30 minutes of the major employment precincts of Norwest Business Park, Macquarie Park and the
					Parramatta CBD.
Anambah**	Hunter/North Coast	482	2,054	179,000 – 215,000	Future release lands located 45 minutes west of Newcastle and is a continuation of the Maitland
2003	Regions				growth boundaries.
Wallarah Peninsula (Coast/	Lake Macquarie	315	948	199,000 – 577,000	Approximately 1.5 hours drive north of Sydney. This project will offer superb natural living
North)					environments, located high on the hills and within close proximity to nearby beaches.
2004
Illawarra**	South Coast	314	1,232	166,000 – 260,000	Located approximately 1.5 hours south of Sydney in the foothills of the Illawarra escarpment.
2003
North West Sector	North Western	156	515	280,000 – 327,000	Future release lands within Northwest Growth Centre 50 minutes from Sydney CBD.
2003	Sydney
Lochinvar**	Hunter/North Coast	128	662	153,000 – 272,000	Future release lands located 45 minutes west of Newcastle in the Maitland hinterland.
2003	Regions
Warriewood	Northern Beaches	42	63	616,000 – 645,000	Future release lands located in Sydney’s Northern Beaches 40 minutes from CBD.
2003
		3,343	10,974

total revenue generated throughout the life of the project
** includes options taken over land
^^ Stockland ownership commenced in January 2012

Stockland ProPerty Portfolio DECEMBER 2011 49

residential cOmmunities residential POrtfOliO

nortH SHore, Qld aN iNNovativE MaStErPLaNNEd coMMuNity 12 kiLoMEtrES North oF toWNSviLLE cBd, oFFErS SchooLS, ParkS, aQuatic cENtrE aNd a SuBrEGioNaL StockLaNd ShoPPiNG cENtrE.

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residential cOmmunities residential POrtfOliO

Queensland – released to market

Property/		total project
acquisition date	location	value ($m)*	total lots	% Sold^	Price range ($)	Project description
North Lakes	North Lakes,	1,146	4,731	74	165,000 – 390,000	An award winning major residential masterplanned community. Situated 30
2004	Moreton Bay					kilometres north of Brisbane with multiple schools, a major retail shopping area,
						commercialproperty precinct andgolf course.
North Shore	Townsville	1,146	5,230	15	146,000 – 253,000	An innovative masterplanned community 12 kilometres north of Townsville CBD,
2001						offers schools, parks,aquatic centre and a sub-regional Stockland shoppingcentre.
Pacifc Pines	Gold Coast	650	5,000	99	240,000 – 260,000	A masterplanned community on the Gold Coast, minutes from Surfers Paradise and
1992						all Gold Coast attractions offeringa range of schools,shoppingcentres andparks.
Brightwater	Sunshine Coast	452	1,519	43	225,000 – 647,000	A vibrant residential community, which is situated on the southern end of the
2004						Sunshine Coast close to Mooloolaba. Brightwater provides all the family needs: a
						school, childcare centre and shopping precinct. It also has its own central lake and
						ninepocketparks.
Birtinya Island	Sunshine Coast	416	834	20	277,000 – 572,000	Situated on the impressive Lake Kawana, with its own private rowing course, Birtinya
2004						is a stylish residential community full of quality designer homes. Located just one
						hour north of Brisbane, Birtinya is not only right on the doorstep of the future Kawana
						Town Centre,but alsojust minutes topristinegolden surf beaches.
The Observatory	Kingsmore	262	885	85	280,000 – 658,000	Elevated central Gold Coast location with sweeping coastline views from Surfers
2002						Paradise to Coolangatta. Close to Gold Coast’s best shopping, private and public
						schools.
Highland Reserve	Upper Coomera	253	1,071	60	200,000 – 480,000	25 kilometres north of Surfers Paradise in the northern Gold Coast growth corridor,
2003						only 40 minutes south of Brisbane, providing easy access to shops, schools and
						children’splayground.
Augustine Heights	Ipswich	220	906	56	185,000 – 312,000	Located in the Springfeld growth corridor of Ipswich, this development offers
2003						contemporarycountryliving.
Riverstone Crossing**	Otmoor	209	740	42	187,000 – 381,000	Located 20 kilometres south-west of Surfers Paradise set on a magnifcent
2002						194 hectares at the foot of Tambourine Mountain.
Parkwood	Heathwood	151	659	99	260,000 – 279,000	Located 25 kilometres south of the Brisbane CBD, Parkwood features
2003						neighbourhood shops,sportingfelds andparks.
Sovereign Pocket	Deebing Heights	151	753	2	153,000 – 225,000	Sovereign Pocket is six kilometres from the Ipswich CBD. It has easy access to both
2010						the Cunningham and Centenary Highways. The development includes large open
						spaces,a naturalparkland,barbecue facilities,bikingand walkingtracks.
Kawana Business Village	Sunshine Coast	148	52	48	N/A	The Kawana Business Village is a commercial and retail precinct of the Kawana
2004						community. It’s situated on the southern end of the Sunshine Coast approximately
						one hour drive north of Brisbane.
Vale	Logan	128	590	1	140,000 – 294,000	Located with Logan City Catchment just 2 kilometres from Beenleigh Town Centre
2010						and 30 kilometres to Brisbane CBD. Community appeals strongly to frst home
						buyers and upgrader target markets.
Stone Ridge	Narangba	126	588	6	175,000 – 275,000	Stone Ridge is located in the Moreton Bay regional council, situated between
2010						Brisbane and the Sunshine Coast. The community features an 8.5 hectare eco-
						corridor and views to the Glasshouse Mountains.
Ormeau Ridge***	Ormeau	108	449	13	188,000 – 358,000	Conveniently located half way between Brisbane and the Gold Coast Beaches.
2008						Community features include a one hectare park and adventure playground and
						commercial siteplanned for childcare and convenience.
The Boardwalk***	Mount Coolum	94	197	95	450,000 – 480,000	Beachside lifestyle development adjacent to Mt Coolum on the Sunshine Coast.
2002						Theproject also includes medium densitysites.

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** includes Stockland’s estimated share of joint development income (Stage 1 only). total lots represents 100% of the project
^^ represents Stockland’s 20% share with SrEEF1
*** represents Stockland’s 50% share with SrEEF1

Stockland ProPerty Portfolio DECEMBER 2011 51

residential cOmmunities residential POrtfOliO

HiGHland reSerVe, Qld

25kM North oF SurFErS ParadiSE iN thE NorthErN GoLd coaSt GroWth corridor.

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residential cOmmunities residential POrtfOliO

Queensland – released to market

Property/		total project
acquisition date	location	value ($m)*	total lots	% Sold^	Price range ($)	Project description
Lake Kawana	Sunshine Coast	72	138	99	N/A	A development precinct of the Kawana Waters community, which is situated on the
2004						southern end of the Sunshine Coast. One hour drive north of Brisbane.
Lake Doonella	Noosaville	70	224	34	200,000 – 342,000	On the shores of Lake Doonella, Doonella Noosa is a natural enclave that provides
2004						easyaccess to both Noosa and Brisbane.
Woodgrove	Beerwah	57	304	96	189,000 – 199,000	Situated only minutes away from Maleny, Woodgrove offers good local facilities for
2007						growingfamilies.
Cane Bridge	Mackay	44	217	82	152,000 – 212,000	Located fve kilometres from the Mackay CBD with neighbourhood shopping centre
2008						and child care facilities.
Hundred Hills***	Murwillumbah	40	181	31	180,000 – 272,000	25 kilometres south of the QLD/NSW border and 25 kilometres east of the coast,
2007						the project will yield the full mix of product types from small courtyards to large rural
						residential lots.
Freshwater^^	Griffn	39	174	53	180,000 – 250,000	28 kilometres north of the Brisbane CBD, Freshwater offers an intimate
2003						neighbourhood experience.
		5,982	25,442

total revenue generated throughout the life of the project
*** represents Stockland’s 50% share with SrEEF1** ** * ^^^^^^ represents Stockland’s 20% share with SrEEF1represents Stockland’s 20% share with SrEEF1% Sold relates to contracts settled% Sold relates to contracts settledincludes Stockland’s estimated share of joint development income (Stage 1 only). total lots represents 100% of the projectincludes Stockland’s estimated share of joint development income (Stage 1 only). total lots represents 100% of the projecttotal revenue generated throughout the life of the project *** represents Stockland’s 50% share with SrEEF1

Stockland ProPerty Portfolio DECEMBER 2011 53

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tHe oBSerVatory, Qld

ELEvatEd cENtraL GoLd coaSt LocatioN With SWEEPiNG coaStLiNE viEWS FroM SurFErS ParadiSE to cooLaNGatta. cLoSE to GoLd coaSt’S BESt ShoPPiNG, PrivatE aNd PuBLic SchooLS.

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residential cOmmunities residential POrtfOliO

Queensland – development pipeline

Property/		total project
acquisition date	location	value ($m)*	total lots	Price range ($)	Project description
Caloundra South (formerly	Caloundra	5,000	20,000	N/A	3,700 hectares of future developable land, including at least 20,000 residential lots, employment, retail,
Caloundra Downs)					retirement living and community lands.
2004
Paradise Waters	Deebing Heights	501	1,799	199,000 – 340,000	Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly
2010					constructed CentenaryHighway.
Rockhampton	Rockhampton	489	1,968	179,000 – 276,000	A mixed use masterplanned community with potential to develop in various areas, including education,
2010					retirement living and residential and convenience retail. Located seven kilometres north of Stockland
					Rockhampton and 10 kilometres north of the Rockhampton CBD.
Caboolture West/Ripeford	Caboolture	399	1,503	208,000 – 309,000	Approximately 45 kilometres north of Brisbane and 20 kilometres north-west of North Lakes.
2008
Bahrs Scrub	Logan	301	1,200	216,000 – 285,000	131 hectares located within a major development area 35 kilometres south of Brisbane in the northern
2008					Gold Coast corridor.
Ocean Drive	Sunshine Coast	271	849	250,000 – 373,000	Just minutes from Coolum, Ocean Drive will encompass quality home sites, outstanding open spaces
2005					and a destinationpoint for the area north of Maroochydore.
Brookbent Road	Pallara	247	899	212,000 – 298,000	22 kilometres south of Brisbane CBD, target market is upgrader buyers.
2003
Bokarina Beach	Sunshine Coast	172	350	344,000 – 457,000	A future development precinct of the Kawana Waters community, which is situated on the southern
2004					end of the Sunshine Coast. One hour drive north of Brisbane.
Bells Reach (formerly	Caloundra	142	712	140,000 – 259,000	Bells Reach is on the periphery of the future Caloundra Downs masterplanned community located
Bellvista II)					within fve kilometres from the Sunshine Coast beaches. This new community provides affordable
2004					housing options for a wide variety of home buyers and employs leading environmentally sustainable
					practices. It includes a retail site, major parks and signifcant open space and will ultimately form one
					of thegateways to Caloundra Downs.
Caboolture Waters	Caboolture	N/A	N/A	N/A	117 hectares of potential industrial/commercial land, currently unzoned.
2004
		7,522	29,280

total revenue generated throughout the life of the project

Stockland ProPerty Portfolio DECEMBER 2011 55

residential cOmmunities residential POrtfOliO

Mernda VillaGeS, Vic a MaJor MaStErPLaNNEd coMMuNity, LocatEd 29 kiLoMEtrES North oF MELBourNE, aPPEaLiNG to a Broad MarkEt iNcLudiNG youNG aNd MaturE FaMiLiES.

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residential cOmmunities residential POrtfOliO

Victoria – released to market

Property/		total project
acquisition date	location	value ($m)*	total lots	% Sold^	Price range ($)	Project description
Highlands (including	Craigieburn	1,501	7,067	42	142,000 – 286,000	A major masterplanned community located in Melbourne’s northern suburbs with
Mt Ridley Road)						picturesque views of surrounding hills and the Melbourne CBD skyline. The project
2004, 2010						provides for residential, medium density, retirement living and schools, together with
						retail and commercial amenity.
Highlands Newbury Village**	Craigieburn	49	330	99	N/A	Newbury Village forms part of Highlands, located in Melbourne’s northern suburbs.
2008						The project provides for entry level residential living and draws from the extensive
						amenitythat Highlands has to offer.
Mernda Villages	Mernda	586	3,040	54	136,000 – 284,000	A major masterplanned community, located 29 kilometres north of Melbourne,
2002						appealingto a broad market including youngand mature families.
Eucalypt	Epping	392	1,731	18	135,000 – 238,000	Residential community located in Melbourne’s north-eastern suburbs with frontage
2009, 2011						to Findon Creek. The project provides for residential, medium density, mixed-use
						and school sites.
Allura (Formerly Leakes	Truganina	284	1,171	0	142,000 – 276,000	A masterplanned community incorporating residential, medium density, local parks
Road)						and schools.
2009
Selandra Rise	Clyde North	273	1,207	36	136,000 – 245,000	A market leading Community that aims to set new benchmarks in liveability and
2007						social sustainability. Comprising retail, retirement, aged care, public and private
						schools,sportingfelds and an abundance of open space.
The Point	Point Lonsdale	201	521	0	255,000 – 444,000	An innovative environmentally sustainable lifestyle development. Located on Victoria’s
2002						Bellarine Peninsula,appealingto local residents and holiday-makers.
Eve	Cranbourne North	162	799	99	N/A	A vibrant family focused community located 42 kilometres south-east of Melbourne.
2004						Eve is a masterplanned community providing facilities that appeal to active,
						growingfamilies.
Hawkstowe	South Morang	131	749	99	N/A	A residential community surrounded by state parks, located 25 kilometres north
2002						of Melbourne appealingto space-seekingenvironmentallyconscious families.
Arbourlea (Formerly	Cranbourne-Berwick	77	306	0	137,000 – 255,000	A community with waterway frontage 42 kilometres south-east of Melbourne.
Cranbourne North)	Road
2007
Sierra	Cranbourne North	46	243	99	N/A	A boutique residential community in natural surrounds located 42 kilometres
2004						south-east of Melbourne,appealingto lifestyle seekingupgraders.
		3,702	17,164

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** represents Stockland’s 50% share with SrEEF1

Stockland ProPerty Portfolio DECEMBER 2011 57

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HiGHlandS, Vic a MaJor MaStErPLaNNEd coMMuNity LocatEd iN MELBourNE’S NorthErN SuBurBS With viEWS oF SurrouNdiNG hiLLS aNd thE MELBourNE cBd SkyLiNE. thE ProJEct ProvidES For rESidENtiaL, MEdiuM dENSity, rEtirEMENt LiviNG aNd SchooLS, toGEthEr With rEtaiL aNd coMMErciaL aMENity.

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residential cOmmunities residential POrtfOliO

Victoria – development pipeline

Property/		total project
acquisition date	location	value ($m)*	total lots	Price range ($)	Project description
Lockerbie**	Kilkallo/Beveridge	4,198	11,500	194,000 – 535,000	Lockerbie is a large consolidated development site within Melbourne’s urban growth boundary. It is
2010					located on the Hume Highway in Kilkallo, approximately 35 kilometres north of the Melbourne CBD in
					the City of Hume. It will be developed as a masterplanned community and will support over 11,500
					houses and major activity centre including a regional shopping centre and train station. There will also
					be an extensive range of schools,communityand recreation facilities and open space.
Davis Road	Tarneit	719	2,625	223,000 – 318,000	This site was included within Melbourne’s urban growth boundary in 2010 and adjoins the existing
2010					urban area of Tarneit. It is 28 kilometres west of the Melbourne CBD (City of Wyndham). The
					masterplanned community will include over 2,600 homes, a neighbourhood activity centre, schools
					and a network ofparks linked to Davis Creek and Werribee River.
		4,917	14,125

total revenue generated throughout the life of the project
** includes options taken over land

Stockland ProPerty Portfolio DECEMBER 2011 59

residential cOmmunities residential POrtfOliO

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Vale, Wa
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SituatEd 21 kiLoMEtrES NorthEaSt oF thE PErth cBd iNcorPoratiNG SchooLS, MEdiuM dENSity rESidENtiaL aNd a rEtaiL cENtrE.

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residential cOmmunities residential POrtfOliO

Western australia – released to market

Property/		total project
acquisition date	location	value ($m)*	total lots	% Sold^	Price range ($)	Project description
Vale (formerly The Vale)	Aveley	783	2,782	4	189,000 – 306,000	A major residential masterplanned community. Situated 21 kilometres north-east of
2011						the Perth CBD incorporatingschools,medium densityresidential and a retail centre.
Newhaven	Piara Waters	502	1,997	61	168,000 – 291,000	Outstanding quality and originality of design have culminated in this award winning
2001, 2005, 2007						masterplanned community which offers the opportunity to combine residential,
						educational and recreational facilities within a sought after location.
Amberton**	Eglinton	459	2,368	0	262,000 – 355,000	A private partnership to develop a masterplanned coastal estate in Perth’s north-
2010						west corridor, approximately 45 kilometres north of the CBD. The project will deliver
						a range of products to appeal to frst home buyers, upgraders and premium ocean
						front land.
Whiteman Edge	Henley Brook	335	1,227	0	211,000 – 242,000	Situated 17 kilometres north-east of the Perth CBD incorporating medium density
2011						residential and a retail centre.
Wungong Reach**	Brookdale	334	2,768	0	175,000 – 194,000	This joint venture with the WA State Government will create a new masterplanned
2004, 2007, 2010						community 25 kilometres south-east of the CBD. The project will be delivered over
						10 years and will see the land transformed into a vibrant, cohesive community
						providingmuch needed employment and economicgrowth to the region.
Corimbia	Landsdale	294	963	31	265,000 – 346,000	Located 18 kilometres north of the CBD adjacent to Stockland’s award-winning
2005, 2006, 2007, 2010,						Landsdale Gardens Estate. This estate will appeal to upgrader buyers. Tree-lined
2011						avenues will be a signifcant aspect of the estate, connecting with the natural
						environment.
Settlers Hills	Baldivis	259	2,152	99	N/A	This masterplanned community offers practical and modern family living. 18
2001						landscaped parks and gardens, two schools, local shopping facilities including
						Stockland Baldivis and convenient location to the beach are key features of this
						vibrant and established community.
South Beach	South Beach,	144	231	87	465,000 – 503,000	Set in an unrivalled location this multi-UDIA award-winning estate is just a short
2002, 2004	Fremantle					walk from both the cosmopolitan charm of Fremantle and the natural beauty of the
						northern Cockburn coastline.
Settlers Hills Townside	Baldivis	81	428	54	156,000 – 191,000	Townside leverages Settlers Hills premium position in Baldivis. Just 38 kilometres
(Formerly Settlers Townside)						south of the Perth CBD, this new village provides an affordable product mix which
2007						complements this masterplanned community and is located directly opposite
						Stockland Baldivis Town Centre.
Baldivis Town Centre	Baldivis	45	137	6	154,000 – 170,000	Baldivis Town Centre comprising retail, commercial, mixed-use lots and residential.
2001
		3,236	15,053

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** includes Stockland’s estimated share of joint development income

Stockland ProPerty Portfolio DECEMBER 2011 61

residential cOmmunities residential POrtfOliO

SettlerS HillS, Wa MaStErPLaNNEd coMMuNity oFFEriNG PracticaL aNd ModErN FaMiLy LiviNG.

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residential cOmmunities residential POrtfOliO

Western australia – development pipeline

Property/		total project
acquisition date	location	value ($m)*	total lots	Price range ($)	Project description
Banjup	Banjup	500	1,703	265,000	18 kilometres from the CBD, this 145 hectare project is located close to the Kwinana Freeway and
2008					Cockburn Central railwaystation and district shoppingcentre.
Brookdale West	Brookdale	55	255	195,000 – 216,000	Located in Brookdale 25 kilometres south-east of the Perth CBD, Brookdale West will provide a range
2007					of suburban lotproducts. This site is near Stockland’sjoint venture WungongReachproject.
		555	1,958

total revenue generated throughout the life of the project

Stockland ProPerty Portfolio DECEMBER 2011 63

retirement liVinG retirement POrtfOliO

tarneit SkieS retireMent VillaGe, Vic tarNEit SkiES iS LocatEd iN MELBourNE’S WEStErN SuBurBS aNd FEaturES aN iNdoor SWiMMiNG PooL, SPa, GyMNaSiuM, diNiNG rooM aNd othEr rEcrEatioNaL FaciLitiES.

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retirement liVinG retirement POrtfOliO

Retirement Living

Stockland is a top 3 retirement living operator within Australia, with 7,769 established units across six states. The portfolio includes a short-medium term development pipeline of 3,627 units.

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Rylands of Kew, VIC

Geographic split %*

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26 47 16 7 13
Established villages and pipeline units
NSW VIC QLD WA ACT SA
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Stockland ProPerty Portfolio DECEMBER 2011

retirement liVinG retirement POrtfOliO

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tHe WilloWS
retireMent VillaGe,
nSW
thE WiLLoWS iS
SituatEd at WiNStoN
hiLLS iN North
WESt SydNEy iN
cLoSE ProxiMity to
ShoPPiNG cENtrES,
SPortS cLuBS,
hoSPitaLS aNd
24 hour MEdicaL
FaciLitiES.
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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Arilla	South Morang,	198	78	91	120	309,000 – 569,000	Arilla retirement village is situated in one of Melbourne’s key growth corridors. Demand
2010	VIC						for this village continues to grow with display villas and sales offce now open. Five stages
							(108 villas) are now complete with the balance of the villas within the village completing by
							April 2013. The communitycentre was completed in August 2011.
Bellcarra Retirement	Caloundra, QLD	124	124	91	0	251,000 – 321,000	Located in the newly established suburb of Bellvista, Bellcarra is close to the centre of
Resort							Caloundra and Kings Beach. The village features a swimming pool, bowling green and
2003							billiards room.
Bellevue Gardens	Port Macquarie,	175	175	94	0	220,000 – 418,000	The village is centrally located less than two kilometres from the Port Macquarie city centre
Retirement Village	NSW						and is set on fve hectares of landscaped gardens. Facilities include a restaurant, coffee
1994							shop, auditorium, library, hair salon, medical consulting room, bowling green and resident
							clubhouse adjoiningan indoor heated swimming pool and barbecue area.
Bexley Gardens	Bexley North,	22	22	86	0	100,000 – 175,000	Located in south-west Sydney, Bexley Gardens is only 800 metres from Bexley North
1974	NSW						railway station which serves the East Hills line into Sydney CBD. It is also in close proximity
							to major shoppingcentres in Hurstville,Rockdale and Kogarah.
Bundoora	Bundoora, VIC	242	242	100	0	184,000 – 580,000	Bundoora Village is situated close to the Northern Ring Road, RMIT University, shopping
2003							strips and is well serviced by public transport. The 6.7 hectare site enjoys excellent views
							over the PlentyValleyGorge.
Burnside	Burnside, VIC	257	257	98	0	157,000 – 390,000	Just 20 minutes from the Melbourne CBD, Burnside Village is located in Melbourne’s
2002							burgeoning west, just off the Western Highway. Virtually next door is Burnside Shopping
							Centre complete with two supermarkets and specialtyretail.
Camden View Village	Laurieton, NSW	54	54	94	0	258,000 – 385,000	Camden View is situated between North Brother Mountain and the Camden Haven River
2002							on the NSW mid-north coast. Camden View is just 100 metres away from the centre of
							Laurieton.
Cameron Close	Burwood, VIC	187	187	96	0	153,000 – 925,000	Cameron Close is situated in Burwood, close to the exclusive shopping and restaurant
1989							precincts of Camberwell and Canterbury and is well serviced by bus and tram routes
							linking to rail and Chadstone shopping centre. Elevated parts of the property enjoy district
							and CBD skyline views.
Cardinal Freeman	Ashfeld, NSW	230	230	87	0	134,330 – 625,000	Cardinal Freeman is set in the sought after inner-west suburb of Ashfeld. Close to shops
Village							and transport, the village features a magnifcent chapel along with the heritage listed
1980							Glentworth House. The village offers various levels of care ranging from independent living,
							assisted livingand low and high aged care.
Castle Ridge Resort	Castle Hill, NSW	114	114	90	0	290,700 – 591,600	Castle Ridge Resort is less than two kilometres from Castle Towers shopping centre
1987							in Castle Hill with Dural, Carlingford, North Rocks and Pennant Hills within easy reach.
							It offers a swimming pool and spa, visiting doctor, snooker and billiard room and a
							hairdresser.
Donvale	Donvale, VIC	144	144	96	0	142,000 – 494,000	Donvale is located on Springvale Road in one of Melbourne’s prime eastern suburbs,
1990							surrounded by high quality housing and a strong potential catchment to the north and
							north east,with limited competition in the area.
Farrington Grove	Ferny Hills, QLD	75	75	99	0	195,000 – 440,000	Farrington Grove is a popular village located in the quiet outer Brisbane suburb of Ferny
1998							Hills. Village facilities include billiards, solar-heated pool, barbecue area, hairdresser, piano
							lounge,computer room,libraryand hobbyshed.
Fig Tree	Murrumba	187	90	72	97	279,000 – 459,000	Fig Tree is well located adjacent to a neighbourhood shopping centre with access to
2000	Downs, QLD						medical and recreational facilities. The Village offers a heated-indoor pool, bowling green,
							bar,library, gym,billiards room and hair salon.
Gillin Park	Warrnambool,	103	103	87	0	109,250 – 361,000	Located in Warrnambool on the south-west Victorian coast, it is close to the city
1990	VIC						centre, hospital and shopping centres. The village offers various levels of care including
							independent living,serviced apartments and a 45-bed aged care facility.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy
includes North Lakes Extension

Stockland ProPerty Portfolio DECEMBER 2011

retirement liVinG retirement POrtfOliO

Bellcarra retireMent reSort, Qld

LocatEd iN thE NEWLy EStaBLiShEd SuBurB oF BELLviSta, BELLcarra iS cLoSE to thE cENtrE oF caLouNdra aNd kiNGS BEach.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Golden Ponds	Forster, NSW	158	158	80	0	142,000 – 437,000	Golden Ponds is set between Wallis Lake and the beaches of Forster on the NSW mid-
Retirement Resort							north coast. The resort is surrounded by 13 hectares of landscaped grounds, ponds and
1988							rainforest.
Gowanbrae	Gowanbrae, VIC	189	189	91	0	285,000 – 590,000	Gowanbrae enjoys an excellent location providing quick access to the city, airport and
2008							surrounding suburbs. Construction is complete on all units with more than 150 people
							now living at Gowanbrae. Construction of the fnal Independent Living Apartments is now
							complete with the frst residents havingmoved in duringSeptember 2011.
Greenleaves	Upper Mt	103	103	100	0	141,000 – 356,000	Greenleaves is adjacent to a shopping centre and cinemas and has facilities including a
1986	Gravatt, QLD						bowling green and barbecue area.
Halls Head Village	Halls Head, WA	46	46	85	0	190,000 – 260,000	Halls Head is an hour’s drive south of Perth and three kilometres from Mandurah. The
1988							village offers a hairdressing salon, podiatrist, library, pool table, indoor bowls and barbecue
							facilities. Public transport is available opposite the village.
Hastings Parklands	Port Macquarie,	144	144	87	0	73,000 – 242,000	Hastings Parklands is a private retreat set on fve hectares of landscaped parkland, just
Village	NSW						minutes from transport, medical facilities and the centre of Port Macquarie. The village has
1985							a full-length artifcialgrass bowling green and heated-indoorpool and spa.
Highlands	Craigieburn, VIC	198	91	77	107	259,000 – 475,000	Highlands is situated within Stockland’s Highlands masterplanned community and
2010							adjacent to the future town centre. The community centre and bowling green opened in
							February2011. Over 100 residents now call Highlands home.
Keilor	Keilor, VIC	191	191	94	0	127,000 – 456,000	Keilor Village benefts from close proximity to the Western Ring Road and Calder Freeway
1997							and bus services running directly past the site. It is a short distance to numerous shopping
							options.
Knox	Wantirna South,	204	204	100	0	240,000 – 478,000	Knox Village enjoys an excellent location directly opposite Knox Shopping Centre,
1978	VIC						comprising cafes, restaurants, a cinema complex and a wide range of grocery and retail
							outlets.
La Trobe	Reservoir, VIC	249	249	97	0	127,000 – 420,000	La Trobe is located adjacent to the Summerhill Shopping Centre and close to Westfeld
1989							Northland. Other facilities in the area, well serviced by bus and tram, include Bundoora
							Park,Preston Markets and major hospitals.
Leschenault Retirement	Bunbury, WA	38	38	97	0	302,000 – 345,000	Close to the Leschenault Inlet, Leschenault Retirement Village is within easy walking
Village							distance of Bunbury city centre. The village offers a wide range of amenities including a
1988							bowling green and an outdoor entertainingarea overlookingthe establishedgardens.
Lincoln Gardens	Port Macquarie,	54	54	100	0	289,750 – 356,000	Lincoln Gardens is ideally located in a quiet suburban enclave and is in close proximity to
Retirement Village	NSW						Port Macquarie’s hospital and town centre.
2001
Long Island	Frankston, VIC	158	158	97	0	129,000 – 363,000	Long Island Village is located just off the Nepean Highway, a short stroll from the Seaford
1987							foreshore. Retail amenities servicing the village include Frankston, Patterson Lakes and
							Mt Eliza centres,all of which havegrown substantiallyin recentyears.
Lourdes Village	Killara, NSW	173	173	83	0	286,425 – 791,700	Lourdes is located in Killara on Sydney’s North Shore overlooking Garigal National Park.
1983							The village offers a central clubhouse with coffee shop as well as a dining room, lounge,
							chapel, billiards room, hair salon, library, heated-swimming pool and spa. The village offers
							various levels of care from independent living,assisted livingand low and high aged care.
Macarthur Gardens	Campbelltown,	250	31	65	219	289,000 – 485,000	Macarthur Gardens is conveniently located between Macarthur Square shopping centre
2011	NSW						and Campbelltown Golf Club. First residents moved into the village in July 2011 and
							the clubhouse is scheduled to open in the frst half of 2012. Village facilities will include
							bowling green, indoor pool, bar, cafe, outdoor chessboard, work shed, putting green and
							practice drivingnet.
Macquarie Grove	Tahmoor, NSW	44	44	95	0	189,000 – 219,000	Macquarie Grove is located at the gateway to the Southern Highlands. It is close to local
Retirement Village							clubs, recreational activities, medical services and transport. It features computer facilities,
1996							hairdresser,libraryand barbecue facilities.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy
includes North Lakes Extension

Stockland ProPerty Portfolio DECEMBER 2011 69

retirement liVinG retirement POrtfOliO

taylorS Hill, Vic

tayLorS hiLL FEaturES ModErN coMMuNity FaciLitiES With Both iNdEPENdENt LiviNG uNitS aNd aPartMENtS.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Maybrook Village	Cromer, NSW	98	98	78	0	94,000 – 791,000	Perched high on the ridge at Cromer in Sydney’s northern beaches, the village has a
1992							bushland outlook. It features a library and billiards room, a gym and indoor-heated pool
							and spa.
Midlands Terrace	North Ballarat,	89	89	100	0	161,000 – 191,000	Midlands Terrace enjoys strong demand from prospective residents and is well positioned
1976	VIC						in its local area market. The village adjoins Northway Shopping Centre with proximity to
							medical and communityfacilities.
Murray River Village	Mandurah, WA	37	37	76	0	280,000 – 350,000	Located one kilometre from Bunbury, Murray River offers amenities including air-
1988							conditioned clubhouse with outdoor terrace and barbecue area, solar-heated swimming
							pool, plus a lounge,hairdressingsalon, podiatrist room and library.
North Lakes#	North Lakes,	353	309	91	44	139,000 – 585,000	Located in one of Australia’s fastest growing regions, the North Lakes Community is only
2005	QLD						35 minutes from Brisbane and 30 minutes from Brisbane International Airport. The resort
							layout provides security as well as an outstanding array of amenities. The resort is within
							the expanding North Lakes Town Centre and easy walking distance from the regional
							shoppingcentre,health and educationprecincts.
Oak Grange	Brighton East,	110	110	96	0	303,000 – 541,000	Oak Grange is located on Hawthorn Road, Brighton East, close to Brighton’s famous
1984	VIC						beaches,shops and cafes. The Nepean Highway provides easyaccess to the city.
Patterson Lakes	Patterson Lakes,	207	207	99	0	127,000 – 354,000	Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre
1980	VIC						and Marina and features a central lake as the focal point of the village. Local bus services
							passingthe frontgate link to Carrum railwaystation.
Pine Lake	Elanora, QLD	147	147	100	0	128,250 – 310,000	Pine Lake is located at Elanora on Queensland’s Gold Coast and features a swimming
1982							pool and views of a nearbylake.
Plenty Valley	Epping, VIC	204	204	100	0	169,000 – 514,000	Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity to the
2006							nearby Epping shopping complex. The location is well serviced with transport, healthcare,
							medical and aged care facilities.
Queens Lake Village	Laurieton, NSW	124	124	85	0	172,000 – 391,000	Situated on the Queens Lake waterfront, Queens Lake Village is equipped with its own
1987							privatejetty. It is convenientlylocatedjust one kilometre from Laurieton’s town centre.
Ridgecrest	Page, ACT	126	126	100	0	322,000 – 502,000	Ridgecrest at Page in Canberra is spread over 5.4 hectares and has facilities including
1986							barbecue areas,a bowling green and resident’s lounge.
River Parks Village	Wilson, WA	33	33	94	0	275,000	River Parks is set amongst private landscaped gardens adjacent to the Canning River and
1988							located in Wilson,only13 kilometres from the centre of Perth.
River Pines Village	Wilson, WA	34	34	85	0	275,000	River Pines, adjacent to the Canning River, is situated within easy access of local shopping
1988							centres.
Rosebud	Rosebud, VIC	104	104	100	0	150,000 – 310,000	Rosebud is located in the heart of the Mornington Peninsula and is well serviced by the
1980							region’s many championship golf courses, wineries and beaches. In addition, several
							bowling clubs and the Rosebud RSL are convenient to the site. Public transport services
							link to Rosebud town centre and Frankston railwaystation.
Rylands Hawthorn	Hawthorn, VIC	84	84	100	0	634,000 – 1,556,000	Rylands of Hawthorn is positioned close to the shopping and entertainment precinct of
2008							Camberwell Junction. This retirement resort features stunning modern apartments and
							spacious communal facilities.
Rylands Kew	Kew, VIC	65	65	100	0	560,000 – 1,530,000	Rylands of Kew is an apartment style retirement resort adjacent to shops and facilities at
2007							Kew Junction. The property’s centrepiece is a heritage building that has been blended
							with contemporary architecture to create a relaxing environment with state-of-the-art
							convenience.
Salford Park	Wantirna, VIC	171	171	95	0	265,200 – 443,700	Residents at Salford Park Community Village live independently in one or two bedroom
Community Village							units, however there are also aged care facilities available offering 120 rooms for those
1983							who require some extra assistance.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy
includes North Lakes Extension

Stockland ProPerty Portfolio DECEMBER 2011 71

retirement liVinG retirement POrtfOliO

loUrdeS, nSW

LourdES iS LocatEd iN kiLLara oN SydNEy’S North ShorE ovErLookiNG GariGaL NatioNaL Park. thE viLLaGE oFFErS a cENtraL cLuBhouSE With a coFFEE ShoP aS WELL aS a diNiNG rooM, LouNGE, chaPEL, BiLLiardS rooM, hair SaLoN, LiBrary, hEatEd SWiMMiNG PooL aNd SPa.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Salford Retirement	Aberfoyle Park,	74	74	92	0	275,500 – 323,000	Located in the tree-studded foothills of South Australia’s Aberfoyle Park, Salford
Estate	SA						Retirement Estate is 20 kilometres from Adelaide’s CBD and less than three kilometres
1990							to the local shoppingcentre.
Salford Waters	Victoria Point,	181	181	91	0	128,000 – 591,090	Situated on the Moreton Bay waterfront in Victoria Point, Salford Waters is less than
Retirement Estate	QLD						three kilometres to Victoria Point Shopping Centre and about a half-hour drive to
1993							Brisbane’s CBD.
Tarneit Skies	Tarneit, VIC	159	123	90	36	189,000 – 345,000	Tarneit Skies is located in Melbourne’s western suburbs. The village features an indoor
Retirement Village							swimming pool, spa, gymnasium, dining room, crafts room, computer suite and
2003							billiard tables.
Taylors Hill	Taylors Hill, VIC	199	199	100	0	220,000 – 410,000	Taylors Hill is located approximately fve minutes from the Calder Freeway and
2005							Watergardens Regional Shopping Centre. The village features modern community facilities
							with both independent livingunits and apartments.
Templestowe	Templestowe,	151	151	97	0	120,000 – 458,000	Templestowe Village is set out in a park-like environment opposite beautiful Westerfolds
1983	VIC						Park, which features walking tracks along the banks of the Yarra River, barbecue facilities
							andpicnic areas.
The Cove Village	Daleys Point,	112	112	72	0	230,000 – 666,140	Situated on the NSW Central Coast, the village boasts absolute water frontage with most
1983	NSW						units having views of Brisbane Waters. The village has two outdoor barbecue areas, three
							swimming pools,a spa and aprivatejetty.
The Grange Retirement	Grange, SA	57	57	96	0	380,000 – 395,000	The Grange is located just over one kilometre from the seafront suburb of Grange and
Estate							12 kilometres from Adelaide’s CBD. The village is in close proximity to public transport,
1992							hospital and shoppingcentres.
The Lakes at Delbridge	Sydenham, VIC	29	29	72	0	184,000 – 247,000	The Lakes at Delbridge is a small village located close to the Taylors Lakes village, less
2001							than one kilometre from the Watergardens Regional shoppingcentre.
The Lakes Estate	Taylors Lake,	172	172	97	0	117,000 – 478,000	The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway,
2000	VIC						directlyopposite Watergardens ShoppingCentre and railwaystation.
The Village Swansea	Swansea, NSW	141	141	94	0	207,000 – 375,000	Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the
1988							village is situated in close proximity to Lake Macquarie and Swansea Shopping Centre.
							The village features three salt-water swimming pools and two communitycentres.
The Willows Retirement	Winston Hills,	266	214	88	52	119,000 – 579,500	The Willows is situated at Winston Hills in north-west Sydney. The village is close to
Village	NSW						shopping centres, sports clubs, hospitals, 24-hour medical facilities and less than one
1988							kilometre to the M2 freewayleadingto Sydney’s CBD.
Unity Retirement Village	Aberfoyle Park,	130	130	86	0	124,000 – 331,000	Located in Aberfoyle Park, Unity’s facilities include a bowling green, recreation hall, dining
1985	SA						room,and half-court tennis.
Vermont	Vermont South,	125	125	98	0	252,000 – 374,000	Vermont Village benefts from an excellent location, plenty of open space and established
1981	VIC						gardens. Located on Burwood Highway near Koomba Park, the village is close to several
							large shoppingcentres includingVermont South,Knox,The Glen and Forest Hill.
Wamberal Gardens	Wamberal, NSW	62	62	82	0	248,000 – 293,000	Wamberal Gardens is located on the NSW Central Coast adjacent to Wamberal Lagoon
Retirement Village							with the beach just one block away. The village features two swimming pools, two outdoor
1983							barbecue areas,an activities room and library.
Wantirna	Wantirna, VIC	178	178	99	0	127,000 – 393,000	Wantirna Village benefts from an outstanding range of retail and transport amenities.
1986							The 6.3 hectare site adjoins the Blind Creek Reserve and is in close proximity to the
							Dandenong Ranges National Park, Morack and Ringwood Golf Course, Knox library and
							several hospitals.
Waratah Highlands	Bargo, NSW	201	111	97	90	277,000 – 373,065	Set on 10 hectares of woodland, Waratah Highlands is in close proximity to the Southern
2002							Highlands and 500 metres to Bargo railway station. The village features a hairdresser,
							beautician,libraryand billiards room.
		8,534	7,769		765

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy
includes North Lakes Extension

Stockland ProPerty Portfolio DECEMBER 2011 73

retirement liVinG retirement POrtfOliO

==> picture [602 x 508] intentionally omitted <==

retirement liVinG retirement POrtfOliO

retirement living – development pipeline

Property	location	total units^	Project description
Affnity Village (formerly	Baldivis, WA	220	Incorporated within Stockland’s Settlers Hills masterplanned community, 38 kilometres south of Perth CBD. The site is immediately adjacent to the
Settlers East)			Stockland shoppingcomplex,with stage 1 homes due for completion in March 2012.
Banjup	Banjup, WA	200	Incorporated within Stockland’s Banjup masterplanned community, 18 kilometres south of Perth CBD. The site is close to the Kwinana Freeway
			and Gatewayregional shoppingcentre.
Brookbent Road (formerly	Brisbane, QLD	170	Potential retirement living opportunity identifed 22 kilometres south of Brisbane, within Stockland’s residential community.
Pallara)
Caloundra Downs	Caloundra, QLD	400	There is an opportunity for retirement communities within Stockland’s 3,700 hectare Caloundra Downs project which will include at least 20,000
			residential lots,employment and retail. These will be developed concurrentlyas the broaderproject comes to market.
Cardinal Freeman Village	Ashfeld,NSW	220	A majorproject application for new independent livingunits,to be developed in stages,has been approved bythe NSW Department of Planning.
Eucalypt	Wollert,VIC	180	An 8.1 hectareparcel of land has been identifed within Stockland’s Eucalypt Residentialproject for a retirement village.
Farrington Grove	FernyHills, QLD	100	Opportunityfor development of additional homes within existingvillage and communityfacilities in north-west Brisbane.
Gillin Park	Warrnambool,VIC	40	There is an opportunityto build additional ILUs at the village based on the current DA.
Golden Ponds Retirement	Forster, NSW	50	A master plan for the remaining stages of development has been created and an amended development approval will be submitted.
Resort
Highlands Extension	Craigieburn, VIC	120	An opportunity within Stockland’s residential community exists adjacent to the Highlands retirement village to extend this key project. Further
			investigations are beingundertaken bytheproject team.
Highlands II	Craigieburn,VIC	230	A 10 hectareparcel of land has been earmarked for a second village within the Highlands residentialproject.
Leppington	East Leppington,NSW	200	A retirement livingopportunityexists within Stockland’s Leppington masterplanned community,50 kilometres south west of SydneyCBD.
Lourdes Village	Killara, NSW	10	A Development Application for the construction of additional independent living units and a partial upgrade of the existing community facilities has
			been approved.
Maybrook	Cromer,NSW	20	A Development Application has been approved for new ILAs.
Mernda	Mernda, VIC	240	Located within the Stockland Mernda Villages masterplanned community 25 kilometres north-east of Melbourne. Masterplan is currently being
			developed with commencement scheduled in 2012.
Selandra Rise	Cranbourne,VIC	202	Within Stockland’s wider Selandra Rise masterplanned communityin Cranbourne,south-east of Melbourne. Construction will begin inQ1,2012.
The Cove Village	Daleys Point,NSW	60	A Development Application approval has beengranted for independent livingunits,new communityfacilities and sales/administration offces.
Vale	Aveley,WA	200	A retirement livingopportunityexists within Stockland’s Vale masterplanned community,35 kilometres south west of Perth CBD
		2,862
developments at established villages		765
total		3,627

retirement living – aged care

Property	location	total beds	% occupancy*	Project description
Cardinal Freeman	Ashfeld, NSW	119	97	Located in Ashfeld, the Cardinal Freeman Lodge provides low-level nursing care while the village’s nursing home provides high-level care.
1980
Gillin Park	Warrnambool,	45	96	Located in Warrnambool, the regional hub of south-west Victoria.
1990	VIC
Lourdes	Killara, NSW	82	94	Located at Lourdes Retirement Village and set in beautifully landscaped, colourful gardens. Lourdes Aged Care provides short-term respite care,
1983				a low-care hostel and a high-care nursinghome across 83 beds which caters to bothgeneral service and extra-service high care.
Salford Park	Wantirna, VIC	120	100	Located at Salford Park Retirement Village in Wantirna.
1983
		366

^ Excludes aged care (i.e. nursing homes and hostels)

occupied beds as proportion of all beds available for occupancy

Stockland ProPerty Portfolio DECEMBER 2011 75

unlisted PrOPerty funds

541 St kilda road, Vic 541 St kiLda road coMPriSES Six LEvELS oF oFFicE accoMModatioN aNd tWo GrouNd FLoor rEtaiL tENaNciES, With a LEttaBLE arEa oF 8,251M[2] aNd 128 ParkiNG SPacES. thE ProPErty FEaturES LarGE FLoor PLatES oF 1,300M[2] With NaturaL LiGht oN aLL SidES aNd haS a rEcENtLy rEFurBiShEd FoyEr aNd ForEcourt.

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unlisted PrOPerty funds

Unlisted Property Funds[*]

==> picture [230 x 304] intentionally omitted <==

Optus Centre, NSW

Stockland has $441.6 million of funds under management across a range of funds and asset classes.

australian Funds only

Stockland ProPerty Portfolio DECEMBER 2011

unlisted PrOPerty funds

Unlisted Property funds – summary

~~Unlisted Property funds – summary~~
		funds under	establishment	expiry/
fund	type of fund	management ($m)*	date	review date
Stockland Direct Offce Trust No. 2(SDOT2)	Retail	189.9	Sep2005	Jun 2013
Stockland Direct Offce Trust No. 3(SDOT3)	Retail	97.0	Jun 2007	Jun 2014
Stockland Direct Retail Trust No. 1(SDRT1)	Retail	67.0	Dec 2006	Jun 2014
Stockland Residential Estates EquityFund No. 1(SREEF1)	Wholesale	87.7**	Aug2006	Aug2014
		441.6

represents gross assets

** represents SrEEF1 total committed equity (less capital returned to unit holders) and drawn debt at 31st december 2011

~~Unlisted Property funds – asset overview~~
Property type
Property
State
%
ownership
Book value
($m)
Valuation
($m)
nla (m2)
% of fund
Page
SDOT2
Offce Park
Optus Centre
Macquarie Park
SDOT2
NSW
49
186.4
186.2
84,194
100
29
SDOT3
Commercial
75 George Street, Parramatta
541 St Kilda Road, Melbourne
181 Great Eastern Highway, Belmont
222 Russell Street Car Park,
Melbourne
NSW
VIC
WA
VIC
100
100
100
100
33.5
26.5
19.0
14.0
33.5
26.5
19.0
14.0
9,535
8,251
4,036
N/A
36
29
20
15
79
79
79
80
SDRT1
Retail
Benowa Gardens
Pacifc Pines
Tamworth Homespace
QLD
QLD
NSW
100
100
100
31.5
20.5
13.0
31.5
20.5
13.0
5,734
5,518
13,070
48
32
20
80
80
81
SREEF1
Residential
Communities
Freshwater
Ormeau Ridge
Hundred Hills
The Boardwalk^^^
Highlands Newbury Village^
QLD
QLD
NSW
QLD
VIC
80
50
50
50
50
154.1
108.1
49.2
26.2
39.7*
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
41
29
10
7
13
53
51
53
51
57

Fund share of total gross revenue generated throughout the life of the project
** 100% of NLa

^ Newbury village of Stockland’s highlands residential communities project only

^^^ Stages 4, 6, 7 and 9 only

unlisted PrOPerty funds

==> picture [230 x 131] intentionally omitted <==

75 George Street

75 George Street is a six level, twin tower, commercial office building. The office levels comprise north and south wings which are linked by a central services core and have a typical floor plate of 1,800sqm. There are two retail areas on the ground floor, with basement and covered parking for 103 spaces. The property is located in the heart of the Parramatta CBD on the high profile corner of Smith and George Streets. The Parramatta bus/rail interchange and RiverCat Wharf are also within close proximity of the property.

location: Parramatta, nSW

location: Parramatta, nSW
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$41.1 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$33.5 million($3,513/m2)
capitalisation rate:	9.00%
discount rate:	9.50%
carparkingspaces:	103

Net lettable area:	9,535
annual sales:	N/a
Weighted average lease expiry:	4.96years

Major tenants	nla(m2)
St George	6,486
hanson construction	1,857

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541 St kilda road

541 St Kilda Road comprises six levels of office accommodation and two ground-floor retail tenancies, with a lettable area of 8,251sqm and 128 parking spaces. The property features large floor plates of 1,300sqm with natural light on all sides and a refurbished foyer and forecourt.

location: Melbourne, Vic

location: Melbourne, Vic
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$30.5 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$26.5 million($3,212/m2)
capitalisation rate:	8.75%
discount rate:	9.50%
carparkingspaces:	128

Net lettable area:	8,251
annual sales:	N/a
Weighted average lease expiry:	4.88years

Major tenants	nla(m2)
Seek	6,398
theiss	1,320

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181 Great eastern Highway

181 Great Eastern Highway is a commercial building with a lettable area of 4,036sqm. The building provides three levels of office accommodation with 109 car parking spaces on the property, with another 126 bays located on a nearby parcel of land. The building’s elevated position provides views of the Swan River and the Perth CBD skyline.

location: Belmont, Wa

location: Belmont, Wa
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$15.3 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$19.0 million(4,707/m2)
capitalisation rate:	8.50%
discount rate:	10.50%
carparkingspaces:	235

Net lettable area:	4,036
annual sales:	N/a
Weighted average lease expiry:	7.18years

Major tenants	nla(m2)
NrW	4,035

lease expiry profile %

2 1 8 89

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

1 16 4 79
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100
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Vacant FY

Stockland ProPerty Portfolio DECEMBER 2011 79

12 13 14 15 16+

unlisted PrOPerty funds

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222 russell Street car Park

The public car park at 222 Russell Street forms part of the Mantra on Russell hotel/retail complex. The building is located in Melbourne’s busy Chinatown precinct between Lonsdale and Little Lonsdale Streets and was completed in 1997. SDOT3 owns an interest in 427 car parking spaces leased to Wilson Parking and Mantra.

location: Melbourne, Vic
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$16.9 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$14.0 million(N/a)
capitalisation rate:	8.50%
discount rate:	10.00%
carparkingspaces:	427

Net lettable area:	N/a
annual sales:	N/a
Weighted average lease expiry:	3.64years

Major tenants	nla(m2)
Wilson Parking	N/a

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Benowa Gardens Shopping centre

Benowa Gardens is a fully enclosed neighbourhood shopping centre located on the Gold Coast. The centre was originally constructed in 1992, and has been periodically refurbished, with the most recent refurbishment completed in 1998. The centre is anchored with a Coles supermarket and over 40 specialty retailers. There is on-site parking for 437 vehicles, including 200 covered bays.

location: Qld

location: Qld
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$27.3 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$31.5 million($5,494/m2)
capitalisation rate:	8.25%
discount rate:	10.00%
carparkingspaces:	437

Gross lettable area:	5,734
annual sales:	$51.7 million
Weighted average lease expiry:	5.21years

Major tenants	Gla(m2)
coles	1,960

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Pacifc Pines town centre

Pacific Pines Town Centre was developed by Stockland as part of a masterplanned community, situated in the northern Gold Coast region, near Helensvale. The neighbourhood shopping centre has an open plan style and is anchored by Woolworths plus 13 specialty stores and parking for 355 vehicles.

location: Qld

location: Qld
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$17.8 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$20.5 million($3,715/m2)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	355

Gross lettable area:	5,518
annual sales:	$45.9 million
Weighted average lease expiry:	8.90years

Major tenants	Gla(m2)
Woolworths	3,541

lease expiry profile %

==> picture [478 x 21] intentionally omitted <==

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

95 5 6 2 21 6 9 56
----- End of picture text -----

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

15 8 77
----- End of picture text -----

Vacant FY 12 13 14 15 16+

unlisted PrOPerty funds

==> picture [230 x 131] intentionally omitted <==

tamworth Homespace

Tamworth Homespace is a modern single level bulky goods shopping centre located on the New England Highway, approximately four kilometres south of the Tamworth CBD. Developed by Stockland, the centre commenced trading in November 2004 and is anchored by The Good Guys. There are 11 additional bulky goods tenancies, a restaurant and a medical centre, with on-site parking for 416 vehicles.

location: nSW
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$21.6 million

last independent Valuation
date:	dec 2011
valuation/($/m2):	$13.0 million($995/m2)
capitalisation rate:	10.50%
discount rate:	11.00%
carparkingspaces:	416

Gross lettable area:	13,070
annual sales:	N/a
Weighted average lease expiry:	3.14years

Major tenants	Gla(m2)
the Good Guys	2,404
your homemaker	2,153
Mydesign Furniture	1,214
BcF australia	1,000

lease expiry profile %

23 3 18 56

Stockland ProPerty Portfolio DECEMBER 2011 81

aPartments residential POrtfOliO

Apartments

Stockland has a range of quality apartments projects in high profile locations across Australia, with a remaining end-market value of approximately $0.2 billion.

==> picture [230 x 304] intentionally omitted <==

The Islands, WA

Geographic split %*

1 8 16 75

==> picture [230 x 23] intentionally omitted <==

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

* By current units
NSW VIC QLD WA
----- End of picture text -----

aPartments residential POrtfOliO

apartments – released to market

Property/		total project		%	current
acquisition date	location	value ($m)*	total units	Sold^	price range ($)	Project description
The Islands	Southbeach, Perth,	249	100	41	950,000 – 3,800,000	Located just minutes from Fremantle on the Cockburn coast, the site offers
2007	WA					apartments, townhouses and beach houses with spectacular panoramic views of
						Garden,Carnac and Rottnest islands as well as Fremantle harbour.
Allisee	Gold Coast, QLD	237	196	93	1,040,000 – 1,355,000	Premium waterfront development with a private internal marina and direct Broadwater
2003						access.
Tooronga**	Glen Iris, Melbourne,	201	329	98	N/A	Located seven kilometres from the CBD in the heart of Melbourne’s eastern suburbs,
2004	VIC					Tooronga is a landmark mixed-use development which on completion will comprise
						residential dwellings, a neighbourhood shopping centre, strata offces and a vibrant
						outdoorpiazza with a range of diningoptions.
		687	625

~~apartments – undeveloped sites~~
Property/		total project		%	current
acquisition date	location	value ($m)*	total units	Sold^	price range ($)	Project description
South Yarra ^^	South Yarra, VIC	N/A	N/A	N/A	N/A	This sought-after location in the heart of South Yarra, provides unparalleled access
2008						to amenity and lifestyle opportunities in one of Melbourne’s most vibrant inner city
						locations.
		–	–

total revenue generated throughout the life of the project
** Stage 1 only, including retail and commercial. Sale contract for Stages 2 to 5 have been exchanged with deferred settlement to occur in Fy14
^ % Sold relates to contracts exchanged and settled
^^ Sale contract exchanged with deferred settlement to occur in Fy13

Stockland ProPerty Portfolio DECEMBER 2011 83

stOckland uk

Stockland UK

Stockland established a UK division following the acquisition of UK property company Halladale Group Plc in May 2007. Stockland UK specialises in property development, asset management and trading.

==> picture [230 x 304] intentionally omitted <==

One Tudor Street, London, UK

stOckland uk

Stockland Uk on-balance sheet properties

~~Stockland Uk on-balance sheet properties~~
			Stockland Uk %	Book value
Project location	county	category	equity	($m)
Billingham Town Centre,Billingham	Teesside	Retail	100	32.0
St Andrew Square,Edinburgh	Scotland	Mixed-use	100	26.7
Three Horse Shoes Mall,Market Place,Warminster	Wiltshire	Retail	100	16.1
112 London Road North,Lowestoft	Suffolk	Retail	100	9.6
St Mungo’s Retail Park,St Mungo’s Road,Cumbernauld	Scotland	Retail	100	6.5
Keymarket House,Middle Street,Yeovil	Somerset	Retail	100	2.3
73,73A,73B High Street,Brentwood	Essex	Retail	100	1.1
William Hunter Way,Brentwood	Essex	Retail	100	0.3
Land at DalgetyBay	Scotland	Retail	100	0.2
				94.8

Note: a$ at exchange rates prevailing at 31/12/2011 (0.6589)

Stockland ProPerty Portfolio DECEMBER 2011 85

Stockland corporation ltd ACN 000 181 733

Head office

Level 25, 133 Castlereagh Street Sydney NSW 2000

Sydney Telephone 02 9035 2000 Melbourne Telephone 03 9095 5000 Brisbane Telephone 07 3305 8600 Perth Telephone 08 9368 9222 United kingdom 37 Maddox Street London W1S 2PP Telephone +44 (0) 845 070 4633

www.stockland.com.au

==> picture [80 x 81] intentionally omitted <==

Disclaimer of Liability

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this brochure is free from errors or omissions or is suitable for your intended use. 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 information. Note: All figures are in Australian dollars unless otherwise indicated.

AI assistant

STOCKLAND — Fund Information / Factsheet 2012

65781_rns_2012-02-08_23a9b9d1-68c5-461d-8f64-75463d5eaa40.pdf

Property Portfolio 2011 31 DECEMBER 2011

Our PrOPerty POrtfOliO

Our stOry

Property Portfolio

~~residential POrtfOliO~~

~~residential POrtfOliO~~

~~retirement POrtfOliO~~

~~stOckland uk~~

~~unlisted PrOPerty funds~~

key

key

key

Retail

lease expiry profile %

~~retail Portfolio as at 31 december 2011~~

~~Stockland Wetherill Park~~

location: Western Sydney, nSW

~~Stockland Merrylands~~

location: Merrylands, nSW

~~Stockland rockhampton~~

location: rockhampton, Qld

lease expiry profile %

location: townsville, Qld

~~Stockland Green Hills~~

location: east Maitland, nSW

lease expiry profile %

~~Stockland Glendale~~

location: newcastle, nSW

~~Stockland cairns~~

location: cairns, Qld

~~Stockland Point cook~~

location: Point cook, Vic

lease expiry profile %

location: Bateau Bay, nSW

~~Stockland the Pines~~

location: doncaster east, Vic

lease expiry profile %

location: forster, nSW

location: newcastle, nSW

~~Stockland Balgowlah~~

location: Balgowlah, nSW

lease expiry profile %

location: Wendouree, Vic

location: caloundra, Qld

lease expiry profile %

~~Stockland Gladstone~~

location: Gladstone, Qld

~~Stockland nowra~~

location: nowra, nSW

~~Stockland cleveland~~

location: cleveland, Qld

lease expiry profile %

location: traralgon, Vic

~~Stockland Bathurst~~

location: Bathurst, nSW

lease expiry profile %

~~Stockland Hervey Bay~~

~~Stockland corrimal~~

~~Stockland riverton~~

location: riverton, Wa

lease expiry profile %

location: Sydney cBd, nSW

~~Stockland tooronga~~

location: tooronga, Vic

lease expiry profile %

~~Shellharbour retail Park~~

location: Shellharbour, nSW

~~Stockland Baldivis~~

~~Stockland cammeray~~

location: cammeray, nSW

lease expiry profile %

location: north Shore, Qld

location: Burleigh Heads, Qld

lease expiry profile %

~~Woolworths toowong~~

~~Stockland Vincentia Shopping centre~~

location: Vincentia, nSW

STOCKLAND Fund Information / Factsheet 2012

residential POrtfOliO

residential POrtfOliO

retirement POrtfOliO

stOckland uk

unlisted PrOPerty funds

retail Portfolio as at 31 december 2011

Stockland Wetherill Park

Stockland Merrylands

Stockland rockhampton

Stockland Green Hills

Stockland Glendale

Stockland cairns

Stockland Point cook

Stockland the Pines

Stockland Balgowlah

Stockland Gladstone

Stockland nowra

Stockland cleveland

Stockland Bathurst

Stockland Hervey Bay

Stockland corrimal

Stockland riverton

Stockland tooronga

Shellharbour retail Park

Stockland Baldivis

Stockland cammeray

Woolworths toowong

Stockland Vincentia Shopping centre

Stockland Merrylands court

offce Portfolio as at 31 december 2011

Piccadilly complex

Waterfront Place

9 castlereagh Street

triniti Business campus

135 king Street

78 Waterloo road

60-66 Waterloo road

601 Pacifc Highway

77 Pacifc Highway

45 St Georges terrace

175-181 castlereagh Street

7 Macquarie Place

40 cameron avenue

Macquarie technology centre

16 Giffnock avenue

255-267 St Georges terrace

80-88 Jephson Street, 23 and 27-29 High Street

110 Walker Street

118-120 Pacifc Highway

yennora distribution centre

defence national Storage and distribution centre

Brooklyn estate

toll Business Park

20-50 and 76-82 fillo drive and 10 Stubb Street

9-11a ferndell Street

1090-1124 centre road

altona distribution centre

2 davis road

export Park

M1 yatala enterprise Park

40 Scanlon drive