VICINITY CENTRES TRUST — Annual Report 2017

Aug 15, 2017

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FY17 annual results

16 August 2017

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Agenda

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Angus McNaughton CEO and Managing Director

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Richard Jamieson Chief Financial Officer

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Michael O’Brien Chief Investment Officer

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Carolyn Viney EGM Development

Summary and FY18 guidance and focus

Vicinity Centres | FY17 annual results | 16 August 2017

Angus McNaughton

Chadstone, VIC

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Overview
Angus McNaughton
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FY17 summary

Solid result reflecting implementation of strategy

$1,583.6m

15.5% Total return[1 ]

Statutory net profit after tax

Jun-16: $960.9m Jun-16: 12.8%

$741.8m

$741.8m 17.3 cps Underlying earnings Distribution Jun-16: $757.5m Jun-16: 17.7 cps

2.5%

99.5%

Net property income (NPI) growth[2]

Portfolio occupancy

Jun-16: 3.5% Jun-16: 99.4%

1. Calculated as: (Change in NTA during the period + distributions declared)/opening NTA.

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Solid financial result

$1,583.6m statutory net profit

Underlying earnings in line with guidance at 18.7 cps, with 4.6% comparable[3 ] growth 7.3% reduction in net corporate overheads

Distribution of 17.3 cps, 92.3% of underlying earnings Net tangible assets per security (NTA) increased 8.9% to $2.82

Balance sheet well positioned

Standard & Poor’s raised credit rating to ‘A’ with a stable outlook Issued A$200m of 7-year and A$200m of 10-year MTNs at competitive pricing

Portfolio enhancement

Sold $586m of assets at 2.3% premium to book value[4] Asset valuation gain of $853m, up 6.0% Occupancy increased to 99.5% NPI growth[2] of 2.5%, leasing spreads improved to 1.9% Specialty MAT growth[2] of 0.5%

Completed $666m (Vicinity: $333m) major development of Chadstone Portfolio achieved 3 Star Green Star Performance rating

1. Comparable.

2. Refer to slide 45 for details.

3. Includes contracts exchanged for the sale of Terrace Central, NSW which is expected to settle in November 2017.

Vicinity Centres | FY17 annual results | 16 August 2017

4

Two years of delivering on strategy since forming in June 2015

Portfolio enhancement strategy significantly progressed and continuing

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Successful delivery of merger synergies and integration

Merger synergies exceeded and delivered ahead of program

Significant improvement in portfolio quality

Divested $1.7b of assets at a 2.1% premium to book value[1 ]

Capital reinvested into enhancement opportunities

Developments continue to improve portfolio quality

• Completed six projects for ~$1b, Vicinity’s share ~$500m with average initial yield of >7% and IRR>12%

Average asset value has increased 34% and WACR[2] has tightened 69 bps

Capital position materially strengthened

Standard & Poor’s credit rating upgraded to A/stable and Moody’s initiating at A2/stable

Launched inaugural EMTN program with £350m issuance Gearing reduced and debt duration materially extended

Delivered 14.1% total return p.a. over the past two years

Improvement in metrics over past two years

		Jun-17	Jun-15	Change
	Total assets	$16.7b	$15.6b	$1.1b
	NTA per security	$2.82	$2.45	15.1%
	Weighted average capitalisation rate	5.61%	6.30%	(69 bps)
	Gearing3	24.7%	28.0%	(330 bps)
	Weighted average debt duration	5.3 years	3.0 years	2.3 years
	Number of retail assets	74	88	(14)
	Average asset value (100%)	$320m	$239m	34%
	Specialty sales per sqm4	$9,429	$8,412	12.1%
	Specialty occupancy cost4	14.6%	15.4%	(80 bps)
	Occupancy rate	99.5%	98.9%	60 bps

1. Includes contracts exchanged for the sale of Terrace Central, NSW which is expected to settle in November 2017.

2. Weighted average capitalisation rate.

3. Calculated as: Drawn debt net of cash/Total tangible assets excluding cash, derivative financial assets and finance lease assets.

4. Comparable. Excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines.

Vicinity Centres | FY17 annual results | 16 August 2017

5

Active capital management supporting future growth

FFO and AFFO adopted as principal policy measures effective from FY18

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Funds from operations (FFO) to be adopted as primary earnings measure from FY18

FFO measure excludes rent lost from undertaking developments

Revised distribution policy based on adjusted funds from operations (AFFO) from FY18

Payout ratio of 95% to 100% of AFFO

FY18 payout ratio is expected to be 100% of AFFO[1]

Greater alignment between distribution and operating cash flow Sustainable distribution policy and market accepted measure

Asset sales in FY18

~$300m of assets to be divested over FY18

Buy-back announced

Up to 5% of securities to be bought where accretive to FFO per security and NTA, while preserving ample capacity to fund other capital requirements

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DFO Homebush, NSW
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1. Assuming no material deterioration to existing economic conditions.

Vicinity Centres | FY17 annual results | 16 August 2017

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Strong fundamentals position the Australian retail property market well

Unique characteristics of the Australian market support long-term sustainable growth

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Tight Australian town planning regime drives lower retail floorspace per capita resulting in higher levels of sales productivity and more sustainable retailer occupancy costs

Broad offer in Australian centres includes supermarkets, fresh food, cafes and dining, services and entertainment, as opposed to being largely fashion based, driving regular visitation with different purchases each visit

Landlord ownership of anchor tenancies in Australia provides control over long term asset strategy

Strong adaptability by Australian centres to changing consumer preferences through regular reinvestment

Australian centres act as genuine ‘town centres’ where people come to connect

Retail floorspace per capita

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Australia US
0.9 sqm 2.2 sqm
Population Population
24 million 326 million
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Australia has ~40% of the shopping centre space per capita of the US[1]

1. ICSC, SCCA, Australian Bureau of Statistics (ABS) and US Census Bureau.

Vicinity Centres | FY17 annual results | 16 August 2017

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Retail trends continue to evolve

Capturing opportunities from structural changes

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Changing consumer preferences

Driven by demographic shifts and technological change Shift in spending towards experiences Physical stores enabling delivery of unique and relevant experiences

Strong demand from international retailers International fast fashion retailers increasing market share Continued store roll out and demand for retail space Contributing to divergence in retailer performance

Online sales growth continues

Amazon likely to take material share of online sales

Physical retail real estate will continue to comprise vast majority share of retail sales but needs to deliver a compelling experience

Chadstone, VIC

Vicinity Centres | FY17 annual results | 16 August 2017

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Our response to changing retail trends

Building a resilient portfolio and a focus on enhancing the retail experience

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Our consumers – creating unique and relevant experiences

Introducing the latest retail concepts and responding to changing consumer needs Reweighting offer towards food, health and wellbeing, services and experiences Creating sustainable community destinations

Ongoing evolution of the physical shopping centre experience including seamless integration with the digital environment

Our retailers – delivering compelling value for their success

Partnering with retailers on enhancing consumer experiences

Providing better and expanded services to our retailers

Sharing consumer insights

Our business – striving for excellence

Driving business efficiencies through better processes, technology and scale High-speed digital network with WiFi across all sites enabling a fast, secure and consistent experience

• Data and insights enabling a better understanding of our consumers

• Technology driving operational efficiencies

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Chadstone, VIC
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Vicinity Centres | FY17 annual results | 16 August 2017

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Economic drivers of retail

Retail sales environment largely driven by cyclical factors

Wages growth below trend and higher costs of living…

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7%
Wages Growth
6%
Living Costs Growth
5%
4%
3%
2%
1%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: ABS.
… however GDP growth is expected to rebound…
6%
5%
4%
16-year average: 3%
3%
2%
1%
0%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Source: ABS (historical data), Australian Federal Treasury (forecast figures).
Growth Rate (YoY)
Real GDP Growth (YoY)
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… however GDP growth is expected to rebound…

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… resulting in softer consumer sentiment and retail sales growth…
125 9%
Consumer Sentiment
120 Retail Turnover (MAT) Growth 8%
115
7%
110
6%
105
100 5%
95
4%
90
3%
85
2%
80
75 1%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: ABS, Melbourne Institute.
Growth Rate (YoY)
Consumer Sentiment Index
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… driving an improved outlook for retail sales

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10%
9%
8%
7%
6%
16-year average: 3%
5%
4%
3%
2%
1%
0%
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Source: ABS (historical data), Deloitte Access Economics (forecast figures).
Growth Rate (qtr on previous corresponding qtr)
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Vicinity Centres | FY17 annual results | 16 August 2017

10

Financial results

DFO South Wharf, VIC

Financial results

Underlying earnings per security in line with guidance

For the 12 months to Jun-17 ($m) Jun-16 ($m) Change (%) Net property income (NPI) 916.7 953.6 (3.9) Partnerships and other income 66.0 66.1 (0.2) Total income 982.7 1,019.7 (3.6) Net corporate overheads (74.9) (80.8) (7.3) Net interest expense (166.0) (181.4) (8.5) Total expenses (240.9) (262.2) (8.1) Underlying earnings 741.8 757.5 (2.1) Statutory net profit after tax1 1,583.6 960.9 64.8 Underlying EPS (cents) 18.7 19.1 (2.1) DPS (cents) 17.3 17.7 (2.3) Payout ratio2(%) 92.3 92.5 20 bps	For the 12 months to Jun-17 ($m) Jun-16 ($m) Change (%) Net property income (NPI) 916.7 953.6 (3.9) Partnerships and other income 66.0 66.1 (0.2) Total income 982.7 1,019.7 (3.6) Net corporate overheads (74.9) (80.8) (7.3) Net interest expense (166.0) (181.4) (8.5) Total expenses (240.9) (262.2) (8.1) Underlying earnings 741.8 757.5 (2.1) Statutory net profit after tax1 1,583.6 960.9 64.8 Underlying EPS (cents) 18.7 19.1 (2.1) DPS (cents) 17.3 17.7 (2.3) Payout ratio2(%) 92.3 92.5 20 bps	For the 12 months to Jun-17 ($m) Jun-16 ($m) Change (%) Net property income (NPI) 916.7 953.6 (3.9) Partnerships and other income 66.0 66.1 (0.2) Total income 982.7 1,019.7 (3.6) Net corporate overheads (74.9) (80.8) (7.3) Net interest expense (166.0) (181.4) (8.5) Total expenses (240.9) (262.2) (8.1) Underlying earnings 741.8 757.5 (2.1) Statutory net profit after tax1 1,583.6 960.9 64.8 Underlying EPS (cents) 18.7 19.1 (2.1) DPS (cents) 17.3 17.7 (2.3) Payout ratio2(%) 92.3 92.5 20 bps	For the 12 months to Jun-17 ($m) Jun-16 ($m) Change (%) Net property income (NPI) 916.7 953.6 (3.9) Partnerships and other income 66.0 66.1 (0.2) Total income 982.7 1,019.7 (3.6) Net corporate overheads (74.9) (80.8) (7.3) Net interest expense (166.0) (181.4) (8.5) Total expenses (240.9) (262.2) (8.1) Underlying earnings 741.8 757.5 (2.1) Statutory net profit after tax1 1,583.6 960.9 64.8 Underlying EPS (cents) 18.7 19.1 (2.1) DPS (cents) 17.3 17.7 (2.3) Payout ratio2(%) 92.3 92.5 20 bps
Net property income (NPI)	916.7	953.6	(3.9)
Partnerships and other income	66.0	66.1	(0.2)
Total income	982.7	1,019.7	(3.6)
Net corporate overheads	(74.9)	(80.8)	(7.3)
Net interest expense	(166.0)	(181.4)	(8.5)
Total expenses	(240.9)	(262.2)	(8.1)
Underlying earnings	741.8	757.5	(2.1)
**Statutory net profit after tax1 **	1,583.6	960.9	64.8
Underlying EPS (cents)	18.7	19.1	(2.1)
DPS (cents)	17.3	17.7	(2.3)
Payout ratio2(%)	92.3	92.5	20 bps

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$1,583.6m

7.3%

Statutory net profit after tax

Reduction in net corporate overheads

Strong valuation gains

Strong focus on merger synergies and efficiencies

Adjusting for divestments and acquisitions over the past 24 months:

4.6%

2.5%

Comparable NPI growth[4 ]

Comparable underlying earnings growth[3 ]

Solid income growth, ancillary income initiatives and prudent property expense management

Driven by comparable NPI growth and further merger synergies and operational efficiencies

1. Refer to slide 43 for full reconciliation of underlying earnings to statutory net profit.

2. Calculated as: Distributions declared/underlying earnings.

3. Refer to slide 45 for details.

4. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.

Vicinity Centres | FY17 annual results | 16 August 2017

12

Balance sheet

Strong growth in NTA driven by valuation gains

As at Jun-17 ($m) Jun-16 ($m) Change ($m)	As at Jun-17 ($m) Jun-16 ($m) Change ($m)	As at Jun-17 ($m) Jun-16 ($m) Change ($m)	As at Jun-17 ($m) Jun-16 ($m) Change ($m)
Cash 42.2 52.8 (10.6)
Investment properties held for sale 33.5 232.1 (198.6)
Investment properties 15,633.5 14,426.6 1,206.9
Intangible assets 599.4 602.4 (3.0)
Other assets 350.2 535.6 (185.4)
Total assets	16,658.8	15,849.5	809.3
Borrowings 3,893.7 3,942.2 (48.5)
Other liabilities 1,017.4 1,058.3 (40.9)
Total liabilities	4,911.1	5,000.5	(89.4)
Net assets	11,747.7	10,849.0	898.7
Net tangible assets per security ($)	2.82	2.59	8.9%
Net asset value per security ($)	2.97	2.74	8.4%

8.9%

Growth in NTA to $2.82

Strong valuation gains

$1,206.9m

Increase in investment properties

Driven by asset valuation gains, development expenditure and portfolio changes

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$48.5m

Decrease in borrowings

Net repayments from asset disposal proceeds

Buy-back

Up to 5% of securities announced[1 ]

Where accretive to FFO per security and NTA, while also preserving ample capacity to fund other capital requirements

1. To commence not earlier than 17 August 2017.

Vicinity Centres | FY17 annual results | 16 August 2017

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Valuations

Strong valuation gains[1] of $852.5m or 6.0%

Strong valuation gains over the year[1 ]

1H: $507.6m, up 3.5%

2H: $345.0m, up 2.3%

WACR tightened 34 bps over the 12 months to 5.61%

13.5% uplift for Chadstone

Capitalisation rate tightened 50 bps to 4.25% in December 2016, unchanged at 4.25% in June 2017 internal valuation

	Valuation2 at	**Net movement1 **	**Net movement1 **
Key valuation movements over FY17	30-Jun-17
	($m)	($m)	(%)
Chadstone	2,675.0	318.1	13.5
Chatswood Chase Sydney	1,121.2	104.8	10.3
DFO South Wharf	598.0	47.9	8.7
Bayside	622.5	45.1	7.8
DFO Homebush	425.0	33.7	8.6
Portfolio total	15,549	852.5	6.0

1. Calculated as the aggregate net valuation gain for the two six-month periods. The net valuation gain excludes statutory accounting adjustments and assets divested during each period.

2. Vicinity’s ownership interest. Refer to slides 55 to 58 for details.

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Chatswood Chase Sydney, NSW
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Vicinity Centres | FY17 annual results | 16 August 2017

14

Capital management

Credit rating raised on portfolio quality improvement

As at Jun-17 Jun-16	As at Jun-17 Jun-16	As at Jun-17 Jun-16
Total debt facilities $5.1b $5.1b Drawn debt1 $3.9b $3.9b Undrawn debt $1.1b $1.2b Weighted average interest rate2 4.2% 4.0%
Gearing3	24.7%	25.9%
Proportion of debt hedged 90% 91%
Debt duration4 5.3 years 5.3 years
Interest cover ratio (ICR) 5.6x 5.2x
Credit ratings/outlook - Moody’s - Standard & Poor’s	A2/stable A/stable	A2/stable A-/positive

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Standard & Poor’s raised Vicinity’s credit rating

‘A/stable’ from ‘A-/positive’

Strengthened and diversified debt profile

Issued A$200m of 7-year and A$200m of 10-year MTNs

Repaid all FY18 expiries

Extended $1.5b of bank debt to smooth debt expiry profile

Strong financial position maintained

Conservatively geared at 24.7%

Weighted average interest rate of 4.2%, forecast to average 4.3% over FY18

Distribution policy change from FY18

Payout ratio of 95% to 100% of AFFO

FY18 payout ratio is expected to be 100% of AFFO[5]

Well positioned to fund investment opportunities

1. Calculated using the hedged rate on foreign denominated borrowings and excludes fair value adjustment and deferred borrowing costs.

2. The average over the reporting period and inclusive of margin, drawn line fees and establishment fees.

3. Calculated as: Drawn debt net of cash/Total tangible assets excluding cash, derivative financial assets and finance lease assets.

On-market buy-back announced of up to 5% of securities on issue Preserving ample capacity to fund capital requirements

1. Based on facility limits.

2. Assuming no material deterioration to existing economic conditions.

Vicinity Centres | FY17 annual results | 16 August 2017

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Capital management

Well diversified debt with no expiries in FY18

Debt maturity profile ($m)[1 ]

Debt sources (%)[1 ]

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1,600
USPP
1,200
13
AMTN
EMTN 30
192 Bank debt drawn
800 19
Bank debt undrawn
655
383
727
200 200
400 725
16
22
200
400 367
309
38 198 40 200 59
150
0
FY18 FY19 2 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Beyond
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1. Based on facility limits. 2. FY19 includes undrawn bank debt of $7m.

Vicinity Centres | FY17 annual results | 16 August 2017

16

Emporium Melbourne, VIC

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Portfolio
Michael O’Brien
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Portfolio summary

Solid performance despite retailer administrations and softer sales environment

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As at	Jun-17	Jun-16
Number of retail assets1	74	81
Gross lettable area (sqm)	2.6m	2.7m
Comparable NPI growth2 Occupancy rate	2.5% 99.5%	3.5% 99.4%
Leasing spread – total	1.9%	0.5%
Weighted average lease expiry by GLA	5.2 years	5.5 years
Total MAT growth3	0.4%	2.1%
Specialty MAT growth3	0.5%	3.0%
Specialty sales per sqm3	$9,429	$8,865
Specialty occupancy cost3	14.6%	14.6%
Capitalisation rate (weighted average)	5.61%	5.95%

Portfolio quality enhanced over the period

Divested interests in 10 retail assets for $586m[4,5] at a 2.3% premium to book value Increased ownership in DFO South Wharf and Bentons Square for $180m[4] WACR firmed 34 bps reflecting ongoing investor demand for retail assets ~ $300m of assets to be divested in FY18

Strong leasing outcomes

Occupancy improved to 99.5%

Leasing spreads overall improved to 1.9%

Portfolio absorbed the impact of 102 store administrations in FY17 (0.6% of GLA)

Sales environment softer but productivity improved

MAT growth[3] has moderated from prior year

Specialty sales growth[3] reflects cyclical conditions and increased competition in some catchments

Specialty sales per sqm increased[3] 6.4% reflecting improved portfolio quality and the inclusion of the strongly performing Emporium Melbourne as a comparable centre

1. Includes DFO Brisbane business and excludes DFO Perth (under construction).

2. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.

3. On a comparable basis, which excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 50 for details).

4. Excludes transaction costs.

5. Includes contracts exchanged for the sale of Terrace Central, NSW which is expected to settle in November 2017.

Vicinity Centres | FY17 annual results | 16 August 2017

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Portfolio sales by store type

Low sales growth environment has impacted most categories

	Actual MAT	Actual MAT	Actual MAT	Comparable1 MAT growth	Comparable1 MAT growth
	MAT Jun-17 ($m) Proportion of portfolio (%) By sales By rent
				Jun-17 (%) Jun-16 (%)
Specialty stores	6,241	38	55	0.5	3.0
Supermarkets	4,657	29	9	0.8	0.1
Mini majors	1,891	12	11	2.1	3.5
Discount department stores	1,563	10	6	(2.1)	2.8
Other retail2	1,051	6	14	0.9	3.8
Department stores	829	5	5	(2.2)	2.7
Total portfolio	16,231	100	100	0.4	2.1

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Specialty stores

Impacted by tenant administrations and increased competition for some centres Excluding Dick Smith[3] specialty store closures, growth was 1.0% (versus 0.5%)

Supermarkets

Heavy competition and price deflation resulting in low but improving growth

Mini majors

Strong performance from liquor, electronics and sporting mini majors Excluding Dick Smith[3] mini major store closures, growth was 7.7% (versus 2.1%)

Department stores and discount department stores

Continued mixed performance as new strategies are implemented

Note: Totals may not sum due to rounding.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 50 for details).

2. Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment.

3. Dick Smith stores >400 sqm are classified as mini majors and <400 sqm are specialty stores.

Vicinity Centres | FY17 annual results | 16 August 2017

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Portfolio specialty store performance

Retail services and food catering the strongest performers

	Actual MAT	Actual MAT	Comparable1 MAT growth	Comparable1 MAT growth
	MAT Jun-17 ($m) % of specialty sales		Jun-17 (%) Jun-16 (%)
Apparel	2,180	35	0.3	3.0
Food catering	930	15	2.2	2.6
General retail2	568	9	1.8	5.7
Retail services	538	9	6.8	7.0
Food retail	537	9	0.2	1.4
Leisure	421	7	1.3	1.0
Jewellery	418	7	(3.2)	2.7
Homewares	413	7	(5.3)	0.0
Mobile phones	235	4	(7.0)	1.3
Total specialty stores	6,241	100	0.5	3.0

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Apparel

Solid growth for men’s apparel (+6.1%), fashion accessories (+2.7) and footwear (+3.5%) offset by women’s apparel (-3.3%)

Food catering

Cafes and restaurants showing strong growth (+4.8%)

General retail

Solid performance from cosmetics (+5.0%) offset by weaker performance from discount variety stores (-2.5%)

Retail services

Strong sales continuing for hairdressing and beauty (+7.6%) and optometrists (+5.8%)

Homewares

Excluding impact of Dick Smith, MAT growth is 3.4%

Jewellery

Mixed performance across the category with strong growth in costume jewellery, whilst some traditional jewellers are experiencing softer growth

Note: Totals may not sum due to rounding.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 50 for details).

2. General retail includes giftware, pharmacy and cosmetics, pets, discount variety, tobacconists, florists and toys.

Vicinity Centres | FY17 annual results | 16 August 2017

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Portfolio sales by state

Growth moderating across most states over the year

Comparable[1] specialty store MAT growth by state (%)

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6 5.0
4
2.0
1.7
2
0.5
0.1
0
(0.2)
-2
-4
-6 (4.6)
VIC NSW QLD WA SA TAS Total
(38%) (21%) (21%) (15%) (3%) (3%) portfolio
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Note: Percentages under state labels show proportion of portfolio specialty MAT by state.

Weighted comparable[1] specialty store MAT growth by state (%)

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2
0.4
1 0.8 0.0
0.1 0.5
(0.7)
0
(0.0)
-1
VIC NSW QLD WA SA TAS Total
portfolio
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1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 50 for details).

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Victoria

Sales growth driven by population, employment and house price growth. Infrastructure expenditure to remain above the national average

Strong specialty store MAT growth for DFOs (6.1%) offset by softer growth at Emporium Melbourne (-3.3%)

Sales exclude strongly performing Chadstone

New South Wales

Population and house price growth together with planned infrastructure spending and business investment providing solid retail trading conditions

Vicinity’s performance softer due principally to some centres being predevelopment

Queensland

Still impacted by mining weakness although some signs of recovery Economic growth stronger in the south east

Western Australia

Mining cycle continues to dominate economic trends, with some indication that the economy is at or close to the bottom of the cycle

South Australia

Moderate growth expected with infrastructure spending and ship-building providing some offset to the impact of recent auto manufacturing closures

Benefitting from Colonnades fresh food development completed in March 2016

Vicinity Centres | FY17 annual results | 16 August 2017

21

Leasing Re-weighting the portfolio to categories with strongest demand

Leasing spread[1] (%)

For the 12 months to Jun-17 Jun-16	For the 12 months to Jun-17 Jun-16	For the 12 months to Jun-17 Jun-16
Leasing spread – renewals	3.7	0.9
Leasing spread – replacements	0.1	0.0
Leasing spread – total	1.9	0.5

Lease expiry profile by income (%)

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30%
24%
25% Majors All other retailers
20%
15%
15% 13%
12% 12%
11%
10%
6%
5%
2%
1% 1% 1%
0%
0%
Holdover FY18 FY19 FY20 FY21 FY22+
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1,276 lease transactions completed[2]

Solid spreads on renewals across the portfolio, particularly DFOs

Replacements spread reflects active remixing and responding to retailer administrations. Demand for DFOs continues to be strong

Ongoing tenant remixing and re-weighting specialty women’s apparel towards food catering and retail services have contributed to a retention rate of 53%, in line with prior periods

**Key categories re-weighted3 **	Jun-17 %	Jun-12 %	% change
Women’s apparel	14.7	16.8	(12.6)
Food catering	15.6	13.4	16.8
Retail services	13.2	9.2	44.1

1. Leasing spreads include all shop types other than majors and ATMs.

2. Excludes project leasing and divestments.

3. As a percentage of specialty stores GLA.

Vicinity Centres | FY17 annual results | 16 August 2017

22

Chadstone’s leading position reinforced

A world class retail, dining and entertainment destination

Strong trading performance

Total MAT up 19.8% to $1.73b without full year of trading post development Same-store specialty MAT up 3.2%, predominantly driven by apparel (+10.5%), retail services (+11.2%) and leisure (+4.0%)

Foot traffic up 21% to 21.3m visitors

Strong returns

Asset valuation of $5.35b (Vicinity share: $2.675b) at 4.25% cap rate Initial yield of 6% on $333m development spend (Vicinity share), with development margin of 27%[1 ]

Retail mix significantly broadened and enhanced

Entertainment offer expanded to include the first LEGOLAND® Discovery Centre in the southern hemisphere and a 13-screen HOYTS cinema complex

Dining offer significantly extended with 21-tenancy Food Central and a seven-restaurant Dining Terrace

Luxury offer expanded from 10 to 29 retailers

Major international flagships represented: Zara, H&M, Uniqlo and Sephora

Significant future development and remix opportunities

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Chadstone, VIC
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1. Incremental value add relating to development on development capital.

Vicinity Centres | FY17 annual results | 16 August 2017

23

Intensive asset management driving tangible benefits

Vicinity’s broad portfolio provides significant opportunities to test and implement new initiatives

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Emporium Melbourne, VIC
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Ancillary income represents 10.6% (or $97m) of NPI

Strong growth in ancillary income of 6.4%[1] driven by casual mall leasing, retail media and car parking

Significant growth potential from retail media, electricity services and car parking[2 ]

Using technology to drive efficiencies

Introduced 10 cleaning robots for night cleans driving lower costs, chemical and water usage

Automatic compactor bins installed in 24 centres reducing emptying frequency by up to 75%, with more planned for FY18

A range of initiatives including solar plants being trialled across the portfolio

Investing to enhance our assets through asset refurbishment projects

Refurbishments to drive consumer visitation and retail sales and improve net property income

Completed eight projects for $15m with initial yield ~7%

1. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.

2. As we continue to enhance the flow of traffic at our properties.

Vicinity Centres | FY17 annual results | 16 August 2017

24

A focus on creating shared value for Vicinity and our stakeholders

Our sustainability agenda has generated significant benefits

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Strong sustainability survey results

FY17 achievements

Included in DJSI World, Asia Pacific and Australia leaders lists

Scored 83/100 in Global Real Estate Sustainability Benchmark (GRESB) compared to peer average of 77/100

Rated ‘A-’ for climate change performance by CDP and awarded for ‘Best Climate Disclosure by a New Responding Company 2016’

Improved resource usage

Energy intensity[1] down 6%

36% of waste diverted from landfill[2]

Shaping better communities

3 Star Green Star Performance – portfolio average rating (FY16: 2 Star)

Climate considerations integrated into key business processes

Completed portfolio-wide risk assessment

Significant progress on carbon intensity reduction Greenhouse gas emissions[3] intensity[1] down 8%

Established Beacon Foundation partnership focused on unemployed and disengaged youth

Supporting the employment of 30 people through social procurement initiatives

Invested[4] $1.8m to strengthen local communities

Note: Latest performance reporting, metrics and achievements can be found on our website vicinity.com.au

1. FY17 compared to FY16 on a per sqm basis.

2. Over FY17.

3. Scope 1 and 2 emissions.

4. Includes a combination of cash and in-kind contributions, accounting for associated management time and part of the operational spend on social enterprises in accordance with the London Benchmarking Group framework.

Vicinity Centres | FY17 annual results | 16 August 2017

25

Mandurah Forum, WA

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Development
update
Carolyn Viney
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Development summary

Strong progress made on the development pipeline

Development is a key driver of portfolio enhancement

Active response to changing consumer preferences

Enables Vicinity to introduce latest retail concepts and revitalise offer

Development pipeline of $2.0b (Vicinity share: $0.9b)

Galleria project revised down to $500m (Vicinity share: $250m)

Active period of delivery

Chadstone major development completed in June 2017

First major retail stage of Mandurah Forum fully leased and opened in July 2017

Construction commenced for DFO Perth in July 2017

Construction commenced at The Glen with stage 1 fully leased and on program to open late 2017

Roselands major refurbishment program continues to advance

Major remix and reconfiguration opportunities at Chadstone and QueensPlaza

Significant shadow development pipeline being progressed

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DFO Perth, WA – Artist’s impression
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The Glen, VIC – Artist’s impression
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Vicinity Centres | FY17 annual results | 16 August 2017

27

Investing to create long-term value

Extensive $2.0b development pipeline (Vicinity share: $0.9b) provides significant opportunities

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$m Vicinity share Partner share Total
175 350
Mandurah Forum, WA
230 460
The Glen, VIC
Current
75 150
DFO Perth, WA
100
Midland Gate, WA
0
1
Roselands, NSW TBA
Estimated FY18
60 120
Chadstone Hotel, VIC
commencements
250 500
Galleria, WA
Estimated FY19
75 300
commencements The Myer Centre Brisbane, QLD
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Note: Timing and costs of identified projects are indicative only and may change as projects advance. 1. Master planning continues.

Vicinity Centres | FY17 annual results | 16 August 2017

28

Mandurah Forum redevelopment on track

Improving product offer and experience

Key metrics Cost1 $350m Initial yield >6% Expected IRR >10% Mid-2018 project completion GLA 64,500 sqm +26,000 sqm	Key metrics Cost1 $350m Initial yield >6% Expected IRR >10% Mid-2018 project completion GLA 64,500 sqm +26,000 sqm
Expected IRR	>10%

New 850 space multi-deck car park opened in December 2016

• Centre to have >3,000 spaces on completion

First retail stage opened in July 2017 including new Target store and over 60 specialty stores fully leased

Construction on program

Complete centre transformation

• Expanding from a Sub Regional to Regional shopping centre

• New David Jones to open in 2018

• New Target and upgraded Coles and Kmart now open

• Total stores to increase by 80 to over 220 on completion

• New food court with adjoining play area, fresh food market hall and alfresco dining precinct

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1. 100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 annual results | 16 August 2017

29

Mandurah Forum

First retail stage open

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Vicinity Centres | FY17 annual results | 16 August 2017

30

DFO Perth

Retail construction commenced

Key metrics Cost1 $150m Initial yield >10% Expected IRR >15% 2018 completion Total GLA 24,000 sqm	Key metrics Cost1 $150m Initial yield >10% Expected IRR >15% 2018 completion Total GLA 24,000 sqm
Expected IRR	>15%

Joint venture to develop the first DFO in Perth

• 120 specialty stores

• Over 1,500 car spaces

Reinforces Vicinity’s market leadership position in Outlet Centres

Greenfield development enables optimisation of design and construction

Centrally located adjacent to Perth Airport and near major arterial roads

Site works completed and retail construction underway

Leasing demand strong, leveraging extensive retailer relationships

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Artist’s impression
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1. Total cost including a lump sum rental payment. Vicinity’s share is approximately $75m.

Vicinity Centres | FY17 annual results | 16 August 2017

31

The Glen redevelopment underway

Major redevelopment to capitalise on high income trade area and capture escape expenditure

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Key metrics Cost1 $460m Initial yield >6% Expected IRR >10% 2020 target completion Total GLA 78,000 sqm +18,900 sqm	Key metrics Cost1 $460m Initial yield >6% Expected IRR >10% 2020 target completion Total GLA 78,000 sqm +18,900 sqm
Expected IRR	>10%

First stage fully leased and due to open in late 2017

• Introduction of Aldi and relocated Woolworths to anchor fresh food market hall with Coles and over 60 specialty stores

Latest format David Jones and new contemporary food gallery with casual dining hub and an outdoor dining precinct

Artist’s impression

Complete refurbishment of existing centre

Above average incomes, low levels of household debt and above average apparel expenditure in catchment

Sold air rights to residential developer Golden Age

Contract for sale of residential air rights entered into, redevelopment costs[1 ] reduced from $490m to $460m

Over 500 apartments across three towers, construction expected to commence in 2019 and complete within 24 months

Artist’s impression

1. 100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 annual results | 16 August 2017

32

Chadstone – the evolution continues

High quality hotel and significant additional remix opportunities

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Proposed
hotel
Artist’s aerial impression
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Hotel

$120m development[1] proposed

Targeting 4 to 4.5 stars with full service amenity and conference facilities

Proposal for 250 rooms over 13 levels

Focused on business and tourist markets

Town planning approval received in June 2017

Discussions with international and domestic operators in progress FY18 target commencement

Remix and reconfiguration opportunities

Luxury precinct to be remixed and expanded further

Redevelopment of existing second food court planned External dining expansion in planning

Cross mall reconfigurations

Master planning of future stages continues

1. 100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 annual results | 16 August 2017

33

Galleria progressing through project validation phase

Creating one of Perth’s leading destinations

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Stormwater
basin
Source: Nearmap
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$500m DA approval FY18
redevelopment [1 ] obtained target commencement
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Dominant Major Regional centre in north east Perth

Existing centre trades strongly in well-defined and growing catchment with limited competition

Opportunity to increase market share with expanded and more modern offer

Agreement reached to relocate stormwater basin, unlocks more desirable layout and design options to expand and improve the development footprint

Progressing through project validation phase

1. 100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 annual results | 16 August 2017

34

QueensPlaza, QLD

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Summary and
FY18 guidance
and focus
Angus McNaughton
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FY17 summary

Another active period

Comparable[1] underlying EPS growth of 4.6%

Strong valuation gains[2] of $852.5m or 6.0%

Enhanced portfolio quality through tenancy remixing, developments, divestments and acquisitions

Maintained strong balance sheet

Connected centres and corporate offices to single high-speed digital network with WiFi throughout

On-market buy-back of up to 5% of securities announced[3]

Earnings measure and distribution policy change[3 ] from FY18

1. Refer to slide 45 for details.

2. Excludes acquisitions, divestments and statutory adjustments, and includes the impact of equity accounted investments. 3. Announced post 30 June 2017.

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Cranbourne Park, VIC
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Vicinity Centres | FY17 annual results | 16 August 2017

36

FY18 guidance and focus

Our focus remains on building quality and strength across our business

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Well positioned to create long-term value and sustainable growth

FY18 FFO guidance of 18.0 to 18.2 cps

Retail environment expected to remain challenging over the next 12 months

FY18 FFO per security guidance of 18.0 to 18.2 cents[1] inclusive of asset divestments in the period and major remixes

Assumes ~$300m of asset divestments and includes the impact of rent lost from major remixes at Chadstone and QueensPlaza

After adjusting for the impact of portfolio changes[2] , guidance reflects comparable FFO per security growth of 2.8% to 4.0%

Distribution payout ratio for FY18 is expected to be 100% of AFFO[1 ]

FY18 maintenance capex and incentives forecast of ~$70m to $80m

Ongoing focus on improving portfolio quality and driving efficiencies through the business

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19
Comparable 18.4
growth 18.2
(0.7) 2.8% to 4.0% (0.2)
FY18 FFO
18 guidance
(0.3) 18.2 range
18.0
18.7
17 18.0
17.7
16
FY17 FY17 FFO FY17 FFO Impact of Adjusted Stable Comparable Impact of FY18 FFO
underlying adjustment acquisitions FY17 FFO business and FY18 FFO Chadstone and guidance
earnings (rent lost from and (stable development QueensPlaza
undertaking divestments portfolio) growth remixing [3 ]
developments) (including
~$300m of
intended FY18
divestments)
Cents per security
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Smooth transition to new CEO and Managing Director

1. Assuming no material deterioration to existing economic conditions.

2. Acquisitions, divestments and major remixes at Chadstone and QueensPlaza.

3. Additional lost rent from developments of ~$10m in FY18 compared to FY17 capitalised lost rent of $28.9m.

Vicinity Centres | FY17 annual results | 16 August 2017

37

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39 Our strategy 49 Tenants
40 Assets under management 50 Non-comparable centres for sales reporting
41 Direct portfolio 51 Asset summaries
Appendices 43 Financial results 59 Key dates
46 Capital management 60 Contact details
48 Development pipeline
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Halls Head Central, WA

Our Strategy: simple and transparent business model, with a single sector focus

Creating value and sustainable growth by owning, managing and developing quality Australian retail assets

Invest in quality Australian assets across the retail spectrum

$25.3b assets under management

84 centres under management[2 ]

Focus on long-term value creation and sustainable earnings growth

Maintain strong balance sheet with access to diverse capital sources

~8,300

~3,300 retailer relationships

tenants

Efficient cost structure and low management expense ratio

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Clear financial objectives set at the corporate and asset level

Group level Target[1] Total return >9.0% p.a. Underlying EPS growth >3.0% p.a.

$17.9b moving annual turnover

2.8m sqm gross lettable area

Portfolio level Target[1] Property level returns >8.5% p.a.

Development returns Initial yield 6% to 8+% Incremental IRR 10% to 15+%

1. On a ‘through cycle’ basis. 2. Includes a centre managed for a Vicinity wholesale fund that was divested on 14 July 2017.

Vicinity Centres | FY17 annual results | 16 August 2017

39

Assets under management

~8,300 tenants across 84 assets under management[1,2 ]

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Direct portfolio Wholly-owned1 Co-owned Total	Managed	Total **AUM2 **
	Third party2/ co-owned
Number of retail assets 48 26 74 10/26 84 Gross lettable area (000’s)(sqm) 1,190 1,377 2,567 256 2,823 Number of tenants 3,775 3,717 7,492 778 8,270 Annual retail sales ($m) 7,885 8,355 16,240 1,656 17,896 Total value ($m)3 8,209 7,339 15,549 1,629/8,096 25,274

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane and excludes DFO Perth (under construction).

2. Includes a centre managed for a Vicinity wholesale fund that was divested on 14 July 2017.

3. Reflects ownership share in investment properties and equity-accounted investments.

Vicinity Centres | FY17 annual results | 16 August 2017

40

Direct portfolio Key statistics by centre type

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As at 30 June 2017	Total portfolio	**Regional1 **	Sub Regional	Neighbourhood	Outlet Centre
Number of retail assets	74	22	32	15	5
Gross lettable area (m)(sqm)	2.6	1.5	0.7	0.1	0.2
Total value ($m)	15,549	10,000	3,447	728	1,374
Portfolio weighting by value (%)	100	64	22	5	9
Capitalisation rate (weighted average)(%)	5.61	5.19	6.35	6.51	6.29
Comparable NPI growth2(%)	2.5	0.6	2.9	3.1	8.5
Occupancy rate (%)	99.5	99.5	99.5	99.3	100.0
Total MAT growth3(%)	0.4	(0.9)	0.1	0.5	7.6
Specialty MAT growth3(%)	0.5	(1.3)	0.2	(1.4)	6.1
Specialty sales per sqm3($)	9,429	10,164	8,448	7,351	9,697
Specialty occupancy cost3(%)	14.6	17.2	13.3	12.4	10.5

Note: Totals may not sum due to rounding.

1. Includes Super Regional, Major Regional, City Centre and Regional centres.

2. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.

3. Excludes divestments and development-impacted centres in accordance with SCCA guidelines.

Vicinity Centres | FY17 annual results | 16 August 2017

41

Direct portfolio

Well diversified by geographic and retail sub-sector exposure

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Centre type composition

Geographic exposure

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14
2 City Centre
4
3 Regional
16 17
Regional 2 4 Sub Regional
Outlet Centre 9% Major Regional 1
Sub Regional 2 4 Neighbourhood
Regional 2
1 Outlet Centre
Super
Neighbourhood 5% 17% Regional Sub Regional 7
Neighbourhood 6
12% QLD
14
3 Major Regional
Sub Major 8 Sub Regional
22% $15.5b [1 ] 22%
Regional Regional 14% WA 2 Neighbourhood
5% SA
1 Outlet Centre
26
11% City Centre 20% NSW
Regional 14% Super Regional 1
Sub Regional 11 Major Regional 3
Neighbourhood 3 City Centre 2
Outlet Centre 3 Regional 3
49% VIC and TAS
Note: Totals may not sum due to rounding.
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Note: Totals may not sum due to rounding.

1. Includes equity accounted investments and excludes finance lease assets and planning and holding costs.

Vicinity Centres | FY17 annual results | 16 August 2017

42

Financial results

Underlying earnings reconciliation to net profit after tax

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For the 12 months to	30-Jun-17 ($m)	30-Jun-16 ($m)
Underlying earnings 741.8 757.5 Property revaluation increment for directly owned properties 906.7 733.0 Non-distributable gain/(loss) relating to equity accounted investments 9.1 (15.6) Amortisation of static lease incentives (11.3) (10.2) Amortisation of other project items (16.8) (22.4) Straight-lining of rent adjustment 16.8 4.8 Rent lost from undertaking developments (28.9) (18.0) Stamp duty and other costs written off on acquisition of investment properties (9.9) (20.1) Net mark-to-market movement on derivatives (55.1) (147.5) Net foreign exchange movement on interest bearing liabilities 60.7 42.4 Integration costs (26.7) (41.1) Impairment and amortisation of intangible assets (3.0) (298.3)
Other non-distributable items 0.2 (3.6)
Netprofit after tax 1,583.6 960.9

Vicinity Centres | FY17 annual results | 16 August 2017

43

Financial results

Reconciliation of underlying earnings to AFFO

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For the 12 months to	30-Jun-17	30-Jun-16
	($m)	($m)
Underlying earnings	741.8	757.5
Less: Rent lost from undertaking developments	(28.9)	(18.0)
Funds from operations (FFO)	712.9	739.5
Less: Maintenance capex and tenant incentives paid	(71.4)	(72.1)
Adjusted FFO (AFFO)	641.5	667.4
Distribution declared	684.8	700.7
Underlying earnings payout ratio1(%)	92.3	92.5
FFO payout ratio1(%)	96.1	94.8
AFFO payout ratio1(%)	106.8	105.0
Underlying earnings per security (cents)	18.7	19.1
Distribution per security (cents)	17.3	17.7
FFO per security (cents)	18.0	18.7
AFFO per security (cents)	16.2	16.9

1. Calculated as: Distribution as a percentage of the applicable earnings measure.

Vicinity Centres | FY17 annual results | 16 August 2017

44

Financial results

Reconciliation of actual and comparable FY17 underlying earnings growth

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$m
800
Comparable growth
4.6%
750
31.4
(73.1)
700
26.0
757.5
741.8
650
684.4
600
FY16 Impact of Adjusted FY16 Impact of Stable business and FY17
underlying earnings portfolio changes underlying earnings portfolio changes development growth underlying earnings
(stable portfolio)
Represents earnings from Represents earnings from nine Driven by 2.5% comparable
19 retail assets divested retail assets divested during NPI growth, incremental
since July 2015 and three FY17 and five acquisitions NPI from developments and
acquisitions made in FY16 made since July 2015 continued cost savings
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Vicinity Centres | FY17 annual results | 16 August 2017

45

Capital management Interest rate hedging profile

Hedging profile[1,2 ]

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4,000 6.50%
3,500 6.00%
3,000 5.50%
2,500 5.00%
2,000 4.50%
1,500 4.00%
1,000 3.50%
500 3.00%
0 2.50%
Fixed rate debt (lhs) Interest rate swaps (lhs) All in weighted average hedge rate (rhs)
Hedge rate (%)
Notional A$m
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Key hedging statistics

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As at period end 30-Jun-17 30-Jun-16
Weighted average hedge rate (%) [1] 4.3 4.2 [3]
Proportion of debt hedged (%) 90 91
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1. The calculation for weighted average hedge rate was revised during the period. From the December 2016 reporting period, it includes margin and establishment fees on fixed rate debt and margin, line and establishment fees on floating debt that has been hedged with interest rate swaps.

2. Hedge rate is the average for the financial years.

3. The calculation of hedged rate was revised during the period. Accordingly the 30 June 2016 rate has been restated. Previously this figure was reported as 3.0% which included margin on fixed rate debt only.

Vicinity Centres | FY17 annual results | 16 August 2017

46

Capital management

Facilities by maturity

Maturity	Instrument	Limit ($m)
Dec-18	Bank debt facilities	100.0
Feb-19	USPP1	38.0
Feb-19	Bank debt facilities	50.0
Jun-19	Bank debt facilities	582.3
Dec-19	Australian medium term notes (AMTN)	400.0
Dec-19	Bank debt facilities	350.0
Feb-20	Bank debt facilities	50.0
Jun-20	Bank debt facilities	175.0
Jul-20	Bank debt facilities	200.0
Dec-20	Bank debt facilities	150.0
Feb-21	Bank debt facilities	50.0
May-21	AMTN	150.0
Jul-21	Bank debt facilities	525.0
Dec-21	Bank debt facilities	350.0
Feb-22	Bank debt facilities	50.0
Jul-22	USPP2	40.0
Apr-24	AMTN	200.0
Jul-24	USPP3	58.9
Dec-25	USPP4	309.0
Apr-26 Apr-27	European medium term notes (EMTN)5 AMTN	655.2 200.0
Jul-27	USPP3	15.2
Dec-27 Dec-29	USPP6 USPP7	68.5 114.2
Dec-30	USPP8	169.5
	Total	5,050.8

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Ellenbrook Central, WA

1. USD value converted to AUD at AUD/USD 0.7885.

2. This USPP tranche is denominated in AUD.

3. USD value converted to AUD at AUD/USD 0.9855.

4. USD value converted to AUD as follows: AUD45.7m at AUD/USD 0.8756; and AUD263.3m at AUD/USD 0.6988.

5. GBP value converted to AUD at AUD/GBP 0.5342

6. USD value converted to AUD at AUD/USD 0.8755.

7. USD value converted to AUD at AUD/USD 0.8754.

8. Consists of two tranches denominated in AUD and USD, including: AUD75.0m USPP tranche denominated in AUD, and AUD94.4m USD value converted to AUD at AUD/USD 0.6988.

Vicinity Centres | FY17 annual results | 16 August 2017

47

Development pipeline

Vicinity’s share of costs to complete projects under construction is $344m

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	Total			Vicinity’s share
Identified development pipeline ($m)	project		Project	Spent to	Cost to
	cost		cost	30-Jun-17	complete
Mandurah Forum	350		175	93	82
The Glen	460		230	25	205
DFO Perth Airport	150		75	18	57
Midland Gate	100		-
Total under construction	1,060		480	136	344
Roselands	TBA		-
Chadstone Hotel	120		60
Galleria	500		250
Total FY18 commencements	620		310
The Myer Centre Brisbane	300		75
Total FY19 commencements	300		75
Total development pipeline	1,980		865

Vicinity Centres | FY17 annual results | 16 August 2017

48

Tenants

Key portfolio tenants

Top 10 tenants	Top 10 tenants	Top 10 tenants	Top 10 tenants	Top 10 tenants
Rank Retailer Retailer type Number of stores % of income
1		Supermarket	49	4.3
2		Supermarket	45	3.9
3		Discount department store	29	3.0
4		Department store	10	2.2
5		Department store	4	2.2
6		Discount department store	19	1.6
7		Discount department store	19	1.6
8		Specialty/Mini major	32	0.8
9		Specialty/ATM	34	0.8
10		Mini major	29	0.7
Top 10 Total			270	21.1

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Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups
Rank Retailer Number of leases % of income Brands
1		124	9.3	Coles, First Choice Liquor, Kmart, Liquorland, Target, Vintage Cellars
2		97	5.9	Big W, BWS, Dan Murphy’s, Food For Less, Woolworths, Woolworths Liquor,Woolworths Petrol
3		39	3.2	Country Road, David Jones, Mimco, Politix, Trenery, Witchery
4		17	2.4	Marcs, Myer, Sass & Bide
5		120	1.5	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
6		84	1.1	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes, Supre,Typo
7		119	1.1	Autograph, City Chic, Crossroads, Katies, Millers Fashion Club, Rivers
8		172	1.0	BankWest, Commonwealth Bank
9		141	0.9	Bank of Melbourne, Bank of South Australia, St George Bank, Westpac
10		29	0.8	Best & Less, Harris Scarfe
Top 10 Total		942	26.9

Vicinity Centres | FY17 annual results | 16 August 2017

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Non-comparable centres for sales reporting

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Centre	Comment
Broadmeadows Central, VIC	Major tenant changeover
Chadstone, VIC	Development
Cranbourne Park, VIC	Development
Currambine Central, WA	Development
Elizabeth City Centre, SA	Major tenant changeover
Halls Head Central, WA	Development
Lake Haven Centre, NSW	Major tenant addition
Lavington Square, NSW	Major tenant changeover
Mandurah Forum, WA	Development
Roselands, NSW	Pre-development
The Glen, VIC	Development
Warriewood Square, NSW	Development

Warriewood Square, NSW

Note: All divestments during the period also treated as non-comparable.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Centre statistics

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
New South Wales
Chatswood Chase Sydney	Major Regional	100	63,715	98.1	557.1	9,866	13,938	15.5
BankstownCentral	Major Regional	50	85,584	99.8	462.7	6,152	8,332	18.5
Roselands	Major Regional	50	62,020	100.0	n.a.	n.a.	n.a.	n.a.
LakeHavenCentre2	SubRegional	100	43,110	99.4	n.a.	n.a.	n.a.	n.a.
Nepean Village	SubRegional	100	23,240	99.2	244.2	11,194	12,822	11.4
Warriewood Square2	SubRegional	50	29,917	100.0	n.a.	n.a.	n.a.	n.a.
Carlingford Court	SubRegional	50	33,404	99.8	187.2	7,044	9,890	16.1
WestEndPlaza	SubRegional	100	15,931	100.0	96.4	6,282	7,058	12.7
LavingtonSquare2	SubRegional	100	20,473	98.2	n.a.	n.a.	n.a.	n.a.
Armidale Central	SubRegional	100	14,747	100.0	88.7	6,162	6,226	10.5
Toormina Gardens	SubRegional	50	21,379	99.2	157.8	8,186	10,200	7.9
Lennox Village	Neighbourhood	50	9,994	100.0	120.7	12,447	6,767	16.7
Terrace Central	Neighbourhood	100	7,263	97.2	59.1	9,442	6,612	11.0
DFO Homebush	Outlet Centre	100	29,860	100.0	320.9	10,778	15,015	9.1
Tasmania
Eastlands	Regional	100	33,440	99.2	235.8	7,271	7,139	14.6
Northgate	Sub Regional	100	19,373	99.3	135.4	7,917	9,842	12.1

1. Inclusive of marketing levy and based on GST inclusive sales.

2. Non-comparable sales. Refer to slide 50 for details.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Queensland
QueensPlaza	City Centre	100	39,066	97.9	296.1	8,425	21,944	16.0
TheMyerCentreBrisbane	City Centre	25	63,782	100.0	326.3	5,301	11,399	20.4
GrandPlaza	Regional	50	53,381	100.0	352.4	7,079	10,048	16.1
RunawayBay Centre	Regional	50	43,004	99.1	291.2	8,293	9,865	12.4
Mt Ommaney Centre	Regional	25	56,600	98.7	313.0	6,590	7,790	16.3
TaigumSquare	SubRegional	100	23,081	100.0	106.7	6,040	6,382	12.6
Gympie Central	SubRegional	100	14,153	99.3	124.7	9,395	11,459	9.6
WhitsundayPlaza	SubRegional	100	22,394	100.0	117.8	6,544	13,358	6.2
BurandaVillage	SubRegional	100	11,560	100.0	64.9	6,491	8,681	13.3
OxenfordVillage	Neighbourhood	100	5,811	100.0	77.3	17,587	10,106	10.5
Milton Village	Neighbourhood	100	2,870	100.0	26.8	18,458	15,576	9.7
GoldfieldsPlaza	Neighbourhood	100	7,672	94.5	62.2	9,353	9,734	8.6
NorthShoreVillage	Neighbourhood	100	4,077	100.0	50.1	15,350	6,813	13.2
DFOBrisbane	Outlet Centre	100	26,256	100.0	212.5	8,269	8,449	10.6
South Australia
ElizabethCity Centre2	Regional	100	80,497	99.8	n.a.	n.a.	n.a.	n.a.
Colonnades	Regional	50	83,493	99.4	306.3	5,480	6,270	16.1
Castle Plaza	Sub Regional	100	22,840	99.3	148.2	7,083	8,662	14.5
Kurralta Central	SubRegional	100	10,678	100.0	82.7	8,019	9,517	11.6

1. Inclusive of marketing levy and based on GST inclusive sales.

2. Non-comparable sales. Refer to slide 50 for details.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria
Chadstone ShoppingCentre2	Super Regional	50	211,929	99.8	n.a.	n.a.	n.a.	n.a.
Bayside	Major Regional	100	88,843	99.2	421.7	5,124	8,127	16.1
Northland	Major Regional	50	97,432	99.8	547.6	6,089	8,985	18.9
The Glen2	Major Regional	50	51,390	100.0	n.a.	n.a.	n.a.	n.a.
Emporium Melbourne	City Centre	50	45,225	99.6	452.7	10,345	13,353	17.9
Myer Bourke Street	City Centre	33	39,924	100.0	n.a.	n.a.	n.a.	n.a.
Broadmeadows Central2	Regional	100	61,359	99.9	n.a.	n.a.	n.a.	n.a.
CranbournePark2	Regional	50	46,979	99.3	n.a.	n.a.	n.a.	n.a.
Box HillCentral(South Precinct)	SubRegional	100	23,726	100.0	183.5	8,792	10,236	14.7
Victoria Gardens Shopping Centre	SubRegional	50	35,153	99.6	188.0	6,586	10,495	13.4
Corio Central	SubRegional	100	31,523	98.7	157.9	6,531	5,977	14.1
Roxburgh Village	SubRegional	100	24,743	100.0	147.1	6,684	5,939	14.6
Box HillCentral(North Precinct)	SubRegional	100	14,584	100.0	77.4	6,533	6,009	18.3
Altona Gate Shopping Centre	SubRegional	100	26,277	98.1	145.8	6,313	6,958	15.8
Brandon Park	Sub Regional	50	23,122	98.6	133.0	6,915	5,807	18.5
Sunshine Marketplace	Sub Regional	50	34,055	99.8	136.5	4,749	7,275	14.0
Belmont Village	Sub Regional	100	14,034	100.0	99.6	7,320	10,663	10.4
Mornington Central	Sub Regional	50	11,773	100.0	99.7	8,673	9,726	15.8
Bentons Square	Neighbourhood	100	10,085	100.0	143.4	15,946	7,998	13.4
Oakleigh Central	Neighbourhood	100	13,919	99.6	120.7	9,327	5,846	13.4
The Gateway	Neighbourhood	100	10,872	100.0	86.2	9,753	9,505	7.5

1. Inclusive of marketing levy and based on GST inclusive sales.

2. Non-comparable sales. Refer to slide 50 for details.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate1	(MAT)	sales1	sales1	costs1,2
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria (continued)
DFO South Wharf	Outlet Centre	100	56,262	100.0	396.4	9,838	9,727	10.2
DFOEssendon	Outlet Centre	100	52,321	100.0	229.8	9,283	8,941	12.5
DFOMoorabbin	Outlet Centre	100	24,670	100.0	146.9	6,440	6,834	11.8
Western Australia
Galleria	Major Regional	50	82,384	100.0	490.4	6,855	10,993	19.1
RockinghamCentre	Regional	50	62,313	98.8	430.1	7,574	8,499	17.7
Mandurah Forum3,4	Regional	50	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
EllenbrookCentral	SubRegional	100	36,473	99.8	241.3	8,294	8,794	10.4
WarwickGrove	SubRegional	100	31,922	99.8	208.3	8,229	7,886	15.0
Warnbro Centre	SubRegional	100	21,416	99.2	154.6	7,529	7,143	17.5
MaddingtonCentral	SubRegional	100	27,793	98.9	179.4	7,164	7,255	15.2
Livingston Marketplace	SubRegional	100	15,555	100.0	120.2	8,484	9,379	11.1
Halls Head Central3	Sub Regional	50	21,012	98.9	n.a.	n.a.	n.a.	n.a.
Karratha City	Sub Regional	50	24,045	99.2	207.8	9,221	9,513	10.9
Currambine Central3	Neighbourhood	100	16,562	100.0	n.a.	n.a.	n.a.	n.a.
Dianella Plaza3	Neighbourhood	100	16,871	100.0	100.9	7,182	6,395	13.7
Stirlings Central	Neighbourhood	100	8,533	98.4	89.0	10,829	7,681	12.2
Kalamunda Central	Neighbourhood	100	8,388	100.0	75.7	9,638	6,056	12.9
Flinders Square	Neighbourhood	100	5,994	100.0	62.5	11,778	7,451	11.6
Victoria Park Central	Neighbourhood	100	5,476	98.7	48.9	9,499	5,305	16.5

1. Excludes DFO South Wharf and DFO Essendon Homemaker retailers.

2. Inclusive of marketing levy and based on GST inclusive sales.

3. Non-comparable sales. Refer to slide 50 for details.

4. Information not available as centre is under development.

Vicinity Centres | FY17 annual results | 16 August 2017

54

Asset summaries

Valuations

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Capitalisation rate	Discount rate As at 30-Jun-17 (%)
		As at 30-Jun-17 (%) As at 30-Jun-16 (%) Movement
New South Wales
ChatswoodChase Sydney Major Regional 100 104.8 1,121.2 4.75 5.25 (0.50) 7.00
BankstownCentral Major Regional 50 3.9 350.0 6.00 6.25 (0.25) 7.50
Roselands Major Regional 50 (15.0) 179.7 6.25 6.50 (0.25) 7.25
LakeHavenCentre SubRegional 100 20.6 298.0 6.50 7.00 (0.50) 7.75
Nepean Village SubRegional 100 12.4 181.0 5.75 6.25 (0.50) 7.75
Warriewood Square SubRegional 50 8.2 142.5 5.75 6.00 (0.25) 7.75
Carlingford Court SubRegional 50 4.3 114.0 6.00 6.25 (0.25) 7.75
WestEndPlaza SubRegional 100 3.9 70.0 6.75 7.25 (0.50) 8.25
LavingtonSquare SubRegional 100 2.8 62.3 7.25 7.75 (0.50) 7.50
Armidale Central SubRegional 100 (0.3) 46.0 7.00 7.00 - 8.00
Toormina Gardens SubRegional 50 0.2 40.5 6.75 7.00 (0.25) 8.00
Lennox Village Neighbourhood 50 3.2 36.5 6.00 6.50 (0.50) 7.50
Terrace Central Neighbourhood 100 0.5 33.5 6.75 7.25 (0.50) 8.00
DFOHomebush Outlet Centre 100 33.7 425.0 6.00 6.00 -			8.00
Tasmania
Eastlands Regional 100 4.9 170.0 6.50 6.75 (0.25) 7.25
Northgate SubRegional 100 3.4 108.0 6.75 7.25 (0.50) 7.75

1. Based on ownership interest.

2. Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Capitalisation rate	Discount rate As at 30-Jun-17 (%)
		As at 30-Jun-17 (%) As at 30-Jun-16 (%) Movement
Queensland
QueensPlaza CityCentre 100 23.9 770.5 5.00 5.00 - 7.25
TheMyerCentreBrisbane City Centre 25 3.0 195.0 5.75 5.75 - 7.75
GrandPlaza Regional 50 7.5 215.0 5.50 5.75 (0.25) 7.50
RunawayBay Centre Regional 50 (3.9) 157.5 5.75 5.75 - 7.50
Mt Ommaney Centre Regional 25 (0.9) 105.2 6.00 6.00 - 7.75
TaigumSquare SubRegional 100 6.8 100.0 6.25 6.50 (0.25) 7.75
Gympie Central SubRegional 100 0.1 79.0 6.50 6.50 - 7.75
WhitsundayPlaza SubRegional 100 4.0 68.0 6.50 7.00 (0.50) 7.75
BurandaVillage SubRegional 100 (0.3) 42.5 6.50 6.75 (0.25) 7.50
OxenfordVillage Neighbourhood 100 4.4 33.1 6.25 6.75 (0.50) 7.50
Milton Village Neighbourhood 100 1.1 27.5 6.50 6.75 (0.25) 8.00
GoldfieldsPlaza Neighbourhood 100 (0.3) 27.2 7.50 7.50 - 8.00
NorthShoreVillage Neighbourhood 100 0.8 25.0 6.25 6.50 (0.25) 8.00
DFOBrisbane Outlet Centre 100 2.3 59.0 7.50 7.50 -			8.00
South Australia
Elizabeth City Centre Regional 100 5.0 384.1 7.00 7.00 -			8.25
Colonnades Regional 50 (1.5) 155.6 6.75 7.00 (0.25) 7.75
Castle Plaza Sub Regional 100 3.3 174.0 6.75 7.00 (0.25) 8.50
Kurralta Central Sub Regional 100 4.6 42.0 6.00 6.75 (0.75) 7.00

1. Based on ownership interest.

2. Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Capitalisation rate	Discount rate As at 30-Jun-17 (%)
	As at 30-Jun-17 (%) As at 30-Jun-16 (%) Movement
Victoria
Chadstone ShoppingCentre Super Regional 50 318.1 2,675.0 4.25 4.75 (0.50) 7.00
Bayside Major Regional 100 45.1 622.5 5.75 6.25 (0.50) 7.50
Northland Major Regional 50 (0.5) 487.5 5.50 5.75 (0.25) 7.50
The Glen Major Regional 50 (0.1) 202.1 5.75 6.50 (0.75) 8.00
Emporium Melbourne City Centre 50 33.6 605.0 4.75 4.75 - 7.50
Myer Bourke Street City Centre 33 4.8 156.2 4.75 4.75 - 6.75
Broadmeadows Central Regional 100 3.8 330.5 6.50 6.75 (0.25) 7.50
CranbournePark Regional 50 3.2 153.0 6.00 6.00 - 7.75
Box HillCentral(South Precinct) SubRegional 100 27.1 192.0 6.25 6.75 (0.50) 7.50
Victoria Gardens Shopping Centre SubRegional 50 9.1 138.2 5.75 6.00 (0.25) 7.50
Corio Central SubRegional 100 3.4 131.0 7.25 7.50 (0.25) 8.00
Roxburgh Village SubRegional 100 9.8 122.1 6.25 6.75 (0.50) 7.25
Box HillCentral(North Precinct) SubRegional 100 12.3 103.0 6.50 7.00 (0.50) 8.00
Altona Gate Shopping Centre SubRegional 100 6.3 102.5 6.50 7.25 (0.75) 7.75
Brandon Park Sub Regional 50 4.3 65.0 6.50 7.25 (0.75) 7.25
Sunshine Marketplace Sub Regional 50 0.4 58.5 6.50 6.50 - 7.00
BelmontVillage SubRegional 100 3.0 50.0 6.00 6.75 (0.75) 7.25
Mornington Central Sub Regional 50 3.1 36.0 6.00 6.50 (0.50) 7.75
Bentons Square Neighbourhood 100 3.7 82.0 6.25 6.25 - 8.25
Oakleigh Central Neighbourhood 100 7.8 71.6 6.50 6.75 (0.25) 7.75
The Gateway Neighbourhood 100 2.8 46.0 6.50 6.75 (0.25) 7.50

1. Based on ownership interest.

2. Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 annual results | 16 August 2017

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-171 ($m)	Capitalisation rate	Discount rate As at 30-Jun-17 (%)
		As at 30-June-17 (%) As at 30-Jun-16 (%) Movement
Victoria (continued)
DFO South Wharf OutletCentre 100 47.9 598.0 6.00 6.25 (0.25) 8.25
DFOEssendon Outlet Centre 100 4.6 170.0 6.75 7.00 (0.25) 8.25
DFOMoorabbin Outlet Centre 100 8.3 122.0 7.50 7.75 (0.25) 8.25
Western Australia
Galleria Major Regional 50 8.7 395.0 5.50 5.50 -			7.75
RockinghamCentre Regional 50 9.4 313.0 5.50 5.75 (0.25) 7.50
Mandurah Forum Regional 50 2.2 256.5 5.75 5.75 - 7.50
EllenbrookCentral SubRegional 100 3.5 240.0 5.75 5.75 - 8.00
WarwickGrove SubRegional 100 1.1 200.0 6.50 6.50 - 8.25
Warnbro Centre SubRegional 100 0.6 125.0 6.25 6.25 - 8.25
MaddingtonCentral SubRegional 100 1.3 122.0 6.75 7.00 (0.25) 8.25
Livingston Marketplace SubRegional 100 1.1 86.0 6.00 6.00 - 8.00
HallsHead Central SubRegional 50 7.2 54.6 6.00 6.25 (0.25) 7.75
Karratha City SubRegional 50 (5.1) 52.5 7.00 7.00 - 7.50
Currambine Central Neighbourhood 100 5.9 105.0 6.50 6.75 (0.25) 8.25
Dianella Plaza Neighbourhood 100 6.7 89.0 6.50 6.75 (0.25) 8.00
Stirlings Central Neighbourhood 100 (1.0) 50.0 7.00 7.00 - 8.00
Kalamunda Central Neighbourhood 100 0.5 38.5 6.75 7.00 (0.25) 8.00
Flinders Square Neighbourhood 100 1.2 32.5 6.50 7.00 (0.50) 8.25
Victoria Park Central Neighbourhood 100 1.0 31.0 6.25 6.75 (0.50) 7.25

1. Based on ownership interest.

2. Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 annual results | 16 August 2017

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Investor calendar

Key dates

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	Key dates
	FY17 annual results	16 August 2017
	June 2017 distribution payment	30 August 2017
	2017 Annual General Meeting	16 November 2017
	Ex-distribution date for December 2017 distribution	28 December 2017
	Record date for December 2017 distribution	29 December 2017
	FY18 interim results	14 February 2018
	December 2017 distribution payment	2 March 2018
	Ex-distribution date for June 2018 distribution	28 June 2018
	Record date for June 2018 distribution	29 June 2018
	FY18 annual results	15 August 2018

Warnbro Centre, WA

Note: These dates are indicative only and may be subject to change.

Vicinity Centres | FY17 annual results | 16 August 2017

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Contact details and disclaimer

==> picture [49 x 41] intentionally omitted <==

For further information please contact:

Penny Berger Head of Investor Relations T +61 2 8229 7760 E penny.berger@vicinity.com.au

Troy Dahms

Senior Investor Relations Manager T +61 2 8229 7763 E troy.dahms@vicinity.com.au

Disclaimer

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation (16 August 2017). It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Financial Report for the full year ended 30 June 2017 lodged with the Australian Securities Exchange on 16 August 2017. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate.

This presentation contains certain forecast financial information along with forward-looking statements in relation to the financial performance and strategy of Vicinity Centres. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘outlook’, ‘upside’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, financial position, performance and distributions are also forward-looking statements. The forward-looking statements included in this presentation are based on information available to Vicinity Centres as at the date of this presentation. Such forward-looking statements are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements.

Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres disclaims any obligation to update these forward-looking statements.

Vicinity Centres | FY17 annual results | 16 August 2017

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