STOCKLAND - Management Reports 2012

30 June 2012

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Understanding our assets

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About
Stockland
2012 marks the 60th anniversary of Stockland
– a proud milestone in times when stability
and longevity are so important.
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Our PrOPerty POrtfOliO

STOCKLAND IS ONE OF AUSTRALIA’S LEADING DIVERSIFIED PROPERTY GROUPS. WE’RE ACTIVE IN RESIDENTIAL COMMUNITIES, RETIREMENT LIVING, RETAIL AS WELL AS OFFICE AND INDUSTRIAL PROPERTY. THIS PORTFOLIO IDENTIFIES ALL OF OUR PROPERTIES AND PROJECTS ACROSS AUSTRALIA AND THE UNITED KINGDOM.

MORE INFORMATION ON STOCKLAND’S ACTIVITIES AND AN ONLINE VERSION OF PORTFOLIO DATA IS AVAILABLE AT www.stOckland.cOm.au

Front/inside cover image: Shellharbour, NSW

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 leading diversified property groups – owning, developing and managing a large portfolio of residential communities, retirement living villages, retail, office and industrial assets.

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 60 years we’ve worked hard to grow our diverse portfolio of assets and projects while maintaining a conservative balance sheet. It’s proven to be a sound approach and we’re now one of Australia’s leading diversified property group and the a top 50 ASX listed company.

Property Portfolio

~~cOmmercial POrtfOliO~~ retail (page 7) 42 properties 904,422 m[2] GLA Valued at $5.0 billion

~~residential POrtfOliO~~

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residential communities (page 43)

70 communities 87,900 lots End-market value approximately $23.0 billion

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retirement POrtfOliO

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Office (page 25) 21 properties 436,215 m[2] NLA Valued at $1.9 billion

retirement living (page 63)

62 established villages 7,984 units Development pipeline of 3,802 units

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industrial (page 35) 13 properties 968,663 m[2] GLA Valued at $0.8 billion

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unlisted PrOPerty funds
unlisted
Property funds
(page 75)
Funds under
management
$435.6 million
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~~residential POrtfOliO~~ apartments & stockland uk (page 80)

4 projects 68 units with a remaining end market value of approximately $0.1 billion

Stockland ProPerty Portfolio JUNE 2012 1

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australia new sOuth wales
sydney
Property cBd and
Portfolio north shore
118-120 Pacific Highway
601 Pacific Highway
77 Pacific Highway
110 Walker Street
North Sydney
The Rocks
a
9 Castlereagh Street
135 King Street
Stockland Piccadilly,
133 Castlereagh Street
175-181 Castlereagh Street
key a key
Retail Port Adelaide Distribution Centre Retail
Office The Grange Retirement Village Office
Industrial Salford Retirement Estate
Residential Communities Unity Retirement Village
Apartments
Retirement Living
Unlisted Property Funds
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new sOuth wales

new sOuth wales /act

Greater sydney

north/south coast canberra and surrounds

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Hundred Hills
Tamworth Homespace
e
Warriewood
Marsden Park Stockland Forster/Woolworths Forster
North West Sector Maybrook
Village Golden Ponds Resort
Castle Ridge Resort
Anambah
Stockland Lochinvar McKeachie’s Run
Baulkham Hills
Lourdes Village Darcy’s Peak
The Willows Village Macquarie Park,
B North Ryde Chatswood Newcastle
Parramatta Ryde c The Village Swansea
75 George Street, Parramatta Stockland Balgowlah/The Village Murrays Beach/Wallarah Peninsula
9-11a Ferndell Street, Granville
Lakewood North
Merrylands Court Sydney Stockland Bathurst Wamberal Gardens
Stockland Bay Village
Stockland Merrylands Stockland Cammeray
2 Davis Road, Wetherill Park Waterside The Cove Village
Stockland Wetherill Park
Yennora Distribution Glenmore Ridge
Centre Sydney
Macarthur Gardens
Cardinal Freeman Sydney Macquarie Grove Sandon Point
Village Sydney Brooks Reach/Illawarra Waratah Highlands Stockland Corrimal
Airport Stockland Shellharbour
Shellharbour Retail Park
Bexley
East Leppington Gardens Stockland Nowra
Vincentia Shopping Centre
Bayswood
ACT
d
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key B Retail Macquarie Technology Centre Office 16 Giffnock Avenue Industrial Optus Centre, Macquarie Park Residential Communities 60–66 Waterloo Road Retirement Living Triniti Business Campus Unlisted Property Funds 78 Waterloo Road

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||||
|---|---|---|
|key|c|e|
|Retail|Stockland Green Hills|Hastings Parklands Village|
|Office|Stockland Glendale|Lincoln Gardens|
|Residential Communities|Stockland Jesmond|Bellevue Gardens|
|Retirement Living|Stockland Wallsend|Queens Lake Village|
|Unlisted Property Funds|d|Camden View Village|
|40 Cameron Avenue, Belconnen|
|Ridgecrest|

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Stockland ProPerty Portfolio JUNE 2012

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Queensland Queensland
Greater Brisbane
Brisbane cBd
Caboolture Waters/Caboolture West/Ripeford
Export Park
Stone Ridge
Fig Tree Redcliffe
North Lakes
Freshwater China Town
Kangaroo
Point
Waterfront Place
Hendra Distribution Centre
Farrington Grove, Ferny Hills
South Brisbane
Brisbane
Woolworths Toowong
80-88 Jephson Street,
23 and 27-29 High Street, Toowong
Stockland
Cleveland
Garden Square,
Mt Gravatt
Greenleaves
Salford Waters
Ipswich Brookbent Road Retirement Estate
Jimboomba Village Shopping Centre
Sovereign Pocket Parkwood
Paradise Waters
Augustine Heights
M1 Yatala Enterprise Park
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key
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Retail Office Industrial Residential Communities Retirement Living Unlisted Property Funds

key Office Industrial

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Queensland Queensland Queensland
sunshine
Gold coast coast far north
Vale
Bahrs Scrub Lake Doonella
Noosa Heads
Ormeau Ridge
Hope Island Cairns
Stockland Cairns
Highland Reserve
Oxenford
Allisee
Riverstone Crossing
Pacific Pines
Pacific Pines The Boardwalk Townsville
Shopping Centre
North Shore
Southport Stockland Townsville
Ocean Drive
Surfers Paradise
Benowa Gardens Maroochydore
Mackay
Brightwater Cane Bridge
Kawana Business Village Bokarina Beach
Lake Kawana
Burleigh Central Birtinya Island
Stockland Burleigh Heads
The Observatory
Burleigh Heads Stockland Caloundra Rockhampton
Bellcarra Retirement Resort Stockland Rockhampton
Pine Lake
Gladstone
Stockland Gladstone
Caloundra
Bells Reach
Woodgrove Caloundra South Stockland Hervey Bay
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key

Retail

Residential Communities Apartments Retirement Living 50% Unlisted Property Funds

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key
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key

Retail Retail

Residential Communities Retirement Living Unlisted Property Funds

Residential Communities

Stockland ProPerty Portfolio JUNE 2012

VictOria Greater melbourne

VictOria melbourne cBd

western australia Perth and surrounds

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Carlton Fitzroy
Lockerbie
Midlands Terrace
Stockland Wendouree Mernda Village
Sunbury Highlands
Gowanbrae 40 Scanlon Drive, Epping
20-50 & 76-82 Fillo Drive & Eucalypt Arilla
10 Stubb Street, Somerton Plenty Valley
Bundoora
Rylands 222 Russell Street Car Park
Keilor Kew Latrobe
The Lakes Estate Rylands Templestowe
Taylors Hill The Lakes Hawthorn Stockland The Pines
Burnside at Delbridge Tooronga Donvale
Brooklyn Estate, Brooklyn
Tarneit Skies Retirement Village Cameron Close
Davis Road Toll Business Park,Allura Altona Vermont Salford Park
Altona Distribution Centre Wantirna Knox
1090-1124 Centre
Stockland Point Cook Oak Road, Oakleigh
Grange
Gillin Park Retirement Village
Geelong Patterson Lakes
Cranbourne F
Long Island
Selandra Rise
2-4 Yarra Street
Rosebud
The Point
South Yarra
Stockland Traralgon
541 St Kilda Road
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Amberton
Vale
Corimbia Whiteman Edge
181 Great Eastern
Highway, Belmont
G Perth
Adelaide Street
Stockland Riverton
Plaza
Stockland Bull Creek
The Islands South Beach
Banjup
Newhaven
H Baldivis Wungong Reach
Brookdale
West
Halls Head
Village Murray River Village
Leschenault Retirement Village
Bunbury
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key		key	key
Retail	Sierra	Apartments	Retail	Durack Centre	Baldivis Town Centre
Industrial Residential Communities Apartments	Arbourlea	Unlisted Property Funds	Offce Residential Communities Apartments	45 St Georges Terrace 255 & 267 St Georges Terrace	Settlers Hills Townside Affnity Village Stockland Baldivis
Retirement Living Unlisted Property Funds			Retirement Living Unlisted Property Funds	River Parks Village River Pines Village

retail cOmmercial POrtfOliO

Retail

Stockland is one of the largest retail property owners, developers and managers in Australia. At 30 June 2012 the portfolio comprises 42 retail centres valued at $5.0 billion. The properties accommodate more than 2,900 tenants and generate in excess of $5.6 billion in retail sales per annum.

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Stockland Rockhampton, QLD

lease expiry profile %

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2 13 10 10 10 55
Vacant FY
13 14 15 16 17+
Geographic split %
54 13 29 4
NSW VIC QLD WA
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Stockland ProPerty Portfolio JUNE 2012 7

retail cOmmercial POrtfOliO

Stockland MerrylandS, nSW LocatEd 21 kiLomEtrES WESt oF thE SydNEy cBd thiS cENtrE haS SErvicEd thE LocaL commuNity For 40 yEarS.

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retail cOmmercial POrtfOliO

retail Portfolio as at 30 June 2012

							annual sales	Specialty
				Book value	aifrS	% of retail	June 2012	occupancy	Specialty
Page	Property	location	Gla (m2)	($m)	noi ($m)	Portfolio	($m)	costs (%)*	sales ($/m2)*
10	Stockland Shellharbour	NSW	50,638	414.3	17.3	8.4	219.8	N/A	N/A
10	Stockland Wetherill Park	NSW	54,789	359.6	24.6	7.2	264.7	17.0	11,211
10	Stockland Merrylands	NSW	34,418	350.9	7.4	7.1	190.6	N/A	N/A
11	Stockland Rockhampton	QLD	57,596	347.9	21.5	7.0	367.5	14.2	8,677
11	Stockland Townsville#	QLD	37,288	287.1	11.9	5.8	211.1	N/A	N/A
11	Stockland Green Hills	NSW	33,167	271.0	18.5	5.5	325.3	12.7	14,006
12	Stockland Glendale	NSW	55,041	255.0	17.4	5.1	316.6	15.6	7,731
12	Stockland Cairns	QLD	49,572	216.6	13.5	4.4	275.9	12.4	9,215
12	Stockland Point Cook	VIC	42,994	183.5	12.7	3.7	190.6	16.1	4,422
–	Stockland BayVillage**	NSW	29,200	164.5	12.6	3.3	209.1	14.5	8,060
13	Stockland Burleigh Heads	QLD	26,844	146.3	10.7	3.0	173.2	15.0	7,557
13	Stockland The Pines	VIC	24,588	146.3	10.5	2.9	168.8	18.6	7,221
13	Stockland Forster***	NSW	38,404	132.0	9.3	2.7	217.6	12.7	7,509
14	Stockland Jesmond	NSW	20,529	121.4	9.3	2.4	147.9	14.5	8,816
14	Stockland Wendouree	VIC	25,349	114.0	8.6	2.3	159.0	13.6	8,220
14	Stockland Balgowlah	NSW	12,869	112.7	5.7	2.3	137.2	16.5	7,441
15	Stockland Baulkham Hills	NSW	17,719	108.0	7.4	2.2	130.7	15.2	6,635
15	Stockland Caloundra/Stockland South	QLD	22,141	103.0	7.8	2.1	158.4	12.4	10,155
15	Stockland Gladstone	QLD	27,320	101.1	8.6	2.0	206.9	10.6	12,007
16	Stockland Nowra	NSW	16,222	85.7	6.6	1.7	140.6	12.3	10,649
16	Stockland Cleveland	QLD	15,735	82.0	6.0	1.7	131.7	13.3	8,065
16	Stockland Bull Creek	WA	16,694	81.9	6.1	1.7	113.3	14.4	8,127
17	Stockland Traralgon	VIC	19,427	79.0	6.2	1.6	122.0	13.0	7,385
17	Stockland Bathurst	NSW	19,281	76.8	6.1	1.5	113.2	12.8	8,941
17	Stockland HerveyBay	QLD	15,569	63.7	3.6	1.3	82.4	9.8	10,063
18	Stockland Corrimal	NSW	9,767	59.6	4.8	1.2	115.6	15.2	7,743
18	Stockland Riverton^	WA	19,800	55.6	4.2	1.1	136.6	14.2	6,581
18	Stockland Piccadilly	NSW	5,252	54.1	3.0	1.1	25.1	20.3	8,722
19	Stockland Wallsend	NSW	11,527	52.5	4.0	1.1	79.1	11.1	8,481
19	Stockland Tooronga	VIC	9,063	49.7	2.4	1.0	85.6	15.8	6,501
19	Shellharbour Retail Park	NSW	22,145	46.5	3.9	0.9	126.7	N/A	N/A
20	Stockland Baldivis	WA	6,899	45.5	2.7	0.9	82.7	9.1	9,770
–	Glasshouse - 135 KingStreet,Sydney^	NSW	3,926	41.0	2.8	0.8	N/A	N/A	N/A
20	Stockland Cammeray	NSW	4,717	31.0	2.5	0.6	22.4	15.4	7,137
20	Stockland Highlands	VIC	7,138	25.2	0.3	0.5	N/A	N/A	N/A
21	Stockland North Shore	QLD	5,777	19.7	1.3	0.4	43.9	N/A	N/A
21	Jimboomba Village ShoppingCentre^	QLD	10,046	16.1	1.4	0.3	39.8	8.5	7,199
21	Stockland Burleigh Central	QLD	7,914	15.7	1.3	0.3	3.5	N/A	N/A
22	Woolworths Toowong	QLD	2,275	13.6	0.2	0.3	N/A	N/A	N/A
22	Adelaide St Plaza,Fremantle	WA	4,557	11.3	0.9	0.2	13.1	N/A	N/A
22	Stockland Vincentia ShoppingCentre	NSW	4,163	10.7	1.0	0.2	47.0	14.9	4,040
23	Stockland Merrylands Court	NSW	6,062	9.1	0.4	0.2	N/A	N/A	N/A
			904,422	4,961.2	307.0	100.0

Note this number is only inclusive of tenants operating for longer than two years
includes townsville kmart tenancy information; sales, valuation and book value will be consolidated on completion of the current project
** asset held for sale
*** Excludes adjacent land holdings
^ Book value represents Stockland’s 50% ownership
n.b. Stockland Glenrose and Eagle Street Pier – capital works in progress and sundry properties

Stockland ProPerty Portfolio JUNE 2012 9

retail cOmmercial POrtfOliO

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~~Stockland Shellharbour~~

Shellharbour is located on the south coast of NSW. The centre is currently undergoing a $330 million redevelopment, scheduled for completion during 2013. Upon completion, the centre will be the only major regional shopping centre in its trade area and will ultimately include Myer, Kmart, Target, Coles, Woolworths and over 220 specialty stores. The first retail stage opened in May 2012 and introduced a brand new Kmart and Coles, plus over 40 new specialty stores to the centre.

location: Shellharbour, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$286.1 million

last independent valuation
date:	dec 2009
valuation/($/m2):	$265.0 million($5,233/m²)
capitalisation rate:	7.00%
discount rate:	9.25%
carparkingspaces:	3,388

Gross lettable area:	50,638m2
annual sales:	$219.8 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	7.3years

Major tenants	Gla(m2)	lease expiry
target	7,171	Jul 2015
kmart	6,538	may2032
coles	4,134	may2032

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Stockland Wetherill Park

Wetherill Park is a highly productive shopping centre located in the south-west of Sydney. The 12 hectare site boasts a diverse offering including Big W, Target, Woolworths, Franklins, Hoyts Cinema and 140 specialty stores. ‘Big Guns 2012 Survey’, ranked the centre 12th in the category of Specialty MAT Store Sales per/sqm. A development application has been approved which will allow for an additional 12,000sqm, taking the centre to 67,000sqm. The space will provide an entertainment and lifestyle precinct along with additional mini-majors and specialty stores.

location: Western Sydney, nSW

location: Western Sydney, nSW
acquisition date:	aug1983
ownership/title:	100%/Freehold
cost includingadditions:	$115.3 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$358.0 million($6,534/m²)
capitalisation rate:	6.75%
discount rate:	9.00%
carparkingspaces:	1,988

Gross lettable area:	54,789m2
annual sales:	$264.7 million
Specialtyoccupancycost:	17.0%
Weighted average lease expiry:	8.2years

Major tenants	Gla(m2)	lease expiry
BigW	8,097	Jun 2025
target	7,020	Jul 2018
hoyts	4,613	Nov 2023
Woolworths	4,346	Jun 2021
Franklins	3,273	Nov 2016

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Stockland Merrylands

Located 21 kilometres west of the Sydney CBD, this centre has serviced the local community for 40 years. Currently undergoing a major $395 million redevelopment, the centre will offer 59,000sqm of GLA on completion. Stages completed to date are anchored by Coles, Franklins, Kmart, Target and JB Hi-Fi and feature a 750-seat food court, over 130 specialty stores, together with an outside restaurant precinct. The final Stage 4 of construction, making way for Big W, Woolworths, four new mini-majors and 75 additional speciality stores is due for completion in October 2012.

location: Merrylands, nSW

location: Merrylands, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$292.2 million

last independent valuation
date:	dec 2006
valuation/($/m2):	$151.0 million($4,387/m²)
capitalisation rate:	6.50%
discount rate:	8.50%
carparkingspaces:	2,400

Gross lettable area:	34,418m2
annual sales:	$190.6 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	8.9years

Major tenants	Gla(m2)	lease expiry
kmart	7,159	Nov 2017
target	6,088	Nov 2028
coles	4,424	Nov 2031
Franklins	2,086	mar 2021

lease expiry profile %

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3 3 2 9 83
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Vacant FY 13 14 15 16 17+

retail cOmmercial POrtfOliO

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~~Stockland rockhampton~~

Rockhampton is the largest shopping centre between Maroochydore and Mackay. With Woolworths, Coles, Kmart, Big W and 175 specialties, the centre services a large trade area. Located 700 kilometres north of Brisbane, Stockland Rockhampton has a GLA of 57,500sqm and includes 11 mini-majors – among them JB Hi-Fi and Best & Less. The centre includes an extensive mix of national and local retailers plus Birch Carroll and Coyle Cinemas, Sizzler, Jetts Fitness Centre, a swim school and medical centre.

location: rockhampton, Qld

acquisition date: Jun 2003 ownership/title: 100%/Freehold cost including additions: $259.6 million last independent valuation date: dec 2010 valuation/($/m[2] ): $340.0 million ($5,903/m²) capitalisation rate: 6.75% discount rate: 9.25% car parking spaces: 3,015 Gross lettable area: 57,596m[2] annual sales: $367.5 million Specialty occupancy cost: 14.2% Weighted average lease expiry: 6.7 years Major tenants Gla (m[2] ) lease expiry Big W 8,211 Nov 2028 kmart 6,000 aug 2024 Woolworths 4,223 aug 2015 coles 3,642 aug 2024 Birch carroll and coyle cinemas 3,392 dec 2013

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~~Stockland townsville~~

Located in the geographical heart of Townsville, the centre includes over 100 specialty stores plus major retailers Big W and Woolworths. A redevelopment has commenced which will deliver the first Myer in Townsville and over 180 specialty stores. Due for completion by the end of 2012, the centre will comprise 46,000sqm of GLA. Stockland also holds additional land to the east for future development. The Townsville Kmart centre was recently purchased and now forms part of the Stockland Townsville retail precinct and is anchored by Kmart and Coles.

location: townsville, Qld

location: townsville, Qld
acquisition date:	Jun 1987/mar 2012
ownership/title:	100%/Freehold
cost includingadditions:	$186.9 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$200.0 million($5,364/m²)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	2,000

Gross lettable area:	37,288m2
annual sales:	$211.1 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	6.3years

Major tenants	Gla(m2)	lease expiry
BigW	6,987	apr 2015
Woolworths	4,200	dec 2031
kmart	7,416	Sep2021
coles	3,377	Jul 2013

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Stockland Green Hills

This strong performing centre includes Woolworths, Coles, Big W, a food court and 90 specialty stores. It is the largest shopping centre in its trade area and was ranked number two in Australia for MAT/sqm in the Shopping Centre News ‘Little Guns’ (2011). A development application was approved for the expansion of the centre, which will include a new department store, discount department store, up to eight mini-majors, an additional 130 specialty stores and food court and 1,500 additional car parking spaces.

location: east Maitland, nSW

location: east Maitland, nSW
acquisition date:	dec 2000
ownership/title:	100%/Freehold
cost includingadditions:	$124.0 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$271.0 million($8,171/m²)
capitalisation rate:	6.75%
discount rate:	9.00%
carparkingspaces:	1,604

Gross lettable area:	33,167m2
annual sales:	$325.3 million
Specialtyoccupancycost:	12.7%
Weighted average lease expiry:	6.2years

Major tenants	Gla(m2)	lease expiry
BigW	8,024	Sep2022
Woolworths	4,871	Sep2022
coles	3,702	Sep2017

lease expiry profile %

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includes townsville kmart tenancy information; sales, valuation and book value will be consolidated on completion of the current project

Stockland ProPerty Portfolio JUNE 2012 11

retail cOmmercial POrtfOliO

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Stockland Glendale

Located on the northern fringe of Lake Macquarie, Glendale was the first of the true super centre concepts combining retail, leisure and entertainment on a large 19.6 hectare site. The retail mix includes Target, Kmart, Events Cinemas, Coles, Woolworths, Harris Farm Markets, JB Hi-Fi, Trade Secret and ALDI and is complimented by over 2,300 car parking spaces on one single level.

location: newcastle, nSW

location: newcastle, nSW
acquisition date:	mar 1996
ownership/title:	100%/Freehold
cost includingadditions:	$88.8 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$255.0 million($4,633/m²)
capitalisation rate:	6.75%
discount rate:	9.25%
carparkingspaces:	2,338

Gross lettable area:	55,041m2
annual sales:	$316.6 million
Specialtyoccupancycost:	15.6%
Weighted average lease expiry:	4.6years

Major tenants	Gla(m2)	lease expiry
target	8,522	Jul 2016
kmart	6,425	Nov 2020
coles	5,109	mar 2016
Woolworths	4,952	mar 2016
Events cinemas	5,324	dec 2016

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Stockland cairns

Located on the main southern arterial road accessing Cairns, the centre occupies an 11 hectare site and has two discount department stores, two supermarkets, nine mini-majors and 125 specialty stores. A successful shopping centre, it now features a new Coles concept supermarket and an upgraded council library, a 750-seat food court and six screen cinema.

location: cairns, Qld

location: cairns, Qld
acquisition date:	Jun 1992
ownership/title:	100%/Freehold
cost includingadditions:	$169.2 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$215.0 million($4,337/m²)
capitalisation rate:	6.75%
discount rate:	9.25%
carparkingspaces:	2,381

Gross lettable area:	49,572m2
annual sales:	$275.9 million
Specialtyoccupancycost:	12.4%
Weighted average lease expiry:	6.1years

Major tenants	Gla(m2)	lease expiry
BigW	8,259	Jun 2024
target	7,079	Jul 2015
Woolworths	4,254	Jun 2016
coles	3,698	mar 2029
Birch carroll and coyle cinemas	3,184	Nov 2021

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Stockland Point cook

Point Cook is a recently developed two level, sub-regional shopping centre located in the Wyndham region, 23 kilometres south-west of the Melbourne CBD. The 43,000sqm centre is anchored by Target, Harris Scarfe, Coles, ALDI, Dan Murphy, ten mini-majors, 116 speciality stores and 6,000sqm of commercial office space. The centre is located in one of Melbourne’s fastest growing population corridors and has further expansion and remixing potential.

location: Point cook, Vic

location: Point cook, Vic
acquisition date:	Jun 2011
ownership/title:	100%/Freehold
cost includingadditions:	$187.8 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$183.5 million($4,268/m²)
capitalisation rate:	7.25%
discount rate:	9.25%
carparkingspaces:	1,534

Gross lettable area:	42,994m2
annual sales:	$190.6 million
Specialtyoccupancycost:	16.1%
Weighted average lease expiry:	7.4years

Major tenants	Gla(m2)	lease expiry
target	6,500	aug2028
coles	4,000	aug2028
harris Scarfe	2,587	Nov 2019
aLdi	1,300	aug2018

lease expiry profile %

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Vacant FY

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~~Stockland Burleigh Heads~~

Burleigh Heads is a fully enclosed, single level shopping centre located on the Gold Coast, 80 kilometres south of Brisbane. Situated near the intersection of two arterial roads, the centre is anchored by Big W, Woolworths, and Drakes Supa IGA. The centre also houses Best & Less, The Reject Shop, 110 specialty stores and a 450-seat food court.

location: Burleigh Heads, Qld
acquisition date:	aug2003
ownership/title:	100%/Freehold
cost includingadditions:	$118.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$145.0 million($5,402/m²)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	1,455

Gross lettable area:	26,844m2
annual sales:	$173.2 million
Specialtyoccupancycost:	15.0%
Weighted average lease expiry:	7.0years

Major tenants	Gla(m2)	lease expiry
BigW	6,673	mar 2025
Woolworths	4,356	apr 2026
Supa iGa	2,454	dec 2013

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~~Stockland the Pines~~

The Pines is well located in one of Melbourne’s strong socio-economic trade areas. The retail mix includes Coles, ALDI, Woolworths, Target, over 100 specialty stores and the addition of The Reject Shop in 2011. The centre is complimented with a range of banks and services including a medical clinic and a 200-seat food court.

location: doncaster east, Vic
acquisition date:	Nov 2004
ownership/title:	100%/Freehold
cost includingadditions:	$130.7 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$145.0 million($5,897/m²)
capitalisation rate:	7.25%
discount rate:	9.25%
carparkingspaces:	1,400

Gross lettable area:	24,588m2
annual sales:	$168.8 million
Specialtyoccupancycost:	18.6%
Weighted average lease expiry:	5.5years

Major tenants	Gla(m2)	lease expiry
target	6,829	Jul 2022
Safeway	3,830	Jul 2024
coles	3,197	oct 2024
aLdi	1,374	oct 2019

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~~Stockland forster~~

Forster is located on the mid-north coast of NSW and includes a Coles, Woolworths, ALDI, Kmart and Target Country. The centre has over 75 specialty stores, an outdoor take-away food/café precinct, children’s play area and fully equipped parents room. The adjoining retail park houses large format retail boxes including a flagship Bunnings Warehouse.

location: forster, nSW

location: forster, nSW
acquisition date:	Jul 2003/may2010
ownership/title:	100%/Freehold
cost includingadditions:	$113.7 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$132.0 million($3,437/m²)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	1,435

Gross lettable area:	38,404m2
annual sales:	$217.6 million
Specialtyoccupancycost:	12.7%
Weighted average lease expiry:	3.1years

Major tenants	Gla(m2)	lease expiry
Bunnings	8,008	mar 2014
kmart	5,838	Jan 2015
coles	4,083	Jan 2015
Woolworths	3,800	Nov 2020
target	1,500	Nov 2016

lease expiry profile %

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Stockland ProPerty Portfolio JUNE 2012 13

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~~Stockland Jesmond~~

Located in the suburb of Jesmond, Newcastle, the centre is constructed on five hectares and anchored by a recently upgraded Woolworths and Big W as well as 74 specialty stores. The centre is supported by extensive car parking, a new parents room and public transport facilities.

location: newcastle, nSW

location: newcastle, nSW
acquisition date:	Feb 1984
ownership/title:	100%/Freehold
cost includingadditions:	$44.9 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$118.5 million($5,772/m²)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	948

Gross lettable area:	20,529m2
annual sales:	$147.9 million
Specialtyoccupancycost:	14.5%
Weighted average lease expiry:	9.0years

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

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Stockland Wendouree
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Located in the historic city of Ballarat, 110 kilometres west of Melbourne, this sub-regional shopping centre includes Kmart, Coles, Safeway and 84 specialty stores. The centre also includes a fully equipped parents room and the regional library. Additional land surrounding Wendouree allows for future development. A development application has been lodged to expand the centre to 40,500sqm.

location: Wendouree, Vic

location: Wendouree, Vic
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$66.4 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$114.0 million($4,497/m²)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	1,212

Gross lettable area:	25,349m2
annual sales:	$159.0 million
Specialtyoccupancycost:	13.6%
Weighted average lease expiry:	4.1years

Major tenants	Gla(m2)	lease expiry
kmart	7,831	may2013
coles	3,252	aug2022
Safeway	3,463	Nov 2020

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Stockland Balgowlah

Located in the northern suburbs of Sydney, the centre occupies 13,000sqm of ‘The Village’, a mixed-use development with 240 residential apartments. Construction of this centre was completed in June 2009 and delivers a convenient and unique boutique style centre with a new Coles concept supermarket, Platinum Fitness First and 60 specialty stores including a quality fresh food market, a fashion precinct and 690 retail car parking spaces. The second level is an open air plaza offering a restaurant and service precinct.

location: Balgowlah, nSW

location: Balgowlah, nSW
acquisition date:	Jun 2009/Nov 2009
ownership/title:	100%/Freehold
cost includingadditions:	$135.9 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$113.0 million($8,781/m²)
capitalisation rate:	7.00%
discount rate:	8.75%
carparkingspaces:	690

Gross lettable area:	12,869m2
annual sales:	$137.2 million
Specialtyoccupancycost:	16.5%
Weighted average lease expiry:	9.5years

Major tenants	Gla(m2)	lease expiry
coles	4,464	Jun 2029

lease expiry profile %

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Vacant FY 13 14 15 16 17+

retail cOmmercial POrtfOliO

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~~Stockland Baulkham Hills~~

Baulkham Hills is conveniently located near the intersection of two arterial roads within the Hills Shire; 30 kilometres north-west of the Sydney CBD. The Centre includes Woolworths, Coles, ALDI, Harris Farm Markets, 78 specialty stores and services, while offering the convenience of 842 car parking spaces, an outdoor children’s play area, community room and a fully equipped parents’ room.

location: Baulkham Hills, nSW

location: Baulkham Hills, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$86.2 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$108.0 million($6,095/m²)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	842

Gross lettable area:	17,719m2
annual sales:	$130.7 million
Specialtyoccupancycost:	15.2%
Weighted average lease expiry:	7.8years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,855	Jul 2027
coles	3,034	Jun 2027
aLdi	1,429	dec 2016

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~~Stockland caloundra/Stockland South~~

Caloundra is located within the southern part of the Sunshine Coast in a population growth corridor. The centre includes a Coles, Kmart and 48 specialty stores. The centre is in close proximity to the Caloundra town centre and there is over one hectare of land adjacent for future expansion. Opposite Stockland Caloundra is Stockland South, a neighbourhood shopping centre anchored by Woolworths and five specialty stores. A development application has been lodged for an additional discount department store and associated retail on land adjoining Stockland Caloundra.

location: caloundra, Qld

location: caloundra, Qld
acquisition date:	Jun 2003/dec 2009
ownership/title:	100%/Freehold
cost includingadditions:	$74.1 million

last independent valuation

last independent valuation
date:	Jun 2012
valuation/($/m2):	$103.0 million	($4,652/m²)
capitalisation rate:	7.50-7.75%
discount rate:	9.00-9.50%
carparkingspaces:	1,141

Gross lettable area:	22,141m2
annual sales:	$158.4 million
Specialtyoccupancycost:	12.4%
Weighted average lease expiry:	7.3years

Major tenants	Gla(m2)	lease expiry
kmart	7,075	mar 2018
Woolworths	4,288	dec 2029
coles	3,957	Jul 2020

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Stockland Gladstone

Situated 500 kilometres north of Brisbane on the Dawson Highway, Stockland Gladstone is the only major shopping centre in the region. The Gladstone area is a thriving regional location, due to significant industrial and mining projects. The property comprises two adjacent centres, linked by a pedestrian and vehicular underpass, including Coles, Woolworths, Kmart, Big W, Target Country and 47 specialty stores. There is 3.2 hectares of rezoned land bordering the property with a development application progressing through the Gladstone Regional Council for future development.

location: Gladstone, Qld
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$64.7 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$99.0 million($3,624/m²)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	1,418

Gross lettable area:	27,320m2
annual sales:	$206.9 million
Specialtyoccupancycost:	10.6%
Weighted average lease expiry:	4.4years

Major tenants	Gla(m2)	lease expiry
kmart	6,687	Sep2017
BigW	6,828	aug2016
Woolworths	3,264	aug2016
coles	2,995	Sep2017
target	1,481	Sep2017

lease expiry profile %

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includes caloundra Woolworths

3 8 8 11 4 66

Stockland ProPerty Portfolio JUNE 2012 15

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Stockland nowra

Nowra is a sub-regional centre conveniently located on the Princes Highway, a major arterial road, 160 kilometres south of Sydney. The centre is anchored by Kmart, Woolworths and 50 specialty stores. The centre has six hectares of zoned land adjacent to the site with development approval for an additional 30,000sqm of GLA.

location: nowra, nSW

location: nowra, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$64.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$85.0 million($5,240/m²)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	819

Gross lettable area:	16,222m2
annual sales:	$140.6 million
Specialtyoccupancycost:	12.3%
Weighted average lease expiry:	3.7years

Major tenants	Gla(m2)	lease expiry
kmart	7,190	Nov 2013
Woolworths	4,230	Nov 2020

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Stockland cleveland

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

location: cleveland, Qld

location: cleveland, Qld
acquisition date:	oct 2002
ownership/title:	100%/Freehold
cost includingadditions:	$73.4 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$80.0 million($5,084/m²)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	780

Gross lettable area:	15,735m2
annual sales:	$131.7 million
Specialtyoccupancycost:	13.3%
Weighted average lease expiry:	3.3years

Major tenants	Gla(m2)	lease expiry
Woolworths	4,031	aug2014
coles	3,536	oct 2017

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Stockland Bull creek

Bull Creek is a single level sub-regional centre located 15 kilometres south of the Perth CBD. The centre is anchored by Woolworths, Target and 48 specialty stores. The centre is positioned as a convenience and value destination in its trade area.

location: Bull creek, Wa

location: Bull creek, Wa
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$57.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$81.0 million($4,852/m²)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	920

Gross lettable area:	16,694m2
annual sales:	$113.3 million
Specialtyoccupancycost:	14.4%
Weighted average lease expiry:	4.1years

Major tenants	Gla(m2)	lease expiry
target	8,131	Jul 2018
Woolworths	3,426	Nov 2013

lease expiry profile %

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16 12 35 7 39
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Vacant FY 13 14 15 16 17+

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~~Stockland traralgon~~

Traralgon is located in the Latrobe Valley region in Victoria, 160 kilometres east of Melbourne. The retail offer includes Coles, Kmart and 48 specialty stores with extensive undercover parking.

location: traralgon, Vic

acquisition date: Jun 2003 ownership/title: 100%/Freehold cost including additions: $49.5 million last independent valuation date: Jun 2012 valuation/($/m[2] ): $79.0 million ($4,067/m²) capitalisation rate: 7.75% discount rate: 9.50% car parking spaces: 756 Gross lettable area: 19,427m[2] annual sales: $122.0 million Specialty occupancy cost: 13.0% Weighted average lease expiry: 1.1 years Major tenants Gla (m[2] ) lease expiry kmart 8,107 Nov 2012 coles 4,737 Nov 2012

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~~Stockland Bathurst~~

Bathurst includes the only two discount department stores in the region, Big W and Target, Woolworths and 38 specialty stores. The centre also provides convenient undercover parking for 525 cars.

location: Bathurst, nSW acquisition date: Jun 2003 ownership/title: 100%/Freehold cost including additions: $57.3 million last independent valuation date: dec 2011 valuation/($/m[2] ): $76.0 million ($3,942/m²) capitalisation rate: 8.00% discount rate: 9.50% car parking spaces: 525 Gross lettable area: 19,281m[2] annual sales: $113.2 million Specialty occupancy cost: 12.8% Weighted average lease expiry: 4.0 years Major tenants Gla (m[2] ) lease expiry Big W 6,150 mar 2015 target 5,973 Nov 2019 Woolworths 2,940 Nov 2014

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~~Stockland Hervey Bay~~

Hervey Bay is a single level sub-regional shopping centre located on the Fraser Coast, 300 kilometres north of Brisbane. The recently acquired centre is anchored by Target, Supa IGA, and 39 specialty stores. The centre is located on a 12 hectare site and has development approval to be expanded by 20,000sqm. The redeveloped centre is expected to be the largest centre between Rockhampton and Maroochydore.

location: Hervey Bay, Qld

acquisition date: apr 2011 ownership/title: 100%/Freehold cost including additions: $71.1 million last independent valuation date: Jun 2012 valuation/($/m[2] ): $63.7 million ($4,091/m²) capitalisation rate: 7.50% discount rate: 9.50% car parking spaces: 992 Gross lettable area: 15,569m[2] annual sales: $82.4 million Specialty occupancy cost: 9.8% Weighted average lease expiry: 3.3 years Major tenants Gla (m[2] ) lease expiry target 5,592 Jul 2015 Supa iGa 2,349 mar 2020

lease expiry profile %

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Stockland ProPerty Portfolio JUNE 2012 17

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Stockland corrimal

Located seven kilometres north of Wollongong, Corrimal is a neighbourhood centre anchored by a strong Woolworths and Dan Murphy’s following a successful remix. Constructed over a single level on a 2.3 hectare site, 42 specialty stores trade from this shopping centre.

location: corrimal, nSW

location: corrimal, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$41.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$58.0 million($5,938/m²)
capitalisation rate:	8.00%
discount rate:	9.50%
carparkingspaces:	524

Gross lettable area:	9,767m2
annual sales:	$115.6 million
Specialtyoccupancycost:	15.2%
Weighted average lease expiry:	10.1years

Major tenants	Gla(m2)	lease expiry
Woolworths	5,974	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. A substantial tenant remix and refurbishment was completed in December 2009. The centre includes Woolworths, Big W, three mini-majors, over 60 specialty stores and five pad sites, including an alfresco dining area and fully equipped parent’s room.

location: riverton, Wa
acquisition date:	aug2006
ownership/title:	50%/Freehold
cost includingadditions:	$53.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$55.0 million($2,778/m²)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	1,236

Gross lettable area:	19,800m2
annual sales:	$136.6 million
Specialtyoccupancycost:	14.2%
Weighted average lease expiry:	3.8years

Major tenants	Gla(m2)	lease expiry
BigW	7,294	Sep2016
Woolworths	3,963	Sep2016

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Stockland Piccadilly

Piccadilly is a two level shopping centre located in Sydney’s premier CBD retail precinct, 150 metres from Pitt Street mall and opposite the Hilton International Hotel. The centre benefits from main entrances off both Pitt and Castlereagh Streets and adjoining thoroughfare to David Jones. The centre is also home to award-winning The Palace Chinese Restaurant.

location: Sydney cBd, nSW

location: Sydney cBd, nSW
acquisition date:	oct 2000
ownership/title:	100%/Leasehold
cost includingadditions:	$36.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$54.0 million($10,283/m²)
capitalisation rate:	7.25%
discount rate:	9.50%
carparkingspaces:	N/a

Gross lettable area:	5,252m2
annual sales:	$25.1 million
Specialtyoccupancycost:	20.3%
Weighted average lease expiry:	3.4years

Major tenants	Gla(m2)	lease expiry
N/a

lease expiry profile %

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12 2 14 12 69
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2 14 14 11 5 54

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

Vacant FY 13 14 15 16 17+

retail cOmmercial POrtfOliO

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~~Stockland Wallsend~~

Wallsend is located ten kilometres north-west of the Newcastle CBD. The centre has a GLA of over 11,000sqm and provides the Wallsend community with Coles, ALDI, 39 specialty stores and an extensive range of services including RTA, Medicare, Australia Post and a range of banks.

location: Wallsend, nSW

acquisition date: Sep 2007 ownership/title: 100%/Freehold cost including additions: $63.7 million last independent valuation date: Jun 2012 valuation/($/m[2] ): $52.5 million ($4,555/m²) capitalisation rate: 8.25% discount rate: 9.50% car parking spaces: 585 Gross lettable area: 11,527m[2] annual sales: $79.1 million Specialty occupancy cost: 11.1% Weighted average lease expiry: 2.4 years Major tenants Gla (m[2] ) lease expiry coles 4,185 oct 2012 aLdi 1,292 Jun 2020

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~~Stockland tooronga~~

Tooronga is 12 kilometres south-east of the Melbourne CBD. The centre provides a Coles concept supermarket, 1st Choice Liquor and 21 new 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 restaurant and lifestyle precinct.

location: tooronga, Vic acquisition date: aug 2010 ownership/title: 100%/Freehold cost including additions: $46.1 million last independent valuation date: dec 2010 valuation/($/m[2] ): $47.8 million ($5,274/m[2] ) capitalisation rate: 7.25% discount rate: 9.50% car parking spaces: 488 Gross lettable area: 9,063m[2] annual sales: $85.6 million Specialty occupancy cost: 15.8% Weighted average lease expiry: 10.1 years Major tenants Gla (m[2] ) lease expiry coles 4,139 aug 2025

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~~Shellharbour retail Park~~

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

location: Shellharbour, nSW

location: Shellharbour, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$35.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.1 million($2,082/m²)
capitalisation rate:	8.25%
discount rate:	9.50%
carparkingspaces:	834

Gross lettable area:	22,145m2
annual sales:	$126.7 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	2.7years

Major tenants	Gla(m2)	lease expiry
Bunnings	7,762	Feb 2018
Woolworths	4,370	Nov 2018
dan murphy’s	1,500	Sep2015

lease expiry profile %

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4 6 90
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38 7 12 19 24
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Stockland ProPerty Portfolio JUNE 2012 19

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Stockland Baldivis

Baldivis is located in one of Perth’s fastest growing populations, adjacent to Stockland’s residential community, Settlers Hills. The centre includes a full-line Coles, McDonalds and 21 specialty stores. Development approval has been granted for an expansion to incorporate a discount department store and 35 additional specialty stores, which will take the centre to 20,600sqm. An application for the next stage is underway, incorporating a second supermarket and a further 3,000sqm of specialty stores.

location: Baldivis, Wa

location: Baldivis, Wa
acquisition date:	aug2006
ownership/title:	100%/Freehold
cost includingadditions:	$31.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$45.4 million($6,581/m²)
capitalisation rate:	7.50%
discount rate:	9.75%
carparkingspaces:	382

Gross lettable area:	6,899m2
annual sales:	$82.7 million
Specialtyoccupancycost:	9.1%
Weighted average lease expiry:	8.5years

Major tenants	Gla(m2)	lease expiry
coles	3,205	may2027

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Stockland cammeray

Cammeray is a 4,700sqm centre, located in the northern suburbs of Sydney, seven kilometres from the CBD. The centre is anchored by Harris Farm Markets and provides a unique combination of boutique specialty retailers. There is a focus on fresh food including restaurants and iconic Sydney fine food retailers, such as Simmone Logue and Hudson Meats. The centre also includes a childcare centre and 850sqm of commercial suites.

location: cammeray, nSW
acquisition date:	dec 2008
ownership/title:	100%/Stratum
cost includingadditions:	$55.4 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$29.8 million($6,317/m²)
capitalisation rate:	7.50%
discount rate:	9.50%
carparkingspaces:	80

Gross lettable area:	4,717m2
annual sales:	$22.4 million
Specialtyoccupancycost:	15.4%
Weighted average lease expiry:	10.6years

Major tenants	Gla(m2)	lease expiry
harris Farm markets	711	oct 2023

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Stockland Highlands

Highlands is a convenient neighbourhood shopping centre located within the Stockland Highlands community in Craigieburn, 27 kilometres north of the Melbourne CBD and is anchored by Woolworths.

location: craigieburn, Vic

location: craigieburn, Vic
acquisition date:	Nov 2011
ownership/title:	100%/Freehold
cost includingadditions:	$33.0 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$25.2 million($3,530/m²)
capitalisation rate:	8.00%
discount rate:	9.25%
carparkingspaces:	330

Gross lettable area:	7,138m2
annual sales:	N/a
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	13.0years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,800	Nov 2031

lease expiry profile %

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

9 23 4 4 60 2 2 17 79
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5 95
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Vacant FY

13 14 15 16 17+

retail cOmmercial POrtfOliO

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~~Stockland north Shore~~

A convenient neighbourhood centre located within the Stockland North Shore residential community in the suburb of Burdell, QLD. The centre opened in March 2011 and includes a new Woolworths and 13 specialty stores. There is also potential to develop an additional 45,000sqm of retail space adjacent to the newly lodged Bunnings extension site.

location: north Shore, Qld

location: north Shore, Qld
acquisition date:	mar 2011
ownership/title:	100%/Freehold
cost includingadditions:	$18.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$19.0 million($3,289/m²)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	250

Gross lettable area:	5,777m2
annual sales:	$43.9 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	7.1years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,609	mar 2021

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~~Jimboomba Village Shopping centre~~

Jimboomba Village Shopping Centre is well located 50 kilometres south of Brisbane in one of the strongest performing growth corridors. Stockland own a 50 percent interest together with management and development rights over the existing centre and associated land parcels. A development application has been approved on the adjacent greenfield land to create a brand new 22,000sqm sub-regional shopping centre with further expansion potential beyond that. In addition, the existing centre will be refurbished as part of any new development.

location: Jimboomba, Qld
acquisition date:	Jan 2007
ownership/title:	50%/Freehold
cost includingadditions:	$25.5 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$15.9 million($1,583/m²)
capitalisation rate:	8.75%
discount rate:	10.00%
carparkingspaces:	470

Gross lettable area:	10,046m2
annual sales:	$39.8 million
Specialtyoccupancycost:	8.5%
Weighted average lease expiry:	4.6years

Major tenants	Gla(m2)	lease expiry
Woolworths	3,716	dec 2017

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~~Stockland Burleigh central~~

Burleigh Central is a strategic land holding for Stockland Burleigh Heads. The seven large format stores at Stockland Burleigh Central include retailers such as Rip Curl and Spotlight.

location: Burleigh Heads, Qld

location: Burleigh Heads, Qld
acquisition date:	aug2003
ownership/title:	100%/Freehold
cost includingadditions:	$15.3 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$15.5 million($1,959/m²)
capitalisation rate:	9.25%
discount rate:	10.00%
carparkingspaces:	265

Gross lettable area:	7,914m2
annual sales:	$3.5 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	2.7years

Major tenants	Gla(m2)	lease expiry
Spotlight	2,700	Jan 2013
Sam’s Warehouse	2,173	apr 2017
ripcurl	1,304	Nov 2013

lease expiry profile %

3 12 7 4 8

14 36

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

24 76

Stockland ProPerty Portfolio JUNE 2012 21

retail cOmmercial POrtfOliO

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

Woolworths toowong
----- End of picture text -----

Woolworths Toowong is a freestanding supermarket located opposite Toowong Village Shopping Centre. This property is held as part of the Toowong development site which offers medium-term mixed-use development potential.

location: toowong, Qld
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$5.2 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$13.3 million($5,802/m2)
capitalisation rate:	N/a
discount rate:	N/a
carparkingspaces:	1,276

Gross lettable area:	2,275m2
annual sales:	N/a
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	0.1years

Major tenants	Gla(m2)	lease expiry
Woolworths	2,275	holdingover

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

adelaide St Plaza, fremantle
----- End of picture text -----

Adelaide St Plaza is located in Fremantle, south of Perth. The centre is anchored by Woolworths. In addition to the supermarket, there are eight specialty stores, 1,100sqm of upper floor office and basement parking for 104 vehicles.

location: fremantle, Wa
acquisition date:	dec 2009
ownership/title:	100%/Leasehold
cost includingadditions:	$18.3 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$11.3 million($2,480/m²)
capitalisation rate:	9.75%
discount rate:	11.00%
carparkingspaces:	104

Gross lettable area:	4,557m2
annual sales:	$13.1 million
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	10.5years

Major tenants	Gla(m2)	lease expiry
Woolworths	2,529	Jun 2028

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Stockland Vincentia Shopping centre

Vincentia Shopping Centre is a single level, open air neighbourhood shopping centre with 4,160sqm of GLA. The property is situated in Vincentia, a developing residential and tourist township on the south coast of NSW. The centre is anchored by a strong performing BI-LO and 23 specialty stores.

location: Vincentia, nSW

location: Vincentia, nSW
acquisition date:	Jan 2007
ownership/title:	100%/Freehold
cost includingadditions:	$15.3 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$10.7 million($2,570/m²)
capitalisation rate:	10.00%
discount rate:	10.50%
carparkingspaces:	198

Gross lettable area:	4,163m2
annual sales:	$47.0 million
Specialtyoccupancycost:	14.9%
Weighted average lease expiry:	1.8years

Major tenants	Gla(m2)	lease expiry
Bi-Lo	1,973	mar 2014

lease expiry profile %

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

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

16 12 8 73
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----- Start of picture text -----

12 16 47 13 6 6
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Vacant FY 13 14 15 16 17+

retail cOmmercial POrtfOliO

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~~Stockland Merrylands court~~

Located within the Merrylands CBD, Merrylands Court is a strategic land holding anchored by Harris Farm Markets and includes retailers such as Car Lovers, Contours, Red Rooster, Subway and Blockbuster Video. The property was acquired as it is located adjacent to Stockland Merrylands, which is currently undergoing a major redevelopment.

location: Merrylands, nSW
acquisition date:	dec 2002
ownership/title:	100%/Freehold
cost includingadditions:	$17.6 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$9.1 million($1,501/m²)
capitalisation rate:	9.00%
discount rate:	10.00%
carparkingspaces:	140

Gross lettable area:	6,062m2
annual sales:	N/a
Specialtyoccupancycost:	N/a
Weighted average lease expiry:	1.5years

Major tenants	Gla(m2)	lease expiry
harris Farm markets	1,214	dec 2014

lease expiry profile %

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

37 19 3 20 21
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Stockland ProPerty Portfolio JUNE 2012 23

Office cOmmercial POrtfOliO

oPtUS centre, MacQUarie Park

thE oPtuS cENtrE iS LocatEd aPProximatELy 12 kiLomEtrES NorthWESt oF thE SydNEy cBd iN macquariE Park. thE iNtEGratEd camPuS comPriSES Six LoW-riSE oFFicE BuiLdiNGS With aN NLa oF 84,194Sqm aNd ParkiNG For 2,100 vEhicLES.

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Office cOmmercial POrtfOliO

Office

At 30 June 2012 the portfolio comprises 21 properties valued at $1.9 billion. Our focus is on maximising investment returns across the portfolio.

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

135 King Street, Sydney, NSW

lease expiry profile %

==> picture [230 x 99] intentionally omitted <==

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

9 9 11 14 9 48
Vacant FY
13 14 15 16 17+
Geographic split %
70 17 12 1
NSWQLD WA ACT
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Stockland ProPerty Portfolio JUNE 2012 25

Office cOmmercial POrtfOliO

9 caStlereaGH St, Sydney

dESiGNEd aNd coNStructEd iN 1989 By auStraLia’S LEadiNG architEct, harry SEidLEr, 9 caStLErEaGh StrEEt iS a LaNdmark SydNEy BuiLdiNG. LocatEd iN thE hEart oF SydNEy’S cBd, thE ProPErty haS SiGNiFicaNt FroNtaGE to caStLErEaGh StrEEt aNd oFFErS 31 LEvELS oF a-GradE oFFicE accommodatioN, a GrouNd FLoor chiLd carE cENtrE aNd aN automatEd StackiNG SyStEm For thE carPark.

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Office cOmmercial POrtfOliO

offce Portfolio as at 30 June 2012

Page	Property	location	nla (m2)	Book value# ($m)	aifrS noi ($m)	% of offce Portfolio	Passing rent ($/m2)	net/Gross
28	PiccadillyComplex,133-145 Castlereagh Street,Sydney^	NSW	39,405	309.9	16.6	16.7	589*	Net
28	Waterfront Place,Eagle Street,Brisbane**	QLD	58,185	245.0	18.7	13.2	743	Gross
28	9 Castlereagh Street,Sydney	NSW	20,953	172.3	7.7	9.3	808	Gross
29	Triniti Business Campus,North Ryde	NSW	28,158	168.8	9.3	9.1	339	Net
29	Durack Centre,263 Adelaide Terrace and 2 Victoria Ave,Perth	WA	25,221	150.5	11.7	8.1	579	Net
29	Optus Centre,Macquarie Park^^	NSW	84,194	116.3	8.8	6.3	275	Net
30	135 KingStreet,Sydney**^	NSW	27,067	98.4	5.4	5.3	747	Gross
30	78 Waterloo Road,Macquarie Park	NSW	14,983	71.1	4.0	3.8	333	Net
30	60-66 Waterloo Road,Macquarie Park	NSW	18,238	68.6	5.5	3.7	325	Net
31	601 Pacifc Highway,St Leonards	NSW	12,677	66.9	6.1	3.6	443	Net
31	77 Pacifc Highway,North Sydney	NSW	9,368	55.7	4.2	3.0	501	Net
31	45 St Georges Terrace,Perth	WA	10,003	55.2	5.4	3.0	521	Net
32	175-181 Castlereagh Street,Sydney	NSW	11,848	50.5	4.2	2.7	471	Gross
32	Garden Square,Mt Gravatt	QLD	12,651	38.4	3.1	2.1	384	Gross
32	Macquarie TechnologyCentre,Macquarie Park	NSW	15,142	35.1	2.8	1.9	239	Net
33	16 Giffnock Avenue,Macquarie Park	NSW	11,107	34.9	2.7	1.9	272	Net
–	255-267 St Georges Terrace,Perth^^^	WA	4,129	26.9	1.7	1.4	440	Net
33	80-88 Jephson Street,23 and 27-29 High Street,Toowong	QLD	7,864	25.7	1.5	1.4	385	Gross
33	40 Cameron Avenue,Belconnen	ACT	15,364	23.0	3.5	1.2	375	Gross
34	110 Walker Street,North Sydney	NSW	4,532	22.7	1.2	1.2	456	Net
34	118-120 Pacifc Highway,St Leonards	NSW	5,126	20.5	1.8	1.1	462	Gross
			436,215	1,856.4	125.9	100.0

represents the full carrying value of the investment property.
represents passing rent for tower only. Net court passing rent is $371/m[2]
** Book value represents Stockland’s 50% ownership interest.
^ Book value and NLa, office component only. retail component included in retail Portfolio.
^^ Book value represents Stockland’s 31% ownership interest.

^^^ asset held for sale

Stockland ProPerty Portfolio JUNE 2012 27

Office cOmmercial POrtfOliO

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Piccadilly complex

The Piccadilly Complex comprises the Tower, an A-grade 32 storey office building, and Piccadilly Court, a B-grade 14 storey office building. In addition a retail mall is situated over two levels constructed between the two office buildings, basement parking accommodates 232 vehicles, and average floor plates of 1,200sqm. Stockland’s head office is located within the Tower, occupying nine floors. The space achieved the first 6-Star Green Star rating for a tenant fitout.

location: 133-145 castlereagh Street, Sydney, nSW

acquisition date:	oct 2000
ownership/title:	100%/Leasehold(Expiry2091)
cost includingadditions:	$228.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$307.0 million($7,791/m2)
capitalisation rate:	7.25-8.25%
discount rate:	9.00-9.50%
carparkingspaces:	232

Net lettable area:	39,405m2
Weighted average lease expiry:	3.9years
NaBErS energyrating:	4.5/3.5*
Green Star rating:	6 Star**(Stockland offce only)

Major tenants	nla(m2)
Stockland	10,149
unitingchurch	4,907
Ghd Services	4,357
Smartsalary	2,492

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Waterfront Place

Waterfront Place is located on Eagle Street, overlooking the Brisbane River from a prime commercial location providing panoramic river views and Brisbane vistas from all commercial levels. The building offers 36 levels of premium grade office space over floor plates averaging 1,800sqm. The building recently completed an extensive foyer upgrade and is currently undergoing an upgrade to lifts and a rolling refurbishment on the office floors.

location: eagle Street, Brisbane, Qld

acquisition date:	Feb 2004
ownership/title:	50%/Freehold/Leasehold
cost includingadditions:	$165.2 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$245.0 million($8,421/m2*)
capitalisation rate:	7.50%
discount rate:	9.25%
carparkingspaces:	498

Net lettable area:	58,185m2
Weighted average lease expiry:	5.1years
NaBErS energyrating:	4.5
Green Star rating:	N/a

Major tenants	nla(m2)
minter Ellison	7,860
Ernst & young	6,187
dLa Phillips Fox	4,147
mallesons Stephens Jacques	3,996

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9 castlereagh Street

Designed and constructed in 1989 by Australia’s leading architect, Harry Seidler, 9 Castlereagh Street is a landmark Sydney building. Located in the heart of Sydney’s CBD, the property has significant frontage to Castlereagh Street and offers 31 levels of A-grade office accommodation, a ground floor child care centre and an automated stacking system for the carpark. The building has recently undergone a rolling refurbishment on the office floors, upgrade to the foyer and plant facilities.

location: Sydney, nSW

location: Sydney, nSW
acquisition date:	mar 2008
ownership/title:	100%/Freehold
cost includingadditions:	$220.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$172.5 million($8,233/m2)
capitalisation rate:	7.15%
discount rate:	9.25%
carparkingspaces:	74

Net lettable area:	20,953m2
Weighted average lease expiry:	2.6years
NaBErS energyrating:	3.5
Green Star rating:	N/a

Major tenants	nla(m2)
talent 2	1,340
van Eyk research	922
Jigsaw corporate childcare	767

lease expiry profile %

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11 3 6 21 2 57
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Piccadilly tower and Piccadilly court respectively ** Green Star office interiors v.1 - www.gbca.org.au

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

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

2 8 23 4 63
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100% interest

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

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

18 13 11 21 12 25
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Vacant FY

13 14 15 16 17+

Office cOmmercial POrtfOliO

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~~triniti Business campus~~

Triniti Business Campus is located within Riverside Corporate Park close to the North Ryde train station providing sweeping views of the Sydney CBD and districts. Buildings one and two were completed in 2008 and Building three in 2009. The campus houses blue chip companies including Baulderstone, Goodman Fielder, CSR and Downer EDI Engineering. The adjacent site has vacant land with an approved DA for future development. Triniti won the 2010 PCA Innovation and Excellence Award for Business/Industrial Parks.

location: north ryde, nSW

location: north ryde, nSW
acquisition date:	Jun 2001
ownership/title:	100%/Freehold
cost includingadditions:	$150.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$169.5 million($6,020/m2)
capitalisation rate:	7.50%
discount rate:	9.00%
carparkingspaces:	1,011

Net lettable area:	28,158m2
Weighted average lease expiry:	4.3years
NaBErS energyrating:	5
Green Star rating:	5 Star*

Major tenants	nla(m2)
Goodman Fielder	8,521
downer Edi Engineering	7,030
cSr	5,752
Baulderstone hornibrook	4,665

==> picture [230 x 131] intentionally omitted <==

~~durack centre~~

The Durack Centre comprises a 13-storey building with large 1,300sqm floor plates, two basement levels and parking for 167 cars. The building enjoys extensive views across the Swan River. A second building at 2 Victoria Avenue was completed in 2009 and is anchored by Shell. The A-grade, four level office building was awarded WA’s first 6-Star Green Star rating by the Green Building Council of Australia, along with PCA’s Property of the Year Award for WA.

location: 263 adelaide terrace and 2 Victoria ave, Perth, Wa

acquisition date:	oct 2006
ownership/title:	100%/Leasehold
cost includingadditions:	$106.8 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$150.7 million($5,975/m2)
capitalisation rate:	8.50-9.00%
discount rate:	9.75-10.00%
carparkingspaces:	167

Net lettable area:	25,221m2
Weighted average lease expiry:	5.3years
NaBErS energyrating:	4.5/5.0*
Green Star rating:	6 Star**

Major tenants	nla(m2)
Sinclair knight merz	10,607
Shell	5,718
BhP Billiton	2,013
Stockland development	1,269

==> picture [230 x 131] intentionally omitted <==

~~optus centre~~

The Optus Centre is located 12 kilometres north-west of the Sydney CBD in Macquarie Park. The integrated campus comprises six low-rise office buildings with an NLA of 84,194sqm and parking for 2,100 vehicles.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	Jul 2000
ownership/title:	31%*/Freehold
cost includingadditions:	$105.8 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$116.3 million($4,456/m2**)
capitalisation rate:	7.50%
discount rate:	9.00%
carparkingspaces:	2,100

Net lettable area:	84,194m2
Weighted average lease expiry:	10.0years
NaBErS energyrating:	N/a
Green Star rating:	N/a

Major tenants	nla(m2)
optus	84,194

lease expiry profile %

1 30

Green Star office as Built v.2 - www.gbca.org.au
3 9 4 4

263 adelaide terrace and 2 victoria ave respectively
** Green Star office design v.2 (2 victoria avenue only) - www.gbca.org.au
100
Sdot2 has 49% ownership
** 100% interest

Stockland ProPerty Portfolio JUNE 2012 29

Office cOmmercial POrtfOliO

==> picture [230 x 131] intentionally omitted <==

135 king Street

The property was completed in 1990 and comprises a prominent 24 level, A-grade office tower as well as the Glasshouse Shopping Centre, a three-level retail centre in the heart of Pitt Street Mall that includes 22 specialty retail tenancies. The building recently completed a mechanical plant upgrade and a rolling refurbishment over the office floors is ongoing.

location: Sydney, nSW

location: Sydney, nSW
acquisition date:	Jun 2003
ownership/title:	50%/Freehold
cost includingadditions:	$84.3 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$96.5 million($7,130/m2*)
capitalisation rate:	6.90-7.20%
discount rate:	9.00%
carparkingspaces:	55

Net lettable area:	27,067m2
Weighted average lease expiry:	3.1years
NaBErS energyrating:	3.5
Green Star rating:	N/a

Major tenants	nla(m2)
Brookfeld australia	4,806
russell investments	3,655
tresscox Lawyers	3,653

==> picture [230 x 131] intentionally omitted <==

78 Waterloo road

Completed in June 2009, 78 Waterloo Road is an innovatively designed building featuring a central atrium servicing two efficient floor plates. The building is an eight-level commercial building anchored by Schneider and sits in the heart of the Macquarie Park precinct. The 5-Star Green Star v.2 rated property has dual frontage access to Waterloo Road and Byfield Street, and is diagonally opposite the Macquarie University and Macquarie Park train station.

location: Macquarie Park, nSW
acquisition date:	aug2007
ownership/title:	100%/Freehold
cost includingadditions:	$76.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$70.0 million($4,672/m2)
capitalisation rate:	7.50%
discount rate:	9.00%
carparkingspaces:	286

Net lettable area:	14,983m2
Weighted average lease expiry:	6.9years
NaBErS energyrating:	5.5
Green Star rating:	5 Star*

Major tenants	nla(m2)
Schneider	9,617
Boehringer ingelheim	4,219

==> picture [231 x 131] intentionally omitted <==

60-66 Waterloo road

60-66 Waterloo Road is located in Sydney’s Macquarie Park, 12 kilometres north-west of Sydney CBD. 60 Waterloo Road comprises a modern office, laboratory and warehouse building leased to Laverty Health. 66 Waterloo Road offers A-grade office accommodation and offers average floor plates of 1,700sqm.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$52.3 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$69.8 million($3,827/m2)
capitalisation rate:	8.25-8.50%
discount rate:	9.25%
carparkingspaces:	517

Net lettable area:	18,238m2
Weighted average lease expiry:	2.1years
NaBErS energyrating:	5.0*
Green Star rating:	N/a

Major tenants	nla(m2)
Lavertyhealth	8,167
merck Sharpdohme	5,270
Jansen cilagPtyLtd	4,781

lease expiry profile %

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

15 25 14 4 1 41
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2 3 95 * Green Star office design v.2 - www.gbca.org.au

38 62

66 Waterloo road only
Excludes retail ** 100% interest Vacant FY

13 14 15 16 17+

Office cOmmercial POrtfOliO

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~~601 Pacifc Highway~~

Completed in 1988, 601 Pacific Highway is a high profile A-grade office tower located 200 metres east of St Leonards train station. The property comprises 13 office levels, ground floor showroom, two retail tenancies and basement car parking. The upper office levels enjoy spectacular city and district views. The office tower is occupied by IBM as its Australian head office.

location: St leonards, nSW
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$66.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$66.3 million($5,230/m2)
capitalisation rate:	8.50%
discount rate:	9.50%
carparkingspaces:	155

Net lettable area:	12,677m2
Weighted average lease expiry:	1.1years
NaBErS energyrating:	5.0
Green Star rating:	N/a

Major tenants	nla(m2)
iBm	11,826

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~~77 Pacifc Highway~~

77 Pacific Highway has a high profile location in close proximity to North Sydney train station and offers expansive harbour and city views. The property comprises of 15 levels of commercial tenants, ground floor cafe and two levels of basement parking. The property was redeveloped in 2002 to A-grade standard, including expansion of the NLA by 1,900sqm, new floor to ceiling glass facade and a double-height entry foyer.

location: north Sydney, nSW
acquisition date:	Jan 2000
ownership/title:	100%/Freehold
cost includingadditions:	$55.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$55.5 million($5,924/m2)
capitalisation rate:	8.25%
discount rate:	9.50%
carparkingspaces:	40

Net lettable area:	9,368m2
Weighted average lease expiry:	2.2years
NaBErS energyrating:	4.0
Green Star rating:	N/a

Major tenants	nla(m2)
comops	1,266
health administration	972
ShL	900
infosys technologies australia	734

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45 St Georges terrace

45 St Georges Terrace is located between William and Barrack Streets within the historic heart and traditional financial precinct of the Perth CBD. The building comprises nine office levels, ground floor banking accommodation and 36 basement level parking spaces.

location: Perth, Wa
acquisition date:	mar 2007
ownership/title:	100%/Freehold
cost includingadditions:	$61.9 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$54.8 million($5,478/m2)
capitalisation rate:	8.75%
discount rate:	10.25%
carparkingspaces:	36

Net lettable area:	10,003m2
Weighted average lease expiry:	2.2years
NaBErS energyrating:	2.5
Green Star rating:	N/a

Major tenants	nla(m2)
WorleyParsons	5,946
amcom	1,096

lease expiry profile %

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3 1 15 38 23 3 20
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Stockland ProPerty Portfolio JUNE 2012 31

Office cOmmercial POrtfOliO

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175-181 castlereagh Street

175 Castlereagh Street is located in the mid-town precinct of the Sydney CBD, close to Stockland’s head office. The property is a 17-level building and has 13 levels of commercial office accommodation and four levels of basement parking. The building has achieved a 5 star NABERS energy rating.

location: Sydney, nSW
acquisition date:	Sep1982
ownership/title:	100%/Freehold
cost includingadditions:	$38.3 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$50.5 million($4,262/m2)
capitalisation rate:	8.75%
discount rate:	9.65%
carparkingspaces:	168

Net lettable area:	11,848m2
Weighted average lease expiry:	1.4years
NaBErS energyrating:	5.0
Green Star rating:	N/a

Major tenants	nla(m2)
hmGm qEii(crown Property)	4,632
department For Women	884
department for teachers	875
australia Post	733

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Garden Square

Garden Square occupies a high profile location in the regional business district of Upper Mt Gravatt, 11 kilometres south of Brisbane’s CBD. Garden Square is a commercial office park comprising two buildings offering a total of seven levels of office accommodation and on-site parking for 410 vehicles.

location: Mt Gravatt, Qld
acquisition date:	Feb 2007
ownership/title:	100%/Freehold
cost includingadditions:	$64.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$37.3 million($2,948/m2)
capitalisation rate:	9.00%
discount rate:	9.75%
carparkingspaces:	410

Net lettable area:	12,651m2
Weighted average lease expiry:	3.4years
NaBErS energyrating:	4.0
Green Star rating:	N/a

Major tenants	nla(m2)
department of Public Works	8,187

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Macquarie technology centre

Macquarie Technology Centre is located 12 kilometres north-west of Sydney’s CBD in Macquarie Park. Erected on the site are two buildings, 33-39 Talavera Road and 11-17 Khartoum Road, largely comprising of office space with on-site parking for 321 vehicles. 33-39 Talavera Road is fully occupied by Sony Australia. 11-17 Khartoum Road is leased to a range of smaller tenants, and comprises office and warehouse accommodation.

location: Macquarie Park, nSW

location: Macquarie Park, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$40.5 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$35.1 million($2,318/m2)
capitalisation rate:	8.25-9.00%
discount rate:	9.50-9.75%
carparkingspaces:	321

Net lettable area:	15,142m2
Weighted average lease expiry:	2.4years
NaBErS energyrating:	4.0*
Green Star rating:	N/a

Major tenants	nla(m2)
Sony (australia)	10,644
Noel arnold & associates	1,681
tardis Services	849
Silicon Graphics	418

lease expiry profile %

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7 58 4 9 14 8
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13 15 22 50
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8 6 3 73 10
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11-17 khartoum road only

Vacant FY 13 14 15 16 17+

Office cOmmercial POrtfOliO

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16 Giffnock avenue

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

location: Macquarie Park, nSW
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$29.9 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$33.0 million($2,971/m2)
capitalisation rate:	8.90%
discount rate:	9.50%
carparkingspaces:	270

Net lettable area:	11,107m2
Weighted average lease expiry:	2.9years
NaBErS energyrating:	1.5
Green Star rating:	N/a

Major tenants	nla(m2)
alstom Power	3,985
Bausch & Lomb	2,318
apotex	1,945
Navman	664

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

80-88 Jephson, 23 and 27-29 High Street are located in the heart of Toowong’s commercial district. 80-88 Jephson Street is a five-level office building that adjoins Stockland’s Woolworths Toowong. 23 and 27-29 High Street offer 1,487sqm of retail and office accommodation over two levels and are held as part of the Toowong development site which offers medium term mixed-use development potential.

location: toowong, Qld
acquisition date:	Jun 2006/Jul 2006/Jan 2008
ownership/title:	100%/Freehold
cost includingadditions:	$39.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$25.4 million($3,230/m2)
capitalisation rate:	8.25-9.00%
discount rate:	9.75%
carparkingspaces:	131

Net lettable area:	7,864m2
Weighted average lease expiry:	2.1years
NaBErS energyrating:	1.5*
Green Star rating:	N/a

Major tenants	nla(m2)
trans cityJv	1,896
allianz	1,468

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40 cameron avenue

The Chandler Building occupies a prominent corner site in the south-eastern precinct of the Belconnen Town Centre. Constructed in 1993, 40 Cameron Avenue comprises four upper levels of office accommodation, basement car parking for 50 cars and on-grade parking for 166 cars. The building has floor plates in excess of 3,500sqm and is undergoing significant refurbishment.

location: Belconnen, act

location: Belconnen, act
acquisition date:	Feb 2007/Nov 2009
ownership/title:	100%/Leasehold(Expiry2096)
cost includingadditions:	$61.5 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$23.0 million($1,497/m2)
capitalisation rate:	10.17%
discount rate:	10.50%
carparkingspaces:	216

Net lettable area:	15,364m2
Weighted average lease expiry:	1.9years
NaBErS energyrating:	2.5
Green Star rating:	N/a

Major tenants	nla(m2)
hewlett Packard	5,692

lease expiry profile %

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12 6 14 51 16 1
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63
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37
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80-88 Jephson Street only

20 36

Stockland ProPerty Portfolio JUNE 2012 33

Office cOmmercial POrtfOliO

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110 Walker Street
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The seven level property is located within the North Sydney CBD. The building comprises six upper levels of office accommodation, with several terrace areas, ground floor retail and 80 basement car parking bays.

location: north Sydney, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$24.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$22.4 million($4,943/m2)
capitalisation rate:	8.50%
discount rate:	9.50%
carparkingspaces:	80

Net lettable area:	4,532m2
Weighted average lease expiry:	2.4years
NaBErS energyrating:	4.0
Green Star rating:	N/a

Major tenants	nla(m2)
rice daubney	1,454

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118-120 Pacifc Highway

The Clemenger Building has a high profile location on the Pacific Highway, a short walk from St Leonards train station. The Property Council of Australia award-winning building comprises seven levels with expansive views of Sydney CBD and surrounding districts. There are terraces on three levels and two levels of basement car parking.

location: St leonards, nSW
acquisition date:	oct 2000
ownership/title:	100%/Freehold
cost includingadditions:	$22.2 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$20.0 million($3,902/m2)
capitalisation rate:	9.00%
discount rate:	9.75%
carparkingspaces:	151

Net lettable area:	5,126m2
Weighted average lease expiry:	6.3years
NaBErS energyrating:	4.0
Green Star rating:	N/a

Major tenants	nla(m2)
clemenger	5,126

lease expiry profile %

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44 5 4 47
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100
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Vacant FY 13 14 15 16 17+

industrial cOmmercial POrtfOliO

Industrial

At 30 June 2012 the portfolio comprises 13 properties with just under one million square metres of building area valued at $0.8 billion. Properties are strategically positioned in key locations for logistics, infrastructure and employment.

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Yennora Distribution Centre, Yennora, NSW

lease expiry profile %

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3 33 8 12 20 24
Vacant FY
13 14 15 16 17+
Geographic split %
48 29 13 10
NSW VIC QLD SA
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Stockland ProPerty Portfolio JUNE 2012 35

industrial cOmmercial POrtfOliO

yennora diStriBUtion centre, yennora, nSW

yENNora diStriButioN cENtrE iS oNE oF thE LarGESt diStriButioN cENtrES oF itS kiNd iN thE SouthErN hEmiSPhErE With ovEr 300,000Sqm uNdEr rooF aNd a FurthEr 60,000Sqm oF dEdicatEd coNtaiNEr hardStaNd. thE SitE oPEratES aS aN ‘iNtErmodaL’ raiL tErmiNaL With NEarLy SEvEN kiLomEtrES oF raiL SidiNGS coNNEctEd to thE maiN WEStErN raiL LiNE. a 2.1 hEctarE SitE WaS acquirEd iN 2010, Which LEad to thE coNStructioN oF 11,000Sqm oF WarEhouSE aNd oFFicES aNd a SuccESSFuL PrELEaSE to toLL, comPLEtEd iN thE FirSt quartEr 2012.

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industrial cOmmercial POrtfOliO

industrial Portfolio as at 30 June 2012

							Passing
				Book value#	aifrS	% of industrial	warehouse
Page	Property	location	Gla (m2)*	($m)	noi ($m)	Portfolio	rent ($/m2)	net/Gross
38	Yennora Distribution Centre,Yennora	NSW	302,813	343.0	25.6	41.3	91	Net
38	Port Adelaide Distribution Centre,Port Adelaide	SA	168,060	83.3	8.1	10.1	52	Net
38	Brooklyn Estate,Brooklyn	VIC	129,424	82.8	6.9	10.0	61	Net
39	Hendra Distribution Centre,Brisbane	QLD	82,764	81.8	7.1	9.8	97	Net
39	Toll Business Park,Altona	VIC	52,845	46.8	3.9	5.6	85	Net
39	20-50 and 76-82 Fillo Drive and 10 Stubb Street,Somerton	VIC	71,326	46.7	3.9	5.6	62	Net
40	9-11a Ferndell Street,Granville	NSW	48,115	42.1	4.5	5.1	100	Net
40	1090-1124 Centre Road,Oakleigh	VIC	44,352	33.6	2.4	4.0	74	Net
40	Altona Distribution Centre,Altona	VIC	34,312	26.5	2.0	3.2	68	Net
41	2 Davis Road,Wetherill Park	NSW	16,813	16.0	1.8	1.9	110	Net
41	Export Park,9-13 Viola Place,Brisbane Airport	QLD	8,468	12.6	1.3	1.5	188	Net
41	M1 Yatala Enterprise Park,Yatala	QLD	N/A	8.5	N/A	1.0	N/A	N/A
42	40 Scanlon Drive,Epping	VIC	9,371	7.7	0.6	0.9	74	Net
			968,663	831.4	68.1	100.0

Excludes hardstand
represents the full carrying value of the investment property

Stockland ProPerty Portfolio JUNE 2012

industrial cOmmercial POrtfOliO

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yennora distribution centre

Yennora Distribution Centre is one of the largest distribution centres of its kind in the southern hemisphere with over 300,000sqm under roof and a further 60,000sqm of dedicated container hardstand. The site operates as an ‘intermodal’ rail terminal with nearly seven kilometres of rail sidings connected to the main western rail line. A 2.1 hectare site was acquired in 2010, which lead to the construction of 11,000sqm of warehouse and offices and a successful pre-lease to Toll, completed in the first quarter 2012.

location: yennora, nSW
acquisition date:	Jul 2000/Nov 2010
ownership/title:	100%/Freehold
cost includingadditions:	$253.4 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$343.0 million($1,133/m2)
capitalisation rate:	8.00%
discount rate:	9.50%

Lettable area:	302,813m2
Site area:	70ha
hardstand:	63,875m2
Weighted average lease expiry:	2.2years

Major tenants	Gla(m2)
australian Wool handlers	69,124
owens illinois	53,817
Linfox	43,881
qube Logistics	42,823

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Port adelaide distribution centre

Port Adelaide Distribution Centre is a large industrial estate comprising of over 160,000sqm with 12 large warehouses, some hardstand area as well as surplus development land. It is well located within close proximity to the port and main arterial routes.

location: Port adelaide, Sa
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$48.1 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$82.4 million($490/m2)
capitalisation rate:	9.50%
discount rate:	10.50%

Lettable area:	168,060m2
Site area:	32ha
hardstand:	N/a
Weighted average lease expiry:	2.2years

Major tenants	Gla(m2)
o-i(aci)	101,965
impact Fertiliser	20,729
Spendless Shoes PtyLimited	13,522
viterra	10,525

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Brooklyn estate

Brooklyn Estate is a well established 22 hectare distribution centre, located ten kilometres west of the Melbourne CBD and adjacent to the four-way interchange of West Gate Freeway and the Princes Highway. The estate comprises eight separate warehouses, which were completed in the 1980s and early 1990s.

location: Brooklyn, Vic

location: Brooklyn, Vic
acquisition date:	Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$62.9 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$82.8 million($640/m2)
capitalisation rate:	9.00%
discount rate:	9.75%

Lettable area:	129,424m2
Site area:	22ha
hardstand:	12,951m2
Weighted average lease expiry:	2.8years

Major tenants	Gla(m2)
ceva(tNt)	34,619
unitised Building (aust)PtyLtd	32,809
qube Logistics	30,174
kagan Logistics	12,309

lease expiry profile %

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2 55 9 5 4 25 4 13 16 14 53
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41 18 41
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Vacant FY 13 14 15 16 17+

industrial cOmmercial POrtfOliO

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~~Hendra distribution centre~~

The complex comprises 17 warehouses, including a large, modern distribution centre along with offices, amenities and ancillary improvements. The property is well situated in Brisbane’s Trade Coast precinct, enjoying excellent road, port and air accessibility.

location: Brisbane, Qld

location: Brisbane, Qld
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$48.7 million

last independent valuation
date:	dec 2010
valuation/($/m2):	$81.5 million($985/m2)
capitalisation rate:	9.00%
discount rate:	9.75%

Lettable area:	82,764m2
Site area:	17ha
hardstand:	23,160m2
Weighted average lease expiry:	4.3years

Major tenants	Gla(m2)
kmart distribution	28,500
Laminex	7,902
Lion Nathan	7,724
Global Express(Fastway)	6,889

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~~toll Business Park~~

Toll Business Park comprises three modern warehouses/distribution facilities. 11-25 Toll Drive consists of state of the art automated picking technology and is leased to Toll (IPEC) until 2015. 32-54 Toll Drive is a warehouse/distribution facility that is capable of expansion up to 10,000sqm. 56-60 Toll Drive features a temperature controlled warehouse in addition to five recessed sunken docks and another nine loading bays. An additional freestanding single level office is also provided on the site.

location: altona, Vic
acquisition date:	Sep2006
ownership/title:	100%/Freehold
cost includingadditions:	$62.4 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.2 million($874/m2)
capitalisation rate:	8.75-9.50%
discount rate:	9.75%

Lettable area:	52,845m2
Site area:	13ha
hardstand:	7,000m2
Weighted average lease expiry:	2.4years

Major tenants	Gla(m2)
toll holdings Limited	52,845

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20-50 and 76-82 fillo drive and 10 Stubb Street

The property comprises three warehouse facilities with adjacent boundaries. 20-50 Fillo Drive comprises a 31,000sqm distribution facility, with clearance of eight metres and multiple loading points. 10 Stubb Street is located on the same title and comprises a distribution facility, consisting of a two-level office attached to a medium-bay warehouse with loading to three elevations. 76-82 Fillo Drive is a modern industrial building with extensive loading docks, functional awning areas and future expansion potential.

location: Somerton, Vic

location: Somerton, Vic
acquisition date:	Sep2006/Jul 2006
ownership/title:	100%/Freehold
cost includingadditions:	$63.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$46.9 million($658/m2)
capitalisation rate:	9.00-9.25%
discount rate:	9.75%

Lettable area:	71,326m2
Site area:	16ha
hardstand:	N/a
Weighted average lease expiry:	2.7years

Major tenants	Gla(m2)
toll holdings Limited	52,504
yakka PtyLtd	18,882

lease expiry profile %

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34 66
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74 26
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10 18 7 2 63

Stockland ProPerty Portfolio JUNE 2012 39

industrial cOmmercial POrtfOliO

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9-11a ferndell Street

9-11a Ferndell Street comprises three modern office/warehouse buildings on a 5.4 hectare site. 11a Ferndell Street is a factory/ warehouse building comprising three warehouse bays and ancillary office leased to Visy until 2013. Both properties are located in the established industrial suburb of Granville, 20 kilometres west of the Sydney CBD.

location: Granville, nSW

location: Granville, nSW
acquisition date:	apr 2003/Jun 2003
ownership/title:	100%/Freehold
cost includingadditions:	$53.2 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$40.8 million($848/m2)
capitalisation rate:	9.50-10.00%
discount rate:	10.25-10.75%

Lettable area:	48,115m2
Site area:	9ha
hardstand:	N/a
Weighted average lease expiry:	3.7years

Major tenants	Gla(m2)
visyindustrial Plastics	17,546
Williams Enterprise Group	13,574
Frucor Beverage’s(australia)	6,540
cEva Logistics	4,612

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1090-1124 centre road

The property is well located in Melbourne’s south-eastern suburbs, 17 kilometres from Melbourne’s CBD. The 8.1 hectare site is situated on a prominent main road location and currently comprises five warehouses and a single office building.

location: oakleigh, Vic
acquisition date:	Feb 2007
ownership/title:	100%/Freehold
cost includingadditions:	$51.8 million

last independent valuation
date:	Jun 2010
valuation/($/m2):	$32.5 million($733/m2)
capitalisation rate:	8.79%
discount rate:	9.50%

Lettable area:	44,352m2
Site area:	8ha
hardstand:	N/a
Weighted average lease expiry:	3.1years

Major tenants	Gla(m2)
amcor	11,502
Steinhoff asia Pacifc	7,603
averydenison	7,470
SimS metal	6,846

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altona distribution centre

The complex is located in the western industrial precinct of Melbourne adjacent to the Western Ring Road, and comprises nine separate buildings. A new 8,000sqm building completed following a successful pre lease to CEVA until 2015.

location: altona, Vic

location: altona, Vic
acquisition date:	Jul 2000
ownership/title:	100%/Freehold
cost includingadditions:	$27.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$26.2 million($764/m2)
capitalisation rate:	9.25%
discount rate:	9.75%

Lettable area:	34,312m2
Site area:	15ha
hardstand:	65,355m2
Weighted average lease expiry:	3.2years

Major tenants	Gla(m2)
ceva(tNt)	13,962
autonexus	6,220
Petrogas	4,877
conneq	3,912

lease expiry profile %

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36 14 22 28
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9 15 3 17 26 30
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21 11 24
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44
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Vacant FY 13 14 15 16 17+

industrial cOmmercial POrtfOliO

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~~2 davis road~~

This property is a modern office/warehouse building which has three high-clearance warehouse bays and has further development potential to the rear with only 38 percent existing site coverage.

location: Wetherill Park, nSW
acquisition date:	apr 2003
ownership/title:	100%/Freehold
cost includingadditions:	$16.0 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$16.0 million($952/m2)
capitalisation rate:	9.25%
discount rate:	9.75%

Lettable area:	16,813m2
Site area:	4ha
hardstand:	N/a
Weighted average lease expiry:	0.0years

Major tenants	Gla(m2)
N/a	N/a

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~~export Park~~

9-13 Viola Place is a high-tech office and warehouse facility located in the recently developed industrial estate of ‘Export Park’ at Brisbane Airport. The property is fully leased to DHL and Ansaldo STS Australia expiring in 2017. This facility benefits from excellent access to the Gateway Motorway and port of Brisbane.

location: 9-13 Viola Place, Brisbane	airport, Qld
acquisition date:	Nov 2007
ownership/title:	100%/Leasehold(Expiry2047)
cost includingadditions:	$16.1 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$12.6 million($1,488/m2)
capitalisation rate:	9.00%
discount rate:	9.50%

Lettable area:	8,468m2
Site area:	N/a
hardstand:	N/a
Weighted average lease expiry:	5.1years

Major tenants	Gla(m2)
dhL Global Forwarding	4,322
ansaldo StS australia	4,146

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M1 yatala enterprise Park
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The property is located in the industrial suburb of Yatala, 33 kilometres south of the Brisbane CBD. The property boasts direct access to the Pacific (M1) Motorway, with main access through Darlington Drive. This development site has the potential to deliver in excess of 45,000sqm of prime warehousing and distribution solutions.

location: yatala, Qld
acquisition date:	Nov 2006
ownership/title:	100%/Freehold
cost includingadditions:	$26.9 million

last independent valuation
date:	dec 2011
valuation/($/m2):	$8.5 million
capitalisation rate:	N/a
discount rate:	N/a

Lettable area:	N/a
Site area:	9ha
hardstand:	N/a
Weighted average lease expiry:	N/a

Major tenants	Gla(m2)
N/a	N/a

lease expiry profile %

100

Stockland ProPerty Portfolio JUNE 2012 41

industrial cOmmercial POrtfOliO

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40 Scanlon drive

40 Scanlon Drive is a new warehouse facility of 9,371sqm. The building offers high quality warehouse and office accommodation and is located in Northpoint Enterprise Park 20 kilometres north of the Melbourne CBD. Access is available to the Craigeburn Bypass via Cooper Street interchange and both properties are currently fully leased.

location: epping, Vic
acquisition date:	Sep2007
ownership/title:	100%/Freehold
cost includingadditions:	$8.8 million

last independent valuation
date:	Jun 2011
valuation/($/m2):	$7.7 million($822/m2)
capitalisation rate:	8.75%
discount rate:	9.75%

Lettable area:	9,371m2
Site area:	4ha
hardstand:	N/a
Weighted average lease expiry:	4.6years

Major tenants	Gla(m2)
mission australia	5,306
Grace australia	4,065

lease expiry profile %

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57 43
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Vacant FY 13 14 15 16 17+

residential cOmmunities residential POrtfOliO

Residential Communities

Stockland is the leading residential developer in Australia and is focused on delivering a range of masterplanned communities in growth areas across the country. Stockland has just under 88,000 lots in its portfolio with a total end value of approximately $23.0 billion.

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Highland Reserve, QLD

Geographic split %*

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15 26 45 14
By current lots
NSW VIC QLD WA
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Stockland ProPerty Portfolio JUNE 2012

residential cOmmunities residential POrtfOliO

WaterSide, nSW

LocatEd cLoSE to PENrith aNd oFFErS a commuNity FaciLity comPriSiNG oF a SWimmiNG PooL, commuNity PaviLioN aNd PLayGrouNd.

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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
McKeachie’s Run	Maitland	193	1,048	49	154,000 – 335,000	Located 1.5 hours north of Sydney in Maitland, McKeachie’s Run appeals to local
2003, 2011						families due to the strong community feel and the amenities such as the sporting
						felds and childcare centre.
Waterside	Penrith	178	611	62	245,000 – 380,000	Waterside is located close to Penrith and offers a community facility comprising
2003						of a swimming pool,community pavilion andplayground.
Sandon Point (including	Bulli/Thirroul	155	284	79	444,000 – 715,000	Located just over an hour from Sydney, situated in a unique beachside position
McCauley’s Beach)						on McCauley’s Beach. Very close to existing local amenities such as the local train
1998						station and village of Thirroul. Theproject attracts local upgraders.
Lakewood	Greystanes	148	517	99	285,000 – 295,000	Located high on Prospect Hill, 25 kilometres from the Sydney CBD in Pemulway,
2002						Lakewood has been a popular project with families. Built around a central lake,
						it offers residents extensive hike and bike trails.
Murrays Beach	Lake Macquarie	135	489	41	194,000 – 500,000	Located 1.5 hours drive north of Sydney having frontage to Lake Macquarie. This
2004						project offers superb natural livingenvironments and lakeside living.
Glenmore Ridge	Penrith	133	522	82	220,000 – 390,000	Glenmore Ridge is located four kilometres south of Penrith. Popular with local families
2004						with the mainpark includinga large children’splayground andpicnic area.
Brooks Reach	South Coast	125	615	4	140,000 – 260,000	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment. It is
2003						appealingto local upgradingfamilies and frst home buyers.
Bayswood	Jervis Bay	86	491	40	118,000 – 266,000	Bayswood is located in Vincentia surrounded by National Park, stunning beaches
2003						and amenities. 2.5 hours from Sydney and on the doorstep of the beautiful Jervis
						Bayarea.
Macarthur Gardens**	Campbelltown	46	197	96	N/A	A joint venture with Landcom approximately 30 kilometres from the CBD, close to
2003						shoppingand transport with appeal to a broad demographic.
Darcy’s Peak***	Hunter/North Coast	32	223	87	134,000 – 190,000	Close to Maitland’s CBD and 30 minutes from Newcastle. This project maximises the
2005	Regions					rural views over the valley.
		1,231	4,997

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** represents Stockland’s estimated share of joint development income including an option for future development
*** represents Stockland’s estimated share of joint development income

Stockland ProPerty Portfolio JUNE 2012 45

residential cOmmunities residential POrtfOliO

eaSt lePPinGton, nSW

a FuturE commuNity oF 3,200 NEW homES, With thE caPacity For rEtaiL aNd rEtirEmENt oPPortuNitiES. thE SitE iS LocatEd 1.5 kiLomEtrES From a ProPoSEd traiN StatioN aNd aPProximatELy 50 kiLomEtrES From thE SydNEy cBd.

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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
East Leppington**	East Leppington	1,080	3,200	195,000 – 425,000	A future community of 3,200 new homes, with the capacity for retail and retirement opportunities.
2011					The site is located 1.5 kilometres from a proposed train station and approximately 50 kilometres from
					the SydneyCBD.
Marsden Park**	Marsden Park	868	2,300	204,000 – 330,000	Located 50 kilometres north-west of the Sydney CBD in Blacktown LGA. The site is fve kilometres
2012					from a local train station, 2.5 kilometres from the proposed Marsden Park business park and within
					30 minutes of the major employment precincts of Norwest Business Park, Macquarie Park and the
					Parramatta CBD.
Anambah	Hunter/North Coast	455	2,056	163,000 – 225,000	Future release lands located 45 minutes west of Newcastle and is a continuation of the Maitland
2003	Regions				growth corridor.
Wallarah Peninsula	Lake Macquarie	315	948	199,000 – 577,000	Located 1.5 hours drive north of Sydney. This project will offer superb natural living environments,
(Coast/North)					located high on the hills and within close proximity to nearby beaches.
2004
Illawarra**	South Coast	307	1,232	166,000 – 260,000	Located 1.5 hours south of Sydney in the foothills of the Illawarra escarpment.
2003
North West Sector	North Western	161	515	280,000 – 327,000	Future release lands within Northwest Growth Centre 50 minutes from the Sydney CBD.
2003	Sydney
Lochinvar**	Hunter/North Coast	119	572	153,000 – 272,000	Future release lands located 45 minutes west of Newcastle in the Maitland hinterland.
2003	Regions
Warriewood	Northern Beaches	43	63	616,000 – 645,000	Future release lands located in Sydney’s Northern Beaches 40 minutes from the CBD.
2003
		3,348	10,886

total revenue generated throughout the life of the project
** includes options taken over land

Stockland ProPerty Portfolio JUNE 2012 47

residential cOmmunities residential POrtfOliO

nortH SHore, Qld North ShorE iS aN iNNovativE maStErPLaNNEd commuNity 12 kiLomEtrES North oF thE toWNSviLLE cBd, oFFErS SchooLS, ParkS, aquatic cENtrE aNd a SuBrEGioNaL StockLaNd ShoPPiNG cENtrE.

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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
North Shore	Townsville	1,169	5,240	18	107,000 – 265,000	An innovative masterplanned community 12 kilometres north of the Townsville CBD,
2001						offers schools, parks,aquatic centre and a sub-regional Stockland shoppingcentre.
North Lakes	North Lakes,	1,126	4,687	79	147,000 – 347,000	An award winning major residential masterplanned community. Situated 30
2004	Moreton Bay					kilometres north of Brisbane with multiple schools, a major retail shopping area,
						commercialproperty precinct andgolf course.
Pacifc Pines	Gold Coast	650	5,000	99	N/A	A masterplanned community on the Gold Coast, minutes from Surfers Paradise and
1992						all Gold Coast attractions offeringa range of schools,shoppingcentres andparks.
Birtinya Island	Sunshine Coast	448	830	22	194,000 – 565,000	Situated on the impressive Lake Kawana, with its own private rowing course, Birtinya
2004						is a stylish residential community full of quality designer homes. Located just one
						hour north of Brisbane, Birtinya is not only right on the doorstep of the future Kawana
						Town Centre,but alsojust minutes topristinegolden surf beaches.
Brightwater	Sunshine Coast	443	1,519	49	185,000 – 542,000	A vibrant residential community, which is situated on the southern end of the
2004						Sunshine Coast close to Mooloolaba. Brightwater provides all the family needs:
						a school, childcare centre and shopping precinct. It also has its own central lake
						and ninepocketparks.
The Observatory	Kingsmore	260	888	86	261,000 – 750,000	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	256	1,099	62	187,000 – 450,000	25 kilometres north of Surfers Paradise in the northern Gold Coast growth corridor,
2003						only 40 minutes south of Brisbane, providing easy access to shops, schools and
						children’splayground.
Augustine Heights	Ipswich	216	905	59	184,000 – 285,000	Located in the Springfeld growth corridor of Ipswich, this boutique community offers
2003						wide open-space living,aprivate school and is minutes from the shoppingarea.
Riverstone Crossing**	Otmoor	209	742	44	215,000 – 354,000	Located 20 kilometres south-west of Surfers Paradise set on a magnifcent
2002						194 hectares at the foot of Tambourine Mountain.
Kawana Business Village	Sunshine Coast	167	52	48	N/A	The Kawana Business Village is a commercial and retail precinct of the Kawana
2004						community. It is located on the southern end of the Sunshine Coast approximately
						one hour drive north of Brisbane.
Parkwood	Heathwood	151	659	99	215,000 – 285,000	Located 25 kilometres south of the Brisbane CBD, Parkwood features
2003						neighbourhood shops,sportingfelds andparks.
Sovereign Pocket	Deebing Heights	148	757	7	134,000 – 213,000	Sovereign Pocket is six kilometres from the Ipswich CBD. It has easy access to both
2010						the Cunningham and Centenary Highways. The development includes large open
						spaces,a naturalparkland,barbecue facilities,bikingand walkingtracks.
Bells Reach	Caloundra	138	732	8	111,000 – 237,000	Bells Reach is on the periphery of the future Caloundra South masterplanned
2004						community located within fve kilometres from the Sunshine Coast beaches. This new
						community provides affordable housing options for a wide variety of home buyers
						and employs leading environmentally sustainable practices. It includes a retail site,
						major parks and signifcant open space and will ultimately form one of the gateways
						to Caloundra South.
Vale	Logan	129	590	8	139,000 – 255,000	Located within Logan City Catchment just two kilometres from Beenleigh Town
2010						Centre and 30 kilometres to the Brisbane CBD. The community appeals strongly to
						frst home buyers and upgrader target markets.
Stone Ridge	Narangba	125	588	13	164,000 – 264,000	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.

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

Stockland ProPerty Portfolio JUNE 2012 49

residential cOmmunities residential POrtfOliO

BriGHtWater, Qld a viBraNt rESidENtiaL commuNity, Which iS SituatEd oN thE SouthErN ENd oF thE SuNShiNE coaSt cLoSE to mooLooLaBa. BriGhtWatEr ProvidES aLL thE FamiLy NEEdS: a SchooL, chiLdcarE cENtrE aNd ShoPPiNG PrEciNct. it aLSo haS itS oWN cENtraL LakE aNd NiNE PockEt ParkS.

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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
Ormeau Ridge***	Ormeau	109	449	19	186,000 – 317,000	Conveniently located half way between Brisbane and the Gold Coast beaches.
2008						Community features include a one hectare park and adventure playground and
						commercial siteplanned for childcare and convenience.
The Boardwalk***	Mount Coolum	94	197	95	435,000 – 491,000	Beachside lifestyle development adjacent to Mt Coolum on the Sunshine Coast.
2002						Theproject also includes medium densitysites.
Lake Kawana	Sunshine Coast	74	138	99	N/A	A development precinct of the Kawana Waters community, which is situated on the
2004						southern end of the Sunshine Coast,one hour drive north of Brisbane.
Lake Doonella	Noosaville	68	224	39	194,000 – 335,000	On the shores of Lake Doonella, Doonella Noosa is a natural enclave that provides
2004						easyaccess to both Noosa and Brisbane.
Woodgrove	Beerwah	56	304	98	191,000 – 203,000	Situated only minutes away from Maleny, Woodgrove offers good local facilities for
2007						growingfamilies.
Freshwater^^	Griffn	38	174	56	182,000 – 298,000	28 kilometres north of the Brisbane CBD, Freshwater offers an intimate
2003						neighbourhood experience.
Hundred Hills***	Murwillumbah	37	190	31	159,000 – 309,000	25 kilometres south of the QLD/NSW border and 25 kilometres east of the coast,
2007						the project will yield the full mix of product types from small courtyards to large rural
						residential lots.
		6,111	25,964

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
^^ represents Stockland’s 20% share with SrEEF1
*** represents Stockland’s 50% share with SrEEF1

Stockland ProPerty Portfolio JUNE 2012 51

residential cOmmunities residential POrtfOliO

riVerStone croSSinG, Qld LocatEd 20 kiLomEtrES SouthWESt oF SurFErS ParadiSE SEt oN a maGNiFicENt 194 hEctarES at thE Foot oF tamBouriNE mouNtaiN.

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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
Caloundra South	Caloundra	5,000	20,000	N/A	3,700 hectares of future developable land, including at least 20,000 residential lots, employment, retail,
2004					retirement livingand communitylands.
Paradise Waters	Deebing Heights	507	1,799	189,000 – 213,000	Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly
2010					constructed CentenaryHighway.
Rockhampton	Rockhampton	489	1,968	179,000 – 276,000	A mixed-use masterplanned community with potential to develop in various areas, including education,
2010					retirement living and residential and convenience retail. Located seven kilometres north of Stockland
					Rockhampton and ten kilometres north of the Rockhampton CBD.
Caboolture West/Ripeford**	Caboolture	412	1,503	175,000 – 180,000	Located approximately 45 kilometres north of Brisbane and 25 kilometres north-west of North Lakes.
2008
Bahrs Scrub	Logan	321	1,208	216,000 – 301,000	131 hectares located within a major development area 35 kilometres south of Brisbane in the northern
2008					Gold Coast corridor.
Ocean Drive	Sunshine Coast	264	849	241,000 – 262,000	Just minutes from Coolum, Ocean Drive will encompass quality home sites, outstanding open spaces
2005					and a destinationpoint for the area north of Maroochydore.
Brookbent Road	Pallara	253	918	213,000 – 246,000	Located 22 kilometres south of the Brisbane CBD. This project is popular with upgrader buyers.
2003
Bokarina Beach	Sunshine Coast	170	291	318,000 – 355,000	A future development precinct of the Kawana Waters community, which is situated on the southern
2004					end of the Sunshine Coast. One hour drive north of Brisbane.
Caboolture Waters	Caboolture	N/A	N/A	N/A	117 hectares of potential industrial/commercial land, currently unzoned.
2004
		7,416	28,536

total revenue generated throughout the life of the project
** includes options taken over land

Stockland ProPerty Portfolio JUNE 2012 53

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Mernda VillaGeS, Vic a maJor maStErPLaNNEd commuNity, LocatEd 29 kiLomEtrES North oF mELBourNE, aPPEaLiNG to a Broad markEt iNcLudiNG youNG aNd maturE FamiLiES.

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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
Highlands (including	Craigieburn	1,481	7,058	46	130,000 – 262,000	A major masterplanned community located in Melbourne’s northern suburbs with
Mt Ridley Road)						picturesque views of surrounding hills and the Melbourne CBD skyline. The project
2004, 2010						provides for residential, medium density, retirement living and schools, together with
						retail and commercial amenity.
Mernda Villages	Mernda	605	3,105	58	130,000 – 264,000	A major masterplanned community, located 29 kilometres north of Melbourne,
2002						appealingto a broad market including youngand mature families.
Eucalypt	Epping	341	1,553	30	135,000 – 277,000	Residential community located in Melbourne’s north-eastern suburbs with frontage
2009, 2011						to Findon Creek. The project provides for residential, medium density, mixed-use and
						school sites.
Allura	Truganina	275	1,165	13	139,000 – 272,000	A masterplanned community incorporating residential, medium density, local parks
2009						and schools.
Selandra Rise	Clyde North	264	1,209	52	160,000 – 240,000	A market leading community that aims to set new benchmarks in liveability and social
2007						sustainability. Comprising retail, retirement, aged care, public and private schools,
						sportingfelds and an abundance of open space.
The Point	Point Lonsdale	201	521	0	215,000 – 429,000	An innovative environmentally sustainable lifestyle development. Located on Victoria’s
2002						Bellarine Peninsula,appealingto local residents and holiday-makers.
Arbourlea	Cranbourne-Berwick	74	338	0	135,500 – 244,000	A community with waterway frontage 42 kilometres south-east of Melbourne.
2007	Road
Sierra	Cranbourne North	46	243	99	N/A	A boutique residential community in natural surrounds located 42 kilometres
2004						south-east of Melbourne,appealingto lifestyle seekingupgraders.
		3,287	15,192

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

Stockland ProPerty Portfolio JUNE 2012 55

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HiGHlandS, Vic a maJor maStErPLaNNEd commuNity LocatEd iN mELBourNE’S NorthErN SuBurBS With viEWS oF SurrouNdiNG hiLLS aNd thE mELBourNE cBd SkyLiNE. thE ProJEct ProvidES For rESidENtiaL, mEdium dENSity, rEtirEmENt LiviNG aNd SchooLS, toGEthEr With rEtaiL aNd commErciaL amENity.

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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
Lockerbie**	Kilkallo/Beveridge	3,454	11,500	180,000 – 535,000	Lockerbie is a large consolidated development site within Melbourne’s urban growth boundary. It is
2010					located on the Hume Highway in Kilkallo, about 35 kilometres north of the Melbourne CBD in the City
					of Hume. It will be developed as a masterplanned community and will support over 11,500 houses
					and major activity centre including a regional shopping centre and train station. There will also be an
					extensive range of schools,communityand recreation facilities and open space.
Davis Road	Tarneit	666	2,625	220,000 – 320,000	This site is within Melbourne’s urban growth boundary and adjoins the existing urban area of Tarneit.
2010					It is 28 kilometres west of the Melbourne CBD (City of Wyndham). The masterplanned community will
					include over 2,600 homes, a neighbourhood activity centre, schools and a network of parks linked to
					Davis Creek and Werribee River.
		4,120	14,125

total revenue generated throughout the life of the project
** includes options taken over land

Stockland ProPerty Portfolio JUNE 2012 57

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Vale, Wa
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SituatEd 21 kiLomEtrES NorthEaSt oF thE PErth cBd iNcorPoratiNG SchooLS, mEdium dENSity rESidENtiaL aNd a rEtaiL cENtrE.

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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	808	2,777	7	169,000 – 316,000	A major residential masterplanned community. Situated 21 kilometres north-east of
2011						the Perth CBD incorporatingschools,medium densityresidential and a retail centre.
Newhaven	Piara Waters	507	2,048	65	150,000 – 285,000	Outstanding quality and originality of design have culminated in this award winning
2001, 2005, 2007						masterplanned community which offers the opportunity to combine residential,
						educational and recreational facilities within a sought after location.
Amberton**	Eglinton	473	2,405	1	231,000 – 361,000	A private partnership to develop a masterplanned coastal estate in Perth’s north-
2010						west corridor, approximately 45 kilometres north of the CBD. The project will deliver
						a range of products to appeal to frst home buyers, upgraders as well as premium
						ocean-front land.
Wungong Reach**	Brookdale	343	2,819	1	156,000 – 193,000	This joint venture with the WA State Government will create a new masterplanned
2004, 2007, 2010						community 25 kilometres south-east of the CBD. The project will be delivered over
						ten years and will see the land transformed into a vibrant, cohesive community
						providingmuch needed employment and economicgrowth to the region.
Whiteman Edge	Henley Brook	338	1,227	11	210,000 – 246,000	Situated 17 kilometres north-east of the Perth CBD incorporating medium density
2011						residential and a retail centre.
Corimbia	Landsdale	295	964	41	241,000 – 372,000	Located 18 kilometres north of the CBD adjacent to Stockland’s award-winning
2005, 2006, 2007, 2010,						Landsdale Gardens Estate. This estate appeals to upgrader buyers. Tree-lined
2011						avenues will be a signifcant aspect of the estate, connecting with the natural
						environment.
South Beach	South Beach,	145	229	99	N/A	Set in an unrivalled location this multi-UDIA award-winning estate is just a short
2002, 2004	Fremantle					walk from both the cosmopolitan charm of Fremantle and the natural beauty of the
						northern Cockburn coastline.
Settlers Hills Townside	Baldivis	80	428	74	155,000 – 188,000	Settlers Hills Townside is situated 38 kilometres south of the Perth CBD and
2007						leverages Settlers Hills premium position in Baldivis. This development provides an
						affordable product mix which complements this masterplanned community and is
						located directlyopposite Stockland Baldivis Town Centre.
Baldivis Town Centre	Baldivis	46	141	11	161,000 – 166,000	Baldivis Town Centre is comprised of retail, commercial, mixed-use lots and
2001						residential.
		3,035	13,038

total revenue generated throughout the life of the project
^ % Sold relates to contracts settled
** includes Stockland’s estimated share of joint development income

Stockland ProPerty Portfolio JUNE 2012 59

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neWHaVen, Wa

outStaNdiNG quaLity aNd oriGiNaLity oF dESiGN havE cuLmiNatEd iN thiS aWard WiNNiNG maStErPLaNNEd commuNity Which oFFErS thE oPPortuNity to comBiNE rESidENtiaL, EducatioNaL aNd rEcrEatioNaL FaciLitiES WithiN a SouGht aFtEr LocatioN.

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residential cOmmunities residential POrtfOliO

Western australia – development pipeline

Property/		total project
acquisition date	location	value ($m)*	total lots	Price range ($)	Project description
Banjup	Banjup	500	1,703	265,000	18 kilometres from the CBD, this 145 hectare project is located close to the Kwinana Freeway and
2008					Cockburn Central train station and district shoppingcentre.
Brookdale West	Brookdale	60	301	160,000 – 190,000	Located in Brookdale 25 kilometres south-east of the Perth CBD, Brookdale West will provide a range
2007					of suburban lotproducts. This site is near Stockland’sjoint venture WungongReachproject.
		560	2,004

total revenue generated throughout the life of the project

Stockland ProPerty Portfolio JUNE 2012 61

retirement liVinG retirement POrtfOliO

MacartHUr GardenS, nSW

SomE oF thE PuBLic aNd rESidENtS ENJoyiNG thE GraNd oPENiNG oF thE cLuBhouSE at thE macarthur GardENS viLLaGE.

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retirement liVinG retirement POrtfOliO

Retirement Living

Stockland is a top 3 retirement living operator within Australia, with just under 8,000 established units across five states and ACT. The portfolio includes a short-medium term development pipeline of around 3,800 units.

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Arilla, VIC

Geographic split %*

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

27 50 15 5 1 2
Established and pipeline units
NSW VIC QLD WA ACT SA
----- End of picture text -----*

Stockland ProPerty Portfolio JUNE 2012

retirement liVinG retirement POrtfOliO

GoWanBrae, Vic

GoWaNBraE viLLaGE iS PErFEctLy PoSitioNEd WithiN 15 kiLomEtrES oF mELBourNE cBd With ExcELLENt LocaL amENitiES.

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retirement liVinG retirement POrtfOliO

retirement living – established villages

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Affnity Village (formerly	Baldivis, WA	230	44	36	186	280,000 – 470,000	Incorporated into the residential Settlers Hills development and adjacent to retail, medical
Settlers East)							and other amenities Affnity Village is located 38 kilometres south of Perth CBD and will
2011							be home to over 350 residents when completed. The clubhouse will be launched in FY13
							alongwith Stage 2 homes.
Arilla	South Morang,	200	155	68	45	309,000 – 569,000	Arilla retirement village is situated in one of Melbourne’s key growth corridors. Demand for
2010	VIC						this village continues to grow with display villas and sales offce now open. Seven stages
							are now complete with the balance of the villas within the village completing by January
							2014. The communitycentre was completed in August 2011.
Bellcarra Retirement	Caloundra, QLD	124	124	90	0	253,000 – 324,000	Located in the newly established suburb of Bellvista, Bellcarra is close to the centre of
Resort							Caloundra and Kings Beach. The village features a swimming pool, bowling green and
2003							billiards room.
Bellevue Gardens	Port Macquarie,	175	175	92	0	223,000 – 424,000	The village is centrally located less than two kilometres from the Port Macquarie city centre
Retirement Village	NSW						and is set on fve hectares of landscaped gardens. Facilities include a restaurant, coffee
1994							shop, auditorium, library, hair salon, medical consulting room, bowling green and resident
							clubhouse adjoiningan indoor-heated swimming pool and barbecue area.
Bexley Gardens	Bexley North,	22	22	95	0	100,000 – 175,000	Located in south-west Sydney, Bexley Gardens is only 800 metres from Bexley North train
1974	NSW						station which serves the East Hills line into Sydney CBD. It is also in close proximity to
							major shoppingcentres in Hurstville,Rockdale and Kogarah.
Bundoora	Bundoora, VIC	242	242	100	0	185,000 – 586,000	Bundoora Village is situated close to the Northern Ring Road, RMIT University, shopping
2003							strips and is well serviced by public transport. The 6.7 hectare site enjoys excellent views
							over the PlentyValleyGorge.
Burnside	Burnside, VIC	257	257	97	0	157,000 – 390,000	Burnside Village is located off the Western Highway in Melbourne’s burgeoning west,
2002							approximately 20 minutes from the Melbourne CBD. Virtually next door is Burnside
							ShoppingCentre complete with two supermarkets and specialtyretail.
Camden View Village	Laurieton, NSW	54	54	96	0	261,000 – 389,000	Camden View is situated between North Brother Mountain and the Camden Haven River
2002							on the NSW mid-north coast. Camden View is about 100 metres away from the centre of
							Laurieton.
Cameron Close	Burwood, VIC	187	187	96	0	153,000 – 938,000	Cameron Close is situated in Burwood, close to the exclusive shopping and restaurant
1989							precincts of Camberwell and Canterbury and is well serviced by bus and tram routes
							linking to rail and Chadstone shopping centre. Elevated parts of the property enjoy district
							and CBD skyline views.
Cardinal Freeman	Ashfeld, NSW	230	230	84	0	137,000 – 638,000	Cardinal Freeman is set in the sought after inner-west suburb of Ashfeld. Close to shops
Village							and transport, the village features a magnifcent chapel along with the heritage listed
1980							Glentworth House. The village offers various levels of care ranging from independent living,
							assisted livingand low and high aged care.
Castle Ridge Resort	Castle Hill, NSW	114	114	92	0	294,000 – 598,000	Castle Ridge Resort is less than two kilometres from Castle Towers shopping centre
1987							in Castle Hill with Dural, Carlingford, North Rocks and Pennant Hills within easy reach.
							It offers a swimming pool and spa, visiting doctor, snooker and billiard room and a
							hairdresser.
Donvale	Donvale, VIC	144	144	95	0	142,000 – 502,000	Donvale is located on Springvale Road in one of Melbourne’s prime eastern suburbs,
1990							surrounded by high quality housing and a strong potential catchment to the north and
							north-east,with limited competition in the area.
Farrington Grove	Ferny Hills, QLD	175	75	99	100	195,000 – 440,000	Farrington Grove is a popular village located in the quiet outer Brisbane suburb of Ferny
1998							Hills. Village facilities include billiards room, solar-heated pool, barbecue area, hairdresser,
							piano lounge,computer room,libraryand hobbyshed.
Fig Tree	Murrumba	195	106	78	89	279,000 – 459,000	Fig Tree is well located adjacent to a neighbourhood shopping centre with access to
2009	Downs, QLD						medical and recreational facilities. The Village offers a heated-indoor pool, bowling green,
							bar,library, gym,billiards room and hair salon.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy as at end of June

Stockland ProPerty Portfolio JUNE 2012 65

retirement liVinG retirement POrtfOliO

Bellcarra retireMent reSort, Qld

LocatEd iN thE NEWLy EStaBLiShEd SuBurB oF BELLviSta, BELLcarra iS cLoSE to thE cENtrE oF caLouNdra aNd kiNG’S BEach.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Gillin Park	Warrnambool,	103	103	87	0	110,000 – 369,000	Located in Warrnambool on the south-west Victorian coast, it is close to the city
1990	VIC						centre, hospital and shopping centres. The village offers various levels of care including
							independent livingvillas,serviced apartments and a 45-bed aged care facility.
Golden Ponds	Forster, NSW	158	158	84	0	143,000 – 441,000	Golden Ponds is set between Wallis Lake and the beaches of Forster on the NSW
Retirement Resort							mid-north coast. The resort is surrounded by 13 hectares of landscaped grounds,
1988							ponds and rainforest.
Gowanbrae	Gowanbrae, VIC	189	189	96	0	285,000 – 609,000	Gowanbrae enjoys an excellent location providing quick access to the city, airport and
2008							surrounding suburbs. Construction is complete on all units with more than 150 people
							now living at Gowanbrae. Construction of the fnal Independent Living Apartments is now
							complete with the frst residents havingmoved in duringSeptember 2011.
Greenleaves	Upper Mt	103	103	88	0	142,000 – 360,000	Greenleaves is adjacent to a shopping centre and cinemas and has facilities including a
1986	Gravatt, QLD						bowling green and barbecue area.
Halls Head Village	Halls Head, WA	46	46	76	0	195,000 – 266,000	Halls Head is a one hour drive south of Perth and three kilometres from Mandurah. The
1988							village offers a hairdressing salon, podiatrist, library, pool table, indoor bowls and barbecue
							facilities. Public transport is available opposite the village.
Hastings Parklands	Port Macquarie,	144	144	90	0	70,000 – 244,000	Hastings Parklands is a private retreat set on fve hectares of landscaped parkland, just
Village	NSW						minutes from transport, medical facilities and the centre of Port Macquarie. The village has
1985							a full-length artifcialgrass bowling green and heated-indoorpool and spa.
Highlands	Craigieburn, VIC	198	106	77	92	259,000 – 475,000	Highlands is situated within Stockland’s Highlands masterplanned community and
2010							adjacent to the future town centre. The community centre and bowling green opened in
							February2011. Over 100 residents now call Highlands home.
Keilor	Keilor, VIC	191	191	93	0	130,000 – 465,000	Keilor Village benefts from close proximity to the Western Ring Road and Calder Freeway
1997							and bus services running directly past the site. It is a short distance to numerous shopping
							options.
Knox	Wantirna South,	204	204	100	0	245,000 – 487,000	Knox Village enjoys an excellent location directly opposite Knox Shopping Centre,
1978	VIC						comprising cafes, restaurants, a cinema complex and a wide range of grocery and
							retail outlets.
LaTrobe	Reservoir, VIC	249	249	94	0	128,000 – 424,000	LaTrobe is located adjacent to the Summerhill Shopping Centre and close to Westfeld
1989							Northland. Other facilities in the area, well serviced by bus and tram, include Bundoora
							Park,Preston Markets and major hospitals.
Leschenault Retirement	Bunbury, WA	38	38	92	0	305,000 – 348,000	Close to the Leschenault Inlet, Leschenault Retirement Village is within easy walking
Village							distance of Bunbury city centre. The village offers a wide range of amenities including
1988							a bowling green and an outdoor entertainingarea overlookingthe establishedgardens.
Lincoln Gardens	Port Macquarie,	54	54	98	0	294,000 – 362,000	Lincoln Gardens is ideally located in a quiet suburban enclave and is in close proximity
Retirement Village	NSW						to Port Macquarie’s hospital and town centre.
2001
Long Island	Frankston, VIC	158	158	97	0	131,000 – 364,000	Long Island Village is located just off the Nepean Highway, a short stroll from the Seaford
1987							foreshore. Retail amenities servicing the village include Frankston, Patterson Lakes and
							Mt Eliza centres,all of which havegrown substantiallyin recentyears.
Lourdes Village	Killara, NSW	173	173	84	0	287,000 – 792,000	Lourdes is located in Killara on Sydney’s North Shore overlooking Garigal National Park.
1983							The 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. The village offers
							various levels of care from independent living,assisted livingand low and high aged care.
Macarthur Gardens	Campbelltown,	264	66	82	198	289,000 – 495,000	Macarthur Gardens is conveniently located between Macarthur Square shopping centre
2011	NSW						and Campbelltown Golf Club. First residents moved into the village in July 2011 and the
							clubhouse opened in April 2012. Village facilities include bowling green, indoor pool, bar,
							café,outdoor chessboard,work shed, putting green andpractice drivingnet.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy as at end of June

Stockland ProPerty Portfolio JUNE 2012 67

retirement liVinG retirement POrtfOliO

taylorS Hill, Vic

tayLorS hiLL FEaturES modErN commuNity FaciLitiES With Both iNdEPENdENt LiviNG uNitS aNd aPartmENtS.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Macquarie Grove	Tahmoor, NSW	44	44	95	0	192,000 – 310,000	Macquarie Grove is located at the gateway to the Southern Highlands. It is close to local
Retirement Village							clubs, recreational activities, medical services and transport. It features computer facilities,
1996							hairdresser,libraryand barbecue facilities.
Maybrook Village	Cromer, NSW	98	98	76	0	94,000 – 791,000	Perched on the ridge at Cromer in Sydney’s northern beaches, the village has a bushland
1992							outlook. It features a libraryand billiards room,agym and indoor-heatedpool and spa.
Midlands Terrace	North Ballarat,	89	89	100	0	164,000 – 195,000	Midlands Terrace enjoys strong demand from prospective residents and is well positioned
1976	VIC						in its local area market. The village adjoins Northway Shopping Centre with proximity to
							medical and communityfacilities.
Murray River Village	Mandurah, WA	37	37	68	0	287,000 – 359,000	Located one kilometre from Bunbury, Murray River offers amenities including air-
1988							conditioned clubhouse with outdoor terrace and barbecue area, solar-heated swimming
							pool, plus a lounge,hairdressingsalon, podiatrist room and library.
North Lakes#	North Lakes,	364	324	91	40	139,000 – 585,000	Located in one of Australia’s fastest growing regions, the North Lakes Community is only
2005	QLD						35 minutes from Brisbane and 30 minutes from Brisbane International Airport. The resort
							layout provides security as well as an outstanding array of amenities. The resort is within
							the expanding North Lakes Town Centre and easy walking distance from the regional
							shoppingcentre,health and educationprecincts.
Oak Grange	Brighton East,	110	110	95	0	305,000 – 544,000	Oak Grange is located on Hawthorn Road, Brighton East, close to Brighton’s famous
1984	VIC						beaches,shops and cafes. The Nepean Highway provides easyaccess to the city.
Patterson Lakes	Patterson Lakes,	207	207	97	0	128,000 – 360,000	Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre
1980	VIC						and Marina and features a central lake as the focal point of the village. Local bus services
							passing the front gate link to Carrum train station. Patterson Lakes village has both
							Independent Livingvillas and serviced apartments.
Pine Lake	Elanora, QLD	147	147	84	0	129,000 – 310,000	Pine Lake is located at Elanora on Queensland’s Gold Coast and features a swimming
1982							pool and views of a nearbylake.
Plenty Valley	Epping, VIC	204	204	100	0	171,000 – 519,000	Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity
2006							to the nearby Epping shopping complex. The location is well serviced with transport,
							healthcare,medical and aged care facilities.
Queens Lake Village	Laurieton, NSW	124	124	86	0	172,000 – 391,000	Situated on the Queens Lake waterfront, Queens Lake Village is equipped with its own
1987							privatejetty. It is convenientlylocatedjust one kilometre from Laurieton’s town centre.
Ridgecrest	Page, ACT	126	126	100	0	322,000 – 502,000	Ridgecrest at Page in Canberra is spread over 5.4 hectares and has facilities including
1986							barbecue areas,a bowling green and resident’s lounge.
River Parks Village	Wilson, WA	33	33	88	0	279,000 – 280,000	River Parks is set amongst private landscaped gardens adjacent to the Canning River
1988							and located in Wilson,only13 kilometres from the centre of Perth.
River Pines Village	Wilson, WA	34	34	85	0	279,000 – 280,000	River Pines, adjacent to the Canning River, is situated within easy access of local
1988							shoppingcentres.
Rosebud	Rosebud, VIC	105	105	100	0	159,000 – 329,000	Rosebud is located in the heart of the Mornington Peninsula and is well serviced by the
1980							region’s many championship golf courses, wineries and beaches. Several bowling clubs
							and the Rosebud RSL are convenient to the site. Public transport services link to Rosebud
							town centre and Frankston train station.
Rylands Hawthorn	Hawthorn, VIC	84	84	100	0	638,000 – 1,562,000	Rylands of Hawthorn is positioned close to the shopping and entertainment precinct of
2008							Camberwell Junction. This retirement resort features stunning modern apartments and
							spacious communal facilities.
Rylands Kew	Kew, VIC	65	65	98	0	562,000 – 1,537,000	Rylands of Kew is an apartment style retirement resort adjacent to shops and facilities at
2007							Kew Junction. The property’s centrepiece is a heritage building that has been blended with
							contemporaryarchitecture to create a relaxingenvironment.
Salford Park Community	Wantirna, VIC	171	171	96	0	268,000 – 449,000	Residents at Salford Park Community Village live independently in one or two bedroom
Village							units, however there are also aged care facilities available offering 120 rooms for those
1983							who require some extra assistance.

^ Excludes aged care (i.e. nursing homes and hostels)
occupied units as proportion of all units available for occupancy as at end of June
includes North Lakes Extension

Stockland ProPerty Portfolio JUNE 2012 69

retirement liVinG retirement POrtfOliO

loUrdeS, nSW

LourdES iS LocatEd iN kiLLara oN SydNEy’S North ShorE ovErLookiNG GariGaL NatioNaL Park. thE viLLaGE oFFErS a cENtraL cLuBhouSE With a coFFEE ShoP aS WELL aS a diNiNG room, LouNGE, chaPEL, BiLLiardS room, hair SaLoN, LiBrary, hEatEd SWimmiNG PooL aNd SPa.

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retirement liVinG retirement POrtfOliO

retirement living – established villages (continued)

Property/					Units yet to
opening date	location	total units^	established	% occupancy*	come online	Price range ($)	Project description
Salford Retirement	Aberfoyle Park,	74	74	96	0	281,000 – 330,000	Located in the tree-studded foothills of South Australia’s Aberfoyle Park, Salford
Estate	SA						Retirement Estate is 20 kilometres from Adelaide’s CBD and less than three kilometres
1990							to the local shoppingcentre.
Salford Waters	Victoria Point,	181	181	90	0	128,000 – 592,000	Situated on the Moreton Bay waterfront in Victoria Point, Salford Waters is less than three
Retirement Estate	QLD						kilometres to Victoria Point Shopping Centre and about a half-hour drive to Brisbane’s
1993							CBD.
Tarneit Skies Retirement	Tarneit, VIC	159	130	93	29	191,000 – 350,000	Tarneit Skies is located in Melbourne’s western suburbs. The village features an indoor
Village							swimming pool, spa, gymnasium, dining room, crafts room, computer suite and billiard
2003							tables.
Taylors Hill	Taylors Hill, VIC	199	199	99	0	221,000 – 420,000	Taylors Hill is located approximately fve minutes from the Calder Freeway and
2005							Watergardens Regional Shopping Centre. The village features modern community facilities
							with both Independent LivingUnits and Apartments.
Templestowe	Templestowe,	151	151	98	0	123,000 – 472,000	Templestowe Village is set out in a park-like environment opposite beautiful Westerfolds
1983	VIC						Park, which features walking tracks along the banks of the Yarra River, barbecue facilities
							andpicnic areas.
The Cove Village	Daleys Point,	112	112	77	0	230,000 – 551,000	Situated on the NSW Central Coast, the village boasts absolute water frontage with most
1983	NSW						units having views of Brisbane Waters. The village has two outdoor barbecue areas, three
							swimming pools,a spa and aprivatejetty.
The Grange Retirement	Grange, SA	57	57	100	0	387,000 – 403,000	The Grange is located just over one kilometre from the seafront suburb of Grange and
Estate							12 kilometres from Adelaide’s CBD. The village is in close proximity to public transport,
1992							hospital and shoppingcentres.
The Lakes at Delbridge	Sydenham, VIC	29	29	69	0	194,000 – 260,000	The Lakes at Delbridge is a small village located close to the Taylors Lakes village, less
2001							than one kilometre from the Watergardens Regional shoppingcentre.
The Lakes Estate	Taylors Lake,	172	172	95	0	123,000 – 487,000	The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway,
2000	VIC						directlyopposite Watergardens ShoppingCentre and train station.
The Village Swansea	Swansea, NSW	141	141	94	0	208,000 – 377,000	Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the
1988							village is situated in close proximity to Lake Macquarie and Swansea Shopping Centre.
							The village features three salt-water swimming pools and two communitycentres.
The Willows Retirement	Winston Hills,	266	214	90	52	120,000 – 599,000	The Willows is situated at Winston Hills in north-west Sydney. The village is close to
Village	NSW						shopping centres, sports clubs, hospitals, 24-hour medical facilities and less than one
1988							kilometre to the M2 freewayleadingto Sydney’s CBD.
Unity Retirement Village	Aberfoyle Park,	130	130	85	0	124,000 – 331,000	Located in Aberfoyle Park, Unity’s facilities include a bowling green, recreation hall, dining
1985	SA						room,and half-court tennis. It is walkingdistance to Aberfoyle Park shoppingcentre.
Vermont	Vermont South,	125	125	98	0	255,000 – 384,000	Vermont Village benefts from an excellent location, plenty of open space and established
1981	VIC						gardens. Located on Burwood Highway near Koomba Park, the village is close to several
							large shoppingcentres includingVermont South,Knox,The Glen and Forest Hill.
Wamberal Gardens	Wamberal, NSW	62	62	89	0	251,000 – 293,000	Wamberal Gardens is located on the NSW Central Coast adjacent to Wamberal Lagoon
Retirement Village							with the beach just one block away. The village features two swimming pools, two outdoor
1983							barbecue areas,an activities room and library.
Wantirna	Wantirna, VIC	178	178	100	0	127,000 – 401,000	Wantirna Village benefts from an outstanding range of retail and transport amenities.
1986							The 6.3 hectare site adjoins the Blind Creek Reserve and is in close proximity to the
							Dandenong Ranges National Park, Morack and Ringwood Golf Course, Knox Library and
							several hospitals.
Waratah Highlands	Bargo, NSW	185	116	97	69	279,000 – 380,000	Set on 10 hectares of woodland, Waratah Highlands is in close proximity to the Southern
2002							Highlands and 500 metres to Bargo train station. The village features a hairdresser,
							beautician,libraryand billiards room.
		8,884	7,984		900

^ Excludes aged care (i.e. nursing homes and hostels)

occupied units as proportion of all units available for occupancy as at end of June

Stockland ProPerty Portfolio JUNE 2012 71

retirement liVinG retirement POrtfOliO

tarneit SkieS, Vic tarNEit SkiES iS LocatEd iN mELBourNE’S WEStErN SuBurBS aNd FEaturES aN iNdoor SWimmiNG PooL, SPa, GymNaSium, diNiNG room aNd othEr rEcrEatioNaL FaciLitiES.

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retirement liVinG retirement POrtfOliO

retirement living – development pipeline

Property	location	total units^	Project description
Banjup	Banjup, WA	220	Incorporated within Stockland’s Banjup masterplanned community, 18 kilometres south of Perth CBD. The site is close to the Kwinana Freeway
			and Gatewayregional shoppingcentre.
Caloundra Downs	Caloundra, QLD	400	There is an opportunity for retirement communities within Stockland’s 3,700 hectare Caloundra Downs project which will include at least 20,000
			residential lots,employment and retail. These will be developed concurrentlyas the broaderproject comes to market.
Cardinal Freeman Village	Ashfeld,NSW	220	A majorproject application for new Independent LivingUnits,to be developed in stages,has been approved bythe NSW Department of Planning.
Davis Road	Tarneit,VIC	200	A retirement livingopportunityexists within Stockland’s Davis Road masterplanned community,28 kilometres west of Melbourne CBD.
East Leppington	East Leppington,NSW	220	A retirement livingopportunityexists within Stockland’s East Leppington masterplanned community,50 kilometres south-west of SydneyCBD.
Eucalypt	Wollert, VIC	220	Located within Stockland’s Eucalypt masterplanned community, 35 kilometres north-east of Melbourne CBD. The masterplan is currently being
			developed.
Gillin Park	Warrnambool,VIC	40	There is an opportunityto build additional Independent LivingUnits at the village based on the current development application.
Golden Ponds Retirement	Forster, NSW	50	A master plan for the remaining stages of development is being developed.
Resort
Highlands Extension	Craigieburn, VIC	120	An opportunity within Stockland’s residential community exists adjacent to the Highlands retirement village to extend this key project. Further
			investigations are beingundertaken bytheproject team.
Highlands II	Craigieburn,VIC	230	A ten hectareparcel of land has been earmarked for a second village within the Highlands residentialproject.
Lockerbie	Kilkallo/Beveridge	200	A retirement livingopportunityexists within Stockland’s Lockerbie masterplanned community,35 kilometres north of Melbourne CBD.
Lourdes Village	Killara, NSW	10	A development application for the construction of additional Independent Living Units and a partial upgrade of the existing community facilities
			has been approved.
Marsden Park	Marsden Park,NSW	220	A retirement livingopportunityexists within Stockland’s Marsden Park masterplanned community,50 kilometres north-west of SydneyCBD.
Maybrook	Cromer,NSW	20	A development application has been approved for new Independent LivingApartments.
Mernda	Mernda, VIC	270	Located within the Stockland Mernda Villages masterplanned community 25 kilometres north-east of Melbourne. Civil works are due to commence
			in 2012.
Selandra Rise	Cranbourne, VIC	202	Located within Stockland’s wider Selandra Rise masterplanned community in Cranbourne, south-east of Melbourne. Construction commenced
			in 2012.
The Cove Village	Daleys Point,NSW	60	A development application approval has beengranted for Independent LivingUnits,new communityfacilities and sales/administration offces.
		2,902
developments at established villages		900
total		3,802

^ Excludes aged care (i.e. nursing homes and hostels)

retirement living – aged care

Property	location	total beds	% occupancy*	Project description
Cardinal Freeman	Ashfeld, NSW	119	96	Located in Ashfeld, the Cardinal Freeman Lodge provides low-level nursing care while the village’s nursing home provides high-level care.
1980
Gillin Park	Warrnambool,	45	97	Located in Warrnambool, the regional hub of south-west Victoria.
1990	VIC
Lourdes	Killara, NSW	82	96	Located at Lourdes Retirement Village and set in beautifully landscaped, colourful gardens. Lourdes Aged Care provides short-term respite care,
1983				a low-care hostel and a high-care nursinghome across 82 beds which caters to bothgeneral service and extra-service high care.
Salford Park	Wantirna, VIC	120	98	Located at Salford Park Retirement Village in Wantirna.
1983
		366

occupied beds as proportion of all beds available for occupancy; average in Fy12

Stockland ProPerty Portfolio JUNE 2012 73

unlisted PrOPerty funds

541 St kilda road, Vic 541 St kiLda road comPriSES Six LEvELS oF oFFicE accommodatioN aNd tWo GrouNd-FLoor rEtaiL tENaNciES, With a LEttaBLE arEa oF 8,251Sqm aNd 128 ParkiNG SPacES. thE ProPErty iS aNchorEd By SEEk aNd FEaturES LarGE FLoor PLatES oF 1,300Sqm With NaturaL LiGht oN aLL SidES, a rEFurBiShEd FoyEr aNd ForEcourt.

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unlisted PrOPerty funds

Unlisted Property Funds[*]

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75 George Street, Parramatta NSW

Stockland has $435.6 million of funds under management across a range of funds and asset classes.

australian Funds only

Stockland ProPerty Portfolio JUNE 2012

unlisted PrOPerty funds

Unlisted Property funds – summary

~~Unlisted Property funds – summary~~
		funds under	establishment	expiry/
fund	type of fund	management ($m)*	date	review date
Stockland Direct Offce Trust No. 2(SDOT2)	Retail	187.2	Sep2005	Jun 2013
Stockland Direct Offce Trust No. 3(SDOT3)	Retail	99.1	Jun 2007	Jun 2014
Stockland Direct Retail Trust No. 1(SDRT1)	Retail	66.7	Dec 2006	Jun 2014
Stockland Residential Estates EquityFund No. 1(SREEF1)	Wholesale	82.6**	Aug2006	Aug2014
		435.6

represents gross assets

** represents SrEEF1 total committed equity (less capital returned to unit holders) and drawn debt at 30 June 2012.

Unlisted Property funds – asset overview

				%	Book value	Valuation
	Property type	Property	State	ownership	($m)	($m)	nla (m2)#	% of fund	Page
SDOT2	Offce Park	Optus Centre	NSW	49	183.8	183.8	84,194	100	29
		Macquarie Park
		SDOT2
SDOT3	Commercial	75 George Street, Parramatta	NSW	100	33.8	33.8	9,535	36	77
		541 St Kilda Road, Melbourne	VIC	100	26.5	26.5	8,251	28	77
		181 Great Eastern Highway, Belmont	WA	100	19.4	19.4	4,036	21	77
		222 Russell Street Car Park,	VIC	100	14.8	14.8	N/A	16	78
		Melbourne
SDRT1	Retail	Benowa Gardens	QLD	100	31.5	31.5	5,735	48	78
		Pacifc Pines	QLD	100	21.0	21.0	5,518	32	78
		Tamworth Homespace	NSW	100	13.0	13.0	13,065	20	79
SREEF1	Residential	Freshwater	QLD	80	153.9^^	N/A	N/A	47	51
	Communities	Ormeau Ridge	QLD	50	108.8^^	N/A	N/A	34	51
		Hundred Hills	QLD	50	37.1^^	N/A	N/A	11	51
		The Boardwalk^^^	QLD	50	26.2^^	N/A	N/A	8	51

100% of NLa

^^ Fund share of total gross revenue generated throughout the life of the project

^^^ Stages 4, 6, 7 and 9 only

unlisted PrOPerty funds

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75 George Street

75 George Street is a six level, twin tower, commercial office building. The office levels comprise north and south wings which are linked by a central services core and have a typical floor plate of 1,850sqm. There are two retail areas on the ground floor, with basement and covered parking for 104 spaces. The property is located in the heart of the Parramatta CBD on the high profile corner of Smith and George Streets. The Parramatta bus/rail interchange and RiverCat Wharf are also within proximity of the property.

location: Parramatta, nSW

location: Parramatta, nSW
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$41.3 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$33.8 million($3,545/m2)
capitalisation rate:	9.00%
discount rate:	9.50%
carparkingspaces:	104

Net lettable area:	9,535
annual sales:	N/a
Weighted average lease expiry:	4.43years

Major tenants	nla(m2)
St George	6,486
hanson construction	1,857

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541 St kilda road

541 St Kilda Road comprises six levels of office accommodation and two ground-floor retail tenancies, with a lettable area of 8,251sqm and 128 parking spaces. The property features large floor plates of 1,300sqm with natural light on all sides and a refurbished foyer and forecourt.

location: Melbourne, Vic
acquisition date:	Jun 2007
ownership/title:	100%/Leasehold
cost includingadditions:	$30.5 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$26.5 million($3,212/m2)
capitalisation rate:	8.75%
discount rate:	9.50%
carparkingspaces:	128

Net lettable area:	8,251
annual sales:	N/a
Weighted average lease expiry:	4.44years

Major tenants	nla(m2)
Seek	6,398
theiss	1,320

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181 Great eastern Highway

181 Great Eastern Highway is a commercial office building with a lettable area of 4,036sqm. The building provides three levels of office accommodation with 109 car parking spaces on the property, with another 126 bays located on a nearby parcel of land. The building’s elevated position provides views of the Swan River and the Perth CBD skyline.

location: Belmont, Wa

location: Belmont, Wa
acquisition date:	Jun 2007
ownership/title:	100%/Freehold
cost includingadditions:	$15.5 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$19.4 million(4,807/m2)
capitalisation rate:	8.50%
discount rate:	10.50%
carparkingspaces:	235

Net lettable area:	4,036
annual sales:	N/a
Weighted average lease expiry:	6.59years

Major tenants	nla(m2)
NrW	4,036

lease expiry profile %

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1 8 19 72
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4 17 79
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100

Vacant FY

Stockland ProPerty Portfolio JUNE 2012 77

13 14 15 16 17+

unlisted PrOPerty funds

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~~222 russell Street car Park~~

The car park at 222 Russell Street forms part of the Mantra on Russell hotel/retail complex. The building is located in Melbourne’s busy Chinatown precinct between Lonsdale and Little Lonsdale Streets and was completed in 1997. SDOT3 owns an interest in 427 car parking spaces leased to Wilson Parking and Mantra.

location: Melbourne, Vic
acquisition date:	Jun 2007
ownership/title:	100%/Leasehold
cost includingadditions:	$16.9 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$14.8 million(N/a)
capitalisation rate:	8.50%
discount rate:	10.00%
carparkingspaces:	427

Net lettable area:	N/a
annual sales:	N/a
Weighted average lease expiry:	3.06years

Major tenants	nla(m2)
Wilson Parking	N/a

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Benowa Gardens Shopping centre
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Benowa Gardens is a fully enclosed neighbourhood shopping centre located on the Gold Coast. The centre was originally constructed in 1992, and has been periodically refurbished, with the most recent refurbishment completed in 1998. The centre is anchored with a Coles supermarket and over 40 specialty retailers. There is on-site parking for 437 vehicles, including 200 covered bays.

location: Qld

location: Qld
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$27.6 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$31.5 million($5,493/m2)
capitalisation rate:	8.50%
discount rate:	10.00%
carparkingspaces:	437

Gross lettable area:	5,735
annual sales:	$54.9 million
Weighted average lease expiry:	5.04years

Major tenants	Gla(m2)
coles	1,960

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Pacifc Pines town centre

Pacific Pines Town Centre was developed by Stockland as part of a masterplanned community, situated in the northern Gold Coast region, near Helensvale. The neighbourhood shopping centre has an open plan style and is anchored by Woolworths plus 13 specialty stores and parking for 355 vehicles.

location: Qld

location: Qld
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$17.9 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$21.0 million($3,806/m2)
capitalisation rate:	7.75%
discount rate:	9.50%
carparkingspaces:	355

Gross lettable area:	5,518
annual sales:	$50.9 million
Weighted average lease expiry:	8.45years

Major tenants	Gla(m2)
Woolworths	3,541

lease expiry profile %

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94 6
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7 16 10 9 7 51
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15 8 5 72
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Vacant FY 13 14 15 16 17+

unlisted PrOPerty funds

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tamworth Homespace

Tamworth Homespace is a modern single level bulky goods shopping centre located on the New England Highway, four kilometres south of the Tamworth CBD. Developed by Stockland, the centre commenced trading in November 2004 and is anchored by The Good Guys. There are 11 additional bulky goods tenancies, a restaurant and a medical centre, with on-site parking for 416 vehicles.

location: nSW
acquisition date:	dec 2006
ownership/title:	100%/Freehold
cost includingadditions:	$21.6 million

last independent valuation
date:	Jun 2012
valuation/($/m2):	$13.0 million($995/m2)
capitalisation rate:	10.50%
discount rate:	10.50%
carparkingspaces:	416

Gross lettable area:	13,065
annual sales:	N/a
Weighted average lease expiry:	4.17years

Major tenants	Gla(m2)
the Good Guys	2,404
your homemaker	2,153
Pillowtalk	1,794
mydesign Furniture	1,214

lease expiry profile %

12 1 33 54

Stockland ProPerty Portfolio JUNE 2012 79

aPartments & stOckland uk

Apartments & Stockland UK

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The Islands, WA

aPartments & stOckland uk

apartments – released to market

Property/		total project			current
acquisition date	location	value ($m)*	total units	% Sold^	price range ($)	Project description
The Islands	Southbeach, Perth,	238	100	41	950,000 – 3,800,000	Located just minutes from Fremantle on the Cockburn coast, the site offers
2007	WA					apartments, townhouses and beach houses with spectacular panoramic views
						of Garden,Carnac and Rottnest islands as well as Fremantle harbour.
Allisee	Gold Coast, QLD	236	196	97	950,000 – 1,355,000	Premium waterfront development with a private internal marina and direct
2003						Broadwater access.
Tooronga**	Glen Iris, Melbourne,	201	329	99	N/A	Located seven kilometres from the CBD in the heart of Melbourne’s eastern suburbs,
2004	VIC					Tooronga is a landmark mixed-use development which on completion will comprise
						residential dwellings, a neighbourhood shopping centre, strata offces and a vibrant
						outdoorpiazza with a range of diningoptions.
		675	625

apartments – undeveloped sites

Property/		total project			current
acquisition date	location	value ($m)*	total units	% Sold^	price range ($)	Project description
South Yarra^^	South Yarra, VIC	N/A	N/A	N/A	N/A	This sought-after location in the heart of South Yarra, provides unparalleled access
2008						to amenity and lifestyle opportunities in one of Melbourne’s most vibrant inner city
						locations.
		–	–

total revenue generated throughout the life of the project
** Stage 1 only, including retail and commercial. Sale contract for Stages 2 to 5 have been exchanged with deferred settlement to occur in Fy14
^ % Sold relates to contracts exchanged and settled
^^ Sale contract exchanged with deferred settlement to occur in Fy13

Stockland Uk on-balance sheet properties

~~Stockland Uk on-balance sheet properties~~
			Stockland Uk %	Book value
Project location	county	category	equity	($m)
St Andrew Square,Edinburgh	Scotland	Mixed-use	100	26.7
Billingham Town Centre,Billingham	Teesside	Retail	100	25.1
Three Horse Shoes Mall,Market Place,Warminster	Wiltshire	Retail	100	14.2
112 London Road North,Lowestoft	Suffolk	Retail	100	7.7
St Mungo’s Retail Park,St Mungo’s Road,Cumbernauld	Scotland	Retail	100	4.8
Keymarket House,Middle Street,Yeovil	Somerset	Retail	100	2.5
73,73A,73B High Street,Brentwood	Essex	Retail	100	1.0
William Hunter Way,Brentwood	Essex	Retail	100	0.2
Land at DalgetyBay	Scotland	Retail	100	0.2
				82.4

Note: a$ at exchange rate prevailing at 30/06/2012 (0.6529)

Stockland ProPerty Portfolio JUNE 2012 81

30 June 2012

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Stockland Corporation Ltd ACN 000 181 733

Head Office

Level 25, 133 Castlereagh Street Sydney NSW 2000

Sydney

Telephone 02 9035 2000

Melbourne

Telephone 03 9095 5000

Brisbane

Telephone 07 3305 8600

Perth

Telephone 08 9368 9222

United Kingdom

37 Maddox Street London W1S 2PP Telephone +44 (0) 845 070 4633

www.stockland.com.au

the internal pages of this report are printed on impact 100 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.

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disclaimer of liability

While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this brochure is free from errors or omissions or is suitable for your intended use. Subject to any terms implied by law and which cannot be excluded, Stockland accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information. Note: all figures are in australian dollars unless otherwise indicated.

AI assistant

STOCKLAND — Management Reports 2012

65781_rns_2012-08-07_9a92edc1-7d1d-4347-96a3-efd5bc7b9144.pdf

Understanding our assets

Our PrOPerty POrtfOliO

Our stOry

Property Portfolio

~~retirement POrtfOliO~~

key

key

Retail

lease expiry profile %

~~retail Portfolio as at 30 June 2012~~

includes townsville kmart tenancy information; sales, valuation and book value will be consolidated on completion of the current project

~~Stockland Wetherill Park~~

location: Western Sydney, nSW

~~Stockland Merrylands~~

location: Merrylands, nSW

lease expiry profile %

location: rockhampton, Qld

location: townsville, Qld

~~Stockland Green Hills~~

location: east Maitland, nSW

~~Stockland Glendale~~

location: newcastle, nSW

~~Stockland cairns~~

location: cairns, Qld

~~Stockland Point cook~~

location: Point cook, Vic

lease expiry profile %

location: forster, nSW

lease expiry profile %

location: newcastle, nSW

location: Wendouree, Vic

~~Stockland Balgowlah~~

location: Balgowlah, nSW

location: Baulkham Hills, nSW

location: caloundra, Qld

last independent valuation

~~Stockland Gladstone~~

~~Stockland nowra~~

location: nowra, nSW

~~Stockland cleveland~~

location: cleveland, Qld

~~Stockland Bull creek~~

location: Bull creek, Wa

lease expiry profile %

location: traralgon, Vic

location: Hervey Bay, Qld

lease expiry profile %

~~Stockland corrimal~~

location: corrimal, nSW

~~Stockland riverton~~

~~Stockland Piccadilly~~

location: Sydney cBd, nSW

location: Wallsend, nSW

location: Shellharbour, nSW

lease expiry profile %

~~Stockland Baldivis~~

location: Baldivis, Wa

~~Stockland cammeray~~

~~Stockland Highlands~~

location: craigieburn, Vic

lease expiry profile %

location: north Shore, Qld

location: Burleigh Heads, Qld

lease expiry profile %

~~Stockland Vincentia Shopping centre~~

location: Vincentia, nSW

lease expiry profile %

lease expiry profile %

oPtUS centre, MacQUarie Park

Office

lease expiry profile %

~~offce Portfolio as at 30 June 2012~~

represents the full carrying value of the investment property.

~~Piccadilly complex~~

location: 133-145 castlereagh Street, Sydney, nSW

~~Waterfront Place~~

location: eagle Street, Brisbane, Qld

STOCKLAND Management Reports 2012

retirement POrtfOliO

retail Portfolio as at 30 June 2012

Stockland Wetherill Park

Stockland Merrylands

Stockland Green Hills

Stockland Glendale

Stockland cairns

Stockland Point cook

Stockland Balgowlah

Stockland Gladstone

Stockland nowra

Stockland cleveland

Stockland Bull creek

Stockland corrimal

Stockland riverton

Stockland Piccadilly

Stockland Baldivis

Stockland cammeray

Stockland Highlands

Stockland Vincentia Shopping centre

offce Portfolio as at 30 June 2012

Piccadilly complex

Waterfront Place

9 castlereagh Street

135 king Street

78 Waterloo road

60-66 Waterloo road

45 St Georges terrace

175-181 castlereagh Street

Garden Square

Macquarie technology centre

16 Giffnock avenue

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

40 cameron avenue

118-120 Pacifc Highway

industrial Portfolio as at 30 June 2012

yennora distribution centre

Port adelaide distribution centre

Brooklyn estate

20-50 and 76-82 fillo drive and 10 Stubb Street

9-11a ferndell Street

1090-1124 centre road

altona distribution centre

40 Scanlon drive

nSW – released to market

nSW – development pipeline

Queensland – released to market

Queensland – released to market

Queensland – development pipeline

Victoria – released to market

Victoria – development pipeline

Western australia – released to market

Western australia – development pipeline

retirement living – established villages

retirement living – established villages (continued)

retirement living – established villages (continued)

retirement living – established villages (continued)

retirement living – development pipeline

retirement living – aged care