STOCKLAND - Fund Information / Factsheet 2017

Growth built on diversity PROPERTY PORTFOLIO 30 June 2017

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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

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)

41 properties

1,014,646 sqm GLA Stockland’s ownership interests valued at $7.1 billion and gross book value of $7.6* billion * Reflects 100% interest

Residential Communities (page 43)

56 communities 80,400 lots remaining End-market value approximately $21.1 billion

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RETIREMENT PORTFOLIO

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Office (page 37)

Logistics & Business Parks (page 25)

8 properties 140,598 sqm NLA Stockland’s ownership interests valued at $0.8 billion and gross book value of $1.2* billion

27 properties

1,372,277 sqm GLA*

Stockland’s ownership interests valued at $2.0 billion and gross book value of $2.3 billion * Reflects 100% interest

Reflects 100% interest

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UNLISTED PROPERTY FUNDS
Unlisted
Property Funds
(page 77)
Funds under
management
$89.0 million
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Retirement Living (page 63)

65 established villages Over 9,600 units Development pipeline of over 2,900 units Funds employed $1.3 billion

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 1

AUSTRALIA Property Portfolio

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

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NEW SOUTH WALES
Sydney
CBD and
North Shore
601 Pacifc Highway
110 Walker Street
77 Pacifc Highway
North Sydney
The Rocks
135 King Street/Glasshouse
Stockland Piccadilly
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KEY
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Retail Offce

NEW SOUTH WALES Greater Sydney

NEW SOUTH WALES /ACT

North/South Coast Canberra and surrounds

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Tamworth Homespace
F
E
Aspire at Elara/Elara
Altrove Stockland Forster
Waterside Castle Ridge Resort Maybrook Village Golden Ponds Resort
Anambah
Stockland Baulkham Hills
McKeachie’s Run
Lourdes Retirement Village
Forrester Distribution Centre
The Willows Retirement Village B Ryde Stockland Green Hills Newcastle
C The Village Swansea
Stockland Balgowlah
23 Wonderland Drive, Eastern Creek Chatswood North
89 Quarry Rd, Erskine Park Parramatta Sydney Stockland Bathurst Wamberal Gardens Retirement Village
Merrylands Court Stockland Cammeray
9-11a Ferndell Street, Granville Stockland Merrylands The Cove Village
Stockland Wetherill Park
2 Davis Road, Wetherill Park
Yennora Distribution Centre Sydney
Cardinal Freeman The Residences Sydney Macquarie Grove Retirement Village
Coopers Paddock, Warwick Farm SydneyAirport Brooks Reach/Illawarra/West Dapto 2 Waratah Highlands Village Stockland Corrimal
Stockland Shellharbour
Bexley Gardens Shellharbour Retail Park
Willowdale Retirement Village/Willowdale Stockland Nowra
2-8 Baker St, Botany
Ingleburn Distribution Centre
ACT
D
Macarthur Gardens
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KEY

B Retail Macquarie Technology Centre, Macquarie Park Logistics & Business Parks 16 Giffnock Avenue, Macquarie Park Residential Communities Optus Centre, Macquarie Park Retirement Living 60–66 Waterloo Road, Macquarie Park Triniti Business Campus, North Ryde

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||||
|---|---|---|
|KEY|C|E|
|Retail|Stockland Glendale|Queens Lake Village|
|Office|Stockland Jesmond|Camden View Village|
|Residential Communities|Stockland Wallsend|F|
|Retirement Living|D|Parklands Village|
|Unlisted Property Funds|40 Cameron Avenue, Belconnen|Lincoln Gardens Retirement Village|
|Ridgecrest Village|Bellevue Gardens Retirement Village|

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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

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QUEENSLAND QUEENSLAND
Greater
Brisbane Gold Coast
Caboolture West/Ripeford Vale
Stone Ridge
Newport
G North Lakes Ormeau Ridge
Hope Island
Foreshore
Fig Tree Village
Highland Reserve
Oxenford
Riverstone Crossing
Stockland Pacific Pines
Southport
Farrington Grove Retirement Estate
Hendra Distribution Centre Export Park
Surfers Paradise
Benowa Gardens
Brisbane
Toowong Mixed Use
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Burleigh Central
Stockland Burleigh Heads
The Observatory
Greenleaves Retirement Village Burleigh Heads
Salford Waters Retirement Estate
Ipswich Pallara Pine Lake Village
Paradise Waters
Sovereign Pocket Augustine Heights Yatala Distribution Centre
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KEY

Retail Offce Logistics & Business Parks Residential Communities Retirement Living

G

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
Birtinya Retirement Village
Birtinya Island
Rockhampton
Bellcarra Retirement Resort Stockland Rockhampton
Stockland Caloundra
Aura Gladstone
Stockland Gladstone
Stockland Bundaberg
Stockland Kensington
Caloundra
Stockland Hervey Bay
KEY KEY
Retail Retail
Residential Communities Residential Communities
Retirement Living
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

VICTORIA

Greater Melbourne

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Cloverton
Mernda Retirement Village
Highlands/ Highlands Retirement Village Eucalypt
20-50 & 76-82 Fillo Drive &
10 Stubb Street, Somerton 40 Scanlon Drive, Arilla Village Stockland Wendouree Midlands Terrace
Epping
Plenty Valley Village Melbourne
Bundoora Village
The Lakes Estate Gowanbrae Village Geelong Stockland Traralgon
Rosebud Village
Taylors Hill Village Keilor Village Latrobe Village Gillin Park Retirement Village
Templestowe Village
Burnside Village Arve Stockland The Pines
Mt Atkinson Donvale Village
Orion
Allura Brooklyn Estate
The Grove 72-76 Cherry Ln, Laverton North ToorongaStockland
Tarneit Skies Retirement Village Toll Business Park, Altona Cameron Close Village
Altona Distribution Centre Vermont Village Salford Park Community Village
Satellite Corporate Centre,
Wantirna Village
Stockland Point Cook Mulgrave Knox Village
The Address Oak Grange
Waterlea
1090-1124 Centre Road, Oakleigh South
Patterson Lakes Village Minta Farm
Selandra Rise Retirement Village
Long Island Village Edgebrook
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KEY

Retail

Logistics & Business Parks Residential Communities Medium Density Retirement Living

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WESTERN SOUTH
AUSTRALIA AUSTRALIA
Perth and Adelaide and
surrounds surrounds
Amberton
Ridgehaven Rise Seniors’ Living Community
Port Adelaide Distribution Centre
Vale Lightsview Retirement Village
Whiteman Edge The Grange Retirement Estate
Adelaide
Balcatta Distribution Centre
The Villas on Milton Avenue
Durack Centre Somerton Park Seniors’ Living Community
Stockland Riverton The Villas in Brighton
Stockland Bull Creek Salford Retirement Estate
Unity Retirement Village
Aspire at Calleya/Calleya Newhaven/Stockland Harrisdale Walnut Grove Retirement Estate Hillsview Retirement Village
Sienna Wood
Affinity Village
Stockland Baldivis
Bay Village Retirement Estate
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KEY

Retail Office Residential Communities Retirement Living Logistics & Business Parks

KEY

Retirement Living Logistics & Business Parks

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

WETHERILL PARK, SYDNEY

WETHERILL PARK HAS RECENTLY UNDERGONE A $228 MILLION REDEVELOPMENT, COMPLETED IN SEPTEMBER 2016. THE NEW LOOK CENTRE NOW FEATURES COLES, WOOLWORTHS, BIG W, A REFURBISHED TARGET; NINE MINI-MAJORS, 200 SPECIALTIES AND A REVITALISED FRESH FOOD PRECINCT. IT ALSO INCLUDES AN ENTERTAINMENT, ALFRESCO DINING AND LEISURE PRECINCT WITH A REFURBISHED 11 SCREEN HOYTS CINEMA AND 24 HOUR GYM.

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RETAIL COMMERCIAL PORTFOLIO

Retail

Stockland is one of the largest retail property owners, developers and managers in Australia. At 30 June 2017 the portfolio comprises 41 retail centres with Stockland’s ownership interests valued at $7.1 billion and gross book value of $7.6 billion. The properties accommodate more than 3,500 tenants and generate in excess of $6.7 billion in retail sales per annum.

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Glasshouse – Pitt Street, Sydney

Lease expiry profile %*

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1 12 11 8 9 59
Includes non-comparable development GLA
Vacant FY
18 19 20 21 22+
Geographic split %
57 11 26 6
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NSW Vic Qld WA
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

SHELLHARBOUR, NSW THE CENTRE IS LOCATED ON THE SOUTH COAST OF NSW AND IS THE LARGEST REGIONAL SHOPPING CENTRE LOCATED WITHIN THE TRADE AREA. IT INCLUDES MYER, KMART, TARGET, COLES, WOOLWORTHS, 15 MINI-MAJORS AND 236 SPECIALTY STORES. THE CENTRE BOASTS A RECENTLY REDEVELOPED ALFRESCO DINING PRECINCT WITH A TOTAL OF TEN CASUAL DINING TENANCIES, AN INCLUSIVE CHILDREN’S PLAY AREA AND FIVE STAR PARENTS’ FACILITIES. THE NEIGHBOURING GREATER UNION EIGHT SCREEN CINEMA COMPLEX WAS ACQUIRED IN JANUARY 2017.

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RETAIL COMMERCIAL PORTFOLIO

Retail Portfolio as at 30 June 2017

							Annual sales	Specialty
				Book value	Funds from	% of Retail	June 2017	occupancy	Specialty
Page	Property	Location	GLA (m2)	($m)	operations ($m)	Portfolio	($m)	costs (%)**	sales ($/m2)***
12	Stockland Shellharbour	NSW	78,840	757.9##	40.7	10.6	449.7	16.5	9,228
12	Shellharbour Retail Park	NSW	23,787	54.4	4.2	0.8	137.7	10.5	3,942
12	Stockland Wetherill Park	NSW	71,356	742.1	38.7^^	10.4	375.0^^	N/A	N/A
13	Stockland Merrylands	NSW	59,183	555.0	32.2	7.8	371.3	16.7	9,207
–	Stockland Merrylands Court	NSW	N/A	10.1	(0.1)	0.1	N/A	N/A	N/A
13	Stockland Rockhampton	Qld	58,179	425.8	23.3	6.0	348.2	16.9	9,724
13	Stockland Green Hills	NSW	16,648	398.4	15.4^^	5.5	260.4^^	N/A	N/A
14	Stockland Glendale	NSW	55,376	336.0	20.0	4.7	316.7	16.0	8,851
14	Stockland Point Cook	Vic	43,283	233.6	14.6^^	3.3	200.0^^	N/A	N/A
14	Stockland Townsville#^	Qld	58,262	226.5	12.0	3.2	344.9	17.1	9,592
15	Stockland Cairns	Qld	50,100	211.0	13.7	3.0	239.9	13.2	8,752
15	Stockland Baldivis	WA	33,505	204.0	11.6	2.9	226.9	12.4	7,576
15	Stockland HerveyBay	Qld	33,874	185.0	11.3	2.6	188.4	13.2	8,201
16	Stockland Burleigh Heads	Qld	28,269	185.0	11.4	2.6	179.8	12.9	9,236
–	Stockland Burleigh Central	Qld	7,914	21.0	1.6	0.3	15.4	N/A	N/A
16	Stockland The Pines	Vic	25,072	182.0	12.3	2.6	171.2	18.5	8,008
16	Stockland Forster	NSW	38,991	172.9	11.5	2.4	235.7	12.2	8,685
17	Stockland Balgowlah	NSW	12,977	169.5	9.9	2.4	153.8	16.6	8,644
17	Stockland Jesmond	NSW	20,252	168.0	10.7	2.4	151.0	15.5	9,603
17	Stockland Baulkham Hills	NSW	18,022	158.0	10.1	2.2	147.4	15.6	6,921
18	Stockland Wendouree	Vic	22,296	149.9	9.8	2.1	179.0	13.3	9,884
18	Stockland Gladstone	Qld	28,644	148.5	10.4	2.1	180.3	16.0	10,946
18	Stockland Bundaberg	Qld	23,045	142.8	9.8	2.0	179.7	12.3	11,049
19	Stockland Kensington	Qld	6,003	31.0	0.5	0.4	N/A	N/A	N/A
19	Stockland Caloundra	Qld	22,145	140.8	8.5	2.0	187.4	11.7	12,101
19	Stockland Nowra	NSW	15,979	129.3	7.9	1.8	149.7	12.1	12,547
20	Stockland Cleveland	Qld	15,375	112.9	7.2	1.6	146.3	13.8	8,301
20	Stockland Bull Creek	WA	16,885	107.4	7.0	1.5	106.4	15.6	9,130
20	Stockland Traralgon	Vic	19,486	100.0	8.2	1.4	128.4	15.2	7,998
21	Stockland Bathurst	NSW	19,568	95.7	6.9	1.3	103.4	14.6	8,817
21	Stockland Wallsend	NSW	12,009	80.3	5.5	1.1	102.6	10.2	9,455
21	Glasshouse – 135 KingStreet,Sydney^	NSW	5,355	73.5	3.3	1.0	N/A	N/A	N/A
22	Stockland Tooronga	Vic	8,931	71.0	4.0	1.0	111.2	13.8	8,406
22	Stockland Corrimal	NSW	9,759	69.3	5.1	1.0	93.9	16.6	7,868
22	Stockland Riverton^	WA	19,515	67.0	4.7	0.9	132.5	16.0	7,309
23	Stockland Harrisdale	WA	12,692	54.9	3.2^^	0.8	74.6^^	N/A	N/A
23	Stockland Cammeray	NSW	4,757	49.2	3.0	0.7	28.3	14.5	8,722
23	Stockland Highlands	Vic	7,770	39.2	2.1	0.6	56.3	12.5	6,146
24	Stockland Piccadilly^	NSW	2,999	36.4	2.4	0.5	31.7	24.7	8,804
24	Stockland North Shore	Qld	5,268	22.6	1.3	0.3	52.5	9.0	9,400
–	ToowongMixed Use	Qld	2,275	6.8	0.2	0.1	N/A	N/A	N/A
			1,014,646	7,124.7	416.1	100.0

Includes Townsville Kmart Centre.
Book value includes Lamerton House and Greater Union Cinema acquisition.
** 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.

^^ Assets under development or still in stabilisation mode; Transitional MAT.

NB Excludes capital works in progress and sundry properties.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 11

RETAIL COMMERCIAL PORTFOLIO

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Stockland Shellharbour

The centre is located on the south coast of NSW and is the largest regional shopping centre located within the trade area. It includes Myer, Kmart, Target, Coles, Woolworths, 15 mini-majors and 236 specialty stores. The centre boasts a recently redeveloped alfresco dining precinct opened in September 2016 with a total of ten casual dining tenancies, an inclusive children’s play area and five star parents’ facilities. The neighbouring Greater Union eight screen cinema complex was acquired in January 2017. There are 2.8 hectares of additional land for future development.

Location: Shellharbour, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$509.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$740.0 million*
Valuation $/m2:	$9,386/m²
Capitalisation rate:	5.50%
Discount rate:	7.75%
Car parking spaces:	3,619
Gross lettable area:	78,840m2
Annual sales:	$449.7 million
Specialty occupancy cost:	16.5%
Weighted average lease expiry:	8.9 years
NABERS:	4.0 (Energy) 1.5 (Water)
Green Star rating:	4.0 (As Built) 2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Myer	11,939	May 2038
Kmart	6,500	May 2032
Coles	4,500	May 2032
Woolworths	3,870	Dec 2032
Target	7,154	Jul 2025

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~~Shellharbour Retail Park~~

A strategically significant property located on a 7.5 hectare site is in close proximity to Stockland Shellharbour. This retail park development is anchored by Woolworths, Dan Murphy’s, Toys R Us and Bunnings Warehouse.

Location: Shellharbour, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$43.3 million

Last independent valuation
Date:	Dec 2016
Valuation:	$54.0 million
Valuation $/m2:	$2,270/m²
Capitalisation rate:	7.75%
Discount rate:	8.75%
Car parking spaces:	741
Gross lettable area:	23,787m2
Annual sales:	$137.7 million
Specialty occupancy cost:	10.5%
Weighted average lease expiry:	2.7 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
Bunnings	7,762	Feb 2018
Woolworths	4,370	Nov 2018
Dan Murphy's	1,500	Sep 2025

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Stockland Wetherill Park

The centre has recently undergone a $228 million redevelopment, completed in September 2016. The new look centre now features a new Coles, Woolworths, Big W, a refurbished Target; nine mini-majors, 200 specialties and a revitalised fresh food precinct. It also includes an entertainment, alfresco dining and leisure precinct with a refurbished 11 screen Hoyts cinema and 24 hour gym.

Location: Western Sydney, NSW
Acquisition date:	Aug 1983
Ownership/title:	100%/Freehold
Cost including additions:	$345.3 million

Last independent valuation
Date:	Dec 2016
Valuation:	$740.0 million
Valuation $/m2:	$10,371/m²
Capitalisation rate:	5.50%
Discount rate:	7.50%
Car parking spaces:	2,637
Gross lettable area:	71,356m2
Annual sales:	$375.0 million^^
Specialty occupancy cost:	N/A
Weighted average lease expiry:	9.6 years
NABERS:	2.5 (Energy)
Green Star rating:	5.0 (As-built)

Major tenants	GLA (m2)	Lease expiry
Big W	8,097	Jun 2025
Target	7,020	Jul 2028
Hoyts	4,613	Nov 2043
Woolworths	4,346	Jun 2021
Coles	4,193	Dec 2035

Lease expiry profile %

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3 11 9 5 4 68
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43 22 14 21 4 3 6 14 73
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NB Includes vacancies held for remix
Valuation excludes Lamerton house and Greater union cinema acquisition

Vacant FY

18 19 20 21 22+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Merrylands~~

Located 25 kilometres west of the Sydney CBD, this regional shopping centre has serviced the local community since 1972. The centre includes six major retailers, ALDI, Coles, Woolworths, Big W, Kmart and Target. There are also five mini-majors and over 200 specialty stores. The centre is adjacent to our 1.24 hectare Merrylands Court site where a mixed used DA was approved in December 2016.

Location: Merrylands, NSW
Acquisition date:	Sep 1982
Ownership/title:	100%/Freehold
Cost including additions:	$428.0 million

Last independent valuation
Date:	Jun 2017
Valuation:	$555.0 million
Valuation $/m2:	$9,378/m²
Capitalisation rate:	5.50%
Discount rate:	7.25%
Car parking spaces:	3,000
Gross lettable area:	59,183m2
Annual sales:	$371.3 million
Specialty occupancy cost:	16.7%
Weighted average lease expiry:	7.9 years
NABERS:	N/A
Green Star rating:	4.0 (Design)

Major tenants	GLA (m2)	Lease expiry
Big W	7,900	Oct 2032
Kmart	7,159	Nov 2023
Target	6,088	Nov 2028
Coles	4,431	Dec 2031
Woolworths	3,820	Oct 2032

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~~Stockland Rockhampton~~

The largest shopping centre between Maroochydore and Mackay, Rockhampton includes Woolworths, Coles, Kmart, Big W, Harris Scarfe, 11 mini-majors and over 170 specialty stores. The centre recently opened an all-weather casual dining precinct incorporating six specialty food retailers including Guzman Y Gomez, Burger Urge and Max Brenner. H&M is set to open in late 2017.

Location: Rockhampton, Qld
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$286.4 million

Last independent valuation
Date:	Dec 2016
Valuation:	$419.1 million
Valuation $/m2:	$7,204/m²
Capitalisation rate:	5.75%
Discount rate:	7.50%
Car parking spaces:	3,033
Gross lettable area:	58,179m2
Annual sales:	$348.2 million
Specialty occupancy cost:	16.9%
Weighted average lease expiry:	5.2 years
NABERS:	3.0 (Energy) 2.5 (Water)
Green Star rating:	2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Big W	8,211	Nov 2028
Kmart	6,000	Aug 2024
Woolworths	4,223	Aug 2020
Coles	3,800	Aug 2024
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 and was ranked number one in Australia for specialty MAT/sqm in The Shopping Centre News Little Guns 2015. Work commenced in January 2016 on a $412 million expansion of the centre, that will include a brand new David Jones, Target, ten mini-majors, indoor and outdoor 1,200-seat dining precinct, seven screen Hoyts Lux cinema complex plus 175 specialty stores. It will include 3,100 parking spaces and over 220 specialty stores upon completion mid-2018.

Location: East Maitland, NSW
Acquisition date:	Dec 2000
Ownership/title:	100%/Freehold
Cost including additions:	$196.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$354.0 million
Valuation $/m2:	$11,122/m²##
Capitalisation rate:	5.75%
Discount rate:	8.00%
Car parking spaces:	1,200
Gross lettable area:	16,648m2
Annual sales:	$260.4 million^^
Specialty occupancy cost:	N/A
Weighted average lease expiry:	5.9 years
NABERS:	N/A
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Big W	8,024	Sep 2022
Woolworths	4,871	Sep 2022
Coles	3,702	Sep 2022

Lease expiry profile %

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11 5 5 10 69
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1 10 12 5 14 58
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12 2 5 81

NB Existing centre GLA only

Pre-development valuation
^^ Transitional MAT

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

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Stockland Glendale

Stockland Point Cook

Located on the northern fringe of Lake Macquarie, Stockland Glendale was the first of the true super centre outdoor shopping concepts combining retail, leisure and entertainment on a large 19.6 hectare site. Anchored by ALDI, Coles, Woolworths, Kmart and Target plus nine mini-majors, including TK Maxx which is complemented by 77 specialty stores and convenient parking for 2,287 cars. A DA has been approved for redevelopment to expand the centre by 7,700 sqm.

A sub-regional centre located in the Wyndham region, 21 kilometres west of the Melbourne CBD. Point Cook is anchored by Target, Coles, Woolworths, ALDI, Dan Murphy's, Rebel Sport, nine mini-majors, 120 specialty stores and 19 commercial suites. The centre is located in one of Melbourne’s fastest growing population corridors. Redeveloped in August 2015 and expanded with the addition of Woolworths, specialties and KFC restaurant pad site.

Location: Newcastle, NSW Acquisition date: Mar 1996 Ownership/title: 100%/Freehold Cost including additions: $107.5 million Last independent valuation Date: Jun 2017 Valuation: $336.0 million Valuation $/m2: $6,068/m² Capitalisation rate: 5.75% Discount rate: 7.50% Car parking spaces: 2,287 Gross lettable area: 55,376m2 Annual sales: $316.7 million Specialty occupancy cost: 16.0% Weighted average lease expiry: 4.4 years NABERS: 6.0 (Energy)3.5 (Water) Green Star rating: 3.0 (Performance) Major tenants GLA (m2) Lease expiry Target 8,522 Jul 2021 Kmart 6,425 Nov 2020 Coles 5,109 Mar 2026 Woolworths 4,952 Mar 2026 Events Cinemas 5,324 Dec 2021	Location: Point Cook, Vic
	Acquisition date: Jun 2011
	Ownership/title: 100%/Freehold
	Cost including additions: $218.0 million

	Last independent valuation
	Date: Dec 2015
	Valuation: $229.5 million
	Valuation $/m2: $5,302/m²
	Capitalisation rate: 6.25%
	Discount rate: 8.25%
	Car parking spaces: 1,729
	Gross lettable area: 43,283m2
	Annual sales: $200.0 million^^
	Specialty occupancy cost: N/A
	Weighted average lease expiry: 6.5 years
	NABERS: 1.5 (Energy) 4.0 (Water)
	Green Star rating: 2.0 (Performance)

	Major tenants GLA (m2) Lease expiry
	Target 6,500 Aug 2028
	Coles 4,008 Aug 2028
	ALDI 1,300 Aug 2018
	Woolworths 3,995 Aug 2035

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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. The retail precinct includes the Townsville and Nathan Street centres, featuring Woolworths and Big W, in the main centre and Coles and Kmart in the Nathan Street centre. The complex also has 7 mini-majors; a 700-seat Food Court and over 160 specialty stores. H&M is set to open in late 2017.

Location: Townsville, Qld
Acquisition date:	Jun 1987/Mar 2012
Ownership/title:	50%/Freehold
Cost including additions:	$169.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$229.0 million
Valuation $/m2:	$7,520/m²^
Capitalisation rate:	6.00-6.75%
Discount rate:	8.00-8.25%
Car parking spaces:	2,975
Gross lettable area:	58,262m2
Annual sales:	$344.9 million
Specialty occupancy cost:	17.1%
Weighted average lease expiry:	8.8 years
NABERS:	4.0 (Energy)4.0 (Water)
Green Star rating:	4.0 (As Built)2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Myer	12,023	Oct 2037
Big W	7,205	Jun 2034
Woolworths	4,200	Dec 2031
Kmart	7,416	Sep 2021
Coles	3,377	Jul 2018

Lease expiry profile %

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13 5 7 19 56
Vacant FY
18 19 20 21 22+
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2 8 17 7 6 60
^^ Transitional MAT
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2 9 10 7 4 68
NB Includes vacancies held for remix
^ 100% interest
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** Includes the Townsville Kmart centre

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Cairns~~

Located on the main southern arterial road accessing Cairns, the centre occupies an 11 hectare site. The centre has the region’s only Harris Scarfe and Big W, a recently refurbished Woolworths and Target, Coles, over 110 specialty stores, a 750-seat food court and a six screen cinema. A remix is currently underway including a new Reject Shop and fast casual dining.

Location: Cairns, Qld
Acquisition date:	Jun 1992
Ownership/title:	100%/Freehold
Cost including additions:	$189.6 million

Last independent valuation
Date:	Jun 2017
Valuation:	$211.0 million
Valuation $/m2:	$4,212/m²
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	2,368
Gross lettable area:	50,100m2
Annual sales:	$239.9 million
Specialty occupancy cost:	13.2%
Weighted average lease expiry:	6.7 years
NABERS:	5.0 (Energy)
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Big W	8,259	Jun 2024
Target	4,730	Jul 2022
Woolworths	4,254	Jun 2036
Coles	3,698	Mar 2029
Birch Carroll and Coyle Cinemas	3,415	Nov 2021

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~~Stockland Baldivis~~

The centre is located in one of the strongest growth corridors in Western Australia. The centre sits within the Settlers Hills residential community, directly opposite the Affinity Retirement Village, as part of a Stockland master planned community. Redevelopment of the centre was completed in mid-2015. The centre includes a full-line Coles, Woolworths, Kmart, two mini-majors, 100 specialty stores and a main street restaurant precinct. There are 8.2 hectares of land available for future development.

Location: Baldivis, WA
Acquisition date:	Aug 2006
Ownership/title:	100%/Freehold
Cost including additions:	$146.2 million

Last independent valuation
Date:	Dec 2015
Valuation:	$200.0 million
Valuation $/m2:	$6,435/m²
Capitalisation rate:	6.00%
Discount rate:	8.00%
Car parking spaces:	1,350
Gross lettable area:	33,505m2
Annual sales:	$226.9 million
Specialty occupancy cost:	12.4%
Weighted average lease expiry:	10.1 years
NABERS:	2.0 (Energy)
Green Star rating:	4.0 (Design)

Major tenants	GLA (m2)	Lease expiry
Coles	4,129	Sep 2029
Woolworths	4,097	May 2035
Kmart	5,990	Mar 2035

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Stockland Hervey Bay

This single level sub-regional shopping centre is located on the Fraser Coast, 300 kilometres north of Brisbane. The centre is the largest fully enclosed air conditioned mall between Rockhampton and Maroochydore. The centre is anchored by Target, Kmart, Coles, Spotlight and 99 specialty stores. A remix is currently underway replacing IGA with JB Hi-Fi and an additional mini-major. A second stage DA has been approved to add another supermarket, an entertainment and leisure precinct and associated specialties.

Location: Hervey Bay, Qld
Acquisition date:	Apr 2011
Ownership/title:	100%/Freehold
Cost including additions:	$190.5 million

Last independent valuation
Date:	Jun 2017
Valuation:	$185.0 million
Valuation $/m2:	$5,461/m²
Capitalisation rate:	6.25%
Discount rate:	7.50%
Car parking spaces:	1,680
Gross lettable area:	33,874m2
Annual sales:	$188.4 million
Specialty occupancy cost:	13.2%
Weighted average lease expiry:	8.5 years
NABERS:	5.0 (Energy)4.0 (Water)
Green Star rating:	4.0 (As Built)3.0	(Performance)

Major tenants	GLA (m2)	Lease expiry
Target	5,573	Jan 2023
Kmart	5,598	Jul 2034
Coles	3,955	Jul 2034

Lease expiry profile %

2 4 2 9 10 73 NB Includes vacancies held for development

4 2 1 11 7 75 NB Includes vacancies for Kmart centre. Excluding Kmart centre, vacancy is 1%.

1 7 2 3 16

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 15

RETAIL COMMERCIAL PORTFOLIO

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Stockland The Pines
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~~Stockland Burleigh Heads~~

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 boasts a JB Hi-Fi, Cotton On Mega, Best & Less, The Reject Shop, Anaconda and Spotlight with 105 specialty stores.

This strategically located property sits in one of Melbourne’s strong socio-economic trade areas. The retail mix includes Coles, ALDI, Woolworths, Kmart 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. Recognising the market's need for high quality retirement living product, a DA was submitted in July 2017.

Location: Burleigh Heads, Qld Acquisition date: Aug 2003 Ownership/title: 100%/Freehold Cost including additions: $134.2 million Last independent valuation Date: Jun 2017 Valuation: $185.0 million Valuation $/m2: $6,544/m² Capitalisation rate: 6.50% Discount rate: 7.50% Car parking spaces: 1,446 Gross lettable area: 28,269m2 Annual sales: $179.8 million Specialty occupancy cost: 12.9% Weighted average lease expiry: 5.7 years NABERS: 3.5 (Energy) 4.5 (Water) Green Star rating: 3.0 (Performance) Major tenants GLA (m2) Lease expiry Big W 6,673 Mar 2025 Woolworths 4,356 Apr 2026 ALDI 1,745 Apr 2024	Location: Doncaster East, Vic
	Acquisition date: Nov 2004
	Ownership/title: 100%/Freehold
	Cost including additions: $138.7 million

	Last independent valuation
	Date: Jun 2017
	Valuation: $182.0 million
	Valuation $/m2: $7,259/m²
	Capitalisation rate: 6.00%
	Discount rate: 7.50%
	Car parking spaces: 1,456
	Gross lettable area: 25,072m2
	Annual sales: $171.2 million
	Specialty occupancy cost: 18.5%
	Weighted average lease expiry: 6.9 years
	NABERS: 2.0 (Energy)3.0 (Water)
	Green Star rating: 2.0 (Performance)

	Major tenants GLA (m2) Lease expiry
	Kmart 6,829 Jul 2028
	Woolworths 3,830 Jul 2024
	Coles 3,197 Oct 2024
	ALDI 1,521 Oct 2031

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Stockland Forster

Located on the mid-north coast of NSW, Forster includes Coles, Woolworths, ALDI, Kmart and Target Country. The centre has 75 specialty stores, an outdoor take-away food/café precinct, children’s play area and a fully equipped parents' room. The adjoining Retail Park includes seven large format retail tenancies including Bunnings Warehouse.

Location: Forster, NSW
Acquisition date:	Jul 2003/May 2010
Ownership/title:	100%/Freehold
Cost including additions:	$118.5 million

Last independent valuation
Date:	Dec 2016
Valuation:	$172.0 million
Valuation $/m2:	$4,411/m²
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	1,435
Gross lettable area:	38,991m2
Annual sales:	$235.7 million
Specialty occupancy cost:	12.2%
Weighted average lease expiry:	2.4 years
NABERS:	6.0 (Energy)4.5 (Water)
Green Star rating:	3.0 (Performance)

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 Country	1,487	Holdover

Lease expiry profile %

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2 11 6 3 5 73
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2 16 23 28 19 12
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Vacant FY 18 19 20 21 22+

RETAIL COMMERCIAL PORTFOLIO

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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, Fitness First Platinum and 64 specialty stores, including a quality fresh food market, a fashion precinct and over 700 retail car parking spaces. The second level is an open air plaza with a number of restaurants and service offerings.

Location: Balgowlah, NSW
Acquisition date:	Jun 2009/Nov 2009
Ownership/title:	100%/Freehold
Cost including additions:	$133.9 million

Last independent valuation
Date:	Jun 2017
Valuation:	$169.5 million
Valuation $/m2:	$13,062/m²
Capitalisation rate:	5.50%
Discount rate:	7.50%
Car parking spaces:	714
Gross lettable area:	12,977m2
Annual sales:	$153.8 million
Specialty occupancy cost:	16.6%
Weighted average lease expiry:	6.4 years
NABERS:	N/A
Green Star rating:	N/A

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

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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. The casual dining precinct opened in 2015 together with a medical precinct. The centre is supported by extensive car parking, parents’ room and public transport facilities. The centre is located in close proximity to the University of Newcastle.

Location: Newcastle, NSW
Acquisition date:	Feb 1984
Ownership/title:	100%/Freehold
Cost including additions:	$61.4 million

Last independent valuation
Date:	Jun 2017
Valuation:	$168.0 million
Valuation $/m2:	$8,295/m²
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	900
Gross lettable area:	20,252m2
Annual sales:	$151.0 million
Specialty occupancy cost:	15.5%
Weighted average lease expiry:	9.0 years
NABERS:	4.5 (Energy) 1.0 (Water)
Green Star rating:	3.0 (Performance)

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

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Stockland Baulkham Hills

Conveniently located near the intersection of two arterial roads within the Hills Shire. Baulkham Hills is 30 kilometres north-west of the Sydney CBD. The centre includes Woolworths, Coles, ALDI, Harris Farm Markets, 78 specialty stores and services, 830 car parking spaces, an outdoor children’s play area supported by surrounding retailers Little Rock Café and Charlie Lovett, as well as a fully equipped parents’ room.

Location: Baulkham Hills, NSW
Acquisition date:	Sep 1982
Ownership/title:	100%/Freehold
Cost including additions:	$94.3 million

Last independent valuation
Date:	Jun 2017
Valuation:	$158.0 million
Valuation $/m2:	$8,767/m²
Capitalisation rate:	6.00%
Discount rate:	7.75%
Car parking spaces:	830
Gross lettable area:	18,022m2
Annual sales:	$147.4 million
Specialty occupancy cost:	15.6%
Weighted average lease expiry:	5.5 years
NABERS:	4.0 (Energy) 1.0 (Water)
Green Star rating:	2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Woolworths	3,855	Jul 2027
Coles	3,034	Jun 2027
ALDI	1,385	Dec 2021

Lease expiry profile %

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2 6 6 11 6 69
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2 17 6 8 10 57
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9 9 17 10 55

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

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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, four mini-majors and 83 specialty stores. The centre also includes a fully equipped parents' room and the regional library. Additional land surrounding Wendouree allows for future development. An expansion is currently underway, including a new 3,800 sqm Woolworths supermarket, specialties and a casual dining precinct. The redevelopment will commence trade in mid-2018.

Location: Wendouree, Vic
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$77.7 million

Last independent valuation
Date:	Dec 2015
Valuation:	$148.0 million
Valuation $/m2:	$6,638/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%
Car parking spaces:	1,190
Gross lettable area:	22,296m2
Annual sales:	$179.0 million
Specialty occupancy cost:	13.3%
Weighted average lease expiry:	6.9 years
NABERS:	4.0 (Energy)4.5 (Water)
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Kmart	7,831	Oct 2028
Coles	3,252	Aug 2022
Woolworths	3,800	Jun 2033

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Stockland Gladstone

Located on the Dawson Highway, Gladstone is the only major shopping centre in the region. The property comprises of a Coles, Woolworths, Kmart, Big W, Target and 51 specialty stores with over 1,200 parking spaces. Over 3.2 hectares of rezoned land borders the property, with an approved DA for over 26,000 sqm of new GLA.

Location: Gladstone, Qld
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost including additions:	$92.2 million

Last independent valuation
Date:	Dec 2016
Valuation:	$146.6 million
Valuation $/m2:	$5,118/m²
Capitalisation rate:	6.50%
Discount rate:	7.75%
Car parking spaces:	1,307
Gross lettable area:	28,644m2
Annual sales:	$180.3 million
Specialty occupancy cost:	16.0%
Weighted average lease expiry:	2.2 years
NABERS:	5.5 (Energy)
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Kmart	6,687	Sep 2017
Big W	7,203	Aug 2021
Woolworths	3,609	Aug 2021
Coles	2,995	Sep 2017
Target Country	1,481	Sep 2017

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Stockland Bundaberg

The centre is anchored by Woolworths, Big W, JB Hi-Fi, Best & Less and 65 specialty stores. Construction has commenced on a new dining precinct adding 6 restaurants to the centre, due for completion by February 2018. Stockland Bundaberg is complemented by Stockland Kensington which is opposite the centre.

Location: Bundaberg, Qld
Acquisition date:	Oct 2014
Ownership/title:	100%/Freehold
Cost including additions:	$127.3 million

Last independent valuation
Date:	Jun 2016
Valuation:	$138.9 million
Valuation $/m2:	$6,027/m²
Capitalisation rate:	6.50%
Discount rate:	8.00%
Car parking spaces:	1,313
Gross lettable area:	23,045m2
Annual sales:	$179.7 million
Specialty occupancy cost:	12.3%
Weighted average lease expiry:	8.5 years
NABERS:	4.5 (Energy)4.5 (Water)
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Big W	8,173	Sep 2036
Woolworths	4,184	Sep 2018

Lease expiry profile %

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1 11 5 9 5 69 49 3 2 1 45
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NB Includes vacancies held for development

Vacant FY 18 19 20 21 22+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Kensington~~

The centre is centrally located in Bundaberg on the Isis Highway (Takalvan Street), the main thoroughfare in and out of Bundaberg. Officially opened in early April 2017, the centre features the latest concept Coles, which is the largest supermarket in the trade area and is supported by The Reject Shop and ten specialty stores. The centre complements Stockland Bundaberg and the developing Bundaberg West retail district.

Location: Bundaberg, Qld
Acquisition date:
Ownership/title:
Cost including additions:	$30.0 million

Last independent valuation
Date:	Jun 2017
Valuation:	$31.0 million
Valuation $/m2:	$5,163/m²
Capitalisation rate:	6.00%
Discount rate:	7.25%
Car parking spaces:	274
Gross lettable area:	6,003m2
Annual sales:	N/A
Specialty occupancy cost:	N/A
Weighted average lease expiry:	12.5 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
Coles	4,650	Mar 2032

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~~Stockland Caloundra~~

Located within the southern part of the Sunshine Coast, Caloundra sits in a population growth corridor. The main centre includes a Coles, Kmart and 48 specialty stores. Concept planning is underway for an expansion of the mall and creation of an entertainment and leisure precinct. Opposite the centre is Stockland South, a neighbourhood shopping centre anchored by Woolworths and five specialty stores.

Location: Caloundra, Qld
Acquisition date:	Jun 2003/Dec 2009
Ownership/title:	100%/Freehold
Cost including additions:	$82.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$140.0 million
Valuation $/m2:	$6,322/m²
Capitalisation rate:	5.96%
Discount rate:	7.63%
Car parking spaces:	1,117
Gross lettable area:	22,145m2
Annual sales:	$187.4 million
Specialty occupancy cost:	11.7%
Weighted average lease expiry:	3.9 years
NABERS:	4.5 (Energy)5.0 (Water)
Green Star rating:	3.0 (Performance)*

Major tenants	GLA (m2)	Lease expiry
Kmart	7,069	Mar 2018
Woolworths	4,288	Dec 2029
Coles	3,957	Jul 2020

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Stockland Nowra

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 50 specialty stores. The centre has six hectares of zoned land adjacent to the site with development approval.

Location: Nowra, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$70.9 million

Last independent valuation
Date:	Jun 2017
Valuation:	$127.5 million
Valuation $/m2:	$7,979/m²
Capitalisation rate:	6.00%
Discount rate:	7.75%
Car parking spaces:	821
Gross lettable area:	15,979m2
Annual sales:	$149.7 million
Specialty occupancy cost:	12.1%
Weighted average lease expiry:	5.9 years
NABERS:	4.5 (Energy) 4.5 (Water)
Green Star rating:	3.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Kmart	7,190	Nov 2018
Woolworths	4,230	Jul 2034

Lease expiry profile %

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2 98
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Excludes Stockland South

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

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, with two strongly performing anchors Coles, Woolworths and 60 specialty stores.

Location: Cleveland, Qld
Acquisition date:	Oct 2002
Ownership/title:	100%/Freehold
Cost including additions:	$80.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$112.0 million
Valuation $/m2:	$7,285/m²
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	780
Gross lettable area:	15,375m2
Annual sales:	$146.3 million
Specialty occupancy cost:	13.8%
Weighted average lease expiry:	2.1 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
Woolworths	4,031	Aug 2019
Coles	3,536	Oct 2027

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~~Stockland Bull Creek~~

A single level sub-regional centre located 15 kilometres south of the Perth CBD. The centre is anchored by Woolworths, Target and 49 specialty stores. The centre is positioned as a convenience and value destination in this dense trade area.

Location: Bull Creek, WA
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$65.0 million

Last independent valuation
Date:	Dec 2016
Valuation:	$107.0 million
Valuation $/m2:	$6,337/m²
Capitalisation rate:	6.25%
Discount rate:	7.50%
Car parking spaces:	893
Gross lettable area:	16,885m2
Annual sales:	$106.4 million
Specialty occupancy cost:	15.6%
Weighted average lease expiry:	4.9 years
NABERS:	4.5 (Energy)
Green Star rating:	2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Target	8,131	Jul 2018
Woolworths	3,426	May 2035

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Stockland Traralgon

Located in the Latrobe Valley region of Victoria, Traralgon sits 160 kilometres east of Melbourne. The centre is anchored by Coles and Kmart, three mini-majors and has 53 specialty stores. The majority of the car parking is undercover.

Location: Traralgon, Vic
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$54.8 million

Last independent valuation
Date:	Jun 2017
Valuation:	$100.0 million
Valuation $/m2:	$5,132/m²
Capitalisation rate:	6.50%
Discount rate:	7.50%
Car parking spaces:	750
Gross lettable area:	19,486m2
Annual sales:	$128.4 million
Specialty occupancy cost:	15.2%
Weighted average lease expiry:	2.3 years
NABERS:	4.0 (Energy) 4.0 (Water)
Green Star rating:	3.0 (Performance)

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

Lease expiry profile %

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Vacant FY 18 19 20 21 22+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Bathurst~~

The centre 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, a mini-major and 39 specialty stores. Both Big W and Woolworths completed new fit outs in 2015.

Location: Bathurst, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$65.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$94.0 million
Valuation $/m2:	$4,804/m²
Capitalisation rate:	6.75%
Discount rate:	8.00%
Car parking spaces:	519
Gross lettable area:	19,568m2
Annual sales:	$103.4 million
Specialty occupancy cost:	14.6%
Weighted average lease expiry:	9.2 years
NABERS:	4.0 (Energy) 3.5 (Water)
Green Star rating:	3.0 (Performance)

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

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~~Stockland Wallsend~~

The centre is located ten kilometres north-west of the Newcastle CBD. Wallsend has a GLA of approximately 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, NRMA and a range of major banks.

Location: Wallsend, NSW
Acquisition date:	Sep 2007
Ownership/title:	100%/Freehold
Cost including additions:	$70.4 million

Last independent valuation
Date:	Dec 2016
Valuation:	$79.0 million
Valuation $/m2:	$6,578/m²
Capitalisation rate:	6.75%
Discount rate:	8.00%
Car parking spaces:	569
Gross lettable area:	12,009m2
Annual sales:	$102.6 million
Specialty occupancy cost:	10.2%
Weighted average lease expiry:	3.0 years
NABERS:	N/A
Green Star rating:	N/A

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

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~~Glasshouse – 135 King Street, Sydney~~

Strategically located in the heart of Sydney CBD’s iconic Pitt Street Mall, the recently redeveloped 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:	$32.9 million

Last independent valuation
Date:	Jun 2017
Valuation:	$73.5 million
Valuation $/m2:	$27,450/m²^
Capitalisation rate:	4.50%
Discount rate:	6.75%
Car parking spaces:	N/A
Gross lettable area:	5,355m2
Annual sales:	N/A
Specialty occupancy cost:	N/A
Weighted average lease expiry:	12.7 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
H&M	5,173	Oct 2030
Zara Home	649	Dec 2025

Lease expiry profile %

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5 50

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2 1 50 17 10 20
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100

^ 100% interest

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Tooronga~~

The centre is located 12 kilometres south-east of the Melbourne CBD. The centre provides a Coles supermarket, 1st Choice Liquor and over 25 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: Glen Iris, Vic
Acquisition date:	Aug 2010
Ownership/title:	100%/Freehold
Cost including additions:	$49.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$70.0 million
Valuation $/m2:	$7,838/m²
Capitalisation rate:	5.75%
Discount rate:	7.25%
Car parking spaces:	488
Gross lettable area:	8,931m2
Annual sales:	$111.2 million
Specialty occupancy cost:	13.8%
Weighted average lease expiry:	6.7 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
Coles	4,139	Aug 2025

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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
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$46.7 million

Last independent valuation
Date:	Jun 2017
Valuation:	$69.3 million
Valuation $/m2:	$7,101/m2
Capitalisation rate:	7.00%
Discount rate:	8.00%
Car parking spaces:	517
Gross lettable area:	9,759m2
Annual sales:	$93.9 million
Specialty occupancy cost:	16.6%
Weighted average lease expiry:	7.3 years
NABERS:	N/A
Green Star rating:	N/A

Major tenants	GLA (m2)	Lease expiry
Woolworths	5,961	Jun 2027

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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 63 specialty stores and five pad sites, including an alfresco dining area and fully equipped parents' room.

Location: Riverton, WA
Acquisition date:	Aug 2006
Ownership/title:	50%/Freehold
Cost including additions:	$27.9 million

Last independent valuation
Date:	Dec 2016
Valuation:	$66.5 million
Valuation $/m2:	$6,816/m²^
Capitalisation rate:	6.25%
Discount rate:	7.50%
Car parking spaces:	1,193
Gross lettable area:	19,515m2
Annual sales:	$132.5 million
Specialty occupancy cost:	16.0%
Weighted average lease expiry:	6.1 years
NABERS:	4.5 (Energy) 1.5 (Water)
Green Star rating:	2.0 (Performance)

Major tenants	GLA (m2)	Lease expiry
Big W	7,294	Sep 2021
Woolworths	3,963	Sep 2031

Lease expiry profile %

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14 11 11 82
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1 11 6 2 4 76
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2 10 2 10 1 75
^ 100% interest
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Vacant FY 18 19 20 21 22+

RETAIL COMMERCIAL PORTFOLIO

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~~Stockland Harrisdale~~

A neighbourhood centre which opened in June 2016. It is located within the Stockland Newhaven residential community, 20 kilometres south-east of the Perth CBD. The Centre is anchored by Woolworths and ALDI, two mini-majors, 25 specialty stores and five kiosks with a strong focus on retail services and food including an alfresco dining precinct. There are currently three fast food pad sites with a proposed petrol station site due to open early next year.

Location: Newhaven, WA
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost including additions:	$48.1 million

Last independent valuation
Date:	Dec 2016
Valuation:	$55.0 million
Valuation $/m2:	$4,217/m²
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	531
Gross lettable area:	12,692m2
Annual sales:	$74.6 million^^
Specialty occupancy cost:	N/A
Weighted average lease expiry:	9.0 years
NABERS:	N/A
Green Star rating:	4.0 (As-built)

Major tenants	GLA (m2)	Lease expiry
Woolworths	4,235	Jun 2036
ALDI	1,529	Jun 2026

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~~Stockland Cammeray~~

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 870 sqm of commercial suites.

Location: Cammeray, NSW
Acquisition date:	Dec 2008
Ownership/title:	100%/Stratum
Cost including additions:	$57.7 million

Last independent valuation
Date:	Dec 2016
Valuation:	$49.0 million
Valuation $/m2:	$10,301/m²
Capitalisation rate:	6.00%
Discount rate:	7.75%
Car parking spaces:	80
Gross lettable area:	4,757m2
Annual sales:	$28.3 million
Specialty occupancy cost:	14.5%
Weighted average lease expiry:	7.2 years
NABERS:	N/A
Green Star rating:	N/A

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

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Stockland Highlands

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 specialty stores and a medical centre. The centre also has a McDonald's pad site as well as Woolworths petrol, which opened in February 2017.

Location: Craigieburn, Vic
Acquisition date:	Nov 2011
Ownership/title:	100%/Freehold
Cost including additions:	$31.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$39.0 million
Valuation $/m2:	$5,019/m²
Capitalisation rate:	6.00%
Discount rate:	7.75%
Car parking spaces:	343
Gross lettable area:	7,770m2
Annual sales:	$56.3 million
Specialty occupancy cost:	12.5%
Weighted average lease expiry:	8.9 years
NABERS:	N/A
Green Star rating:	4.0 (As Built)

Major tenants	GLA (m2)	Lease expiry
Woolworths	3,942	Nov 2031

Lease expiry profile %

3 2 12 92

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8 11 20 61
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17 5 6 72
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NB Includes vacancies held for development

^^ Transitional MAT

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETAIL COMMERCIAL PORTFOLIO

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Stockland Piccadilly

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 is situated within Sydney’s A-Grade office precinct and benefits from main entrances off both Pitt and Castlereagh Streets and adjoining thoroughfare to David Jones.

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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 Woolworths and 15 specialty stores. A DA has been approved to expand the centre to 19,800 sqm. Another DA has been submitted for the development of a bulky goods centre on adjacent land in the Town Centre.

Location: Sydney CBD, NSW Acquisition date: Oct 2000 Ownership/title: 50%/Leasehold Cost including additions: $22.3 million Last independent valuation Date: Jun 2017 Valuation: $36.4 million Valuation $/m2: $24,274/m²^ Capitalisation rate: 5.50% Discount rate: 7.25% Car parking spaces: N/A Gross lettable area: 2,999m2 Annual sales: $31.7 million Specialty occupancy cost: 24.7% Weighted average lease expiry: 4.0 years NABERS: N/A Green Star rating: N/A Major tenants GLA (m2) Lease expiry* N/A	Location: North Shore, Qld
	Acquisition date: Mar 2011
	Ownership/title: 100%/Freehold
	Cost including additions: $21.1 million

	Last independent valuation
	Date: Dec 2016
	Valuation: $22.5 million
	Valuation $/m2: $3,893/m²
	Capitalisation rate: 6.50%
	Discount rate: 7.25%
	Car parking spaces: 259
	Gross lettable area: 5,268m2
	Annual sales: $52.5 million
	Specialty occupancy cost: 9.0%
	Weighted average lease expiry: 3.0 years
	NABERS: N/A
	Green Star rating: 4.0 (As Built)

	Major tenants GLA (m2) Lease expiry
	Woolworths 3,609 Mar 2031

Lease expiry profile %

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1 9 7 22 39 22
^ 100% interest
Retail only
Vacant FY
18 19 20 21 22+
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2 13 77 8
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LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

Logistics & Business Parks

At 30 June 2017 the portfolio comprises 27 properties encompassing 1.4 million square metres of building area with Stockland’s ownership interests valued at $2.0 billion and gross book value of $2.3 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

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Ingleburn Distribution Centre, NSW

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Lease expiry profile %
1 11 18 13 10 47
Vacant FY
18 19 20 21 22+
Geographic split %
68 20 5 3 4
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NSW Vic Qld WA SA
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

HENDRA DISTRIBUTION CENTRE, BRISBANE

HENDRA DISTRIBUTION CENTRE COMPRISES 80,000 SQM ACROSS MULTIPLE WAREHOUSES AND HAS HAD A MAJOR REFURBISHMENT TO 7,500 SQM WITH A NEW 10 YEAR LEASE TO CV SERVICES.

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LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

Logistics & Business Parks Portfolio as at 30 June 2017

						% of Logistics &
Page	Property	Location	GLA/NLA (m2)*	Book value# ($m)	Funds from operations ($m)	Business Parks Portfolio	Passing rent ($/m2)	Net/Gross
Logistics
28	Yennora Distribution Centre,Yennora	NSW	288,216	390.4	26.5	19.2	97	Net
28	Ingleburn Distribution Centre,Ingleburn	NSW	35,733	104.8^^	6.4	5.1	101	Net
28	Forrester Distribution Centre,St Mary's	NSW	60,239	81.5	6.3	4.0	109	Net
29	9-11a Ferndell Street,Granville	NSW	48,448	56.3	4.0	2.8	100	Net
29	23 Wonderland Drive,Eastern Creek	NSW	23,091	36.9	2.7	1.8	115	Net
29	2 Davis Road,Wetherill Park	NSW	16,163	26.2	1.8	1.3	105	Net
30	2-8 Baker Street,Botany	NSW	9,492	24.7	1.6	1.2	165	Net
30	89 QuarryRoad,Erskine Park	NSW	11,725	22.6	1.3	1.1	115	Net
30	Coopers Paddock,Warwick Farm	NSW	51,015^^^^	18.8	0.0	0.9	110	Net
31	Brooklyn Estate,Brooklyn	Vic	129,999	82.3	7.2	4.0	68	Net
31	1090-1124 Centre Road,Oakleigh South	Vic	45,540	53.3	2.2	2.6	87	Net
31	Toll Business Park,Altona	Vic	52,448	52.8	4.2	2.6	77	Net
32	20-50 and 76-82 Fillo Drive and 10 Stubb Street,Somerton	Vic	71,326	52.2	4.5	2.6	69	Net
32	Altona Distribution Centre,Altona	Vic	34,263	36.3	2.7	1.8	77	Net
32	72-76 CherryLane,Laverton North	Vic	20,500	32.1	2.4	1.6	69	Net
33	40 Scanlon Drive,Epping	Vic	9,371	9.1	0.9	0.4	94	Net
33	Hendra Distribution Centre,Brisbane	Qld	83,807	93.0	5.2	4.6	98	Net
33	Export Park,9-13 Viola Place,Brisbane Airport	Qld	8,468	5.9	1.4	0.3	206	Net
34	Port Adelaide Distribution Centre,Port Adelaide	SA	167,608	92.0	9.6	4.5	59	Net
34	Balcatta Distribution Centre,Balcatta	WA	26,392	51.9^^	3.2	2.6	121	Net
			1,193,844	1,323.1	94.1	65.0
Logistics Development Land##
–	Ingleburn Distribution Centre,Ingleburn(Stage Two)	NSW	36,850^	N/A	N/A	N/A	N/A	N/A
34	Yatala Distribution Centre,Yatala	Qld	46,242^	5.8	0.0	0.3	N/A	N/A
–	Balcatta Distribution Centre,Balcatta	WA	20,060^	N/A	N/A	N/A	N/A	N/A
			103,152	5.8
Business Parks
35	Optus Centre,Macquarie Park^^^	NSW	84,194	227.0	15.2	11.1	303	Net
35	Triniti Business Campus,North Ryde	NSW	27,849	180.4^^	11.9	8.9	367	Net
35	60-66 Waterloo Road,Macquarie Park	NSW	18,314	99.0	7.0	4.9	349	Net
36	Macquarie TechnologyCentre,Macquarie Park	NSW	15,349	56.8	3.9	2.8	234	Net
36	16 Giffnock Avenue,Macquarie Park	NSW	11,684	50.7	3.6	2.5	282	Net
36	Satellite Corporate Centre,Mulgrave	Vic	21,043	92.7	6.1	4.5	226	Net
			178,433	706.6	47.7	34.7
Business Parks Development Land
–	Triniti Business Campus,North Ryde	NSW	30,098^	N/A	N/A	N/A	N/A	N/A
			1,372,277	2,035.5	141.8	100.0

Excludes hardstand and vehicle storage and reflects 100% interest. NLA refers to Business Parks only.
Represents the full carrying value of the investment property.

Excluding 22 hectares of development land in Willawong, Queensland, valued at $10 million. Title and ownership to be transferred from Stockland Corporation on subdivision.

^ Estimated GLA on completion, not included in total GLA.
^^

Includes development land value. Total value of greenfield development land is $48 million.

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

^^^^ Site under construction. 33,278 sqm has been pre-leased to Daikin Australia Pty Ltd on a 10 year term.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 27

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Yennora Distribution Centre~~

One of the largest distribution centres of its kind in the southern hemisphere with 289,000 sqm of warehousing and 70,000 sqm of dedicated container hardstand. The 70 hectare site located 29 kilometres west of Sydney operates as an 'intermodal' rail terminal with seven kilometres of rail sidings connected to the Main Southern Rail Line. DA consent has been received for two new buildings totalling 22,600 sqm.

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~~Ingleburn Distribution Centre~~

This 28 hectare site is located in the established industrial precinct of Ingleburn, with close proximity to the M5 and other key south western Sydney industrial markets. A new 29,000 sqm warehouse (Stage One) has recently been completed and is fully leased. A Stage Two DA was submitted in January 2017 for 36,900 sqm in 2 buildings and works have been tendered. A further 15.5 hectares is leased to Autocare until 2024.

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Forrester Distribution Centre

A modern and flexible facility conveniently located within close proximity to rail and the Great Western Highway, the M4 and M7 motorways. The 12 hectare site also features drivearound access to all three warehouse buildings. The premises are fully occupied by ACI Packaging, a wholly-owned subsidiary of Owens-Illinois, a U.S. Fortune 500 company.

Location: Western Sydney, NSW
Acquisition date:	Jul 2000/Nov 2010
Ownership/title:	100%/Freehold
Cost including additions:	$278.6 million

Last independent valuation
Date:	Dec 2015
Valuation:	$381.0 million
Valuation $/m2:	$1,322/m²
Capitalisation rate:	7.00%
Discount rate:	8.25%
Lettable area:	288,216m2
Site area:	70Ha
Hardstand:	68,000m2
Weighted average lease expiry:	4.0 years

Major tenants	GLA (m²)
Australian Wool Handlers	76,097
Qube Logistics	44,677
Toll Holdings Limited	29,356
Austpac Pty Ltd	22,636

Location: Western Sydney, NSW
Acquisition date:	Jun 2014
Ownership/title:	100%/Freehold
Cost including additions:	$97.6 million

Last independent valuation
Date:	Dec 2016
Valuation:	$105.1 million
Valuation $/m2:	$2,941/m²
Capitalisation rate:	6.75%
Discount rate:	7.75%
Lettable area:	35,733m2
Site area:	28Ha
Hardstand:
Weighted average lease expiry:	4.8 years

Major tenants	GLA (m²)
Next Logistics	15,687
TIFS Warehousing & Distribution	13,346

Location: Western Sydney, NSW
Acquisition date:	Dec 2013
Ownership/title:	100%/Freehold
Cost including additions:	$77.8 million

Last independent valuation
Date:	Dec 2015
Valuation:	$81.3 million
Valuation $/m2:	$1,350/m²
Capitalisation rate:	7.25%
Discount rate:	8.50%
Lettable area:	60,239m2
Site area:	12Ha
Hardstand:
Weighted average lease expiry:	1.8 years




Major tenants	GLA (m²)
ACI	60,239

Lease expiry profile %

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1 13 10 16 8 52 20 46 16 18 100
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Vacant FY 18 19 20 21 22+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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9-11a Ferndell Street

Situated on a 9 hectare site, 9-11 Ferndell Street comprises three modern office and warehouse buildings while 11a is a manufacturing facility. The properties are fully leased and located in the established industrial suburb of Granville, 20 kilometres west of the Sydney CBD.

Location: Western Sydney, NSW
Acquisition date:	Apr 2003/Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$56.8 million

Last independent valuation
Date:	Dec 2015
Valuation:	$55.9 million
Valuation $/m2:	$1,154/m²
Capitalisation rate:	7.25-9.00%
Discount rate:	8.50-9.00%
Lettable area:	48,448m2
Site area:	9Ha
Hardstand:
Weighted average lease expiry:	4.0 years

Major tenants	GLA (m²)
VIP Plastic Packaging	17,546
Bluestar Group	13,203
DH Gibson Pty Ltd	10,897
Hellofresh Australia	3,543

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23 Wonderland Drive
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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 23,100 sqm. The building is fully leased to Icehouse Logistics.

Location: Western Sydney, NSW
Acquisition date:	Sep 2015
Ownership/title:	100%/Freehold
Cost including additions:	$36.6 million

Last independent valuation
Date:	Dec 2016
Valuation:	$36.5 million
Valuation $/m2:	$1,581/m²
Capitalisation rate:	6.75%
Discount rate:	7.75%
Lettable area:	23,091m2
Site area:	4Ha
Hardstand:
Weighted average lease expiry:	4.2 years

Major tenants GLA (m²) Icehouse Logistics Pty Ltd 23,091

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2 Davis Road

A modern office warehouse building offering flexible warehousing solutions including drive around access and large hardstand at the rear. The building is fully leased to Stora Enso Australia and Freight Specialists.

Location: Western Sydney, NSW
Acquisition date:	Apr 2003
Ownership/title:	100%/Freehold
Cost including additions:	$23.6 million

Last independent valuation
Date:	Jun 2016
Valuation:	$25.6 million
Valuation $/m2:	$1,584/m²
Capitalisation rate:	7.25%
Discount rate:	8.25%
Lettable area:	16,163m2
Site area:	4Ha
Hardstand:	9,000m2
Weighted average lease expiry:	3.0 years




Major tenants	GLA (m²)
Freight Specialists Pty Limited	10,174
Stora Enso Australia	5,989

Lease expiry profile %

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2 38 8 52
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100

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54
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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2-8 Baker Street
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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. The building is fully leased by Smeg Australia.

Location: South-East Sydney, NSW
Acquisition date:	Mar 2015
Ownership/title:	100%/Freehold
Cost including additions:	$22.9 million

Last independent valuation
Date:	Dec 2015
Valuation:	$23.2 million
Valuation $/m2:	$2,444/m²
Capitalisation rate:	6.25%
Discount rate:	8.75%
Lettable area:	9,492m2
Site area:	2Ha
Hardstand:
Weighted average lease expiry:	6.0 years




Major tenants	GLA (m²)
Smeg Australia Pty Ltd	9,492

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89 Quarry Road
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This 11,700 sqm new modern warehouse is located in one of Sydney's premier industrial locations. The property benefits from excellent proximity to the M4/M7 interchange and is fully leased to Viscount Plastics Pty Ltd.

Location: Western Sydney, NSW
Acquisition date:	Jan 2016
Ownership/title:	100%/Freehold
Cost including additions:	$19.4 million

Last independent valuation
Date:	Dec 2016
Valuation:	$21.6 million
Valuation $/m2:	$1,842/m²
Capitalisation rate:	6.00%
Discount rate:	7.50%
Lettable area:	11,725m2
Site area:	2Ha
Hardstand:
Weighted average lease expiry:	10.2 years




Major tenants	GLA (m²)
Viscount Plastics Pty Ltd	11,725

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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 hectares of industrial land with works underway for approximately 51,000 sqm of industrial warehouses. Over 33,000 sqm has been leased to Daikin Australia for a 10 year term and a 17,700 sqm speculative building is being developed with completion forecast for the first quarter of 2018.

Location: South-West Sydney, NSW
Acquisition date:	Apr 2015
Ownership/title:	100%/Freehold
Cost including additions:	$18.8 million

Last independent valuation
Date:	N/A
Valuation:	N/A
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	51,015m2*
Site area:	11Ha
Hardstand:
Weighted average lease expiry:	10.5 years

Major tenants	GLA (m²)
Daikin Australia Pty Ltd	33,278

Lease expiry profile %

100

100
- Site under construction. 33,278 sqm has been pre-leased to Daikin Australia Pty Ltd on a 10 year term.

Vacant FY 18 19 20 21 22+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Brooklyn Estate~~

Located 10 kilometres west of the Melbourne CBD, the flexible distribution centre is adjacent to the four-way interchange of West Gate Freeway and the Princes Highway. The estate comprises ten separate warehouses over 22 hectares and has future redevelopment opportunity.

Location: West Melbourne, Vic
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$68.3 million

Last independent valuation
Date:	Dec 2015
Valuation:	$82.5 million
Valuation $/m2:	$635/m²
Capitalisation rate:	8.00%
Discount rate:	9.00%
Lettable area:	129,999m2
Site area:	22Ha
Hardstand:	13,500m2
Weighted average lease expiry:	2.2 years

Major tenants	GLA (m²)
New Aim Pty Ltd	21,299
Unitised Building (Aust) Pty Ltd	17,328
Automotive Holdings Group (AHG)	16,360
Isuzu	11,814

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

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1090-1124 Centre Road
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Well located in Melbourne’s south-eastern suburbs, this 8 hectare industrial estate is 17 kilometres from the Melbourne CBD. A new building has been recently completed with a 5 year lease executed by Matt Blatt. The balance of the estate comprises 37,200 sqm GLA over 5 warehouses with a total site GLA of 45,500 sqm.

Location: South Melbourne, Vic
Acquisition date:	Feb 2007
Ownership/title:	100%/Freehold
Cost including additions:	$66.9 million

Last independent valuation
Date:	June 2017
Valuation:	$53.3 million
Valuation $/m2:	$1,170/m²
Capitalisation rate:	6.75%
Discount rate:	7.50%
Lettable area:	45,540m2
Site area:	8Ha
Hardstand:
Weighted average lease expiry:	5.8 years

Major tenants GLA (m²) Specialty Packaging Group Pty Ltd 22,204 Matt Blatt 9,261

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~~Toll Business Park~~

This industrial estate comprises of three modern warehouse and distribution facilities. Works have recently been completed at 11-25 Toll Drive and the building has been leased to Seaway Logistics until 2026. 32-54 Toll Drive and 56-60 Toll Drive are both fully leased.

Location: West Melbourne, Vic
Acquisition date:	Sep 2006
Ownership/title:	100%/Freehold
Cost including additions:	$68.5 million

Last independent valuation
Date:	Dec 2015 and June 2017*
Valuation:	$52.8 million
Valuation $/m2:	$1,007/m²
Capitalisation rate:	6.25-7.25%
Discount rate:	7.50-8.25%
Lettable area:	52,448m2
Site area:	13Ha
Hardstand:
Weighted average lease expiry:	4.4 years




Major tenants	GLA (m²)
Toll Holdings Limited	18,727
Deliver.com	17,577
Seaway Logistics	16,144

Lease expiry profile %

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

35
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----- Start of picture text -----

20 22 2 21
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----- Start of picture text -----

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

35 36 29

11-25 Toll Drive was valued in June 2017

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

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, a 31,000 sqm warehouse, 10 Stubb Street, a modern 21,000 sqm distribution facility and 76-82 Fillo Drive, a modern 19,000 sqm industrial building with future expansion potential. The asset is fully leased.

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~~Altona Distribution Centre~~

The distribution centre comprises nine separate buildings located in the western industrial precinct of Melbourne adjacent to the Western Ring Road. The site offers low site coverage with future redevelopment potential and is fully leased.

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~~72-76 Cherry Lane~~

This property is a large single tenanted industrial facility located in Melbourne’s western industrial precinct, 18 kilometres from the Melbourne CBD. The 10 hectare site has a large warehouse with significant container-rated hardstand and is leased to the Toll Group. There is scope for further redevelopment in the future due to low site coverage.

Location: North Melbourne, Vic
Acquisition date:	Sep 2006/Jul 2006
Ownership/title:	100%/Freehold
Cost including additions:	$66.4 million

Last independent valuation
Date:	Dec 2016
Valuation:	$51.2 million
Valuation $/m2:	$718/m²
Capitalisation rate:	7.50-7.75%
Discount rate:	7.50-7.75%
Lettable area:	71,326m2
Site area:	16Ha
Hardstand:
Weighted average lease expiry:	2.9 years

Location: West Melbourne, Vic
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost including additions:	$29.8 million

Last independent valuation
Date:	June 2017
Valuation:	$36.3 million
Valuation $/m2:	$1,059/m²
Capitalisation rate:	7.50%
Discount rate:	7.75%
Lettable area:	34,263m2
Site area:	15Ha
Hardstand:	63,500m2
Weighted average lease expiry:	3.9 years

Location: West Melbourne, Vic
Acquisition date:	Feb 2015
Ownership/title:	100%/Freehold
Cost including additions:	$31.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$31.7 million
Valuation $/m2:	$1,546/m²
Capitalisation rate:	7.00%
Discount rate:	8.25%
Lettable area:	20,500m2
Site area:	10Ha
Hardstand:	45,000m2
Weighted average lease expiry:	3.5 years

Major tenants	GLA (m²)
Toll Transport Pty Ltd	31,185
Yakka Pty Ltd	18,822
Integrated Packaging Group	10,702
Super Amart Pty Ltd	10,617

Major tenants	GLA (m²)
Autonexus Pty Ltd	6,165
Freight Assist Australia Pty Ltd	5,221
IFC Warehousing & Distribution Pty Ltd	5,049
Petrogas	4,877

Major tenants GLA (m²) Toll Holdings Limited 20,500

Lease expiry profile %

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

15 32 38 15 6 5 24 9 56 100
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Vacant FY 18 19 20 21 22+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~40 Scanlon Drive~~

A modern warehouse facility of 9,400 sqm, offering 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: Melbourne North, 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 $/m2:	$960/m²
Capitalisation rate:	7.50%
Discount rate:	8.50%
Lettable area:	9,371m2
Site area:	2Ha
Hardstand:
Weighted average lease expiry:	2.6 years

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

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~~Hendra Distribution Centre~~

Hendra Distribution Centre comprises over 80,000 sqm across multiple warehouses, including one large, modern distribution centre. The 15 hectare site is well situated in Brisbane’s Trade Coast precinct and boasts excellent road, port and air accessibility. The site has undergone recent major refurbishment to 7,500 sqm with a new 10 year lease to CV Services. The site has future redevelopment opportunity.

Location: North Brisbane, Qld
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost including additions:	$57.1 million

Last independent valuation
Date:	June 2017
Valuation:	$93.0 million
Valuation $/m2:	$1,110/m²
Capitalisation rate:	7.75%
Discount rate:	8.25%
Lettable area:	83,807m2
Site area:	15Ha
Hardstand:	7,500m2
Weighted average lease expiry:	4.1 years

Major tenants	GLA (m²)
Kmart Distribution	14,213
Queensland Rail Limited	7,902
CV Services	7,850

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~~Export Park~~

The high-tech office and warehouse facility is 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: South East Brisbane, Qld
Acquisition date:	Nov 2007
Ownership/title:	100%/Leasehold (Expiry 2047)
Cost including additions:	$16.2 million

Last independent valuation
Date:	June 2017
Valuation:	$5.9 million
Valuation $/m2:	$697/m²
Capitalisation rate:	10.44%
Discount rate:	8.50%
Lettable area:	8,468m2
Site area:	N/A
Hardstand:
Weighted average lease expiry:	2.0 years

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

Lease expiry profile %

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

48
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----- Start of picture text -----

5 19 4 27 13 32 60 40
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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Port Adelaide Distribution Centre~~

The large industrial estate comprises over 160,000 sqm across 12 large warehouses, together with hardstand area and surplus development land. The 32 hectare site is well located within close proximity to the port and main arterial routes. A DA has been granted for a new 7,600 sqm warehouse on surplus land.

Location: Port Adelaide, SA
Acquisition date:	Jul 2000
Ownership/title:	100%/Freehold
Cost including additions:	$63.0 million

Last independent valuation
Date:	June 2017
Valuation:	$92.0 million
Valuation $/m2:	$549/m²
Capitalisation rate:	9.00%
Discount rate:	9.25%
Lettable area:	167,608m2
Site area:	32Ha
Hardstand:
Weighted average lease expiry:	1.4 years

Major tenants	GLA (m²)
ACI	69,523
Wengfu Australia	20,770
Orora Ltd	20,434
Koch Fertiliser	17,022

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

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

Balcatta Distribution Centre
----- End of picture text -----

This is a ten hectare dairy processing plant located in one of Western Australia's premier industrial precincts, 12 kilometres north of the Perth CBD. It is the largest, single industrial site in Balcatta and accommodates the Brownes Dairy head office, processing and distribution centre. The site includes 2.1 hectares of surplus land available for development or sale.

Location: North Perth, WA
Acquisition date:	Jun 2014
Ownership/title:	100%/Freehold
Cost including additions:	$49.3 million

Last independent valuation
Date:	Dec 2016
Valuation:	$51.5 million
Valuation $/m2:	$1,951/m²
Capitalisation rate:	6.75%
Discount rate:	8.50%
Lettable area:	26,392m2
Site area:	10Ha
Hardstand:
Weighted average lease expiry:	17.0 years

Major tenants GLA (m²) Brownes Food Operations Pty Ltd 26,392

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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) submitted.

Location: South Brisbane, Qld
Acquisition date:	Nov 2006
Ownership/title:	100%/Freehold
Cost including additions:	$28.5 million

Last independent valuation
Date:	June 2017
Valuation:	$5.8 million
Valuation $/m2:	N/A
Capitalisation rate:	N/A
Discount rate:	N/A
Lettable area:	46,242m2
Site area:	9Ha
Hardstand:
Weighted average lease expiry:	N/A

Major tenants GLA (m²)

Lease expiry profile %

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28 58 12 2 100
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Vacant FY 18 19 20 21 22+

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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~~Optus Centre~~

Located 12 kilometres north-west of Sydney CBD in Macquarie Park within close proximity to key amenities. Situated on a 7.6 hectare site, the integrated campus comprises six low rise, A grade buildings with a combined NLA of 84,000 sqm together with 2,100 car parking spaces. Optus Centre is one of Australia's largest single tenant office campuses.

Location: North-West Sydney, NSW
Acquisition date:	Jul 2000
Ownership/title:	51%/Freehold
Cost including additions:	$176.2 million

Last independent valuation
Date:	June 2017
Valuation:	$227.0 million
Valuation $/m2:	$2,696/m²
Capitalisation rate:	6.75%
Discount rate:	7.25%
Lettable area:	84,194m2
Site area:	8Ha
Hardstand:
Weighted average lease expiry:	5.0 years
NABERS energy rating:	5.0
NABERS water rating:	3.5


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

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~~Triniti Business Campus~~

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

Location: North-West Sydney, NSW
Acquisition date:	Jun 2001
Ownership/title:	100%/Freehold
Cost including additions:	$154.1 million

Last independent valuation
Date:	Dec 2015
Valuation:	$177.8 million
Valuation $/m2:	$6,384/m²
Capitalisation rate:	7.00%
Discount rate:	8.25%
Lettable area:	27,849m2
Site area:	3Ha
Hardstand:
Weighted average lease expiry:	3.6 years
NABERS energy rating:	T1 4.5 T2 4.5 T3 5.0*
NABERS water rating:	T1 3.5 T2 3.5 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
CSR	5,752
Boral Construction Materials Ltd	4,962
Nick Scali Limited	1,241

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~~60-66 Waterloo Road~~

The property 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. 66 Waterloo Road offers A-grade office accommodation and is fully leased to both Citrix and Janssen Cilag.

Location: North-West Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost including additions:	$55.3 million

Last independent valuation
Date:	Dec 2015
Valuation:	$95.2 million
Valuation $/m2:	$5,198/m²
Capitalisation rate:	6.50-7.00%
Discount rate:	7.50-7.75%
Lettable area:	18,314m2
Site area:	2Ha
Hardstand:
Weighted average lease expiry:	5.9 years
NABERS energy rating:	5.0*
NABERS water rating:	4.5*


Major tenants	GLA (m²)
Laverty Health	7,260
Citrix	5,270
Janssen Cilag Pty Ltd	4,857

Lease expiry profile %

36 64

6 6 37

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

29 71

66 Waterloo Road only
100% interest

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

LOGISTICS & BUSINESS PARKS COMMERCIAL PORTFOLIO

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Macquarie Technology Centre

16 Giffnock Avenue

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

Located in Macquarie Park, this technology centre is 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 is suitable for future redevelopment and has a low site coverage.

Location: North-West Sydney, NSW Acquisition date: Oct 2000 Ownership/title: 100%/Freehold Cost including additions: $46.5 million Last independent valuation Date: Dec 2016 Valuation: $56.3 million Valuation $/m2: $3,668/m² Capitalisation rate: 6.75-7.75% Discount rate: 7.75-8.25% Lettable area: 15,349m2 Site area: 3Ha Hardstand: Weighted average lease expiry: 4.8 years NABERS energy rating: 2.0 (11 Khartoum Road) Major tenants GLA (m²) Chubb Security Holdings Australia Pty Ltd 9,147 Greencap (previously Noel Arnold) 1,235 Wise Medical Pty Ltd 859 TRED Australia Pty Ltd 709	Location: North-West Sydney, NSW
	Acquisition date: Jul 2000
	Ownership/title: 100%/Freehold
	Cost including additions: $33.1 million

	Last independent valuation
	Date: June 2017
	Valuation: $50.7 million
	Valuation $/m2: $4,339/m²
	Capitalisation rate: 7.12%
	Discount rate: 7.50%
	Lettable area: 11,684m2
	Site area: 1Ha
	Hardstand:
	Weighted average lease expiry: 4.0 years
	NABERS energy rating: 4.0
	NABERS water rating: 3.5


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

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Satellite Corporate Centre

A two hectare business park located in the eastern suburb of Mulgrave, 25 kilometres from Melbourne CBD. The site enjoys good access to the Monash Freeway and arterial roads, Springvale Road, Wellington Road and Ferntree Gulley Road. Fully leased to Kmart Australia, Coles Group and Toll Transport.

Location: Melbourne South East, Vic
Acquisition date:	Apr 2016
Ownership/title:	100%/Freehold
Cost including additions:	$92.8 million

Last independent valuation
Date:	Dec 2016
Valuation:	$92.0 million
Valuation $/m2:	$4,372/m²
Capitalisation rate:	7.00%
Discount rate:	8.00%
Lettable area:	21,043m2
Site area:	2Ha
Hardstand:
Weighted average lease expiry:	7.1 years
NABERS energy rating:	3.0*(352 Wellington)
NABERS water rating:	3.5*(352 Wellington)


Major tenants	GLA (m²)
Kmart Australia Ltd	15,626
Toll Transport Pty Ltd	2,668
Coles Group Ltd	2,482

Lease expiry profile %

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

3 9 5 1 9 73
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----- Start of picture text -----

9 18 20 5 48
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2 30 68 * 352 Wellington Road only

Vacant FY 18 19 20 21 22+

OFFICE COMMERCIAL PORTFOLIO

Office

At 30 June 2017 the portfolio comprises 8 properties with Stockland’s ownership interests valued at $0.8 billion and gross book value of $1.2 billion. Our focus is on maximising investment returns across the portfolio.

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77 Pacific Highway, North Sydney

==> picture [230 x 117] intentionally omitted <==

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

Lease expiry profile %
9 12 22 16 8 33
Vacant FY
18 19 20 21 22+
Geographic split %
80 3 14 3
----- End of picture text -----

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

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

NSW Qld WA ACT
----- End of picture text -----

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

OFFICE COMMERCIAL PORTFOLIO

PICCADILLY COMPLEX AND 135 KING STREET, SYDNEY

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.

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

OFFICE COMMERCIAL PORTFOLIO

Offce Portfolio as at 30 June 2017

Page	Property	Location	NLA (m2)	Book value# ($m)	Funds from operations ($m)	% of Offce Portfolio	Passing rent ($/m2)	Net/Gross
40	PiccadillyComplex,133-145 Castlereagh Street,Sydney^**	NSW	39,244	243.5	14.6	31.2	713*	Net
40	135 KingStreet,Sydney^**	NSW	27,221	182.5	9.6	23.4	691	Net
40	601 Pacifc Highway,St Leonards	NSW	12,589	95.2	7.9	12.2	540	Net
41	77 Pacifc Highway,North Sydney	NSW	9,392	72.9	5.9	9.4	575	Net
41	110 Walker Street,North Sydney	NSW	4,382	29.7	2.8	3.8	518	Net
41	40 Cameron Avenue,Belconnen	ACT	14,701	24.8	2.7	3.2	426	Gross
42	80-88 Jephson Street,23 and 27-29 High Street,Toowong	Qld	7,887	24.0	2.3	3.1	429	Gross
42	Durack Centre,263 Adelaide Terrace and 2 Victoria Ave,Perth	WA	25,182	106.4	13.4	13.7	576	Net
			140,598	779.0	59.2	100.0

Represents passing rent for tower only. Net Court passing rent is $484/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 2016

OFFICE COMMERCIAL PORTFOLIO

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Piccadilly Complex

The Piccadilly Complex comprises Piccadilly Tower, an A-grade 32 storey office building and Piccadilly Court, a B-grade 14 storey office building with a two-storey retail shopping centre. Piccadilly Tower is home to Stockland's Head Office and has recently completed new end of trip facilities. The asset is a joint venture between Stockland and Investa Office Fund.

Location: 133-145 Castlereagh Street, Sydney, NSW	Location: 133-145 Castlereagh Street, Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	50%/Leasehold (Expiry 2091)
Cost including additions:	$123.0 million

Last independent valuation
Date:	Jun 2017
Valuation:	$243.5 million
Valuation $/m2:	$12,410/m²*
Capitalisation rate:	5.75-6.00%
Discount rate:	7.00-7.13%
Car parking spaces:	274
Net lettable area:	39,244m2
Weighted average lease expiry:	4.2 years
NABERS energy rating:	5.0/5.0**
NABERS water rating:	4.0/4.0**
Green Star rating:	6 Star***(Stockland Offce only)

Major tenants	NLA (m²)*
Stockland	10,151
Uniting Church	4,940
The University of Sydney	3,942
GHD Services	3,739
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. Lifts have recently been refurbished and the building benefits from new end of trip facilities. The asset is a joint venture between Stockland and Investa Commercial Property Fund. The building is fully leased.

Location: Sydney, NSW
Acquisition date:	Jun 2003
Ownership/title:	50%/Freehold
Cost including additions:	$91.3 million

Last independent valuation
Date:	Jun 2017
Valuation:	$182.5 million*
Valuation $/m2:	$13,409/m²**
Capitalisation rate:	5.38%
Discount rate:	7.00%
Car parking spaces:	76
Net lettable area:	27,221m2
Weighted average lease expiry:	3.3 years
NABERS energy rating:	4.0
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA (m²)**
Brookfeld 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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~~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. IBM’s Australian head office occupies eight floors across 7,200 sqm, with all upper levels providing district and harbour views. The asset offers future development potential for higher and better use.

Location: St Leonards, NSW
Acquisition date:	Jun 2003
Ownership/title:	100%/Freehold
Cost including additions:	$74.0 million

Last independent valuation
Date:	Dec 2015
Valuation:	$97.5 million
Valuation $/m2:	$7,750/m²
Capitalisation rate:	7.00%
Discount rate:	7.75%
Car parking spaces:	158
Net lettable area:	12,589m2
Weighted average lease expiry:	1.9 years
NABERS energy rating:	5.0
NABERS water rating:	4.0
Green Star rating:	N/A

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

Lease expiry profile %

2 25 24 3 46

100% interest
** Piccadilly Tower and Piccadilly Court respectively

25 7 20

Excludes Retail
** 100% interest

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29
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2 62
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20 16
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*** Green Star Office Interiors V.1 – www.gbca.org.au

Vacant FY

18 19 20 21 22+

OFFICE COMMERCIAL PORTFOLIO

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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 and is currently undergoing a lift modernisation program.

Location: North Sydney, NSW
Acquisition date:	Jan 2000
Ownership/title:	100%/Freehold
Cost including additions:	$62.9 million

Last independent valuation
Date:	Dec 2016
Valuation:	$73.0 million
Valuation $/m2:	$7,773/m²
Capitalisation rate:	6.50%
Discount rate:	7.75%
Car parking spaces:	41
Net lettable area:	9,392m2
Weighted average lease expiry:	2.1 years
NABERS energy rating:	5.0
NABERS water rating:	4.0
Green Star rating:	N/A

Major tenants	NLA (m²)
Government Property NSW	2,166
Infosys Technologies Australia	1,321
Talent 2 Works Pty Limited	728
Insurance House	710

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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, a thriving café, ground floor retail and 80 basement car parking bays.

Location: North Sydney, NSW
Acquisition date:	Oct 2000
Ownership/title:	100%/Freehold
Cost including additions:	$27.8 million

Last independent valuation
Date:	Dec 2015
Valuation:	$29.6 million
Valuation $/m2:	$6,755/m²
Capitalisation rate:	7.25%
Discount rate:	8.50%
Car parking spaces:	80
Net lettable area:	4,382m2
Weighted average lease expiry:	1.2 years
NABERS energy rating:	5.0
NABERS water rating:	3.0
Green Star rating:	N/A

Major tenants	NLA (m²)
Rice Daubney	1,454
Accor Advantage Plus	664
J-Power Australia	328
Nvoi AsiaPac Pty Ltd	299
Australian Meat Processors Corporation	226

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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 with recent upgrade works completed on Level 2 to provide smaller suites and common area facilities.

Location: Belconnen, ACT
Acquisition date:	Feb 2007/Nov 2009
Ownership/title:	100%/Leasehold (Expiry 2096)
Cost including additions:	$77.9 million

Last independent valuation
Date:	Jun 2017
Valuation:	$24.8 million
Valuation $/m2:	$1,684/m²
Capitalisation rate:	10.50%
Discount rate:	11.50%
Car parking spaces:	221
Net lettable area:	14,701m2
Weighted average lease expiry:	1.0 years
NABERS energy rating:	N/A
NABERS water rating:	N/A
Green Star rating:	N/A

Major tenants	NLA (m²)
Hewlett Packard Pty Ltd	7,339
Injury Treatment	500

Lease expiry profile %

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16 31 33 17 3 38 56 15
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17 43 31 6 3

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 41

OFFICE COMMERCIAL PORTFOLIO

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80-88 Jephson Street
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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 and 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: 23 and 27-29 High Street,	Toowong, Qld
Acquisition date:	Jun 2006/Jul 2006/Jan 2008
Ownership/title:	100%/Freehold
Cost including additions:	$43.3 million

Last independent valuation
Date:	Jun 2017
Valuation:	$24.0 million
Valuation $/m2:	$3,043/m²
Capitalisation rate:	7.00-8.00%
Discount rate:	8.00-8.50%
Car parking spaces:	127
Net lettable area:	7,887m2
Weighted average lease expiry:	2.7 years
NABERS energy rating:	2.5*
NABERS water rating:	4.0*
Green Star rating:	N/A

Major tenants	NLA (m²)
Auto & General Services Pty Ltd	1,896
Clinical Network Services	704
Webb Australia Group (Qld) P/L	603
Body Corporate Services	384
Gillies P/L (All Sports)	314

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Durack Centre

The Durack Centre is well located close to CBD and recreational parks. It comprises a 13-storey building and parking for 158 cars. The complex includes a second building at 2 Victoria Avenue which holds a 5-Star Green Star As Built rating and has recently completed state of the art end of trip facilities. Both buildings enjoy large floor plates and extensive views across the Swan River.

Location: 263 Adelaide Terrace and 2 Victoria Ave, Perth, WA	Location: 263 Adelaide Terrace and 2 Victoria Ave, Perth, WA
Acquisition date:	Oct 2006
Ownership/title:	100%/Leasehold
Cost including additions:	$112.3 million

Last independent valuation
Date:	Jun 2017
Valuation:	$106.4 million
Valuation $/m2:	$4,225/m²
Capitalisation rate:	8.00%
Discount rate:	7.50%
Car parking spaces:	158
Net lettable area:	25,182m2
Weighted average lease expiry:	6.2 years
NABERS energy rating:	4.5/N/A*
NABERS water rating:	N/A/N/A*
Green Star rating:	5 Star As Built (2 Victoria Avenue)**

Major tenants	NLA (m²)
Jacobs	6,626
Australian Bureau of Statistics	3,044
Minister for Works	2,005
Optus Administration Pty Ltd	1,908
Linkforce Hire Pty Ltd	1,757

Lease expiry profile %

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22 1 22 16 33 6
80-88 Jephson Street only
Vacant FY
18 19 20 21 22+
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17 12 3 77
- 263 Adelaide Terrace and 2 Victoria Ave respectively ** Green Star Office Design V.2 (2 Victoria Avenue only) – www.gbca.org.au

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 80,400 lots remaining in its portfolio with a total end value of approximately $21.1 billion*.

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Aura Vision Centre, Qld

Geographic split %

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12 35 43 10
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NSW Vic Qld WA
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Excluding value on projects identified for disposal.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

WILLOWDALE, SYDNEY

WILLOWDALE, IN SYDNEY’S SOUTH WEST IS A GROWING MASTERPLANNED COMMUNITY LOCATED CLOSE TO THE LEPPINGTON TRAIN STATION AND IN EASY REACH OF THE M5 AND M7 MOTORWAYS. THE THREE HECTARE WILLOWDALE PARK AND WILLOWDALE COMMUNITY PLACE BOTH OPENED IN LATE 2016. THERE ARE FUTURE PLANS FOR THE COMMUNITY TO INCLUDE A NEIGHBOURHOOD SHOPPING CENTRE, PROPOSED STATE PRIMARY SCHOOL AND PLAYING FIELDS.

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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
Elara**	Marsden Park	1,670	4,145#	32	285,000 - 665,000	Elara is an exciting new community in Sydney’s north-west and features tree-lined
2012, 2014, 2017						streets, parks and green open spaces in a picturesque setting with views to the
						Blue Mountains. Elara will eventually include over 4,000 homes including a 228 lot
						townhouse medium density development, proposed shopping precinct, community
						centre and schools 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 by train from nearby Schofelds Train
						Station.
Willowdale	Denham Court	1,185	3,422#	45	269,000 - 650,000	The site is located fve minutes drive to Leppington railway station, ten minutes drive
2011						to the M5 & M7 motorways, and approximately 50km from the Sydney CBD. Once
						complete, Willowdale will feature over 3,000 new homes including a 200 townhouse
						medium density development, completed homes, retirement living, retail centre,
						communitycentre,sports ovals,childcare and aproposed school.
Altrove	Schofelds	458	1,283#	19	379,000 - 586,000	Located approximately 40 kilometres north-west of the Sydney CBD, the
2015						development adjoins the Schofelds Train Station and is approximately 15 minutes
						drive to the Rouse Hill Town Centre. The community will feature 302 residential lots,
						346 townhouses and a 12,000 sqm town centre with retail facilities adjacent to 558
						proposed new apartments. A hilltop park will also be a key feature of this site with
						views to the Blue Mountains.
McKeachie's Run	Maitland	195	1,069	80	149,000 - 300,000	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	175	466#	41	N/A	Macarthur Gardens is a 276 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 shoppingcentre.
Waterside	Penrith	170	606	92	262,000 - 387,000	Waterside is located close to Penrith and offers a community facility comprising a
2003						swimming pool,community pavilion andplayground.
Brooks Reach	Illawarra	135	597	75	155,000 - 475,000	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment. This
2003						communityfeatures over 600 homes and a featurepark.
		3,988	11,588

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.
Includes dwellings.
Relates to land lots only.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 45

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

ALTROVE, SYDNEY

ALTROVE WILL FEATURE FREESTANDING HOMES, TERRACES, APARTMENTS, SENIOR’S LIVING, AND A RETAIL CENTRE. WITH PLANS FOR A 1.6 HECTARE HILLTOP PARK, PLAYGROUNDS, WALKING TRAILS, FITNESS STATIONS, A DOG PARK AND A RETAIL PRECINCT. SCHOFIELDS TRAIN STATION IS LOCATED DIRECTLY OPPOSITE THE COMMUNITY, WITH DIRECT ROUTES TO CENTRAL AND PARRAMATTA AND EASY ACCESS BY CAR TO THE M7 MOTORWAY.

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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	N/A	2,305	N/A	Future release area located 45 minutes west of Newcastle and is a continuation of the Maitland
2003	Regions				growth corridor.
Illawarra**	South Coast	186	642	N/A	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment.
2003
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
		186	3,570

Total revenue generated throughout the life of the project.
** ^^^ Identified for disposal.Includes options taken over land.
Relates to land lots only.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

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BOKARINA, QLD
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A BEACHSIDE PRECINCT OF THE OCEANSIDE COMMUNITY, LAUNCHED IN JUNE 2017. BOKARINA BEACH WILL PROVIDE AN EXCITING, HIGH QUALITY MIXEDUSE RESIDENTIAL, RETAIL AND TOURISM HUB, WITH PUBLIC BEACH ACCESS AND ASSOCIATED RECREATIONAL SPACES FOR LOCAL RESIDENTS, THE WIDER SUNSHINE COAST COMMUNITY AND VISITORS TO ENJOY.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Queensland – released to market

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)##	Project description
Aura	Caloundra	5,000	20,000#	4	118,000 - 350,000	Australia’s largest masterplanned community in single ownership and highest rated
2004						Green Star greenfeld community in Australia, Aura will be a city that caters for
						every life stage. Distinctive urban villages will blend seamlessly with a thriving city
						heart, business and enterprise hubs, schools, a university, retirement and aged care
						options, sporting and cultural centres, recreation parks, extensive transport network
						and over 700 hectares of conservation areas.
North Lakes	North Lakes,	1,230	4,971#	95	238,000 - 400,000	An award winning major residential masterplanned community. Situated
2004	Moreton Bay					approximately 30 kilometres north of Brisbane with three schools, a town centre, a
						major retail shopping area, cinemas, IKEA, Costco, a commercial property precinct
						and a golf course. North Lakes has successfully introduced another village, Circa in
						October 2016. In 2017, an additional Medium Density townhome project is going
						to be launched within the development located in the heart of the Town Centre next
						door to Westfeld ShoppingCentre and close to the Mango Hill rail link station.
North Shore	Townsville	1,082	5,544	33	100,000 - 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.
Newport	Newport	646	1,731	7	268,000 - 950,000	Located on the Redcliffe Peninsula, Newport is planned to provide a range of living
2015						options including waterfront and waterside properties with direct ocean access
						to Moreton Bay, retirement living, townhomes and apartments. Newport will offer
						foreshore parks, a 23 hectare lake with high-mast boat access to Moreton Bay and a
						town centre with retail and dining. Close to Redcliffe beaches and the Kippa-ring train
						station.
Brightwater	Sunshine Coast	494	1,669#	94	415,000 - 699,000	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.
						Residential land has now sold out at Brightwater however the Mainwaring Collection
						of townhomes surroundingthe central Brightwater lake is now available for sale.
Birtinya Island	Sunshine Coast	454	982#	80	235,000 - 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 Oceanside Town Centre and the Sunshine Coast Health
						Precinct andjust minutes topristinegolden surf beaches.
The Observatory	Kingsmore	264	906	98	389,000 - 599,000	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	264	1,162	96	268,000 - 330,000	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	249	1,045	88	225,500 - 415,000	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.

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
Includes dwellings.
Relates to land lots only (except Brightwater which shows builtform price range)

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

PALLARA, BRISBANE

LOCATED JUST 19 KILOMETRES FROM BRISBANE CBD, PALLARA IS ONE OF THE LAST GREENFIELD COMMUNITIES WITHIN THE BRISBANE CITY COUNCIL. THE COMMUNITY WILL FEATURE A CENTRAL PARK AND RESIDENTS WILL HAVE EASY ACCESS TO PUBLIC TRANSPORT WITH FUTURE TRANSLINK BUS STOPS PLANNED, FURTHERMORE A FUTURE SHOPPING PRECINCT AND INDUSTRIAL BUSINESS PARK WILL OFFER CONVENIENCE AND EMPLOYMENT OPPORTUNITY.

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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
Riverstone Crossing***	Maudsland	200	762	96	265,000 - 450,000	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.
Bokarina Beach	Sunshine Coast	199	299	0	319,000 - 890,000	A beachside precinct of the Oceanside community, launched in June 2017. Bokarina
2004						Beach will provide an exciting, high quality mixed-use residential, retail and tourism
						hub, with public beach access and associated recreational spaces for local residents,
						the wider Sunshine Coast communityand visitors to enjoy.
Pallara	Pallara	195	590	2	264,000 - 415,000	Pallara is one of the last remaining greenfeld residential development opportunities
2003						within Brisbane City Council, located 19 kilometres from the CBD. It will offer a
						variety of housing choice – all complemented by a district park, two local parks and
						conservation area.
North Lakes Business Park	North Lakes,	185	100	85	N/A	The North Lakes Business Park is a commercial site situated on the edge of the
2004	Moreton Bay					North Lakes masterplanned communities.
Foreshore	Coomera	183	528	0	235,000 - 410,000	Located in the high growth suburb of Coomera, approximately 56 kilometres south
2016						of the Brisbane CBD. Bordering the Coomera River and Oakey Creek, Foreshore is
						planned to be an ecologically integrated community with 51% of the area dedicated
						to conservation, a central community park overlooking the thriving wetlands as well
						as a park with an outlook to the Gold Coast skyline and hinterland. Close to the
						future Coomera Town Centre and Coomera Train Station.
Ormeau Ridge****	Ormeau Hills	150	665	79	235,000 - 399,000	Conveniently located halfway between Brisbane and the Gold Coast. The community
2008						features include a one hectare park with adventure playground and a commercial site
						planned for childcare and convenience amenity.
Kawana Business Village	Sunshine Coast	148	61	41	N/A	The Kawana Business Village is a commercial and retail precinct of the Oceanside
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 Health Precinct.
Sovereign Pocket	Deebing Heights	129	726	56	155,000 - 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	127	599	83	216,000 - 290,000	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	Holmsview	124	637	78	140,000 - 275,000	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.
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 key locations. Recently welcomed the opening of the
						North Lakes Sports Club.
		11,323	42,978

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
*** Includes Stockland’s estimated share of joint development income (Stage 1 only). Total lots represents 100% of the project.
**** Represents Stockland’s 50% share until December 2015 when Stockland acquired full ownership. 100% of remaining TPV and lots included from Jan16 onwards.^^^ Identified for disposal.
Relates to land lots only (except Brightwater which shows builtform price range)

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

FORESHORE, QLD

LOCATED IN THE HIGH GROWTH SUBURB OF COOMERA IN THE GOLD COAST REGION OF QUEENSLAND, FORESHORE WILL BECOME A TRANQUIL WATERSIDE ENCLAVE BORDERED BY COOMERA RIVER AND OAKEY CREEK. SURROUNDED BY NATURE, FORESHORE WILL BE AN ECOLOGICALLY INTEGRATED COMMUNITY WITH 51% OF THE AREA DEDICATED TO CONSERVATION, PLUS AN OUTLOOK TO THE GOLD COAST SKYLINE AND HINTERLAND.

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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	2,272	N/A	Located seven kilometres north of Stockland Rockhampton and ten kilometres north of the
2010					Rockhampton CBD.
Paradise Waters	Deebing Heights	566	2,081	N/A	Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly
2010					constructed CentenaryHighway.
Caboolture West/	Caboolture	358	1,403	N/A	Located approximately 45 kilometres north of Brisbane and 25 kilometres north-west of North
Ripeford**					Lakes.
2008
Twin Waters West	Sunshine Coast	N/A	849	N/A	Located eight kilometres from Maroochydore, bordered by the Maroochy River, the motorway, the
2005					David Low Wayand Ocean Drive.
Hope Island^^^	Gold coast	73	109#	N/A	Located within the Gold Coast's northern growth area, Hope Island is the site of Stockland's frst
2017					standalone medium densityacquisition in Queensland.
		1,572	6,714

Total revenue generated throughout the life of the project.
** Includes options taken over land.
Relates to land lots only.
^^^ A standalone Medium Density project
Includes dwellings

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

CLOVERTON, MELBOURNE

CLOVERTON IS VICTORIA’S LARGEST RESIDENTIAL LAND DEVELOPMENT WITH THE PLAN COMPRISING OVER 11,000 RESIDENTIAL LOTS AND A MAJOR ACTIVITY CENTRE INCLUDING REGIONAL SHOPPING CENTRE AND TRAIN STATION. THERE WILL ALSO BE AN EXTENSIVE RANGE OF SCHOOLS, COMMUNITY AND RECREATION FACILITIES AND OPEN SPACE. FIRST RESIDENTS MOVED INTO CLOVERTON IN LATE 2016.

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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**	Kalkallo/Beveridge	3,514	11,016	3	182,000 - 337,000	Cloverton is a large consolidated development site within Melbourne's urban growth
2010						boundary. It is located on the Hume Highway in Kalkallo, about 38 kilometres north of
						the Melbourne CBD in the City of Hume, Whittlesea and Mitchell. It will be developed
						as a masterplanned community and will support approximately 11,000 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. A diverse range of products are being offered including completed
						homes in partnership with a range of quality home builders. Cloverton's frst Display
						Village opened in mid 2017 alongside a state-of-the-art Vision Centre with café and
						adventureplayground.
Highlands (including Mt	Craigieburn	2,588	11,127#	53	185,000 - 364,000	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,
2017						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 $330 million
						Craigieburn Town Centre Development. In 2017, sales commenced at Stockland's
						own medium density project called Eastside at Highlands which comprises 198
						townhomes. This complements the existing land, home and land, completed homes
						and retirement village offerings that will continue to be offered at Highlands.
The Grove	Tarneit	628	2,518	23	203,000 - 319,000	This site is within Melbourne's urban growth boundary and adjoins the existing
2010						urban area of Tarneit. It is 31 kilometres west of the Melbourne CBD in the City
						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. The Grove's frst Display Village launched in 2017 as well as a full
						service café inside the land sales centre.
Mernda Villages	Mernda	580	2,994	91	218,000 - 323,000	A major masterplanned community, located 29 kilometres north of Melbourne,
2002						appealing to a broad market including young and mature families. Existing schools,
						shops and a community centre, plus a Stockland Retirement Village within its
						boundary, ensures that residents are well serviced. The residential community is
						anticipated to be sold out in 2017.
Eucalypt	Epping	396	1,709	69	207,000 - 402,000	Residential community located in Melbourne’s north-eastern suburbs with frontage to
2009, 2011						Findon Creek. The project provided for residential, medium density and mixed-use.
						The main Eucalypt project sold out in December 2016, the Bindts Road consolidation
						is inplanning.
Allura (including Talia)	Truganina	328	1,346#	89	247,000 - 291,000	Just 19 kilometres west of the Melbourne CBD, this masterplanned community
2009						incorporates residential, local parks and schools. A 30 dwelling medium density site,
						branded Talia, is also under construction. The residential community is anticipated to
						be sold out in 2017.
Orion^^^	Braybrook	298	422#	0	555,000 - 845,000	Orion is an 11.5ha development site located 12 kilometres from the CBD. The
2016						development comprises 422 townhouses, pocket parks and a new community
						reserve all in close proximity to public transport, schools and retail. Sales commenced
						in June 2017.

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
** Includes options taken over land.
Includes dwellings.
Relates to land lots only.
^^^ A standalone Medium Density project showing built form price range

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

EDGEBROOK, MELBOURNE

LOCATED IN CLYDE, APPROXIMATELY 50 KILOMETRES SOUTH EAST OF THE MELBOURNE CBD AND 1.6 KILOMETRES EAST OF STOCKLAND’S AWARD-WINNING SELANDRA RISE PROJECT. THE 65 HECTARE PROPERTY IS WITHIN THE FAST GROWING CASEY CORRIDOR IN MELBOURNE’S SOUTH EAST. THE PROJECT WILL FEATURE AN ATTRACTIVE OPEN SPACE CORRIDOR ALONG CLYDE CREEK. SALES COMMENCED IN MARCH 2017.

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RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

Victoria – released to market (continued)

Property/		Total project
Acquisition date	Location	value ($m)*	Total lots	% Sold^	Price range ($)##	Project description
Edgebrook	Clyde	204	797	0	174,000 - 368,000	Edgebrook is a 65 hectare parcel in Clyde, approximately 50 kilometres south east of
2015						the Melbourne CBD and 1.6 kilometres east of Stockland’s award-winning Selandra
						Rise project. The property is within Melbourne's fast growing Casey Corridor. The
						land is included within the Clyde Creek Precinct Structure Plan (PSP) that was
						approved for development in November 2014. The project will feature an attractive
						open space corridor alongClyde Creek. Sales commenced in March 2017.
The Address	Point Cook	156	487	87	300,000 - 434,000	A premium boutique 33 hectare community in Point Cook that will compromise 486
2015						new homes, a childcare centre and a two hectare Central Park. Located 25km west
						of the Melbourne CBD,theproject sold out in early2017.
Arve^^^	Ivanhoe	70	81#	56	725,000 - 1,120,000	Located 13 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. Theproject sold out in 2016.
		8,762	32,497

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
Includes dwellings.
Relates to land lots only.
^^^ A standalone Medium Density project showing built form price range

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 57

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

THE GROVE, MELBOURNE

THIS SITE IS WITHIN MELBOURNE'S URBAN GROWTH BOUNDARY AND ADJOINS THE EXISTING URBAN AREA OF TARNEIT. IT IS 31 KILOMETRES WEST OF THE MELBOURNE CBD IN THE CITY 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. THE GROVE'S FIRST DISPLAY VILLAGE LAUNCHED IN 2017 AS WELL AS A FULL SERVICE CAFÉ INSIDE THE LAND SALES CENTRE.

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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
Mt Atkinson	Truganina	875	4,228#	N/A	Mt Atkinson is a 315 hectare site in the heart of the fastest growing residential corridor in Australia,
2017					24 kilometres west of the Melbourne CBD. Stockland has entered into an agreement with Mt
					Atkinson Holdings to develop the new community. The site will include over 4,000 townhouses
					and detached home sites set amongst planned schools, childcare facilities, a town centre, retail,
					playgrounds, public open spaces and an integrated industrial park and business precinct. Sales at
					Mt Atkinson are anticipated to commence in 2018.
Minta Farm	Berwick	608	1,710	N/A	One of the last remaining greenfeld sites in the popular suburb of Berwick, approximately 46
2017					kilometres south east of Melbourne, the 114 hectare site is located within the Urban Growth
					Boundary in the City of Casey. The project, fronting Soldiers Road in Berwick, is anticipated to
					yield approximately 1,700 lots. The property includes some outstanding natural and heritage
					features including ornamental lakes, extensive views, established landscapes and conservation
					areas.
Waterlea (previously	Rowville	124	190#	N/A	Waterlea is a 6.3 hectare medium density site, 26 kilometres south east of Melbourne CBD. The
known as Stamford					new community will comprise of 160 single and two storey townhouses and approximately 30
Park)^^^					apartments in a low-rise building with ground foor parking. The property will be developed into
2015					the medium density residential component of a wider 40 hectare parkland, wetland and heritage
					precinct.
Altona North^^^	Altona North	233	276#	N/A	Located nine kilometres west of Melbourne’s CBD, Altona North is a future medium density
2017					development site.
Truganina	Truganina	529	1,629#	N/A	This future development site is located 24 kilometres west of Melbourne CBD, and will include
2017					over 1,500 dwellings.
		2,369	8,033

Total revenue generated throughout the life of the project.
Includes dwellings.
Relates to land lots only.

^^^ A standalone Medium Density project

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RESIDENTIAL COMMUNITIES RESIDENTIAL PORTFOLIO

CALLEYA, PERTH CALLEYA IS A MASTERPLANNED COMMUNITY LOCATED 25 KILOMETRES SOUTH EAST OF PERTH'S CBD AND JUST MINUTES FROM THE KWINANA FREEWAY AND COCKBURN CENTRAL TRAIN STATION PROVIDING EASY ACCESS INTO THE CITY. FUTURE PLANS FOR THE COMMUNITY INCLUDE A PRIMARY SCHOOL, NEIGHBOURHOOD SHOPS AND RETIREMENT LIVING INTEGRATION. IN 2016, WE COMMENCED OUR MEDIUM DENSITY PROJECT CALLED VISAGE WHICH COMPRISES 26 TOWNHOMES IN STAGE 1.

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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	747	3,512#	59	116,000 - 479,000	An award-winning, masterplanned community 28 kilometres north-east of Perth’s
2011						CBD. Adjacent to the famous Swan Valley Wine Region, Vale is renowned for its
						spectacular natural beauty paired with well established amenity. Tree-lined streets
						and lakes meet with playgrounds, a dog park, two shopping precincts, a District
						sporting complex and schools. The project provides for residential, medium density
						and completed homes.
Newhaven	Piara Waters	652	2,661	91	215,000 - 388,000	Located 28 kilometres South East of Perth's CBD, Newhaven is an award-winning
2001, 2005, 2007, 2014						masterplanned community. Newhaven has combined residential, educational and
						recreational facilities including the 'Robot Park' and Stockland Harrisdale Shopping
						Centre. Newhaven is in a sought after location resulting in a popular established
						neighbourhood.
Calleya	Treeby (formerly	555	1,883#	40	133,000 - 390,000	Calleya is a masterplanned community located 25 kilometres South East of Perth's
2008	Banjup)					CBD and just minutes from the Kwinana Freeway and Cockburn Central Train Station
						providing easy access into the city. Future plans for the community include a primary
						school, neighbourhood shops and retirement living integration. In 2016, sales and
						construction commenced at Stockland's own medium density project within Calleya
						called Visage which comprises 26 townhomes in Stage 1.
Whiteman Edge	Brabham	495	2,286	66	204,000 - 300,000	Home to Western Australia's frst Livvi's Place playground, Whiteman Edge is a
2011, 2014						masterplanned community 23 kilometres north-east of Perth’s CBD. In late 2017,
						the estate will unveil a brand new Jungle park and plans are well underway for a
						future neighbourhood shopping centre. A number of schools are within minutes of
						the community. The project provides for residential, medium density and completed
						homes.
Sienna Wood***	Hilbert	385	3,639	16	124,000 - 276,000	A joint venture with the Housing Authority in WA, Sienna Wood is a masterplanned
2004, 2007, 2010						community 30 kilometres South East of Perth's CBD. In the coming years, the estate
						will transform into a vibrant area with a new adventure playground, shopping centre
						and additional local schools. The community provides for residential and completed
						homes.
Amberton***	Eglinton	321	2,517	35	120,000 - 435,000	A beachside community 50 kilometres North West of Perth's CBD. This estate is a
2010						private joint venture with a vision to deliver premium coastal living at an affordable
						pricing point. The community features a fying fox adventure playground, AFL
						sized sports oval and local café. There are plans to develop a beachside café and
						playground,shoppingcentre and school within futureyears.
		3,155	16,498

Total revenue generated throughout the life of the project.
^ % sold relates to contracts settled.
*** Includes Stockland's estimated share of joint development income.
Includes dwellings.
Relates to land lots only.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

WILLOWDALE RETIREMENT VILLAGE, SYDNEY LOCATED 50 KILOMETRES SOUTHWEST OF SYDNEY’S CBD AND 1.5KM FROM LEPPINGTON TRAIN STATION, WILLOWDALE RETIREMENT VILLAGE IS THE PERFECT PLACE TO LIVE THE LIFESTYLE OUR RESIDENTS LOVE. DESIGNED TO BE THE HEART OF WILLOWDALE’S COMMUNITY SPACE, THE BRAND NEW CLUBHOUSE IS AN EXTENSION OF THE RESIDENTS’ HOME AND IT’S THEIR PLACE TO ENJOY A VARIETY OF SOCIAL ACTIVITIES, CONNECT WITH ONE ANOTHER, EXPAND ON THEIR HOBBIES OR JUST RELAX AMONGST FRIENDS.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living

Stockland is a top 3 retirement living operator within Australia, with over 9,600 established units across five states and the ACT. The portfolio includes a short to medium term development pipeline of over 2,900 units.

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Fig Tree Village, Qld

Geographic split %*

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26 43 16 3 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 2016 63

RETIREMENT LIVING RETIREMENT PORTFOLIO

CARDINAL FREEMAN THE RESIDENCES, SYDNEY

THE VILLAGE IS LOCATED CLOSE TO SHOPS AND TRANSPORT, IN THE SOUGHT AFTER INNERWEST SUBURB OF ASHFIELD. A MAJOR REDEVELOPMENT OF CARDINAL FREEMAN IS UNDER WAY, WHICH INCLUDES 240 NEW APARTMENTS. THE FIRST TWO BUILDINGS WERE COMPLETED AND SETTLED IN 2016 WITH THE THIRD BUILDING AND STATE OF THE ART CLUBHOUSE NOW OPEN. OPAL AGED CARE OPENED A NEW ONSITE AGED CARE FACILITY IN 2016 WITH 133 BEDS UNDER THE RELATIONSHIP ESTABLISHED BETWEEN STOCKLAND AND OPAL AGED CARE.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages

Property/
Opening date	Location	Total units	Price range ($)#	Project description
North Lakes Retirement Resort	North Lakes, Qld	355	139,500-618,000	Located in one of Australia's fastest growing regions, the North Lakes Retirement Resort is only 35 minutes
2005				from Brisbane and less than 30 kilometres from Brisbane International Airport. The resort layout provides
				security as well as an outstanding array of amenities. The resort is within the North Lakes Town Centre and easy
				walkingdistance from the shoppingcentre,and health and educationprecincts.
Macarthur Gardens Retirement Village	Campbelltown, NSW	264	361,500-643,000	The village is conveniently located between Macarthur Square Shopping Centre and Campbelltown Golf Club.
2011				Village facilities include bowling green, indoor pool, bar, café, outdoor chessboard, work shed, putting green
				andpractice drivingnet.
The Willows Retirement Village	Winston Hills, NSW	262	143,000-889,000	The Willows Retirement Village is situated at Winston Hills in north-west Sydney. The village is close to shopping
1988				centres, sports clubs, hospitals, 24-hour medical facilities and less than one kilometre to the M2 freeway leading
				to Sydney's CBD. A future Opal Aged Care facilityis earmarked for the village.
Burnside Village	Burnside, Vic	258	162,000-359,500	Burnside Village is conveniently located off the Western Highway in Melbourne's growing west, providing easy
2002				access to Melbourne's CBD or regional Victoria. Next door is Burnside Shopping Centre complete with two
				supermarkets and specialtyretail.
Latrobe Village	Reservoir, Vic	249	99,000-428,500	At Latrobe Village, residents enjoy a convenient lifestyle, living within walking distance of Summerhill Village
1989				ShoppingCentre and close to transport,major hospitals,Bundoora Park and Preston Markets.
Bundoora Village	Bundoora, Vic	242	185,500-647,000	Bundoora Village is situated close to the Northern Ring Road, RMIT University and shopping strips, and is well
2003				serviced by public transport. The 6.7 hectare site enjoys excellent views over the PlentyValleyGorge.
Hillsview Retirement Village	Happy Valley, SA	233	196,000-370,000	Hillsview Retirement Village is situated on a premier hillside site in Happy Valley with many units having
1982				spectacular views over the HappyValleyReservoir,or to the coastline of Gulf St Vincent.
Cardinal Freeman The Residences^	Ashfeld, NSW	225	220,000-2,050,000	Cardinal Freeman The Residences is in the sought after inner-west suburb of Ashfeld. Close to shops
1980				and transport, the village features a magnifcent chapel along with the historic Glentworth House. A major
				redevelopment of Cardinal Freeman is under way, which includes 240 new apartments. The frst two buildings
				were completed and settled in 2016 with the third building and state of the art clubhouse now open. Opal Aged
				Care opened a new onsite aged care facility in 2016 with 133 beds under the relationship established between
				Stockland and Opal Aged Care.
Patterson Lakes Village	Patterson Lakes, Vic	207	126,500-374,000	Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre and Marina and features
1980				a central lake as the focal point of the village. Patterson Lakes Village has both independent living villas and
				serviced apartments. The Clubhouse is undergoinga major redevelopment that is due for completion in 2018.
Golden Ponds Resort	Forster, NSW	204	153,000-512,000	Golden Ponds Resort is set between Wallis Lake and the beaches of Forster on the NSW mid-north coast. The
1988				resort is surrounded by13 hectares of landscapedgrounds, ponds and rainforest.
Knox Village	Wantirna South, Vic	204	283,000-527,000	Knox Village enjoys an excellent location directly opposite Knox Shopping Centre, comprising cafés,
1978				restaurants,a cinema complex and a wide range ofgroceryand retail outlets.
Plenty Valley Village	Epping, Vic	204	135,000-599,500	Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity to the nearby Epping
2006				shoppingcomplex. The location is well serviced with transport,healthcare,medical and aged care facilities.
Somerton Park Seniors' Living Community^	Somerton Park, SA	203	214,000-598,000	Somerton Park Seniors' Living Community provides a wonderfully safe and secure environment with a wide
1968				range of activities and facilities on offer. There is a thriving residents’ vegetable garden, family barbecue areas
				and comfortable indoor and outdoor social spots.
Arilla Village	South Morang, Vic	202	326,500-699,000	Arilla Village is situated in Melbourne's north, home to over 280 residents offering a range of independent living
2010				apartments and villas with foor plans to suit every budget and lifestyle. The health and wellbeing centre, located
				on the ground foor of the apartment building, features a pool, gym, hair salon and medical consulting suite. The
				village offers a range of activities and the communitycentre features a café,library,town hall and bowling green.
Taylors Hill Village	Taylors Hill, Vic	199	253,000-490,000	Taylors Hill Village is located approximately ten minutes from Watergardens Town Centre with its major
2005				shopping, dining and entertainment services. The village features modern community facilities with both
				independent livingunits and apartments.
Keilor Village	Keilor, Vic	192	124,500-510,000	Keilor Village benefts from close proximity to the Calder Freeway, with bus services running directly past
1997				the site. The village is a short walk from Taylors Lakes Shopping Centre, and less than ten minutes drive to
				Watergardens Town Centre.

Price range based on market value of units previously settled

^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

THE LAKES ESTATE, MELBOURNE

THE LAKES ESTATE IS IDEALLY LOCATED ON THE CORNER OF KINGS ROAD AND MELTON HIGHWAY, DIRECTLY OPPOSITE WATERGARDENS SHOPPING CENTRE AND RAILWAY STATION. THE VILLAGE OFFERS A RANGE OF INDEPENDENT LIVING VILLAS, APARTMENTS AND SERVICED APARTMENTS.

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RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages (continued)

Property/
Opening date	Location	Total units	Price range ($)#	Project description
Gowanbrae Village	Gowanbrae, Vic	189	339,000-722,000	Gowanbrae Village enjoys an excellent location north west of Melbourne's CBD, providing quick access to
2008				the city, Melbourne Airport and Airport West Shopping Centre. It has spacious, immaculate grounds and the
				communitycentre includes apool,libraryand bowling green.
Highlands Retirement Village	Craigieburn, Vic	188	281,500-518,000	Highlands Retirement Village is situated within Stockland's Highlands masterplanned community and a short
2010				walk from a major shopping centre, Hume Global Learning Centre and soon-to-be completed Splash Aqua
				Park and Leisure Centre. The village offers a great range of new homes and foor plans to choose from.
				The community centre features a self-serve café, town hall, billiards, theatre room, bowling green, outdoor
				barbecue area and much more. The health care facility located on the corner of Central Park Avenue and Aitken
				Boulevard is due to be completed in mid 2017 and will include GP, physiotherapy, podiatry, pathology and
				radiologyservices,as well as an onsitepharmacy.
Fig Tree Village	Murrumba Downs, Qld	187	347,500-546,000	Fig Tree Village is well located adjacent to a neighbourhood shopping centre with access to medical and
2009				recreational facilities. The village offers a heated indoor pool, bowling green, bar, library, gym, billiards room and
				hair salon.
Cameron Close Village	Burwood, Vic	183	161,500-1,099,500	Cameron Close Village is situated in Burwood, close to the exclusive shopping and restaurant precincts
1989				of Camberwell and Canterbury, and is well serviced by bus and tram routes linking to rail and Chadstone
				ShoppingCentre. Elevatedparts of thepropertyenjoydistrict and CBD skyline views.
Selandra Rise Retirement Village	Clyde North, Vic	182	302,500-597,000	The village is located within the Selandra Rise residential community, opposite a Woolworths and specialty
2013				shopping centre. The clubhouse features an indoor heated pool, bowling green, bocce pitch and self-service
				café. The Green Building Council of Australia awarded the village an Australian frst 4 Star Green Star – Custom
				Design Certifed Rating.
Salford Waters Retirement Estate	Victoria Point, Qld	181	121,000-693,000	Situated on the Moreton Bay waterfront in Victoria Point, Salford Waters Retirement Estate is less than three
1993				kilometres to Victoria Point ShoppingCentre and a half-hour drive to Brisbane's CBD.
Wantirna Village	Wantirna, Vic	180	134,000-520,500	Wantirna Village benefts from an outstanding range of retail and transport amenities. The 6.3 hectare site
1986				adjoins the Blind Creek Reserve and is close to the Dandenong Ranges National Park, Morack and Ringwood
				Golf Course,Knox Libraryand several hospitals.
Ridgehaven Rise Seniors' Living Community	Ridgehaven, SA	176	188,500-449,000	This well established village has excellent community facilities including a community hall, library, caravan
1984				storage, The Gums Community Centre and a village bus. This is complemented by an excellent range of
				communityactivities such as sewingand craft,bingo and exercisegroups.
Bellevue Gardens Retirement Village	Port Macquarie, NSW	175	200,000-436,000	The village is centrally located less than two kilometres from the Port Macquarie city centre and is set on fve
1994				hectares of landscaped gardens. Facilities include a restaurant, coffee shop, auditorium, library, hair salon,
				medical consulting room, bowling green and resident clubhouse adjoining a heated indoor swimming pool and
				barbecue area.
Salford Park Community Village	Wantirna, Vic	170	312,000-530,000	Residents at Salford Park Community Village live independently in one or two bedroom low maintenance villas
1983				within a friendly community surrounded by lush green gardens. There is an onsite aged care facility owned and
				operated byOpal Aged Care under thepartnershipestablished between Stockland and Opal Aged Care.
The Lakes Estate	Taylors Lake, Vic	170	99,000-514,500	The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway, directly opposite
2000				Watergardens Shopping Centre and railway station. The village offers a range of independent living villas,
				apartments and serviced apartments.
Mernda Retirement Village^	Mernda, Vic	164	276,000-561,500	Located within the Stockland residential community, Mernda Retirement Village is conveniently positioned within
2014				walking distance to a medical centre and Mernda Villages Shopping Centre featuring Woolworths and a range
				of specialty stores, cafés and services. The retirement village's modern clubhouse features a heated indoor
				pool, gym, café and alfresco entertaining area and bowling green. The village has been awarded a 4 Star Green
				Star accreditation from the Green BuildingCouncil of Australia.
Bay Village Retirement Estate	Victor Harbor, SA	160	212,000-366,500	Located in one of South Australia’s most sought after resort areas just minutes away from the town centre of
1984				Victor Harbor –great for shoppingand entertainment.
Long Island Village	Seaford, Vic	160	127,500-399,000	Long Island Village is located just off the Nepean Highway, a short stroll from the Seaford foreshore. Retail
1987				amenities servicing the village include Frankston, Patterson Lakes and Mt Eliza centres, all of which have grown
				substantiallyin recentyears.

Price range based on market value of units previously settled

^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

AFFINITY VILLAGE, PERTH

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	Price range ($)#	Project description
Tarneit Skies Retirement Village	Tarneit, Vic	158	200,500-441,500	Tarneit Skies Retirement Village is located less than 35 kilometres from the Melbourne CBD in the Western
2003				suburbs. The village features an indoor swimming pool, gymnasium, dance foor and theatrette. Tarneit
				ShoppingCentre is within walkingdistance and there is also apublic bus stopoutside the village.
Lourdes Retirement Village	Killara, NSW	156	261,500-914,500	Located in Killara on Sydney's North Shore, the village overlooks Garigal National Park. Lourdes Retirement
1983				Village offers a central clubhouse with coffee shop as well as a dining room, lounge, chapel, billiards room, hair
				salon, library, heated swimming pool and spa. There is an onsite aged care facility owned and operated by Opal
				Aged Care under thepartnershipestablished between Stockland and Opal Aged Care.
Templestowe Village	Templestowe, Vic	153	134,000-544,000	Templestowe Village is set in a park-like environment with its own private lake and manicured grounds. Close
1983				to shops and opposite beautiful Westerfolds Park, which features walking tracks along the banks of the Yarra
				River,barbecue facilities andpicnic areas.
Pine Lake Village	Elanora, Qld	147	167,000-425,000	Pine Lake Village is located at Elanora on Queensland’s Gold Coast with it's famous beaches close by and
1982				features a swimming pool and views of the nearby lake. Walking distance to Public Transport and Pine Lake
				ShoppingCentre with café's and specialtystores.
Donvale Village	Donvale, Vic	144	139,000-591,500	Donvale Village is located on Springvale Road in one of Melbourne's prime eastern suburbs, surrounded by
1990				highqualityhousingand a strongcatchment to the north and north-east.
Parklands Village	Port Macquarie, NSW	144	81,000-267,500	Parklands Village is a private retreat set on fve hectares of landscaped parkland, just minutes from transport,
1985				medical facilities and the centre of Port Macquarie. The village has a full-length artifcial grass bowling green and
				heated indoor swimming pool and spa.
The Village Swansea	Swansea, NSW	141	278,500-464,500	Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the village is situated
1988				in close proximity to Lake Macquarie and Swansea Shopping Centre. The village features three salt-water
				swimming pools and two communitycentres.
Affnity Village^	Baldivis, WA	138	285,000-544,500	Incorporated into the Stockland residential Settlers Hills community, Affnity Village is adjacent to Stockland
2011				Baldivis Shopping Centre, a medical centre and other amenities. The clubhouse is the frst and only retirement
				living building in Australia to be awarded a 5 Star Green Star Public Building rating from the Green Building
				Council of Australia.
Waratah Highlands Village	Bargo, NSW	132	348,000-435,000	Set on ten hectares of woodland, Waratah Highlands Village is in close proximity to the Southern Highlands and
2002				500 metres to Bargo railwaystation. The village features a hairdresser,beautician,libraryand billiards room.
Unity Retirement Village	Aberfoyle Park, SA	129	119,000-338,500	Located in Aberfoyle Park, Unity's facilities include a bowling green, recreation hall, dining room, and half-court
1985				tennis. It is walkingdistance to Aberfoyle Park ShoppingCentre.
Ridgecrest Village	Page, ACT	127	363,500-578,500	Ridgecrest Village at Page in Canberra is spread over 5.4 hectares and has facilities including barbecue areas, a
1986				bowling green and residents' lounge.
Bellcarra Retirement Resort	Caloundra, Qld	125	305,500-389,000	Located on the growing Sunshine Coast and only six kilometres from Stockland Caloundra Shopping Centre,
2003				Bellcarra Retirement Resort is close to the centre of Caloundra and Kings Beach. The village features a
				swimming pool,bowling green and billiards room.
Vermont Village	Vermont South, Vic	125	273,500-406,500	Vermont Village benefts from an excellent location, plenty of open space and established gardens. Located on
1981				Burwood Highway near Koomba Park, the village is close to several large shopping centres including Vermont
				South,Knox,The Glen and Forest Hill.
Queens Lake Village	Laurieton, NSW	124	220,000-440,000	Situated on the Queens Lake waterfront, Queens Lake Village is equipped with its own private jetty. It is
1987				conveniently located just one kilometre from Laurieton's town centre with major retailers, specialty stores and
				café's.
Castle Ridge Resort	Castle Hill, NSW	113	355,000-722,864	Castle Ridge Resort is less than two kilometres from Castle Towers Shopping Centre in Castle Hill with Dural,
1987				Carlingford, North Rocks and Pennant Hills within easy reach. It offers a swimming pool and spa, snooker and
				billiard room and a hairdresser.
The Cove Village	Daleys Point, NSW	111	280,000-688,000	Situated on the NSW Central Coast, the village boasts absolute water frontage with most units having views of
1983				Brisbane Waters. The village has two outdoor barbecue areas,three swimming pools,a spa and aprivatejetty.
Rosebud Village	Rosebud, Vic	105	191,500-382,000	Rosebud Village is located in the heart of the Mornington Peninsula and is well serviced by the region's many
1980				golf courses,wineries and beaches. Several bowlingclubs and the Rosebud RSL are convenient to the site.

Price range based on market value of units previously settled

^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

MERNDA RETIREMENT VILLAGE, MELBOURNE MERNDA VILLAGE RESIDENTS ENJOY MEETING FAMILY AND FRIENDS IN THE MODERN CLUBHOUSE. THE VILLAGE IS ONLY A SHORT WALK TO WOOLWORTHS, SPECIALTY STORES AND A MEDICAL CENTRE.

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

RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – established villages (continued)

Property/
Opening date	Location	Total units	Price range ($)#	Project description
Greenleaves Retirement Village	Upper Mt Gravatt, Qld	104	138,000-477,000	Greenleaves Retirement Village is located in the heart of a thriving local community, adjacent to a shopping
1986				centre and cinema complex. A bowling green, library, pool and barbecue area are some of the facilities on offer
				with apublic bus stopat the village entry.
Gillin Park Retirement Village	Warrnambool, Vic	97	99,500-359,000	Located in Warrnambool, near the banks of the Hopkins River on the south-west Victorian coast, the village
1990				is close to the city centre, hospital and shopping centres. There is an onsite aged care facility owned and
				operated byOpal Aged Care under thepartnershipestablished between Stockland and Opal Aged Care.
Maybrook Village	Cromer, NSW	97	147,000-773,500	Perched on the ridge at Cromer on Sydney’s northern beaches, the village has a bushland outlook. It features a
1992				libraryand billiards room,agym and indoor-heatedpool and spa.
Farrington Grove Retirement Estate	Ferny Hills, Qld	95	182,500-597,000	Farrington Grove Retirement Estate is a popular village located in the quiet outer Brisbane suburb of Ferny Hills.
1998				Village facilities include billiards, solar-heated pool, barbecue area, hairdresser, piano lounge, computer room,
				libraryand hobbyshed.
Midlands Terrace	Ballarat, Vic	90	189,000-271,000	Midlands Terrace has been a fxture in the Ballarat community for over 40 years. It enjoys strong demand from
1976				prospective residents and is well positioned in its local market area. The village adjoins Northway Shopping
				Centre withproximityto medical and communityfacilities.
Oak Grange	Brighton East, Vic	84	350,000-550,000	Oak Grange is located on Hawthorn Road, Brighton East, close to Brighton's famous beaches, shops and
1984				cafés. The Nepean Highway provides easyaccess to the city.
Salford Retirement Estate	Aberfoyle Park, SA	74	276,000-324,500	Located in the tree-studded foothills of South Australia's Aberfoyle Park, Salford Retirement Estate is 20
1990				kilometres from Adelaide's CBD and less than three kilometres to the local shoppingcentre.
Willowdale Retirement Village^	Denham Court, NSW	72	417,000-649,000	Located 50 kilometres south-west of Sydney’s CBD and 1.5km from Leppington train station, Willowdale
2016				Retirement Village is the perfect place to live the lifestyle our residents love. Designed to be the heart of
				Willowdale’s community space, the brand new Clubhouse is an extension of the residents home and it’s their
				place to enjoy a variety of social activities, connect with one another, expand on their hobbies or just relax
				amongst friends.
Lightsview Retirement Village^	Lightsview, SA	68	313,500-488,500	Lightsview is a beautiful new village located just over nine kilometres from Adelaide's city centre. Along with
2012				designer two and three bedroom villas, Lightsview has a newly completed clubhouse. Featuring a library,
				resident run café and bar, gym,outdoor diningand more,all set amongstgardens and recreation areas.
Walnut Grove Retirement Estate	Old Reynella, SA	65	315,000-379,500	Walnut Grove Retirement Estate is located in historic Old Reynella, a short distance from some of South
1995				Australia’s oldest vineyards and ideallysituated near supermarkets and specialtyshops.
Wamberal Gardens Retirement Village	Wamberal, NSW	61	314,500-361,000	Wamberal Gardens Retirement Village is located on the NSW Central Coast adjacent to Wamberal Lagoon with
1983				the beachjust one block away. The village features two outdoor barbecue areas,an activities room and library.
The Grange Retirement Estate	Grange, SA	57	415,000-436,500	The Grange Retirement Estate is located just over one kilometre from the seafront suburb of Grange and 12
1992				kilometres from Adelaide's CBD. The village is in close proximity to public transport, hospital and shopping
				centres.
Camden View Village	Laurieton, NSW	54	280,000-433,000	Camden View Village is situated between North Brother Mountain and the Camden Haven River on the NSW
2002				mid-north coast. Camden View is about 100 metres awayfrom the centre of Laurieton.
Lincoln Gardens Retirement Village	Port Macquarie, NSW	54	346,000-399,000	Lincoln Gardens Retirement Village is located in a quiet suburban enclave and is in close proximity to Port
2001				Macquarie's hospital and town centre. The village features 5 acres of landscapedgardens and ispet friendly.
Macquarie Grove Retirement Village	Tahmoor, NSW	43	256,000-275,000	Macquarie Grove Retirement Village is located at the gateway to the Southern Highlands. It is close to local
1996				clubs, recreational activities, medical services and transport. It features computer facilities, hairdresser, library
				and barbecue facilities.
The Villas in Brighton	Brighton, SA	29	446,500-497,500	The Villas in Brighton is a small tight knit community offering stylish two and three bedroom villas in an idyllic
1994				location, just a short walk to JettyRoad Brighton,beaches,shoppingand connections topublic transport.
Bexley Gardens Retirement Village	Bexley North, NSW	22	138,500-264,500	Located in south-west Sydney, Bexley Gardens is only one kilometre from Bexley North railway station that
1974				serves the East Hills line into Sydney CBD. It is also in close proximity to major shopping centres in Hurstville,
				Rockdale and Kogarah.
The Villas on Milton Avenue	Fullarton, SA	4	584,000-589,000	Located in the quiet, leafy streets of Fullarton are the four delightful villas known as The Villas on Milton Avenue.
2001
		9,610

Price range based on market value of units previously settled

^ currently under development

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

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

RETIREMENT LIVING RETIREMENT PORTFOLIO

Retirement Living – development pipeline

Property/
Opening date	Location	Future settlements	Project description
Completed
Selandra Rise Retirement Village	Clyde North, 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 the village an Australian frst 4 Star Green Star – Custom Design
			Certifed Rating.
Highlands Retirement Village	Craigieburn, Vic		Highlands Retirement Village is situated within Stockland's Highlands masterplanned community and a short walk
			from a major shopping centre, Hume Global Learning Centre and soon-to-be completed Splash Aqua Park and
			Leisure Centre. The village offers a great range of new homes and foor plans to choose from. The community
			centre features a self-serve café, town hall, billiards, theatre room, bowling green, outdoor barbecue area and
			much more. The health care facility located on the corner of Central Park Avenue and Aitken Boulevard is due to
			be completed in mid 2017 and will include GP, physiotherapy, podiatry, pathology and radiology services, as well
			as an on-sitepharmacy.
SubTotal		55
Current Development Projects
Mernda Retirement Village	Mernda, Vic		Located within the Stockland residential community, Mernda Retirement Village is conveniently positioned within
			walking distance to a medical centre and Mernda Villages Shopping Centre featuring Woolworths and a range of
			specialty stores, cafés and services. The retirement village's modern clubhouse features a heated indoor pool,
			gym, café and alfresco entertaining area and bowling green. The village has been awarded a 4 Star Green Star
			accreditation from the Green BuildingCouncil of Australia.
Cardinal Freeman The Residences	Ashfeld, NSW		Cardinal Freeman The Residences is in the sought after inner-west suburb of Ashfeld. Close to shops
			and transport, the village features a magnifcent chapel along with the historic Glentworth House. A major
			redevelopment of Cardinal Freeman is under way, which includes 240 new apartments. The frst two buildings
			were completed and settled in 2016 with the third building and state of the art clubhouse now open. Opal Aged
			Care opened a new onsite aged care facility in 2016 with 133 beds under the relationship established between
			Stockland and Opal Aged Care.
Affnity Village	Baldivis, WA		Incorporated into the Stockland residential Settlers Hills community, Affnity Village is adjacent to Stockland Baldivis
			Shopping Centre, a medical centre and other amenities. The clubhouse is the frst and only retirement living
			building in Australia to be awarded a 5 Star Green Star Public Building rating from the Green Building Council of
			Australia.
Willowdale Retirement Village	Denham Court, NSW		Located 50 kilometres south-west of Sydney’s CBD and 1.5km from Leppington train station, Willowdale
			Retirement Village is the perfect place to live the lifestyle you love. Designed to be the heart of Willowdale’s
			community space, the brand new Clubhouse is an extension of the residents home and it’s their place to enjoy a
			varietyof social activities,connect with one another,expand on their hobbies orjust relax amongst friends.
Somerton Park Seniors' Living	Somerton Park, SA		Somerton Park Seniors' Living Community provides a wonderfully safe and secure environment with a wide
Community I			range of activities and facilities on offer. There is a thriving residents’ vegetable garden, family barbecue areas
			and comfortable indoor and outdoor social spots. Following the acquisition of Somerton Park Seniors' Living
			Community,the opportunityto developon aparcel of vacant land has beenpursued.
Lightsview Retirement Village	Lightsview, SA		Lightsview is a beautiful new village located just over nine kilometres from Adelaide's city centre. Along with
			designer two and three bedroom villas, Lightsview has a newly completed clubhouse. Featuring a library, resident
			run café and bar, gym,outdoor diningand more,all set amongst manicuredgardens and recreation areas.
Birtinya Retirement Village (formerly	Birtinya, Qld		Stockland will complete its frst greenfeld vertical retirement village in early 2018, with 140 apartments within
Oceanside)			Stockland's Oceanside masterplanned community and integrated Health Hub at Kawana. Situated approximately
			ten kilometres from the Sunshine Coast city and adjacent to a new 151 bed Opal Aged Care facility and 500m to
			the new Sunshine Coast UniversityHospital.
Gillin Park Retirement Village	Warrnambool, Vic		Located in Warrnambool, near the banks of the Hopkins River on the south-west Victorian coast, the village is
			close to the city centre, hospital and shopping centres. There is an onsite aged care facility owned and operated
			byOpal Aged Care under thepartnershipestablished between Stockland and Opal Aged Care.
Aspire at Elara	Marsden Park, NSW		Aspire by Stockland is an Age Exclusive development within Stockland's Elara masterplanned community located
			at Marsden Park, 50 kilometres north-west of Sydney CBD. The site is conveniently situated close to public
			transport and services,with views of the Blue Mountains.

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

RETIREMENT LIVING RETIREMENT PORTFOLIO

LIGHTSVIEW CLUBHOUSE, ADELAIDE LIGHTSVIEW IS A BEAUTIFUL NEW VILLAGE LOCATED JUST OVER NINE KILOMETRES FROM ADELAIDE'S CITY CENTRE. ALONG WITH DESIGNER TWO AND THREE BEDROOM VILLAS, LIGHTSVIEW HAS A NEWLY COMPLETED CLUBHOUSE. FEATURING A LIBRARY, RESIDENT RUN CAFÉ AND BAR, GYM, OUTDOOR DINING AND MORE, ALL SET AMONGST MANICURED GARDENS AND RECREATION AREAS.

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

RETIREMENT LIVING RETIREMENT PORTFOLIO

~~Retirement Living – development pipeline (continued)~~
Property/
Opening date
Location
Future settlements
Project description
Aspire at Calleya
Banjup, WA
Located in Perth's growing suburb of Cockburn, Aspire by Stockland will be located within Calleya's
masterplanned residential community just south of Perth's CBD. The community will be across the road from
the future Town Centre, and is a short drive from Cockburn Gateway Shopping City and Cockburn Central train
station.
SubTotal
1,105
To start: within 18 months
Newport Retirement Village
Newport, Qld
There is an opportunity for a retirement living community within the Newport masterplanned site. Newport is
uniquely located with direct access to Moreton Bay on the western edge of the existing Newport canal and marina
development. The Newport community is within two kilometres of the new Kippa Ring train station and easy
access to the M1 for travel to the Brisbane CBD or the Sunshine Coast.
Somerton Park Seniors' Living
Community II
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. There is a thriving residents’ vegetable garden, family barbecue areas
and comfortable indoor and outdoor social spots. Following the acquisition of Somerton Park Seniors' Living
Community,an opportunityexists for future redevelopment of a buildingat this centrallylocated village.
SubTotal
145
Masterplanning/futureprojects
The Grove
Tarneit, Vic
There is an opportunity for a retirement community within Stockland’s The Grove masterplanned community, 28
kilometres west of Melbourne CBD.
Cloverton
Kalkallo, Vic
A retirement living opportunity exists within Stockland’s Cloverton masterplanned community, 35 kilometres north
of Melbourne CBD.
Aspire at Altrove
Schofelds, NSW
A seniors living opportunity exists within Stockland’s planned Altrove masterplanned community, located directly
opposite Schofelds train station in Sydney'sgrowingNorth West region.
Aura
Caloundra, Qld
There is opportunity for seniors living within Stockland's 3,700 hectare Aura project which will include at least
20,000 residential dwellings, employment and retail. These will be developed as the broader project comes to
market.
SubTotal
935
Brownfeld redevelopments
Potential redevelopments
Potential opportunities exist for major redevelopments and minor extensions at a number of villages across the
Retirement Living portfolio.
SubTotal
730
2,970

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 75

RETIREMENT LIVING RETIREMENT PORTFOLIO

BIRTINYA RETIREMENT VILLAGE, QLD

WE’LL COMPLETE OUR FIRST GREENFIELD VERTICAL RETIREMENT VILLAGE IN EARLY 2018, WITH 140 APARTMENTS WITHIN OUR OCEANSIDE MASTERPLANNED COMMUNITY AND INTEGRATED HEALTH HUB AT KAWANA. BIRTINYA IS LOCATED APPROXIMATELY TEN KILOMETRES FROM THE SUNSHINE COAST CITY AND ADJACENT TO A NEW 151 BED OPAL AGED CARE FACILITY AND 500M TO THE NEW SUNSHINE COAST UNIVERSITY HOSPITAL.

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

UNLISTED PROPERTY FUNDS

Unlisted Property Funds

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

Benowa Gardens Shopping Centre, Qld

Geographic split %

==> picture [21 x 5] intentionally omitted <==

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NSW Qld
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21 79

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

UNLISTED PROPERTY FUNDS

	~~Unlisted Property Funds – summary~~ Fund Type of fund Funds under management ($m) Establishment date Expiry/ review date Stockland Direct Retail Trust No. 1(SDRT1) retail 89.0 Dec 2006 Jun 2019 89.0*

Represents gross assets

	~~Unlisted Property Funds– asset overview~~ Property type Property State % Ownership Valuation ($m) GLA (m2) % age of fund's total gross assets Page SDRT1 Retail Benowa Gardens Shoppingcentre Qld 100 40.7 5,776 46 79 Stockland Pacifc Pines Qld 100 28.0 5,526 32 79 Tamworth Homespace NSW 100 18.1 13,053 20 79

UNLISTED PROPERTY FUNDS

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

~~Benowa Gardens Shopping Centre~~

Benowa Gardens is a 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 specialties comprising an increasing number of fast casual dining operators. There is on-site parking for 387 vehicles, including 200 covered bays.

Location: Qld
Acquisition date:	Dec 2006
Ownership/title:	100%/freehold
Cost including additions:	$31.1 million

Last Independent Valuation
Date:	Jun 2017
Valuation/($/m2):	$40.7 million ($7,046/m2)
Capitalisation rate:	7.00%
Discount rate:	8.25%
Car parking spaces:	387
Gross lettable area:	5,776
Annual sales:	$52.4 million
Weighted average lease expiry:	3.2 years

Major tenants	GLA (m2)
Coles	1,960

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

~~Stockland Pacifc Pines~~

Stockland Pacific Pines 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 354 vehicles.

Location: Qld
Acquisition date:	Dec 2006
Ownership/title:	100%/freehold
Cost including additions:	$19.3 million

Last Independent Valuation
Date:	Jun 2017
Valuation/($/m2):	$28.0 million ($5,067/m2)
Capitalisation rate:	6.25%
Discount rate:	7.75%
Car parking spaces:	354
Gross lettable area:	5,526
Annual sales:	$49.2 million
Weighted average lease expiry:	5.6 years

Major tenants	GLA (m2)
Woolworths	3,541

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

~~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 is anchored by the Good Guys. There are 14 other tenancies with on-site parking for 416 vehicles.

Location: NSW
Acquisition date:	Dec 2006
Ownership/title:	100%/freehold
Cost including additions:	$22.5 million

Last Independent Valuation
Date:	Jun 2017
Valuation/($/m2):	$18.1 million ($1,387/m2)
Capitalisation rate:	8.25%
Discount rate:	8.50%
Car parking spaces:	416
Gross lettable area:	13,053
Annual sales:	N/A
Weighted average lease expiry:	2.8 years

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

Lease expiry profile %

==> picture [230 x 20] intentionally omitted <==

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

4 19 11 8 14 44
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7 3 2 3 5 80
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----- Start of picture text -----

18 20 19 8 35
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Vacant FY 18 19 20 21 22+

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

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 IS ANCHORED BY THE GOOD GUYS. THERE ARE 14 OTHER TENANCIES WITH ONSITE PARKING FOR 416 VEHICLES.

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

PROPERTY PORTFOLIO ASSET ADDRESSES

Asset Addresses

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 81

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 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 Kensington
130A Takalvan Street
Kensington
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
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
Toowong Mixed Use
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 2016 83

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
89 Quarry Road, Erskine Park
89 Quarry Road
Erskine Park
NSW
2759
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
Satellite Corporate Centre, Mulgrave
690 Springvale Road
Mulgrave
Vic
3170
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
Durack Centre
263 Adelaide Terrace & 2 Victoria Avenue
Perth CBD
WA
6000

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 85

RESIDENTIAL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Altrove
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
Illawarra
Cleveland Road
Dapto
NSW
2530
Macarthur Gardens
Goldsmith Avenue
Macarthur
NSW
2560
McKeachies Run
Shop 6, 8 McKeachie Drive
Aberglasslyn
NSW
2320
Waterside
Waterside Boulevard
Cranebrook
NSW
2749
West Dapto 2
Bong Bong Road
Horsley
NSW
2530
Willowdale
Willowdale Drive
Denham Court
NSW
2565
Augustine Heights
Cnr Christopher Street & Santa Monica Drive
Augustine Heights
Qld
4300
Aura
1 Lukin Terrace
Bells Creek
Qld
4551
Birtinya Island
Cnr Birtinya & Lake Kawana Boulevards
Birtinya
Qld
4575
Bokarina Beach
Nicklin Way
Bokarina
Qld
4575
Brightwater
Kawana Way
Mountain Creek
Qld
4575
Caboolture West/Ripeford
Caboolture River Road
Upper Caboolture
Qld
4510
Foreshore
Corner of Foxwell Road and Oakey Creek Road
Coomera
Qld
4209
Highland Reserve
Cnr Santa Clara Rise & Rose Valley Drive
Upper Coomera
Qld
4209
Kawana Business Village
Kawana Way
Kawana Waters
Qld
4575
Newport
Cnr Griffth Road & Boardman Road
Newport
Qld
4020
North Lakes
9 Wallarah Parade
North Lakes
Qld
4509
North Lakes Business Park
North-South Arterial Road
North Lakes
Qld
4509
North Lakes Enterprise Precinct
Boundary Road
North Lakes
Qld
4509
North Shore
126 Sunhaven Boulevard
Burdell
Qld
4818
Ormeau Ridge
1 Landsdowne Drive
Ormeau Hills
Qld
4208
Pallara
2 Brookbent Road
Pallara
Qld
4110
Paradise Waters
Grampian Drive
Deebing Heights
Qld
4301
Riverstone Crossing
110 Riverstone Crossing
Maudsland
Qld
4210
Rockhampton
William Palfrey Road
Parkhurst
Qld
4702
Sovereign Pocket
Cnr Sovereign Drive & Wollemi Street
Deebing Heights
Qld
4306
Stone Ridge
Cnr of Banyan Street and Jinibara Crescent
Narangba
Qld
4504
The Observatory
26 Observatory Drive
Reedy Creek
Qld
4228
Twin Waters West
David Low Way
Pacifc Paradise
Qld
4564
Hope Island
2-44 Marina Quays Boulevard
Hope Island
Qld
4212
Vale
43 Ridgevale Boulevard
Holmview
Qld
4207

RESIDENTIAL PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Allura
11 Mainview Boulevard
Truganina
Vic
3029
Arve
Cnr Banksia Street & Wadham Road
Ivanhoe
Vic
3079
Cloverton
Cnr Donnybrook Road & Dwyer Street
Kalkallo
Vic
3064
Edgebrook
Tuckers Road
Clyde
Vic
3978
Eucalypt
290 Epping Road
Wollert
Vic
3750
Highlands
1 North Shore Drive
Craigieburn
Vic
3064
Mernda Villages
Cnr Bridge Inn Road & Galloway Drive
Mernda
Vic
3754
Minta Farm
Soldiers Road (near intersection of Chase Blvd)
Berwick
Vic
3806
Mt Atkinson
Cnr Greigs Road and Hopkins Road
Truganina
Vic
3029
Orion
Beachley Street
Braybrook
Vic
3019
Waterlea
Emmeline Row
Rowville
Vic
3178
The Address
333 Point Cook Road
Point Cook
Vic
3030
The Grove
Cnr Sayers Road & Davis Road
Tarneit
Vic
3029
Altona North
Kyle and Blackshaws
Altona North
Vic
3019
Truganina
Greigs Road
Truganina
Vic
3029
Amberton
Cnr Cinnabar Drive & Leeward Avenue
Eglinton
WA
6034
Calleya
Cilantro Parkway
Banjup
WA
6164
Newhaven
Cnr Mason Road & Doryanthes Avenue
Piara Waters
WA
6112
Sienna Wood
Cnr Forrest Road & Eleventh Road
Hilbert
WA
6112
Vale
96 Egerton Drive
Aveley
WA
6069
Whiteman Edge
Cnr Kasanka Avenue and Mayfeld Drive
Brabham
WA
6055

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 87

RETIREMENT PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
Ridgecrest Village
55 Burkitt Street
Page
ACT
2614
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 The Residences
137 Victoria Street
Ashfeld
NSW
2131
Castle Ridge Resort
350 Old Northern Road
Castle Hill
NSW
2154
Aspire at Elara
Cnr Elara Bldv and Parish Street
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
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 Retirement Village
245 Jamboree Avenue
Denham Court
NSW
2565
Bellcarra Retirement Resort
17 Carree Street
Caloundra
Qld
4551
Birtinya Retirement Village
Cnr Birtinya Blvd and Lake Kawana Boulevard
Birtinya
Qld
4575
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 Mount Gravatt
Qld
4122
North Lakes Retirement Resort
60 Endeavour Boulevard
North Lakes
Qld
4509
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
18 McHarg Road
Happy Valley
SA
5159
Lightsview Retirement Village
26 East Parkway
Lightsview
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
The Villas in Brighton
Noble Close
Brighton
SA
5048
The Villas on Milton Avenue
1 Milton Avenue
Fullarton
SA
5063

RETIREMENT PROPERTY PORTFOLIO ASSET ADDRESSES

~~ASSET NAME~~
~~ADDRESS~~
~~SUBURB~~
~~STATE~~
~~POSTCODE~~
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
45 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 Harold 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
Aspire at Calleya
Armadale Road
Treeby
WA
6164

STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016 89

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STOCKLAND PROPERTY PORTFOLIO DECEMBER 2016

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Important Notice

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

==> picture [88 x 74] intentionally omitted <==

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.

==> picture [599 x 184] intentionally omitted <==

==> picture [244 x 199] intentionally omitted <==

Stockland Corporation Ltd 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

Level 25, 133 Castlereagh Street Sydney NSW 2000

AI assistant

STOCKLAND — Fund Information / Factsheet 2017

65781_rns_2017-08-15_f5574be1-863c-4cda-a04b-23862e69ce0a.pdf

OUR STORY

Property Portfolio

~~COMMERCIAL PORTFOLIO~~

~~RESIDENTIAL PORTFOLIO~~

~~RETIREMENT PORTFOLIO~~

KEY

KEY

G

KEY

KEY

KEY

WETHERILL PARK, SYDNEY

Retail

Lease expiry profile %*

~~Retail Portfolio as at 30 June 2017~~

Includes Townsville Kmart Centre.

Book value includes Lamerton House and Greater Union Cinema acquisition.

RETAIL COMMERCIAL PORTFOLIO

~~Stockland Shellharbour~~

~~Stockland Wetherill Park~~

Lease expiry profile %

~~Stockland Green Hills~~

Pre-development valuation

RETAIL COMMERCIAL PORTFOLIO

~~Stockland Glendale~~

~~Stockland Point Cook~~

~~Stockland Townsville~~

Lease expiry profile %

~~Stockland Hervey Bay~~

~~Stockland Forster~~

Lease expiry profile %

~~Stockland Balgowlah~~

~~Stockland Jesmond~~

~~Stockland Baulkham Hills~~

~~Stockland Wendouree~~

~~Stockland Gladstone~~

~~Stockland Bundaberg~~

Lease expiry profile %

~~Stockland Nowra~~

Lease expiry profile %

~~Stockland Traralgon~~

Lease expiry profile %

~~Stockland Riverton~~

Lease expiry profile %

~~Stockland Highlands~~

Lease expiry profile %

~~Stockland Piccadilly~~

~~Stockland North Shore~~

Lease expiry profile %

Logistics & Business Parks

~~Logistics & Business Parks Portfolio as at 30 June 2017~~

Represents the full carrying value of the investment property.

Excluding 22 hectares of development land in Willawong, Queensland, valued at $10 million. Title and ownership to be transferred from Stockland Corporation on subdivision.

~~Forrester Distribution Centre~~

Lease expiry profile %

~~9-11a Ferndell Street~~

~~2 Davis Road~~

Lease expiry profile %

~~Coopers Paddock~~

Lease expiry profile %

Lease expiry profile %

Lease expiry profile %

Lease expiry profile %

~~Yatala Distribution Centre~~

Lease expiry profile %

Lease expiry profile %

~~Macquarie Technology Centre~~

~~16 Giffnock Avenue~~

~~Satellite Corporate Centre~~

Lease expiry profile %

Office

~~Offce Portfolio as at 30 June 2017~~

Represents the full carrying value of the investment property.

~~Piccadilly Complex~~

Lease expiry profile %

Lease expiry profile %

OFFICE COMMERCIAL PORTFOLIO

STOCKLAND Fund Information / Factsheet 2017

COMMERCIAL PORTFOLIO

RESIDENTIAL PORTFOLIO

RETIREMENT PORTFOLIO

Retail Portfolio as at 30 June 2017

Stockland Shellharbour

Stockland Wetherill Park

Stockland Green Hills

Stockland Glendale

Stockland Point Cook

Stockland Townsville

Stockland Hervey Bay

Stockland Forster

Stockland Balgowlah

Stockland Jesmond

Stockland Baulkham Hills

Stockland Wendouree

Stockland Gladstone

Stockland Bundaberg

Stockland Nowra

Stockland Traralgon

Stockland Riverton

Stockland Highlands

Stockland Piccadilly

Stockland North Shore

Logistics & Business Parks Portfolio as at 30 June 2017

Forrester Distribution Centre

9-11a Ferndell Street

2 Davis Road

Coopers Paddock

Yatala Distribution Centre

Macquarie Technology Centre

16 Giffnock Avenue

Satellite Corporate Centre

Offce Portfolio as at 30 June 2017

Piccadilly Complex

Durack Centre

NSW – released to market

NSW – development pipeline

Queensland – released to market

Queensland – released to market (continued)

Queensland – development pipeline

Victoria – released to market

Victoria – released to market (continued)

Victoria – development pipeline

Western Australia – released to market

Retirement Living – established villages

Retirement Living – established villages (continued)

Retirement Living – established villages (continued)

Retirement Living – established villages (continued)

Retirement Living – development pipeline