STOCKLAND - Fund Information / Factsheet 2014

Property Portfolio 30 June 2014 Focused on excellence

==> picture [366 x 539] intentionally omitted <==

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

About
Stockland
We have a long and proud history
of creating places that meet the
needs of our customers and
communities.
----- End of picture text -----

Our PrOPerty POrtfOliO

StocklAnd iS onE oF AuStrAliA’S lEAdinG divErSiFiEd ProPErty GrouPS. WE’rE ActivE in rEtAil, loGiSticS And buSinESS PArkS, oFFicE ProPErtiES, rESidEntiAl communitiES And rEtirEmEnt livinG villAGES. thiS PortFolio idEntiFiES All oF our ProPErtiES AcroSS AuStrAliA.

morE inFormAtion on StocklAnd’S ActivitiES And An onlinE vErSion oF thE PortFolio dAtA iS AvAilAblE At www.stOckland.cOm.au

==> picture [66 x 8] intentionally omitted <==

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

Wetherill Park, NSW
----- End of picture text -----

==> picture [159 x 180] intentionally omitted <==

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

Ervin Graf, 1952
----- End of picture text -----

Our stOry

When Stockland was founded in 1952, Ervin Graf had 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 largest diversified property groups. We develop and manage retail centres, logistics and business parks, office properties, residential communities and retirement living villages. With the benefit of our diverse property skills, we connect different types of properties in shared locations, to create places that inspire people to gather, to share and to live life. We recognise our responsibilities to the environment and are a leader in sustainable business practices.

For over 60 years, we have worked hard to grow our portfolio of assets and projects. We have a long and proud history of creating places that meet the needs of our customers and communities.

Property Portfolio

cOmmercial POrtfOliO

==> picture [113 x 114] intentionally omitted <==

residential POrtfOliO

==> picture [113 x 114] intentionally omitted <==

retail (page 7)

40 properties 974,184 sqm GlA valued at $5.5 billion

residential communities (page 41)

63 communities 81,500 lots remaining End-market value approximately $20.4 billion

==> picture [113 x 114] intentionally omitted <==

retirement POrtfOliO

==> picture [113 x 114] intentionally omitted <==

logistics & Business Parks (page 23)

21 properties

1,212,708 sqm GlA[] valued at $1.6* billion

Reflects 100% interest

retirement living (page 61)

63 established villages 8,298 units development pipeline of over 3,300 units

==> picture [114 x 114] intentionally omitted <==

Office (page 33)

10 properties 213,561 sqm nlA[] valued at $1.0* billion * Reflects 100% interest

==> picture [261 x 126] intentionally omitted <==

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

unlisted PrOPerty funds
unlisted
Property funds
(page 75)
Funds under
management
$144.0 million
----- End of picture text -----

~~POrtfOliO~~ apartments & stockland uk (page 79)

Apartments 1 project 59 units

STOCKLAND PROPERTY PORTFOLIO JunE 2014 1

australia Property Portfolio

KEY A retail Port Adelaide distribution centre office the Grange retirement Estate logistics & business Parks Salford retirement Estate residential communities unity retirement village Apartments retirement living unlisted Property Funds

new sOuth wales sydney cBd and north shore 601 Pacific Highway 77 Pacific Highway 110 Walker Street North Sydney The Rocks A 135 King Street Stockland Piccadilly, 133 Castlereagh Street

KEY retail office

new sOuth wales

Greater sydney

==> picture [368 x 377] intentionally omitted <==

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

Elara
Castle Ridge Resort Maybrook Village
Stockland Baulkham Hills
Forrester Distribution Centre
Lourdes Retirement Village
The Willows Retirement Village Macquarie Park,
Parramatta B North Ryde Ryde Chatswood
Stockland Balgowlah/The Village
North
Merrylands Court Sydney
Stockland Merrylands Stockland Cammeray
Stockland Wetherill Park 9-11a Ferndell Street, Granville
Davis Road, Wetherill Park
Yennora Distribution Centre
Cardinal Freeman Retirement Village Sydney
Sydney
Airport
Bexley Gardens
Willowdale
Ingleburn Distribution Centre
----- End of picture text -----

KEY B retail macquarie technology centre logistics & business Parks 16 Giffnock Avenue residential communities optus centre, macquarie Park retirement living 60–66 Waterloo road triniti business campus

new sOuth wales /act north/south coast canberra and surrounds

==> picture [368 x 377] intentionally omitted <==

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

Hundred Hills
Tamworth Homespace
F
E
Stockland Forster/Woolworths Forster
Golden Ponds Resort
Anambah
Lochinvar McKeachie’s Run
Newcastle
C The Village Swansea
Murrays Beach/Wallarah Peninsula
Wamberal Gardens Retirement Village
Stockland Bathurst
The Cove Village
Sydney
Macarthur Gardens Retirement Village
Macquarie Grove Retirement Village
Waratah Highlands Village
Brooks Reach/Illawarra/West Dapto 2 Stockland Corrimal
Stockland Shellharbour
Shellharbour Retail Park
Stockland Nowra
Vincentia Shopping Centre
ACT
D
----- End of picture text -----

==> picture [357 x 71] intentionally omitted <==

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

||||
|---|---|---|
|KEY|C|E|
|retail|Stockland Green hills|Queens lake village|
|office|Stockland Glendale|camden view village|
|residential communities|Stockland Jesmond|F|
|retirement living|Stockland Wallsend|Parklands village (formerly hastings Parklands village)|
|unlisted Property Funds|D|lincoln Gardens retirement village|
|40 cameron Avenue, belconnen|bellevue Gardens retirement village|
|ridgecrest village|

----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014

==> picture [746 x 481] intentionally omitted <==

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

Queensland Queensland
Greater Brisbane
Brisbane cBd
Caboolture West/Ripeford
Stone Ridge
Fig Tree Village
G North Lakes
Freshwater China Town
Kangaroo
Point
Waterfront Place
Export Park
Farrington Grove Retirement Estate
Hendra Distribution Centre
South Brisbane
Brisbane
Woolworths Toowong
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Garden Square, Mt Gravatt
Greenleaves Retirement Village
Salford Waters Retirement Estate
Ipswich Brookbent Road
Jimboomba Village Shopping Centre
Sovereign Pocket
Paradise Waters
Augustine Heights
M1 Yatala Enterprise Park
KEY G KEY
retail north lakes office
----- End of picture text -----

KEY retail office logistics & business Parks residential communities retirement living unlisted Property Funds

north lakes north lakes business Park north lakes Enterprise Precinct north lakes retirement resort

==> picture [746 x 499] intentionally omitted <==

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

Queensland Queensland Queensland
sunshine
Gold coast coast far north
Vale
Bahrs Scrub
Noosa Heads
Ormeau Ridge
Hope Island Cairns
Stockland Cairns
Highland Reserve
Oxenford
Riverstone Crossing
Pacific Pines Shopping Centre Townsville
North Shore
Southport Stockland Townsville
Twin Waters West
Surfers Paradise
Benowa Gardens
Maroochydore
Mackay
Brightwater
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 Village Bells Reach Gladstone
Stockland Gladstone
Caloundra
Caloundra South
Stockland Hervey Bay
KEY KEY KEY
retail retail retail
residential communities residential communities residential communities
retirement living retirement living
----- End of picture text -----

KEY retail residential communities retirement living unlisted Property Funds

STOCKLAND PROPERTY PORTFOLIO JunE 2014

VictOria

Greater melbourne

==> picture [366 x 377] intentionally omitted <==

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

Midlands Terrace
Lockerbie
Stockland Wendouree Mernda Retirement Village
Highlands/Craigieburn/
Sunbury Highlands Retirement Village
Gowanbrae Village 40 Scanlon Drive, Epping
10 Stubb Street, Somerton20-50 & 76-82 Fillo Drive & Eucalypt H
Bundoora Village
Keilor Village Latrobe Village
The Lakes Estate Templestowe Village
Taylor Hill Village Rylands Rylands of Hawthorn Stockland The Pines
Burnside Village of Kew
Tooronga
Donvale Village
Tarneit Skies Retirement Village Brooklyn Estate,
Brooklyn Cameron Close Village
Toll Business Park,
Davis Road Allura Altona Vermont Village I
Altona Distribution Centre
1090-1124 Centre
Stockland Point Cook Oak Road, Oakleigh
Grange
Geelong Patterson Lakes Village
Selandra Rise Retirement Village
Cranbourne Arbourlea
Long Island Village
Rosebud Village
Stockland Traralgon
Gillin Park Retirement Village
----- End of picture text -----

==> picture [203 x 63] intentionally omitted <==

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

KEY H
retail Arilla village
logistics & business Parks Plenty valley village
residential communities I
retirement living knox village
Salford Park community village
Wantirna village
----- End of picture text -----

western australia

Perth and surrounds

==> picture [160 x 200] intentionally omitted <==

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

Amberton
Vale
Corimbia Whiteman Edge
Balcatta Distribution Centre
K Perth
Stockland Riverton
Stockland Bull Creek
The Islands
Calleya Newhaven
Sienna Wood
Brookdale West
L Baldivis
Stockland Baldivis
Halls Head
Village Murray River Village
----- End of picture text -----

==> picture [60 x 8] intentionally omitted <==

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

Leschenault Village
----- End of picture text -----

==> picture [254 x 61] intentionally omitted <==

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

KEY K L
retail durack centre baldivis town centre
office river Parks village Settlers hills townside
residential communities river Pines village Affinity village
Apartments
retirement living
logistics & business Parks
----- End of picture text -----

retail cOmmercial POrtfOliO

retail

Stockland is one of the largest retail property owners, developers and managers in Australia. At 30 June 2014 the portfolio comprises 40 retail centres valued at $5.5 billion. the properties accommodate more than 3,200 tenants and generate in excess of $6.0 billion in retail sales per annum.

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

Stockland Shellharbour, nSW

Lease expiry profile %*

==> picture [229 x 124] intentionally omitted <==

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

2 9 11 11 11 56
Includes non-comparable development GLA
vacant Fy
15 16 17 18 19+
Geographic split %
49 13 33 5
nSW vic Qld WA
----- End of picture text -----*

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retail cOmmercial POrtfOliO

WETHERILL PARK, NSW

WETHERILL PARK IS A HIGHLY PRODUCTIVE SHOPPING CENTRE LOCATED IN THE SOUTHWEST OF SYDNEY. THE 12 HECTARE SITE BOASTS A DIVERSE OFFERING INCLUDING BIG W, TARGET, COTTON ON, WOOLWORTHS, HOYTS CINEMA AND 115 SPECIALTY STORES. THE CENTRE IS UNDERGOING A REDEVELOPMENT TO EXPAND IT BY 15,000SQM INCLUDING A LARGER ENTERTAINMENT AND LIFESTYLE PRECINCT, A NEW FULL-LINE COLES SUPERMARKET, EIGHT MINI-MAJORS AND 85 SPECIALTY STORES. THE REDEVELOPMENT IS EXPECTED TO CONCLUDE IN 2016.

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

retail cOmmercial POrtfOliO

Retail Portfolio as at 30 June 2014

							Annual sales	Specialty
				Book value	FY14 AIFRS	% of Retail	June 2014	occupancy	Specialty
Page	Property	Location	GLA (m2)	($m)	NOI ($m)	Portfolio	($m)	costs (%)*	sales ($/m2)
10	Stockland Shellharbour	nSW	75,183	682.9	34.2	12.3	374.4^^	n/A	8,228
10	Stockland merrylands	nSW	57,205	475.2	25.3	8.6	328.3^^	n/A	7,584
10	Stockland townsville#	Qld	58,681**	432.4	22.7	7.8	329.1^^	n/A	7,755
11	Stockland Wetherill Park	nSW	60,707	371.6	22.0	6.7	232.1^^	n/A	10,753
11	Stockland rockhampton	Qld	56,075	367.5	21.8	6.6	354.0	15.0	8,520
11	Stockland Green hills	nSW	32,921	307.5	19.6	5.6	326.7	13.8	13,369
12	Stockland Glendale	nSW	55,063	270.0	17.9	4.9	306.2	15.4	8,142
12	Stockland cairns	Qld	49,803	220.7	14.1	4.0	253.6	13.5	8,688
12	Stockland Point cook	vic	43,011	184.6	12.8	3.3	196.9	16.4	5,060
13	Stockland burleigh heads	Qld	26,895	154.3	9.9	2.8	177.8	14.7	9,152
13	Stockland Forster**	nSW	38,489	148.6	9.9	2.7	205.9	14.1	7,977
13	Stockland the Pines	vic	25,317	140.1	11.6	2.5	170.1	19.0	6,916
14	Stockland Gladstone	Qld	27,970	136.9	10.2	2.5	204.5	12.6	13,287
14	Stockland Wendouree	vic	25,339	129.2	8.7	2.3	164.2	13.4	8,698
14	Stockland Jesmond	nSW	20,543	127.0	8.9	2.3	144.3	14.5	9,607
15	Stockland baulkham hills	nSW	18,055	117.0	7.5	2.1	137.8	12.9	6,804
15	Stockland balgowlah	nSW	12,917	115.5	7.4	2.1	131.1	15.6	7,497
15	Stockland caloundra/Stockland South	Qld	22,211	110.7	7.9	2.0	171.4	11.6	11,226
16	Stockland bull creek	WA	16,702	92.8	6.6	1.7	115.5	13.7	9,472
16	Stockland nowra	nSW	16,218	90.2	6.6	1.6	137.8	12.7	10,676
16	Stockland cleveland	Qld	15,640	88.9	6.0	1.6	141.2	14.5	9,159
17	Stockland traralgon	vic	19,471	86.7	6.9	1.6	121.1	14.4	7,640
17	Stockland bathurst	nSW	19,378	80.6	6.3	1.5	105.9	13.3	10,002
17	Stockland herveybay	Qld	38,255	65.8	2.7	1.2	68.5^^	n/A	10,269
18	Stockland corrimal	nSW	9,751	63.1	4.8	1.1	112.6	13.8	8,882
18	Stockland riverton^	WA	19,794	60.8	4.6	1.1	146.4	14.6	7,246
18	Stockland Wallsend	nSW	12,269	57.5	4.3	1.0	84.9	13.1	7,697
19	Stockland tooronga	vic	9,039	51.0	3.4	0.9	104.1	14.0	7,105
19	Shellharbour retail Park	nSW	22,145	49.6	4.3	0.9	122.3	15.1	2,458
19	Stockland baldivis	WA	11,321	46.4	3.8	0.9	105.6^^	7.8	12,570
20	Stockland cammeray	nSW	4,787	33.0	2.2	0.6	24.6	15.3	7,532
–	Glasshouse – 135 kingStreet,Sydney^	nSW	3,926	32.1	0.8	0.6	n/A	n/A	n/A
20	Stockland Piccadilly^	nSW	5,252	29.5	2.7	0.5	24.0	24.0	7,470
20	Stockland highlands	vic	8,039	25.7	1.5	0.5	43.1	14.9	5,380
21	Stockland north Shore	Qld	5,837	21.2	1.3	0.4	49.5	7.2	8,728
–	Stockland burleigh central	Qld	7,914	16.2	1.0	0.3	2.9	n/A	n/A
21	Jimboomba village Shoppingcentre^	Qld	11,189**	15.9	1.3	0.3	47.4	8.1	5,471
21	Woolworths toowong	Qld	2,275	13.5	0.3	0.2	n/A	n/A	n/A
22	Stockland vincentia Shoppingcentre	nSW	4,163	11.5	1.1	0.2	55.8	11.4	5,067
–	Stockland merrylands court	nSW	4,434	9.3	0.4	0.2	n/A	n/A	n/A
			974,184	5,533.0	345.3	100.0

Inclusive only of retailers operating longer than two years
** Excludes adjacent land holdings
Includes Townsville Kmart Centre
^ Book value represents Stocklands 50% ownership
n.b. excludes Stockland Glenrose, Eagle Street Pier, capital works in progress and sundry properties
^^ Transitional MAT

STOCKLAND PROPERTY PORTFOLIO JunE 2014 9

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

Stockland Shellharbour

Shellharbour is located on the south coast of nSW. A $330 million redevelopment was completed in 2013. Shellharbour is the only major regional shopping centre located within the trade area and includes myer, kmart, target, coles, Woolworths, 14 mini-majors and over 230 specialty stores. the centre boasts an alfresco dining precinct, children’s play area and five star parents facilities, while the retail mix offers a strong fresh food, fashion and service provision.

Location: Shellharbour, NSW

Location: Shellharbour, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$469.0 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$679.7 million($9,076/m²)
Capitalisation rate:	6.00%
Discount rate:	8.75%
Carparkingspaces:	3,500

Gross lettable area:	75,183m2
Annual sales:	$374.4 million*
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	9.6years
NABERS:
Green Star rating:	4.0(Design) (Retail v1.0)

Major tenants	GLA(m2)	Lease expiry
Myer	11,850	May2038
Kmart	6,500	May2032
Coles	4,500	May2032
Woolworths	3,870	Dec 2032
Target	7,171	Jul 2015

==> picture [230 x 123] intentionally omitted <==

Stockland Merrylands

located 21 kilometres west of the Sydney cbd, this centre has serviced the local community for over 40 years. this fully enclosed regional shopping centre now has convenient parking with 3,000 spaces, big W, kmart, target, coles, Woolworths, Aldi, eight minimajors and 205 specialty shops.

Location: Merrylands, NSW

Location: Merrylands, NSW
Acquisition date:	Sep1982
Ownership/title:	100%/Freehold
Cost includingadditions:	$421.2 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$473.7 million($8,010/m²)
Capitalisation rate:	6.25%
Discount rate:	8.75%
Carparkingspaces:	3,000

Gross lettable area:	57,205m2
Annual sales:	$328.3 million*
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	9.1years
NABERS:
Green Star rating:	4.0(Design) (Retail v1.0)

Major tenants	GLA(m2)	Lease expiry
BigW	7,900	Oct 2032
Kmart	7,159	Nov 2017
Target	6,088	Nov 2028
Coles	4,424	Nov 2031
Woolworths	3,820	Oct 2032

==> picture [231 x 123] intentionally omitted <==

Stockland Townsville

the centre is located in the geographical heart of townsville. A $180 million redevelopment was successfully completed in 2013. the centre houses the region’s only full line myer department store. the centre now also includes big W, Woolworths and four mini-majors and 750seat dining terrace and 180 speciality stores. there is additional land to the east for future development. A first stage dA for the creation of an entertainment and lifestyle precinct was approved in may 2014. the retail precinct includes the townsville kmart centre.

Location: Townsville, QLD

Location: Townsville, QLD
Acquisition date:	Jun 1987/Mar 2012
Ownership/title:	100%/Freehold
Cost includingadditions:	$328.7 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$432.1 million($7,365/m²)
Capitalisation rate:	6.25%-7.25%
Discount rate:	8.75%
Carparkingspaces:	2,896

Gross lettable area:	58,681m2**
Annual sales:	$329.1 million*
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	12.5years
NABERS:	3.0(Energy)
Green Star rating:	4.0(Design) (Retail v1.0)

Major tenants	GLA(m2)	Lease expiry
Myer	12,000	Oct 2037
BigW	6,987	Apr 2021
Woolworths	4,200	Dec 2031
Kmart	7,416	Sep2021
Coles	3,377	Jul 2018

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

2 5 17 9 8 59
----- End of picture text -----

Transitional MAT

==> picture [230 x 21] intentionally omitted <==

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

13 7 6 23 60
----- End of picture text -----

Transitional MAT

2 4 3 3 12 76

Transitional MAT
** Includes the Townsville Kmart centre

vacant Fy

15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

Stockland Wetherill Park

Wetherill Park is a single level sub-regional shopping centre located in Western Sydney. upon completion in 2016, the additional 15,000sqm of new retail space will grow the centre to 70,000sqm. the centre will feature two supermarkets, two ddS, nine mini-majors, 200 specialties and multi level parking for approximately 2,700 cars. the centre will provide the community with a new entertainment, dining and leisure precinct featuring a refurbished 12 screen hoyts cinema, gym and a great range of dining options.

Location: Western Sydney, NSW

Location: Western Sydney, NSW
Acquisition date:	Aug1983
Ownership/title:	100%/Freehold
Cost includingadditions:	$125.9 million

Last independent valuation
Date:	Dec 2011
Valuation/($/m2):	$358.0 million($6,534/m²)
Capitalisation rate:	6.75%
Discount rate:	9.00%
Carparkingspaces:	1,288

Gross lettable area:	60,707m2
Annual sales:	$232.1 million**
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	8.3years
NABERS:	4.0(Energy)4.0(Water)
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
BigW	8,097	Jun 2025
Target	7,020	Jul 2018
Hoyts	4,613	Nov 2023
Woolworths	4,346	Jun 2021

==> picture [230 x 123] intentionally omitted <==

~~Stockland Rockhampton~~

rockhampton is the largest shopping centre between maroochydore and mackay and includes Woolworths, coles, kmart, big W, 11 minimajors and 168 specialty shops. the centre also includes an extensive mix of national and local retailers plus birch carroll and coyle cinemas, Sizzler, Jetts Fitness centre, a swim school and medical centre. master planning is currently underway for the next stage.

Location: Rockhampton, QLD

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $262.9 million Last independent valuation Date: Dec 2012 Valuation/($/m[2] ): $365.0 million ($6,672/m²) Capitalisation rate: 6.50% Discount rate: 9.00% Car parking spaces: 3,015 Gross lettable area: 56,075m[2] Annual sales: $354.0 million Specialty occupancy cost: 15.0% Weighted average lease expiry: 5.5 years NABERS: 3.0 (Energy) 3.0 (Water) Green Star rating: Not rated

Major tenants GLA (m[2] ) Lease expiry Big W 8,211 Nov 2028 Kmart 6,000 Aug 2024 Woolworths 4,223 Aug 2015 Coles 3,642 Aug 2024 Birch Carroll and Coyle Cinemas 3,392 Dec 2018

==> picture [230 x 123] intentionally omitted <==

Stockland Green Hills

this strongly performing centre includes Woolworths, coles, big W, a food court and 90 specialty stores. it is the largest shopping centre in its trade area and is ranked number three in Australia for mAt/sqm in the Shopping centre news little Guns 2013 Survey. A dA has been approved for the expansion of the centre, which allows for a new department store, discount department store, up to eight mini-majors, an additional 130 specialty stores, a food court and 1,500 additional car parking spaces.

Location: East Maitland, NSW

Acquisition date: Dec 2000 Ownership/title: 100%/Freehold Cost including additions: $130.2 million Last independent valuation Date: Jun 2014 Valuation/($/m[2] ): $307.5 million ($9,341/m²) Capitalisation rate: 6.50% Discount rate: 8.75% Car parking spaces: 1,604 Gross lettable area: 32,921m[2] Annual sales: $326.7 million Specialty occupancy cost: 13.8% Weighted average lease expiry: 5.1 years NABERS: 3.0 (Energy) 3.0 (Water) Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Big W 8,024 Sep 2022 Woolworths 4,871 Sep 2022 Coles 3,702 Sep 2017

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

3 11 8 8 2 68
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

1 19 16 8 7 49
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

2 18 9 1 20 50
----- End of picture text -----

Includes vacancies held for development

** Transitional MAT

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

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, Events cinemas, coles, Woolworths, harris Farm markets, Jb hi-Fi, trade Secret and Aldi and is complimented by over 2,300 car parking spaces on one single level. A dA for a new fresh food precinct, upgraded coles and alfresco dining precinct was lodged in may 2014.

Location: Newcastle, NSW

Location: Newcastle, NSW
Acquisition date:	Mar 1996
Ownership/title:	100%/Freehold
Cost includingadditions:	$95.2 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$270.0 million($4,903/m²)
Capitalisation rate:	6.50%
Discount rate:	8.75%
Carparkingspaces:	2,338

Gross lettable area:	55,063m2
Annual sales:	$306.2 million
Specialtyoccupancycost:	15.4%
Weighted average lease expiry:	3.1years
NABERS:	5.5(Energy)4.0(Water)
Green Star rating:	Not rated

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
Events Cinemas	5,324	Dec 2016

==> picture [230 x 29] intentionally omitted <==

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

Lease expiry profile %
5 22 41 5 27
----- End of picture text -----

==> picture [230 x 123] intentionally omitted <==

Stockland Cairns

located on the main southern arterial road accessing cairns, the centre occupies an 11 hectare site. Stockland cairns is comprised of a coles, target, big W, Woolworths and 110 speciality stores. the centre also includes an upgraded council library, a 750-seat food court and six screen cinema.

Location: Cairns, QLD

Location: Cairns, QLD
Acquisition date:	Jun 1992
Ownership/title:	100%/Freehold
Cost includingadditions:	$175.4 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$217.0 million($4,380/m²)
Capitalisation rate:	6.75%
Discount rate:	9.00%
Carparkingspaces:	2,381

Gross lettable area:	49,803m2
Annual sales:	$253.6 million
Specialtyoccupancycost:	13.5%
Weighted average lease expiry:	4.8years
NABERS:	4.5(Energy)
Green Star rating:	Not rated

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

==> picture [230 x 21] intentionally omitted <==

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

16 28 17 4 44
----- End of picture text -----

==> picture [231 x 123] intentionally omitted <==

Stockland Point Cook

Point cook is a recently developed two level, sub-regional centre located in the Wyndham region, 23 kilometres west of the melbourne cbd. the centre is anchored by target, harris Scarfe, coles, Aldi, dan murphy, rebel Sport, ten mini-majors, 119 speciality stores and 19 commercial suites. the centre is located in one of melbourne’s fastest growing population corridors. A dA has been approved to introduce a new supermarket and speciality stores to the centre and work is expected to commence in mid 2015.

Location: Point Cook, VIC

Location: Point Cook, VIC
Acquisition date:	Jun 2011
Ownership/title:	100%/Freehold
Cost includingadditions:	$191.8 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$183.5 million($4,266/m²)
Capitalisation rate:	7.25%
Discount rate:	9.00%
Carparkingspaces:	1,534

Gross lettable area:	43,011m2
Annual sales:	$196.9 million
Specialtyoccupancycost:	16.4%
Weighted average lease expiry:	6.0years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Target	6,500	Aug2028
Coles	4,008	Aug2028
Harris Scarfe	2,587	Nov 2019
ALDI	1,300	Aug2018

3 9 12 9 8 59 * Includes vacancies held for development

vacant Fy

15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Burleigh Heads~~

burleigh heads is a fully enclosed, single level 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 Aldi. the centre also includes best & less, the reject Shop, 105 specialty stores and a 400-seat food court.

Location: Burleigh Heads, QLD
Acquisition date:	Aug2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$121.3 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$151.5 million($5,650/m²)
Capitalisation rate:	7.50%
Discount rate:	9.25%
Carparkingspaces:	1,455

Gross lettable area:	26,895m2
Annual sales:	$177.8 million
Specialtyoccupancycost:	14.7%
Weighted average lease expiry:	7.0years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
BigW	6,673	Mar 2025
Woolworths	4,356	Apr 2026
ALDI	1,745	Apr 2024

==> picture [230 x 123] intentionally omitted <==

~~Stockland Forster~~

Forster is located on the mid-north coast of nSW and includes a coles, Woolworths, Aldi, kmart and target country. the centre has 69 specialty stores, an outdoor take-away food/café precinct, children’s play area and fully equipped parents’ room. the adjoining retail park includes large format retail tenancies including a flagship bunning’s Warehouse.

Location: Forster, NSW

Location: Forster, NSW
Acquisition date:	Jul 2003/May2010
Ownership/title:	100%/Freehold
Cost includingadditions:	$115.4 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$148.6 million($3,861/m²)
Capitalisation rate:	7.00%
Discount rate:	9.00%
Carparkingspaces:	1,435

Gross lettable area:	38,489m2
Annual sales:	$205.9 million
Specialtyoccupancycost:	14.1%
Weighted average lease expiry:	4.5years
NABERS:	6.0(Energy)5.0(Water)
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Bunnings	8,008	Mar 2019
Kmart	5,838	Jan 2020
Coles	4,083	Jan 2020
Woolworths	3,800	Nov 2020
Target	1,500	Nov 2016

==> picture [230 x 123] intentionally omitted <==

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, target, and over 100 specialty stores including the reject Shop and dick Smith. the centre is well regarded within the community for its high level of convenience, complemented by representation from the major banks, Australia Post, a medical clinic and a 200-seat food court.

Location: Doncaster East, VIC

Location: Doncaster East, VIC
Acquisition date:	Nov 2004
Ownership/title:	100%/Freehold
Cost includingadditions:	$132.6 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$138.5 million($5,634/m²)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Carparkingspaces:	1,452

Gross lettable area:	25,317m2
Annual sales:	$170.1 million
Specialtyoccupancycost:	19.0%
Weighted average lease expiry:	6.7years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Target	6,829	Jul 2022
Woolworths	3,830	Jul 2024
Coles	3,197	Oct 2024
ALDI	1,374	Oct 2019

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

2 5 11 8 4 70
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

4 2 18 8 68
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

2 3 6 8 8 73
----- End of picture text -----

Includes vacancies held for remix

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retail cOmmercial POrtfOliO

==> picture [242 x 134] intentionally omitted <==

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

Stockland Wendouree
----- End of picture text -----

==> picture [230 x 123] intentionally omitted <==

Stockland Gladstone

Gladstone is located on the dawson highway and is the only major shopping centre in the region. the centre was ranked 4th in the little Guns 2013 Survey for Specialty mAt per sqm. the property comprises coles, Woolworths, kmart, big W, target country and 52 specialty stores. over 3.2 hectares of rezoned land borders the property, with a dA approved by Gladstone regional council in december 2013 for an additional 17,367sqm.

located in the historic city of ballarat, 110 kilometres west of melbourne, this sub-regional shopping centre includes kmart, coles, Safeway and 82 specialty stores. the centre also includes a fully equipped parents’ room and the regional library. Additional land surrounding Wendouree allows for future development. A dA has been approved for future expansion.

Location: Gladstone, QLD

Location: Wendouree, VIC

Acquisition date: Oct 2000 Ownership/title: 100%/Freehold Cost includingadditions: $76.4 million Last independent valuation Date: Dec 2013 Valuation/($/m2): $134.5 million($4,805/m²) Capitalisation rate: 7.50% Discount rate: 9.25% Carparkingspaces: 1,363 Gross lettable area: 27,970m2 Annual sales: $204.5 million Specialtyoccupancycost: 12.6% Weighted average lease expiry: 2.7years NABERS: Green Star rating: Not rated Major tenants GLA(m2) Lease expiry Kmart 6,687 Sep2017 BigW 6,828 Aug2016 Woolworths 3,264 Aug2016 Coles 2,995 Sep2017 Target 1,481 Sep2017 Lease expiry profle % 1 7 2 38 46 6	Acquisition date: Jun 2003
	Ownership/title: 100%/Freehold
	Cost includingadditions: $70.0 million

	Last independent valuation
	Date: Dec 2013
	Valuation/($/m2): $126.5 million($4,990/m²)
	Capitalisation rate: 7.25%
	Discount rate: 9.50%
	Carparkingspaces: 1,212

	Gross lettable area: 25,339m2
	Annual sales: $164.2 million
	Specialtyoccupancycost: 13.4%
	Weighted average lease expiry: 3.6years
	NABERS:
	Green Star rating: Not rated

	Major tenants GLA(m2) Lease expiry
	Kmart 7,831 May2018
	Coles 3,252 Aug2022
	Safeway 3,463 Nov 2020




	2 42 9 5 3 39

==> picture [231 x 123] intentionally omitted <==

Stockland Jesmond

located in the suburb of Jesmond, newcastle, the centre is constructed on five hectares and anchored by Woolworths and big W as well as 73 specialty stores. the centre is supported by extensive car parking, a new parents’ room and public transport facilities. the centre is located in close proximity to newcastle university and is supported by extensive car parking and public transport facilities. A dA has been approved to introduce a new dining precinct, commencing this year.

Location: Newcastle, NSW

Location: Newcastle, NSW
Acquisition date:	Feb 1984
Ownership/title:	100%/Freehold
Cost includingadditions:	$49.3 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$127.0 million($6,182/m²)
Capitalisation rate:	7.50%
Discount rate:	9.25%
Carparkingspaces:	948

Gross lettable area:	20,543m2
Annual sales:	$144.3 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	7.9years
NABERS:	4.0(Energy)2.5(Water)
Green Star rating:	Not rated

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

==> picture [231 x 21] intentionally omitted <==

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

10 4 6 5 4 71
----- End of picture text -----

vacant Fy

15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Baulkham Hills~~

baulkham hills is conveniently located near the intersection of two arterial roads within the hills Shire; 30 kilometres north-west of the Sydney cbd. the centre includes Woolworths, coles, Aldi, harris Farm markets, over 80 specialty stores and services, 850 car parking spaces, an outdoor children’s play area and a fully equipped parents’ room.

Location: Baulkham Hills, NSW

Acquisition date: Sep 1982 Ownership/title: 100%/Freehold Cost including additions: $89.7 million Last independent valuation Date: Jun 2014 Valuation/($/m[2] ): $117.0 million ($6,480/m²) Capitalisation rate: 7.25% Discount rate: 9.25% Car parking spaces: 850 Gross lettable area: 18,055m[2] Annual sales: $137.8 million Specialty occupancy cost: 12.9% Weighted average lease expiry: 6.9 years NABERS: 3.5 (Energy) 1.0 (Water) Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Woolworths 3,855 Jul 2027 Coles 3,034 Jun 2027 ALDI 1,429 Dec 2016

==> picture [230 x 123] intentionally omitted <==

~~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. included in the centre is a Platinum Fitness First and 60 specialty stores, which comprises a quality fresh food market, a fashion precinct and 720 retail car parking spaces. the second level is an open air plaza offering a restaurant and service precinct.

Location: Balgowlah, NSW
Acquisition date:	Jun 2009/Nov 2009
Ownership/title:	100%/Freehold
Cost includingadditions:	$131.4 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$115.0 million($8,934/m²)
Capitalisation rate:	7.25%
Discount rate:	9.50%
Carparkingspaces:	720

Gross lettable area:	12,917m2
Annual sales:	$131.1 million
Specialtyoccupancycost:	15.6%
Weighted average lease expiry:	8.1years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Coles	4,464	Jun 2029

==> picture [230 x 123] intentionally omitted <==

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, kmart and 48 specialty stores and there is over one hectare of land adjacent for future expansion. dAs have been lodged for an additional discount department store and associated retail on adjoining land and for additional retail on the existing site. opposite Stockland caloundra is Stockland South, a neighbourhood shopping centre anchored by Woolworths and five specialty stores.

Location: Caloundra, QLD

Location: Caloundra, QLD
Acquisition date:	Jun 2003/Dec 2009
Ownership/title:	100%/Freehold
Cost includingadditions:	$78.8 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$110.1 million($4,968/m²)
Capitalisation rate:	7.25%-7.50%
Discount rate:	9.00%
Carparkingspaces:	1,141

Gross lettable area:	22,211m2
Annual sales:	$171.4 million
Specialtyoccupancycost:	11.6%
Weighted average lease expiry:	4.8years
NABERS:	5.0(Energy)5.0(Water)
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Kmart	7,075	Mar 2018
Woolworths	4,288	Dec 2029
Coles	3,957	Jul 2020

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

1 10 7 13 15 54
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

8 11 5 6 70
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

1 36 12 3 4 44
----- End of picture text -----

Excludes Caloundra South

STOCKLAND PROPERTY PORTFOLIO JunE 2014 15

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

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 Woolworths, target and 46 specialty stores. the centre is positioned as a convenience and value destination in this dense trade area.

Location: Bull Creek, WA

Location: Bull Creek, WA
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$60.9 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$90.5 million($5,419/m²)
Capitalisation rate:	7.25%
Discount rate:	9.25%
Carparkingspaces:	893

Gross lettable area:	16,702m2
Annual sales:	$115.5 million
Specialtyoccupancycost:	13.7%
Weighted average lease expiry:	3.8years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Target	8,131	Jul 2018
Woolworths	3,426	Nov 2018

==> picture [230 x 123] intentionally omitted <==

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, Woolworths and 48 specialty stores. the centre has six hectares of zoned land adjacent to the site with development approval for an additional 30,000sqm of GlA.

Location: Nowra, NSW

Location: Nowra, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$66.6 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$88.0 million($5,515/m²)
Capitalisation rate:	7.75%
Discount rate:	9.50%
Carparkingspaces:	821

Gross lettable area:	16,218m2
Annual sales:	$137.8 million
Specialtyoccupancycost:	12.7%
Weighted average lease expiry:	4.1years
NABERS:	4.5(Energy)4.5(Water)
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Kmart	7,190	Nov 2018
Woolworths	4,230	Nov 2020

==> picture [231 x 123] intentionally omitted <==

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, Woolworths and over 60 specialty stores.

Location: Cleveland, QLD

Location: Cleveland, QLD
Acquisition date:	Oct 2002
Ownership/title:	100%/Freehold
Cost includingadditions:	$76.4 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$86.0 million($5,473/m²)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Carparkingspaces:	780

Gross lettable area:	15,640m2
Annual sales:	$141.2 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	3.9years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Woolworths	4,031	Aug2019
Coles	3,536	Oct 2017

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

5 7 3 9 76
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

10 7 6 4 73
----- End of picture text -----

==> picture [231 x 21] intentionally omitted <==

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

2 8 8 8 28 46
----- End of picture text -----

vacant Fy 15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Traralgon~~

traralgon is located in the latrobe valley region of victoria, 160 kilometres east of melbourne. the centre is anchored by coles and kmart and has 48 specialty stores. the majority of the car parking is undercover.

Location: Traralgon, VIC

Location: Traralgon, VIC
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$51.4 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$85.8 million($4,406/m²)
Capitalisation rate:	7.75%
Discount rate:	9.25%
Carparkingspaces:	755

Gross lettable area:	19,471m2
Annual sales:	$121.1 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	3.7years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Kmart	8,107	Nov 2018
Coles	4,737	Nov 2018

==> picture [230 x 123] intentionally omitted <==

~~Stockland Bathurst~~

located in the bathurst cbd and is a single level sub regional shopping centre. it includes target, big W, Woolworths and 38 specialty stores.

Location: Bathurst, NSW

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $59.3 million Last independent valuation Date: Dec 2013 Valuation/($/m[2] ): $79.8 million ($4,133/m²) Capitalisation rate: 7.75% Discount rate: 9.25% Car parking spaces: 525 Gross lettable area: 19,378m[2] Annual sales: $105.9 million Specialty occupancy cost: 13.3% Weighted average lease expiry: 4.9 years NABERS: 3.0 (Energy) 2.5 (Water) Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Big W 6,150 Mar 2020 Target 5,973 Nov 2019 Woolworths 2,940 Nov 2019

==> picture [230 x 123] intentionally omitted <==

Stockland Hervey Bay

hervey bay is a single level sub-regional shopping centre located on the Fraser coast, 300 kilometres north of brisbane. the centre is anchored by target, kmart, coles, Supa iGA and 104 specialty stores. the first stage of a 20,000sqm expansion was successfully opened in July 2014. A second stage dA has been approved to add another supermarket, an ElP and associated specialties. the redeveloped centre is expected to be the largest between rockhampton and maroochydore.

Location: Hervey Bay, QLD

Location: Hervey Bay, QLD
Acquisition date:	Apr 2011
Ownership/title:	100%/Freehold
Cost includingadditions:	$73.2 million

Last independent valuation
Date:	Jun 2012
Valuation/($/m2):	$63.7 million($4,091/m²)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Carparkingspaces:	922

Gross lettable area:	38,255m2
Annual sales:	$68.5 million*
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	8.1years
NABERS:
Green Star rating:	4.0(Design) (Retail v1.0)

Major tenants	GLA(m2)	Lease expiry
Target	5,592	Jul 2015
Kmart	5,598	Jul 2035
Coles	4,000	Jul 2035
Supa IGA	2,349	Mar 2020

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

5 7 10 7 71
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

7 3 2 4 84
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

17 4 15 3 1 60
----- End of picture text -----

Transitional MAT

STOCKLAND PROPERTY PORTFOLIO JunE 2014 17

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Corrimal~~

located seven kilometres north of Wollongong, corrimal is a neighbourhood centre anchored by a large full range Woolworths, a full range dan murphy and 38 specialty stores.

Location: Corrimal, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$43.5 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$61.1 million($6,269/m²)
Capitalisation rate:	8.00%
Discount rate:	9.50%
Carparkingspaces:	524

Gross lettable area:	9,751m2
Annual sales:	$112.6 million
Specialtyoccupancycost:	13.8%
Weighted average lease expiry:	9.1years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Woolworths	5,974	Jun 2027

==> picture [230 x 123] intentionally omitted <==

Stockland Riverton

the centre occupies a 6.3 hectare site on a major arterial road in riverton, 11 kilometres south-east of Perth’s cbd. the centre includes Woolworths, big W, two mini-majors, over 60 specialty stores and five pad sites, including an alfresco dining area and fully equipped parents’ room.

Location: Riverton, WA

Location: Riverton, WA
Acquisition date:	Aug2006
Ownership/title:	50%/Freehold
Cost includingadditions:	$27.1 million*

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$60.5 million($6,107/m²)
Capitalisation rate:	7.25%
Discount rate:	9.25%
Carparkingspaces:	1,187

Gross lettable area:	19,794m2
Annual sales:	$146.4 million
Specialtyoccupancycost:	14.6%
Weighted average lease expiry:	2.4years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
BigW	7,294	Sep2016
Woolworths	3,963	Sep2016

==> picture [231 x 123] intentionally omitted <==

Stockland Wallsend

Wallsend is located ten kilometres north-west of the newcastle cbd. the centre has a GlA of over 11,500sqm and provides the Wallsend community with coles, Aldi, 43 specialty stores and an extensive range of services including rtA, Australia Post and a range of major banks.

Location: Wallsend, NSW

Location: Wallsend, NSW
Acquisition date:	Sep2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$65.6 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$57.5 million($4,687/m²)
Capitalisation rate:	8.00%
Discount rate:	9.50%
Carparkingspaces:	585

Gross lettable area:	12,269m2
Annual sales:	$84.9 million
Specialtyoccupancycost:	13.1%
Weighted average lease expiry:	4.7years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Coles	4,185	Oct 2018
ALDI	1,292	Jun 2020

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

16 7 5 9 72
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

13 7 66 4 10
----- End of picture text -----

==> picture [231 x 21] intentionally omitted <==

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

1 8 6 9 2 74
----- End of picture text -----

Book value and costs including additions at 50%, otherwise 100% interest

vacant Fy

15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Tooronga~~

tooronga is 12 kilometres south-east of the melbourne cbd. the centre provides a coles supermarket, 1st choice liquor and 30 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 provides a café/restaurant precinct.

Location: Tooronga, VIC

Location: Tooronga, VIC
Acquisition date:	Aug2010
Ownership/title:	100%/Freehold
Cost includingadditions:	$47.5 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$50.1 million($5,550/m2)
Capitalisation rate:	7.25%
Discount rate:	9.25%
Carparkingspaces:	488

Gross lettable area:	9,039m2
Annual sales:	$104.1 million
Specialtyoccupancycost:	14.0%
Weighted average lease expiry:	8.5years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Coles	4,139	Aug2025

==> picture [230 x 123] intentionally omitted <==

Shellharbour Retail Park

Shellharbour retail Park is a strategically significant property located on a 7.5 hectare site, which is in close proximity to Stockland Shellharbour. this successful retail park development is anchored by Woolworths, dan murphy’s and a bunnings Warehouse.

Location: Shellharbour, NSW

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $39.2 million Last independent valuation Date: Dec 2013 Valuation/($/m[2] ): $48.0 million ($2,167/m²) Capitalisation rate: 8.25% Discount rate: 9.25% Car parking spaces: 834 Gross lettable area: 22,145m[2] Annual sales: $122.3 million Specialty occupancy cost: 15.1% Weighted average lease expiry: 3.1 years NABERS: Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Bunnings 7,762 Feb 2018 Woolworths 4,370 Nov 2018 Dan Murphy’s 1,500 Sep 2015

==> picture [230 x 123] intentionally omitted <==

Stockland Baldivis

baldivis is a vibrant urban area located within one of the strongest growth corridors in Western Australia. Stockland baldivis sits within Settlers hills residential community, directly opposite Affinity village and is an excellent example of a Stockland master planned community. the centre currently includes a full-line coles, mcdonalds, red rooster and 21 specialty stores. construction is now underway on the expansion of the centre, which will add a full-line Woolworths, kmart, two mini majors and 70 specialty stores. in addition, there will be a 275-seat indoor/outdoor dining terrace and a main street restaurant precinct.

Location: Baldivis, WA

Location: Baldivis, WA
Acquisition date:	Aug2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$32.5 million

Last independent valuation
Date:	Jun 2011
Valuation/($/m2):	$45.4 million($6,581/m²)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Carparkingspaces:	264

Gross lettable area:	11,321m2
Annual sales:	$105.6 million*
Specialtyoccupancycost:	7.8%
Weighted average lease expiry:	7.7years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Coles	3,205	May2027

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

3 5 8 9 75
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

8 19 2 48 23
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

4 11 3 12 79
----- End of picture text -----

Transitional MAT

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~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 markets 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:	$56.5 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$32.0 million($6,756/m²)
Capitalisation rate:	7.50%
Discount rate:	9.50%
Carparkingspaces:	80

Gross lettable area:	4,787m2
Annual sales:	$24.6 million
Specialtyoccupancycost:	15.3%
Weighted average lease expiry:	8.6years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Harris Farm Markets	711	Oct 2023

==> picture [242 x 134] intentionally omitted <==

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

Stockland Piccadilly
----- End of picture text -----

Piccadilly is a two level shopping centre located in Sydney’s premier cbd retail precinct, 100 metres from Pitt Street mall and opposite the Sheraton on the Park and hilton international hotels. the centre benefits from main entrances off both Pitt and castlereagh Streets and adjoining thoroughfare to david Jones. the centre is also home to the award-winning Palace chinese restaurant.

Location: Sydney CBD, NSW

Location: Sydney CBD, NSW
Acquisition date:	Oct 2000
Ownership/title:	50%/Leasehold
Cost includingadditions:	$19.3 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$54.0 million($10,283/m²)
Capitalisation rate:	6.75%
Discount rate:	8.75%
Carparkingspaces:	N/A

Gross lettable area:	5,252m2
Annual sales:	$24.0 million
Specialtyoccupancycost:	24.0%
Weighted average lease expiry:	6.3years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
N/A

==> picture [231 x 123] intentionally omitted <==

Stockland Highlands

highlands is a convenient neighbourhood shopping centre located within the Stockland highlands community in craigieburn, 27 kilometres north of the melbourne cbd. it is anchored by Woolworths, the reject Shop plus 17 specialties including a medical centre.

Location: Craigieburn, VIC

Location: Craigieburn, VIC
Acquisition date:	Nov 2011
Ownership/title:	100%/Freehold
Cost includingadditions:	$24.1 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$25.7 million($3,197/m²)
Capitalisation rate:	7.75%
Discount rate:	9.00%
Carparkingspaces:	330

Gross lettable area:	8,039m2
Annual sales:	$43.1 million
Specialtyoccupancycost:	14.9%
Weighted average lease expiry:	10.9years
NABERS:
Green Star rating:	4.0(As Built) (Retail	v1.0)

Major tenants	GLA(m2)	Lease expiry
Woolworths	3,800	Nov 2031

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

18 5 2 75
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

3 11 5 4 5 72
----- End of picture text -----

==> picture [231 x 21] intentionally omitted <==

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

6 5 18 71
----- End of picture text -----

Book value and costs including additions at 50%, otherwise 100% interest.

vacant Fy

15 16 17 18 19+

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

Stockland North Shore

A convenient neighbourhood centre located within the Stockland north Shore residential community in townsville, Qld. the centre opened in march 2011 and includes a new Woolworths and 15 specialty stores. A dA has been approved to expand the centre to 20,000sqm. this expansion will incorporate a discount department store, a mini-major and 35 specialty stores.

Location: North Shore, QLD

Acquisition date: Mar 2011 Ownership/title: 100%/Freehold Cost including additions: $18.7 million Last independent valuation Date: Dec 2013 Valuation/($/m[2] ): $20.5 million ($3,560/m²) Capitalisation rate: 7.50% Discount rate: 9.00% Car parking spaces: 250 Gross lettable area: 5,837m[2] Annual sales: $49.5 million Specialty occupancy cost: 7.2% Weighted average lease expiry: 5.1 years NABERS: Green Star rating: 4.0 (As Built) (Retail v1.0) Major tenants GLA (m[2] ) Lease expiry Woolworths 3,609 Mar 2021

==> picture [230 x 123] intentionally omitted <==

~~Jimboomba Village Shopping Centre~~

located 40 kilometres south of brisbane in one of the fastest population growth corridors. Stockland owns a 50 per cent interest together with management and development rights over the existing centre 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. in addition, the existing centre will be refurbished as part of any new development.

Location: Jimboomba, QLD Acquisition date: Jan 2007 Ownership/title: 50%/Freehold Cost including additions: $26.0 million*

Last independent valuation

Date: Dec 2013 Valuation/($/m[2] ): $15.9 million ($1,402/m²) Capitalisation rate: 8.75% Discount rate: 10.00% Car parking spaces: 469 Gross lettable area: 11,189m[2] ** Annual sales: $47.4 million Specialty occupancy cost: 8.1% Weighted average lease expiry: 3.3 years NABERS: Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Woolworths 3,716 Dec 2017

==> picture [230 x 123] intentionally omitted <==

Woolworths Toowong

Woolworths toowong is a freestanding supermarket located opposite toowong village Shopping centre. this property and the adjoining data3 office tower plus high Street shops is held for its long term development potential. the site will best suit a medium-term mixed-use development.

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] ): $13.3 million ($5,802/m[2] ) Capitalisation rate: N/A Discount rate: N/A Car parking spaces: 137 Gross lettable area: 2,275m[2] Annual sales: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 0.1 years NABERS: Green Star rating: Not rated Major tenants GLA (m[2] ) Lease expiry Woolworths 2,275 Monthly tenancy

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

1 22 1 14 62
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

6 7 5 14 47 21
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

100
----- End of picture text -----

Book value and costs including additions at 50%, otherwise 100% interest.
** GLA includes vacancies held for development.

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retail cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Stockland Vincentia Shopping Centre~~

vincentia Shopping centre is a single level, open air neighbourhood shopping centre. 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 coles and 21 specialty stores.

Location: Vincentia, NSW
Acquisition date:	Jan 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$15.7 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$11.5 million($2,762/m²)
Capitalisation rate:	9.50%
Discount rate:	9.75%
Carparkingspaces:	198

Gross lettable area:	4,163m2
Annual sales:	$55.8 million
Specialtyoccupancycost:	11.4%
Weighted average lease expiry:	3.2years
NABERS:
Green Star rating:	Not rated

Major tenants	GLA(m2)	Lease expiry
Coles	1,973	Mar 2019

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

10 9 16 3 8 54
----- End of picture text -----

vacant Fy

15 16 17 18 19+

lOGistics & Business Parks cOmmercial POrtfOliO

logistics & business Parks

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

yennora, nSW

==> picture [64 x 8] intentionally omitted <==

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

Lease expiry profile %
----- End of picture text -----

At 30 June 2014 the portfolio comprises 21 properties encompassing over one million square metres of building area valued at $1.6 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

==> picture [229 x 124] intentionally omitted <==

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

4 10 14 14 10 48
vacant Fy
15 16 17 18 19+
Geographic split %
69 15 7 4 5
nSW vic Qld WA SA
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014

lOGistics & Business Parks cOmmercial POrtfOliO

YENNORA DISTRIBuTION CENTRE

YENNORA DISTRIBUTION CENTRE IS ONE OF THE LARGEST DISTRIBUTION CENTRES OF ITS KIND IN THE SOUTHERN HEMISPHERE WITH JUST UNDER 300,000SQM UNDER ROOF AND A FURTHER 70,000SQM 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.

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

lOGistics & Business Parks cOmmercial POrtfOliO

Logistics & Business Parks Portfolio as at 30 June 2014

						% of Logistics &
Page	Property	Location	GLA (m2)*	Book value# ($m)	FY14 AIFRS NOI ($m)	Business Parks Portfolio	Passing rent ($/m2)	Net/Gross
26	yennora distribution centre,yennora	nSW	296,883	360.4	25.6	22.9	92	net
26	optus centre,macquarie Park^^	nSW	84,194	192.3	12.2	12.2	277	net
26	triniti business campus,north ryde	nSW	28,158	167.7	10.4	10.7	365	net
27	Port Adelaide distribution centre,Port Adelaide	SA	167,614	84.6	7.7	5.4	55	net
27	hendra distribution centre,brisbane	Qld	83,367	83.6	7.4	5.3	100	net
27	brooklyn Estate,brooklyn	vic	129,952	82.6	4.9	5.3	65	net
28	Forrester distribution centre,St mary’s	nSW	60,239	78.0	3.5	5.0	98	net
28	ingleburn distribution centre,ingleburn	nSW	6,700	76.9	0.1	4.9	80	net
28	60-66 Waterloo road,macquarie Park	nSW	18,314	73.4	5.6	4.7	325	net
29	balcatta distribution centre,balcatta	WA	26,388	56.6	–	3.6	114	net
29	20-50 and 76-82 Fillo drive and 10 Stubb Street,Somerton	vic	71,326	46.9	3.1	3.0	64	net
29	toll business Park,Altona	vic	52,448	46.1	3.6	2.9	92	net
30	9-11a Ferndell Street,Granville	nSW	47,485	44.9	3.9	2.9	96	net
30	16 Giffnock Avenue,macquarie Park	nSW	11,723	36.9	2.3	2.3	250	net
30	macquarie technologycentre,macquarie Park	nSW	15,204	33.6	2.8	2.1	257	net
31	1090-1124 centre road,oakleigh	vic	44,352	32.3	2.4	2.0	79	net
31	Altona distribution centre,Altona	vic	34,259	27.6	2.5	1.8	73	net
31	2 davis road,Wetherill Park	nSW	16,263	16.8	–	1.1	98	net
32	Export Park,9-13 viola Place,brisbane Airport	Qld	8,468	11.9	1.3	0.8	202	net
32	m1 yatala Enterprise Park,yatala	Qld	n/A	10.0	–	0.6	n/A	n/A
32	40 Scanlon drive,Epping	vic	9,371	8.1	0.7	0.5	80	net
			1,212,708	1,571.2	100.0	100.0

Excludes hardstand and vehicle storage and reflects 100% interest
Represents the full carrying value of the investment property

^^ Book value represents Stockland’s 51% ownership interest

STOCKLAND PROPERTY PORTFOLIO JunE 2014

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Yennora Distribution Centre~~

yennora distribution centre is one of the largest distribution centres of its kind in the southern hemisphere with just under 300,000sqm under roof and a further 70,000sqm 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. Planning is underway for partial redevelopment.

Location: Yennora, NSW

Location: Yennora, NSW
Acquisition date:	Jul 2000/Nov 2010
Ownership/title:	100%/Freehold
Cost includingadditions:	$260.4 million

Last independent valuation
Date:	Dec 2013
Valuation/($/m2):	$350.5 million($1,181/m2)
Capitalisation rate:	7.75%
Discount rate:	9.00%

Lettable area:	296,883m2
Site area:	70ha
Hardstand:	70,478m2
Weighted average lease expiry:	4.9years

Major tenants	GLA(m2)
Australian Wool Handlers	58,731
Qube Logistics	44,677
Austpac	22,635
O-I(ACI)	22,000

==> picture [230 x 123] intentionally omitted <==

~~Optus Centre~~

Situated on a 7.5 hectare site, optus centre is in close proximity to key amenities and conveniently located 12 kilometres north-west of the Sydney cbd in macquarie Park. the integrated campus comprises six low-rise A Grade office buildings with a combined nlA of 84,194sqm and 2,100 car parking spaces. optus centre is one of Australia’s largest single tenant office campuses.

Location: Macquarie Park, NSW

Location: Macquarie Park, NSW
Acquisition date:	Jul 2000
Ownership/title:	51%*/Freehold
Cost includingadditions:	$174.5 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$192.3 million($4,478/m2*)
Capitalisation rate:	7.50%
Discount rate:	9.00%

Lettable area:	84,194m2
Site area:	8ha
Hardstand:	N/A
Weighted average lease expiry:	8.0years
NABERS energyrating:	4.0
NABERS water rating:	3.5
Green Star Rating:	N/A

Major tenants	GLA(m2)*
Optus	84,194

==> picture [231 x 123] intentionally omitted <==

Triniti Business Campus

located within riverside corporate Park, triniti business campus is in close proximity to the north ryde railway station and provides sweeping views of the Sydney cbd and districts. the campus houses blue chip companies including Goodman Fielder, cSr and downer Edi Engineering. the adjacent site, which forms part of triniti, has 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:	$151.1 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$167.7 million($5,956/m2)
Capitalisation rate:	7.75%
Discount rate:	9.00%

Lettable area:	28,158m2
Site area:	3ha
Hardstand:	N/A
Weighted average lease expiry:	3.3years
NABERS energyrating:	5.0
NABERS water rating:	3.5/4.0/3.5*
Green Star Rating:	5.0**

Major tenants	GLA(m2)
Goodman Fielder	8,521
Downer EDI Engineering	7,030
CSR	5,752
Baulderstone Hornibrook	4,665

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

4 11 7 12 27 39
----- End of picture text -----

100

100% interest

31 44 25

Triniti 1, Triniti 2 and Triniti 3 respectively
** Green Star Office As Built V.2 – www.gbca.org.au

vacant Fy

15 16 17 18 19+

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Port Adelaide Distribution Centre~~

Port Adelaide distribution centre is a large industrial estate comprising over 160,000sqm across 12 large warehouses, together with hardstand area and surplus development land. it is well located within close proximity to the port and main arterial routes. Port Adelaide has recently completed a refurbishment to buildings A, b and c across 37,000sqm leased to Aci.

Location: Port Adelaide, SA

Location: Port Adelaide, SA
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$53.0 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$81.9 million($489/m2)
Capitalisation rate:	10.00%
Discount rate:	11.00%

Lettable area:	167,614m2
Site area:	32ha
Hardstand:	822m2
Weighted average lease expiry:	2.9years

Major tenants GLA (m[2] ) O-I (ACI) 90,085 Wengfu Australia 20,937 Impact Fertiliser 20,728 Spendless Shoes 12,383

==> picture [230 x 123] intentionally omitted <==

~~Hendra Distribution Centre~~

hendra distribution centre comprises 17 warehouses, including a large, modern distribution centre together with further warehousing, offices, amenities and ancillary improvements. the property is well situated in brisbane’s trade coast precinct, enjoying excellent road, port and air accessibility. Surplus land adjacent is available for future development.

Location: Brisbane, QLD

Location: Brisbane, QLD
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$49.9 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$81.5 million($978/m2)
Capitalisation rate:	9.25%
Discount rate:	10.00%

Lettable area:	83,367m2
Site area:	17ha
Hardstand:	43,374m2
Weighted average lease expiry:	3.8years

Major tenants GLA (m[2] ) Kmart Distribution 28,500 Super Retail Group 10,966 Lion Nathan 7,724 Global Express (Fastway) 6,889

==> picture [242 x 134] intentionally omitted <==

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

Brooklyn Estate
----- End of picture text -----

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 ten separate warehouses and planning is underway for partial redevelopment.

Location: Brooklyn, VIC

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $66.5 million Last independent valuation Date: Dec 2012 Valuation/($/m[2] ): $79.7 million ($613/m[2] ) Capitalisation rate: 9.25% Discount rate: 9.75% Lettable area: 129,952m[2] Site area: 22ha Hardstand: 10,469m[2] Weighted average lease expiry: 2.8 years

Major tenants GLA (m[2] ) Unitised Building 32,809 Ceva (TNT) 23,625 Paper Australia 12,673 Isuzu 11,814

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

51 49
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

6 27 8 8 3 48
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

13 5 23 29 13 17
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014 27

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~Forrester Distribution Centre~~

Acquired in december 2013, 40-88 Forrester road is situated on a 12 hectare site and incorporates three warehouses totalling 60,239sqm. the Forrester distribution centre is a modern and flexible facility featuring drive-around access to all three warehouses. the distribution centre is conveniently located next to rail and within close proximity to the Great Western highway, the m4 and m7 motorways. the premises are fully occupied by Aci, a wholly-owned subsidiary of owens-illinois.

Location: St Mary’s, NSW

Location: St Mary’s, NSW
Acquisition date:	Dec 2013
Ownership/title:	100%/Freehold
Cost includingadditions:	$77.7 million

Last independent valuation
Date:	N/A
Valuation/($/m2):	N/A
Capitalisation rate:	N/A
Discount rate:	N/A

Lettable area:	60,239m2
Site area:	12ha
Hardstand:	N/A
Weighted average lease expiry:	4.8years

Major tenants GLA (m[2] ) O-I (ACI) 60,239

==> picture [230 x 123] intentionally omitted <==

~~Ingleburn Distribution Centre~~

Purchased in June 2014, in the established industrial precinct of ingleburn, approximately 44km south west of Sydney cbd. it is located within close proximity to the m5 as well as other key south western Sydney industrial markets. the site encompasses a total site area of 28 hectares, providing a substantial development offering. ingleburn distribution centre includes 5.1 hectares of industrial land available for immediate development, with a further 7.3 and 15.5 hectares leased to Patrick Autocare for three and ten years respectively.

Location: Ingleburn, NSW

Location: Ingleburn, NSW
Acquisition date:	Jun 2014
Ownership/title:	100%/Freehold
Cost includingadditions:	$76.9 million

Last independent valuation
Date:	N/A
Valuation/($/m2):	N/A
Capitalisation rate:	N/A
Discount rate:	N/A

Lettable area:	6,700m2
Site area:	28ha
Vehicle Storage:	221,680m2
Weighted average lease expiry:	7.9years

Major tenants GLA (m[2] ) Patrick Autocare 6,700

==> picture [243 x 134] intentionally omitted <==

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

60-66 Waterloo Road
----- End of picture text -----

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 leased to laverty health which has recently renewed its lease for a further ten years. 66 Waterloo road offers A-grade office accommodation with average floor plates of 1,700sqm. citrix has recently committed to over 5,000sqm on a new ten year lease.

Location: Macquarie Park, NSW

Location: Macquarie Park, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$53.7 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$73.4 million($4,008/m2)
Capitalisation rate:	7.50-7.75%
Discount rate:	9.25%

Lettable area:	18,314m2
Site area:	2ha
Hardstand:	N/A
Weighted average lease expiry:	7.7years
NABERS energyrating:	4.0*
NABERS water rating:	3.5*
Green Star Rating:	N/A

Major tenants GLA (m[2] ) Laverty Health 8,167 Citrix 5,270 Jansen Cilag 4,857

Lease expiry profile %

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

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

100 31 69
----- End of picture text -----

29 71 * 66 Waterloo Road only

vacant Fy 15 16 17 18 19+

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

Balcatta Distribution Centre

located 12 kilometres north of the Perth cbd, in one of Perth’s premier industrial precincts. Situated on a 12 hectare site, it is the largest, single industrial site in balcatta. the property comprises the brownes dairy head office, processing and distribution centre. the property was acquired in June 2014 and has further development opportunities available over 3.9 hectares of surplus development land on the site.

Location: Balcatta, WA

Acquisition date: Jun 2014 Ownership/title: 100%/Freehold Cost including additions: $56.6 million Last independent valuation Date: N/A Valuation/($/m[2] ): N/A Capitalisation rate: N/A Discount rate: N/A Lettable area: 26,388m[2] Site area: 12ha Hardstand: N/A Weighted average lease expiry: 20.0 years

Major tenants GLA (m[2] ) Brownes Food Operations 26,388

==> picture [242 x 134] intentionally omitted <==

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

20-50 and 76-82 Fillo Drive and 10 Stubb Street
----- End of picture text -----

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 and warehouse with drive around access and multiple loading points. 76-82 Fillo drive is a modern industrial building with loading docks, functional awning areas and future expansion potential.

Location: Somerton, VIC

Location: Somerton, VIC
Acquisition date:	Sep2006/Jul 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$64.1 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$46.9 million($658/m2)
Capitalisation rate:	8.75-9.00%
Discount rate:	9.25%

Lettable area:	71,326m2
Site area:	16ha
Hardstand:	N/A
Weighted average lease expiry:	2.0years

Major tenants GLA (m[2] ) Toll Holdings Limited 31,185 Yakka Pty Ltd 18,822 Mainfreight Distribution 10,617

==> picture [230 x 123] intentionally omitted <==

Toll Business Park

toll business Park comprises three modern warehouse/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 purpose built warehouse/distribution facility with a large office component incorporating a large mezzanine structure. 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 located on the site.

Location: Altona, VIC

Location: Altona, VIC
Acquisition date:	Sep2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$62.5 million

Last independent valuation
Date:	Jun 2013*
Valuation/($/m2):	$46.7 million($890/m2)
Capitalisation rate:	8.25%
Discount rate:	9.50%

Lettable area:	52,448m2
Site area:	13ha
Hardstand:	N/A
Weighted average lease expiry:	1.2years

Major tenants GLA (m[2] ) Toll Holdings Limited 34,871

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

100
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

16 39 15 30
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

28 39 33
----- End of picture text -----

56-60 Toll Drive only externally valued at Jun-13

STOCKLAND PROPERTY PORTFOLIO JunE 2014

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

9-11a Ferndell Street

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

Location: Granville, NSW

Location: Granville, NSW
Acquisition date:	Apr 2003/Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$54.1 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$44.9 million($946/m2)
Capitalisation rate:	9.00-10.00%
Discount rate:	10.25-10.50%

Lettable area:	47,485m2
Site area:	9ha
Hardstand:	N/A
Weighted average lease expiry:	3.8years

Major tenants	GLA(m2)
VisyIndustrial Packaging	17,546
Williams Enterprise Group	13,574
Frucor Beverage’s(Australia)	5,909
CEVA Logistics	4,612

==> picture [230 x 123] intentionally omitted <==

16 Giffnock Avenue

located in macquarie Park, 12 kilometres north-west of Sydney, 16 Giffnock Avenue is positioned adjacent to the optus centre. the building comprises a modern commercial office with an ancillary warehouse and parking for 270 vehicles.

Location: Macquarie Park, NSW Acquisition date: Jul 2000 Ownership/title: 100%/Freehold Cost including additions: $31.4 million Last independent valuation Date: Jun 2014 Valuation/($/m[2] ): $36.9 million ($3,148/m[2] ) Capitalisation rate: 8.75% Discount rate: 9.00% Lettable area: 11,723m[2] Site area: 1ha Hardstand: N/A Weighted average lease expiry: 4.1 years NABERS energy rating: 2.5 NABERS water rating: 2.5 Green Star Rating: N/A

Major tenants GLA (m[2] ) Alstom Power 2,970 Bausch & Lomb 2,318 Apotex 1,951 Endress + Hauser Australia 1,690

==> picture [231 x 123] intentionally omitted <==

Macquarie Technology Centre

macquarie technology centre is located 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, with on-site parking for over 400 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 of office and warehouse accommodation. this site is suitable for future redevelopment with expected floor space ratio benefits due to its low site coverage.

Location: Macquarie Park, NSW

Location: Macquarie Park, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$41.0 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$33.6 million($2,210/m2)
Capitalisation rate:	8.25-9.00%
Discount rate:	9.50%

Lettable area:	15,204m2
Site area:	3ha
Hardstand:	N/A
Weighted average lease expiry:	1.1years
NABERS energyrating:	5.0*
NABERS water rating:	N/A
Green Star Rating:	N/A

Major tenants	GLA(m2)
Sony (Australia)	10,643
Noel Arnold & Associates	1,582
Tardis Services	692

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

27 12 31 30
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

17 2 22 59
----- End of picture text -----

==> picture [231 x 21] intentionally omitted <==

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

2 72 2 17 5 2
----- End of picture text -----

11-17 Khartoum Road only

vacant Fy 15 16 17 18 19+

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~1090-1124 Centre Road~~

the property is well located in melbourne’s south-eastern suburbs, 17 kilometres from melbourne’s cbd. the eight hectare site is situated on a prominent main road location and currently comprises five warehouses and a single office building. Planning is underway for partial redevelopment.

Location: Oakleigh, VIC

Acquisition date: Feb 2007 Ownership/title: 100%/Freehold Cost including additions: $52.0 million Last independent valuation Date: Dec 2012 Valuation/($/m[2] ): $31.8 million ($717/m[2] ) Capitalisation rate: 9.25% Discount rate: 10.00% Lettable area: 44,352m[2] Site area: 8ha Hardstand: N/A Weighted average lease expiry: 3.0 years

Major tenants GLA (m[2] ) Amcor 18,348 Steinhoff Asia Pacific 7,603 Avery Dennison 7,470

==> picture [230 x 123] intentionally omitted <==

~~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. the estate is currently 100% leased with low site coverage and offers future redevelopment potential.

Location: Altona, VIC

Acquisition date: Jul 2000 Ownership/title: 100%/Freehold Cost including additions: $28.3 million Last independent valuation Date: Jun 2013 Valuation/($/m[2] ): $27.7 million ($809/m[2] ) Capitalisation rate: 9.25% Discount rate: 9.75% Lettable area: 34,259m[2] Site area: 15ha Hardstand: 65,417m[2] Weighted average lease expiry: 2.8 years

Major tenants GLA (m[2] ) Ceva (TNT) 13,968 Autonexus 6,165 Petrogas 4,877

==> picture [242 x 134] intentionally omitted <==

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

2 Davis Road
----- End of picture text -----

this property is a modern office/warehouse building, which has three high-clearance warehouse bays and has recently undergone a major refurbishment. it has further development potential to the rear with only 38 per cent existing site coverage.

Location: Wetherill Park, NSW

Acquisition date: Apr 2003 Ownership/title: 100%/Freehold Cost including additions: $17.6 million Last independent valuation Date: Dec 2013 Valuation/($/m[2] ): $16.8 million ($1,033/m[2] ) Capitalisation rate: 8.75% Discount rate: 10.00% Lettable area: 16,263m[2] Site area: 4ha Hardstand: N/A Weighted average lease expiry: 5.3 years

Major tenants GLA (m[2] ) Freight Specialists 10,274

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

15 34 51
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

11 13 30 33 13
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

37 63
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014

lOGistics & Business Parks cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~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 Ansaldo StS Australia 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:	Jun 2013
Valuation/($/m2):	$12.0 million($1,417/m2)
Capitalisation rate:	9.75%
Discount rate:	9.75%

Lettable area:	8,468m2
Site area:	N/A
Hardstand:	N/A
Weighted average lease expiry:	3.1years

Major tenants	GLA(m2)
DHL Global Forwarding	4,322
Ansaldo STS Australia	4,146

==> picture [230 x 123] intentionally omitted <==

~~M1 Yatala Enterprise Park~~

the property is located in the industrial suburb of yatala, 33 kilometres south of the brisbane cbd. the property boasts direct access to the Pacific (m1) motorway, with access via darlington drive. this development site has the potential to deliver in the order of 45,000sqm of prime warehousing and distribution solutions. A dA has been lodged.

Location: Yatala, QLD

Location: Yatala, QLD
Acquisition date:	Nov 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$28.5 million

Last independent valuation
Date:	Jun 2013
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

GLA (m[2] )

Major tenants

==> picture [231 x 123] intentionally omitted <==

40 Scanlon Drive

40 Scanlon drive is a warehouse facility of 9,371sqm. the building offers high quality warehouse and office accommodation and is located 20 kilometres north of the melbourne cbd. Access is available to the craigieburn bypass via cooper Street interchange and is currently fully leased.

Location: Epping, VIC

Location: Epping, VIC
Acquisition date:	Sep2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$8.8 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$8.2 million($875/m2)
Capitalisation rate:	8.50%
Discount rate:	9.50%

Lettable area:	9,371m2
Site area:	2ha
Hardstand:	N/A
Weighted average lease expiry:	4.5years

Major tenants	GLA(m2)
Mission Australia	5,306
Grace Australia	4,065

Lease expiry profile %

100

51 49

Lease expiry profile not included for a greenfield site

vacant Fy 15 16 17 18 19+

Office cOmmercial POrtfOliO

office

At 30 June 2014 the portfolio comprises ten properties valued at $1.0 billion. our focus is on maximising investment returns across the portfolio.

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

77 Pacific highway, nSW

Lease expiry profile %

==> picture [134 x 50] intentionally omitted <==

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

10 10 9 5 17 49
vacant Fy
15 16 17 18 19+
----- End of picture text -----

Geographic split %

==> picture [214 x 5] intentionally omitted <==

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

44 36 16 4
----- End of picture text -----

==> picture [43 x 5] intentionally omitted <==

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

nSW Qld WA Act
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014

Office cOmmercial POrtfOliO

WATERFRONT PLACE, QLD

WATERFRONT PLACE IS LOCATED ON EAGLE STREET, OVERLOOKING THE BRISBANE RIVER. FROM A PRIME COMMERCIAL LOCATION, IT PROVIDES PANORAMIC RIVER VIEWS AND BRISBANE VISTAS FROM ALL COMMERCIAL LEVELS. THE LANDMARK 40-STOREY OFFICE TOWER FEATURES 60,000SQM OF PREMIUM OFFICE SPACE WITH FLOOR PLATES AVERAGING 1,800SQM. WATERFRONT PLACE HAS ACHIEVED A 4.5STAR NABERS ENERGY RATING AND A 4-STAR NABERS WATER RATING.

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

Office cOmmercial POrtfOliO

Offce Portfolio as at 30 June 2014

Page	Property	Location	NLA (m2)^^	Book value# ($m)	FY14 AIFRS NOI ($m)	% of Offce Portfolio	Passing rent ($/m2)	Net/Gross
37	Waterfront Place,Eagle Street,brisbane**	Qld	59,512	287.5	17.4	29.2	809	Gross
37	Piccadillycomplex,133-145 castlereagh Street,Sydney^**	nSW	39,353	167.8	16.6	17.1	633*	net
37	durack centre,263 Adelaide terrace and 2 victoria Ave,Perth	WA	25,187	157.0	13.7	16.0	662	net
38	135 kingStreet,Sydney^**	nSW	27,204	103.4	3.8	10.5	769	Gross
38	601 Pacifc highway,St leonards	nSW	12,677	79.5	4.9	8.1	501	net
38	77 Pacifc highway,north Sydney	nSW	9,391	55.8	3.1	5.7	527	net
39	40 cameron Avenue,belconnen	Act	15,338	42.7	2.0	4.3	388	Gross
39	Garden Square,mt Gravatt	Qld	12,652	36.5	3.0	3.7	411	Gross
39	110 Walker Street,north Sydney	nSW	4,382	27.3	1.8	2.8	463	net
40	80-88 Jephson Street,23 and 27-29 high Street,toowong	Qld	7,865	25.9	2.0	2.6	412	Gross
			213,561	983.4	68.3	100.0

Represents the full carrying value of the investment property.
Represents passing rent for tower only. Net Court passing rent is $439/sqm
** Book value represents Stockland’s 50% ownership interest.
^ Book value and NLA, office component only. Retail component included in Retail Portfolio.
^^ Reflects 100% interest.

STOCKLAND PROPERTY PORTFOLIO JunE 2014

Office cOmmercial POrtfOliO

601 PACIFIC HIGHWAY, ST LEONARDS, NSW

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 BUILDING RECENTLY COMPLETED A FOYER AND BASEMENT AMENITIES UPGRADE TOGETHER WITH AN UPGRADE TO LIFTS. IBM’S AUSTRALIAN HEAD OFFICE OCCUPIES EIGHT FLOORS ACROSS 7,200SQM, WITH ALL UPPER LEVELS PROVIDING DISTRICT VIEWS.

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

Office cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~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 landmark 40-storey office tower features 60,000sqm of premium office space with floor plates averaging 1,800sqm. Waterfront Place has achieved a 4.5-star nAbErS energy rating and a 4-star nAbErS water rating.

Location: Eagle Street, Brisbane,	QLD
Acquisition date:	Feb 2004
Ownership/title:	50%/Freehold/Leasehold
Cost includingadditions:	$170.9 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$287.5 million($9,662/m2^^)
Capitalisation rate:	6.75%
Discount rate:	8.50%
Carparkingspaces:	494

Net lettable area:	59,512m2^^
Weighted average lease expiry:	4.3years
NABERS energyrating:	4.5
NABERS water rating:	4.0
Green Star rating:	N/A

Major tenants	NLA(m2)^^
Minter Ellison	7,939
Ernst & Young	6,187
Stanburgh	5,262
DLA Phillips Fox	4,147

==> picture [242 x 134] intentionally omitted <==

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

Piccadilly Complex
----- End of picture text -----

the Piccadilly complex comprises Piccadilly tower, an A-grade 32 storey office building, which includes Stockland’s head office and Piccadilly court, a b-grade 14 storey office building. in addition there is a two-storey retail shopping centre. Piccadilly court features a recently refurbished ground floor lobby and both assets have recently undergone complete lift refurbishments. the asset is a joint-venture between Stockland and investa office Fund.

Location: 133-145 Castlereagh Street, Sydney, NSW	Location: 133-145 Castlereagh Street, Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Leasehold(Expiry2091)
Cost includingadditions:	$118.1 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$167.8 million($8,525/m2^^)
Capitalisation rate:	7.00-8.25%
Discount rate:	8.25-8.50%
Carparkingspaces:	264

Net lettable area:	39,353m2^^
Weighted average lease expiry:	6.2years
NABERS energyrating:	5.0/5.0*
NABERS water rating:	4.5/4.0*
Green Star rating:	6 Star**(Stockland Offce only)

Major tenants	NLA(m2)^^
Stockland	10,151
UnitingChurch	4,939
GHD Services	4,357
Smartsalary	3,272
ICAC	2,749

==> picture [230 x 123] intentionally omitted <==

Durack Centre

the durack centre comprises a 13-storey building with large 1,300sqm floor plates, two basement levels and parking for 157 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

Acquisition date:	Oct 2006
Ownership/title:	100%/Leasehold
Cost includingadditions:	$108.0 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$157.0 million($6,233/m2)
Capitalisation rate:	8.25-8.75%
Discount rate:	9.75-10.00%
Carparkingspaces:	157

Net lettable area:	25,187m2
Weighted average lease expiry:	4.4years
NABERS energyrating:	4.5/5.0*
NABERS water rating:	4.0/3.0*
Green Star rating:	6 Star**

Major tenants	NLA(m2)
Sinclair Knight Merz	10,607
Shell	7,475
Australian Bureau of Statistics	3,044

Lease expiry profile %

==> picture [54 x 5] intentionally omitted <==

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

5 14 24
----- End of picture text -----

^^ 100% interest

==> picture [46 x 5] intentionally omitted <==

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

9 5 43
----- End of picture text -----

3 9 3 2 4 79
Piccadilly Tower and Piccadilly Court respectively
** Green Star Office Interiors V.1 – www.gbca.org.au
14 3 2 34 56
263 Adelaide Terrace and 2 Victoria Ave respectively
** Green Star Office Design V.2 (2 Victoria Avenue only) – www.gbca.org.au
^^ 100% interest

STOCKLAND PROPERTY PORTFOLIO JunE 2014

Office cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~135 King Street~~

135 king Street comprises a prominent 24 level, A-grade office tower and Glasshouse Shopping centre, a three-level retail centre in the heart of Pitt Street mall that includes 22 specialty retail tenancies. the building recently completed a mechanical plant upgrade and a rolling refurbishment over the office floors is ongoing.

Location: Sydney, NSW
Acquisition date:	Jun 2003
Ownership/title:	50%/Freehold
Cost includingadditions:	$88.1 million

Last independent valuation
Date:	Dec 2012
Valuation/($/m2):	$96.0 million*($7,058/m2^^)
Capitalisation rate:	7.30%
Discount rate:	9.00%
Carparkingspaces:	76

Net lettable area:	27,204m2^^
Weighted average lease expiry:	5.6years
NABERS energyrating:	3.5
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA(m2)^^
Brookfeld Australia	4,806
Russell Investments	3,696
Moore Stephens	2,443
M&D Services	2,316

==> picture [230 x 123] intentionally omitted <==

~~601 Pacifc Highway~~

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 building recently completed a foyer and basement amenities upgrade together with an upgrade to lifts. ibm’s Australian head office occupies eight floors across 7,200sqm, with all upper levels providing district views.

Location: St Leonards, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$72.6 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$79.5 million($6,721/m2)
Capitalisation rate:	8.25%
Discount rate:	9.00%
Carparkingspaces:	155

Net lettable area:	12,677m2
Weighted average lease expiry:	4.1years
NABERS energyrating:	5.0
NABERS water rating:	4.5
Green Star rating:	N/A

Major tenants	NLA(m2)
IBM	7,283

==> picture [243 x 134] intentionally omitted <==

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

77 Pacifc Highway
----- End of picture text -----

Situated in a high profile location and in close proximity to north Sydney railway station, 77 Pacific highway offers extensive harbour and city views. the property comprises 15 levels of commercial tenants, ground floor café and two levels of basement parking. the A-grade property includes floor to ceiling glass façade and a doubleheight entry foyer.

Location: North Sydney, NSW

Location: North Sydney, NSW
Acquisition date:	Jan 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$58.9 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$55.8 million($5,942/m2)
Capitalisation rate:	8.25%
Discount rate:	9.25%
Carparkingspaces:	41

Net lettable area:	9,391m2
Weighted average lease expiry:	3.8years
NABERS energyrating:	4.5
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA(m2)
Infosys Technologies	1,321
Health Administration Corporation	1,266
Saville & Holdsworth	900
Talent 2 Works	728

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

16 2 1 26 55
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

28 2 70
----- End of picture text -----

==> picture [231 x 21] intentionally omitted <==

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

16 11 3 20 6 44
----- End of picture text -----

Excludes Retail

^^ 100% interest

vacant Fy

15 16 17 18 19+

Office cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~40 Cameron Avenue~~

40 cameron Avenue occupies a prominent corner site in the southeastern precinct of the belconnen town centre. the property comprises four upper levels of office accommodation, basement car parking for 47 cars and on-grade parking for 176 cars. the building has floor plates in excess of 3,500sqm and has recently undergone significant refurbishment. it is expected to achieve a nAbErS rating of 4.5 stars.

==> picture [230 x 123] intentionally omitted <==

~~Garden Square~~

Garden Square occupies a high profile location in the regional business district of upper mt Gravatt, 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 with both basement and on-grade parking for over 400 vehicles.

==> picture [230 x 123] intentionally omitted <==

~~110 Walker Street~~

comprising over 4,000sqm of office accommodation, 110 Walker Street is a seven level property located within the north Sydney cbd. it includes several terrace areas, ground floor retail and 80 basement car parking bays.

Location: Belconnen, ACT

Location: Belconnen, ACT
Acquisition date:	Feb 2007/Nov 2009
Ownership/title:	100%/Leasehold(Expiry2096)
Cost includingadditions:	$77.0 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$42.7 million($2,784/m2)
Capitalisation rate:	10.50%
Discount rate:	10.50%
Carparkingspaces:	223

Net lettable area:	15,338m2
Weighted average lease expiry:	3.6years
NABERS energyrating:	N/A
NABERS water rating:	N/A
Green Star rating:	N/A

Major tenants	NLA(m2)
Hewlett Packard	7,695

Location: Mt Gravatt, QLD
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$65.6 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$36.5 million($2,885/m2)
Capitalisation rate:	9.25%
Discount rate:	9.25%
Carparkingspaces:	407

Net lettable area:	12,652m2
Weighted average lease expiry:	2.5years
NABERS energyrating:	4.0
NABERS water rating:	5.0
Green Star rating:	N/A

Major tenants	NLA(m2)
Department Public Works	8,684

Location: North Sydney, NSW

Location: North Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$26.5 million

Last independent valuation
Date:	Jun 2014
Valuation/($/m2):	$27.3 million($6,230/m2)
Capitalisation rate:	8.25%
Discount rate:	9.00%
Carparkingspaces:	80

Net lettable area:	4,382m2
Weighted average lease expiry:	3.4years
NABERS energyrating:	3.5
NABERS water rating:	3.5
Green Star rating:	N/A

Major tenants	NLA(m2)
Rice Daubney	1,454
Super IQ	1,025
Accor Advantage Plus	664

Lease expiry profile %

==> picture [726 x 21] intentionally omitted <==

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

46 2 51 1 10 33 14 44 8 34 20 46
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO JunE 2014 39

Office cOmmercial POrtfOliO

==> picture [230 x 123] intentionally omitted <==

~~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 both 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

Location: Toowong, QLD
Acquisition date:	Jun 2006/Jul 2006/Jan 2008
Ownership/title:	100%/Freehold
Cost includingadditions:	$40.0 million

Last independent valuation
Date:	Jun 2013
Valuation/($/m2):	$25.5 million($3,242/m2)
Capitalisation rate:	8.25-9.00%
Discount rate:	9.75%
Carparkingspaces:	137

Net lettable area:	7,865m2
Weighted average lease expiry:	1.7years
NABERS energyrating:	4.0*
NABERS water rating:	4.0*
Green Star rating:	N/A

Major tenants	NLA(m2)
Trans CityJV	1,896
Sonic Healthcare	1,468

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

4 50 21 6 2 17
----- End of picture text -----

80-88 Jephson Street only

vacant Fy

15 16 17 18 19+

residential cOmmunities residential POrtfOliO

residential communities

Stockland is the leading residential developer in Australia and is focused on delivering a range of masterplanned communities in growth areas across the country. Stockland has over 81,500 lots remaining in its portfolio with a total end value of approximately $20.4 billion*.

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

highlands, vic

Geographic split %*

==> picture [42 x 15] intentionally omitted <==

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

13 27
By current lots
----- End of picture text -----*

==> picture [104 x 5] intentionally omitted <==

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

46 14
----- End of picture text -----

==> picture [42 x 5] intentionally omitted <==

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

nSW vic Qld WA
----- End of picture text -----

Excluding value on projects identified for disposal.

STOCKLAND PROPERTY PORTFOLIO JunE 2014

residential cOmmunities residential POrtfOliO

WILLOWDALE, NSW

LOCATED IN THE THRIVING SOUTH WEST CORRIDOR, WILLOWDALE WILL DELIVER 3,000 NEW HOMES PLANNED AROUND VALUABLE AMENITIES; MULTIPLE PARKLANDS, SPORTS FIELDS, A SCHOOL, SHOPS, CAFÉ, COMMUNITY CENTRE AND MORE.

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

residential cOmmunities residential POrtfOliO

NSW – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Willowdale**	leppington	937	3,034	8	190,000 – 475,000	once complete, a community of over 3,000 new homes, the capacity for future retail
2011						opportunities, community centre, sports ovals and a proposed school. the site is
						located 1.5 kilometres from the future leppington railway station, 10 minutes to the
						m5 & m7 motorways,and approximately50 kilometres from the Sydneycbd.
Elara**	marsden Park	683	1,929	0	255,000 – 490,000	Elara is an exciting new community in Sydney’s north-west and will feature tree-lined
2012						streets, parks and green open spaces in a picturesque setting with views to the
						blue mountains. Elara will include over 1,900 homes across the 178 hectare site.
						the development is close to key transport links, employment centres and has easy
						access to blacktown, Parramatta and the Sydney cbd, which is less than an hour
						bytrain.
mckeachie’s run	maitland	202	1,065	68	155,000 – 330,000	located 40 minutes west of newcastle in maitland, mckeachie’s run has a strong
2003,2011						communityfeel and amenities such as the sportingfelds and a childcare centre.
Waterside	Penrith	169	610	92	240,000 – 350,000	Waterside is located close to Penrith and offers a community facility comprising a
2003						swimming pool,community pavilion andplayground.
Sandon Point (including	bulli/thirroul	152	299	94	400,000 – 600,000	located just over an hour from Sydney, situated in a unique beachside position on
mccauley’s beach)						mccauley’s beach. Sandon Point is close to existing local amenities such as the local
1998						train station and village of thirroul.
Glenmore ridge	Penrith	136	525	99	220,000 – 270,000	Glenmore ridge is located four kilometres south of Penrith. Popular with local families
2004						with the mainpark includinga large children’splayground andpicnic area.
brooks reach	South coast	121	594	55	160,000 – 500,000	located 1.5 hours south of Sydney in the foothills of the illawarra escarpment. it is
2003						appealingto local upgradingfamilies and frst home buyers.
macarthur Gardens***	campbelltown	46	197	96	n/A	A joint venture with urban Growth approximately 30 kilometres from the cbd, close
2003						to shoppingand transport with appeal to a broad demographic.
bayswood^^^	Jervis bay	n/A	614	42	n/A	bayswood is located in vincentia surrounded by a national Park, stunning beaches
2003						and amenities. 2.5 hours from Sydney and on the doorstep of the beautiful Jervis
						bayarea.
murrays beach^^^	lake macquarie	n/A	489	56	n/A	located 1.5 hours drive north of Sydney having frontage to lake macquarie. this
2004						project offers superb natural livingenvironments and lakeside living.
		2,446	9,356

Total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** Includes options taken over land
*** Represents Stockland’s estimated share of joint development income including an option for future development
^^^ Identified for disposal

STOCKLAND PROPERTY PORTFOLIO JunE 2014 43

residential cOmmunities residential POrtfOliO

ELARA, NSW

ELARA IS AN EXCITING NEW COMMUNITY IN SYDNEY’S NORTH-WEST AND WILL FEATURE TREE-LINED STREETS, PARKS AND GREEN OPEN SPACES IN A PICTURESQUE SETTING WITH VIEWS TO THE BLUE MOUNTAINS. ELARA WILL INCLUDE OVER 1,900 HOMES ACROSS THE 178 HECTARE SITE. CLOSE TO KEY TRANSPORT LINKS, EMPLOYMENT CENTRES AND WITH EASY ACCESS TO BLACKTOWN, PARRAMATTA AND THE SYDNEY CBD, WHICH IS LESS THAN AN HOUR BY TRAIN.

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

residential cOmmunities residential POrtfOliO

NSW – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
Anambah	hunter/north coast	763	2,305	210,000 – 480,000	Future release area located 45 minutes west of newcastle and is a continuation of the maitland growth
2003	regions				corridor.
illawarra**	South coast	177	642	166,000 – 265,000	located 1.5 hours south of Sydney in the foothills of the illawarra escarpment.
2003
lochinvar**	hunter/north coast	139	692	153,000 – 275,000	Future release area located 45 minutes west of newcastle in the maitland hinterland.
2003	regions
Wallarah Peninsula (coast &	lake macquarie	n/A	594	n/A	located 1.5 hours drive north of Sydney. this project will offer superb natural living environments,
north Sectors)^^^					located high on the hills and within close proximity to nearby beaches.
2004
West dapto 2**^^^	South coast	n/A	623	n/A	located 1.5 hours south of Sydney in the foothills of the illawarra escarpment.
2003
		1,079	4,856

Total revenue generated throughout the life of the project
** Includes options taken over land

^^^ Identified for disposal

STOCKLAND PROPERTY PORTFOLIO JunE 2014

residential cOmmunities residential POrtfOliO

BELLS REACH, QLD

BELLS REACH IS ON THE PERIPHERY OF THE FUTURE CALOUNDRA SOUTH MASTERPLANNED COMMUNITY LOCATED WITHIN FIVE KILOMETRES OF THE SUNSHINE COAST BEACHES. THIS NEW COMMUNITY PROVIDES AFFORDABLE HOUSING OPTIONS FOR A WIDE VARIETY OF HOME BUYERS AND EMPLOYS LEADING ENVIRONMENTALLY SUSTAINABLE PRACTICES. THE DEVELOPMENT INCLUDES A RETAIL SITE, MAJOR PARKS AND SIGNIFICANT OPEN SPACE AND WILL ULTIMATELY FORM ONE OF THE GATEWAYS TO CALOUNDRA SOUTH.

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

residential cOmmunities residential POrtfOliO

Queensland – released to market

~~Queensland – released~~	~~to market~~
Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
north lakes	north lakes,	1,134	4,652	92	170,000 – 405,000	An award winning major residential masterplanned community. Situated 30
2004	moreton bay					kilometres north of brisbane with multiple schools, a town centre, a major retail
						shoppingarea,commercialproperty precinct andgolf course.
north Shore	townsville	1,086	5,380	27	105,000 – 265,000	An innovative and award winning masterplanned community, 12 kilometres north
2001						of the townsville cbd, offers schools, parks, aquatic centre, town square and a
						sub-regional Stockland shopping centre. 30 per cent of north Shore is dedicated to
						natural open spaces.
Pacifc Pines	Gold coast	650	5,000	99	n/A	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	428	1,548	76	190,000 – 490,000	A vibrant residential community, which is situated on the southern end of the
2004						Sunshine coast close to mooloolaba. brightwater includes a school, childcare centre
						and shopping precinct. it also has its own central lake and ninepocketparks.
the observatory	kingsmore	262	906	92	265,000 – 600,000	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	255	1,128	76	176,000 – 292,000	25 kilometres north-west of Surfers Paradise in the northern Gold coast growth
2003						corridor, only 40 minutes south of brisbane, providing easy access to shops, schools
						and children’splayground.
Augustine heights	Springfeld	217	905	75	210,000 – 320,000	located in the Springfeld growth corridor of ipswich, this boutique community offers
2003						wide open-space living,aprivate school and is minutes from the shoppingarea.
riverstone crossing**	otmoor	203	762	58	216,000 – 300,000	located 20 kilometres north-west of Surfers Paradise set on a magnifcent 194
2002						hectares at the foot of tambourine mountain.
north lakes business Park	north lakes,	183	111	42	n/A	the north lakes business Park is a commercial site situated on the edge of the
2004	moreton bay					north lakes masterplanned communities.
Sovereign Pocket	deebing heights	145	806	21	134,000 – 213,000	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.
bells reach	caloundra	142	765	53	120,000 – 235,000	bells reach is on the periphery of the future caloundra South masterplanned
2004						community located within fve kilometres of the Sunshine coast beaches. this new
						community provides affordable 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 the gateways
						to caloundra South.
vale	logan	128	655	27	135,000 – 225,000	located within logan city catchment just two kilometres from beenleigh town
2010						centre and 30 kilometres to the brisbane cbd. the community appeals strongly to
						frst home buyers and upgrader target markets.
Stone ridge	narangba	125	586	28	171,000 – 238,000	Stone ridge is located in the moreton bay shire, situated between brisbane and the
2010						Sunshine coast. the community features an 8.5 hectare eco-corridor and views to
						the Glasshouse mountains.
ormeau ridge***	ormeau	104	451	37	156,000 – 289,000	conveniently located half way between brisbane and the Gold coast beaches.
2008						the community features include a one hectare park, adventure playground and
						commercial siteplanned for childcare and convenience.

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 50% share of SREEF1

STOCKLAND PROPERTY PORTFOLIO JunE 2014 47

residential cOmmunities residential POrtfOliO

NORTH LAKES, QLD

NORTH LAKES IS AN AWARD WINNING MAJOR RESIDENTIAL MASTERPLANNED COMMUNITY. SITUATED 30 KILOMETRES NORTH OF BRISBANE, NORTH LAKES HAS MULTIPLE SCHOOLS AND CHILDCARE CENTRES, A TOWN CENTRE, MAJOR RETAIL SHOPPING AREA, COMMERCIAL PROPERTY PRECINCT AND ITS OWN CHAMPIONSHIP GOLF COURSE. THE DEVELOPMENT HAS ALSO RECENTLY BECOME HOME TO QUEENSLAND’S FIRST COSTCO. WITH NUMEROUS PARKS, LAKES, AND KILOMETRES OF WALKING AND BIKE PATHS.

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

residential cOmmunities residential POrtfOliO

Queensland – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Freshwater^^	Griffn	38	174	70	189,000 – 255,000	Freshwater is a family friendly community located 28 kilometres north of brisbane
2003						near the Pine river. it offers an intimate neighbourhood experience with good access
						to local schools, the bruce highway and the amenities on offer at the nearby north
						lakes community.
hundred hills***	murwillumbah	31	167	47	148,000 – 196,000	25 kilometres south of the Qld/nSW border and 25 kilometres west of the coast,
2007						the project will yield the full mix of product types from small courtyards to large rural
						residential lots.
birtinya island	Sunshine coast	n/A	985	32	n/A	A precinct in the oceanside community, situated on the impressive lake kawana,
2004						with its own private rowing course, birtinya is a stylish residential community full of
						quality designer homes. located just one hour north of brisbane, birtinya is right on
						the doorstep of the future kawana town centre and just minutes to pristine golden
						surf beaches.
kawana business village	Sunshine coast	n/A	49	51	n/A	the kawana business village is a commercial and retail precinct of the kawana
2004						community. it is located on the southern end of the Sunshine coast approximately
						one hour drive north of brisbane, adjacent to the Sunshine coast university hospital,
						which is under construction.
lake kawana	Sunshine coast	n/A	138	99	n/A	A development precinct in the oceanside community, which is situated on the
2004						southern end of the Sunshine coast,one hour drive north of brisbane.
north lakes Enterprise	north lakes,	n/A	1	0	n/A	A 32 hectare site that is approved for General industry. located on boundary road
Precinct^^^	moreton bay					in the suburb of north lakes, the project is proximal to the bruce highway, which
2009						facilitates direct travel routes to keylocations.
		5,131	25,169

Total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
^^ Represents Stockland’s 20% share of SREEF1
*** Represents Stockland’s 50% share of SREEF1
^^^ Identified for disposal

STOCKLAND PROPERTY PORTFOLIO JunE 2014 49

residential cOmmunities residential POrtfOliO

HIGHLANDS RESERVE, QLD

A TRANQUIL COMMUNITY IN THE GOLD COAST’S THRIVING UPPER COOMERA REGION, HIGHLANDS RESERVE PROVIDES LAKESIDE LIVING CLOSE TO NATURE, SCHOOLS AND THE BEACH.

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

residential cOmmunities residential POrtfOliO

Queensland – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
caloundra South	caloundra	5,000	20,000^	n/A	2,310 hectares of approved developable land, including up to 20,000 dwellings, employment, retail,
2004					retirement livingand communitylands.
rockhampton	rockhampton	540	2,271	120,000 – 190,000	located seven kilometres north of Stockland rockhampton and ten kilometres north of the
2010					rockhampton cbd.
Paradise Waters	deebing heights	533	2,045	126,000 – 228,000	Paradise Waters is located in the ripley valley growth corridor and enjoys access from the newly
2010					constructed centenaryhighway.
caboolture West/ripeford**	caboolture	376	1,503	110,000 – 180,000	located approximately 45 kilometres north of brisbane and 25 kilometres north-west of north lakes.
2008
brookbent road	Pallara	234	812	200,000 – 300,000	located 22 kilometres south of the brisbane cbd. We expect this project to be popular with
2003					upgraders.
bahrs Scrub^^^	logan	n/A	888	n/A	located within a local development area 35 kilometres south of brisbane in the northern Gold coast
2008					corridor.
bokarina beach	Sunshine coast	n/A	291	n/A	A future ocean front development precinct of the oceanside community, which is situated on the
2004					southern end of the Sunshine coast. one hour drive north of brisbane.
twin Waters West (formerly	Sunshine coast	n/A	849	n/A	located 8 km from maroochydore, bordered by the maroochy river, the motorway, the david low
ocean drive)					Way and ocean drive.
2005
		6,683	28,659

Total revenue generated throughout the life of the project
** ^ DwellingsIncludes options taken over land
^^^ Identified for disposal

STOCKLAND PROPERTY PORTFOLIO JunE 2014

residential cOmmunities residential POrtfOliO

==> picture [51 x 9] intentionally omitted <==

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

ALLuRA, VIC
----- End of picture text -----

A MASTERPLANNED COMMUNITY INCORPORATING RESIDENTIAL, MEDIUM DENSITY, LOCAL PARKS AND SCHOOLS.

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

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 mt	craigieburn	1,531	7,383	55	133,000 – 267,000	An award winning masterplanned community located in melbourne’s northern
ridley road)						suburbs with picturesque views of surrounding hills and the melbourne cbd skyline.
2004, 2010						the project provides for residential, medium density, retirement living and schools,
						together with retail and commercial amenity.
mernda villages	mernda	578	3,029	66	131,000 – 225,000	A major masterplanned community, located 29 kilometres north of melbourne,
2002						appealingto a broad market including youngand mature families.
Eucalypt	Epping	377	1,684	40	132,000 – 265,000	residential community located in melbourne’s north-eastern suburbs with frontage to
2009,2011						Findon creek. theprojectprovides for residential,medium density,mixed-use.
Allura	truganina	305	1,320	43	136,000 – 281,000	A masterplanned community incorporating residential, medium density, local parks
2009						and schools.
Selandra rise	clyde north	257	1,215	75	133,000 – 225,000	A market leading community that aims to set new benchmarks in liveability and social
2007						sustainability. comprising retail, retirement, aged care, public and private schools,
						sportingfelds and an abundance of open space.
Arbourlea	cranbourne-berwick	73	332	51	132,000 – 236,000	A community with waterway frontage 42 kilometres south-east of melbourne.
2007	road
Sierra	cranbourne north	45	243	99	n/A	A boutique residential community in natural surrounds located 42 kilometres south-
2004						east of melbourne,appealingto lifestyle seekingupgraders.
		3,166	15,206

Total revenue generated throughout the life of the project
^ % Sold relates to contracts settled

STOCKLAND PROPERTY PORTFOLIO JunE 2014

residential cOmmunities residential POrtfOliO

==> picture [67 x 8] intentionally omitted <==

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

HIGHLANDS, VIC
----- End of picture text -----

AN AWARD WINNING MASTERPLANNED COMMUNITY LOCATED IN MELBOURNE’S NORTHERN SUBURBS WITH PICTURESQUE 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 AMENITIES.

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

residential cOmmunities residential POrtfOliO

Victoria – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
lockerbie**	kalkallo/beveridge	4,506	11,500	180,000 – 626,000	lockerbie is a large consolidated development site within melbourne’s urban growth boundary. it is
2010					located on the hume highway in kalkallo, about 35 kilometres north of the melbourne cbd in the city
					of hume, Whittlesea and mitchell. it will be developed as a masterplanned community and will support
					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	637	2,495	132,000 – 316,000	this site is within melbourne’s urban growth boundary and adjoins the existing urban area of tarneit. it
2010					is 28 kilometres west of the mellbourne cbd in the city of Wyndham. the masterplanned community
					will include almost 2,500 homes, a neighbourhood activity centre, schools and a network of parks
					linked to davis creek and Werribee river.
craigieburn	craigieburn	299	1,236	133,000 – 267,000	this site is 108 hectares of residential zoned land acquired from Places victoria in december 2013.
2013					the site will provide over 1,200 homes. the prime development site is located within close proximity to
					the award winning highlands community and the newly completed $330m craigieburn town centre
					development: craigieburn central.
		5,442	15,231

Total revenue generated throughout the life of the project
** Includes options taken over land

STOCKLAND PROPERTY PORTFOLIO JunE 2014 55

residential cOmmunities residential POrtfOliO

CALLEYA, WA

LOCATED 18 KILOMETRES FROM THE PERTH CBD, THIS 145 HECTARE PROJECT IS CLOSE TO THE KWINANA FREEWAY AND COCKBURN CENTRAL RAILWAY STATION AND DISTRICT SHOPPING CENTRE.

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

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	Aveley	762	2,984	30	132,000 – 317,000	An award-winning, masterplanned community located near the picturesque
2011						Swan valley wine region 21 kilometres north-east of Perth’s cbd. the estate will
						incorporate schools, medium density residential, a district Sporting complex, a retail
						centre, public open spaces and lakes.
newhaven	Piara Waters	657	2,614	73	180,000 – 341,000	outstanding quality and originality of design have culminated in this award-winning
2001, 2005, 2007, 2014						masterplanned community. the project has combined residential, educational and
						recreational facilities within a sought after location resulting in a popular established
						neighbourhood. during 2014 an additional parcel was purchased, increasing the lots
						at newhaven byapproximately500.
calleya (formerly banjup)	banjup	575	1,819	1	212,000 – 411,000	calleya is an exciting new 145 hectare community that will ultimately feature 1,800
2008						residential lots, a primary school and neighbourhood centre with 13 percent of the
						project dedicated to natural open space. located 18 kilometres from the Perth cbd,
						calleya is perfectly positioned close to key transport links; the kwinana Freeway and
						cockburn central railwaystation.
Whiteman Edge	brabham	513	2,099	34	165,000 – 286,000	Situated 20 kilometres north-east of Perth’s cbd, this masterplanned community will
2011, 2014						include over 2,000 homes. Whiteman Edge residents will enjoy a town centre, several
						parks and direct links to Whiteman Park.
Sienna Wood (formerly	brookdale	391	3,358	8	132,000 – 297,000	this joint venture with the department of housing in WA will create a new
Wungong reach)**						masterplanned community 30 kilometres south-east of the cbd. the project is set to
2004, 2007, 2010						produce over 3,300 lots over the next ffteen years and will see the land transformed
						into a vibrant, cohesive community which will include, multiple schools, a destination
						park and future town centre.
Amberton**	Eglinton	348	2,445	16	180,000 – 504,000	A private joint venture to create a well-designed community on Perth’s northern
2010						beaches. located approximately 45 kilometres from Perth’s cbd along a stretch
						of pristine coastline, the estate will feature tree-lined streets, public open spaces,
						children’splayground,shops and a beachside café.
corimbia	landsdale	312	1,001	83	307,000 – 382,000	located just 16 kilometres north of the cbd, corimbia is Stockland’s closest
2005, 2006, 2007, 2010,						residential community to the Perth cbd. tree-lined avenues are a signifcant aspect
2011,2013						of the estate,connectingwith the natural environment.
Settlers hills townside	baldivis	85	503	99	118,000 – 190,000	Settlers hills townside is situated 38 kilometres south of the Perth cbd and
2007						leverages Settlers hills premium position in baldivis. this project provides an
						affordable product mix, which complements this masterplanned community and is
						located directlyopposite Stockland baldivis town centre.
baldivis town centre	baldivis	47	161	98	n/A	baldivis town centre is comprised of retail, commercial, mixed-use lots and
2001						residential.
		3,690	16,984

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 JunE 2014

residential cOmmunities residential POrtfOliO

NEWHAVEN, WA

OUTSTANDING QUALITY AND ORIGINALITY OF DESIGN HAVE CULMINATED IN THIS AWARD-WINNING MASTERPLANNED COMMUNITY. THE PROJECT HAS COMBINED RESIDENTIAL, EDUCATIONAL AND RECREATIONAL FACILITIES WITHIN A SOUGHT AFTER LOCATION RESULTING IN A POPULAR ESTABLISHED NEIGHBOURHOOD. DURING 2014 AN ADDITIONAL PARCEL WAS PURCHASED, INCREASING THE LOTS AT NEWHAVEN BY APPROXIMATELY 500.

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

residential cOmmunities residential POrtfOliO

Western Australia – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
brookdale West^^^	brookdale	n/A	301	n/A	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 Sienna Wood.
		0	301

^^^ Identified for disposalTotal revenue generated throughout the life of the project

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

MERNDA, VIC

FAMILY AND FRIENDS EXPLORE THE NEW MERNDA VILLAGE AT THE LAUNCH OPEN DAY. SET AMONGST 70 HECTARES OF STUNNING PARKLANDS IN THE ESTABLISHED MERNDA VILLAGES STOCKLAND RESIDENTIAL COMMUNITY, RESIDENTS ARE A SHORT WALK TO WOOLWORTHS, SPECIALTY STORES AND A MEDICAL CENTRE.

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

retirement liVinG retirement POrtfOliO

retirement living

Stockland is a top 3 retirement living operator within Australia, with 8,298 established units across five states and the Act. the portfolio includes a short to medium term development pipeline of over 3,300 units.

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

north lakes, Qld

Geographic split %*

==> picture [229 x 40] intentionally omitted <==

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

27 50 15 5 1 2
Established and pipeline units
nSW vic Qld WA Act SA
----- End of picture text -----*

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

MACARTHuR GARDENS, NSW

MACARTHUR GARDENS IS A RESORT STYLE VILLAGE LOCATED JUST MINUTES FROM THE CAMPBELLTOWN GOLF CLUB, MACARTHUR TRAIN STATION, HOSPITALS AND SHOPPING CENTRE. RESIDENTS ENJOY THE RESORT STYLE FACILITIES OF THE VILLAGE INCLUDING CLUBHOUSE, BOWLING GREEN, INDOOR SWIMMING POOL AND CAFÉ.

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

retirement liVinG retirement POrtfOliO

Retirement Living – established villages

Property/					Net units to
Opening date	Location	Total units^	Established	% Occupancy*	come online	Price range ($)#	Project description
north lakes retirement	north lakes,	354	342	96	12	132,000 – 590,000	located in one of Australia’s fastest growing regions, the north lakes retirement resort
resort	Qld						is only 35 minutes from brisbane and 30 minutes from brisbane international Airport. the
2005							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.
cardinal Freeman	Ashfeld, nSW	355	182	97	173	137,000 – 638,000	cardinal Freeman retirement village is set in the sought after inner-west suburb of
retirement village							Ashfeld. close to shops and transport, the village features a magnifcent chapel along
1980							with the heritage listed Glentworth house. Stockland recently commenced a major
							redevelopment of cardinal Freeman which will include the deliveryof new apartments.
mernda retirement	mernda, vic	274	9	100	265	299,000 – 481,000	located within the Stockland residential community, mernda retirement village is
village							conveniently positioned next to the local neighbourhood shopping centre which features
2014							Woolworths, medical facilities and a range of specialty stores, cafés and services. the
							retirement village will feature a clubhouse which is due to open in 2015.
the Willows retirement	Winston hills,	266	266	94		125,000 – 719,000	the Willows retirement village is situated at Winston hills in north-west Sydney. the
village	nSW						village is close to shopping centres, sports clubs, hospitals, 24-hour medical facilities and
1988							less than one kilometre to the m2 freewayleadingto Sydney’s cbd.
macarthur Gardens	campbelltown,	264	156	100	108	299,000 – 545,000	the village is conveniently located between macarthur Square shopping centre and
retirement village	nSW						campbelltown Golf club. village facilities include bowling green, indoor pool, bar, café,
2011							outdoor chessboard,work shed, putting green andpractice drivingnet.
burnside village	burnside, vic	257	257	96		157,000 – 383,000	burnside village is located off the Western highway in melbourne’s burgeoning west,
2002							approximately 20 minutes from the melbourne cbd. virtually next door is burnside
							Shoppingcentre complete with two supermarkets and specialtyretail.
Affnity village	baldivis, WA	250	80	100	170	302,000 – 509,000	incorporated into the Stockland residential Settlers hills community and adjacent to retail,
2011							medical and other amenities, Affnity village is located 38kms south of Perth cbd and will be
							home to over 350 residents when complete. the clubhouse has achieved an Australian frst
							5 Star Green Star – Public buildingPilot ratingPilot rating (designed)and(As built).
latrobe village	reservoir, vic	249	249	92		121,000 – 402,000	At latrobe village residents enjoy a convenient lifestyle living within walking distance of
1989							Summerhill village Shopping centre and close to transport, major hospitals, bundoora
							Park and Preston markets.
bundoora village	bundoora, vic	242	242	98		179,000 – 565,000	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.
highlands retirement	craigieburn, vic	216	130	100	86	275,000 – 455,000	highlands retirement village is situated within Stockland’s highlands masterplanned
village							community and adjacent to the recently completed and now open town centre. the
2010							communitycentre features a bowling green and town hall.
Selandra rise	cranbourne, vic	211	64	100	147	319,000 – 525,000	this village is located opposite a shopping centre within the Selandra rise residential
retirement village							community. the clubhouse is being completed mid 2014 and will include a pool, bowling
2013							green, bocce pitch and self-service café. the Green building council of Australia awarded
							an Australian frst 4 Star Green Star – custom design certifed ratingin december 2013.
Patterson lakes village	Patterson lakes,	207	207	91		125,000 – 345,000	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
							passing the front gate link to carrum railway station. Patterson lakes village has both
							independent livingvillas and serviced apartments.
knox village	Wantirna South,	204	204	97		262,000 – 487,000	knox village enjoys an excellent location directly opposite knox Shopping centre,
1978	vic						comprising cafés, restaurants, a cinema complex and a wide range of grocery and retail
							outlets.

^ Excludes Aged Care (i.e. nursing homes and hostels)
Occupied units as proportion of Established units available for occupancy
Price range based on Established units

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

BELLCARRA, QLD LOCATED ONLY FIVE KILOMETRES FROM CALOUNDRA’S TOWN CENTRE AND POPULAR KING’S BEACH, RESIDENTS AT BELLCARRA CAN ENJOY AN ACTIVE AND HEALTHY LIFESTYLE BOTH IN AND OUT OF THE VILLAGE.

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

retirement liVinG retirement POrtfOliO

Retirement Living – established villages (continued)

Property/					Net units to
Opening date	Location	Total units^	Established	% Occupancy*	come online	Price range ($)#	Project description
Plenty valley village	Epping, vic	204	204	100		173,000 – 526,000	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.
Arilla village	South morang,	202	166	100	36	289,000 – 595,000	Arilla village is situated in melbourne’s north, a key growth corridor. there is still one
2010	vic						stage of development left for the villas and the apartment building had its frst settlements
							in 1h14. the village comprises of a health and Wellbeing centre with a pool; and a
							communitycentre with a bowling green.
taylors hill village	taylors hill, vic	199	199	99		221,000 – 422,000	taylors hill village 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.
keilor village	keilor, vic	191	191	94		120,000 – 474,000	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.
Gowanbrae village	Gowanbrae, vic	189	189	100		287,000 – 602,000	Gowanbrae village enjoys an excellent location ten kilometres north of melbourne’s cbd,
2008							providing quick access to the city, airport and surrounding suburbs. it has spacious
							grounds and the communitycentre includes apool,libraryand bowling green.
cameron close village	burwood, vic	187	187	94		154,000 – 976,000	cameron close village is situated in burwood, close to the exclusive shopping and
1989							restaurant 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.
Fig tree village	murrumba	187	138	99	49	299,000 – 445,000	Fig tree village is well located adjacent to a neighbourhood shopping centre with access
2009	downs, Qld						to medical and recreational facilities. the village offers a heated-indoor pool, bowling
							green,bar,library, gym,billiards room and hair salon.
Salford Waters	victoria Point,	181	181	90		121,000 – 650,000	Situated on the moreton bay waterfront in victoria Point, Salford Waters retirement Estate
retirement Estate	Qld						is less than three kilometres to victoria Point Shopping centre and a half-hour drive to
1993							brisbane’s cbd.
Wantirna village	Wantirna, vic	180	180	98		126,000 – 445,000	Wantirna village benefts from an outstanding range of retail and transport amenities. the
1986							6.3 hectare site adjoins the blind creek reserve and is close to the dandenong ranges
							national Park,morack and ringwood Golf course,knox libraryand several hospitals.
bellevue Gardens	Port macquarie,	175	175	91		223,000 – 395,000	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.
lourdes retirement	killara, nSW	173	173	83		245,000 – 779,000	located in killara on Sydney’s north Shore, the village overlooks Garigal national Park.
village							the village offers a central clubhouse with coffee shop as well as a dining room, lounge,
1983							chapel, billiards room, hair salon, library, heated-swimming pool and spa. there is an
							onsite aged care facility owned and operated by opal Aged care under the partnership
							established between Stockland and opal Aged care.
the lakes Estate	taylors lake,	172	172	92		114,000 – 497,000	the lakes Estate is ideally located on the corner of kings road and melton highway,
2000	vic						directlyopposite Watergardens Shoppingcentre and railwaystation.
Salford Park community	Wantirna, vic	171	171	87		268,000 – 450,000	residents at Salford Park community village live independently in one or two bedroom low
village							maintenance villas within a friendly community surrounded by lush green gardens. there is
1983							an onsite aged care facility owned and operated by opal Aged care under the partnership
							established between Stockland and opal Aged care.
tarneit Skies retirement	tarneit, vic	159	149	95	10	189,000 – 389,000	tarneit Skies retirement village is located in melbourne’s western suburbs. the village
village							features an indoor swimming pool, spa, gymnasium, dining room, crafts room, computer
2003							suite and billiards.

^ Excludes Aged Care (i.e. nursing homes and hostels)

Occupied units as proportion of Established units available for occupancy
Price range based on Established units

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

FARRINGTON GROVE, QLD

FARRINGTON GROVE IS A POPULAR VILLAGE LOCATED IN THE QUIET OUTER BRISBANE SUBURB OF FERNY HILLS. VILLAGE FACILITIES INCLUDE A BILLIARDS ROOM, SOLAR-HEATED POOL, BARBEQUE AREA, HAIRDRESSER, PIANO LOUNGE, COMPUTER ROOM, LIBRARY AND HOBBY SHED.

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

retirement liVinG retirement POrtfOliO

Retirement Living – established villages (continued)

Property/					Net units to
Opening date	Location	Total units^	Established	% Occupancy*	come online	Price range ($)#	Project description
Golden Ponds resort	Forster, nSW	158	158	94		140,000 – 420,000	Golden Ponds resort is set between Wallis lake and the beaches of Forster on the nSW
1988							mid-north coast. the resort is surrounded by 13 hectares of landscaped grounds, ponds
							and rainforest.
long island village	Frankston, vic	158	158	94		126,000 – 350,000	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.
templestowe village	templestowe,	153	153	95		123,000 – 468,000	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.
Pine lake village	Elanora, Qld	147	147	91		110,000 – 325,000	Pine lake village is located at Elanora on Queensland’s Gold coast and features a
1982							swimming pool and views of a nearbylake.
donvale village	donvale, vic	145	145	94		133,000 – 505,000	donvale village is located on Springvale road in one of melbourne’s prime eastern
1990							suburbs, surrounded by high quality housing and a strong potential catchment to the north
							and north-east.
Parklands village	Port macquarie,	144	144	92		70,000 – 244,000	Parklands village is a private retreat set on fve hectares of landscaped parkland, just
(formerly hastings	nSW						minutes from transport, medical facilities and the centre of Port macquarie. the village has
Parklands village)							a full-length artifcial grass bowling green and heated-indoor pool and spa.
1985
the village Swansea	Swansea, nSW	141	141	99		208,000 – 395,000	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.
Waratah highlands	bargo, nSW	132	132	97		259,000 – 380,000	Set on ten hectares of woodland, Waratah highlands village is in close proximity to the
village							Southern highlands and 500 metres to bargo railway station. the village features a
2002							hairdresser,beautician,libraryand billiards room.
unity retirement village	Aberfoyle Park,	130	130	92		113,000 – 300,980	located in Aberfoyle Park, unity’s facilities include a bowling green, recreation hall, dining
1985	SA						room,and half-court tennis. it is walkingdistance to Aberfoyle Park shoppingcentre.
ridgecrest village	Page, Act	126	126	99		310,000 – 502,000	ridgecrest village at Page in canberra is spread over 5.4 hectares and has facilities
1986							includingbarbecue areas,a bowling green and resident’s lounge.
vermont village	vermont South,	125	125	98		259,000 – 385,000	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.
bellcarra retirement	caloundra, Qld	124	124	99		265,000 – 320,000	located in the newly established suburb of bellvista, bellcarra retirement resort is close
resort							to the centre of caloundra and kings beach. the village features a swimming pool,
2003							bowling green and billiards room.
Queens lake village	laurieton, nSW	124	124	94		180,000 – 399,000	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.
castle ridge resort	castle hill, nSW	114	114	91		289,000 – 629,000	castle ridge resort is less than two kilometres from castle towers shopping centre in
1987							castle hill with dural, carlingford, north rocks and Pennant hills within easy reach. it
							offers a swimming pool and spa,snooker and billiard room and a hairdresser.
the cove village	daleys Point,	112	112	96		220,000 – 595,000	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 barbeque areas, three
							swimming pools,a spa and aprivatejetty.
oak Grange	brighton East,	110	110	92		290,000 – 517,000	oak Grange is located on hawthorn road, brighton East, close to brighton’s famous
1984	vic						beaches,shops and cafés. the nepean highway provides easyaccess to the city.

^ Excludes Aged Care (i.e. nursing homes and hostels)

Occupied units as proportion of Established units available for occupancy
Price range based on Established units

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

CARDINAL FREEMAN, NSW

CARDINAL FREEMAN RETIREMENT VILLAGE IS SET IN THE SOUGHT AFTER INNER-WEST SUBURB OF ASHFIELD. CLOSE TO SHOPS AND TRANSPORT, THE VILLAGE FEATURES A MAGNIFICENT CHAPEL ALONG WITH THE HERITAGE LISTED GLENTWORTH HOUSE. STOCKLAND RECENTLY COMMENCED A MAJOR REDEVELOPMENT OF CARDINAL FREEMAN WHICH WILL INCLUDE THE DELIVERY OF NEW INDEPENDENT LIVING APARTMENTS.

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

retirement liVinG retirement POrtfOliO

Retirement Living – established villages (continued)

Property/					Net units to
Opening date	Location	Total units^	Established	% Occupancy*	come online	Price range ($)#	Project description
rosebud village	rosebud, vic	105	105	99		167,000 – 333,000	rosebud village is located in the heart of the mornington Peninsula and is well serviced
1980							by the region’s many championship golf courses, wineries and beaches. Several bowling
							clubs and the rosebud rSl are convenient to the site. Public transport services link to
							rosebud town centre and Frankston railwaystation.
Greenleaves retirement	upper mt	104	104	85		120,000 – 395,000	Greenleaves retirement village is adjacent to a shopping centre and cinemas and has
village	Gravatt, Qld						facilities including a bowling green and barbecue area.
1986
Gillin Park retirement	Warrnambool,	100	100	88		97,000 – 342,000	located in Warrnambool, near the banks of the hopkins river on the south-west victorian
village	vic						coast, it is close to the city centre, hospital and shopping centres. there is an onsite aged
1990							care facility owned and operated by opal Aged care under the partnership established
							between Stockland and opal Aged care.
maybrook village	cromer, nSW	98	98	80		94,000 – 620,000	Perched on the ridge at cromer in Sydney’s northern beaches, the village has a bushland
1992							outlook. it features a libraryand billiards room,agym and indoor-heatedpool and spa.
Farrington Grove	Ferny hills, Qld	95	94	95	1	175,000 – 515,000	Farrington Grove retirement Estate is a popular village located in the quiet outer brisbane
retirement Estate							suburb of Ferny hills. village facilities include billiards, solar-heated pool, barbeque area,
1998							hairdresser, piano lounge,computer room,libraryand hobbyshed.
midlands terrace	north ballarat,	89	89	100		165,000 – 200,000	midlands terrace enjoys strong demand from prospective residents and is well positioned
1976	vic						in its local market area. the village adjoins northway Shopping centre with proximity to
							medical and communityfacilities.
rylands of hawthorn	hawthorn, vic	84	84	100		486,750 – 1,220,000	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.
Salford retirement	Aberfoyle Park,	74	74	93		267,000 – 314,000	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 to
1990							the local shoppingcentre.
rylands of kew	kew, vic	65	65	100		379,500 – 1,037,250	rylands of kew is located adjacent to shops and facilities at kew Junction. the property’s
2007							centrepiece is a heritage building that has been blended with contemporary architecture to
							create a relaxingenvironment.
Wamberal Gardens	Wamberal, nSW	61	61	100		230,000 – 293,000	Wamberal Gardens retirement village is located on the nSW central coast adjacent to
retirement village							Wamberal lagoon with the beach just one block away. the village features two swimming
1983							pools,two outdoor barbecue areas,an activities room and library.
the Grange retirement	Grange, SA	57	57	93		392,805 – 405,000	the Grange retirement Estate is located just over one kilometre from the seafront suburb
Estate							of Grange and 12 kilometres from Adelaide’s cbd. the village is in close proximity to
1992							public transport,hospital and shoppingcentres.
camden view village	laurieton, nSW	54	54	98		255,000 – 395,000	camden view village is situated between north brother mountain and the camden haven
2002							river on the nSW mid-north coast. camden view is about 100 metres away from the
							centre of laurieton.
lincoln Gardens	Port macquarie,	54	54	96		295,000 – 355,000	lincoln Gardens retirement village is ideally located in a quiet suburban enclave and is in
retirement village	nSW						close proximity to Port macquarie’s hospital and town centre.
2001
halls head village	halls head, WA	46	46	85		137,000 – 208,000	halls head village is a one hour drive south of Perth and three kilometres from mandurah.
1988							the village offers a hairdressing salon, podiatrist, library, pool table, indoor bowls and
							barbecue facilities. Public transport is available opposite the village.
macquarie Grove	tahmoor, nSW	43	43	100		201,000 – 229,000	macquarie Grove retirement village is located at the gateway to the Southern highlands.
retirement village							it is close to local clubs, recreational activities, medical services and transport. it features
1996							computer facilities,hairdresser,libraryand barbecue facilities.

^ Excludes Aged Care (i.e. nursing homes and hostels)

Occupied units as proportion of Established units available for occupancy
Price range based on Established units

STOCKLAND PROPERTY PORTFOLIO JunE 2014

retirement liVinG retirement POrtfOliO

FIG TREE, QLD LOCATED IN MURRUMBA DOWNS, FIG TREE VILLAGE HAS A RESORT-STYLE COMMUNITY CENTRE, WELL APPOINTED INDEPENDENT LIVING UNITS AND SPACIOUS LANDSCAPED STREETS.

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

retirement liVinG retirement POrtfOliO

Retirement Living – established villages (continued)

Property/					Net units to
Opening date	Location	Total units^	Established	% Occupancy*	come online	Price range ($)#	Project description
leschenault village	bunbury, WA	38	38	82		284,200 – 330,000	close to the leschenault inlet, leschenault village is within easy walking distance of
1988							bunbury city centre. the village offers a wide range of amenities including a bowling green
							and an outdoor entertainingarea overlookingthe establishedgardens.
murray river village	mandurah, WA	37	37	86		223,000 – 277,000	located one kilometre from bunbury, murray river village offers amenities including air-
1988							conditioned clubhouse with outdoor terrace and barbecue area, solar-heated swimming
							pool,lounge,hairdressingsalon, podiatrist room and library.
river Pines village	Wilson, WA	34	34	100		299,000 – 299,000	river Pines village, adjacent to the canning river, is situated within easy access of local
1988							shoppingcentres.
river Parks village	Wilson, WA	33	33	94		304,500 – 314,650	river Parks village is set amongst private landscaped gardens adjacent to the canning
1988							river and located in Wilson,only13 kilometres from the centre of Perth.
bexley Gardens	bexley north,	22	22	100		100,000 – 180,000	located in south-west Sydney, bexley Gardens is only 800 metres from bexley north
1974	nSW						railway station that serves the East hills line into Sydney cbd. it is also in close proximity
							to major shoppingcentres in hurstville,rockdale and kogarah.
		9,355	8,298		1,057

^ Excludes Aged Care (i.e. nursing homes and hostels)
Occupied units as proportion of Established units available for occupancy
Price range based on Established units

STOCKLAND PROPERTY PORTFOLIO JunE 2014 71

retirement liVinG retirement POrtfOliO

NORTH LAKES, QLD

CENTRALLY LOCATED IN THE BEAUTIFUL NORTH LAKES RETIREMENT RESORT, WITHIN A SAFE AND SECURE ENVIRONMENT, NORTH LAKES RETIREMENT RESORT IS JUST A SHORT WALK TO SHOPS, LEISURE ACTIVITIES AND MEDICAL FACILITIES.

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

retirement liVinG retirement POrtfOliO

Retirement Living – development pipeline

Property	Location	Total units^	Project description
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 dwellings,employment and retail. these will be developed as the broaderproject comes to market.
Elara	marsden Park,nSW	280	A retirement livingopportunityexists within Stockland’s Elara masterplanned community,50 kilometres north-west of Sydneycbd.
Willowdale retirement village	leppington, nSW	265	A retirement living opportunity exists within Stockland’s Willowdale masterplanned community, 50 kilometres south-west of Sydney cbd.
(formerlyEast leppington)
davis road	tarneit,vic	250	A retirement livingopportunityexists within Stockland’s davis road masterplanned community,28 kilometres west of melbourne cbd.
davis road ii	tarneit,vic	250	A second retirement livingopportunityexists within Stockland’s davis road masterplanned community,28 kilometres west of melbourne cbd.
lockerbie	kalkallo/beveridge,vic	250	A retirement livingopportunityexists within Stockland’s lockerbie masterplanned community,35 kilometres north of melbourne cbd.
highlands Extension	craigieburn,vic	200	An opportunitywithin Stockland’s residential communityexists adjacent to the highlands retirement village. A masterplan is beingdeveloped.
calleya	banjup, WA	120	incorporated within Stockland’s calleya masterplanned community, 18 kilometres south of Perth cbd. the site is close to the kwinana Freeway
			and Gatewayregional shoppingcentre.
north Shore	north Shore, Qld	120	incorporated within Stockland’s northshore masterplanned community,this site is 10 minutes from townsville beach and townsville cbd.
Waratah highlands (Stages	bargo, nSW	85	An opportunity exists within the existing Waratah highlands village for future development.
8-11),nSW
Farrington Grove (Areas 2 &	Ferny hills, Qld	72	A master plan for the remaining stages of the village is being developed.
3), Qld
Golden Ponds resort	Forster,nSW	47	A masterplan for the remainingstages of development is beingdeveloped.
		2,339
Developments at established villages		1,057
Total		3,396

^ Excludes Aged Care (i.e. nursing homes and hostels)

our Aged care business during Fy14 comprised of Aged care facilities at cardinal Freeman and lourdes in nSW, and Gillin Park and Salford Park in vic. We established a strategic partnership with opal Aged care on 26 June 2014. As part of the partnership with opal Aged care, we completed settlement for the sale of our Aged care business on 21 July 2014.

STOCKLAND PROPERTY PORTFOLIO JunE 2014 73

retirement liVinG retirement POrtfOliO

SELANDRA RISE, VIC THE STATE OF THE ART SELANDRA RISE RETIREMENT VILLAGE CLUBHOUSE OPENED ITS DOORS IN AUGUST 2014 AND IS THE CENTRE PIECE OF THE COMMUNITY. AWARDED A 4 STAR GREEN STAR RATING BY THE GREEN BUILDING COUNCIL, THE CLUBHOUSE FEATURES A POOL, BOWLING GREEN, BOCCE PITCH AND LOUNGE WITH BAR AND SELF-SERVICE CAFÉ.

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

unlisted PrOPerty funds

unlisted Property Funds[*]

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

Freshwater, Qld

Stockland has $144.0 million of funds under management across a range of funds and asset classes.

Australian Funds only

STOCKLAND PROPERTY PORTFOLIO JunE 2014

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	15.6	Sep2005	may2015
Stockland direct retail trust no. 1(Sdrt1)	retail	72.5	dec 2006	Jun 2019
Stockland residential Estates EquityFund no. 1(SrEEF1)	Wholesale	55.9**	Aug2006	Aug2016
		144.0

Represents gross assets.

** Represents the total of SREEF1’s total committed equity (less capital returned to unit holders) and drawn debt at 30 June 2014.

unlisted Property Funds – asset overview

~~unlisted~~	~~Property Funds – asset overview~~
				%	Book value	Valuation		% age of fund’s
	Property type	Property	State	Ownership	($m)	($m)	GLA (m2)#	total gross assets	Page
Sdot2	offce Park	macquarie Park
		optus centre^	nSW	n/A	n/A	n/A	n/A	n/A
		Sdot2
Sdrt1	retail	benowa Gardens	Qld	100	33.3	33.3	5,740	46	77
		Pacifc Pines	Qld	100	22.8	22.8	5,518	31	77
		tamworth homespace	nSW	100	14.9	14.9	13,053	21	77
SrEEF1	residential	Freshwater	Qld	80	150.1^^	n/A	n/A	53	49
	communities	hundred hills	nSW	50	31.4^^	n/A	n/A	11	49
		ormeau ridge	Qld	50	103.5^^	n/A	n/A	36	47/78

100% of GLA.

^ SDOT2 settled the sale of its interest in Macquarie Park Trust on 7 February 2014.

^^ Fund share of total project value defined as total gross revenue generated throughout the life of the project.

unlisted PrOPerty funds

==> picture [230 x 123] intentionally omitted <==

~~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. the centre is anchored with a coles supermarket and over 40 specialty retailers. there is onsite parking for 437 vehicles, including 200 covered bays.

Location: QLD

Location: QLD
Acquisition date:	Dec 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$28.2 million

Last Independent Valuation
Date:	May2014
Valuation/($/m2):	$33.3 million($5,801/m2)
Capitalisation rate:	8.25%
Discount rate:	9.25%
Carparkingspaces:	437

Gross lettable area:	5,740
Annual sales:	$60.2 million
Weighted average lease expiry:	4.9years

Major tenants	GLA(m2)
Coles	1,960

==> picture [230 x 123] intentionally omitted <==

~~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:	$18.1 million

Last Independent Valuation
Date:	May2014
Valuation/($/m2):	$22.8 million($4,132/m2)
Capitalisation rate:	7.50%
Discount rate:	8.75%
Carparkingspaces:	355

Gross lettable area:	5,518
Annual sales:	$55.0 million
Weighted average lease expiry:	7.2years

Major tenants	GLA(m2)
Woolworths	3,541

==> picture [230 x 123] intentionally omitted <==

~~Tamworth Homespace~~

tamworth homespace is a modern single level bulky goods shopping centre located on the new England highway, 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

Location: NSW
Acquisition date:	Dec 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$21.8 million

Last Independent Valuation
Date:	May2014
Valuation/($/m2):	$14.9 million($1,142/m2)
Capitalisation rate:	10.50%
Discount rate:	10.50%
Carparkingspaces:	416

Gross lettable area:	13,053
Annual sales:	N/A
Weighted average lease expiry:	3.5years

Major tenants	GLA(m2)
The Good Guys	2,404
Your Homemaker	2,153
Pillowtalk	1,794

Lease expiry profile %

==> picture [230 x 21] intentionally omitted <==

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

4 10 6 4 18 58
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

5 5 5 3 82
----- End of picture text -----

==> picture [230 x 21] intentionally omitted <==

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

24 24 12 40
----- End of picture text -----

vacant Fy

STOCKLAND PROPERTY PORTFOLIO JunE 2014 77

15 16 17 18 19+

unlisted PrOPerty funds

ORMEAu RIDGE, QLD CONVENIENTLY LOCATED HALF WAY BETWEEN BRISBANE AND THE GOLD COAST BEACHES. THE COMMUNITY FEATURES INCLUDE A ONE HECTARE PARK, ADVENTURE PLAYGROUND AND COMMERCIAL SITE PLANNED FOR CHILDCARE AND CONVENIENCE.

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

aPartments & stOckland uk

Apartments & Stockland uk

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

the islands, WA

STOCKLAND PROPERTY PORTFOLIO JunE 2014

aPartments & stOckland uk

Apartments – released to market

Property/		Total project		%	Current
Acquisition date	Location	value ($m)*	Total units	Sold^	price range ($)	Project description
the islands^^^	Southbeach, Perth,	n/A	101	42	n/A	located just minutes from Fremantle on the cockburn coast, the site offers
2007	WA					apartments and beach houses with spectacular panoramic views of Garden, carnac
						and rottnest islands as well as Fremantle harbour.
		–	101

^^^^ Identified for disposal% Sold relates to contracts exchanged and settledTotal revenue generated throughout the life of the project

Stockland uK on-balance sheet properties

~~Stockland uK on-balance sheet properties~~
			Stockland uK %
Project location	County	Category	equity
billingham town centre,billingham^^^	teesside	retail	100
three horse Shoes mall,market Place,Warminster^^^	Wiltshire	retail	100

^^^ Identified for disposal

This report is printed on Monza Satin 55 per cent recycled paper, sourced from post consumer waste. The paper is certified against the Forest Stewardship Council (FSC) standards, which supports the responsible use of the world’s forest resources.

==> picture [89 x 74] 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.

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 6141 8000

www.stockland.com.au

AI assistant

STOCKLAND — Fund Information / Factsheet 2014

65781_rns_2014-08-17_3e0fe28f-bfb0-403a-84d6-65ab68d13cfc.pdf

Our PrOPerty POrtfOliO

Our stOry

Property Portfolio

~~cOmmercial POrtfOliO~~

~~residential POrtfOliO~~

~~retirement POrtfOliO~~

VictOria

retail

Lease expiry profile %*

WETHERILL PARK, NSW

~~Retail Portfolio as at 30 June 2014~~

Includes Townsville Kmart Centre

~~Stockland Shellharbour~~

Location: Shellharbour, NSW

~~Stockland Merrylands~~

Location: Merrylands, NSW

~~Stockland Townsville~~

Location: Townsville, QLD

Lease expiry profile %

~~Stockland Wetherill Park~~

Location: Western Sydney, NSW

~~Stockland Green Hills~~

Location: East Maitland, NSW

Lease expiry profile %

retail cOmmercial POrtfOliO

~~Stockland Glendale~~

Location: Newcastle, NSW

~~Stockland Cairns~~

Location: Cairns, QLD

~~Stockland Point Cook~~

Location: Point Cook, VIC

Location: Forster, NSW

~~Stockland The Pines~~

Location: Doncaster East, VIC

Lease expiry profile %

retail cOmmercial POrtfOliO

~~Stockland Gladstone~~

Location: Gladstone, QLD

Location: Wendouree, VIC

~~Stockland Jesmond~~

Location: Newcastle, NSW

Location: Baulkham Hills, NSW

~~Stockland Caloundra/Stockland South~~

Location: Caloundra, QLD

Lease expiry profile %

~~Stockland Bull Creek~~

Location: Bull Creek, WA

~~Stockland Nowra~~

Location: Nowra, NSW

~~Stockland Cleveland~~

Location: Cleveland, QLD

Lease expiry profile %

Location: Traralgon, VIC

Location: Bathurst, NSW

~~Stockland Hervey Bay~~

Location: Hervey Bay, QLD

Lease expiry profile %

retail cOmmercial POrtfOliO

~~Stockland Riverton~~

Location: Riverton, WA

~~Stockland Wallsend~~

Location: Wallsend, NSW

Lease expiry profile %

Location: Tooronga, VIC

~~Shellharbour Retail Park~~

Location: Shellharbour, NSW

~~Stockland Baldivis~~

Location: Baldivis, WA

Lease expiry profile %

Location: Cammeray, NSW

Location: Sydney CBD, NSW

~~Stockland Highlands~~

Location: Craigieburn, VIC

Lease expiry profile %

~~Stockland North Shore~~

Location: North Shore, QLD

Last independent valuation

STOCKLAND Fund Information / Factsheet 2014

cOmmercial POrtfOliO

residential POrtfOliO

retirement POrtfOliO

Retail Portfolio as at 30 June 2014

Stockland Shellharbour

Stockland Merrylands

Stockland Townsville

Stockland Wetherill Park

Stockland Green Hills

Stockland Glendale

Stockland Cairns

Stockland Point Cook

Stockland The Pines

Stockland Gladstone

Stockland Jesmond

Stockland Caloundra/Stockland South

Stockland Bull Creek

Stockland Nowra

Stockland Cleveland

Stockland Hervey Bay

Stockland Riverton

Stockland Wallsend

Shellharbour Retail Park

Stockland Baldivis

Stockland Highlands

Stockland North Shore

Woolworths Toowong

Logistics & Business Parks Portfolio as at 30 June 2014

Triniti Business Campus

Balcatta Distribution Centre

Toll Business Park

9-11a Ferndell Street

16 Giffnock Avenue

Macquarie Technology Centre

40 Scanlon Drive

Offce Portfolio as at 30 June 2014

Durack Centre

NSW – released to market

NSW – development pipeline

Queensland – released to market

Queensland – released to market

Queensland – development pipeline

Victoria – released to market

Victoria – development pipeline