STOCKLAND — Interim / Quarterly Report 2022

Oct 18, 2021

1Q22 Update

19 October 2021

Artist impression, Affinity Place, North Sydney, NSW

Residential

Strong sales and enquiry momentum continuing

• Quarterly net sales of 1,947, in-line with expectations and 8% above 1Q21
• Result reflects consistent sales momentum following completion of HomeBuilder in March 2021, despite significant lockdown restrictions over 1Q22
• Strength in enquiries highlights depth of unsatisfied demand
• Strategic restocking with ~5,900 lots acquired in the quarter
• Temporary construction shutdowns largely mitigated by programme acceleration but will result in higher volume of settlements in 4Q22
• Contracts on hand of 5,728¹ at ~13% higher average price than FY21 settlements average, supporting future margins
• Macro-prudential measures likely to impact demand at the margin but will take time for full effects to be realised
• Maintaining FY22 guidance² of 18% operating profit margin and around 6,400 settlements, with 60-65% skew to 2H

Communities Commercial

Property

Summary

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1. Net of 1,169 settlements in 1Q22, default rates remained below historical averages.

2. Assumes moderate impact to residential market conditions conditions resulting from macro-prudential measures.

Retirement Living

Sales volumes expected to increase as restrictions ease

• Lower net sales of 156 consistent with recent performance during periods impacted by lockdowns
• Favorable established house price conditions continue to translate to strong enquiries across the portfolio
• Expect 2Q22 sales volumes to increase with easing restrictions as experienced post prior lockdowns
• Continuing to explore opportunities to reduce capital allocation

Sales – highly sensitive to imposition and removal of COVID-19 restrictions

Enquiries – remained consistent with growth in unsatisfied demand over 1Q22

Land Lease

Strong performance across combined portfolio

• Sales momentum in SEQ driving total quarterly sales of 119 sites
• New site acquisitions at Coffs Harbour (NSW), Armstrong Creek (VIC) and Tarneit (VIC), contributing 600+ sites towards our 7,800 site future portfolio
• Halcyon integration progressing well, in line with expectations
• ~350 contracts on hand with FY22 settlement guidance of ~300 sites maintained
• Opportunity to introduce third party capital at the appropriate time

Commercial Property

Retail Town Centres

Operating metrics in line with expectations

• With NSW restrictions eased, over 96% of stores nationally are trading
• Over 150 leasing deals completed during the quarter; negotiated rents are tracking ahead of expectations
• Although impacted by COVID-19, rent collection at 75% before any adjustments for abatements or deferrals for the quarter
• COVID-19 rental support has commenced with a focus on immediately impacted smaller SME2 tenants; expect to complete a majority of these deals by calendar year end
• Despite minor COVID-19 disruption, sales performance growth of 8.5% in QLD and 9.3% in WA compared to pre-pandemic 1Q20
• Increased levels of buyer interest in retail, with negotiations continuing on further noncore divestments;
  • Settlement of Bundaberg (QLD) above book value at $140m3

To 30 September 2021	Total portfolio4		Comparable centres5
Retail salesby category	MAT $m	MATgrowth	MATgrowth	1Q22 growth
Total	5,550	2.2%	2.0%	(14.9)%
Specialties	1,686	4.5%	3.9%	(31.3)%
Supermarkets	2,032	1.4%	0.9%	(2.4)%
DDS/DS	822	3.7%	4.2%	(21.4)%
Mini majors	749	11.3%	11.4%	(13.8)%

• 1. By gross billings at 13 October 2021.
• 1. Retailers sub $5m annual revenue.
• 1. At 30 September 2021.
• 1. Sales data includes all Stockland managed retail assets, including joint venture assets.

1. Calculation based on comparison to prior corresponding periods. Comparable basket of assets as per SCCA guidelines, which excludes assets which have been redeveloped within the past 24 months.

Logistics, Life Sciences & Technology and Workplace

Portfolio remains well positioned

Logistics, Life Sciences & Technology

• Solid occupancy of 98.9%1
• Over 112,900 sqm of space leased across the period with an additional 72,700 sqm under heads of agreement
• Leasing activity showing rental growth of 2.6%
• Progressing $5.5bn2future development pipeline
• 98% rent collection for the quarter
• 90% of lots settled at Gregory Hills, with the remaining forecast to settle in 2H22

Workplace

• WALE3 of 2.4 years, aligning to the future development strategy
• Portfolio occupancy1 of 90.4 % forecast to improve with short term deals under negotiation
• Leasing activity showing rental growth of 4.1%
• 97% rent collection for the quarter
• $3.9bn2 future Workplace development pipeline progressing in line with expectations
  • Affinity Place (NSW) development application approval expected December 2021

	1Q22	1Q21
Leasesexecuted	112,900 sqm	77,330 sqm
Leases under HOA4	72,700 sqm	81,642 sqm
Portfolio occupancy1	98.9%	96.2%
Portfolio WALE3	4.5 yrs	5.1 yrs

	1Q22	1Q21
Leases executed	598 sqm	1,818 sqm
Leases under HOA4	887 sqm	1,306 sqm
Portfolio occupancy1	90.4%	93.4%
Portfolio WALE3	2.4 yrs	2.9 yrs

1. By income.

• 1. Forecast value on completion.
• 1. Weighted average lease expiry, by income. 4. At 30 September 2021.

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Summary

Optimise Stockland capital allocation

Unlock $33bn1 development pipeline

1. Total development pipeline, includes projects in early planning stages, projects with planning approval and projects under construction across both Commercial Property and Communities Business.

FY22 outlook

Strategic review market update•scheduled for 8 November 2021	Strong residential sales momentum•continues into FY22, with significantprogress in the quarter	COVID-19 trading restrictions ease•across the retail portfoliowithconfidence in the roadmap torecovery. 2H21 performance indicatescapacity for rapid recovery	Continue to investigate•opportunities to rebalanceportfolio
•End to end capabilities toaccelerate delivery of $33bn1development pipeline.	•Invest to build capability as asset creatoracross target sectors and in capitalpartnering	•Key leadership appointments madeincluding, CFO, CIO and in apartmentsand mixed use to realise portfoliodevelopment potential and supportingdelivery of our strategy	•Continue strong track recordinESG –during the quarter wejoinedtheUnited Nations Race toZero and the Business Ambitionfor 1.5°C campaign

Reconfirming Guidance2

FY22 estimated FFO per security forecast in the range of 34.6 to 35.6 cents

We expect the FFO skew to 2H22 to be greater in FY22 than in recent years. This reflects a combination of: the concentration in 1H22 of Retail rental abatement; a more material than usual skew to 2H22 in Residential settlement volumes; and recognition of previously flagged Retirement Living village disposal profits in 2H22

Distribution per security is forecast to be within our target payout ratio of 75% to 85% of FFO

Current market conditions remain uncertain and challenging with ongoing lockdowns and community transmission of COVID-19. All forward looking statements including FY22 earnings guidance are provided on the basis that the vaccination roll out continues and COVID-19 restrictions ease towards the end of CY21 and are underpinned by the following business assumptions:

• Residential settlement around 6,400 lots
• Residential operating profit margin ~18%
• Land Lease communities delivering ~300 sites in FY22
• Retail rent collection returning to levels experienced prior to recent lockdowns towards the end of CY21
• 1. Total development pipeline, includes projects in early planning stages, projects with planning approval and projects under construction across both Commercial Property and Communities.
• 1. All forward-looking statements are subject to no material change in market conditions; including the level of community transmission, the impact of restrictions including state border closures, lockdowns and other impacts from COVID-19 on the economy,

broader community and business performance.

Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As responsible entity for Stockland Trust ARSN 092 897 348

LEVEL 25 133 Castlereagh Street SYDNEY NSW 2000

Important Notice

This Presentation has been prepared and issued by Stockland Corporation Limited (A.C.N 000 181 733) and Stockland Trust Management Limited as Responsible Entity for Stockland Trust (ARSN 092 897 348) ("Stockland"). Whilst every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information included in this Presentation is free from errors or omissions or that it is suitable for your intended use.

This Presentations may contain 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 this Presentation.

Current market conditions remain challenging with ongoing lockdowns and/or restrictions and community transmission of COVID-19. All forward looking statements are provided on the basis that the vaccination roll out continues nationally and COVID-19 restrictions ease by the end of CY22.

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. To the maximum extent permitted by law , Stockland and its respective directors, officers, employees and agents 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 does not constitute 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.

This announcement is authorised for release to the market by Ms Katherine Grace, Stockland's Company Secretary.