STOCKLAND — Interim / Quarterly Report 2021

Feb 24, 2021

1H21 Annexure 25 February 2021

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Contents

About Stockland

Financial results and capital management

Commercial Property

Communities

Research

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Figures are rounded to nearest million, unless otherwise stated. Percentages are calculated based on the figures rounded to one decimal place throughout this presentation.

2

1H21 RESULTS ANNEXURE -

Stockland quick facts

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TRUST – $9.6bn [1]
STOCKLAND SHELLHARBOUR,
NSW Stockland Shellharbour, NSWPICCADILLY COMPLEX, NSWPiccadilly Complex, Sydney WARWICK FARM, NSW
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CORPORATION – $4.6bn[2,4]

MERNDA RETIREMENT VILLAGE, HIGHLANDS, VIC VIC

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LOGISTICS
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RETAIL TOWN CENTRES WORKPLACE

RESIDENTIAL

7% portfolio weighting[3] 24% portfolio weighting[3] 22% portfolio weighting[3] 4 assets 27 assets Around 81,000 lots remaining

39% portfolio weighting[3]

27 assets[4]

Ownership interests valued at $5.6bn Ownership interests valued at $1.0bn Ownership interests valued at $3.0bn Net funds employed $2.0bn End market value $21.7bn

RETIREMENT LIVING

8% portfolio weighting[3] 60[5] Established Villages 2 Aspire Villages 2 Land Lease Communities

Book value $1.2bn

1. Excludes WIP and sundry properties of $0.4bn.

2. Includes Residential book value of $3.2bn and Retirement Living book value of $1.2bn. 3. Includes WIP and sundry properties of $0.5bn.

3. Includes one retail asset of $0.1bn which is held by the Corporation

4. Includes future development pipeline.

3

ABOUT STOCKLAND

1H21 RESULTS ANNEXURE -

Strategic mix

ASSETS	ASSETS	OPERATING PROFIT
Recurring Target	1H21 1H20	1H21 1H20
Commercial Property	69% 69%	63% 68%
Retirement Living	6% 7%	9% 4%
Unallocated corporate overheads	- -	(4)% (3)%
Total recurring 70 – 80%	75% 76%	68% 69%
Trading Target	1H21 1H20	1H21 1H20
Residential	22% 22%	35% 34%
Retirement Living	2% 2%	- 1%
Commercial Property	1% -	- -
Unallocated corporate overheads	- -	(3)% (4)%
Total trading 20 – 30%	25% 24%	32% 31%

ABOUT STOCKLAND 4

1H21 RESULTS ANNEXURE -

We are well positioned with a diverse portfolio[1,2]

~~BOOK VALUE BY STATE~~

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WA - $0.9bn | 6% of portfolio QLD - $3.0bn | 21% of portfolio
5 8 2 14 19 10
Commercial Residential Retirement Commercial Residential Retirement
SA & ACT - $0.2bn | 1% of portfolio 6% 21% NSW - $7.8bn | 53% of portfolio
0 1 12 27 10 21
1%
Commercial Residential Retirement Commercial Residential Retirement
53%
VIC - $2.7bn | 19% of portfolio
19%
12 16 19
Commercial Residential Retirement
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1. RL established and development assets at same location are treated as a single property/project. Note – Percentages may not add due to rounding.

1. Includes WIP & sundry properties of $0.4bn.

ABOUT STOCKLAND

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1H21 RESULTS ANNEXURE -

Financial results and capital management Annexure

1H21 RESULTS ANNEXURE -

Profit summary

$m	1H21	1H20	CHANGE
Residential Communities EBIT (before interest in COGS)	172	208	(17.2)%
Commercial Property EBIT	280	301	(7.0)%
Retirement Living EBIT	38	20	87.6%
Consolidated segment EBIT	490	529	(7.4)%
Amortisation of lease fees	6	7	(16.7)%
Unallocated corporate overheads	(28)	(27)	(2.9)%
Group EBIT (before interest in COGS)	468	509	(8.1)%
Net interest expense:
- Interest income	1	1	18.2%
- Interest expense	(102)	(110)	7.4%
- Interest capitalised to inventory	49	57	(13.0)%
- Interest capitalised to investment properties under development	8	4	79.1%
Net interest in Profit & Loss before capitalised interest expensed	(44)	(48)	9.0%
Capitalised interest expensed in Profit & Loss1	(38)	(77)	50.2%
Net interest expense	(82)	(125)	34.4%
Funds from operations	386	384	0.4%
Statutory profit adjustments	(36)	120	(128.4)%
Statutory profit	350	504	(30.4)%

1. Higher capitalised interest expensed in Profit & Loss in the prior period is driven by the capital partnering transaction of Aura (QLD).

FINANCIAL RESULTS AND CAPITAL 7 MANAGMENT

1H21 RESULTS ANNEXURE -

Net interest gap

$m		1H21			1H20
	Interest	Deferred	Total	Interest	Deferred	Total
		interest			interest
Interest income	(1)	-	(1)	(1)	-	(1)
Interest expense	81	21	102	95	15	110
Less: capitalised interest
-Commercial Property development projects	(7)	-	(7)	(3)	-	(3)
- Residential	(28)	(21)	(49)	(42)	(15)	(57)
- Retirement Living	(1)	-	(1)	(1)	-	(1)
Total capitalised interest	(36)	(21)	(57)	(46)	(15)	(61)
Sub-total: Borrowing cost in P&L	44	-	44	48	-	48
Add: capitalised interest expensed in P&L1	38	-	38	77	-	77
Total interest expense in P&L	82	-	82	125	-	125

~~DEFERRED INTEREST~~

• Non-cash adjustments for unwinding of present value discount on land acquisitions on deferred terms • Discount initially booked through balance sheet (inventory and land creditors)

1. Made up of Residential $36m (1H20: $74m) and Retirement Living $2m (1H20: $3m). This differs to statutory reporting by $2m (1H20: $3m) as interest expense in Retirement Living is reported through fair value adjustment of investment properties.

Note: Higher capitalised interest in COGS in prior period was driven by the capital partnering transaction of Aura (QLD).

FINANCIAL RESULTS

AND CAPITAL MANAGMENT

8

1H21 RESULTS ANNEXURE -

Return on assets, return on equity

KEY METRICS	CY20	CY19
	Cash profit ($m) Avg. cash invested ($bn) Return	Cash profit ($m) Avg. cash invested ($bn) Return
Retail Town Centres	305 5.3 5.8%	412 5.4 7.7%
Logistics	154 2.2 7.1%	160 2.1 7.7%
Workplace	56 0.8 6.6%	48 0.6 7.7%
Residential – core	458 2.0 22.8%	463 2.2 20.9%
Retirement Living	85 1.2 6.9%	61 1.4 4.5%
Core business ROA (sub-total)	1,058 11.5 9.2%	1,144 11.7 9.8%
Residential – workout1	(4) 0.1 (2.6)%	(2) 0.2 (1.2)%
Unallocated overheads & other income	(57) - -	(56) - -
Group ROA	997 11.6 8.5%	1,086 11.9 9.2%
Net interest/net debt	(152) (4.1) 3.7%	(187) (4.3) 4.4%
Group ROE	845 7.5 11.2%	899 7.6 11.9%
Group ROE (excl. workout)	849 7.4 11.4%	901 7.4 12.2%

1. Includes all impaired projects.

FINANCIAL RESULTS

AND CAPITAL MANAGMENT

9

1H21 RESULTS ANNEXURE -

Reconciliation between return on equity table values and accounting results

RECONCILIATION OF GROUP RETURN IN ROE CALCULATION TO FFO

$m	CY20	CY19
Cash return	845	899
Capitalised interest expensed in COGS	(96)	(145)
Capitalised interest for the year1	78	97
Add-back impairment release in COGS	9	32
CP straight-line rent and other	(9)	(9)
FFO	827	874

RECONCILIATION OF CAPITAL EMPLOYED IN ROE TO STATUTORY NET ASSETS

$bn	AVERAGE FOR CY20	AVERAGE FOR CY19
Group capital employed (net assets)	7.5	7.6
Commercial Property revaluations	2.1	2.6
Residential Communities capitalised interest	0.4	0.4
Residential Communities impairment	(0.1)	(0.2)
Retirement Living DMF revaluations	0.1	0.2
Distribution provision and non-cash working capital	(0.4)	(0.5)
Statutory net assets (average for the period)	9.6	10.1

1. Excludes deferred interest.

FINANCIAL RESULTS AND CAPITAL MANAGMENT

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1H21 RESULTS ANNEXURE -

Total sales, general and administration costs

$m	1H21	1H20
Residential	88	90
Retirement Living	20	17
Commercial Property	11	7
Unallocated corporate overheads	28	27
Total sales, general and administration costs1	147	141

• Cost saving initiatives offset by incremental insurance costs and timing of spend

• Net of recoveries, costs capitalised to development projects and property management fee income.

FINANCIAL RESULTS AND CAPITAL 11 MANAGMENT

1H21 RESULTS ANNEXURE -

Long dated, diverse debt

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LONG DATED DRAWN DEBT MATURITY PROFILE
DRAWN DEBT OF $4.0bn [1] COMMITTED FACILITIES OF $5.6bn [1]
(WADM 5.6 YEARS) [1]
$m’s
1,000
Bank debt,
$75m, 2%
900 Bank debt,
USPP $1,650m, 29%
$2,015m,
800 USPP, EMTNs, 36%
$2,015m, 50% $1,509m, 37%
700
600
500
400
300
200 DMTNs,
$450m, 8% EMTNs,
100 DMTNs, $1,509m, 27%
$450m, 11%
0
Bank debt USPP
EMTNs DMTNs
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
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1. Face value as at 31 December 2020. Excludes bank guarantees of $395 million.

FINANCIAL RESULTS AND CAPITAL MANAGMENT

12

1H21 RESULTS ANNEXURE -

Cost of debt and hedge profile

	~~COST OF DEBT FOR 1H21~~	~~COST OF DEBT FOR 1H21~~
	DEBT1	TOTAL DEBT2	INTEREST RATE
Hedged debt	$2,939m	69%	2.1%
Floating debt	$1,318m	31%	-
Total debt	$4,257m		2.1%
Margin			1.3%
Fees			0.3%
All-in cost of funds for 1H21			3.7%

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TRINITI BUSINESS PARK, NSW
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FORECAST HEDGE RATE [3]
$bn
3.5 4.4%
4.2%
3.0
Fixed
Debt 4.0%
2.5
3.8%
2.0
3.6%
3.4%
1.5
3.1% 3.2%
1.0 3.0%
2.9%
2.9%
2.9% 3.0%
0.5 Hedged
Debt 2.8%
0.0 2.6%
FY21 FY22 FY23 FY24 FY25
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1. Represents average debt balance over 1H21. Balances at 31 December 2020 were hedged debt: $3,056m and floating debt: $994m. 2. Average % for 1H21.

2. Refers to fixed note debt x fixed rate hedges, excluding fees and margins.

FINANCIAL RESULTS

AND CAPITAL MANAGMENT

13

1H21 RESULTS ANNEXURE -

Covenant calculations

	STATUTORY			GEARING
AT 31 DECEMBER 2020	BALANCE SHEET $m	ADJUSTMENTS $m	COVENANT BALANCE SHEET $m
Assets
Cash	434	-		434
Real estate related assets	14,581	-		14,581
Retirement Living Gross-Up	2,446	(2,446)	B	-
Intangibles	183	(183)		-
Other financial assets	394	(383)	A	11
		-
Other assets	374			374
Total assets	18,412	(3,012)		15,400
Financial indebtedness
Borrowings	(4,410)	375	A	(4,035)
Other financial liabilities	(359)	359		-
Other liabilities1	(71)	-		(71)
Total Financial Indebtedness	(4,840)	734		(4,106)

All lenders have consistent covenants

• Financial Indebtedness/Total Tangible assets (FI/TTA): less than 50%

• Interest cover: more than 2:1 (write-downs and provisions are excluded from calculation)

Gearing covenant limited to Stockland’s balance sheet liabilities and excludes

• MTM of hedges and interest-bearing liabilities A

• • Retirement Living obligation for existing residents B

		INTEREST COVER	FI /TTA	D/TTA (NET OF CASH)2
31	December 2020	6.4:1	26.7%	24.2%
30	June 2020	6.1:1	27.9%	25.4%

1. Represents operating leases, bank guarantees and insurance bonds and borrowing costs.​ 2. Debt = adjusted interest bearing debt ($4,035m) + transaction cost ($14m) - cash $434m. TTA=total tangible asset $15,400m - cash $434m.

FINANCIAL RESULTS AND CAPITAL MANAGMENT

14

1H21 RESULTS ANNEXURE -

Stockland Corporation income tax reconciliation

		1H21	1H20
Net profit before tax		312	516
Less: Trust profit and Intergroup eliminations		(266)	(499)
Corporation profit/(loss) before tax	B	46	17
Prima facie tax expense @ 30%		(14)	(5)
Tax effect of permanent differences:
Non-deductible expenses for the period		-	(7)
Other deductible expenses for the current period		5	-
Over recognised DTL in prior years		46	-
Tax losses recognised during the period		1	-
Tax benefit/(expense)	A	38	(12)
Effective tax rate ( / )1 A B		(83)%	70%
Effective tax rate (excluding benefit from tax losses recognised)		(80)%	70%

1. The effective tax rate in the current period is driven by the recognition of previously unrecognised deferred tax relating to the increase in cost base of three recently developed retirement living villages. Ignoring this non-recurring item, the effective tax rate for the current period is 33%. The effective tax rate in 1H20 is higher than the corporate rate of 30% primarily due to the impairment of goodwill. Ignoring this, the effective tax rate for the prior period was 34%.

FINANCIAL RESULTS AND CAPITAL MANAGMENT

15

Commercial Property Annexure

16

1H21 RESULTS ANNEXURE -

Portfolio weightings Commercial Property

ASSETS BY BOOK VALUE ~~$~~ 9.7bn ~~[1]~~

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Logistics - $3.0bn
Retail Town Centres - $5.7bn Workplace - $1.0bn
($3.3bn under management)
($1.0bn under management)
($5.9bn under management)
27 properties | 1,349,840 sqm gla [2,3]
4 properties | 89,823 sqm nla
27 properties | 958,932sqm gla [2]
QLD WA
QLD WA
12.6% 8.7%
24.3% 6.3%
NSW VIC NSW VIC NSW
58.8% 10.6% 68.0% 19.4% 91.3%
BOOK VALUE ACQUISITIONS 31 DECEMBER
30 JUNE 2020 REVALUATIONS DISPOSAL
MOVEMENT ($bn) AND DEVEX 2020
Regional Sub-Regional Neighbourhood
63.0% 28.0% 9.0% Commercial
9.9 0.1 - (0.3) 9.7
Property
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1. Excludes WIP and sundry properties of $0.4bn.

2. Represents 100% owned, joint venture and associates properties. 3. Excludes hardstand and vehicle storage.

COMMERCIAL 17 PROPERTY

1H21 RESULTS ANNEXURE -

Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)	Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives and lease fees 24 27 9 4 4 2 - - 37 33 Amortisation of rent-free incentives - - 4 7 2 3 - - 6 10 Straight-line rent 2 (1) - - (1) - - - 1 (1)
	RETAIL TOWN CENTRES	LOGISTICS	WORKPLACE	NET OVERHEAD COSTS	TOTAL
$m	1H21 1H20	1H21 1H20	1H21 1H20	1H21 1H20	1H21 1H20
Operating EBIT	1591 183	68 70	25 21	(10) (8)	242 266
Adjust for:
Amortisation of fit out incentives and lease fees	24 27	9 4	4 2	- -	37 33
Amortisation of rent-free incentives	- -	4 7	2 3	- -	6 10
Straight-line rent	2 (1)	- -	(1) -	- -	1 (1)
Funds from operations	185 209	81 81	30 26	(10) (8)	286 308

Funds from operations Commercial Property

1. Reduction reflects non-core divestments and impact of the COVID-19 pandemic.

COMMERCIAL 18 PROPERTY

1H21 RESULTS ANNEXURE -

Average weighted cap rates over time Commercial Property

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RETAIL TOWN CENTRES
9%
8%
7%
6% 7.3% 7.4% 7.2% 7.1% 7.0% 6.8% 6.5% 6.1% 5.9% 5.8% 5.9% 6.1% 6.1%
5%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
WORKPLACE
9%
8%
7%
6% 7.9% 8.0% 7.7% 7.9% 7.9% 7.7% 7.4% 7.0%
6.4% 6.0% 5.8% 5.8% 5.8%
5%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
LOGISTICS
9%
8%
7%
8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0%
6% 7.3% 7.0% 6.7%
6.2%
5% 5.7% 5.4%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
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COMMERCIAL PROPERTY

19

1H21 RESULTS ANNEXURE -

Top 10 tenants by income Commercial Property

	RETAIL TOWN CENTRES		WORKPLACE PORTFOLIO		LOGISTICS PORTFOLIO
Rank	Tenant	Portfolio	Tenant	Portfolio	Tenant	Portfolio
1	Woolworths	9.3%	Stockland Development Pty Ltd	15.9%	Optus Administration Pty Ltd	10.4%
2	Wesfarmers	5.8%	IBM Australia Ltd	8.3%	Toll Transport Pty Limited	5.9%
3	Coles Supermarkets Australia Pty Ltd	5.0%	Jacobs Group (Australia) Pty Ltd	8.0%	Qube Logistics (SB) Pty Ltd	4.3%
4	Mosaic Group	1.9%	GHD Services Pty Ltd	6.8%	Linfox Pty Ltd	3.6%
5	API (Priceline)	1.6%	The Uniting Church in Australia Property	5.8%	Kmart Australia Limited	3.0%
6	Just Group	1.6%	University of Sydney	5.2%	Downer EDI Services Pty Ltd	2.8%
7	JPL Group	1.4%	Smartgroup Benefits Pty Ltd	4.6%	Australian Wool Handlers	2.8%
8	Cotton on Clothing Pty Ltd	1.3%	Australian Bureau of Statistics	3.4%	Austpac Logistics Pty Ltd	2.6%
9	Retail Apparel Group Pty Ltd	1.3%	Boulay Pty Ltd	2.9%	Daikin Australia Pty Ltd	2.4%
10	Westpac Banking Corporation	1.2%	Energy and Water Ombudsman (NSW) Limited	1.8%	New Aim Pty Ltd	2.2%
Total		30.4%		62.7%		40.0%

COMMERCIAL 20 PROPERTY

1H21 RESULTS ANNEXURE -

Acquisitions and disposals Commercial Property

PROPERTY DISPOSED1	ASSET CLASS	SETTLEMENT DATE	DISPOSAL VALUE2 $m
North Shore (QLD)	Retail	Jul 2020	16.7
The Pines (VIC)	Retail	Jan 2021	155.0
Caloundra (QLD)	Retail	Dec 2020	97.0
Baulkham Hills (NSW)	Retail	Dec 2020	141.3
Balcatta Distribution Centre (WA)	Logistics	Aug 2020	59.0

PROPERTY ACQUIRED1	ASSET CLASS	SETTLEMENT DATE	ACQUISITION VALUE2 $m
Willawong – JV with FIFE Capital (QLD)	Logistics	Jul 2020	Not disclosed
Leppington (NSW)	Logistics	Sep 2020	42.0
Truganina (VIC)	Logistics	Jul 2021	60.0
Cranbourne (VIC)	Logistics	Not disclosed	48.0
122 Walker St, North Sydney (NSW)	Workplace	Jul 20	34.5

1. Settled from 1 July 2020.

2. Excludes associated acquisition / disposal costs.

COMMERCIAL 21 PROPERTY

1H21 RESULTS ANNEXURE -

Performance Logistics including Business Parks

~~OCCUPANCY AND LEASE EXPIRY BY INCOME~~[1]

Occupancy	1H21 96.3%	1H20 98.3%
WALE	4.8 yrs	5.4 yrs

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LEASE EXPIRY PROFILE [1]
40% 37.1%
30%
19.4%
20% 12.0% 13.2% 11.2%
10% 3.7% 3.4%
0%
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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FFO MOVEMENTS BETWEEN
1H20 AND 1H21 <$1m
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1
3 (4)
81 81
1H20 FFO Income growth Development Net 1H21 FFO
acquisitions /
disposals
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ASSETS BY BOOK VALUE [2]
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Business Parks Logistics $2.1 bn
$0.9bn
$3.0bn
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	TOTAL LEASED3	RETENTION3,4	NEW LEASES3
Logistics	GLA leased (sqm)1 Weighted average base rent growth %5 Weighted average incentives6	Retention (sqm)1 Weighted average base rent growth %5 Weighted average incentives6	New leases (sqm)1 Weighted average base rent growth %5 Weighted average incentives6
Logistics excluding Business Parks	179,889 (2.0)% 9.1%	71,114 (0.5)% 8.5%	108,775 (3.4)% 9.4%
Business Parks	2,130 1.1% 23.6%	935 2.9% 20.9%	1,195 (0.6)% 26.3%

1. Includes executed leases and signed heads of agreement at 31 December 2020.

2. Excludes WIP and sundry properties.

3. Includes executed leases only and represents 100% property ownership.

4. Represents the percentage (by income) of total executed deals, which were expiring leases renewed by existing customers during the period. Excludes new leases on vacant space.

5. Excludes leases at new developments. 6. Incentives based on net rent.

COMMERCIAL PROPERTY

22

1H21 RESULTS ANNEXURE -

Development pipeline Workplace and Logistics including Business Parks

	DEVELOPMENT TYPE	EST. TOTAL INCREMENTAL COST ($M)	GROSS LETTABLE AREA (SQM)	COST SPENT TO DATE ($M)	EST. COST TO COMPLETE ($M)	EST. COMPLETION DATE	EST. FULLY LEASED YEAR ONE YIELD2	EST. RETURN3
Completed1
Willawong Stage 2 (QLD)	Greenfield	~32	25,400	~25	~7	FY21	7.0%	~9% - 10%
Carole Park Stage 1 (QLD)	Greenfield	~35	28,300	~35	~1	FY21	6.0%	~7% - 8%
Under construction
M_Park Stg 1 Building A (NSW)	Brownfield	~125	16,8005	~7	~117	FY23	6.2%	~8% - 9%
LAND TRADING PROJECTS UNDER	CONSTRUCTION	EST. TOTAL INCREMENTAL COST ($M)	NET SALEABLE AREA (HA)	COST SPENT TO DATE ($M)	EST. COST TO COMPLETE ($M)	EST. COMPLETION DATE	NUMBER OF LOTS	OPERATING PROFIT %
Gregory Hills (NSW)	Land trading	~29	11	~7	~22	FY21	37	18.5%
Melbourne Business Park (VIC)	Land trading	~86	61	~6	~81	FY22	44	13.1%
Future pipelins4,5		~5,600			~5,500
Total		~5,907			~5,728

1. Indicative metrics on completion.

2. Stabilised incremental FFO yield, includes property management fees.

3. Forecast unlevered 10 year IRR on development from completion (incremental development for brownfield).

4. Represents Stockland’s ownership interest. Includes Richlands (Brisbane, QLD), Kemps Creek (Sydney, NSW), Walker St (Sydney, NSW) , Piccadilly (Sydney, NSW), Khartoum Rd (NSW) and other identified projects.

5. Represents Net Lettable Area (NLA).

COMMERCIAL 23 PROPERTY

1H21 RESULTS ANNEXURE -

Growing and activating the development pipeline Workplace and Logistics including Business Parks

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COMPLETED ACTIVE DEVELOPMENT PLANNING UNDERWAY FUTURE WAVE
M_Park
(Stage 2)
Gregory Hills Piccadilly, Sydney
NSW
M_Park Walker Street Complex, Ingleburn
(Stage 1) North Sydney (Stage 3)
Johnson & Johnson
Optus Centre Kemps Creek land Family of Companies
Site
Altona Industrial
Cranbourne West
Estate
Melbourne Business
VIC Park
Melbourne Business
Leakes Rd, Truganina
Park (Future stages)
Yatala
(Stage 3)
Willawong Willawong
(Stage 2) (Stage 3-5)
QLD
Carole Park
Richlands
(Stage 1)
Willawong FIFE
----- End of picture text -----

DA approvals received

• Gregory Hills (NSW) DA received

• M_Park (NSW) (Stage 1) Building A approved

Development type

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Greenfield Brownfield
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COMMERCIAL 24 PROPERTY

1H21 RESULTS ANNEXURE -

Performance Workplace

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

FFO MOVEMENTS BETWEEN
1H21 AND 1H20 $4m
( 3 )
7
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OCCUPANCY AND LEASE EXPIRY BY INCOME [1]
1H21 AND 1H20 $4m
1H21 1H20
( 3 )
Occupancy 93.2% 94.1%
7
WALE 2.8 yrs 3.6 yrs
LEASE EXPIRY PROFILE [1]
40% 30
35% 26
30% 26.7%
25%
16.8%
20% 16.4% 15.8%
15% 11.4%
10% 6.8%
6.1%
5%
0%
1H20 FFO Income growth Net acquisitions / 1H21 FFO
Vacant FY21 FY22 FY23 FY24 FY25 FY26+
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Net acquisitions / 1H21 FFO disposals

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ASSETS BY LOCATION [2]
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Sydney
91.3%
$1.0
bn [3]
Perth
8.7%
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1. Includes executed leases and signed heads of agreement at 31 December 2020. 2. Based on book value.

2. Excludes WIP and sundry properties.

COMMERCIAL 25 PROPERTY

1H21 RESULTS ANNEXURE -

Diversified rental income and FFO movement Retail Town Centres

~~DIVERSIFIED RENTAL INCOME, NON-DISCRETIONARY FOCUS[1] - LOW RELIANCE ON DEPARTMENT STORE INCOME~~

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Department DDS Supermarkets Mini-majors Apparel Specialty Food Services Leisure Other Retail Non Retail
Stores and Jewellery / Catering
1.0% 9.2% 11.1% 11.0% 19.0% 13.9% 8.5% 2.8% 13.0% 10.5%
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~~FFO MOVEMENT DRIVEN BY ASSET DISPOSALS AND COVID-19 IMPACT~~

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

($m)
-
( 10 ) 1
( 9 ) 1H21 FFO
209 impacted by
( 6 )
199 198 COVID-19
and non-core
189
185 asset
divestments
1H20 FFO Income Development Disposals Other 1H21 FFO
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1. Total gross rent for the period.

COMMERCIAL 26 PROPERTY

1H21 RESULTS ANNEXURE -

Improving sales trends Retail Town Centres

~~1H21 MONTHLY PERFORMANCE~~ ~~1H21 MONTHLY PERFORMANCE EXCLUDING VICTORIA~~ COMPARABLE SALES GROWTH 2H20 1H21 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 Total (7.1)% 2.6% 2.8% (2.8)% 0.2% 1.0% 6.2% 4.1% Specialties (18.0)% (0.8)% 0.5% (8.7)% (5.4)% (3.9)% 3.5% 4.2% COMPARABLE SALES GROWTH 2H20 1H21 JUL 2020 AUG 2020 SEPT 2020 OCT 2020 NOV 2020 DEC 2020 Total (7.1)% 2.8% 2.4% (1.6)% 0.9% 1.3% 5.6% 3.9% Specialties (18.0)% (0.9)% 2.0% (4.1)% (1.5)% (1.5)% 2.9% 4.0%	TO 31 DECEMBER 2020 TOTAL PORTFOLIO12	COMPARABLE CENTRES3
	Retail sales by category MAT MAT growth	MAT growth 1H21 growth
	Total $5,994 (0.6)% Specialties $1,740 (8.0)% Supermarkets $2,295 8.7% DDS/DS $911 9.0% Mini-majors $749 16.5% Other retail4 $299 (45.7)%	(2.1)% 2.6% (8.8)% (0.8)% 7.1% 9.3% 9.0% 15.2% 13.9% 21.0% (48.9)% (55.5)%
	Specialty sales by category MAT MAT growth	MAT growth 1H21 growth
	Apparel $405 (13.0)% Food catering $303 (15.4)% General retail $188 4.2% Homewares $66 2.2% Mobile phones $135 (16.1)% Retail services $244 (5.8)% Jewellery $122 4.6% Food retail $149 (2.5)% Leisure $128 (3.6)%	(13.2)% (1.0)% (17.0)% (10.8)% 5.7% 12.9% 0.6% 9.6% (16.3)% (20.1)% (6.6)% 3.6% 4.2% 16.2% (6.4)% (3.3)% (2.5)% 3.2%

1. Comparable centres, excludes divestments and development centres and adjusted for stores trading less than 12 months.

2. Sales data includes all Stockland managed retail assets, including joint venture assets.

3. Comparable basket of assets as per SCCA guidelines, which excludes assets which have been redeveloped within the past 24 months. 4. Other includes pad sites, non-retail, and cinemas.

COMMERCIAL 2727 PROPERTY

1H21 RESULTS ANNEXURE -

Development pipeline focussed on greenfield opportunities Retail Town Centres

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||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|NEIGHBOURHOOD|SUB-REGIONAL|REGIONAL|MAJOR REGIONAL|DA approvals received|
|ACTIVITY CENTRES|•|Glendale (NSW)|
|•|Forster (NSW)|
|Next Wave|•|Baldivis (WA)|
|Of Commencements​|Bull Creek|•|Harrisdale (WA)|
|Aura|
|Future Projects​|
|Cloverton|
|Development rationale|
|Typical GLA​|~ 10,000 sqm|10,000 to 40,000 sqm|40,000 to 60,000 sqm​|60,000 to 85,000 sqm|Repositioning|Greenfield|
|EST. TOTAL|COST SPENT TO|EST. COST TO|EST. COMPLETION|EST. FULLY LEASED|TOTAL|SPECIALTY|EST. INCREMENTAL|EST. TOTAL|
|INCREMENTAL COST ($M)|DATE ($M)|COMPLETE ($M)|DATE|YEAR ONE YIELD|[1]|INCOME LEASED|INCOME LEASED|[2]|RETURN|[3 ]|(%)|RETURN|[4]|(%)|
|Completed|
|Baringa (QLD)|~30|~28|~2|FY21|~6-7%|100%|100%|~6% - 7%|~6% - 7%|
|Future pipeline|~456|~456|

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1. Stabilised incremental FFO yield, includes property management fees.

2. All specialty income including shops and pad sites, excluding majors and mini majors.

3. Unlevered 10 year IRR on incremental development from completion.

4. Unlevered 10 year IRR for existing assets and incremental development from completion.

COMMERCIAL PROPERTY

28

Communities Annexure

1H21 RESULTS ANNEXURE -

Operating profit margin Residential Communities

KEY METRICS	1H21	1H202	CHANGE
Total lots settled	3,1011	2,158	43.7%
Total revenue	$781m	$779m	0.3%
- Includes superlot revenue	$3m	$176m	(98.0)%
Operating profit	$136m	$134m	1.8%
Operating profit margin	17.4%	17.2%
ROA – total portfolio	21.1%	19.3%
ROA – core portfolio3	22.8%	20.9%

~~OPERATING PROFIT MARGIN~~

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

20.0%
18.0% 1.7% (1.6)% 0.6% (5(0.5)%
16.0%
14.0%
12.0%
10.0%
17.2% 17.4%
8.0%
6.0%
4.0%
2.0%
0.0%
1H20 Rate Mix Superlots and Overheads and 1H21
(Retail) (Retail) disposals Other Income %
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1. Includes 826 (1H20: 534) of settlements under joint operations and project delivery agreements.

2. Includes capital partnering transaction at Aura.

3. Core excludes impaired projects.

30

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Development pipeline – major projects Residential Communities

								Anticipated settlements	Anticipated settlements	Anticipated settlements	Anticipated settlements	Anticipated settlements
	STATE	PROJECT	STATE PERCENTAGE	TOTAL PROJECT LOTS	APPROXIMATE LOT SALES PER ANNUM1	APPROX. REMAINING PROJECT LOTS	FY21	FY22	FY23	FY24	FY25	FY26
	NSW & ACT	Elara		4,290	350	990#
		Willowdale		3,690	230	590#
		The Gables		1,920	240	1,920
		All other Projects		7,510		7,070#
		Sub-total	13.1%	17,410		10,570
	QLD	Aura2		20,000	540	17,020#
		Providence		6,700		6,700
		North Shore		5,510	90	3,390
		Newport		1,910	180	760
		All other Projects		9,940		7,050#
		Sub-total	43.1%	44,060		34,920
	VIC	Cloverton		11,530	410	9,950
		Highlands		11,480	540	3,230#
		Mt Atkinson2		4,300	380	3,570
		Grandview2		1,710	230	1,450
		Minta		1,580	250	1,220
		Katalia		1,540	190	1,540
		Follett		1,500	n/a	1,500
		Orion		430	90	220#
		Brunswick		150	70	150
		All other Projects		3,710		1,650#
		Sub-total	30.2%	37,930		24,480
	WA	Sienna Wood2		3,800	130	2,860
		Vale		3,420	210	450#
		Amberton2		2,550	120	1,410
		All other Projects		9,890		6,290#
		Sub-total	13.6%	19,660		11,010
			100%			80,980

# Includes dwellings

1. Average number of lots estimated for three years for FY21 - FY23, numbers are annualised and vary depending on timing and completion of projects.

2. Projects under joint operations or project delivery agreements.

31

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Sales price[1] Residential Communities

1H21 SETTLEMENTS	1H20 SETTLEMENTS
State No. Lots Av. Sizeper lot sqm Av. Priceper lot $k $/sqm	No. Lots Av. Sizeper lot sqm Av. Priceper lot $k $/sqm
NSW 188 405 461 1,139	298 438 412 940
QLD 879 392 260 664	537 372 277 746
VIC 1,145 351 287 816	679 379 292 770
WA 679 342 215 629	346 336 208 618
Total Land 2,891 365 273 748	1,860 378 291 769
Total Townhomes 201 n/a 573 n/a	266 n/a 593 n/a

~~REVENUE RECONCILIATION ($M)~~

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

950
900
(81)
850
800
(75)
32
750
700 905
650
781
600
550
500
Proforma residential gross revenue GST Non-Stockland PDA revenue Superlot revenue, >1,000 sqm lot sales, Actual 1H21 total revenue
(2,891 Land x $273k per lot) completed homes revenue
(201 TH x $573k per dwelling)
----- End of picture text -----

1. Average price of retail settlements excludes settlements of all lots over 1,000 sqm, superlot settlements. Average price includes GST. Includes Project Development Agreements (PDAs) for which Stockland receives a part-share.

32

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Lots settled by location Residential Communities

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

3,751
3,419
1123 3,210 3,228 3,161 3,101
2,853 1008 244 NSW
705 597
852
248
QLD
2,459
954
2,158
451
1003 1015 842 VIC
1050 353
1094 1183
WA
896
641
1221
1013 1098
931 1410
830
797
764 803
682
589 515 524 452 348 431 361 312
1H17 2H17 1H18 2H18 1H19 2H19 1H20 2H20 1H21
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33

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Net deposits by quarter Residential Communities

NET DEPOSITS BY BUYER

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

91%
86%
1,672 75.6% 78.3% 79.1% 86.1% 86.5% 86.3% 83.9% 83.8% 80.0% 77.3% 87.3% 1,799 2,036 292
1,561 1,535 74.8% 167
408 338 1,337 213 1,293 1,295 1,350 1,375 387 642
280 175 178 1,149 307 1,121 174
464 464 567 963 846 229 283 268
414 505 447 156 374
136 287
289 243 308 1245 1102
933
800 759 643 755 613 670 518 633 669 530
467
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
----- End of picture text -----

% Owner Occupier

Investors

Upgraders / Downsizers

First Home Buyers

~~NET DEPOSITS BY STATE~~

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

2,036
1,799
1,672 382
1,561 1,535 1,375 327 NSW
419 348 1,337 155 269 1,293 164 1,295 181 963 1,149 1,350 311 1,121 215 680 580 QLD
544 449 436 557 420 391 29398 846 28096 407273 366 350198 329345 304 777 VIC
482 578 537 541 521 488 396 330 288 481 421 486 488 WA
227 186 209 168 188 235 176 140 181 192 152 297
Total
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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34

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Enquiry levels Residential Communities

~~MAJORITY OF OUR CUSTOMERS ARE OWNER OCCUPIERS~~

Composition of Stockland new enquiry

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

75%
First Home Buyers Upgraders/Downsizers Retail 66.0%
Investors
55%
51%
50% 49%
41% 46%
39% 39% 29% 31%
25% 19% 31%
24%
16% 20%
15% 18%
10%
0%
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
----- End of picture text -----

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

ENQUIRY VOLUMES BY
STATE
27,000 Total enquiry
24,000
21,000 NSW QLD VIC WA 5,704 6418
2,978 6952
18,000 2,828
2,104
15,000 5,269 1,930
4,616 5,661 4,477 8,981 8873
12,000 5,550 7152
1,634 3,434
9,000 1,491 3,508 3,272 5,847
4,280 1,212
6,000 11,954 10,296 9,991 8,234 2,901 3,335 2,792 3,511 4,492 6,595 5850 6957
3,000 4,507 3,987 3,100 3,716 3,499 3,408 5,034
0 843 953 1,025 864 902 867 857 793 921 874 978 2,653 2517 1510
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 1 4Q191 1Q20 1 2Q201 3Q20 1 4Q20 1Q21 2Q21
1. Brisbane Casino Towers excluded.
----- End of picture text -----

35

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Summary of residential stimulus

WA

HOMEBUILDER FHOG $15k $10k[1] TOTAL BENEFIT GRANT $25k OTHER SAVINGS ~$14.5k stamp duty saving[2] TOTAL MAXIMUM SAVINGS $40k ACT HOMEBUILDER FHOG - $15k TOTAL BENEFIT GRANT $15k OTHER SAVINGS ~$23.5k stamp duty saving[3] TOTAL MAXIMUM SAVINGS $38k

==> picture [313 x 290] intentionally omitted <==

Qld

HOMEBUILDER FHOG $15k $15k[4] NSW HOMEBUILDER FHOG TOTAL BENEFIT GRANT $15k $10k[6] $30k TOTAL BENEFIT GRANT OTHER SAVINGS $25k ~$16k stamp duty saving[5] OTHER SAVINGS TOTAL MAXIMUM SAVINGS ~$31k stamp duty saving[7] $46k TOTAL MAXIMUM SAVINGS $56k Vic HOMEBUILDER FHOG $15k $10k[8] TOTAL BENEFIT GRANT $25k OTHER SAVINGS ~$31k stamp duty saving[9] TOTAL MAXIMUM SAVINGS $56k

1. WA – $20k Building Bonus Grant expired on 31 Dec 2020. $10k FHOG is for new homes and owner-builder/building contracts costing less than $750,000 if in Perth.

2. WA – No stamp duty payable for FHB for homes costing less than $430,000, with discounted stamp duty applying on first homes valued between $430,001 to $530,000. Saving calculated for $430,000 home.

3. ACT – Stamp duty abolished in July 2019 for FHB if household income is less than $160,000, with no value cap. Saving calculated on stamp duty payable on $750,000 home where contract is entered into prior to 1 July 2019 under the Home Buyer Concession Scheme.

4. QLD – for new homes costing less than $750,000.

5. QLD – No stamp duty for first homes costing less than $500,000 and discounted rate up to $550,000. Saving calculated on

$500,000 first home and include First Home and Home concessions.

1. NSW - for new homes costing less than $600,000 and owner-builder/building contracts where total value of home is less than $750,000.

2. NSW - no stamp duty payable on new homes for FHB costing less than $800,000, with discounted stamp duty apply on new homes valued between $800,001 and $1,000,000 or vacant land costing less than $400,00. Saving calculated for $800,000 home.

3. VIC - $10,000 grant available for new first homes in non-regional Victoria, costing less than $750,000.

4. VIC – No stamp duty for first homes costing less than $600,000, with discounted stamp duty applying on first homes valued between $600,001 to $750,000. Saving calculated for FHB $600,000 home.

36

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Key short term residential drivers – rates and credit growth

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

AUSTRALIAN HOUSE PRICES VS. MORTGAGE RATES AUSTRALIAN HOUSE PRICES VS. CREDIT GROWTH
House Price Growth (LHS) Mortgage Rate (RHS) House Price Growth (LHS) Investor Credit Growth (RHS) Owner-Occupier Credit Growth (RHS)
20% 12% 20% 35%
30%
15% 15%
10%
25%
10% 10%
8%
20%
5% 5%
6% 15%
0% 0%
10%
4%
(5)% (5)%
5%
2%
(10)% (10)%
0%
(15)% 0% (15)% (5)%
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
----- End of picture text -----

Source: CoreLogic, RBA, Dec 2020.

RESIDENTIAL 37

1H21 RESULTS ANNEXURE -

Providing affordable product Residential Communities

~~STOCKLAND PRICING RELATIVE TO LOCAL MEDIAN HOUSE AND UNIT PRICE ($)~~

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Stockland H&L entry price [1]
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Median house price[3]

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

820k 835k 812k 803k
711k
635k
507k 470k 578k 542k 550k 524k 475k 592k 601k
456k 448k
378k 367k
327k
Elara Willowdale Aura Kalina Highlands Cloverton Minta Vale Calleya Sienna Woods
NSW Qld Vic WA
Stockland Townhome entry price [2] Median unit price [4] Median house price [3]
888k
835k
708k
635k 669k 660k 601k
577k 589k 597k
535k
399k 435k 447k
325k
Elara Aura Waterlea Orion Calleya
NSW Qld Vic WA
----- End of picture text -----

1. Stockland data, House and Land packages (4b,2b,2c) for sale/recently sold December 2020.

2. Stockland data, Townhome product available for sale/recently sold December 2020.

3. Corelogic Median value of established houses (4b) in surrounding suburb as at December 2020.

4. Corelogic Median value of established units in surrounding suburb as at December 2020.

38

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Composition of residential landbank[1]

~~NET FUNDS EMPLOYED: $2.0bn[2]~~

~~BOOK VALUE: $3.2bn[2]~~

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

Aura 6% Aura 4%
Apartments 6% 12%
WA
20%
WA
25%
QLD 20% QLD
Active 66%
Residential 77%
communities
VIC 35%
VIC 32%
Active within
two years 12%
Active beyond two years 17% NSW 23% NSW 24%
Townhomes 17%
Workout
and disposal 5%
NFE NFE NFE Book value
by product by pipeline by state by state
----- End of picture text -----

1. At 31 December 2020.

2. NSW includes Red Hill (ACT).

39

RESIDENTIAL

1H21 RESULTS ANNEXURE -

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

Key communities, located in connected, population growth corridors [[1]]
SYDNEY
Average annual population growth
2016 – 2021 by LGA (per annum)
Angliss Greater than 2%
1.5% - 2%
1% - 1.5%
0.5% - 1%
Less than 0.5%
----- End of picture text -----

Key communities, located in connected, population growth corridors[[1]]

1. State Government Population Projections.

40

RESIDENTIAL

1H21 RESULTS ANNEXURE -

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

Key communities, located in connected, population growth corridors [1]
MELBOURNE
Average annual population growth
2016 – 2021 by LGA (per annum)
Greater than 2%
1.5% - 2%
1% - 1.5%
0.5% - 1%
Less than 0.5%
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1. State Government Population Projections.

41

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Key communities, located in connected, population growth corridors[1]

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

BRISBANE PERTH
Average annual
population growth
2016 – 2021 by LGA
(per annum)
Greater than 2%
1.5% - 2%
1% - 1.5%
0.5% - 1%
Less than 0.5%
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1. State Government Population Projections.

42

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Workout contribution and impairment provision balance Residential Communities

WORKOUT CONTRIBUTION TO RESIDENTIAL

RESIDENTIAL IMPAIRMENT PROVISION UTILISATION AS AT 31 DECEMBER 2020

($m)

Residential	Core	Workout1	Total
Lots settled	3,100	1	3,101
Revenue Revenue	$774m 99%	$7m 1%	$781m 100%
EBIT	$170m	$2m	$172m
EBIT margin	21.9%	32.4%	22.0%
Operating profit	$136m	$0m	$136m
Operating profit margin	17.5%	0%	17.4%
Remaining lots Number of projects ROA	94% 49 22.8%	6% 5 (2.6)%	100% 54 21.1%

1. Includes all impaired projects.

Net increase / (decrease) in impairment	Net increase / (decrease) in impairment	5
Utilisation of provision		(2)
	IMPAIRMENT PROVISION BALANCE ($m)	FINAL SETTLEMENT
Projects to be developed	58	~11 yrs
Disposal of undeveloped sites	72	~2 yrs
Total	130

~~RESIDENTIAL FORECAST UTILISATION OF PROVISION ($)[2]~~

Disposal of undeveloped sites Projects to be developed out

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130 (Current balance)
126
72
72
78
29
0 0 0
58 54
49 45 43 40
Dec-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25
----- End of picture text -----

1. Forecast utilisation impairment provision at 31 December 2020, based on forecast settlement dates, revenue and costs by project.

43

RESIDENTIAL

1H21 RESULTS ANNEXURE -1H21 RESULTS ANNEXURE -

Digital capabilities – Stockland ‘Dreamcatcher’ Industry-first personalised digital home design customer experience

www.stockland.com.au/residential/dreamcatcher

Inspiration from design experts

Launched in December 2020

• Available to use via tablet, smartphone or computer, 24/7

• For added ideas, customers can view style boards from hand-selected style influencers and industry design experts

==> picture [159 x 212] intentionally omitted <==

Enhancing the customer journey

Power of personalisation

• Drives value at a critical step of the customer purchase journey, engaging prospective customers before they visit a display village

• Personalisation of the customer journey provides a uniquely differentiated home buying experience

Custom style boards & design tools

• Critical to underpin sales conversion

• Personalised style boards help customers explore and define the style of home that suits them best

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• Easy-to-use design tools offer genuine value and utility, building deeper trust and customer connection

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44

RESIDENTIAL

1H21 RESULTS ANNEXURE -

Profit driven by established settlements and village disposals Retirement Living

~~NET RESERVATIONS~~

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

700
428 (386)
600
Development
109 (97)
Established
500
400
(289)
276
319
300 52 72
(11) 224 11
41
193
200 61
49
204
100
163
144
0
Jun 2020 Net 1H21 Net 1H21 Disposals Dec 2020 Net Jan 2021 Net Jan 2021 Net
reservations on Reservations Settlements reservations on new reservations on
hand hand reservations hand2
----- End of picture text -----

	KEY METRICS	1H21	1H20	CHANGE
	Retirement Living
	FFO	$36m	$17m	109.5%
	Occupancy Cash ROA	94.4% 6.9%	93.3% 4.5%
	Established portfolio
	Established settlements	289	265	9.1%
	Withheld settlements (units)1	-	6	(100.0)%
	Total settlements (units)	289	271	6.6%
	Average re-sale price ($k)	371	378	(1.9)%
	Turnover cash per unit ($k)	97	92	5.4%
	Turnover cash margin	26.2%	24.4%
	Reservations on hand	163	153	6.5%
	Development portfolio
	Development settlements Average price per unit ($k)	97 574	141 604	(31.2)% (5.0)%
	Average margin (excludes DMF)	12.4%	13.0%
	Reservations on hand	61	115	(47.0)%

1. Units withheld from sale for redevelopment upon which profit has been recognised. 2. Excludes January 2021 settlements.

45

RETIREMENT LIVING

1H21 RESULTS ANNEXURE -

Established portfolio Retirement Living

PORTFOLIO STATISTICS	1H21	1H20
Established villages	59	63
Established units	8,647	9,271
Established units settlements	289	265
Withheld units	-	6
Turnover rate excluding developments1	7.0%	6.5%
Turnover rate total portfolio	6.4%	5.9%
Average age of resident on entry	72.8 yrs	73.3 yrs
Average age of current residents	81.0 yrs	80.8 yrs
Average tenure on exited residents	10.4 yrs	9.4 yrs
Average village age	26.2 yrs	25.8 yrs
Development pipeline	3,855 units	3,485 units

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

NET FUNDS EMPLOYED [2]
----- End of picture text -----

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

$1,509m
38
$1,309m
172
$1,132m 110
372
105 221
200
Goodwill
Revaluation
827 Development 978 927
Established
1H21 FY20 FY19
----- End of picture text -----

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

AGE PROFILE OF ESTABLISHED VILLAGES
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KEY VALUATION ASSUMPTIONS	1H21	1H20
Weighted average discount rate	13.2%	13.0%
Weighted average 20 year growth rate	3.0%	3.2%
Average length of stay of current and future residents	11.0 yrs	11.0 yrs

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

64%
12% 19%
5%
0-5 Years 6-10 Years 11-20 Years +20 Years
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1. Excludes development settlements from last five years. 2. Excludes Aspire, medical centres and childcare centres.

46

RETIREMENT LIVING

1H21 RESULTS ANNEXURE -

Development pipeline Retirement Living

~~GEOGRAPHICALLY DIVERSE DEVELOPMENT PIPELINE~~

==> picture [272 x 296] intentionally omitted <==

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

1%
10%
14%
39%
36%
NSW QLD VIC WA SA
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~~DEVELOPMENT PIPELINE BREAKUP~~

	DEVELOPMENT PIPELINE	1H21
	Development villages	21
	Total development pipeline units	3,855
	- Greenfield pipeline units	520
	- Village renewal pipeline units	315
	- Land Lease units	3,020
	Estimated end value including DMF	$2.1bn

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

INDEPENDENT LIVING UNITS DEVELOPMENT PIPELINE
3,000 2,870
2,500
2,000
1,500
985
2,870 Future
1,000 pipeline
Future pipeline
615
500
Future stages of current projects
280
Under construction
0 90
FY21-FY24 FY25+
----- End of picture text -----

47

RETIREMENT LIVING

1H21 RESULTS ANNEXURE -

Includes Lourdes & Castle Ridge

Pipeline

Retirement Living

CONSTRUCTION TIMEFRAME	FUTURE SETTLEMENTS	FY21	FY22 FY23 FY24 FY25+	FY22 FY23 FY24 FY25+	FY22 FY23 FY24 FY25+	FY22 FY23 FY24 FY25+	FY22 FY23 FY24 FY25+
Completedprojects	Sub-total 165
Current development projects	Willowdale, NSW Calleya Aspire, WA Somerton Park, SA Affinity, WA
	Sub-total 210
To start: within 18 months	Pine Lake, QLD
	Sub-total 50
Master planning/ future projects	Epping, NSW
	Sub-total 170
							Includes Lourdes & Castle Ridge
Redevelopments	Proposed Redevelopments
	Sub-total 240
Land Lease Communities	Aura, QLD Minta, VIC Future Land Lease
	Sub-total 3,020
Total future settlements	3,855

48

RETIREMENT LIVING

Research Annexure

49 49

1H21 RESULTS ANNEXURE -

Strong retail performance in the second half of 2020 supported by online retail

~~MONTHLY RETAIL TRADE – Y/Y GROWTH[1]~~

==> picture [411 x 313] intentionally omitted <==

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

16% 2019 2020
12%
8%
4%
0%
(4)%
(8)%
(12)%
EMPLOYMENT GROWTH HIT HARD BY COVID-19 [3]
8% Employment growth (Annual % change)
3%
(2)%
(7)%
NSW VIC QLD WA
(12)%
2005 2007 2009 2011 2013 2015 2017 2019
----- End of picture text -----

==> picture [425 x 166] intentionally omitted <==

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

CONSUMER SENTIMENT TRENDING DOWN PRE-COVID-19 [2]
130
120
110
100
90
80
70
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
----- End of picture text -----

==> picture [422 x 138] intentionally omitted <==

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

WAGE GROWTH REMAINS WEAK [4]
6%
4%
2%
0%
NSW VIC QLD WA
----- End of picture text -----

• (2)% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

• ABS Retail Trade 8501.0. Monthly sales - y/y change.

• ABS 6345.0 - Wage Price Index, Australia, Sep 2020.

• Westpac - University of Melbourne Consumer Sentiment Survey Jan 2021. 3. ABS 6202.0 - Labour Force, Australia, Dec 2020.

50

RESEARCH

1H21 RESULTS ANNEXURE -

Online retail sales continue to grow at elevated levels

ANNUAL RETAIL TURNOVER – BRICKS & MORTAR VS. ONLINE

~~ONLINE RETAIL GROWTH~~

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

Bricks & Mortar (LHS)
$360 70%
Online Retail (LHS)
Online Retail Growth (RHS)
$350 Total Retail Turnover Growth (RHS)
60%
$340
50%
$330
$320
40%
$310
30%
$300
$290
20%
$280
10%
$270
$260 0%
Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
$billion
----- End of picture text -----

==> picture [421 x 324] intentionally omitted <==

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

100% Monthly Growth (YoY) Annual Growth
80%
60%
40%
20%
0%
Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
ANNUAL ONLINE RETAIL SALES - % OF TOTAL RETAIL
Online Non-Food $bn (LHS) Online Food $bn (LHS) Online Retail, % of Total Retail (RHS)
$35 10%
9%
$30
8%
$25 7%
$20 6%
5%
$15 4%
$10 3%
2%
$5
1%
$0 0%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
$8.3 $8.7
$8.0
$7.7
$7.3
$6.9
$6.5
$6.2
$6.0
$5.6 $5.7 $5.8
$15.3 $15.5 $16.0 $16.9 $17.9 $18.7 $19.6 $20.6 $21.5 $22.4 $23.3 $24.0
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Source: ABS Retail Trade, Australia, December 2020 ; Stockland Research.

51

RESEARCH

1H21 RESULTS ANNEXURE -

Net overseas migration (NOM) falls to impact apartments more than MPC

~~AUSTRALIAN NET OVERSEAS MIGRATION[1,2]~~

• Forecast NOM of -71,500¹ in 2021 compares to +250,000 p.a. over 2015-2019

• The two main components of 2021 NOM are permanent and long-term:

• Temporary visa holders leaving Australia (-165,000), and

• Returning Australian citizens / permanent visa holders (+105,000)

• Temporary visa holders are more likely to live in apartments (60% are students). Their departures are reflected in elevated Sydney and Melbourne CBD vacancy rates of 6% and 8%

• The relative movement of these NOM components is consistent with the difference being observed in sales volumes and price growth for the Apartment and MPC segments

• Centre for Population estimates do not include 255,000 short term returned residents (net since March 2020) in forecast NOM. Components include (the main reasons for journey): Holiday (48%), Visiting friends/relatives (29%), Business (7%), Employment (6%) and Other (10%)

• The potential for these residents to stay over the long term presents upside to NOM forecasts

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

Australian citizen - Net New Zealand citizen - Net Permanent visa holders - Net
Temporary visa holders - Net Total NOM
300,000
250,000
200,000
150,000
100,000
50,000
(50,000)
(100,000)
(150,000)
(200,000)
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
----- End of picture text -----

1. ABS Migration Australia 2018-19.

2. Centre for Population.

52

RESEARCH

1H21 RESULTS ANNEXURE -

Longer term residential drivers – labour market and migration

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

AUSTRALIAN HOUSE PRICES VS. UNEMPLOYMENT
House Price Growth (LHS) Unemployment Rate (RHS)
20% 10%
9%
15%
8%
10%
7%
6%
5%
5%
0%
4%
3%
(5)%
2%
(10)%
1%
(15)% 0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
----- End of picture text -----

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

AUSTRALIAN HOUSE PRICES VS NET OVERSEAS MIGRATION
House Price Growth (LHS) Net Overseas Migration (RHS)
20% 350,000
15% 300,000
10% 250,000
5% 200,000
0% 150,000
(5)% 100,000
(10)% 50,000
(15)% 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Source: CoreLogic, ABS.

53

RESEARCH

1H21 RESULTS ANNEXURE -

Building approvals

==> picture [411 x 366] intentionally omitted <==

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

NSW DWELLING APPROVALS [1]
4,000
3,000
2,000
1,000
0
1985 1989 1993 1997 2001 2005 2009 2013 2017
QLD DWELLING APPROVALS [1]
3,000
2,000
1,000
0
1985 1989 1993 1997 2001 2005 2009 2013 2017
House
----- End of picture text -----

==> picture [425 x 161] intentionally omitted <==

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

VIC DWELLING APPROVALS [1]
4,000
3,000
2,000
1,000
0
1985 1989 1993 1997 2001 2005 2009 2013 2017
----- End of picture text -----

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

WA DWELLING APPROVALS [1]
2,000
1,000
0
1985 1989 1993 1997 2001 2005 2009 2013 2017
Apartment
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1. ABS 8731.0 – Building Approvals, Dec 2020.

54

RESEARCH

1H21 RESULTS ANNEXURE -

National house and land prices

Prices rising for both land and established houses in December quarter. Stock of available land down heavily.

~~LAND PRICE PER SQM[1]~~

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

1400
Metro Sydney SEQ Perth Melbourne
1200
1000
800
600
400
200
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
CLOSING STOCK OF LAND LOTS [1]
6,000
Sydney Melbourne SEQ Perth
5,000
4,000
3,000
2,000
1,000
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
----- End of picture text -----

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

CAPITAL CITY HOUSE PRICES – ROLLING ANNUAL CHANGE [2]
----- End of picture text -----

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

45% NSW VIC QLD WA
35%
25%
15%
5%
(5)%
(15)%
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
----- End of picture text -----

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

ANNUAL PRICE GROWTH LARGEST IN MORE AFFORDABLE REGIONS [2]
----- End of picture text -----

==> picture [416 x 140] intentionally omitted <==

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

Bottom 25% Middle 50% Top 25%
10%
5%
0%
(5)%
(10)%
Sydney Melbourne Brisbane Perth
----- End of picture text -----

1. National Land Survey Dec Qtr. 2020, Research4.

2. CoreLogic Dec 2020.

55

RESEARCH

1H21 RESULTS ANNEXURE -

Vacant land sales remain strong across the country[1]

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

NSW VACANT LAND
Quarterly Sales
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
----- End of picture text -----

==> picture [425 x 152] intentionally omitted <==

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

VIC VACANT LAND
Quarterly Sales
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
----- End of picture text -----

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

SEQ VACANT LAND
Quarterly Sales
----- End of picture text -----

==> picture [406 x 125] intentionally omitted <==

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

5,000
4,000
3,000
2,000
1,000
0
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
----- End of picture text -----

==> picture [422 x 158] intentionally omitted <==

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

PERTH VACANT LAND
Quarterly Sales
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
----- End of picture text -----

1. National Land Survey June Qtr. 2020, Research4.

56

RESEARCH

1H21 RESULTS ANNEXURE -

Residential vacancy rates Rental vacancy rates[1] reflecting health outcomes

==> picture [855 x 322] intentionally omitted <==

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

6%
5%
Melbourne
4%
Sydney
3%
2%
Brisbane
1%
Perth
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020
----- End of picture text -----

1. SQM Research Dec 2020.

57

RESEARCH

1H21 RESULTS ANNEXURE -

Housing finance Historical highs for owner-occupier lending, investor market now participating in the recovery

==> picture [863 x 341] intentionally omitted <==

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

RESIDENTIAL LOAN APPROVALS ($M, MONTHLY) [1]
25,000 Investor Owner Occupier
20,000
15,000
10,000
5,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
----- End of picture text -----

1. ABS Lending Indicators Dec 2020.

58

RESEARCH

1H21 RESULTS ANNEXURE -

Household affordability deteriorates in December quarter as prices rise

HOUSEHOLD DEBT-TO-INCOME RATIO EASED IN 2020 WHILE DEBT-TO-ASSET RATIO STEADY[1]

~~MORTGAGE REPAYMENTS AS % OF HOUSEHOLD INCOME[2]~~

==> picture [789 x 242] intentionally omitted <==

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

200% 30% 60%
Debt-to-Income Ratio (LHS) Debt-to-Assets Ratio (RHS) Sydney Melbourne Brisbane Perth
50%
150%
20% 40%
30%
100%
20%
10%
50%
10%
----- End of picture text -----

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

% %
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
----- End of picture text -----

==> picture [400 x 18] intentionally omitted <==

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

0%
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
----- End of picture text -----

1. RBA, ABS.

2. ABS, RBA, CoreLogic, Stockland Research.

59

RESEARCH

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

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. While Stockland has provided some guidance in relation to FY21 earnings in this presentation, this remains subject to no material change in market conditions including the impact of any state border closures, COVID-19 transmission and other impacts from COVID19 on the economy, the broader community and business performance including all forward-looking statements.

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.

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

60