STOCKLAND - Fund Information / Factsheet 2016

WHERE we deliver sustainable growth

PROPERTY PORTFOLIO 31 December 2015

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

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Wetherill Park, NSW
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Ervin Graf, 1952
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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

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RESIDENTIAL PORTFOLIO

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Retail (page 9)

42 properties

1,025,024 sqm GLA Stockland’s ownership interests valued at $6.6 billion and gross book value of $7.2 billion

Residential Communities (page 45)

64 communities 78,800 lots remaining End-market value approximately $20.1 billion

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RETIREMENT PORTFOLIO

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Office (page 39)

Logistics & Business Parks (page 27)

9 properties

153,880 sqm NLA[] Stockland’s ownership interests valued at $0.8 billion and gross book value of $1.1* billion

25 properties

1,258,011 sqm GLA[*]

Stockland’s ownership interests book value of valued at $1.8 billion and gross * Reflects 100% interest book value of $2.0 billion

Reflects 100% interest

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UNLISTED PROPERTY FUNDS
Unlisted
Property Funds
(page 77)
Funds under
management
$83.8 million
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Retirement Living

(page 63)

69 established villages Over 9,400 units Development pipeline of over 3,000 units Funds employed $1.3 billion

~~PORTFOLIO~~ Apartments (page 81) Apartments 1 project 51 units

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 1

AUSTRALIA Property Portfolio

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KEY Retail Office Logistics & Business Parks Residential Communities Apartments Retirement Living Unlisted Property Funds

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NEW SOUTH WALES
Sydney
CBD and
North Shore
601 Pacific Highway
77 Pacific Highway
110 Walker Street
North Sydney
The Rocks
135 King Street/Glasshouse
Stockland Piccadilly,
133 Castlereagh Street
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KEY
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Retail Office

NEW SOUTH WALES Greater Sydney

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Altrove
Elara
Castle Ridge Resort Maybrook Village
Stockland Baulkham Hills
Forrester Distribution Centre
Lourdes Retirement Village
The Willows Retirement Village Macquarie Park,
B North Ryde Ryde
Stockland Balgowlah/The Village
Wonderland Drive, Chatswood North
Eastern Creek Parramatta Sydney
Merrylands Court Stockland Cammeray
9-11a Ferndell Street, Granville Stockland Merrylands
Stockland Wetherill Park
Davis Road, Wetherill Park
Yennora Distribution Centre
Cardinal Freeman Retirement Village Sydney
Coopers Paddock, Warwick Farm Sydney
Airport
Bexley Gardens
Willowdale
Baker St, Botany
Ingleburn Distribution Centre
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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

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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
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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
D Lincoln Gardens Retirement Village
40 Cameron Avenue, Belconnen Bellevue Gardens Retirement Village
Ridgecrest Village
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

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QUEENSLAND
Greater
Brisbane
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QUEENSLAND
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Gold Coast

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Caboolture West/Ripeford Vale
Stone Ridge Newport Bahrs Scrub
Fig Tree Village Ormeau Ridge
G North Lakes Hope Island
Highland Reserve
Oxenford
Riverstone Crossing
Pacific Pines Shopping Centre
Southport
Farrington Grove Retirement Estate
Hendra Distribution Centre Export Park
Surfers Paradise
Benowa Gardens
Brisbane
Woolworths Toowong
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Burleigh Central
Stockland Burleigh Heads
Garden Square, Mt Gravatt The Observatory
Greenleaves Retirement Village Burleigh Heads
Salford Waters Retirement Estate
Ipswich Pallara Pine Lake Village
Jimboomba Village Shopping Centre
Sovereign Pocket
Paradise Waters
Augustine Heights
M1 Yatala Enterprise Park
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KEY

Retail Office Logistics & Business Parks Residential Communities Retirement Living

North Lakes North Lakes Business Park North Lakes Enterprise Precinct North Lakes Retirement Resort

KEY

Retail

Residential Communities Retirement Living Unlisted Property Funds

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QUEENSLAND QUEENSLAND
Sunshine
Coast Far North
Noosa Heads
Cairns
Stockland Cairns
Townsville
North Shore
Stockland Townsville
Twin Waters West
Maroochydore
Mackay
Brightwater
Kawana Business Village Bokarina Beach
Lake Kawana
Birtinya Island
Stockland Caloundra Rockhampton
Bellcarra Retirement Resort Stockland Rockhampton
Gladstone
Bells Reach
Stockland Gladstone
Caloundra Stockland Bundaberg
Aura Stockland Hervey Bay
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KEY Retail Residential Communities Retirement Living

KEY Retail Residential Communities

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

VICTORIA Greater Melbourne

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Midlands Terrace
Cloverton
Mickleham
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
Taylors Hill VillageThe Lakes Estate Arve Stockland The PinesTemplestowe Village
Burnside Village Stockland
Tooronga Donvale Village
Tarneit Skies Retirement Village Brooklyn Estate,
Laverton North Brooklyn Cameron Close Village
Toll Business Park,
The Grove Allura Altona Vermont Village I
Altona Distribution Centre
1090-1124 Centre
The Address
Stockland Point Cook Oak Grange Road, Oakleigh
Stamford Park
Geelong Patterson Lakes Village
Selandra Rise Retirement Village
Cranbourne Arbourlea
Long Island Village
Clyde North
Rosebud Village
Stockland Traralgon
Gillin Park Retirement Village
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KEY H
Retail Arilla Village
Logistics & Business Parks Plenty Valley Village
Residential Communities I
Retirement Living Knox Village
Salford Park Community Village
Wantirna Village
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WESTERN AUSTRALIA Perth and surrounds

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Amberton
Vale
Corimbia Whiteman Edge
Balcatta Distribution Centre
K Perth
Stockland Riverton
Stockland Bull Creek
The Islands Stockland Harrisdale
Calleya Newhaven
Sienna Wood
L Baldivis
Stockland Baldivis
Halls Head
Village Murray River Village
Leschenault Village
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KEY Retail K L Office 263 Adelaide Terrace Baldivis Town Centre Residential Communities River Parks Village Settlers Hills Townside Apartments River Pines Village Affinity Village Retirement Living 2 Victoria Ave Logistics & Business Parks

SOUTH AUSTRALIA Adelaide and surrounds

Ridgehaven Rise Seniors’ Living Community Port Adelaide Distribution Centre Lightsview Retirement Village The Grange Retirement Estate Adelaide The Villas on Milton Avenue Somerton Park Seniors’ Living Community The Villas in Brighton Salford Retirement Estate Unity Retirement Village Walnut Grove Retirement Estate Hillsview Retirement Village Bay Village Retirement Estate

KEY Retirement Living Logistics & Business Parks

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETAIL COMMERCIAL PORTFOLIO

WETHERILL PARK, NSW WETHERILL PARK IS UNDERGOING A $228 MILLION REDEVELOPMENT WITH STAGE TWO COMPLETED IN DECEMBER 2015, GROWING THE CENTRE TO OVER 70,000 SQM. THE CENTRE FEATURES COLES, WOOLWORTHS, BIG W, TARGET; NINE MINI-MAJORS, 200 SPECIALTIES AND MULTI LEVEL PARKING FOR APPROXIMATELY 2,700 CARS. IT ALSO INCLUDES AN ENTERTAINMENT, DINING AND LEISURE PRECINCT INCLUDING A REFURBISHED 12 SCREEN HOYTS CINEMA, 24 HOUR GYM AND A RANGE OF ALFRESCO DINING OPTIONS. THE FRESH FOOD PRECINCT WILL UNDERGO TRANSFORMATION BY MID 2016 FURTHER ESTABLISHING THE CENTRE AS THE SHOPPING DESTINATION IN SOUTH WEST SYDNEY.

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RETAIL COMMERCIAL PORTFOLIO

Retail

Stockland is one of the largest retail property owners, developers and managers in Australia. At 31 December 2015 the portfolio comprises 42 retail centres with Stockland’s ownership interests valued at $6.6 billion and gross book value of $7.2 billion. The properties accommodate more than 3,500 tenants and generate in excess of $6.5 billion in retail sales per annum.

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Wetherill Park, NSW

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Lease expiry profile %
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2 7 11 11 12 57
Includes non-comparable development GLA and vacancies held for remix
Vacant FY
16 17 18 19 20+
Geographic split %
57 11 26 6
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NSW Vic Qld WA
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETAIL COMMERCIAL PORTFOLIO

BALDIVIS, WA BALDIVIS IS A VIBRANT URBAN AREA LOCATED WITHIN ONE OF THE STRONGEST GROWTH CORRIDORS IN WESTERN AUSTRALIA. THE CENTRE SITS WITHIN SETTLERS HILLS RESIDENTIAL COMMUNITY, DIRECTLY OPPOSITE AFFINITY VILLAGE AND IS AN EXCELLENT EXAMPLE OF A STOCKLAND MASTER PLANNED COMMUNITY. REDEVELOPMENT OF THE CENTRE WAS COMPLETED IN MID2015. THE CENTRE INCLUDES A FULL-LINE COLES, WOOLWORTHS, KMART, TWO MINIMAJORS AND 95 SPECIALTY STORES, A 275 SEAT INDOOR/ OUTDOOR DINING TERRACE, MAIN STREET RESTAURANT PRECINCT AND A TOTAL OF 1,350 PARKING SPACES.

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RETAIL COMMERCIAL PORTFOLIO

Retail Portfolio as at 31 December 2015

								Annual sales	Specialty
				Book value	1H16 AIFRS	Funds from	% of Retail	December 2015	occupancy	Specialty
Page	Property	Location	GLA (m2)	($m)	NOI ($m)	operations ($m)	Portfolio	($m)	costs (%)**	sales ($/m2)***
12	Stockland Shellharbour	NSW	75,696	700.0	15.9	18.2	10.6	414.9	17.2	8,862
12	Shellharbour Retail Park	NSW	22,145	53.0	1.9	1.9	0.8	133.0	12.8	3,127
12	Stockland Wetherill Park	NSW	71,689	651.3	14.4	14.7	9.9	274.5^^	N/A	N/A
13	Stockland Merrylands	NSW	58,339	540.0	13.4	16.0	8.2	356.6	16.6	8,406
–	Stockland Merrylands Court	NSW	3,664	10.1	0.2	0.2	0.2	N/A	N/A	N/A
13	Stockland Rockhampton	Qld	55,469	406.4	11.2	12.1	6.2	363.3	14.8	9,557
13	Stockland Green Hills	NSW	31,828	354.0	10.3	10.4	5.4	335.6	13.8	14,262
14	Stockland Glendale	NSW	55,133	298.5	9.4	9.8	4.5	314.3	15.8	8,267
14	Stockland Cairns	Qld	49,021	230.0	6.3	6.7	3.5	240.6	14.2	9,256
14	Stockland Point Cook	Vic	43,054	229.5	6.6	6.9	3.5	189.5^^	N/A	N/A
15	Stockland Townsville#^	Qld	60,256*	229.0	5.7	6.7	3.5	355.0	16.5	8,542
15	Stockland Baldivis	WA	31,196	200.0	5.7	5.8	3.0	192.8^^	N/A	N/A
15	Stockland HerveyBay	Qld	36,760	196.2	4.0	4.7	3.0	172.5^^	N/A	N/A
16	Stockland Burleigh Heads	Qld	26,780	170.0	5.3	5.8	2.6	188.2	12.8	8,998
–	Stockland Burleigh Central	Qld	7,914	20.0	0.7	0.8	0.3	13.3	N/A	N/A
16	Stockland The Pines	Vic	24,938	170.0	5.6	6.0	2.6	173.7	18.7	7,601
16	Stockland Forster*	NSW	38,889	167.0	5.3	5.5	2.5	226.9	11.7	8,676
17	Stockland Jesmond	NSW	20,238	160.0	5.0	5.3	2.4	149.9	14.4	9,627
17	Stockland Balgowlah	NSW	12,954	148.0	4.4	4.7	2.2	145.3	14.4	8,066
17	Stockland Wendouree	Vic	25,284	148.0	4.5	4.9	2.2	173.9	13.6	8,787
18	Stockland Baulkham Hills	NSW	18,055	145.0	4.5	4.8	2.2	146.8	14.4	6,690
18	Stockland Gladstone	Qld	27,657	140.2	5.4	5.5	2.1	206.9	12.9	12,692
18	Stockland Caloundra/Stockland South	Qld	22,175	126.5	4.0	4.1	1.9	174.3	11.0	12,829
19	Stockland Nowra	NSW	15,979	117.7	3.6	3.8	1.8	150.1	12.3	12,381
19	Stockland Traralgon	Vic	19,473	106.6	3.5	3.7	1.6	125.9	14.5	8,398
19	Stockland Bull Creek	WA	16,906	102.0	3.1	3.5	1.5	107.6	14.8	9,680
20	Stockland Cleveland	Qld	15,626	102.0	3.3	3.4	1.5	148.0	14.9	8,270
20	Stockland Bathurst	NSW	19,461	94.0	3.2	3.3	1.4	106.3	13.2	10,201
20	Stockland Corrimal	NSW	9,837	75.0	2.4	2.5	1.1	106.5	14.4	8,567
21	Stockland Wallsend	NSW	12,001	70.3	2.4	2.5	1.1	96.9	11.0	7,798
21	Stockland Bundaberg^	Qld	22,797	68.4	2.3	2.4	1.0	176.4	12.4	10,444
21	Glasshouse – 135 KingStreet,Sydney^	NSW	5,799	66.0	0.3	0.3	1.0	N/A^^	N/A	N/A
22	Stockland Riverton^	WA	19,596	64.0	2.2	2.2	1.0	145.8	12.9	7,644
22	Stockland Tooronga	Vic	8,997	63.0	1.5	1.8	1.0	110.9	14.5	7,536
22	Stockland Cammeray	NSW	4,792	45.5	1.2	1.4	0.7	26.8	14.8	8,254
23	Stockland Piccadilly^	NSW	3,045	34.7	1.0	1.1	0.5	27.6	26.7	7,572
23	Stockland Highlands	Vic	7,766	32.7	1.0	1.0	0.5	45.7	14.7	5,495
23	Stockland North Shore	Qld	5,777	23.0	0.6	0.8	0.3	53.0	5.6	11,400
24	Jimboomba Village ShoppingCentre^	Qld	11,664*	13.9	0.7	0.7	0.2	48.9	8.7	8,183
24	Stockland Vincentia ShoppingCentre	NSW	4,099	11.0	0.5	0.5	0.2	57.2	7.4	6,642
24	Woolworths Toowong	Qld	2,275	6.2	0.1	0.1	0.1	N/A	N/A	N/A
25	Stockland Harrisdale under construction	WA						N/A	N/A	N/A
			1,025,024	6,588.7	182.6	196.5	100.0

Includes Townsville Kmart Centre.

Excludes adjacent land holdings.
** Only includes tenants which have been trading for 24 months or more.
*** This is based on the MLA calculation.
^ Book value represents Stockland’s 50% ownership.
n.b. Excludes capital works in progress and sundry properties.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 11

^^ Transitional MAT

RETAIL COMMERCIAL PORTFOLIO

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Stockland Shellharbour

Shellharbour is located on the south coast of NSW. A $330 million redevelopment was completed in 2013. Shellharbour is the largest 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. A DA has been approved for further extensions to the dining precinct.

Location: Shellharbour, NSW

Location: Shellharbour, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$481.7 million

Last independent valuation
Date:	Dec 2015
Valuation:	$700.0 million
Valuation $/m2:	$9,248/m²
Capitalisation rate:	5.75%
Discount rate:	8.00%
Carparkingspaces:	3,645
Gross lettable area:	75,696m2
Annual sales:	$414.9 million
Specialtyoccupancycost:	17.2%
Weighted average lease expiry:	9.1years
NABERS:	4.5(Energy)0.0(Water)
Green Star rating:	4.0(As Built)4.0(Design)

Major tenants	GLA(m2)	Lease expiry
Myer	11,939	May2038
Kmart	6,500	May2032
Coles	4,500	May2032
Woolworths	3,870	Dec 2032
Target	7,171	Jul 2025

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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, Toys R Us and a Bunnings Warehouse.

Location: Shellharbour, NSW

Location: Shellharbour, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$42.6 million

Last independent valuation
Date:	Dec 2015
Valuation:	$53.0 million
Valuation $/m2:	$2,393/m²
Capitalisation rate:	7.75%
Discount rate:	9.00%
Carparkingspaces:	741
Gross lettable area:	22,145m2
Annual sales:	$133.0 million
Specialtyoccupancycost:	12.8%
Weighted average lease expiry:	2.9years
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Bunnings	7,762	Feb 2018
Woolworths	4,370	Nov 2018
Dan Murphy’s	1,500	Sep2025

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Stockland Wetherill Park

Wetherill Park is undergoing a $228 million redevelopment with stage two completed in December 2015, growing the centre to over 70,000 sqm. The centre features Coles, Woolworths, Big W, Target; nine minimajors, 200 specialties and multi level parking for approximately 2,700 cars. It also includes an entertainment, dining and leisure precinct including a refurbished 12 screen Hoyts cinema, 24 hour gym and a range of alfresco dining options. The Fresh Food precinct will undergo transformation by mid 2016 further establishing the centre as the shopping destination in South West Sydney.

Location: Western Sydney, NSW

Location: Western Sydney, NSW
Acquisition date:	Aug1983
Ownership/title:	100%/Freehold
Cost includingadditions:	$322.5 million

Last independent valuation
Date:	Dec 2011
Valuation:	$358.0 million
Valuation $/m2:	$6,534/m²##
Capitalisation rate:	6.75%
Discount rate:	9.00%
Carparkingspaces:	2,700
Gross lettable area:	71,689m2
Annual sales:	$274.5 million^^
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	8.1years
NABERS:	NA
Green Star rating:	5.0(Design)

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
Coles	4,193	Dec 2035

Lease expiry profile %

1 11 11 8 8 61

NB Includes vacancies held for remix

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2 5 2 50 24 17
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2 4 3 3 13

75
NB Includes vacancies held for development^^ Transitional MAT
Pre-development valuation

Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Merrylands~~

Located 21 kilometres west of the Sydney CBD, this centre has serviced the local community since 1972. This fully enclosed regional shopping centre has convenient parking with almost 3,000 spaces, Big W, Kmart, Target, Coles, Woolworths, ALDI, five mini-majors and 205 specialty shops. It is adjacent to our 1.24 hectare Merrylands Court site where a mixed use development application is being documented.

Location: Merrylands, NSW

Location: Merrylands, NSW
Acquisition date:	Sep1982
Ownership/title:	100%/Freehold
Cost includingadditions:	$425.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$540.0 million
Valuation $/m2:	$9,256/m²
Capitalisation rate:	5.75%
Discount rate:	8.00%
Carparkingspaces:	2,751
Gross lettable area:	58,339m2
Annual sales:	$356.6 million
Specialtyoccupancycost:	16.6%
Weighted average lease expiry:	7.8years
NABERS:	NA
Green Star rating:	4.0(Design)

Major tenants	GLA(m2)	Lease expiry
BigW	7,900	Oct 2032
Kmart	7,159	Nov 2023
Target	6,088	Nov 2028
Coles	4,424	Nov 2031
Woolworths	3,820	Oct 2032

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~~Stockland Rockhampton~~

Rockhampton is the largest shopping centre between Maroochydore and Mackay and includes Woolworths, Coles, Kmart, Big W, 11 minimajors and 168 specialty stores. 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. Masterplanning is currently underway for future stages. The centre has recently commenced construction of a new all-weather indoor and outdoor casual dining precinct incorporating 6 new food specialty retailers including GYG, Burger Urge, Max Brenner and Gelatissimo.

Location: Rockhampton, Qld

Location: Rockhampton, Qld
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$271.8 million

Last independent valuation
Date:	Jun 2015
Valuation:	$404.0 million
Valuation $/m2:	$7,283/m²
Capitalisation rate:	6.00%
Discount rate:	8.50%
Carparkingspaces:	3,015
Gross lettable area:	55,469m2
Annual sales:	$363.3 million
Specialtyoccupancycost:	14.8%
Weighted average lease expiry:	5.3years
NABERS:	3.5(Energy)3.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
BigW	8,211	Nov 2028
Kmart	6,000	Aug2024
Woolworths	4,223	Aug2020
Coles	3,642	Aug2024
Birch Carroll and Coyle Cinemas	3,392	Dec 2018

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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 one in Australia for specialty MAT/ sqm in the Shopping Centre News Little Guns 2015 Survey. Work has commenced on a $372 million expansion of the centre, which allows for a David Jones department store, Target discount department store, up to eight mini-majors, an additional 130 specialty stores, a dining, entertainment and leisure precinct and 1,500 additional car parking spaces.

Location: East Maitland, NSW
Acquisition date:	Dec 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$152.0 million

Last independent valuation
Date:	Sep2015
Valuation:	$354.0 million
Valuation $/m2:	$11,122/m²
Capitalisation rate:	5.75%
Discount rate:	8.00%
Carparkingspaces:	1,599
Gross lettable area:	31,828m2
Annual sales:	$335.6 million
Specialtyoccupancycost:	13.8%
Weighted average lease expiry:	4.5years
NABERS:	3.5(Energy)3.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
BigW	8,024	Sep2022
Woolworths	4,871	Sep2022
Coles	3,702	Sep2017

Lease expiry profile %

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3 3 12 8 14 60
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16 3 22 1 58
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NB Includes vacancies held for development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 13

RETAIL COMMERCIAL PORTFOLIO

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Stockland Glendale

Located on the northern fringe of Lake Macquarie, Glendale was the first of the true super centre concepts combining retail, leisure and entertainment on a large 19.6 hectare site. The retail mix includes Target, Kmart, Event Cinemas, Coles, Woolworths, Harris Farm Markets, JB Hi-Fi, Trade Secret and ALDI and is complemented by approximately 2,300 car parking spaces on one single level. A DA has been approved for redevelopment to expand the centre by 7,700 sqm.

Location: Newcastle, NSW

Location: Newcastle, NSW
Acquisition date:	Mar 1996
Ownership/title:	100%/Freehold
Cost includingadditions:	$101.8 million

Last independent valuation
Date:	Dec 2015
Valuation:	$298.5 million
Valuation $/m2:	$5,414/m²
Capitalisation rate:	6.25%
Discount rate:	8.00%
Carparkingspaces:	2,338
Gross lettable area:	55,133m2
Annual sales:	$314.3 million
Specialtyoccupancycost:	15.8%
Weighted average lease expiry:	2.0years
NABERS:	5.5(Energy)3.0(Water)
Green Star rating:	NA

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

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Lease expiry profile %
20 44 4 5 27
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Stockland Cairns

Located on the main southern arterial road accessing Cairns, the centre occupies an 11 hectare site. The centre is comprised of a Coles, a recently refurbished and down sized Target in the latest format, Big W, Woolworths, 110 specialty stores, a 750 seat food court and a six screen cinema. A Harris Scarfe will be added in a 2,500 sqm minimajor format due to open in May 2016. This will be the first Harris Scarfe in Cairns and will add to the uniqueness of the centre.

Location: Cairns, Qld

Location: Cairns, Qld
Acquisition date:	Jun 1992
Ownership/title:	100%/Freehold
Cost includingadditions:	$181.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$230.0 million
Valuation $/m2:	$4,692/m²
Capitalisation rate:	6.00%
Discount rate:	8.00%
Carparkingspaces:	2,344
Gross lettable area:	49,021m2
Annual sales:	$240.6 million
Specialtyoccupancycost:	14.2%
Weighted average lease expiry:	4.3years
NABERS:	4.5(Energy)4.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
BigW	8,259	Jun 2024
Target	4,840	Jul 2022
Woolworths	4,254	Jun 2016
Coles	3,698	Mar 2029
Birch Carroll and Coyle Cinemas	3,184	Nov 2021

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NB Includes vacancies held for remix

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Stockland Point Cook

Point Cook is a recently developed, sub-regional Town Centre retail complex located in the Wyndham region, 21 kilometres west of the Melbourne CBD. The centre is anchored by Target, Coles, Woolworths, ALDI, Dan Murphy’s, Rebel Sport, ten mini-majors, 119 specialty stores and 19 commercial suites. The centre is located in one of Melbourne’s fastest growing population corridors. The centre has grown to 43,054 sqm with the recent addition of Woolworths, specialties and a new KFC pad site.

Location: Point Cook, Vic

Location: Point Cook, Vic
Acquisition date:	Jun 2011
Ownership/title:	100%/Freehold
Cost includingadditions:	$215.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$229.5 million
Valuation $/m2:	$5,331/m²
Capitalisation rate:	6.25%
Discount rate:	8.25%
Carparkingspaces:	1,729
Gross lettable area:	43,054m2
Annual sales:	$189.5 million^^
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	7.0years
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Target	6,500	Aug2028
Coles	4,008	Aug2028
ALDI	1,300	Aug2018
Woolworths	3,995	Aug2035

3 4 10 6 21 56 NB Includes vacancies held for development^^ Transitional MAT

Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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Stockland Townsville

The centre is located in the geographical heart of Townsville and houses the region’s only full-line Myer department store. A 20,000 sqm expansion was successfully completed in FY13 and Big W completed a full refurbishment in June 2015. The centre also includes Woolworths, four mini-majors, a 750-seat dining terrace and 180 specialty 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

Acquisition date: Jun 1987/Mar 2012 Ownership/title: 50%/Freehold Cost including additions: $168.6 million

Last independent valuation

Date: Dec 2015 Valuation: $229.0 million Valuation $/m[2] : $7,601/m²[^] Capitalisation rate: 6.00%-6.75% Discount rate: 8.00%-8.25% Car parking spaces: 1,991 Gross lettable area: 60,256m[2] ** Annual sales: $355.0 million Specialty occupancy cost: 16.5% Weighted average lease expiry: 9.8 years NABERS: 3.5 (Energy) Green Star rating: 4.0 (As Built) 4.0 (Design)

Major tenants	GLA(m2)	Lease expiry
Myer	12,023	Oct 2037
BigW	7,205	Jun 2034
Woolworths	4,200	Dec 2031
Kmart	7,416	Sep2021
Coles	3,377	Jul 2018

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Stockland Baldivis

Baldivis is a vibrant urban area located within one of the strongest growth corridors in Western Australia. The centre sits within Settlers Hills residential community, directly opposite Affinity Village and is an excellent example of a Stockland masterplanned community. Redevelopment of the centre was completed in mid-2015. The centre includes a full-line Coles, Woolworths, Kmart, two mini-majors and 95 specialty stores, a 275 seat indoor/outdoor dining terrace, main street restaurant precinct and a total of 1,350 parking spaces. In addition, there are 8.6 hectares of land available for future development.

Location: Baldivis, WA

Acquisition date: Aug 2006 Ownership/title: 100%/Freehold Cost including additions: $141.1 million Last independent valuation Date: Dec 2015 Valuation: $200.0 million Valuation $/m[2] : $6,411/m² Capitalisation rate: 6.00% Discount rate: 8.00% Car parking spaces: 1,350 Gross lettable area: 31,196m[2] Annual sales: $192.8 million[^^] Specialty occupancy cost: N/A Weighted average lease expiry: 10.8 years NABERS: NA Green Star rating: 4.0 (Design)

Major tenants GLA (m[2] ) Lease expiry Coles 4,119 Sep 2029 Woolworths 4,097 May 2035 Kmart 5,990 Mar 2035

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Stockland Hervey Bay

Hervey Bay is a single level sub-regional shopping centre located on the Fraser Coast, 300 kilometres north of Brisbane. The centre is anchored by Target, Kmart, Coles, Supa IGA, Spotlight and 104 specialty stores. A 20,000 sqm expansion successfully opened in FY15. A second stage DA has been approved to add another supermarket, an entertainment leisure precinct and associated specialties. The centre is the largest fully enclosed air conditioned mall between Rockhampton and Maroochydore.

Location: Hervey Bay, Qld

Location: Hervey Bay, Qld
Acquisition date:	Apr 2011
Ownership/title:	100%/Freehold
Cost includingadditions:	$186.3 million

Last independent valuation
Date:	Jun 2015
Valuation:	$195.0 million
Valuation $/m2:	$5,305/m²
Capitalisation rate:	6.25%
Discount rate:	8.25%
Carparkingspaces:	1,682
Gross lettable area:	36,760m2
Annual sales:	$172.5 million^^
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	7.9years
NABERS:	NA
Green Star rating:	4.0(As Built)4.0	(Design)

Major tenants	GLA(m2)	Lease expiry
Target	5,592	Jan 2023
Kmart	5,598	Jul 2034
Coles	4,000	Jul 2034
Supa IGA	2,349	Mar 2020

Lease expiry profile %

3 5 3 12 10 67

NB Includes vacancies held for remix

^ 100% interest

2 14 1 92

NB Includes vacancies held for development^^ Transitional MAT

4 16 3 1 76

NB Includes vacancies held for development

^^ Transitional MAT

** Includes the Townsville Kmart centre

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETAIL COMMERCIAL PORTFOLIO

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~~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

Location: Burleigh Heads, Qld
Acquisition date:	Aug2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$126.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$170.0 million
Valuation $/m2:	$6,348/m²
Capitalisation rate:	6.75%
Discount rate:	8.25%
Carparkingspaces:	1,458
Gross lettable area:	26,780m2
Annual sales:	$188.2 million
Specialtyoccupancycost:	12.8%
Weighted average lease expiry:	6.2years
NABERS:	3.5(Energy)5.0(Water)
Green Star rating:	NA

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

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Stockland The Pines

The Pines is well located in one of Melbourne’s strong socio-economic trade areas. The retail mix includes Coles, ALDI, Woolworths, Target, and over 100 specialty stores. 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:	$134.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$170.0 million
Valuation $/m2:	$6,817/m²
Capitalisation rate:	6.25%
Discount rate:	8.00%
Carparkingspaces:	1,440
Gross lettable area:	24,938m2
Annual sales:	$173.7 million
Specialtyoccupancycost:	18.7%
Weighted average lease expiry:	5.6years
NABERS:	NA
Green Star rating:	NA

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

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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 Bunnings Warehouse.

Location: Forster, NSW

Location: Forster, NSW
Acquisition date:	Jul 2003/May2010
Ownership/title:	100%/Freehold
Cost includingadditions:	$117.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$167.0 million
Valuation $/m2:	$4,294/m²
Capitalisation rate:	6.50%
Discount rate:	8.50%
Carparkingspaces:	1,196
Gross lettable area:	38,889m2
Annual sales:	$226.9 million
Specialtyoccupancycost:	11.7%
Weighted average lease expiry:	3.3years
NABERS:	6.0(Energy)4.5(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Bunnings	8,310	Mar 2019
Kmart	5,838	Jan 2020
Coles	4,083	Jan 2020
Woolworths	3,800	Nov 2020
Target	1,487	Nov 2016

Lease expiry profile %

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5 8 8 6 73
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2 18 6 24 50
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NB Includes vacancies held for remix

Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Jesmond~~

Located in the suburb of Jesmond, Newcastle, the centre is constructed on five hectares and anchored by Woolworths, ALDI and Big W as well as 75 specialty stores. A brand new fast casual dining precinct opened in March 2015 together with a new medical precinct. The centre is supported by extensive car parking, a new parents’ room and public transport facilities. The centre is located in close proximity to the University of Newcastle.

Location: Newcastle, NSW

Location: Newcastle, NSW
Acquisition date:	Feb 1984
Ownership/title:	100%/Freehold
Cost includingadditions:	$58.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$160.0 million
Valuation $/m2:	$7,906/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%
Carparkingspaces:	1,068
Gross lettable area:	20,238m2
Annual sales:	$149.9 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	10.0years
NABERS:	4.5(Energy)3.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
BigW	7,944	Jun 2029
Woolworths	3,053	Jun 2035
ALDI	1,473	Jun 2025

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~~Stockland Balgowlah~~

Located in the northern suburbs of Sydney, the centre occupies 13,000 sqm of a mixed-use development with 240 residential apartments. The centre includes a Coles supermarket, Harbord Growers Market, Platinum Fitness First and 60 specialty stores, including a quality fresh food market, a fashion precinct and 720 retail car parking spaces. The second level is an open air plaza with a number of restaurants and service offerings. Recent remixing has added high fashion apparel to the centre.

Location: Balgowlah, NSW

Location: Balgowlah, NSW
Acquisition date:	Jun 2009/Nov 2009
Ownership/title:	100%/Freehold
Cost includingadditions:	$132.7 million

Last independent valuation
Date:	Dec 2015
Valuation:	$148.0 million
Valuation $/m2:	$11,425/m²
Capitalisation rate:	6.00%
Discount rate:	8.00%
Carparkingspaces:	720
Gross lettable area:	12,954m2
Annual sales:	$145.3 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	7.3years
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Coles	4,443	Jun 2029

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Stockland Wendouree

Located in the historic city of Ballarat, 110 kilometres west of Melbourne, this sub-regional shopping centre includes Kmart, Coles, Woolworths plus 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 is being lodged for the expansion of Wendouree which will include a new 4,000 sqm Woolworths supermarket, additional specialties and a new Casual Dining precinct.

Location: Wendouree, Vic

Location: Wendouree, Vic
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$75.6 million

Last independent valuation
Date:	Dec 2015
Valuation:	$148.0 million
Valuation $/m2:	$5,854/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%
Carparkingspaces:	1,206
Gross lettable area:	25,284m2
Annual sales:	$173.9 million
Specialtyoccupancycost:	13.6%
Weighted average lease expiry:	7.6years
NABERS:	4.0(Energy)4.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Kmart	7,831	Oct 2028
Coles	3,252	Aug2022
Woolworths	3,463	Nov 2020

Lease expiry profile %

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6 6 8 9 71
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3 8 7 4 78
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 17

RETAIL COMMERCIAL PORTFOLIO

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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 70 specialty stores and services, 850 car parking spaces, an outdoor children’s play area and a fully equipped parents’ room.

Location: Baulkham Hills, NSW

Location: Baulkham Hills, NSW
Acquisition date:	Sep1982
Ownership/title:	100%/Freehold
Cost includingadditions:	$91.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$145.0 million
Valuation $/m2:	$8,031/m²
Capitalisation rate:	6.25%
Discount rate:	8.00%
Carparkingspaces:	839
Gross lettable area:	18,055m2
Annual sales:	$146.8 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	6.0years
NABERS:	3.5(Energy)0.0(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Woolworths	3,855	Jul 2027
Coles	3,034	Jun 2027
ALDI	1,429	Dec 2016

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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 2015 Survey for Specialty MAT per sqm. The property comprises Coles, Woolworths, Kmart, Big W, Target and 50 specialty stores. Over 3.2 hectares of rezoned land borders the property, with a DA approved to redevelop over 26,000 sqm.

Location: Gladstone, Qld

Location: Gladstone, Qld
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$87.5 million

Last independent valuation
Date:	Dec 2015
Valuation:	$140.2 million
Valuation $/m2:	$5,069/m²
Capitalisation rate:	7.00%
Discount rate:	8.25%
Carparkingspaces:	698
Gross lettable area:	27,657m2
Annual sales:	$206.9 million
Specialtyoccupancycost:	12.9%
Weighted average lease expiry:	1.5years
NABERS:	4.0(Energy)
Green Star rating:	NA

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

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Stockland Caloundra/Stockland South

Caloundra is located within the southern part of the Sunshine Coast in a population growth corridor. The centre includes a Coles, Kmart and 48 specialty stores and there is over one hectare of land adjacent for future expansion. 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:	$81.4 million

Last independent valuation
Date:	Dec 2015
Valuation:	$126.5 million
Valuation $/m2:	$5,705/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%-8.25%
Carparkingspaces:	1,141
Gross lettable area:	22,175m2
Annual sales:	$174.3 million
Specialtyoccupancycost:	11.0%
Weighted average lease expiry:	4.9years
NABERS:	4.5(Energy)5.0(Water)
Green Star rating:	NA

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

Lease expiry profile %

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3 44 45 3 5
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2 2 4 43 5 44
Excludes Caloundra South
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Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Nowra~~

Nowra is a sub-regional centre conveniently located on the Princes Highway, a major arterial road, 160 kilometres south of Sydney. The centre is anchored by Kmart, Woolworths and 48 specialty stores. The centre has six hectares of zoned land adjacent to the site with development approval.

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~~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 50 specialty stores. The majority of the car parking is undercover.

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Stockland Bull Creek

Bull Creek is a single level sub-regional centre located 15 kilometres south of the Perth CBD. The centre is anchored by Woolworths, Target and 46 specialty stores. The centre is positioned as a convenience and value destination in this dense trade area. Woolworths have executed a new 20 year lease and a full refit of the store is now complete.

Location: Nowra, NSW

Location: Nowra, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$68.7 million

Last independent valuation
Date:	Dec 2015
Valuation:	$117.7 million
Valuation $/m2:	$7,367/m²
Capitalisation rate:	6.50%
Discount rate:	8.25%
Carparkingspaces:	821
Gross lettable area:	15,979m2
Annual sales:	$150.1 million
Specialtyoccupancycost:	12.3%
Weighted average lease expiry:	6.9years
NABERS:	4.5(Energy)4.5(Water)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Kmart	7,190	Nov 2018
Woolworths	4,230	July2035

Location: Traralgon, Vic
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$52.4 million

Last independent valuation
Date:	Dec 2015
Valuation:	$106.6 million
Valuation $/m2:	$5,474/m²
Capitalisation rate:	6.75%
Discount rate:	8.50%
Carparkingspaces:	754
Gross lettable area:	19,473m2
Annual sales:	$125.9 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	2.8years
NABERS:	4.0(Energy)4.0(Water)
Green Star rating:	NA

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

Location: Bull Creek, WA
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$62.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$102.0 million
Valuation $/m2:	$6,033/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%
Carparkingspaces:	893
Gross lettable area:	16,906m2
Annual sales:	$107.6 million
Specialtyoccupancycost:	14.8%
Weighted average lease expiry:	4.0years
NABERS:	4.5(Energy)
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Target	8,131	Jul 2018
Woolworths	3,426	May2035

Lease expiry profile %

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4 8 4 47 37 3 12 7 71 7 4 5 11 52 28
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETAIL COMMERCIAL PORTFOLIO

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Stockland Cleveland

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

Location: Cleveland, Qld

Location: Cleveland, Qld
Acquisition date:	Oct 2002
Ownership/title:	100%/Freehold
Cost includingadditions:	$77.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$102.0 million
Valuation $/m2:	$6,528/m²
Capitalisation rate:	6.75%
Discount rate:	8.50%
Carparkingspaces:	780
Gross lettable area:	15,626m2
Annual sales:	$148.0 million
Specialtyoccupancycost:	14.9%
Weighted average lease expiry:	3.0years
NABERS:	NA
Green Star rating:	NA

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

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Stockland Bathurst

Stockland Bathurst is located in the Bathurst CBD, 200 kilometres west of Sydney. Bathurst is a single level sub regional shopping centre anchored by Target, Big W, Woolworths and 38 specialty stores. New leases have been entered into with Big W and Woolworths with both stores completing brand new fit outs.

Location: Bathurst, NSW

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $64.2 million Last independent valuation Date: Dec 2015 Valuation: $94.0 million Valuation $/m[2] : $4,830/m² Capitalisation rate: 6.75% Discount rate: 8.00% Car parking spaces: 519 Gross lettable area: 19,461m[2] Annual sales: $106.3 million Specialty occupancy cost: 13.2% Weighted average lease expiry: 10.6 years NABERS: 3.5 (Energy) 3.0 (Water) Green Star rating: NA

Major tenants	GLA(m2)	Lease expiry
BigW	6,150	Jun 2034
Target	5,973	Nov 2019
Woolworths	2,940	Nov 2034

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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’s and 38 specialty stores.

Location: Corrimal, NSW

Location: Corrimal, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$45.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$75.0 million
Valuation $/m2:	$7,624/m²
Capitalisation rate:	6.75%
Discount rate:	8.00%
Carparkingspaces:	524
Gross lettable area:	9,837m2
Annual sales:	$106.5 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	8.0years
NABERS:	NA
Green Star rating:	NA

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

Lease expiry profile %

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13 2 5 2 87
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7 5 7 6 75
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Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Wallsend~~

Wallsend is located ten kilometres north-west of the Newcastle CBD. The centre has a GLA of over 12,000 sqm and provides the Wallsend community with Coles, ALDI, 43 specialty stores and an extensive range of services including Service NSW, Australia Post and a range of major banks. A new McDonalds full-line family restaurant opened in December 2014.

Location: Wallsend, NSW

Location: Wallsend, NSW
Acquisition date:	Sep2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$67.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$70.3 million
Valuation $/m2:	$5,858/m²
Capitalisation rate:	7.00%
Discount rate:	8.25%
Carparkingspaces:	1,316
Gross lettable area:	12,001m2
Annual sales:	$96.9 million
Specialtyoccupancycost:	11.0%
Weighted average lease expiry:	3.9years
NABERS:	NA
Green Star rating:	NA

Major tenants GLA (m[2] ) Lease expiry Coles 4,185 Oct 2018 ALDI 1,292 Jun 2020

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~~Stockland Bundaberg~~

Stockland purchased 50% of this centre from AMP in October 2014. With 23,000 sqm of GLA, the centre is anchored by Woolworths, Big W, JB Hi-Fi, Best & Less and 63 specialty stores. A put and call option for the remaining 50% of the centre has been exchanged.

Location: Bundaberg, Qld

Acquisition date: Oct 2014 Ownership/title: 50%/Freehold Cost including additions: $59.9 million Last independent valuation Date: Dec 2015 Valuation: $68.4 million Valuation $/m[2] : $6,004/m²[^] Capitalisation rate: 6.50% Discount rate: 8.00% Car parking spaces: 1,316 Gross lettable area: 22,797m[2] Annual sales: $176.4 million Specialty occupancy cost: 12.4% Weighted average lease expiry: 9.3 years NABERS: 4.0 (Energy) Green Star rating: NA

Major tenants GLA (m[2] ) Lease expiry Big W 8,173 Sep 2036 Woolworths 4,184 Sep 2018

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~~Glasshouse – 135 King Street, Sydney~~

Glasshouse is strategically located in the heart of Sydney CBD. The recently developed centre is home to international flagships H&M and Zara Home.

Location: Sydney CBD, NSW

Acquisition date: Jun 2003 Ownership/title: 50%/Freehold Cost including additions: $34.2 million Last independent valuation Date: Dec 2015 Valuation: $66.0 million Valuation $/m[2] : $22,763/m²[^] Capitalisation rate: 4.75% Discount rate: 6.75% Car parking spaces: N/A Gross lettable area: 5,799m[2] Annual sales: N/A[^^] Specialty occupancy cost: N/A Weighted average lease expiry: 14.2 years NABERS: NA Green Star rating: NA Major tenants GLA (m[2] ) Lease expiry H&M 5,150 Oct 2030 Zara Home 649 Dec 2025

Lease expiry profile %

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37
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3 10 8 4 22 53
^ 100% interest
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100
^ 100% interest
^^ Transitional MAT

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETAIL COMMERCIAL PORTFOLIO

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~~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:	$27.4 million

Last independent valuation
Date:	Dec 2015
Valuation:	$64.0 million
Valuation $/m2:	$6,532/m²^
Capitalisation rate:	6.50%
Discount rate:	8.25%
Carparkingspaces:	1,193
Gross lettable area:	19,596m2
Annual sales:	$145.8 million
Specialtyoccupancycost:	12.9%
Weighted average lease expiry:	1.8years
NABERS:	4.0(Energy)
Green Star rating:	NA

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

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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:	$48.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$63.0 million
Valuation $/m2:	$7,002/m²
Capitalisation rate:	6.00%
Discount rate:	8.00%
Carparkingspaces:	488
Gross lettable area:	8,997m2
Annual sales:	$110.9 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	7.5years
NABERS:	NA
Green Star rating:	NA

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

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Stockland Cammeray

Cammeray is a 4,700 sqm lifestyle 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 850 sqm of commercial suites.

Location: Cammeray, NSW

Location: Cammeray, NSW
Acquisition date:	Dec 2008
Ownership/title:	100%/Stratum
Cost includingadditions:	$57.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$45.5 million
Valuation $/m2:	$9,495/m²
Capitalisation rate:	6.25%
Discount rate:	8.50%
Carparkingspaces:	80
Gross lettable area:	4,792m2
Annual sales:	$26.8 million
Specialtyoccupancycost:	14.8%
Weighted average lease expiry:	8.3years
NABERS:	NA
Green Star rating:	NA

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

Lease expiry profile %

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9 8 4 79
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5 3 9 83
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^ 100% interest

Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Piccadilly~~

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. Stockland Piccadilly is home to the award-winning Palace Chinese Restaurant, food court and cafe dining, as well as fashion and a number of services.

Location: Sydney CBD, NSW

Location: Sydney CBD, NSW
Acquisition date:	Oct 2000
Ownership/title:	50%/Leasehold
Cost includingadditions:	$21.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$34.7 million
Valuation $/m2:	$22,791/m²^
Capitalisation rate:	6.00%
Discount rate:	8.25%
Carparkingspaces:	N/A
Gross lettable area:	3,045m2
Annual sales:	$27.6 million
Specialtyoccupancycost:	26.7%
Weighted average lease expiry:	3.9years*
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
N/A

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~~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. A new full-line McDonalds family restaurant is now open. A DA has been submitted to include a Woolworths Petrol pad site.

Location: Craigieburn, Vic Acquisition date: Nov 2011 Ownership/title: 100%/Freehold Cost including additions: $31.5 million Last independent valuation Date: Dec 2015 Valuation: $32.7 million Valuation $/m[2] : $4,211/m² Capitalisation rate: 6.75% Discount rate: 8.25% Car parking spaces: 343 Gross lettable area: 7,766m[2] Annual sales: $45.7 million Specialty occupancy cost: 14.7% Weighted average lease expiry: 10.2 years NABERS: NA Green Star rating: 4.0 (As Built) Major tenants GLA (m[2] ) Lease expiry Woolworths 3,946 Nov 2031

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Stockland North Shore

A convenient neighbourhood centre located within the Stockland North Shore residential community in Townsville, Qld. The centre includes a new Woolworths and 15 specialty stores. A DA has been approved to expand the centre to 20,000 sqm. This expansion will incorporate a discount department store and supporting specialty stores.

Location: North Shore, Qld

Acquisition date: Mar 2011 Ownership/title: 100%/Freehold Cost including additions: $20.7 million Last independent valuation Date: Dec 2015 Valuation: $23.0 million Valuation $/m[2] : $3,981/m² Capitalisation rate: 6.75% Discount rate: 8.25% Car parking spaces: 250 Gross lettable area: 5,777m[2] Annual sales: $53.0 million Specialty occupancy cost: 5.6% Weighted average lease expiry: 4.2 years NABERS: NA Green Star rating: 4.0 (As Built) 4.0 (Design) Major tenants GLA (m[2] ) Lease expiry Woolworths 3,609 Mar 2021

Lease expiry profile %

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14 18 77
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4 11 11 74
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^ 100% interest
Retail only

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 23

RETAIL COMMERCIAL PORTFOLIO

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~~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 22,000 sqm sub-regional shopping centre. In addition, the existing centre will be refurbished as part of any new development.

Location: Jimboomba, Qld

Location: Jimboomba, Qld
Acquisition date:	Jan 2007
Ownership/title:	50%/Freehold
Cost includingadditions:	$26.1 million

Last independent valuation
Date:	Jun 2015
Valuation:	$13.9 million
Valuation $/m2:	$2,383/m²^
Capitalisation rate:	8.00%
Discount rate:	9.50%
Carparkingspaces:	504
Gross lettable area:	11,664m2*
Annual sales:	$48.9 million
Specialtyoccupancycost:	8.7%
Weighted average lease expiry:	3.5years
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Woolworths	3,716	Dec 2017

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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

Location: Vincentia, NSW
Acquisition date:	Jan 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$15.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$11.0 million
Valuation $/m2:	$2,684/m²
Capitalisation rate:	8.25%
Discount rate:	8.50%
Carparkingspaces:	171
Gross lettable area:	4,099m2
Annual sales:	$57.2 million
Specialtyoccupancycost:	7.4%
Weighted average lease expiry:	2.5years
NABERS:	NA
Green Star rating:	NA

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

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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: $6.3 million Last independent valuation Date: Dec 2015 Valuation: $6.2 million Valuation $/m[2] : N/A Capitalisation rate: N/A Discount rate: N/A Car parking spaces: 130 Gross lettable area: 2,275m[2] Annual sales: N/A Specialty occupancy cost: N/A Weighted average lease expiry: 0.1 years NABERS: NA Green Star rating: NA Major tenants GLA (m[2] ) Lease expiry Woolworths 2,275 Monthly tenancy

Lease expiry profile %

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9 8 10 10 52 11
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100
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^ 100% interest
Excludes adjacent land holdings

Vacant FY

16 17 18 19 20+

RETAIL COMMERCIAL PORTFOLIO

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Stockland Harrisdale under construction

Harrisdale is a new c.12,200 sqm shopping centre, currently under construction and due to open mid-2016. It is located within the Stockland Newhaven residential community, 20 kilometres south-east of the Perth CBD. Stockland Harrisdale will form the core of Newhaven – Stockland’s award-winning residential community in Piara Waters. The site is well located to draw customers from surrounding suburbs with direct exposure to Nicholson Road, the area’s main North-South arterial link. Stockland Harrisdale will be anchored by Woolworths and ALDI.

Location: Newhaven, WA
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	N/A

Last independent valuation
Date:
Valuation:
Valuation $/m2:
Capitalisation rate:
Discount rate:
Carparkingspaces:	N/A
Gross lettable area:	N/A
Annual sales:	N/A
Specialtyoccupancycost:	N/A
Weighted average lease expiry:	N/A
NABERS:	NA
Green Star rating:	NA

Major tenants	GLA(m2)	Lease expiry
Woolworths	4,200	Jun 2036
ALDI	1,512	Jun 2026

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 25

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

CHERRY LANE, VIC LARGE SINGLE TENANTED INDUSTRIAL FACILITY LOCATED IN MELBOURNE’S WESTERN INDUSTRIAL PRECINCT, 18 KILOMETRES WEST OF THE MELBOURNE CBD. THE PROPERTY HAS A LARGE WAREHOUSE WITH SIGNIFICANT CONTAINER-RATED HARDSTAND AND IS LEASED TO THE TOLL GROUP UNTIL 2020. THERE IS SCOPE FOR FURTHER REDEVELOPMENT IN THE MEDIUM TO LONG TERM DUE TO LOW SITE COVERAGE.

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LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

Logistics & Business Parks

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Yennora, NSW

Lease expiry profile %

At 31 December 2015 the portfolio comprises 25 properties encompassing over 1.25 million square metres of building area with Stockland’s ownership interests valued at $1.8 billion and gross book value of $2.0 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

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5 7 15 10 12 51
Vacant FY
16 17 18 19 20+
Geographic split %
70 15 6 3 6
NSW Vic Qld WA SA
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

WONDERLAND DRIVE, NSW

LOCATED IN EASTERN CREEK THE BUILDING IS A LARGE FREESTANDING MODERN WAREHOUSE. THE PROPERTY OFFERS EXCELLENT ACCESS TO THE M4 AND M7 INTERCHANGE, WITH A TOTAL GLA OF 23,117 SQM AND IS CURRENTLY LEASED TO DHL.

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LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

~~Logistics & Business Parks Portfolio as at 31 December 2015~~
Page
Property
Location
GLA (m2)
Book value#
($m)
1H16 AIFRS
NOI ($m)
Funds from
operations ($m)
% of Logistics &
Business Parks
Portfolio
Passing
rent ($/m2)
Net/Gross
Logistics
30
Yennora Distribution Centre,Yennora
NSW
291,423
381.0
11.7
12.8
20.9
94
Net
30
Port Adelaide Distribution Centre,Port Adelaide
SA
167,608
99.9
3.6
4.2
5.5
57
Net
30
Hendra Distribution Centre,Brisbane
Qld
83,835
88.6
4.1
4.8
4.9
99
Net
31
Brooklyn Estate,Brooklyn
Vic
130,001
82.5
3.3
4.0
4.5
70
Net
31
Forrester Distribution Centre,St Mary’s
NSW
60,239
81.3
3.1
3.0
4.5
102
Net
31
Ingleburn Distribution Centre,Ingleburn
NSW
6,700
77.5^^
2.9
2.7
4.3
97
Net
32
Balcatta Distribution Centre,Balcatta
WA
26,388
58.0^^
2.2
1.7
3.2
117
Net
32
9-11a Ferndell Street,Granville
NSW
47,753
55.9
2.2
2.3
3.1
94
Net
32
Toll Business Park,Altona
Vic
52,448
44.8
2.1
2.3
2.5
80
Net
33
20-50 and 76-82 Fillo Drive and 10 Stubb Street,Somerton
Vic
70,419
44.1
1.4
1.7
2.4
68
Net
33
23 Wonderland Drive,Eastern Creek
NSW
23,117
35.9
0.6
0.6
2.0
118
Net
33
1090-1124 Centre Road,Oakleigh South
Vic
41,938
31.7
1.0
1.3
1.7
86
Net
34
72-76 CherryLane,Laverton North
Vic
20,500
31.7
1.2
1.1
1.7
69
Net
34
Altona Distribution Centre,Altona
Vic
34,259
30.3
1.3
1.4
1.7
76
Net
34
2-8 Baker St,Botany
NSW
9,492
23.2
0.7
0.7
1.3
165
Net
35
2 Davis Road,Wetherill Park
NSW
16,263
21.3
0.3
0.3
1.2
101
Net
35
Export Park,9-13 Viola Place,Brisbane Airport
Qld
8,468
9.3
0.6
0.7
0.5
199
Net
35
40 Scanlon Drive,Epping
Vic
9,371
9.0
0.4
0.4
0.5
87
Net
1,100,222
1,206.0
42.7
46.0
66.4
Logistics Development Land
36
Coopers Paddock,Warwick Farm
NSW
52,000^
19.6
0.0
0.0
1.1
N/A
N/A
36
Yatala Distribution Centre,Yatala
Qld
44,000^
10.0
0.0
0.0
0.5
N/A
N/A
31
Ingleburn Distribution Centre,Ingleburn(Stage One)
NSW
28,800^
N/A
N/A
N/A
N/A
N/A
N/A
32
Balcatta Distribution Centre,Balcatta
WA
20,000^
N/A
N/A
N/A
N/A
N/A
N/A
29.6
1.6
Business Parks
36
Optus Centre,Macquarie Park^^^
NSW
84,194
219.3
7.3
7.4
12.0
294
Net
37
Triniti Campus,North Ryde
NSW
28,158
177.8^^
5.1
6.2
9.8
374
Net
37
60-66 Waterloo Road,Macquarie Park
NSW
18,310
95.2
2.9
3.4
5.2
332
Net
37
Macquarie TechnologyCentre,Macquarie Park
NSW
15,443
48.8
1.5
1.9
2.7
219
Net
38
16 Giffnock Avenue,Macquarie Park
NSW
11,684
42.4
1.0
1.5
2.3
265
Net
157,789
583.5
17.8
20.4
32.0
Business Parks Development Land
37
Triniti Campus,North Ryde
NSW
30,098^
N/A
N/A
N/A
N/A
N/A
N/A
1,258,011
1,819.1
60.5
66.4
100.0*

Excludes hardstand and vehicle storage and reflects 100% interest.
** GLA post construction of Buildings 1 and 3.
Represents the full carrying value of the investment property.
^ Estimated GLA on completion, not included in total GLA.
^^ Includes development land value. Total value of greenfield development land is $65 million.
^^^ Book value represents Stockland’s 51% ownership interest.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 29

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Yennora Distribution Centre~~

Yennora Distribution Centre is one of the largest distribution centres of its kind in the southern hemisphere with approximately 300,000 sqm under roof and 70,000 sqm of dedicated container hardstand. The site operates as an ‘intermodal’ rail terminal with approximately seven kilometres of rail sidings connected to the Main Southern Rail Line. A DA has been lodged for two new buildings totalling 22,600 sqm (Building 3 and Site 8A).

Location: Yennora, NSW

Location: Yennora, NSW
Acquisition date:	Jul 2000/Nov 2010
Ownership/title:	100%/Freehold
Cost includingadditions:	$269.7 million

Last independent valuation
Date:	Dec 2015
Valuation:	$381.0 million
Valuation $/m2:	$1,307/m2
Capitalisation rate:	7.00%
Discount rate:	8.25%
Lettable area:	291,423m2
Site area:	70ha
Hardstand:	70,000m2
Weighted average lease expiry:	4.4years

Major tenants GLA (m[2] ) Australian Wool Handlers 59,097 Qube Logistics 44,677 Austpac Pty Ltd 22,636 Toll Holdings Limited 20,240

Lease expiry profile %

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~~Port Adelaide Distribution Centre~~

Port Adelaide Distribution Centre is a large industrial estate comprising over 160,000 sqm 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. ACI Packaging, a subsidiary of Owens-Illinois, has recently renewed its lease on buildings D and G for 33,000 sqm. Additionally, a DA has been granted for a new 7,500 sqm warehouse on surplus land.

Location: Port Adelaide, SA

Location: Port Adelaide, SA
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$61.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$99.9 million
Valuation $/m2:	$596/m2
Capitalisation rate:	9.00%
Discount rate:	9.25%
Lettable area:	167,608m2
Site area:	32ha
Hardstand:
Weighted average lease expiry:	2.9years

Major tenants GLA (m[2] ) ACI 69,523 Koch Fertiliser 23,481 Wengfu Australia 20,770 Spendless Shoes Pty Limited 12,383 12 4 16 57 11

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Hendra Distribution Centre
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Hendra Distribution Centre is comprised of 17 warehouses including one large, modern distribution centre with further warehousing and amenities. The property is well situated in Brisbane’s Trade Coast precinct and boasts excellent road, port and air accessibility. Surplus land adjacent is available for further development. Major refurbishment to building 1 was recently completed with new leases to Kmart and Bevchain.

Location: Brisbane, Qld

Location: Brisbane, Qld
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$54.5 million

Last independent valuation
Date:	Jun 2015
Valuation:	$84.5 million
Valuation $/m2:	$1,008/m2
Capitalisation rate:	8.75%
Discount rate:	9.75%
Lettable area:	83,835m2
Site area:	17ha
Hardstand:
Weighted average lease expiry:	2.8years

Major tenants GLA (m[2] ) Bevchain 14,810 Kmart Distribution 14,213 Queensland Rail Limited 7,902 Lion Nathan 7,724

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21 12 24 3 3 37
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Vacant FY

16 17 18 19 20+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Brooklyn Estate~~

Brooklyn Estate is a flexible distribution centre, located ten kilometres west of the Melbourne CBD, adjacent to the four-way interchange of West Gate Freeway and the Princes Highway. The estate comprises ten separate warehouses over 22 hectares. Planning is underway for partial redevelopment of the site.

Location: Brooklyn, Vic

Acquisition date: Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $67.4 million Last independent valuation Date: Dec 2015 Valuation: $82.5 million Valuation $/m[2] : $635/m[2] Capitalisation rate: 8.00% Discount rate: 9.00% Lettable area: 130,001m[2] Site area: 22ha Hardstand: 10,500m[2] Weighted average lease expiry: 1.8 years

Major tenants GLA (m[2] ) Unitised Building (Aust) Pty Ltd 32,809 Ceva 23,625 Paper Australia 12,725 Isuzu 11,814

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~~Forrester Distribution Centre~~

Forrester Distribution Centre is a modern and flexible facility conveniently located within close proximity to rail and the Great Western Highway, the M4 and M7 motorways, also featuring drivearound access to all three warehouse buildings. The premises are fully occupied by ACI Packaging, a wholly-owned subsidiary of OwensIllinois, a U.S. Fortune 500 company.

Location: St Mary’s, NSW Acquisition date: Dec 2013 Ownership/title: 100%/Freehold Cost including additions: $77.6 million Last independent valuation Date: Dec 2015 Valuation: $81.3 million Valuation $/m[2] : $1,350/m[2] Capitalisation rate: 7.25% Discount rate: 8.50% Lettable area: 60,239m[2] Site area: 12ha Hardstand: Weighted average lease expiry: 3.3 years

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

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~~Ingleburn Distribution Centre~~

This 28 hectare site is located in the established industrial precinct of Ingleburn, approximately 44 kilometres south west of the Sydney CBD. It provides a substantial development offering and is located within close proximity to the M5 and other key south western Sydney industrial markets. Ingleburn Distribution Centre (Stage One) includes 5.1 hectares of land with 28,800 sqm currently being developed. A further 7.3 and 15.5 hectares is leased to Patrick Autocare until 2017 and 2024 respectively.

Location: Ingleburn, NSW

Location: Ingleburn, NSW
Acquisition date:	Jun 2014
Ownership/title:	100%/Freehold
Cost includingadditions:	$76.7 million

Last independent valuation
Date:	N/A
Valuation:	N/A
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	6,700m2
Site area:	28ha
Hardstand:
Weighted average lease expiry:	6.3years

GLA (m[2] )

Major tenants Patrick Autocare Pty Ltd 6,700

Lease expiry profile %

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5 66 16 13 100
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30 70
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 31

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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Balcatta Distribution Centre

Balcatta Distribution Centre is located in one of Western Australia’s premier industrial precincts, 12 kilometres north of the Perth CBD. 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 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: $56.5 million Last independent valuation Date: Dec 2015 Valuation: $58.0 million Valuation $/m[2] : $2,198/m[2] Capitalisation rate: 7.00% Discount rate: 9.00% Lettable area: 26,388m[2] Site area: 12ha Hardstand: Weighted average lease expiry: 18.5 years

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

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~~9-11a Ferndell Street~~

Situated on a 5.4 hectare site, 9-11 Ferndell Street comprises three modern office and warehouse buildings. 11a is a factory warehouse building made up of three warehouse bays and an ancillary office. Both properties are located in the established industrial suburb of Granville, 20 kilometres west of the Sydney CBD. Blue Star Group executed a new ten year lease in July 2015. The asset is fully leased with a WALE of 5.6 years.

Location: Granville, NSW

Acquisition date: Apr 2003/Jun 2003 Ownership/title: 100%/Freehold Cost including additions: $55.0 million Last independent valuation Date: Dec 2015 Valuation: $55.9 million Valuation $/m[2] : $1,171/m[2] Capitalisation rate: 7.25-9.00% Discount rate: 8.50-9.00% Lettable area: 47,753m[2] Site area: 9ha Hardstand: Weighted average lease expiry: 5.6 years

Major tenants GLA (m[2] ) Visy Industrial Packaging 17,546 Williams Enterprise Group 13,574 Bluestar Group 13,203 Hellofresh Australia 3,431

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Toll Business Park

Toll Business Park comprises three modern warehouse and distribution facilities. 11-25 Toll Drive is currently available for lease and undergoing a major refurbishment. 32-54 Toll Drive and 56-60 Toll Drive are both fully leased.

Location: Altona, Vic

Location: Altona, Vic
Acquisition date:	Sep2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$64.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$44.8 million
Valuation $/m2:	$853/m2
Capitalisation rate:	7.25%
Discount rate:	8.25-8.50%
Lettable area:	52,448m2
Site area:	13ha
Hardstand:
Weighted average lease expiry:	2.6years

Major tenants GLA (m[2] ) Toll Holdings Limited 34,871 Deliver.com.au 17,577

Lease expiry profile %

100

40 60

53 47

Vacant FY 16 17 18 19 20+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~20-50 and 76-82 Fillo Drive and 10 Stubb Street~~

The property consists of three warehouse facilities with adjacent boundaries. 20-50 Fillo Drive is a 31,000 sqm distribution facility with good clearance and multiple loading points. 10 Stubb Street is located on the same title and comprises a modern distribution facility consisting of a two-level office and warehouse, 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:	$64.3 million

Last independent valuation
Date:	Dec 2015
Valuation:	$44.1 million
Valuation $/m2:	$626/m2
Capitalisation rate:	8.25%
Discount rate:	8.25%
Lettable area:	70,419m2
Site area:	16ha
Hardstand:
Weighted average lease expiry:	2.5years

Major tenants GLA (m[2] ) Toll Holdings Limited 30,278 Yakka Pty Ltd 18,822 Mainfreight Distribution 10,617

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~~23 Wonderland Drive~~

The property consists of a modern freestanding warehouse situated in the key western Sydney industrial market of Eastern Creek. The property offers excellent access to the M4 and M7 interchange, with a total GLA of 23,117 sqm and is currently leased to DHL.

Location: Eastern Creek, NSW

Location: Eastern Creek, NSW
Acquisition date:	Sep2015
Ownership/title:	100%/Freehold
Cost includingadditions:	$35.9 million

Last independent valuation
Date:	N/A
Valuation:	N/A
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	23,117m2
Site area:	4ha
Hardstand:
Weighted average lease expiry:	0.4years

Major tenants GLA (m[2] ) DHL Supply Chain (Australia) Pty Ltd 23,117

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1090-1124 Centre Road

The property is well located in Melbourne’s south-eastern suburbs, 17 kilometres from the Melbourne CBD. The eight hectare site is situated on a prominent main road location and is currently undergoing a substantial development. A new 10,702 sqm pre-lease to Specialty Packaging and a further 8,300 sqm are being built, both replacing obsolete buildings.

Location: Oakleigh South, Vic

Location: Oakleigh South, Vic
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$52.1 million

Last independent valuation
Date:	Dec 2012
Valuation:	$31.8 million
Valuation $/m2:	$758/m2
Capitalisation rate:	9.25%
Discount rate:	10.00%
Lettable area:	41,938m2**
Site area:	8ha
Hardstand:
Weighted average lease expiry:	4.9years

Major tenants GLA (m[2] ) Specialty Packaging Group Pty Ltd 24,950 Amcor 6,846 Avery Dennison 4,599

Lease expiry profile %

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53 31 16
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100
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26 5 69
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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72-76 Cherry Lane
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This property is a large single tenanted industrial facility located in Melbourne’s western industrial precinct, 18 kilometres from the Melbourne CBD. The property has a large warehouse with significant container-rated hardstand and is leased to the Toll Group until 2020. There is scope for further redevelopment in the future due to low site coverage.

Location: Laverton North, Vic

Acquisition date: Feb 2015 Ownership/title: 100%/Freehold Cost including additions: $30.9 million Last independent valuation Date: Dec 2015 Valuation: $31.7 million Valuation $/m[2] : $1,546/m3 Capitalisation rate: 7.00% Discount rate: 8.25% Lettable area: 20,500m[2] Site area: 10ha Hardstand: 45,000m[2] Weighted average lease expiry: 5.0 years

Major tenants GLA (m[2] ) Toll Holdings Limited 20,500

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Altona Distribution Centre

The Altona Distribution Centre comprises nine separate buildings located in the western industrial precinct of Melbourne adjacent to the Western Ring Road. 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: $29.0 million Last independent valuation Date: Dec 2015 Valuation: $30.3 million Valuation $/m[2] : $883/m[2] Capitalisation rate: 8.25% Discount rate: 8.50% Lettable area: 34,259m[2] Site area: 15ha Hardstand: 65,500m[2] Weighted average lease expiry: 1.5 years

Major tenants GLA (m[2] ) Ceva 13,968 Autonexus Pty Ltd 6,165 Petrogas 4,877 Knauf Plasterboard Pty Ltd 3,189

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Artist’s impression
2-8 Baker St
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This well located property offers a flexible warehouse located within close proximity to Port Botany, 11 kilometres south of the Sydney CBD. Gross lettable area includes 7,900 sqm of warehouse and 1,600 sqm of office and showroom area. We have recently signed a new 7 year lease with Smeg, with major refurbishment works underway.

Location: Botany, NSW

Location: Botany, NSW
Acquisition date:	Mar 2015
Ownership/title:	100%/Freehold
Cost includingadditions:	$21.6 million

Last independent valuation
Date:	Dec 2015
Valuation:	$23.2 million
Valuation $/m2:	$2,444/m4
Capitalisation rate:	6.25%
Discount rate:	8.75%
Lettable area:	9,492m2
Site area:	2ha
Hardstand:
Weighted average lease expiry:	7.5years

Major tenants GLA (m[2] ) Smeg Australia Pty Ltd 9,492

Lease expiry profile %

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100
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----- Start of picture text -----

19 32 36 13 100
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Vacant FY

16 17 18 19 20+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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2 Davis Road
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This property is a modern office warehouse building offering flexible warehousing solutions. Works are underway to redevelop the rear of the property, increasing the hardstand and improving the functionality of the site. Stora Enso Australia has recently leased the remaining vacant space.

Location: Wetherill Park, NSW

Acquisition date: Apr 2003 Ownership/title: 100%/Freehold Cost including additions: $18.7 million Last independent valuation Date: Dec 2015 Valuation: $21.3 million Valuation $/m[2] : $1,307/m[2] Capitalisation rate: 7.25% Discount rate: 8.50% Lettable area: 16,263m[2] Site area: 4ha Hardstand: Weighted average lease expiry: 4.5 years

Major tenants GLA (m[2] ) Freight Specialists Pty Limited 10,274 Stora Enso Australia 5,989

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~~Export Park~~

9-13 Viola Place is a high-tech office and warehouse facility located in Brisbane Airport on leasehold title. The property is fully leased to DHL Australia and Ansaldo. 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 (Expiry 2047) Cost including additions: $16.1 million Last independent valuation Date: Dec 2015 Valuation: $9.3 million Valuation $/m[2] : $1,092/m[2] Capitalisation rate: 9.29% Discount rate: 8.75% Lettable area: 8,468m[2] Site area: N/A Hardstand: Weighted average lease expiry: 1.6 years

Major tenants GLA (m[2] ) DHL Global Forwarding 4,322 Ansaldo 4,146

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40 Scanlon Drive

40 Scanlon Drive is a modern warehouse facility of 9,371 sqm. 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

Acquisition date: Sep 2007 Ownership/title: 100%/Freehold Cost including additions: $8.9 million Last independent valuation Date: Dec 2015 Valuation: $9.0 million Valuation $/m[2] : $960/m[2] Capitalisation rate: 7.50% Discount rate: 8.50% Lettable area: 9,371m[2] Site area: 2ha Hardstand: Weighted average lease expiry: 3.1 years

GLA (m[2] )

Major tenants Gruma Oceania 5,306 Grace Australia 4,065

Lease expiry profile %

100

48 52

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 35

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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Artist’s impression
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~~Coopers Paddock~~

Situated at Warwick Farm in the heart of South West Sydney, Coopers Paddock offers a prime location for logistics and distribution providing good access to metropolitan Sydney and to interstate markets. The site comprises 11.5 hectares of industrial land currently being masterplanned for approximately 52,000 sqm of industrial built form.

Location: Warwick Farm, NSW

Location: Warwick Farm, NSW
Acquisition date:	Apr 2015
Ownership/title:	100%/Freehold
Cost includingadditions:	$19.6 million

Last independent valuation
Date:	N/A
Valuation:	N/A
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	52,000m2^
Site area:	11ha
Hardstand:
Weighted average lease expiry:	N/A

GLA (m[2] )

Major tenants

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Artist’s impression
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~~Yatala Distribution Centre~~

Yatala Distribution Centre is located 33 kilometres south of the Brisbane CBD. The property has direct access to the Pacific (M1) motorway via Darlington Drive. This site can deliver 44,000 sqm of prime warehousing and distribution facilities. A DA has been secured for stages one and two (21,100 sqm), with a further 23,100 sqm (stage three) being sought.

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

Last independent valuation
Date:	Jun 2013
Valuation:	$8.5 million
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	44,000m2^
Site area:	9ha
Hardstand:
Weighted average lease expiry:	N/A

GLA (m[2] )

Major tenants

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~~Optus Centre~~

Optus Centre is located 12 kilometres north-west of Sydney CBD in Macquarie Park. Situated on a 7.5 hectare site, the integrated campus comprises six low rise, A grade buildings with a combined NLA of 84,194 sqm together with 2,100 car parking spaces. Optus Centre is within close proximity to key amenities and 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:	$175.4 million

Last independent valuation
Date:	Sep2015
Valuation:	$219.3 million
Valuation $/m2:	$5,107/m2*
Capitalisation rate:	7.00%
Discount rate:	7.75%
Lettable area:	84,194m2
Site area:	8ha
Hardstand:
Weighted average lease expiry:	6.5years
NABERS energyrating:	5.0
NABERS water rating:	3.5
Green Star Rating:	N/A

Major tenants	GLA(m2)*
Optus Administration	84,194

100

100% interest

Vacant FY 16 17 18 19 20+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Triniti Campus~~

Located within Riverside Corporate Park, Triniti is in close proximity to the North Ryde railway station and provides Sydney CBD and district views. The campus currently houses blue chip companies including Goodman Fielder, CSR and Downer EDI Engineering. The adjacent site has an approved DA for future office development.

Location: North Ryde, NSW

Location: North Ryde, NSW
Acquisition date:	Jun 2001
Ownership/title:	100%/Freehold
Cost includingadditions:	$151.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$177.8 million
Valuation $/m2:	$6,314/m2
Capitalisation rate:	7.00%
Discount rate:	8.25%
Lettable area:	28,158m2
Site area:	3ha
Hardstand:
Weighted average lease expiry:	3.3years
NABERS energyrating:	T1 5.5 T2 5.0 T3 5.0*
NABERS water rating:	T1 4.5 T2 4.0 T3 3.5*
Green Star Rating:	T1 5.0 T2 5.0 T3 5.0 As Built**

Major tenants	GLA(m2)
Downer EDI Engineering	10,199
Goodman Fielder	8,521
CSR	5,752
Wilmar Sugar PtyLtd	734

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~~60-66 Waterloo Road~~

60-66 Waterloo Road is located in Macquarie Park, 12 kilometres north-west of the Sydney CBD. 60 Waterloo Road comprises a modern office, laboratory and warehouse building leased to Laverty Health until 2024. 66 Waterloo Road offers A-grade office accomodation and is fully leased to both Citrix and Jansen Cilag.

Location: Macquarie Park, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$54.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$95.2 million
Valuation $/m2:	$5,199/m2
Capitalisation rate:	6.50-7.00%
Discount rate:	7.50-7.75%
Lettable area:	18,310m2
Site area:	2ha
Hardstand:
Weighted average lease expiry:	7.3years
NABERS energyrating:	4.5*
NABERS water rating:	3.5*
Green Star Rating:	N/A

Major tenants GLA (m[2] ) Laverty Health 8,167 Citrix 5,266 Jansen Cilag Pty Ltd 4,857

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~~Macquarie Technology Centre~~

Macquarie Technology Centre is located in Macquarie Park, 12 kilometres north-west of the Sydney CBD. The site consists of two buildings, 33-39 Talavera Road and 11-17 Khartoum Road, both comprising office and warehouse accommodation with onsite parking for over 400 vehicles. The site has recently been refurbished and leased and is suitable for future redevelopment.

Location: Macquarie Park, NSW

Location: Macquarie Park, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$45.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$48.8 million
Valuation $/m2:	$3,160/m2
Capitalisation rate:	7.00%-8.25%
Discount rate:	8.25%
Lettable area:	15,443m2
Site area:	3ha
Hardstand:
Weighted average lease expiry:	5.9years
NABERS energyrating:	3.5(11 Khartoum Road)
NABERS water rating:	N/A
Green Star Rating:	N/A

Major tenants	GLA(m2)
Chubb SecurityHoldings Australia PtyLtd	9,147
Noel Arnold & Associates	1,235
Tardis Services	692
Twin LoopBinding	556

Lease expiry profile %

4 1 35 2 58

Triniti 1, Triniti 2 and Triniti 3 respectively

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1 99
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66 Waterloo Road only
** Green Star Office As Built V.2 – www.gbca.org.au

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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16 Giffnock Avenue
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Located in Macquarie Park, 12 kilometres north-west of the Sydney CBD, 16 Giffnock Avenue sits adjacent to the Optus Centre. The building consists of a modern commercial office, an ancillary warehouse and parking for 270 vehicles.

Location: Macquarie Park, NSW
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$32.4 million

Last independent valuation
Date:	Dec 2015
Valuation:	$42.4 million
Valuation $/m2:	$3,629/m2
Capitalisation rate:	7.75%
Discount rate:	8.25%
Lettable area:	11,684m2
Site area:	1ha
Hardstand:
Weighted average lease expiry:	3.5years
NABERS energyrating:	3.0
NABERS water rating:	3.5
Green Star Rating:	N/A

Major tenants	GLA(m2)
Alstom Power	2,970
Apotex	1,951
Endress + Hauser Australia PtyLtd	1,690
Sonartech Atlas	1,672

Lease expiry profile %

12 3 7 48 30

Vacant FY

16 17 18 19 20+

OFFICE COMMERCIAL PORTFOLIO

Office

At 31 December 2015 the portfolio comprises 9 properties with Stockland’s ownership interests valued at $0.8 billion and gross book value of $1.1 billion. Our focus is on maximising investment returns across the portfolio.

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77 Pacific Highway, NSW

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

Lease expiry profile %
5 4 5 22 18 46
Vacant FY
16 17 18 19 20+
Geographic split %
70 8 18 4
NSW Qld WA ACT
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

OFFICE COMMERCIAL PORTFOLIO

PICCADILLY COMPLEX AND 135 KING STREET, NSW

STOCKLAND HAS TWO PROMINENT OFFICE BUILDINGS LOCATED IN THE HEART OF THE SYDNEY CBD. THE PICCADILLY COMPLEX COMPRISES PICCADILLY TOWER, AN A-GRADE 32 STOREY OFFICE BUILDING AND A B-GRADE 14 STOREY OFFICE BUILDING. IN ADDITION, THERE IS A TWO-STOREY RETAIL SHOPPING CENTRE. 135 KING STREET COMPRISES A PROMINENT 24 LEVEL, A-GRADE OFFICE TOWER AND GLASSHOUSE SHOPPING CENTRE, ANCHORED BY SYDNEY’S FLAGSHIP H&M STORE.

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OFFICE COMMERCIAL PORTFOLIO

Offce Portfolio as at 31 December 2015

Page	Property	Location	NLA (m2)	Book value# ($m)	1H16 AIFRS NOI ($m)	Funds from operations ($m)	% of Offce Portfolio	Passing rent ($/m2)	Net/Gross
42	PiccadillyComplex,133-145 Castlereagh Street,Sydney^**	NSW	39,306	207.3	5.8	6.9	26.6	646*	Net
42	135 KingStreet,Sydney^**	NSW	27,204	141.0	3.2	4.6	18.1	816	Gross
42	Durack Centre,263 Adelaide Terrace and 2 Victoria Ave,Perth	WA	25,184	139.0	6.7	7.7	17.8	641	Net
43	601 Pacifc Highway,St Leonards	NSW	12,589	97.5	2.6	3.5	12.5	520	Net
43	77 Pacifc Highway,North Sydney	NSW	9,392	68.0	1.8	2.6	8.7	550	Net
43	Garden Square,Mt Gravatt	Qld	12,597	38.2	1.8	2.1	4.9	427	Gross
44	40 Cameron Avenue,Belconnen	ACT	15,338	33.0	0.9	1.2	4.3	402	Gross
44	110 Walker Street,North Sydney	NSW	4,382	29.6	0.9	1.2	3.8	492	Net
44	80-88 Jephson Street,23 and 27-29 High Street,Toowong	Qld	7,888	25.9	0.9	1.0	3.3	437	Gross
			153,880	779.5	24.6	30.8	100.0

Represents passing rent for tower only. Net Court passing rent is $464/sqm.
** Book value represents Stockland’s 50% ownership interest.
Represents the full carrying value of the investment property.
^ Book value and NLA, office component only. Retail component included in Retail Portfolio.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

OFFICE COMMERCIAL PORTFOLIO

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Piccadilly Complex

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 recently refurbished ground floor lobby and both assets have recently undergone lift refurbishments. The asset is a joint venture between Stockland and Investa Office Fund.

Location: 133-145 Castlereagh Street, Sydney, NSW

Acquisition date:	Oct 2000
Ownership/title:	50%/Leasehold(Expiry2091)
Cost includingadditions:	$122.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$207.3 million
Valuation $/m2:	$10,545/m2*
Capitalisation rate:	6.13-7.00%
Discount rate:	7.50%
Carparkingspaces:	274
Net lettable area:	39,306m2
Weighted average lease expiry:	5.5years
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	4,940
GHD Services	3,739
The Universityof Sydney	3,648
Smartsalary	3,264

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~~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. The building will soon benefit from upgraded and refurbished lifts, and new end of trip facilities.

Location: Sydney, NSW

Acquisition date: Jun 2003 Ownership/title: 50%/Freehold Cost including additions: $89.6 million Last independent valuation Date: Dec 2015 Valuation: $141.0 million Valuation $/m[2] : $10,366/m[2] ** Capitalisation rate: 6.00% Discount rate: 7.50% Car parking spaces: 76 Net lettable area: 27,204m[2] Weighted average lease expiry: 4.8 years NABERS energy rating: 4 NABERS water rating: 3.0 Green Star rating: N/A Major tenants NLA (m[2] )*** Brookfield Australia 4,428 Russell Investments 3,696 UXC Limited 3,626 Moore Stephens 2,443 M&D Services Pty Ltd 2,316

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Durack Centre

The Durack Centre comprises a 13-storey building with large 1,300 sqm floor plates, two basement levels and parking for 156 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-06 Ownership/title: 100%/Leasehold Cost including additions: $108.9 million

Last independent valuation

Last independent valuation
Date:	Dec 2015
Valuation:	$139.0 million
Valuation $/m2:	$5,519/m2
Capitalisation rate:	8.00-8.50%
Discount rate:	9.25%
Carparkingspaces:	158
Net lettable area:	25,184m2
Weighted average lease expiry:	4.4years
NABERS energyrating:	5.0/5.0*
NABERS water rating:	4.0/3.0*
Green Star rating:	5 Star As Built(2 Victoria Avenue)**

Major tenants	NLA(m2)
Jacobs	9,280
Shell	7,475
Australian Bureau of Statistics	3,044
Stockland Development	815
College of Law	560

Lease expiry profile %

1112 26 69

100% interest
** Piccadilly Tower and Piccadilly Court respectively

11 24 7

Excludes Retail
** 100% interest

2 1 11 36 1 49

263 Adelaide Terrace and 2 Victoria Ave respectively
** Green Star Office Design V.2 (2 Victoria Avenue only) – www.gbca.org.au
*** Green Star Office Interiors V.1 – www.gbca.org.au

Vacant FY

16 17 18 19 20+

OFFICE COMMERCIAL PORTFOLIO

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~~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 7,200 sqm, with all upper levels providing district and harbor views.

Location: St Leonards, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost includingadditions:	$73.8 million

Last independent valuation
Date:	Dec 2015
Valuation:	$97.5 million
Valuation $/m2:	$7,745/m2
Capitalisation rate:	7.00%
Discount rate:	7.75%
Carparkingspaces:	158
Net lettable area:	12,589m2
Weighted average lease expiry:	3.4years
NABERS energyrating:	4.5
NABERS water rating:	4.5
Green Star rating:	N/A

Major tenants	NLA(m2)
IBM Global Services	7,283
Fleet Partners	1,818
Brown Consulting	912
IncorpInterior Designs PtyLtd	434
Westpac Bank	353

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~~77 Pacifc Highway~~

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
Acquisition date:	Jan 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$60.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$68.0 million
Valuation $/m2:	$7,240/m2
Capitalisation rate:	7.00%
Discount rate:	8.00%
Carparkingspaces:	41
Net lettable area:	9,392m2
Weighted average lease expiry:	3.1years
NABERS energyrating:	4.5
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA(m2)
Infosys Technologies Australia	1,321
Health Administration Corporation	1,266
Saville & Holdsworth Australia	900
Talent 2 Works PtyLimited	728
Insurance House	710

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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.

Location: Mt Gravatt, Qld

Location: Mt Gravatt, Qld
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost includingadditions:	$67.1 million

Last independent valuation
Date:	Jun 2014
Valuation:	$36.5 million
Valuation $/m2:	$2,898/m2
Capitalisation rate:	9.25%
Discount rate:	9.25%
Carparkingspaces:	407
Net lettable area:	12,597m2
Weighted average lease expiry:	3.3years
NABERS energyrating:	4
NABERS water rating:	5.0
Green Star rating:	N/A

Major tenants	NLA(m2)
(Department Public Works)Smart Services	2,774
(Department Public Works)Education	1,920
(Department Public Works)DisabilityServices	1,856
(Department Public Works)Justice AttorneyGeneral	1,515
(Department Public Works)Child Safety	935

Lease expiry profile %

2 63 35

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3 21 11 29 36
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7 4 4 50 2 33
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 43

OFFICE COMMERCIAL PORTFOLIO

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~~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 45 cars and on-grade parking for 176 cars. The building has floor plates in excess of 3,500 sqm and has recently undergone significant refurbishment.

Location: Belconnen, ACT

Location: Belconnen, ACT
Acquisition date:	Feb 2007/Nov 2009
Ownership/title:	100%/Leasehold(Expiry2096)
Cost includingadditions:	$77.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$33.0 million
Valuation $/m2:	$2,152/m2
Capitalisation rate:	11.00%
Discount rate:	11.00%
Carparkingspaces:	221
Net lettable area:	15,338m2
Weighted average lease expiry:	2.2years
NABERS energyrating:	Exempt
NABERS water rating:	NA
Green Star rating:	N/A

Major tenants	NLA(m2)
Hewlett Packard PtyLtd	7,695

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110 Walker Street

Comprising over 4,000 sqm 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: North Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost includingadditions:	$27.4 million

Last independent valuation
Date:	Dec 2015
Valuation:	$29.6 million
Valuation $/m2:	$6,755/m2
Capitalisation rate:	7.25%
Discount rate:	8.50%
Carparkingspaces:	80
Net lettable area:	4,382m2
Weighted average lease expiry:	2.1years
NABERS energyrating:	4
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA(m2)
Rice Daubney	1,454
Super IQ	1,025
Accor Advantage Plus	664
J-Power Australia	328
Wynyard(Australia)PtyLimited	299

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

80-88 Jephson, 23 and 27-29 High Street are located in the heart of Toowong’s commercial district. 80-88 Jephson Street is a five-level office building that adjoins Stockland’s Woolworths Toowong. 23 and 27-29 High Street offer 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:	$41.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$25.9 million
Valuation $/m2:	$3,283/m2
Capitalisation rate:	7.50-8.75%
Discount rate:	8.75-9.00%
Carparkingspaces:	129
Net lettable area:	7,888m2
Weighted average lease expiry:	2.7years
NABERS energyrating:	4.0*
NABERS water rating:	4.0*
Green Star rating:	N/A

Major tenants	NLA(m2)
Auto & General Services PtyLtd	1,896
Sonic Healthcare	1,468
Clinical Network Services	704
Webb Australia Group (Qld)P/L	603
BodyCorporate Services	384

Lease expiry profile %

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

44 53 12
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31 21

28 20

3 31 6 4 20 36 * 80-88 Jephson Street only

Vacant FY

16 17 18 19 20+

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Residential Communities

Stockland is the leading residential developer in Australia and is focused on delivering a range of masterplanned communities and medium density housing in growth areas across the country. Stockland has over 78,800 lots remaining in its portfolio with a total end value of approximately $20.1 billion*.

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North Shore, Qld

Geographic split %*

==> picture [47 x 40] intentionally omitted <==

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

15 27
By current lots
NSW Vic Qld WA
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----- Start of picture text -----

46 12
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Excluding value on projects identified for disposal.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

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

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

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

NSW – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Willowdale**	Leppington	1,182	3,271#	25	260,000 – 514,000	The site is located 1.5 kilometres from Leppington railway station, ten minutes to
2011						the M5 & M7 motorways, and approximately 50 kilometres from the Sydney CBD.
						Once complete, a community of over 3,000 new homes including a 200 townhouse
						medium density development, completed homes, retirement living and capacity for
						future retail opportunities,communitycentre,sports ovals and aproposed school.
Elara**	Marsden Park	984	2,519#	18	243,000 – 511,000	Elara is an exciting new community in Sydney’s north-west and will feature tree-
2012, 2014						lined streets, parks and green open spaces in a picturesque setting with views
						to the Blue Mountains. Elara will eventually include over 2,000 homes including a
						259 lot townhouse medium density development across the 198 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	196	1,070	76	156,000 – 330,000	Located 40 minutes west of Newcastle in Maitland, McKeachie’s Run has a strong
2003, 2011						community feel and amenities such as the sporting felds, shopping village and
						childcare centre.
Macarthur Gardens***	Campbelltown	171	472#	40	N/A	Macarthur Gardens is a 275 lot townhome development in the well-established
2003, 2011						suburb of Campbelltown, 60 kilometres from the Sydney CBD. The development is
						adjacent to the University of Western Sydney, Campbelltown TAFE, Macarthur train
						station and close to the major Campbelltown shopping centre. The development is
						predominantlybuilt form townhouses and is scheduled to be released in FY16.
Waterside	Penrith	170	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	158	299	99	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	134	526	99	230,000 – 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	124	597	75	209,000 – 356,000	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment. It is
2003						appealingto local upgradingfamilies and frst home buyers.
Murrays Beach^^^	Lake Macquarie	N/A	489	63	N/A	Located 1.5 hours’ drive north of Sydney having frontage to Lake Macquarie. This
2004						project offers superb natural environments and lakeside living.
		3,119	9,853

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.
Dwellings

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 47

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

ALTROVE, NSW

ALTROVE IS AN EXCITING MIXED USE COMMUNITY IN SYDNEY’S NORTH WEST, AND WILL FEATURE A RANGE OF HOME SOLUTIONS INCLUDING TOWNHOMES, APARTMENTS AND RETIREMENT LIVING. THIS COMMUNITY IS LOCATED ON THE DOORSTEP OF THE EXISTING SCHOFIELDS RAIL LINE THAT WILL PROVIDE RESIDENTS WITH ACCESS TO THE CBD WITHIN 90MINS.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

NSW – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
Anambah	Hunter/North Coast	618	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.
Altrove (formerly Schofelds)	Schofelds	416	1,180#	400,000 – 510,000	Stockland is scheduled to launch a new mixed use community in Schofelds in FY16. Located
2015					approximately 40 kilometres north-west of the Sydney CBD, the development adjoins the Schofelds
					Train Station and is a 5 minute drive to the Rouse Hill Town Centre. The community will feature 340
					residential lots, 275 townhouses, 5 other lots and a 12,000 sqm town centre with retail facilities
					adjacent to 560 new apartments
Illawarra**	South Coast	185	642	166,000 – 265,000	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment.
2003
Lochinvar**^^^	Hunter/North Coast	N/A	692	N/A	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
		1,219	6,036

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

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 49

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

OCEANSIDE, QLD

THE $5 BILLION OCEANSIDE KAWANA PROJECT, LOCATED ON QUEENSLAND’S SUNSHINE COAST ENCOMPASSES AROUND 140 HECTARES OF LAND, TAKING IN THE RESIDENTIAL COMMUNITIES OF BIRTINYA AND BOKARINA BEACH, AS WELL AS THE NEW SUNSHINE COAST UNIVERSITY PRIVATE HOSPITAL AND THE SUNSHINE COAST PUBLIC UNIVERSITY HOSPITAL UNDER CONSTRUCTION, THE OCEANSIDE HEALTH HUB AND THE FUTURE TOWN CENTRE.

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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
Aura (formerly Caloundra	Caloundra	5,000	20,000#	0	N/A	2,310 hectares of approved developable land, including up to 20,000 dwellings,
South)						employment, retail, retirement living and community land. The Caloundra South
2004						community now rebranded to Aura, will be launched to market over the course of
						FY16.
North Lakes	North Lakes,	1,166	4,854#	94	238,000 – 475,000	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
						shopping area, commercial property precinct and golf course. North Lakes has
						successfully introduced a medium density offering in FY16. Marketed as SOLA and
						in partnership with Metricon, this development is located in the heart of the Town
						Centre next door to Westfeld ShoppingCentre and North Lakes rail link station.
North Shore	Townsville	1,077	5,498	31	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
						neighbourhood Stockland shopping centre. 30 per cent of North Shore is dedicated
						to natural open spaces.
Pacifc Pines	Gold Coast	661	5,050	99	201,000 – 247,000	A masterplanned community on the Gold Coast, minutes from Surfers Paradise and
1992						all Gold Coast attractions offeringa range of schools,shoppingcentres andparks.
Brightwater	Sunshine Coast	495	1,682#	97	365,000 – 565,000	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 nine pocket parks. This
						successful community will commence close out during FY16 following fnal sales
						of waterfront land. A proposed medium density offering with approximately 80 plus
						townhomes is currently in planning to complement the existing product offering at
						Brightwater.
Birtinya Island	Sunshine Coast	438	984#	47	215,000 – 500,000	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.
The Observatory	Kingsmore	262	906	97	319,000 – 400,000	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	262	1,161	86	196,000 – 320,000	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’s playground. At the heart of the community is the picturesque lake and
						communityhub with a café,convenience store and childcare centre.
Augustine Heights	Greater Springfeld	240	1,004	78	222,000 – 339,000	Located in the Springfeld growth corridor of Ipswich, this boutique community offers
2003						wide open-space living, a private and public school and is minutes from shops,
						transport,cafés,universities and health services.
Riverstone Crossing***	Maudsland	200	762	72	243,000 – 430,000	Located 20 kilometres north-west of Surfers Paradise set on a magnifcent 194
2002						hectares at the foot of Mount Tamborine, Riverstone Crossing offers residents
						exclusive access to the Riverhouse Lifestyle Centre with pool, gym, spa, sauna and
						tennis courts.
North Lakes Business Park	North Lakes,	184	111	61	N/A	The North Lakes Business Park is a commercial site situated on the edge of the
2004	Moreton Bay					North Lakes masterplanned communities.

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
Dwellings
*** Includes Stockland’s estimated share of joint development income (Stage 1 only). Total lots represents 100% of the project.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

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AURA, QLD
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YEARS IN THE PLANNING, AURA WILL ESTABLISH A WORLD CLASS STANDARD IN SUSTAINABLE COMMUNITY CREATION DELIVERING OVER 20,000 NEW HOMES AND JOBS ON SITE AND ATTRACTING GLOBAL BUSINESS OPPORTUNITIES TO THE SUNSHINE COAST.

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Artist’s impression
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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Queensland – released to market (continued)

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Kawana Business Village	Sunshine Coast	148	60	42	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.
Bells Reach	Caloundra	146	765	96	120,000 – 285,000	Bells Reach is on the periphery of the future Aura masterplanned community located
2004						within fve kilometres of the Sunshine Coast beaches. This community provides
						affordable housing options for a wide variety of home buyers and employs leading
						environmentally sustainable practices. It includes a café, major parks and signifcant
						open space and will ultimatelyform one of thegateways to Aura.
Ormeau Ridge****	Ormeau	145	665	44	195,000 – 305,000	Conveniently located half way between Brisbane and the Gold Coast. The
2008						community features include a one hectare park with adventure playground and a
						commercial siteplanned for childcare and convenience amenity.
Sovereign Pocket	Deebing Heights	127	699	42	134,000 – 250,000	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 recently opened school, a natural parkland, barbecue facilities, biking and
						walkingtracks.
Stone Ridge	Narangba	125	593	51	190,000 – 280,000	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.
Vale	Logan	122	637	48	138,000 – 250,000	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 with shops and a large range of schools close by.
Hundred Hills****	Murwillumbah	44	236	41	152,000 – 207,000	Located 25 kilometres south of the Qld/NSW border, Hundred Hills appeals to frst
2007						home buyers and downsizers alike with spectacular views to Mt Warning. A range of
						shops and schools are also close by.
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 proximate to the Bruce Highway, which
2009						facilitates direct travel routes to keylocations.
		10,842	45,668

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
**** Represents Stockland’s 50% share until December 2015 when Stockland acquired 100% ownership. Post December 2015, 100% of the total project value is included.
^^^ Identified for disposal.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 53

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

NEWPORT, QLD

NEWPORT IS QUEENSLAND’S NEWEST RESIDENTIAL COMMUNITY AND SET TO LAUNCH IN 2016. JUST 24KM FROM BRISBANE CBD, NEWPORT IS LOCATED ON A CANAL NETWORK WITH DIRECT OCEAN ACCESS TO MORETON BAY. JUST A SHORT DRIVE TO THE THRIVING NORTH LAKES COMMUNITY, NEWPORT HAS EXCELLENT ACCESS TO SCHOOLS, SHOPPING AND RAIL NETWORK.

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Artist’s impression
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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Queensland – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
Rockhampton	Rockhampton	575	2,271	120,000 – 170,000	Located seven kilometres north of Stockland Rockhampton and ten kilometres north of the
2010					Rockhampton CBD.
Newport (formerly Isle of	Scarborough	571	1,497	N/A	Located in close proximity to North Lakes, Newport will provide a range of living options including
Newport)					waterfront properties with access to Moreton Bay. It’s anticipated that this community will be launched
2015					to the market duringFY16.
Paradise Waters	Deebing Heights	563	2,080	126,000 – 240,000	Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly
2010					constructed CentenaryHighway.
Caboolture West/Ripeford**	Caboolture	359	1,403	110,000 – 180,000	Located approximately 45 kilometres north of Brisbane and 25 kilometres north-west of North Lakes.
2008
Pallara (formerly Brookbent	Pallara	194	717	200,000 – 325,000	Located 22 kilometres south of the Brisbane CBD. We expect this project to be popular with
Road)					upgraders. Its anticipated that this community will be launched to the market during FY16.
2003
Bokarina Beach	Sunshine Coast	134	301	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.
Bahrs Scrub^^^	Logan	N/A	17	N/A	Located within a local development area 35 kilometres south of Brisbane in the northern Gold Coast
2008					corridor.
Twin Waters West (formerly	Sunshine Coast	N/A	849	N/A	Located eight kilometres from Maroochydore, bordered by the Maroochy River, the motorway, the
Ocean Drive)					David Low Way and Ocean Drive.
2005
		2,396	9,135

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

^^^ Identified for disposal.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

ARVE, VIC

ARVE IS LOCATED IN THE PRESTIGIOUS SUBURB OF IVANHOE IN MELBOURNE’S INNER NORTH. JUST 12KM FROM THE MELBOURNE’S CBD, THIS BOUTIQUE COMMUNITY COMPRISING OF 81 TOWN HOMES IS WELL SERVICED WITH EASY ACCESS TO EXISTING PUBLIC TRANSPORT, SCHOOLS, SHOPS AND PUBLIC OPEN SPACE, AND WAS SUCCESSFULLY LAUNCHED TO MARKET IN FY16.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Victoria – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Cloverton (formerly	Kalkallo/Beveridge	3,437	10,881	0	N/A	Cloverton is a large consolidated development site within Melbourne’s urban growth
Lockerbie)**						boundary. It is located on the Hume Highway in Kalkallo, about 35 kilometres north of
2010						the Melbourne CBD in the City of Hume, Whittlesea and Mitchell. It will be developed
						as a masterplanned community and will support approximately 10,900 houses and
						a major activity centre including a regional shopping centre and train station. There
						will also be an extensive range of schools, community and recreation facilities and
						open space. In FY16 we will be looking to offer a diverse range of products including
						completed homes inpartnershipwith a range ofqualityhome builders.
Highlands (including Mt	Craigieburn	1,914	8,954#	55	143,000 – 270,000	An award winning masterplanned community located in Melbourne’s northern
Ridley Road and Lakeside)						suburbs with picturesque views of surrounding hills and the Melbourne CBD skyline.
2004, 2010, 2013, 2015						The project provides for residential, medium density, retirement living and schools,
						together with retail and commercial amenity. Included is a 108 hectare site (formerly
						known as Craigieburn) of residential zoned land acquired from Places Victoria in
						December 2013. The site is located within close proximity to the newly completed
						$330 million Craigieburn Town Centre Development: Craigieburn Central. Highlands
						has successfully launched a medium density offering in partnership with Metricon.
						Marketed as Townliving, this 71 townhouse development is located on the edge of
						the Highlands Lake. This complements the existing land, home and land, completed
						homes and retirement village offerings that will continue to be offered at Highlands.
The Grove (formerly Davis	Tarneit	640	2,548	0	129,000 – 316,000	This site is within Melbourne’s urban growth boundary and adjoins the existing
Rd)						urban area of Tarneit. It is 28 kilometres west of the Melbourne CBD in the City
2010						of Wyndham. The masterplanned community will include over 2,500 homes, a
						neighbourhood activity centre, schools and a network of parks linked to Davis Creek
						and Werribee River. In FY16 we will be looking to offer a diverse range of products
						includingcompleted homes inpartnershipwith a range ofqualityhome builders.
Mernda Villages	Mernda	571	2,990	78	134,000 – 238,000	A major masterplanned community, located 29 kilometres north of Melbourne,
2002						appealing to a broad market including young and mature families. In FY16 we
						will be looking to offer a diverse range of products including completed homes in
						partnershipwith a range ofqualityhome builders.
Eucalypt	Epping	369	1,699	56	137,000 – 264,000	Residential community located in Melbourne’s north-eastern suburbs with frontage to
2009,2011						Findon Creek. Theprojectprovides for residential,medium densityand mixed-use.
Allura	Truganina	307	1,344#	73	155,000 – 285,000	A masterplanned community incorporating residential, a proposed medium density
2009						development with approximately30 dwellings,localparks and schools.
Selandra Rise	Clyde North	259	1,213	96	N/A	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.
The Address	Point Cook	144	486	22	244,000 – 362,000	A premium boutique 33 hectare community in Point Cook that will compromise 486
2015						new homes,a childcare centre and a 2 hectare Central Park.
Arbourlea	Cranbourne-Berwick	73	322	94	N/A	A community with waterway frontage 42 kilometres south-east of Melbourne.
2007	Road
Arve (formerly Ivanhoe)	Ivanhoe	69	81#	0	N/A	Located 10 kilometres from the CBD the development comprises 81 townhomes
2015						and is serviced by well-established amenity including shopping, transport and sought
						afterpublic andprivate schools.
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.
		7,828	30,761

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
** Includes options taken over land.
Dwellings

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

THE ADDRESS, VIC

THE ADDRESS IS LOCATED IN THE WELLESTABLISHED POINT COOK AREA, 25KM WEST OF MELBOURNE CBD. THIS BOUTIQUE COMMUNITY WITH LOTS SURROUNDED BY PARK AND OPEN SPACE IS WELL CONNECTED TO LOCAL AMENITIES SUCH AS THE STOCKLAND POINT COOK SHOPPING CENTRE AND 4 TRAIN STATIONS WITHIN 10 MINUTES DRIVE FOR RESIDENTS TO ACCESS AND ENJOY.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Victoria – development pipeline

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	Price range ($)	Project description
Mickleham	Mickleham	236	914	N/A	Mickleham is an 80 hectare site fronting Mickleham Road which is located within the urban growth
2015					boundary in the Northern suburbs of Melbourne. The site is located within close proximity to
					Stockland’s existing Highlands project and the newly completed $330 million Craigieburn Town Centre
					Development: Craigieburn Central. The site will require Precinct Structure Plan (PSP) approval prior to
					the commencement of future residential development.
Clyde North	Clyde North	190	797	N/A	The Tuckers Rd property is a 65 hectare parcel in Clyde North, approximately 50 kilometres from the
2015					Melbourne CBD and 1.6 kilometres east of Stockland’s existing Selandra Rise project. The property
					is within the fast growing Casey Corridor in Melbourne’s South East. The land is included within the
					Clyde Creek Precinct Structure Plan (PSP) that was approved for development by the Victorian State
					Government in November 2014. The project is expected to yield 797 residential lots and feature an
					attractive open space corridor alongClyde Creek.
Stamford Park	Rowville	102	180#	N/A	Stamford Park is a 6.3 hectare medium density site, 26 kilometres south east of Melbourne CBD.
2015					Located adjacent to Kingston Links Golf Course, the new community will comprise a diverse mix
					of around 150 single, two and three storey townhouses and some 30 apartments in a low-rise
					building with ground foor parking. The property will be developed into the medium density residential
					component of a wider 40 hectareparkland,wetland and heritageprecinct.
		528	1,891

Total revenue generated throughout the life of the project.
Dwellings

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 59

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

CALLEYA, WA

CALLEYA IS AN EXCITING NEW 145 HECTARE COMMUNITY THAT WILL ULTIMATELY FEATURE OVER 1,700 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 RAILWAY STATION.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Western Australia – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)	Project description
Vale	Aveley	770	3,286#	50	120,000 – 428,000	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 and completed homes, a District
						SportingComplex,a retail centre, public open spaces and lakes.
Newhaven	Piara Waters	654	2,622	80	177,000 – 394,000	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.
Calleya	Banjup	531	1,724#	27	150,000 – 420,000	Calleya is an exciting 145 hectare community that will ultimately feature over 1,700
2008						residential lots including a future medium density offering with a proposed 42
						townhouse development to commence in FY17. Other amenity offerings include 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	504	2,164	52	73,000 – 328,000	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***	Brookdale	402	3,640	10	131,000 – 287,000	This joint venture with the Department of Housing in WA will create a new
2004, 2007, 2010						masterplanned community 30 kilometres south-east of the CBD. The project is set to
						produce over 3,600 lots over the next 15 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	330	2,521	29	126,000 – 480,000	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	311	1,001	94	286,000 – 412,000	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.
Baldivis Town Centre	Baldivis	47	161	98	N/A	Baldivis Town Centre is comprised of retail, commercial, mixed-use lots and
2001						residential.
		3,549	17,119

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
*** Includes Stockland’s estimated share of joint development income.
Dwellings

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 61

RETIREMENT LIVING RETIREMENT PORTFOLIO

SELANDRA RISE RETIREMENT VILLAGE, VIC

SELANDRA RISE OFFERS A STATE OF THE ART CLUBHOUSE FACILITY DEDICATED TO THE NEEDS OF OUR RESIDENTS, WITH A GYMNASIUM, INDOOR HEATED SWIMMING POOL AND SPA, LIBRARY, HAIR SALON, MOVIE THEATRE, LOUNGE ZONES, CAFÉ AND BAR, AND A TOWN HALL FOR DANCING, COMMUNITY EVENTS AND INDOOR BOWLS.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living

Stockland is a top 3 retirement living operator within Australia, with over 9,400 established units across five states and the ACT. The portfolio includes a short to medium term development pipeline of over 3,000 units.

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Fig Tree Village, Qld

Geographic split %*

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25 42 16 5 1 11
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Established and pipeline units

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NSW Vic Qld WA ACT SA
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 63

RETIREMENT LIVING RETIREMENT PORTFOLIO

SALFORD WATERS RETIREMENT ESTATE, QLD SITUATED IN MORETON BAY WATERFRONT IN VICTORIA POINT, SALFORD WATERS RETIREMENT ESTATE IS LESS THAN THREE KILOMETRES TO VICTORIA POINT SHOPPING CENTRE AND A HALF-HOUR DRIVE TO BRISBANE’S CBD.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages

Property/
Opening date	Location	Total units	% Occupancy*	Price range ($)#	Project description
North Lakes Retirement	North Lakes, Qld	353	95	135,000 – 605,000	Located in one of Australia’s fastest growing regions, the North Lakes Retirement Resort is only 35 minutes from Brisbane
Resort					and 30 minutes from Brisbane International Airport. The resort layout provides security as well as an outstanding array
2005					of amenities. The resort is within the expanding North Lakes Town Centre and easy walking distance from the shopping
					centre,health and educationprecincts.
The Willows Retirement	Winston Hills,	262	94	128,000 – 786,000	The Willows Retirement Village is situated at Winston Hills in north-west Sydney. The village is close to shopping centres,
Village	NSW				sports clubs, hospitals, 24-hour medical facilities and less than one kilometre to the M2 freeway leading to Sydney’s CBD.
1988
Burnside Village	Burnside, Vic	258	92	157,000 – 383,000	Burnside Village is located off the Western Highway in Melbourne’s burgeoning west, approximately 20 minutes from the
2002					Melbourne CBD. Virtuallynext door is Burnside ShoppingCentre complete with two supermarkets and specialtyretail.
Latrobe Village	Reservoir, Vic	249	90	121,000 – 415,000	At Latrobe Village residents enjoy a convenient lifestyle, living within walking distance of Summerhill Village Shopping
1989					Centre and close to transport,major hospitals,Bundoora Park and Preston Markets.
Macarthur Gardens	Campbelltown,	246	100	323,500 – 585,500	The village is conveniently located between Macarthur Square shopping centre and Campbelltown Golf Club. Village
Retirement Village^	NSW				facilities include bowling green, indoor pool, bar, café, outdoor chessboard, work shed, putting green and practice driving
2011					net.
Somerton Park Seniors’	Somerton Park,	245	81	200,000 – 569,000	Somerton Park Seniors’ Living Community provides a safe and secure environment with a wide range of activities and
Living Community^	SA				facilities on offer. There is a thriving residents’ vegetable garden, family barbecue areas and comfortable indoor and
1968					outdoor social spots.
Bundoora Village	Bundoora, Vic	242	97	181,000 – 604,000	Bundoora Village is situated close to the Northern Ring Road, RMIT University, shopping strips and is well serviced by
2003					public transport. The 6.7 hectare site enjoys excellent views over the PlentyValleyGorge.
Hillsview Retirement	Happy Valley, SA	233	90	203,992 – 363,000	Hillsview Retirement Village is situated on a premier hillside site in Happy Valley with most of the units having spectacular
Village (formerly					views over the Happy Valley Reservoir, or to the coastline of Gulf St Vincent.
Hillsview Village)
1982
Patterson Lakes Village	Patterson Lakes,	207	84	126,500 – 355,500	Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre and Marina and features a central
1980	Vic				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	95	270,000 – 501,500	Knox Village enjoys an excellent location directly opposite Knox Shopping Centre, comprising cafés, restaurants, a cinema
1978	Vic				complex and a wide range ofgroceryand retail outlets.
Plenty Valley Village	Epping, Vic	204	94	176,000 – 561,500	Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity to the nearby Epping shopping
2006					complex. The location is well serviced with transport,healthcare,medical and aged care facilities.
Golden Ponds Resort^	Forster, NSW	201	96	149,500 – 492,000	Golden Ponds Resort is set between Wallis Lake and the beaches of Forster on the NSW mid-north coast. Stockland
1988					completed and settled an additional 22 new homes in 2015 with these new residents now moving in and becoming part of
					the community.
Taylors Hill Village	Taylors Hill, Vic	199	99	237,500 – 455,500	Taylors Hill Village is located approximately fve minutes from the Calder Freeway and Watergardens Regional Shopping
2005					Centre. The village features modern communityfacilities with both independent livingunits and apartments.
Keilor Village	Keilor, Vic	191	92	120,000 – 499,000	Keilor Village benefts from close proximity to the Western Ring Road and Calder Freeway and bus services running directly
1997					past the site. It is a short distance to numerous shoppingoptions.
Gowanbrae Village	Gowanbrae, Vic	189	99	303,500 – 653,500	Gowanbrae Village enjoys an excellent location ten kilometres north of Melbourne’s CBD, providing quick access to the
2008					city, airport and surrounding suburbs. It has spacious grounds and the Community Centre includes a pool, library and
					bowling green.
Cameron Close Village	Burwood, Vic	185	95	157,000 – 1,008,500	Cameron Close Village is situated in Burwood, close to the exclusive shopping and restaurant precincts of Camberwell
1989					and Canterbury and is well serviced by bus and tram routes linking to rail and Chadstone shopping centre. Elevated parts
					of thepropertyenjoydistrict and CBD skyline views.
Fig Tree Village	Murrumba	185	99	325,000 – 498,000	Fig Tree Village is well located adjacent to a neighbourhood shopping centre with access to medical and recreational
2009	Downs, Qld				facilities. The village offers a heated indoorpool,bowling green,bar,library, gym,billiards room and hair salon.
Arilla Village^	South Morang,	184	100	297,300 – 635,500	Arilla Village is situated in Melbourne’s North, a key growth corridor. The village comprises of a Health and Wellbeing
2010	Vic				Centre with a swimming pool and a CommunityCentre with a bowling green.

Occupied units as proportion of Established units available for occupancy
Price range based on Established units
^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETIREMENT LIVING RETIREMENT PORTFOLIO

CARDINAL FREEMAN RETIREMENT VILLAGE, NSW

THE RESIDENCES AT CARDINAL FREEMAN IS LOCATED IN THE HIGHLY SOUGHT AFTER INNER-WEST SYDNEY SUBURB OF ASHFIELD, CONVENIENTLY CLOSE TO TRANSPORT LINKS, SHOPPING PRECINCTS AND MEDICAL SERVICES. STATE OF THE ART COMMUNITY FACILITIES ONSITE WILL INCLUDE A CLUBHOUSE WITH LOUNGE, BAR, SWIMMING POOL, GYMNASIUM AND HAIRDRESSING SALON. THE NEW ONSITE CAFÉ OPENED IN FEBRUARY 2015.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages (continued)

Property/
Opening date	Location	Total units	% Occupancy*	Price range ($)#	Project description
Salford Waters	Victoria Point,	181	92	122,500 – 665,500	Situated on the Moreton Bay waterfront in Victoria Point, Salford Waters Retirement Estate is less than three kilometres to
Retirement Estate	Qld				Victoria Point Shopping Centre and a half-hour drive to Brisbane’s CBD.
1993
Wantirna Village	Wantirna, Vic	180	95	127,000 – 481,000	Wantirna Village benefts from an outstanding range of retail and transport amenities. The 6.3 hectare site adjoins the Blind
1986					Creek Reserve and is close to the Dandenong Ranges National Park, Morack and Ringwood Golf Course, Knox Library
					and several hospitals.
Ridgehaven Rise	Ridgehaven, SA	176	95	180,000 – 419,000	This well established village has excellent community facilities including a community hall, library, caravan storage, The
Seniors’ Living					Gums community centre and a village bus. This is complemented by an excellent range of community activities such as
Community					sewing and craft, bingo and exercise groups.
1984
Bellevue Gardens	Port Macquarie,	175	93	220,000 – 419,000	The village is centrally located less than two kilometres from the Port Macquarie city centre and is set on fve hectares of
Retirement Village	NSW				landscaped gardens. Facilities include a restaurant, coffee shop, auditorium, library, hair salon, medical consulting room,
1994					bowling green and resident clubhouse adjoininga heated indoor swimming pool and barbecue area.
The Lakes Estate	Taylors Lake, Vic	172	89	115,000 – 499,000	The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway, directly opposite Watergardens
2000					ShoppingCentre and railwaystation.
Salford Park Community	Wantirna, Vic	170	95	279,500 – 477,000	Residents at Salford Park Community Village live independently in one or two bedroom low maintenance villas within a
Village					friendly community surrounded by lush green gardens. There is an onsite aged care facility owned and operated by Opal
1983					Aged Care under thepartnershipestablished between Stockland and Opal Aged Care.
Bay Village Retirement	Victor Harbor,	160	89	210,000 – 360,000	Located in one of South Australia’s most sought after resort areas just minutes away from the town centre of Victor Harbor
Estate	SA				– great for shopping and entertainment.
1984
Cardinal Freeman	Ashfeld, NSW	158	94	149,500 – 731,500	Cardinal Freeman Retirement Village is set in the sought after inner-west suburb of Ashfeld. Close to shops and transport,
Retirement Village^					the village features a magnifcent chapel along with the heritage listed Glentworth House. Construction of the frst two
1980					apartment buildings continues,with frst settlements and move-in’s expected from earlyto mid 2016.
Long Island Village	Seaford, Vic	158	92	127,500 – 362,500	Long Island Village is located just off the Nepean Highway, a short stroll from the Seaford foreshore. Retail amenities
1987					servicing the village include Frankston, Patterson Lakes and Mt Eliza centres, all of which have grown substantially in
					recentyears.
Tarneit Skies Retirement	Tarneit, Vic	158	92	192,000 – 415,000	Tarneit Skies Retirement Village is located less than 35 kilometres from the Melbourne CBD in the Western suburbs. The
Village					village features an indoor swimming pool, gymnasium, dance foor and theatrette. The new Tarneit shopping centre is
2003					within walkingdistance and there is also a bus service from the maingates.
Highlands Retirement	Craigieburn, Vic	157	99	291,500 – 482,500	Highlands Retirement Village is situated within Stockland’s Highlands masterplanned community adjacent to the town
Village^					centre. The community centre features a bowling green and town hall.
2010
Lourdes Retirement	Killara, NSW	157	75	257,000 – 850,000	Located in Killara on Sydney’s North Shore, the village overlooks Garigal National Park. The village offers a central
Village					clubhouse with coffee shop as well as a dining room, lounge, chapel, billiards room, hair salon, library, heated swimming
1983					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.
Templestowe Village	Templestowe,	153	95	127,500 – 502,500	Templestowe Village is set in a park-like environment opposite beautiful Westerfolds Park, which features walking tracks
1983	Vic				alongthe banks of the Yarra River,barbecue facilities andpicnic areas.
Pine Lake Village	Elanora, Qld	147	97	118,000 – 346,000	Pine Lake Village is located at Elanora on Queensland’s Gold Coast and features a swimming pool and views of a nearby
1982					lake.
Donvale Village	Donvale, Vic	145	94	133,000 – 548,500	Donvale Village is located on Springvale Road in one of Melbourne’s prime eastern suburbs, surrounded by high quality
1990					housingand a strongcatchment to the north and north-east.
Parklands Village	Port Macquarie,	144	93	75,000 – 259,000	Parklands Village is a private retreat set on fve hectares of landscaped parkland, just minutes from transport, medical
1985	NSW				facilities and the centre of Port Macquarie. The village has a full-length artifcial grass bowling green and heated indoor
					swimming pool and spa.

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

^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETIREMENT LIVING RETIREMENT PORTFOLIO

AFFINITY VILLAGE, WA LOCATED WITHIN THE ESTABLISHED STOCKLAND SETTLERS HILL COMMUNITY AND OPPOSITE STOCKLAND BALDIVIS SHOPPING CENTRE, AFFINITY VILLAGE OFFERS A RANGE OF FREESTANDING HOMES WITH A 5 STAR RATED CLUBHOUSE, BOWLING GREEN, POOL AND WELLBEING CENTRE FOR RESIDENTS TO ENJOY.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages (continued)

Property/
Opening date	Location	Total units	% Occupancy*	Price range ($)#	Project description
The Village Swansea	Swansea, NSW	141	99	250,000 – 430,000	Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the village is situated in close
1988					proximity to Lake Macquarie and Swansea Shopping Centre. The village features three salt-water swimming pools and
					two communitycentres.
Waratah Highlands	Bargo, NSW	132	99	299,000 – 393,000	Set on ten hectares of woodland, Waratah Highlands Village is in close proximity to the Southern Highlands and 500
Village					metres to Bargo railway station. The village features a hairdresser, beautician, library and billiards room.
2002
Unity Retirement Village	Aberfoyle Park,	129	90	119,000 – 321,500	Located in Aberfoyle Park, Unity’s facilities include a bowling green, recreation hall, dining room, and half-court tennis. It is
1985	SA				walkingdistance to Aberfoyle Park shoppingcentre.
Ridgecrest Village	Page, ACT	126	100	335,000 – 511,000	Ridgecrest Village at Page in Canberra is spread over 5.4 hectares and has facilities including barbecue areas, a bowling
1986					green and residents’ lounge.
Vermont Village	Vermont South,	125	91	267,000 – 396,500	Vermont Village benefts from an excellent location, plenty of open space and established gardens. Located on Burwood
1981	Vic				Highway near Koomba Park, the village is close to several large shopping centres including Vermont South, Knox, The
					Glen and Forest Hill.
Bellcarra Retirement	Caloundra, Qld	124	100	285,500 – 344,500	Located in the newly established suburb of Bellvista, Bellcarra Retirement Resort is close to the centre of Caloundra and
Resort					Kings Beach. The village features a swimming pool, bowling green and billiards room.
2003
Queens Lake Village	Laurieton, NSW	124	91	192,000 – 413,000	Situated on the Queens Lake waterfront, Queens Lake Village is equipped with its own private jetty. It is conveniently
1987					locatedjust one kilometre from Laurieton’s town centre.
Selandra Rise	Clyde North, Vic	124	98	311,500 – 556,000	This village is located opposite a shopping centre within the Selandra Rise residential community. The Clubhouse features
Retirement Village^					an indoor heated pool, bowling green, bocce pitch and self-service café. The Green Building Council of Australia awarded
2013					an Australian frst 4 Star Green Star – Custom Design Certifed Ratingin December 2013.
Castle Ridge Resort	Castle Hill, NSW	113	94	347,000 – 699,000	Castle Ridge Resort is less than two kilometres from Castle Towers shopping centre in Castle Hill with Dural, Carlingford,
1987					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	95	260,000 – 645,000	Situated on the NSW Central Coast, the village boasts absolute water frontage with most units having views of Brisbane
1983	NSW				Waters. The village has two outdoor barbecue areas,three swimming pools,a spa and aprivatejetty.
Oak Grange	Brighton East,	110	85	294,500 – 525,000	Oak Grange is located on Hawthorn Road, Brighton East, close to Brighton’s famous beaches, shops and cafés. The
1984	Vic				Nepean Highway provides easyaccess to the city.
Affnity Village^	Baldivis, WA	109	96	322,500 – 544,500	Incorporated into the Stockland residential Settlers Hills community and adjacent to Stockland Baldivis retail, medical and
2011					other amenities, Affnity Village is located 38 kilometres 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 Buildingratingfrom the GBCA.
Rosebud Village	Rosebud, Vic	105	99	177,500 – 354,500	Rosebud Village is located in the heart of the Mornington Peninsula and is well serviced by the region’s many
1980					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	96	110,000 – 429,000	Greenleaves Retirement Village is adjacent to a shopping centre and cinemas and has facilities including a bowling green
Village	Gravatt, Qld				and barbecue area.
1986
Gillin Park Retirement	Warrnambool,	100	76	97,000 – 359,000	Located in Warrnambool, near the banks of the Hopkins River on the south-west Victorian coast, it is close to the city
Village	Vic				centre, hospital and shopping centres. There is an onsite aged care facility owned and operated by Opal Aged Care under
1990					thepartnershipestablished between Stockland and Opal Aged Care.
Maybrook Village	Cromer, NSW	98	89	99,000 – 690,000	Perched on the ridge at Cromer on Sydney’s northern beaches, the village has a bushland outlook. It features a library and
1992					billiards room,agym and indoor-heatedpool and spa.
Farrington Grove	Ferny Hills, Qld	95	97	169,000 – 552,500	Farrington Grove Retirement Estate is a popular village located in the quiet outer Brisbane suburb of Ferny Hills. Village
Retirement Estate					facilities include billiards, solar-heated pool, barbecue area, hairdresser, piano lounge, computer room, library and hobby
1998					shed.
Midlands Terrace	Ballarat, Vic	89	100	181,000 – 220,000	Midlands Terrace enjoys strong demand from prospective residents and is well positioned in its local market area. The
1976					village adjoins NorthwayShoppingCentre withproximityto medical and communityfacilities.

Occupied units as proportion of Established units available for occupancy
Price range based on Established units
^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETIREMENT LIVING RETIREMENT PORTFOLIO

MERNDA RETIREMENT VILLAGE, VIC

MERNDA VILLAGE RESIDENTS ENJOY MEETING FAMILY AND FRIENDS IN THE NEW CLUBHOUSE WHICH OPENED IN FEBRUARY 2015. THE VILLAGE IS ONLY A SHORT WALK TO WOOLWORTHS, SPECIALTY STORES AND A MEDICAL CENTRE.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages (continued)

Property/
Opening date	Location	Total units	% Occupancy*	Price range ($)#	Project description
Mernda Retirement	Mernda, Vic	75	99	300,000 – 520,000	Located within the Stockland residential community, Mernda Retirement Village is conveniently positioned next to the local
Village^					neighbourhood shopping centre which features Woolworths, medical facilities and a range of specialty stores, cafés and
2014					services. The retirement village’s modern clubhouse features heated indoor pool, gym, café and alfresco entertaining area
					and bowling green.
Salford Retirement	Aberfoyle Park,	74	91	271,000 – 318,000	Located in the tree-studded foothills of South Australia’s Aberfoyle Park, Salford Retirement Estate is 20 kilometres from
Estate	SA				Adelaide’s CBD and less than three kilometres to the local shopping centre.
1990
Walnut Grove	Old Reynella, SA	65	97	299,000 – 356,000	Walnut Grove Retirement Estate is located in historic Old Reynella, a short distance from some of South Australia’s oldest
Retirement Estate					vineyards and ideally situated near supermarkets and specialty shops.
1995
Wamberal Gardens	Wamberal, NSW	61	98	290,000 – 335,000	Wamberal Gardens Retirement Village is located on the NSW Central Coast adjacent to Wamberal Lagoon with the beach
Retirement Village					just one block away. The village features two swimming pools, two outdoor barbecue areas, an activities room and library.
1983
The Grange Retirement	Grange, SA	57	88	408,000 – 428,000	The Grange Retirement Estate is located just over one kilometre from the seafront suburb of Grange and 12 kilometres
Estate					from Adelaide’s CBD. The village is in close proximity to public transport, hospital and shopping centres.
1992
Camden View Village	Laurieton, NSW	54	94	272,000 – 415,000	Camden View Village is situated between North Brother Mountain and the Camden Haven River on the NSW mid-north
2002					coast. Camden View is about 100 metres awayfrom the centre of Laurieton.
Lincoln Gardens	Port Macquarie,	54	96	320,000 – 375,000	Lincoln Gardens Retirement Village is ideally located in a quiet suburban enclave and is in close proximity to Port
Retirement Village	NSW				Macquarie’s hospital and town centre.
2001
Lightsview Retirement	Northgate, SA	48	98	296,000 – 445,000	Lightsview Retirement Village is a new retirement development, forming part of Lightsview – one of Adelaide’s newest
Village (formerly Horizon					suburbs, located just eight kilometres from the city centre. This new suburb features 15 hectares of public reserves and
at Lightsview)^					green spaces all interlinked with walking trails, manicured gardens and recreation areas.
2012
Halls Head Village	Halls Head, WA	46	91	184,000 – 226,000	Halls Head Village is a one hour drive south of Perth and three kilometres from Mandurah. The village offers a hairdressing
1988					salon, podiatrist,library, pool table,indoor bowls and barbecue facilities. Public transport is available opposite the village.
Macquarie Grove	Tahmoor, NSW	43	100	223,500 – 241,000	Macquarie Grove Retirement Village is located at the gateway to the Southern Highlands. It is close to local clubs,
Retirement Village					recreational activities, medical services and transport. It features computer facilities, hairdresser, library and barbecue
1996					facilities.
Leschenault Village	Bunbury, WA	38	100	299,000 – 349,000	Close to the Leschenault Inlet, Leschenault Village is within easy walking distance of Bunbury city centre. The village offers
1988					a wide range of amenities includinga bowling green and an outdoor entertainingarea overlookingthe establishedgardens.
Murray River Village	Mandurah, WA	37	86	234,000 – 287,000	Located one kilometre from Bunbury, Murray River Village offers amenities including air-conditioned clubhouse with
1988					outdoor terrace and barbecue area,solar-heated swimming pool,lounge,hairdressingsalon, podiatrist room and library.
River Pines Village	Wilson, WA	34	88	304,000 – 329,000	River Pines Village, adjacent to the Canning River, is situated within easy access of local shopping centres.
1988
River Parks Village	Wilson, WA	33	82	310,000 – 343,000	River Parks Village is set amongst private landscaped gardens adjacent to the Canning River and located in Wilson, only
1988					13 kilometres from the centre of Perth.
The Villas in Brighton	Brighton, SA	29	90	395,012 – 459,000	The Villas in Brighton is a small tight knit community offering stylish two and three bedroom villas in an idyllic location, just
1994					a short walk to JettyRoad Brighton,beaches,shoppingand connections topublic transport.
Bexley Gardens	Bexley North,	22	100	109,000 – 195,500	Located in south-west Sydney, Bexley Gardens is only 800 metres from Bexley North railway station that serves the East
1974	NSW				Hills line into SydneyCBD. It is also in closeproximityto major shoppingcentres in Hurstville,Rockdale and Kogarah.
The Villas on Milton	Fullarton, SA	4	100	520,000 – 524,000	Located in the quiet, leafy streets of Fullarton are the four delightful villas known as The Villas on Milton Avenue.
Avenue
2001
		9,462

Occupied units as proportion of Established units available for occupancy
Price range based on Established units
^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RETIREMENT LIVING RETIREMENT PORTFOLIO

CARDINAL FREEMAN RETIREMENT VILLAGE, NSW

CARDINAL FREEMAN RETIREMENT VILLAGE IS LOCATED IN THE SOUGHT AFTER INNERWEST SYDNEY SUBURB OF ASHFIELD CLOSE TO SHOPS, TRANSPORT AND MEDICAL SERVICES. THE BRAND NEW APARTMENTS IN THE MAJOR REDEVELOPMENT HAVE BEEN CLEVERLY DESIGNED TO FLEXIBLY ADAPT TO RESIDENTS’ NEEDS AS THEY CHANGE. FROM WIDER DOORFRAMES AND LARGER LIGHT SWITCHES IN EACH HOME, TO LEVEL ACCESS THROUGHOUT THE VILLAGE, EVERY DETAIL HAS BEEN THOUGHT THROUGH TO MAKE THE RESIDENT’S LIFE EASIER.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – development pipeline

		Future
Property	Location	settlements	Project description
Completed
North Lakes	North Lakes, Qld		Located in one of Australia’s fastest growing regions, the North Lakes Retirement Resort is only 35 minutes from Brisbane and 30 minutes from
			Brisbane International Airport. The resort layout provides security as well as an outstanding array of amenities. The resort is within the expanding
			North Lakes Town Centre and easywalkingdistance from the shoppingcentre,health and educationprecincts.
Fig Tree Village	Murrumba Downs, Qld		Fig Tree Village is well located adjacent to a neighbourhood shopping centre with access to medical and recreational facilities. The Village offers a
			heated-indoorpool,bowling green,bar,library, gym,billiards room and hair salon.
Somerton Park Seniors’	Somerton Park, SA		Somerton Park Seniors’ Living Community provides a wonderfully safe and secure environment with a wide range of activities and facilities on offer.
LivingCommunity			There is a thrivingresidents’ vegetablegarden,familyBBQareas and comfortable indoor and outdoor social spots.
Macarthur Gardens	Campbelltown, NSW		The village is conveniently located between Macarthur Square shopping centre and Campbelltown Golf Club. Village facilities include bowling
			green,indoor swimming pool,bar,café,outdoor chessboard,work shed, putting green andpractice drivingnet.
Golden Ponds	Forster, NSW		Golden Ponds Resort is set between Wallis Lake and the beaches of Forster on the NSW mid-north coast. The resort is surrounded by 13
			hectares of landscapedgrounds, ponds and rainforest.
SubTotal		30
Current Development
Projects
Mernda	Mernda, Vic		Located within the Stockland residential community, Mernda Retirement Village is conveniently positioned next to the local neighbourhood
			shopping centre which features Woolworths, medical facilities and a range of specialty stores, cafés and services. The retirement village’s modern
			clubhouse features heated indoor pool, gym, café and alfresco entertaining area and bowling green. The village has recently been awarded a 4
			Star Green Star accreditation from the GBCA.
Cardinal Freeman	Ashfeld, NSW		Cardinal Freeman Retirement Village is set in the sought after inner-west suburb of Ashfeld. Close to shops and transport, the village features a
			magnifcent chapel along with the heritage listed Glentworth House. Stockland recently commenced a major redevelopment of Cardinal Freeman,
			which will include the delivery of new apartments “The Residences”. Construction of the frst two apartment buildings continues, with frst
			settlements and move-in’s expected from earlyto mid 2016.
Affnity	Baldivis, WA		Incorporated into the Stockland residential Settlers Hills community and adjacent to Stockland Baldivis retail, medical and other amenities, Affnity
			Village is located 38 kilometres 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 Buildingratingfrom the GBCA.
Selandra Rise	Cranbourne, Vic		The village is located within the Selandra Rise residential community, opposite a Woolworths and specialty shopping centre. The Clubhouse
			features an indoor heated pool, bowling green, bocce pitch and self-service café. The Green Building Council of Australia awarded an Australian
			frst 4 Star Green Star – Custom Design Certifed Ratingfrom the GBCA. When complete the village will be home to over 300 residents.
Highlands	Craigieburn, Vic		Highlands Retirement Village is situated within Stockland’s Highlands masterplanned community and a short walk from the recently completed
			town centre, Hume Global Learning Centre and Library. The village offers a great range of new homes and foor plans to choose from. The
			communitycentre features a self serve cafe,town hall,billiards,theatre room,bowling green and outdoor exercise equipment.
Arilla	South Morang, Vic		Arilla Village is situated in Melbourne’s North, home to over 200 residents offering a range of luxury apartments and villas with foor plans to suit
			every budget and lifestyle. The health and well being centre, located on the ground foor of the apartment building features a pool, gym and hair
			salon. The village offers a range of activities and the CommunityCentre features a cafe,library,town hall and bowling green.
Willowdale	Leppington, NSW		Construction has commenced at Willowdale Retirement Village situated within Stockland’s existing Willowdale masterplanned community, 50
			kilometres south-west of Sydney CBD and 1.5 kilometres from the new Leppington train station approximately 3 kilometres from the site. The
			Retirement Living display home and sales centre was completed and launched in October 2015. The frst public sales release was launched in
			earlyNovember 2016.
Lightsview (formerly Horizon	Northgate, SA		A new retirement development, forming part of Lightsview – one of Adelaide’s newest suburbs, located just eight kilometres from the city centre.
at Lightsview)			This new suburb features 15 hectares of public reserves and green spaces all interlinked with walking trails, manicured gardens and recreation
			areas.
SubTotal		1,055

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 73

RETIREMENT LIVING RETIREMENT PORTFOLIO

LIGHTSVIEW RETIREMENT VILLAGE, SA LIGHTSVIEW IS A NEW RETIREMENT DEVELOPMENT IN ONE OF ADELAIDE’S NEWEST SUBURBS. LOCATED JUST EIGHT KILOMETRES FROM THE CITY CENTRE, THE NEW SUBURB FEATURES 15 HECTARES OF PUBLIC RESERVE AND GREEN SPACES ALL INTERLINKED WITH WALKING TRAILS, MANICURED GARDENS AND RECREATION AREAS.

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Artist’s impression
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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – development pipeline (continued)

		Future
Property	Location	settlements	Project description
To start: within 18 months
Calleya	Banjup, WA		Incorporated within Stockland’s Calleya masterplanned community 18 kilometres south of Perth CBD, the site is close to the Kwinana Freeway
			and Cockburn Central Gatewayregional shoppingcentre.
Elara	Marsden Park, NSW		A retirement living opportunity exists within Stockland’s Elara masterplanned community located at Marsden Park, 50 kilometres north-west of
			Sydney CBD. This particular opportunity is actively being explored. The site is conveniently situated close to public transport and services, with
			views of the blue mountains.
North Shore	North Shore, Qld		Incorporated within Stockland’s North Shore masterplanned community, this site is ten minutes from Townsville Beach and Townsville CBD. A
			retirement livingopportunityis beingexplored within this site.
Oceanside	Birtinya, Qld		A retirement living opportunity is being actively explored within Kawana’s ‘Health Hub’ in Stockland’s Oceanside community, Birtinya. Located
			approximately 10 kilometres from the Sunshine Coast city and approximately 81 kilometres north of the Brisbane CBD. The proposed site sits
			alongside the Opal Aged Care facilitycurrentlyunder development and within closeproximityto the Sunshine Coast UniversityHospital.
SubTotal		495
Masterplanning/future
projects
The Grove (formerly Davis	Tarneit, Vic		There is an opportunity for retirement communities within Stockland’s The Grove masterplanned community, 28 kilometres west of Melbourne
Road)			CBD.
Cloverton (formerly	Kalkallo/Beveridge, Vic		A retirement living opportunity exists within Stockland’s Cloverton masterplanned community, 35 kilometres north of Melbourne CBD.
Lockerbie)
Caloundra South	Caloundra, Qld		There is an opportunity for retirement communities within Stockland’s 3,700 hectare Caloundra South project which will include at least 20,000
			residential dwellings,employment and retail. These will be developed as the broaderproject comes to market.
Somerton Park Seniors’	Somerton Park, SA		Following the acquisition of Somerton Park Seniors Community, an opportunity exists with an adjacent parcel of land earmarked for future
LivingCommunity			development at this centrallylocated village.
Altrove (formerly Schofelds)	Schofelds, NSW		A retirement living opportunity exists within Stockland’s planned Altrove masterplanned community, located directly opposite Schofelds train
			station in Sydney’sgrowingNorth West region.
Newport (formerly Isle of	Newport, Qld		There is an opportunity for a retirement living community within the Newport masterplanned site. Newport is uniquely located with direct access to
Newport)			Moreton Bay on the western edge of the existing Newport canal and marina development. The Stockland community is in walking distance to the
			new Kippa Ringtrain station and effcient access to the M1 for travel to the Brisbane CBD or the Sunshine Coast.
SubTotal		1,060
Brownfeld redevelopments
Potential redevelopments			Potential opportunities exist for major redevelopments and minor extensions at a number of villages across the Retirement Living portfolio.
SubTotal		405
Total unitsyet to be released		3,045

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 75

RETIREMENT LIVING RETIREMENT PORTFOLIO

MACARTHUR GARDENS, NSW

MACARTHUR GARDENS IS A VIBRANT AND ACTIVE COMMUNITY LOCATED CONVENIENTLY BETWEEN MACARTHUR SQUARE SHOPPING CENTRE AND CAMPBELLTOWN GOLF CLUB. VILLAGE FACILITIES INCLUDE A BOWLING GREEN, INDOOR SWIMMING POOL, BAR, CAFÉ, OUTDOOR CHESSBOARD, WORK SHED, PUTTING GREEN AND PRACTICE DRIVING NET.

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UNLISTED PROPERTY FUNDS

Unlisted Property Funds

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Pacific Pines Town Centre, Qld

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

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 Retail Trust No. 1(SDRT1)	Retail	83.8*	Dec 2006	Jun 2019
Stockland Residential Estates EquityFund No.1(SREEF1)	Wholesale	N/A**	Aug2006	Jun 2016
		83.8

Represents gross assets.

** SREEF1 disposed of its interests in the Fund’s remaining projects in December 2015.

~~Unlisted~~	~~Property Funds – asset overview~~
				%	Valuation		% age of fund’s
	Property type	Property	State	Ownership	($m)	GLA (m2)	total gross assets	Page
SDRT1	Retail	Benowa Gardens	Qld	100	40.0	5,804	48	79
		Pacifc Pines	Qld	100	26.0	5,529	31	79
		Tamworth Homespace	NSW	100	16.6	13,053	20	79

UNLISTED PROPERTY FUNDS

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~~Benowa Gardens Shopping Centre~~

Benowa Gardens is a fully enclosed neighbourhood shopping centre located on the Gold Coast. The centre was originally constructed in 1992. The centre is anchored with a Coles supermarket and over 35 specialty retailers. There is on-site parking for 437 vehicles, including 200 covered bays.

Location: Qld

Location: Qld
Acquisition date:	Dec 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$29.7 million

Last Independent Valuation
Date:	Dec-15
Valuation/($/m2):	$40.0 million($6,892/m2)
Capitalisation rate:	7.00%
Discount rate:	8.50%
Carparkingspaces:	437

Gross lettable area:	5,804
Annual sales:	$58.3 million
Weighted average lease expiry:	3.9years

Major tenants	GLA(m2)
Coles	1,960

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~~Pacifc Pines Town Centre~~

Pacific Pines Town Centre was developed by Stockland as part of a masterplanned community, situated in the northern Gold Coast region, near Helensvale. The neighbourhood shopping centre has an open plan style and is anchored by Woolworths plus 12 specialty stores and parking for 355 vehicles.

Location: Qld

Location: Qld
Acquisition date:	Dec 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$18.7 million

Last Independent Valuation
Date:	Dec-15
Valuation/($/m2):	$26.0 million($4,703/m2)
Capitalisation rate:	6.75%
Discount rate:	8.25%
Carparkingspaces:	355

Gross lettable area:	5,529
Annual sales:	$55.3 million
Weighted average lease expiry:	6.8years

Major tenants	GLA(m2)
Woolworths	3,541

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~~Tamworth Homespace~~

Tamworth Homespace is a 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 and a medical centre, with onsite parking for 416 vehicles.

Location: NSW

Location: NSW
Acquisition date:	Dec 2006
Ownership/title:	100%/Freehold
Cost includingadditions:	$22.0 million

Last Independent Valuation
Date:	Dec-15
Valuation/($/m2):	$16.6 million($1,272/m2)
Capitalisation rate:	9.00%
Discount rate:	9.50%
Carparkingspaces:	416

Gross lettable area:	13,053
Annual sales:	N/A
Weighted average lease expiry:	2.5years

Major tenants	GLA(m2)
The Good Guys	2,404
Pillowtalk	1,794
Lincraft	1,214

Lease expiry profile %

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Vacant FY

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

16 17 18 19 20+

UNLISTED PROPERTY FUNDS

TAMWORTH HOMESPACE, NSW

TAMWORTH HOMESPACE IS A 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 AND A MEDICAL CENTRE, WITH ON-SITE PARKING FOR 416 VEHICLES.

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APARTMENTS

Apartments

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The Islands, WA

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

APARTMENTS

~~Apartments – released to market~~
Property/
Acquisition date
Location
Total project
value ($m)
Total units
%
Sold^
Current
price range ($)
Project description
The Islands^^^
2007
Southbeach, Perth,
WA
N/A
101
49
N/A
Located just minutes from Fremantle on the Cockburn coast, the site offers
apartments and beach houses with spectacular panoramic views of Garden, Carnac
and Rottnest islands as well as Fremantle Harbour.
–
101*

Total revenue generated throughout the life of the project.
^ % sold relates to contracts exchanged and settled.
^^^ Identified for disposal.

PROPERTY PORTFOLIO ASSET ADDRESSES

Asset Addresses

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 83

RETAIL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Glasshouse - 135 King Street, Sydney
135 King Street
Sydney CBD
NSW
2000
Stockland Balgowlah
Cnr Sydney Road & Condomine Street
Balgowlah
NSW
2093
Stockland Bathurst
121 Howick Street
Bathurst
NSW
2795
Stockland Baulkham Hills
375-383 Windsor Road
Baulkham Hills
NSW
2153
Stockland Cammeray
450 Miller Street
Cammeray
NSW
2062
Stockland Corrimal
270 Princes Highway
Corrimal
NSW
2518
Stockland Forster
Breese Parade
Forster
NSW
2428
Stockland Glendale
387 Lake Road
Glendale
NSW
2285
Stockland Green Hills
1 Molly Morgan Drive
East Maitland
NSW
2323
Stockland Jesmond
28 Blue Gum Road
Jesmond
NSW
2299
Stockland Merrylands
McFarlane Street
Merrylands
NSW
2160
Stockland Merrylands Court
McFarlane Street
Merrylands
NSW
2160
Stockland Nowra
32-60 East Street
Nowra
NSW
2541
Stockland Piccadilly
210 Pitt Street
Sydney CBD
NSW
2000
Stockland Shellharbour
Lake Entrance Road
Shellharbour
NSW
2529
Shellharbour Retail Park
Lake Entrance Road
Shellharbour
NSW
2529
Stockland Vincentia Shopping Centre
5 Burton Street
Vincentia
NSW
2540
Stockland Wallsend
Cnr Cowper Street & Kokera Street
Wallsend
NSW
2287
Stockland Wetherill Park
Polding Street
Wetherill Park
NSW
2164
Stockland Bundaberg
115-119 Takalvan Street
Bundaberg
Qld
4670
Stockland Burleigh Central
149 West Burleigh Road
Burleigh Heads
Qld
4220
Stockland Burleigh Heads
149 West Burleigh Road
Burleigh Heads
Qld
4220
Stockland Cairns
537 Mulgrave Road
Earlville
Qld
4870
Stockland Caloundra
47 Bowman Road
Caloundra
Qld
4551
Stockland Cleveland
91 Middle Street
Cleveland
Qld
4163
Stockland Gladstone
Cnr Philip Street & Dawson Highway
Gladstone
Qld
4680
Stockland Hervey Bay
6 Central Ave
Hervey Bay
Qld
4655
Jimboomba Village Shopping Centre
Cnr Mount Lindesay Highway & Cusack Lane
Jimboomba
Qld
4280
Stockland North Shore
16-38 Main Street
North Shore
Qld
4818
Stockland Rockhampton
Cnr Yaamba Road & Highway One
Rockhampton
Qld
4701
Stockland Townsville
310 Ross River Road
Aitkenvale
Qld
4814
Woolworths Toowong
31 High Street
Toowong
Qld
4066

RETAIL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Stockland Highlands
Cnr Aitken & Grand Boulevards
Craigieburn
Vic
3064
Stockland Point Cook
Cnr Murnong & Main Streets
Point Cook
Vic
3030
Stockland The Pines
181 Reynolds Road
Doncaster East
Vic
3109
Stockland Tooronga
766 Toorak Road
Glen Iris
Vic
3146
Stockland Traralgon
166-188 Franklin Street
Traralgon
Vic
3844
Stockland Wendouree
Cnr Norman & Gillies Streets
Wendouree
Vic
3355
Stockland Baldivis
Safety Bay Road
Baldivis
WA
6171
Stockland Bull Creek
Cnr South Street & Benningfeld Road
Bull Creek
WA
6149
Stockland Harrisdale
Cnr Nicholson Road & Yellowwood Avenue
Harrisdale
WA
6112
Stockland Riverton
Cnr High Road & Willeri Drive
Riverton
WA
6151

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 85

LOGISTICS & BUSINESS PARKS PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
2 Davis Road, Wetherill Park
2 Davis Road
Wetherill Park
NSW
2164
23 Wonderland Drive, Eastern Creek
23 Wonderland Drive
Eastern Creek
NSW
2766
2-8 Baker St, Botany
2-8 Baker Street
Botany
NSW
2019
9-11a Ferndell Street, Granville
9-11a Ferndell Street
South Granville
NSW
2142
Coopers Paddock, Warwick Farm
200 Governor Macquarie Drive
Warwick Farm
NSW
2170
Forrester Distribution Centre, St Marys
44-88 Forrester Road
St Marys
NSW
2760
Ingleburn Distribution Centre, Ingleburn
41-47 Stennett Road
Ingleburn
NSW
2565
Yennora Distribution Centre, Yennora
Byron Road
Yennora
NSW
2161
Export Park, 9-13 Viola Place, Brisbane Airport
9-13 Viola Place
Brisbane Airport
Qld
4007
Hendra Distribution Centre, Brisbane
Cnr Hedley Avenue & Nudgee Road
Hendra
Qld
4011
Yatala Distribution Centre, Yatala
Cnr Darlington Drive & Elderslie Road
Yatala
Qld
4207
Port Adelaide Distribution Centre, Port Adelaide
Bedford Street
Port Adelaide
SA
5015
1090-1124 Centre Road, Oakleigh South
1090-1124 Centre Road
Oakleigh South
Vic
3167
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton
20-50, 76-82 Fillo Drive & 10 Stubb Street
Somerton
Vic
3061
40 Scanlon Drive, Epping
40 Scanlon Drive
Epping
Vic
3076
72-76 Cherry Lane, Laverton North
72-76 Cherry Lane
Laverton North
Vic
3026
Altona Distribution Centre, Altona
Slough Road
Altona
Vic
3018
Brooklyn Estate, Brooklyn
413 Francis Street
Brooklyn
Vic
3012
Toll Business Park, Altona
11-25, 32-54 & 56-60 Toll Drive
Altona
Vic
3025
Balcatta Distribution Centre, Balcatta
22 Geddes Street
Balcatta
WA
6021
16 Giffnock Avenue, Macquarie Park
16 Giffnock Avenue
Macquarie Park
NSW
2113
60-66 Waterloo Road, Macquarie Park
60-66 Waterloo Road
Macquarie Park
NSW
2113
Macquarie Technology Centre, Macquarie Park
11 Khartoum Road and 33-39 Talavera Road
Macquarie Park
NSW
2113
Optus Centre, Macquarie Park
1 Lyonpark Road
Macquarie Park
NSW
2113
Triniti Business Campus, North Ryde
39 Delhi Road
North Ryde
NSW
2113

OFFICE PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
40 Cameron Avenue, Belconnen
40 Cameron Avenue
Belconnen
ACT
2617
110 Walker Street, North Sydney
110 Walker Street
North Sydney
NSW
2060
135 King Street, Sydney
135 King Street
Sydney CBD
NSW
2000
601 Pacifc Highway, St Leonards
601 Pacifc Highway
St Leonards
NSW
2065
77 Pacifc Highway, North Sydney
77 Pacifc Highway
North Sydney
NSW
2060
Piccadilly Complex, 133-145 Castlereagh Street, Sydney
133-145 Castlereagh Street & 222 Pitt Street
Sydney CBD
NSW
2000
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
80-88 Jephson Street, 23 & 27-29 High Street
Toowong
QLD
4066
Garden Square, Mt Gravatt
643 Kessels Road
Upper Mount Gravatt
QLD
4122
Durack Centre
263 Adelaide Terrace & 2 Victoria Avenue
Perth CBD
WA
6000

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015

RESIDENTIAL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Altrove (formerly Schofelds)
200 Bridge Street
Schofelds
NSW
2762
Anambah
Anambah Road
Rutherford
NSW
2320
Brooks Reach
359 Bong Bong Road
Horsley
NSW
2530
Elara
Elara Boulevard
Marsden Park
NSW
2765
Glenmore Ridge
Glenmore Ridge Drive
Glenmore Park
NSW
2745
Illawarra
Cleveland Road
Dapto
NSW
2530
Lochinvar
New England Highway
Lochinvar
NSW
2321
Macarthur Gardens
Goldsmith Avenue
Macarthur
NSW
2560
McKeachies Run
Shop 6, 8 McKeachie Drive
Aberglasslyn
NSW
2320
Murrays Beach
11 Shoreside Row
Murrays Beach
NSW
2281
Sandon Point (including McCauley's Beach)
McCauley Street
Bulli
NSW
2516
Wallarah Peninsula (Coast & North Sectors)
Shoreside Row
Murrays Beach
NSW
2281
Waterside
Waterside Boulevard
Cranebrook
NSW
2749
West Dapto 2
Bong Bong Road
Horsley
NSW
2530
Willowdale
Camden Valley Way
Leppington
NSW
2565
Augustine Heights
Cnr Christopher Street & Santa Monica Drive
Augustine Heights
Qld
4300
Aura (formerly Caloundra South)
Bells Creek Road
Caloundra
Qld
4551
Bahrs Scrub
Bahrs Scrub Road
Logan
Qld
4207
Bells Reach
1 Bells Reach Drive
Caloundra West
Qld
4551
Birtinya Island
Cnr Birtinya & Lake Kawana Boulevard
Birtinya
Qld
4575
Bokarina Beach
Nicklin Way
Bokarina
Qld
4575
Brightwater
Cnr Birtinya & Lake Kawana Boulevard
Birtinya
Qld
4575
Caboolture West/Ripeford
Caboolture River Road
Upper Caboolture
Qld
4510
Highland Reserve
Cnr Santa Clara Rise & Rose Valley Drive
Upper Coomera
Qld
4209
Hundred Hills
Riveroak Drive
Murwillumbah
Qld
2484
Kawana Business Village
Kawana Way
Kawana Waters
Qld
4575
Newport (formerly Isle of Newport)
Cnr Griffth Road & Boardman Road
Newport
Qld
4020
North Lakes
9 Wallarah Parade
North Lakes
Qld
4509
North Lakes Business Park
North Lakes Drive
North Lakes
Qld
4509
North Lakes Enterprise Precinct
North Lakes Drive
North Lakes
Qld
4509
North Shore
126 Sunhaven Boulevard
Burdell
Qld
4818
Ormeau Ridge
1 Landsdowne Drive
Ormeau Hills
Qld
4208
Pacifc Pines
Pacifc Pines Boulevard
Pacifc Pines
Qld
4211
Pallara (formerly Brookbent Road)
Cnr Gooderham Road & Brookebent Road
Pallara
Qld
4110
Paradise Waters
Grampian Drive
Deebing Heights
Qld
4301
Riverstone Crossing
1 Valley Brook Rise
Maudsland
Qld
4210

RESIDENTIAL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Rockhampton
William Palfrey Road
Parkhurst
Qld
4702
Sovereign Pocket
Cnr Sovereign Drive & Wollemi Street
Deebing Heights
Qld
4306
Stone Ridge
Cnr Marshman Road & Nocturnal Promenade
Narangba
Qld
4504
The Observatory
27 Observatory Drive
Reedy Creek
Qld
4228
Twin Waters West (formerly Ocean Drive)
Ocean Drive
Pacifc Paradise
Qld
4564
Vale
43 Ridgevale Boulevard
Holmview
Qld
4207
Allura
11 Mainview Boulevard
Truganina
Vic
3029
Arbourlea
Arbourlea Boulevard
Cranbourne North
Vic
3978
Arve (formerly Ivanhoe)
Cnr Banksia Street & Wadham Road
Ivanhoe
Vic
3079
Cloverton (formerly Lockerbie)
Cnr Donnybrook Road & Dwyer Street
Kalkallo
Vic
3064
Clyde North
Tuckers Rd
Clyde North
Vic
3978
Eucalypt
290 Epping Road
Wollert
Vic
3750
Highlands (including Mt Ridley Road and Lakeside)
1 North Shore Drive
Craigieburn
Vic
3064
Mernda Villages
Cnr Bridge Inn Road & Galloway Drive
Mernda
Vic
3754
Mickleham
Michelham Road
Mickelham
Vic
3064
Selandra Rise
Heather Grove
Clyde North
Vic
3978
Sierra
Narree Warren-Cranbourne Road
Cranbourne North
Vic
3977
Stamford Park
Stud Road
Rowville
Vic
3178
The Address
333 Point Cook Road
Point Cook
Vic
3030
The Grove (formerly Davis Rd)
534 Hogans Road
Tarneit
Vic
3029
Amberton
Cnr Cinnabar Drive & Leeward Avenue
Eglinton
WA
6034
Baldivis Town Centre
Saftey Bay Road
Baldivis
WA
6171
Calleya
Cilantro Parkway
Banjup
WA
6164
Corimbia
Alhambra Parkway
Landsdale
WA
6065
Newhaven
Exchange Avenue (off Nicholson Road)
Harrisdale
WA
6112
Sienna Wood
Cnr Ninth Road & Burdekin Turn
Hilbert
WA
6112
Vale
84 Egerton Drive
Aveley
WA
6069
Whiteman Edge
Fairmount Boulevard
Brabham
WA
6055

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 89

RETIREMENT LIVING PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Ridgecrest Village
55 Burkitt Street
Page
ACT
2614
Altrove (formerly Schofelds)
200 Bridge Street
Schofelds
NSW
2762
Bellevue Gardens Retirement Village
1 Parker Street
Port Macquarie
NSW
2444
Bexley Gardens
30-32 Ellerslie Road
Bexley North
NSW
2207
Camden View Village
12 Laurie Street
Laurieton
NSW
2443
Cardinal Freeman Retirement Village
137 Victoria Street
Ashfeld
NSW
2131
Castle Ridge Resort
350 Old Northern Road
Castle Hill
NSW
2154
Elara
Elara Boulevard
Marsden Park
NSW
2765
Golden Ponds Resort
Cape Hawke Drive
Forster
NSW
2428
Lincoln Gardens Retirement Village
Marian Drive
Port Macquarie
NSW
2444
Lourdes Retirement Village
95 Stanhope Road
Killara
NSW
2071
Macarthur Gardens Retirement Village
100 Gilchrist Drive
Campbelltown
NSW
2560
Macquarie Grove Retirement Village
24 Macquarie Place
Tahmoor
NSW
2573
Maybrook Village
6 Jersey Place
Cromer
NSW
2099
Parklands Village
Cnr Central Road & Hindman Street
Port Macquarie
NSW
2444
Queens Lake Village
349 Ocean Drive
Laurieton
NSW
2443
The Cove Village
36 Empire Bay Drive
Daleys Point
NSW
2257
The Village Swansea
21-35 Wallace Street
Swansea
NSW
2281
The Willows Retirement Village
226 Windsor Road
Winston Hills
NSW
2153
Wamberal Gardens Retirement Village
1 Spencer Street
Wamberal
NSW
2260
Waratah Highlands Village
25 Tylers Road
Bargo
NSW
2574
Willowdale
Camden Valley Way
Leppington
NSW
2565
Bellcarra Retirement Resort
17 Carree Street
Caloundra
Qld
4551
Farrington Grove Retirement Estate
55 Linkwood Drive
Ferny Hills
Qld
4055
Fig Tree Village
1 McClintock Drive
Murrumba Downs
Qld
4503
Greenleaves Retirement Village
91 Tryon Street
Upper Mountt Gravatt
Qld
4122
Newport (formerly Isle of Newport)
Cnr Griffth & Boardman Road
Newport
Qld
4020
North Lakes Retirement Resort
60 Endeavour Boulevard
North Lakes
Qld
4509
North Shore
North Shore Boulevard
Burdell
Qld
4818
Oceanside
Birtinya Boulevard
Birtinya
Qld
4575
Pine Lake Village
11 Araucaria Way
Elanora
Qld
4221
Salford Waters Retirement Estate
9 Salford Street
Victoria Point
Qld
4165
Bay Village Retirement Estate
Philip Avenue
Victor Harbor
SA
5211
Hillsview Retirement Village (formerly Hillsview Village)
18 McHarg Road
Happy Valley
SA
5159
Lightsview Retirement Village (formerly Horizon at Lightsview)
26 East Parkway
Northgate
SA
5085
Ridgehaven Rise Seniors' Living Community
33 Golden Grove Road
Ridgehaven
SA
5097
Salford Retirement Estate
1A Lyn Street
Aberfoyle Park
SA
5159
Somerton Park Seniors' Living Community
91 Diagonal Road
Somerton Park
SA
5044
The Grange Retirement Estate
Sylvan Way
Grange
SA
5022

RETIREMENT LIVING PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
The Villas in Brighton
Noble Close
Brighton
SA
5048
The Villas on Milton Avenue
1 Milton Avenue
Fullarton
SA
5063
Unity Retirement Village
38 Taylors Road East
Aberfoyle Park
SA
5159
Walnut Grove Retirement Estate
13 Walnut Street
Old Reynella
SA
5161
Arilla Village
65 Gordons Road
South Morang
Vic
3752
Bundoora Village
100 Janefeld Drive
Bundoora
Vic
3083
Burnside Village
16 Nicol Avenue
Burnside
Vic
3023
Cameron Close Village
155 Warrigal Road
Burwood
Vic
3125
Donvale Village
160 Springvale Road
Donvale
Vic
3111
Gillin Park Retirement Village
21-57 Mahoneys Road
Warrnambool
Vic
3280
Gowanbrae Village
Gowanbrae Drive
Gowanbrae
Vic
3043
Highlands Retirement Village
236-238 Waterview Boulevard
Craigieburn
Vic
3064
Keilor Village
868 Old Calder Highway
Keilor
Vic
3036
Knox Village
466 Burwood Highway
Wantirna South
Vic
3152
Latrobe Village
Village Drive
Reservoir
Vic
3073
Long Island Village
1 Overton Road
Seaford
Vic
3198
Mernda Retirement Village
89 Galloway Drive
Mernda
Vic
3754
Midlands Terrace
1111 Doveton Street North
Ballarat
Vic
3350
Oak Grange
695-707 Hawthorn Road
Brighton East
Vic
3187
Patterson Lakes Village
130 McLeod Road
Patterson Lakes
Vic
3197
Plenty Valley Village
208 McDonalds Road
Epping
Vic
3076
Rosebud Village
287-323 Bayview Road
Rosebud
Vic
3939
Salford Park Community Village
100 Harrold Street
Wantirna
Vic
3152
Selandra Rise Retirement Village
5 Harmony Chase
Clyde North
Vic
3978
Tarneit Skies Retirement Village
250 Thames Boulevard
Tarneit
Vic
3029
Taylors Hill Village
17 Amber Way
Taylors Hill
Vic
3037
Templestowe Village
29 Fitzsimons Lane
Templestowe
Vic
3106
The Lakes Estate
800 Kings Road
Taylors Lake
Vic
3038
Vermont Village
562-584 Burwood Hwy
Vermont South
Vic
3133
Wantirna Village
2 Old Stud Road
Wantirna
Vic
3152
Affnity Village
38 Norwood Avenue
Baldivis
WA
6171
Calleya
Cilantro Parkway
Banjup
WA
6164
Halls Head Village
10 Hungerford Avenue
Halls Head
WA
6210
Leschenault Village
22 Hayes Street
Bunbury
WA
6230
Murray River Village
7 Coolibah Avenue
Mandurah
WA
6210
River Parks Village
1 Wendouree Road
Wilson
WA
6107
River Pines Village
25-27 Parkhill Way
Wilson
WA
6107

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2015 91

Important Notice

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

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

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

Stockland Corporation Limited ACN 000 181 733

Stockland Trust Management Limited ACN 001 900 741; AFSL 241190

As a responsible entity for Stockland Trust ARSN 092 897 348

25th Floor 133 Castlereagh Street SYDNEY NSW 2000

AI assistant

STOCKLAND — Fund Information / Factsheet 2016

65781_rns_2016-02-09_9cb13234-547b-4817-9013-6fde4a98c814.pdf

OUR STORY

Property Portfolio

~~COMMERCIAL PORTFOLIO~~

~~RESIDENTIAL PORTFOLIO~~

Residential Communities (page 45)

~~RETIREMENT PORTFOLIO~~

Gold Coast

KEY

KEY

Retail

~~Retail Portfolio as at 31 December 2015~~

Includes Townsville Kmart Centre.

~~Stockland Shellharbour~~

Location: Shellharbour, NSW

~~Shellharbour Retail Park~~

Location: Shellharbour, NSW

~~Stockland Wetherill Park~~

Location: Western Sydney, NSW

Lease expiry profile %

Pre-development valuation

Location: Merrylands, NSW

Location: Rockhampton, Qld

~~Stockland Green Hills~~

Lease expiry profile %

~~Stockland Glendale~~

Location: Newcastle, NSW

~~Stockland Cairns~~

Location: Cairns, Qld

~~Stockland Point Cook~~

Location: Point Cook, Vic

~~Stockland Townsville~~

Location: Townsville, Qld

Last independent valuation

~~Stockland Baldivis~~

Location: Baldivis, WA

~~Stockland Hervey Bay~~

Location: Hervey Bay, Qld

Lease expiry profile %

Location: Burleigh Heads, Qld

~~Stockland The Pines~~

~~Stockland Forster~~

Location: Forster, NSW

Lease expiry profile %

Location: Newcastle, NSW

Location: Balgowlah, NSW

~~Stockland Wendouree~~

Location: Wendouree, Vic

Lease expiry profile %

~~Stockland Baulkham Hills~~

Location: Baulkham Hills, NSW

~~Stockland Gladstone~~

Location: Gladstone, Qld

~~Stockland Caloundra/Stockland South~~

Location: Caloundra, Qld

Lease expiry profile %

~~Stockland Bull Creek~~

Lease expiry profile %

~~Stockland Cleveland~~

Location: Cleveland, Qld

~~Stockland Bathurst~~

Location: Bathurst, NSW

~~Stockland Corrimal~~

Location: Corrimal, NSW

Lease expiry profile %

Location: Wallsend, NSW

Location: Sydney CBD, NSW

Lease expiry profile %

Location: Riverton, WA

~~Stockland Tooronga~~

Location: Tooronga, Vic

~~Stockland Cammeray~~

Location: Cammeray, NSW

Lease expiry profile %

Location: Sydney CBD, NSW

~~Stockland North Shore~~

Location: North Shore, Qld

Lease expiry profile %

STOCKLAND Fund Information / Factsheet 2016

COMMERCIAL PORTFOLIO

RESIDENTIAL PORTFOLIO

RETIREMENT PORTFOLIO

Retail Portfolio as at 31 December 2015

Stockland Shellharbour

Shellharbour Retail Park

Stockland Wetherill Park

Stockland Green Hills

Stockland Glendale

Stockland Cairns

Stockland Point Cook

Stockland Townsville

Stockland Baldivis

Stockland Hervey Bay

Stockland The Pines

Stockland Forster

Stockland Wendouree

Stockland Baulkham Hills

Stockland Gladstone

Stockland Caloundra/Stockland South

Stockland Bull Creek

Stockland Cleveland

Stockland Bathurst

Stockland Corrimal

Stockland Tooronga

Stockland Cammeray

Stockland North Shore

Stockland Vincentia Shopping Centre

Woolworths Toowong

Stockland Harrisdale under construction

Balcatta Distribution Centre

Toll Business Park

1090-1124 Centre Road

Altona Distribution Centre

40 Scanlon Drive

Offce Portfolio as at 31 December 2015

Piccadilly Complex

Durack Centre

Garden Square

110 Walker Street

NSW – released to market

NSW – development pipeline

Queensland – released to market