VICINITY CENTRES TRUST — Annual Report 2019

Aug 13, 2019

FY19 annual results 14 August 2019 Discover more Vicinity Centres | FY19 annual results | 14 August 2019

Welcome

Agenda

• 3 FY19 annual results overview

• 5 Financial results

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• 10 Strategy update

• 15 Portfolio performance

Grant Kelley CEO AND MANAGING DIRECTOR

Kah Wong

ACTING CHIEF FINANCIAL OFFICER

Peter Huddle

CHIEF OPERATING OFFICER

• 22 Strategic growth initiatives

• 25 Development

• 31 FY20 guidance and summary

• 34 Appendices

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Justin Mills

CHIEF STRATEGY OFFICER

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Carolyn Viney CHIEF DEVELOPMENT OFFICER

Vicinity Centres | FY19 annual results | 14 August 2019

2

FY19 annual results overview

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Vicinity Centres | FY19 annual results | 14 August 2019

Queen Victoria Building, NSW

FY19 annual results overview

Solid results delivered in a challenging retail environment

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Financial results

Statutory net profit of $346.1m

Developments

DFO Perth completed in October 2018

Funds from operations (FFO) of $689.3m, or 18.0 cps reflecting 2.0% comparable growth[1]

The Glen final major stage opened in August 2019

Hotel Chadstone on track to open in November 2019

Issued $400m of six-year Australian medium term notes at ~2.6% interest rate

Strategic initiatives

Portfolio strengthened

Specialty MAT[2] /sqm up 9.4% to $11,083[3]

Specialty and mini majors MAT growth[3] of 3.1%

Improving total leasing spreads[4] of -2.0%, compared to -4.7% over FY18

Acquired 100m securities at 12.3% discount to Jun-19 NTA[5] Divested 12 assets for $670m

Repositioning of existing portfolio largely complete

• Not proceeding with VKF (Vicinity Keppel Australia Retail Fund) and no further material asset divestments at this time

Commitment to Net Zero carbon emissions by 2030[6]

1. Adjusted for the impact of divestments, refer to slide 6. Unadjusted FFO per security is down 1.1%. Refer to slide 44 for reconciliation of FFO to statutory net profit.

2. Moving Annual Turnover.

3. Excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines (refer to slide 40 for details).

4. Includes short-term deals and all store types other than majors, offices, ATMs and storage, and excludes project-impacted leasing and divestments.

5. Net tangible assets per security.

6. For common areas in wholly-owned retail assets.

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Vicinity Centres | FY19 annual results | 14 August 2019

4

Financial results

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Vicinity Centres | FY19 annual results | 14 August 2019

QueensPlaza, QLD

Financial results

Statutory net profit of $346.1m, comparable FFO per security growth of 2.0%[1,2]

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Net profit after tax[2]

346.1 million $

Funds from operations[2] 689.3 million $

FFO per security

18.0 cents

Distribution per security

15.9 cents

Reduction due to valuation declines

Underpinned by comparable net property income (NPI) growth of 1.5%

NPI impacted by subdued WA market; anticipated performance fee not realised

Reflects FFO payout ratio of 87.7% and adjusted FFO (AFFO) payout ratio of 99.8%

Reconciliation of actual and comparable FFO per security growth (cents)

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0.70 0.35
0.15
Comparable
18.20 growth of
2.0% 18.00
17.50
FY18 Impact of FY18 FY19 Comparable FY19
FFO divestments stable FFO one-off items growth FFO
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NOTE: Refer to slide 43 for more details.

1. Adjusted for the impact of divestments. Unadjusted FFO per security is down 1.1%. 2. Refer to slide 44 for reconciliation of FFO to statutory net profit.

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Vicinity Centres | FY19 annual results | 14 August 2019

6

Valuations

Flagship assets continue to drive valuation growth, overall portfolio result impacted by Western Australia

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Total portfolio

1.4% decline[1]

Flagship portfolio

3.7% gain[1]

Weighted average capitalisation rate

5.30%

Net tangible assets per security (NTA) 2.92 $

Flagship portfolio gain of 3.7% offset by declines in WA portfolio and pre-development centres

Driven by DFOs and Chadstone

Firmed 6 bps since Jun-18

Down 5 cents since Jun-18

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DFO Perth, WA
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	Valuation	Net
	Jun-19	gain/(loss)1
	($m)2	(%)
Chadstone	3,250	3.1
Premium CBD	2,466	0.7
DFOs	1,738	9.4
Flagship assets	7,454	3.7
Core3 WA	1,709	(11.6)
Core3 ex-WA	6,652	(3.8)
Totalportfolio	15,815	(1.4)

1. Net valuation movement excludes statutory accounting adjustments.

2. Vicinity ownership interest.

3. Core comprises all assets excluding the Flagship portfolio, 48 centres in total.

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7

Balance sheet strength

Funding flexibility maintained, with gearing at lower end of target range and stable credit ratings

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Jun-19 Jun-18 Key balance sheet metrics	Jun-19 Jun-18 Key balance sheet metrics	Jun-19 Jun-18 Key balance sheet metrics
NTA	$2.92	$2.97
Gearing1 27.1% 26.4%
Interest cover ratio (ICR) 4.4x 4.8x
Debt to EBITDA ratio 5.0x 5.1x
Credit ratings/outlook - Moody’s - S&P Global Ratings	A2/stable A/stable	A2/stable A/stable

Gearing movements during period

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Target band: 25% to 35%
27.1%
26.4% 1.6% 1.0%
1.2%
(3.1%)
Jun-18 gearingJun-18 AssetAsset DevelopmentDevelopment Securities buy-Securities Valuations andValuations Jun-19 gearingJun-19
gearing divestmentsdivestments buy-backback and otherother gearing
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NOTE: Refer to slide 45 for summarised balance sheet.

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

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Chadstone, VIC
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Vicinity Centres | FY19 annual results | 14 August 2019

8

Capital management

Well diversified funding sources, with potential benefits from lower interest rates

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Debt maturity profile ($m)[1,2]

Debt sources (%)[1,2]

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1,500 $400m six-year MTN
issued at ~2.60% coupon
USPP
to replace FY20 expiries
1,250
232
(with ~5.38% coupon) AMTN
GBMTN
1,000
HKMTN
750 Bank debt drawn
655
953
Bank debt undrawn
500 765
150
295
60
250 150 400
400
206 309 108 284
200 200
150 110 40 59 84
0
FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Beyond
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13
25
2
11
24 25
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$2.0b of new or renegotiated debt

A$400m six-year Australian medium term notes (MTNs) issued Jun-19 A$300m five-year bank debt with Asian bank commenced Jun-19 A$60m seven-year private placement issued in Sep-18 Extended $1.25b of bank debt

Sufficient debt capacity and flexibility Liquidity currently $1.4b[1]

Weighted average cost of debt expected to fall from 4.5%

Weighted average debt duration of 4.1 years

1. Adjusted for $225m of FY20 bank debt cancelled in July 2019.

2. Based on facility limits.

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Vicinity Centres | FY19 annual results | 14 August 2019

9

Strategy update

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Vicinity Centres | FY19 annual results | 14 August 2019

Chadstone, VIC

Growth strategy

Well positioned to create value from improving retail environment

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Horizon 1 Market-leading
Current value driver destinations
Ongoing Strengthening
portfolio review the portfolio
Accretive
developments,
divestments and
Land parcel Wholesale
carve outs acquisitions assets
Capital Capital
Horizon 2
and fees and fees
Future value drivers
Realise
Funds
mixed-use
management
opportunities Mixed-use assets
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Vicinity Centres | FY19 annual results | 14 August 2019

11

Portfolio repositioned ahead of the cycle

Productive capital recycling from 2015 to 2019 has better positioned the portfolio for the next cycle

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Portfolio repositioned Capital reinvested Strengthening key
metrics
Proceeds Reinvestment Specialty MAT/sqm
+32%
3.1
(33)
1.0
7 Average asset value
+1.7 times
88
0.5
62
Gearing
1.1
-90 bps
Jun-15 Non-core 1 Acquisitions 1 Jun-19 Divestment Acquisitions Securities Developments S&P rating
portfolio divestments FY16-FY19 portfolio proceeds buy-back
Upgraded to A
FY16-FY19
$14.3b $15.8b $3.1b $1.1b $0.5b $1.0b
Note: Slide represents changes from Jun-15 to Jun-19.
portfolio portfolio 0.8% 12.3% 10.9% 12.5% 1. Excludes partial interests.
2. Premium to book values.
value value premium [2] uplift [3] discount [4] uplift [5] 3. Acquisition price compared to Jun-19 valuation.
Capital ($m)
Number of assets
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1. Acquisition price compared to Jun-19 valuation. 4. Discount to Jun-19 NTA.

2. Development profit.

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12

Update on VKF wholesale fund and further divestments Assets to remain on balance sheet at this time

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Limited appetite for retail funds compounded with crowded divestment market globally

Assets previously tagged for divestment and VKF comprise 7% of portfolio value

Vicinity is not proceeding with VKF nor further asset divestments at this time

Assets to remain on balance sheet; Vicinity intended to retain an equity stake in VKF

Focus to be on individual 10-year strategic asset plans

Investment capex cycle to recommence, following delay due to impending divestment

~$90m investment capex planned over next 10 years

Vicinity continually reviews its portfolio

Portfolio value

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Assets previously
5%
proposed for VKF [1]
2%
Assets previously
proposed for
divestment [2]
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1. Karratha Central, WA, Northgate, TAS, Roselands, NSW, Roxburgh Village, VIC, Taigum Square, QLD, Warwick Grove, WA and Whitsunday Plaza, QLD

2. Corio Central, VIC, Lennox Village, NSW, Halls Head Central, WA, Maddington Central, WA and Mt Ommaney, QLD.

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13

External market

Economic stimulus to support continued improvement in retail trade

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Potential for re-allocation towards REITs in low interest rate environment

Momentum building for retail spending

A-REIT bond spread[1,2]

Gross disposable income and retail trade[3] (annual growth)

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1,800 6%
1,600
5%
1,400
1,200 4%
1,000
3%
800
600 2%
400
1%
200 A-REIT index (lhs) 10-year AUD bond (rhs)
0 0%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
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6%
5%
4%
3%
2%
1%
Gross disposable income Retail trade
0%
Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
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Retail REITs priced at significant discounts to NTA

Interest rate cuts, tax stimulus and lower cost of living expected to inject $20b into the economy[4]

Positive lead indicators such as residential clearance rates and increasing credit availability

1. IRESS.

2. RBA.

3. ABS.

4. Citi.

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14

Portfolio performance

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Emporium Melbourne, VIC

Vicinity Centres | FY19 annual results | 14 August 2019

Portfolio metrics affirm strategy

Portfolio strength underpinned by unrivalled Flagship assets, current trading conditions challenging for some Core centres

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Chadstone, VIC

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The Galeries, NSW
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DFO Homebush, NSW

Portfolio MAT growth[1] : 2.7%

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Portfolio leasing spread [2] : -2.0%
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Portfolio comparable NPI growth[3] : 1.5%

Total MAT growth[1] (%)

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6.9
5.2
1.8
-1.0
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Chadstone Premium CBD DFOs Core
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Total leasing spreads [2] (%)
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15.8
3.5
2.6
-8.2
Chadstone Premium CBD DFOs Core
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Comparable NPI growth [3] (%)
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7.1
4.8
3.0
-1.1
Chadstone Premium CBD DFOs Core
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Flagship

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

Flagship

1. Includes short-term deals and all store types other than majors, offices, ATMs and storage, and excludes project-impacted leasing and divestments.

Flagship

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

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16

Western Australia impacting performance

Early signs of improvement in Western Australia, with stronger sales growth in Jun-19 quarter

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Portfolio heavily weighted to metropolitan eastern seaboard states

Western Australia is a significant drag on the portfolio currently

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Portfolio diversification
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11% QLD
(11)
WA
12% (12) SA
5%
(4)
NSW
20%
(13)
VIC
51%
(20)
State X% % of Vicinity 2% TAS
(No. assets) portfolio value (2)
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Key metrics (%)

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Total Western Total portfolio
portfolio Australia (ex-Western Australia)
4.7
2.7 2.6 2.8
2.3
1.5 1.6 0.5 2.0
-2.0
-2.5
Total MAT growth [1]
Jun-19 quarter sales growth [1,2]
-15.0
Total leasing spreads [3]
Comparable NPI growth [4]
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1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines.

2. Based on normalised sales for the June 2019 quarter compared to June 2018 quarter.

3. Includes short-term deals and all store types other than majors, offices, ATMs and storage, and excludes project-impacted leasing and divestments.

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

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17

Retailer mix rebalanced

Performance benefiting from extended period of tenant remixing and divesting non-core assets

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Significant reweighting towards retail services, leisure and food catering

Year-on-year improvement across key portfolio metrics

Change in portfolio weighting by GLA, past five years (%)

Majors 22.3 Specialty stores and mini majors 7.3 6.2 5.4 2.9 3.3 -4.8 -3.8 -3.9 -5.9 -6.5 -13.0 Dept DDS SuperRetail Mobile Leisure Food Jewellery General Apparel Food H'wares stores markets services phones catering retail retail

Key portfolio metrics

		Jun-19	Jun-18	Change
	Specialty MAT/sqm1 ($)	11,083	10,133	9.4%
	Specialty and mini major MAT growth1 (%)	3.1	1.6	150 bps
	Occupancy (%)	99.5	99.7	(20 bps)
	Specialty occupancy costs1 (%)	15.0	14.7	30 bps
	Total leasing spreads2 (%)	(2.0)	(4.7)	270 bps
	- excluding short-term leases2 (%)	2.5	0.7	180 bps
	Comparable NPI growth3 (%)	1.5	1.7	(20 bps)

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 40 for details).

2. Includes all store types other than majors, offices, ATMs and storage, and excludes project-impacted leasing and divestments.

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

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18

Sales performance improving

Strong specialty growth across key retail categories continues

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Jewellery[1,2]

+9.0%

Leisure[1,2]

+6.3%

Retail services[1,2]

+4.4%

Luxury[1,2] +40.3%

Strong growth from Chadstone and DFOs

Sporting goods +12.2%

Hairdressing and beauty +5.0% and other retail services +9.5%

+5.1% same-store growth

MAT growth (%)[2,3]

For the 12 months to 30 June 2019

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10 25
Majors Specialty stores and mini majors
8 9.0 20
6 15
6.3
4 10
4.7 4.4
4.0
2 2.7 2.4 3.4 3.4 2.6 5
0 0
-0.1 -1.9
-2 -5
-4.5
-4 -10
MAT growth (%) (lhs) Proportion of sales (%) (rhs)
-6 -15
Total Dept DDS Supermarket Jewellery Leisure Mobile Retail Apparel Food Homewares Food General
4
portfolio stores phones services catering retail retail
NOTE: Refer to slide 38 for additional sales data. 3. Some majors tenants have reported 53 weeks growth for FY19. Normalising for 52 weeks sales, MAT growth for DDS was +0.6%,
1. Specialty stores and mini majors. supermarkets was +2.3% and total portfolio was 2.1%.
2. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 40 for details) 4. General retail includes giftware, pharmacy and cosmetics, pets, discount variety, tobacconists, florists and toys.
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Vicinity Centres | FY19 annual results | 14 August 2019

19

Strong performance in luxury goods

Reinforces Vicinity’s strong position in the market and growing demand from Chinese tourism market

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Luxury offer attracting new consumer segments and brands to Vicinity

Chinese tourists spend more than double the amount of other tourists[3] Inbound Chinese tourism numbers projected to double in 6 years[4]

Australian luxury market

Up to80%

Purchases by Chinese shoppers[1] 30% are tourists and up to 50% are Australian-based

Consumers are Gen Y and Z[2]

47%

Vicinity portfolio

Luxury brands

34

FY19 growth in luxury MAT

40%

Average retail spend per visit ($)[3]

870

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All tourists

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1,942
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Chinese tourists

6

Centres offering luxury brands

1. IBIS World and Husband Retail Consultancy.

2. Bain luxury study – 17th Edition 2019.

3. International Visitor Survey.

4. Tourism Research Australia.

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Focusing on sustainable cost efficiency

Using technology and data to drive efficiencies and limit cost growth

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Operational efficiency drivers

In practice

Data-driven

Data-driven decision making

Management, energy and site optimisation

Centralised

Centralised processes with localised National procurement and insights centralised alarm monitoring

Automated

Robotics and automating manual tasks, 35 robotic cleaning equipment plant equipment and remote access across 31 centres

Specialise

Developing specialist knowledge to drive In-house energy opportunities and reduce risks and security teams

Integrate

Combining different systems and data to create meaningful insights and efficiency

CCTV and access system integration for remote management

Chadstone, VIC

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21

Strategic growth initiatives

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Chadstone, VIC

Vicinity Centres | FY19 annual results | 14 August 2019

Data analytics and insights powering retail

Data-led intelligence is improving decision-making

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Analytics are strengthening a range of management functions

Data and analytics use in asset management

Leasing Optimised tenant selection, tenant mix and adjacencies in both static and development centres Improved retailer targeting through real time mall performance, expiry profile, sales and shopper metrics Marketing Optimised marketing campaigns based on granular traffic analytics Improved marketing campaign performance measured through sales, traffic and ROI

Ancillary Improved advertising yield based on Vicinity’s audience income segmentation capability and increased conversion Refreshed customer database offering opportunities for growth

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The Galeries, NSW
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23

Ancillary income

A number of new income streams emerging

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$107m[FY19 ancillary income (actual)] Up 0.2% on a comparable basis[1] . Vicinity Media (+9.1%), managed parking (+5.8%) and solar generation, partly offset by casual leasing (-0.5%) and impact of new electricity contracts

11.6%[Contribution to FY19 NPI] Mall media, casual mall leasing and managed parking

111

Internal digital super site network National network connecting retailers and brands with shoppers at point of purchase

6.0% Four-year CAGR in ancillary income[2]

Growing existing streams with new income pipeline

Four[New and emerging income streams] Media, energy, digital and database

1. Including vacant shop income.

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Lake Haven Centre, NSW
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1. Average growth per annum in ancillary income from comparable assets since FY15.

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24

Development

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Vicinity Centres | FY19 annual results | 14 August 2019

The Glen, VIC

Focused development pipeline

Driving income and long-term asset values

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Robust pipeline by value

Current development pipeline of $3.3b ($1.9b Vicinity share)

Aligning developments to market and customer needs of the future Targeting spend of ~$300m p.a.

Targeting stabilised development yields of 6% to 8%+ and IRR of 10% to 15%+

Targeted development

Heightened focus on delivering the right product in the right market

Pipeline prioritises investment in Flagship and strategic Core assets on the East Coast, predominantly Sydney and Melbourne

Constant focus on reducing development cycle times

Using advanced analytics across the development cycle

Enhanced data capabilities driving more robust planning

Data driving more detailed understanding of shopper transaction behaviour and predictive traffic flows

Construction technology advancement driving build efficiency (digital modelling, offsite construction, pre fabrication)

Centre traffic flows aiding design

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26

Development execution

Portfolio quality enhanced by development

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Development underpinned by strength of DFO proposition

DFO Perth, WA

Tenant mix built on the success of East Coast DFOs

Opened 100% leased and trading from day 1

$140m[1] project completed with development yield[2] >12% and IRR >17%

Major stages completed

The Glen, VIC

Stage 3 Uniqlo, H&M and fashion mall opened

Stage 4 new-format David Jones, 60 specialty stores and alfresco dining opened

The Glen, VIC

Final completion (David Jones backfill) expected in late FY20

• $430m[1] project expected to deliver development yield[2] >7% and IRR >13%

500 apartments to be delivered by Golden Age, commenced construction

Several smaller enhancement projects

Chadstone, VIC

Including expanded luxury precinct, Victoria’s Secret flagship, dining atrium, signature dining, new visitor lounge and valet parking

• $77m[1] projects expected to deliver development yield[2] >6% and IRR>10%

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

• Represents stabilised yield.

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Chadstone, VIC
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Developments under construction

Current projects reinforce commitment to enhancing the portfolio

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Nearing completion

Hotel Chadstone, VIC

250-room MGallery by Sofitel hotel including conference facilities, ballroom, two restaurants, spa, gym, rooftop lounge and bar

Strong enquiry levels for room nights and functions

$130m[1] project expected to deliver development yield[2] >8% and IRR >10% Completion expected in November 2019

Recently commenced

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Hotel Chadstone, VIC – Artist’s impression
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Ellenbrook Central, WA

Development commenced in August 2019

Introduces a new Kmart store, three mini majors and 15 specialty stores

Reinforces the centre’s dominant position in catchment

$63m project expected to deliver development yield[2] ~6% and IRR >10% Completion expected in Sep-20 quarter

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

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Ellenbrook Central, WA – Artist’s impression
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1. Represents stabilised yield.

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Chatswood Chase Sydney transformational development

Capturing additional value through major redevelopment

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Strong fundamentals

Sydney’s most affluent catchment

• Household incomes ~70% above Australian average[1]

High levels of tourism spending in catchment

Proximity to major transport interchange

Strong retailer engagement

Advanced planning to capture future demand and spending growth

Development approval granted

• ~35,000 sqm of additional GLA and 780 new car parking spaces

Focus on premium, lifestyle and dining offer tailored to the prevailing demographic

Mitigate key project risks and progress retailer pre-commitment discussions

Construction expected to start mid 2020

• $475m to $500m[2] project expected to deliver development yield[3] of 5.5% to 6.0%

• 2016 Australian Census. Median household incomes.

• Vicinity’s 50% interest.

Chatswood Chase Sydney, NSW – Artist’s impression

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1. Represents stabilised yield.

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Retail and mixed-use developments in planning

Maximising real estate value and creating communities of the future

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Retail and mixed-use development on major transport nodes

Box Hill Central, VIC

Site masterplan complete, retail DA to be lodged early 2020

Bankstown Central, NSW

Council supportive of mixed use masterplan, DA to be lodged in 2020

Chadstone, VIC

Five new projects in detailed planning

Inner city sites prime for additional uses in near term

Buranda Village, QLD

Broad potential for mixed-use as site adjacent to Princess Alexandra Hospital

Victoria Gardens Shopping Centre, VIC

Additional land purchase would allow mixed-use in line with centre revitalisation

QueensPlaza, QLD

Opportunity to activate rooftop space with dining, entertainment and hotel

Emporium Melbourne, VIC

Top level Myer expiry enables the introduction of co-working

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Box Hill Central, VIC – Artist’s impression
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FY20 guidance and summary

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Vicinity Centres | FY19 annual results | 14 August 2019

The Strand Arcade, NSW

FY20 guidance

Guidance reflects portfolio repositioning and modest FY20 growth

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FY20 FFO per security guidance (cents)[1]

FY20 FFO per security guidance[1] of 17.8 to 18.0 cents

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Comparable
growth of
1.7% to 2.9% 18.0
18.0 0.3
17.8
0.15
17.5
FY19 FY19 and FY20 FY19 FY19 Stable FY20
FFO divestments one-off items stable FFO business growth FFO
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Distribution payout ratio[1] is expected to be at the upper end of 95% to 100% of AFFO

FY20 maintenance capex and incentives forecast of ~$80m to $90m

1. Assuming no material deterioration to existing economic conditions.

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Strategy positions Vicinity well to drive future growth

Summary

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Solid financial results delivered in a challenging retail environment

Strong balance sheet with broad funding flexibility

Repositioning of existing portfolio largely complete

Strong focus on operational efficiency and leveraging data and technology

Economic stimulus may benefit retail sales in FY20

Strategy positioned to create further value over the long term

QueensPlaza, QLD

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35 Sustainability 47 Asset summaries 36 Assets under management 55 Key dates Appendices 37 Direct portfolio 56 Contact details and disclaimer 43 Financial results

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Vicinity Centres | FY19 annual results | 14 August 2019
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Emporium Melbourne, VIC
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Leading approach to sustainability

Delivering sustainable long-term value for our communities and securityholders

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#3 REIT globally

DJSI[1] 2018 survey, up from #8 in 2017

Preparing for Modern Slavery Act

Conducted Modern Slavery supply chain risk assessment

2019 Clean Energy Council Award

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±
0
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Net Zero carbon target

Net Zero carbon emissions target by 2030[2]

Marketing and Communications Award for promoting integrated energy strategy

Ongoing improvements in environmental efficiency

Reduced energy intensity[4] by 14% since FY16, avoiding $3m in electricity costs to our centres[5]

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4 Star

Green Star – Performance Portfolio rating[3]

Delivered 12 solar systems, generated 4.8 GWh to end of FY19

Waste diversion from landfill improved to 45%[6] , up from 43% in FY18

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ABA100® award for sustainability

Awarded for climate resilience program

Positive community impact

Implemented all Reflect RAP commitments and launched Innovate RAP Invested $3.1m into our communities[7]

Note: Latest performance reporting, metrics and achievements can be found on our website sustainability.vicinity.com.au 1. Dow Jones Sustainability Indices.

1. For common areas in wholly-owned retail assets.

2. For entire managed portfolio.

3. Resource usage on a per sqm basis, for wholly-owned retail assets.

4. Cumulative savings from wholly-owned assets since FY16.

5. Comparable portfolio.

6. Reporting aligned to LBG framework.

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Assets under management

~7,600 tenants across 66 assets under management[1]

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Direct portfolio1 Wholly-owned Co-owned Total	Managed	Total AUM1
	Third party/ co-owned
Number of retail assets 33 29 62 4/29 66 Gross lettable area (000’s)(sqm) 969 1,485 2,454 133 2,588 Number of tenants 2,986 4,198 7,184 404 7,588 Annual retail sales ($m) 6,388 10,141 16,529 893 17,421 Total value ($m)2 6,588 9,227 15,815 908/9,911 26,634

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

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Direct portfolio Key statistics by centre type

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	Total
	Portfolio	Chadstone	Premium CBD	DFO1	Core
Number of retail assets	62	1	7	6	48
Gross lettable area (000’s)(sqm)	2,454	216	223	211	1,805
Total value2 ($m)	15,815	3,250	2,466	1,738	8,361
Portfolio weighting by value (%)	100	21	16	11	53
Capitalisation rate (weighted average) (%)	5.30	3.75	4.65	5.82	5.99
Comparable NPI growth3 (%)	1.5	4.8	3.0	7.1	(1.1)
Occupancy rate (%)	99.5	99.7	99.8	99.9	99.4
Total MAT growth4 (%)	2.7	6.9	(1.0)	5.2	1.8
Specialty and mini major MAT growth4 (%)	3.1	9.0	(0.1)	5.2	0.5
Specialty sales per sqm4 ($)	11,083	20,020	17,911	10,333	8,607
Specialty occupancy cost4 (%)	15.0	16.3	18.7	11.4	14.6

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

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

4. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 40 for details).

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Direct portfolio Additional sales information

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	Actual	Actual	Actual	Comparable1 growth	Comparable1 growth		Jun-19 Jun-182
	MAT Jun-19 ($m) Proportion of portfolio (%) By sales By rent						Comparable MAT growth (%)1 MM and SS5 SS5 MM and SS5 SS5
				Jun-19 (%)	Jun-182 (%)
							Apparel 3.4 2.7 (0.4) (1.1) Food catering 3.4 2.8 2.6 2.9 Homewares 2.6 (19.5) 5.1 1.2 General retail (1.9) (0.8) 1.8 2.4 Leisure 6.3 2.2 5.2 3.6 Food retail (0.1) (2.0) (1.1) (1.4) Retail services 4.4 4.4 6.1 6.1 Jewellery 9.0 9.0 (1.2) (1.2) Mobile phones 4.7 4.7 (1.3) (1.3)
		By sales By rent
Specialty stores	6,676	40	57	1.7	0.9 4.1
Mini majors	2,267	14	12	7.6
Specialties and mini majors	8,944	54	69	3.1	1.6
Supermarkets	3,946	24	8	4.03	1.3 1.8 (0.5) (2.0)
Discount department stores	1,500	9	6	2.43
Other retail4	1,107	7	13	(0.3)
Department stores	1,032	6	4	(4.5)
Total portfolio	16,529	100	100	2.73	1.2		Total 3.1 1.7 1.6 0.9

Note: Totals may not sum due to rounding.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 40 for details).

2. Includes Chadstone same-store sales.

3. Some majors tenants have reported 53 weeks growth for FY19. Normalising for 52 weeks MAT growth for supermarkets was +2.3%, discount department strores was +0.6% and total portfolio was 2.1%.

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

5. MM: Mini majors; SS: Specialty stores.

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Direct portfolio – Vicinity is strongly positioned now and into the future Attractive portfolio a first port of call for Australian and international retailers

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Chadstone, VIC

CHADSTONE Australia’s #1 retail asset

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DFO South Wharf, VIC
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DFOs Australia’s #1 Outlet Centre portfolio

Emporium Melbourne, VIC

PREMIUM CBD LOCATIONS Unrivalled Australian east coast retail offer

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Chadstone, VIC
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LEADING LUXURY OFFER Australia’s #1 landlord to this growing segment

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Direct portfolio

Non-comparable centres for sales reporting

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	Non-comparable status
Centre	Jun-19	Dec-18
DFO Perth, WA	Post-development	Post-development
Mandurah Forum, WA	Post-development	Post-development
QueensPlaza, QLD	Under development	Under development
Roselands, NSW	Under development	Under development
The Glen, VIC	Under development	Under development
Bankstown Central, NSW	Pre-development	Pre-development
Chatswood Chase Sydney, NSW	Pre-development	Pre-development
The Myer Centre Brisbane, QLD	Pre-development	Pre-development
Galleria, WA	Pre-development	Pre-development

Note: All divestments during the period are excluded.

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Direct portfolio Key portfolio tenants

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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	39	3.5
2		Supermarket	38	3.0
3		Discount department store	25	2.6
4		Department store	8	2.1
5		Department store	5	2.1
6		Discount department store	20	1.7
7		Discount department store	17	1.4
8		Car parking	1	0.7
9		Specialty/Mini Major	25	0.7
10		Mini Major	23	0.7
Top 10 total			201	18.5

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		82	4.9	Big W, BWS, Dan Murphy’s, Woolworths, Woolworths Liquor, Woolworths Petrol
2		46	4.4	Kmart, Target
3		59	3.9	Coles, First Choice Liquor, Liquorland, Vintage Cellars
4		37	3.1	Country Road, David Jones, Mimco, Politix, Trenery, Witchery
5		15	2.3	Marcs, Myer, sass & bide
6		120	1.4	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
7		84	1.2	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes,Supre,Typo
8		64	1.0	The Athlete’s Foot, Dr Martens, Hype DC, Platypus Shoes, Skechers, Merrell, Timberland,Vans
9		67	0.9	Connor, Johnny Bigg, Rockwear, Tarocash, YD
10		125	0.8	Autograph, BeMe, Crossroads, Katies, Millers Fashion Club, Noni B, Rivers, Rockmans,W.Lane
Top 10 total		699	24.0

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Direct portfolio Lease expiry profile

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Lease expiry profile (by income)

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30%
24%
25%
Majors
20% All other retailers
15%
14% 14%
15%
11% 11%
10%
7%
5%
1% 1% 1%
0% 0%
0%
Holdover FY20 FY21 FY22 FY23 FY24+
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Weighted average lease expiry (years)

	Jun-19	Jun-18
by Area	4.8	5.0
by Income	3.8	3.9

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Northland, VIC
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Financial results

FFO of 18.0 cents per security

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For the 12 months to Jun-19 ($m) Jun-18 ($m) Change ($m) Change (%)	For the 12 months to Jun-19 ($m) Jun-18 ($m) Change ($m) Change (%)	For the 12 months to Jun-19 ($m) Jun-18 ($m) Change ($m) Change (%)	For the 12 months to Jun-19 ($m) Jun-18 ($m) Change ($m) Change (%)	For the 12 months to Jun-19 ($m) Jun-18 ($m) Change ($m) Change (%)
Net property income (NPI)	887.6	894.3	(6.7)	(0.7)
Partnerships and other income	63.0	76.2	(13.2)	(17.3)
Total income	950.6	970.5	(19.9)	(2.1)
Net corporate overheads	68.3	73.3	(5.0)	(6.8)
Net interest expense	193.0	188.5	4.5	2.4
Funds from operations (FFO)	689.3	708.7	(19.4)	(2.7)
Maintenance capex and lease incentives	83.3	75.6	7.7	10.2
Adjusted FFO (AFFO)	606.0	633.1	(27.1)	(4.3)
Statutory net profit1	346.1	1,218.7	(872.6)	(71.6)
DPS (cents)	15.9	16.3	(0.4c)	(2.5)
FFO per security (cents)2	18.0	18.2	(0.2c)	(1.1)
AFFO per security (cents)2	15.8	16.3	(0.5c)	(2.7)
Payout ratio – FFO (%)3	87.7	89.1	(140 bps) n.a.
Payout ratio – AFFO (%)3	99.8	99.7	10 bps n.a.

Note: Totals may not sum due to rounding.

1. Refer to slide 44 for full reconciliation of FFO to statutory net profit.

2. The calculation of FFO and AFFO per security for each period uses the weighted average number of securities on issue.

3. Calculated as: Total distributions ($m)/Total FFO or AFFO ($m).

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Financial results

FFO reconciliation to statutory net profit after tax

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For the 12 months to	Jun-19 ($m)	Jun-18 ($m)
Statutory net profit after tax 346.1 1,218.7 Property revaluation decrement/(increment) for directly owned properties 237.1 (634.7) Non-distributable loss/(gain) relating to equity accounted investments 13.2 (15.2) Amortisation of static lease incentives 18.0 15.0 Amortisation of development leasing costs 26.6 21.3 Straight-lining of rent adjustment (15.1) (16.8) Stamp duty - 67.7 Net mark-to-market movement on derivatives (15.8) (12.6) Net foreign exchange movement on interest bearing liabilities 57.9 59.0 Amortisation of intangible assets 3.7 4.5 Movement in deferred performance fee 5.4 (5.4) Other non-distributable items 12.2 7.2
Funds from operations (FFO) 689.3 708.7

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Financial results

Balance sheet

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As at Jun-19 ($m) Jun-18 ($m) Change ($m)	As at Jun-19 ($m) Jun-18 ($m) Change ($m)	As at Jun-19 ($m) Jun-18 ($m) Change ($m)	As at Jun-19 ($m) Jun-18 ($m) Change ($m)
Cash and cash equivalents 34.9 42.1 (7.2)
Investment properties1 15,351.8 15,892.7 (540.9)
Equity accounted investments 670.1 681.1 (11.0)
Intangible assets 591.2 594.9 (3.7)
Other assets 345.6 270.8 74.8
Total assets	16,993.6	17,481.6	(488.0)
Borrowings 4,436.1 4,437.6 (1.5)
Other liabilities 968.4 936.5 31.9
Total liabilities	5,404.5	5,374.1	30.4
Net assets	11,589.1	12,107.5	(518.4)
Securities on issue (m)	3,771.8	3,871.6	(2.6%)
Net tangible assets per security ($)	2.92	2.97	(1.7%)
Net asset value per security ($)	3.07	3.13	(1.9%)

Note: Totals may not sum due to rounding.

1. Vicinity’s ownership interest.

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Financial results

Capital management – strong balance sheet maintained

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Debt statistics summary

As at Jun-191 Jun-18	As at Jun-191 Jun-18	As at Jun-191 Jun-18
Total debt facilities $5.8b $5.5b Drawn debt2 $4.4b $4.4b Undrawn debt $1.4b $1.1b Weighted average cost of debt3 4.5% 4.3%
Gearing4	27.1%	26.4%
Debt duration5 4.1 years 4.4 years
Weighted average hedge rate6 4.4% 4.6%
Proportion of debt hedged 89% 86%
Interest cover ratio (ICR) 4.4x 4.8x
Credit ratings/outlook - Moody’s - S&P Global Ratings	A2/stable A/stable	A2/stable A/stable

Hedging profile[6,7]

	4,000	4,000
																											4.90%
	3,500
	3,000																										4.70%
Notional A$m	1,000 1,500 2,000 2,500																										3.90% 4.10% 4.30% 4.50%	Hedge rate
		0 500																									3.50% 3.70%
			FY20			FY21			FY22			FY23			FY24				FY25				FY26		FY27
		Fixed rate debt				(lhs)			Interest			rate swaps				(lhs)					Weighted average hedge rate (rhs)

1. Adjusted for $225m of FY20 bank debt cancelled in July 2019.

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

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

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

5. Based on facility limits.

6. The weighted average hedge rate 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.

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

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46

Asset summaries

Centre statistics

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
New South Wales
Chatswood Chase Sydney2	Major Regional	51	63,620	100.0	n.a.	n.a.	n.a.	n.a.
Bankstown Central2	Major Regional	50	85,882	99.7	n.a.	n.a.	n.a.	n.a.
Roselands2	Major Regional	50	50,948	100.0	n.a.	n.a.	n.a.	n.a.
Queen Victoria Building	CityCentre	50	13,912	100.0	274.8	22,426	25,714	20.4
The Galeries	CityCentre	50	14,992	100.0	198.4	13,323	20,566	14.4
The Strand Arcade	CityCentre	50	5,707	100.0	132.7	29,218	27,699	13.9
Armidale Central	Sub Regional	100	14,739	100.0	95.1	6,575	6,274	11.2
Lake Haven Centre	Sub Regional	100	43,172	99.5	299.8	8,868	10,271	13.0
Nepean Village	Sub Regional	100	23,054	99.7	247.2	11,333	12,441	13.0
Carlingford Court	Sub Regional	50	33,297	99.6	190.9	7,223	10,002	16.6
Warriewood Square	Sub Regional	50	30,276	99.0	243.7	8,775	9,458	17.4
Lennox Village	Neighbourhood	50	10,143	98.9	121.6	12,809	6,572	18.6
DFO Homebush	Outlet Centre	100	28,102	100.0	320.7	12,399	15,462	10.9
Tasmania
Eastlands	Regional	100	33,313	100.0	266.0	8,337	8,706	12.1
Northgate	Sub Regional	100	19,468	99.8	144.8	8,235	10,249	12.0

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

2. Non-comparable sales. Refer to slide 40 for details.

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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)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Queensland
QueensPlaza2	CityCentre	100	39,349	100.0	n.a.	n.a.	n.a.	n.a.
The Myer Centre Brisbane2	CityCentre	25	63,594	100.0	n.a.	n.a.	n.a.	n.a.
Grand Plaza	Regional	50	53,370	99.7	366.1	7,105	10,190	15.5
RunawayBayCentre	Regional	50	42,979	99.2	284.4	8,025	10,202	11.9
Mt OmmaneyCentre	Regional	25	56,389	98.5	315.7	6,773	8,142	15.3
Buranda Village	Sub Regional	100	11,645	99.6	70.3	7,140	9,328	11.5
Gympie Central	Sub Regional	100	14,165	98.0	133.1	10,194	13.167	8.9
Taigum Square	Sub Regional	100	22,850	99.4	111.9	6,388	6,784	12.9
WhitsundayPlaza	Sub Regional	100	22,377	100.0	124.4	7,209	12,985	7.1
Milton Village	Neighbourhood	100	2,878	100.0	26.5	18,005	15,767	10.4
DFO Brisbane	Outlet Centre	100	26,116	100.0	237.6	9,391	9,511	10.8
South Australia
Elizabeth CityCentre	Regional	100	80,200	98.8	361.4	5,812	7,558	15.0
Colonnades	Regional	50	84,151	100.0	322.4	6,018	6,746	14.6
Castle Plaza	Sub Regional	100	22,837	100.0	148.3	6,986	8.864	14.7
Kurralta Central	Sub Regional	100	10,674	100.0	91.4	8,790	10,571	11.8

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

2. Non-comparable sales. Refer to slide 40 for details.

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48

Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria
Chadstone	Super Regional	50	215,574	99.7	2,210.5	13,005	20,020	16.3
Bayside	Major Regional	100	89,075	99.4	418.8	5,339	8,533	15.8
Northland	Major Regional	50	98,926	99.6	542.3	6,054	9,242	18.4
The Glen2	Major Regional	50	70,954	100.0	n.a.	n.a.	n.a.	n.a.
Emporium Melbourne	City Centre	50	45,200	99.1	443.5	10,860	12,835	20.4
Myer Bourke Street	City Centre	33	39,924	100.0	n.a.	n.a.	n.a.	n.a.
Broadmeadows Central	Regional	100	61,463	99.3	294.6	5,502	6,621	17.1
CranbournePark	Regional	50	46,915	99.9	259.4	6,463	8,024	16.4
Altona Gate	SubRegional	100	26,221	99.7	154.0	6,658	8,627	13.6
Box HillCentral(North Precinct)	SubRegional	100	14,647	99.2	76.2	6,498	7.566	16.2
Box HillCentral(South Precinct)	SubRegional	100	23,826	100.0	203.5	9,364	11,202	16.0
Corio Central	SubRegional	100	31,489	98.3	161.1	6,660	5,223	15.6
Roxburgh Village	Sub Regional	100	24,742	99.2	158.1	7,350	6,610	14.1
MorningtonCentral	SubRegional	50	11,775	100.0	99.5	8,686	10,046	14.5
Sunshine Marketplace	Sub Regional	50	34,148	100.0	158.1	5,218	7,710	14.1
Victoria Gardens Shopping Centre	SubRegional	50	35,158	100.0	213.3	7,089	11,105	13.3
Oakleigh Central	Neighbourhood	100	13,938	98.7	135.7	10,377	5,836	15.1
DFOEssendon3	Outlet Centre	100	52,481	100.0	269.6	10,699	9,941	12.6
DFO Moorabbin	Outlet Centre	100	24,686	100.0	164.7	7,049	7,362	12.3
DFO South Wharf3	Outlet Centre	100	56,319	100.0	437.8	11,621	10,748	11.0

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

2. Non-comparable sales. Refer to slide 40 for details.

3. Sales and occupancy data exclude Homemaker retailers.

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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)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Western Australia
Galleria2	Major Regional	50	81,454	100.0	n.a.	n.a.	n.a.	n.a.
Mandurah Forum2	Major Regional	50	66,478	100.0	n.a.	n.a.	n.a.	n.a.
Rockingham	Regional	50	62,343	97.7	391.0	7,112	8,042	17.9
EllenbrookCentral	SubRegional	100	36,651	99.2	243.0	8,040	8,765	11.6
Livingston Marketplace	SubRegional	100	15,600	100.0	121.8	8,544	9,272	11.8
MaddingtonCentral	SubRegional	100	27,952	98.0	193.4	7,851	7,883	13.8
WarwickGrove	SubRegional	100	32,243	98.9	219.5	8,704	7,760	12.7
HallsHead Central	SubRegional	50	19,364	98.2	125.0	6,735	6,971	12.6
Karratha City	SubRegional	50	23,972	98.1	215.9	9,589	10,891	8.2
DianellaPlaza	Neighbourhood	100	17,160	100.0	111.1	7,718	6,228	12.2
VictoriaParkCentral	Neighbourhood	100	5,778	96.3	52.7	9,960	5,373	14.9
DFOPerth2	Outlet Centre	50	23,635	99.0	n.a.	n.a.	n.a.	n.a.

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

2. Non-comparable sales. Refer to slide 40 for details.

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50

Asset summaries

Valuations

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Capitalisation rate	Discount rate As at 30-Jun-19 (%)
		As at 30-Jun-19 (%) As at 30-Jun-18 (%) Movement
New South Wales
Chatswood Chase Sydney Major Regional 51 (12.7) 576.2 4.75 4.75 - 6.50
BankstownCentral Major Regional 50 (20.9) 337.5 5.75 5.75 - 7.00
Roselands Major Regional 50 (27.0) 167.7 6.00 6.25 (0.25) 6.75
Queen VictoriaBuilding City Centre 50 2.7 330.0 4.75 4.75 - 6.50
The Galeries City Centre 50 5.7 170.0 4.75 4.75 - 6.50
The StrandArcade City Centre 50 6.4 127.0 4.50 4.50 - 6.50
Armidale Central SubRegional 100 (2.6) 44.0 7.00 7.00 - 7.00
LakeHavenCentre SubRegional 100 (2.4) 323.4 6.25 6.25 - 7.25
Nepean Village SubRegional 100 12.4 207.0 5.50 5.75 (0.25) 7.00
Carlingford Court SubRegional 50 (3.3) 123.5 6.00 5.75 0.25 7.00
Warriewood Square SubRegional 50 0.6 150.0 5.75 5.75 - 7.00
Lennox Village Neighbourhood 50 (8.3) 31.5 6.75 5.75 1.00 7.50
DFOHomebush Outlet Centres 100 57.7 540.0 5.25 5.50 (0.25) 7.00
Tasmania
Eastlands Regional 100 1.2 173.0 6.50 6.50 -			7.25
Northgate SubRegional 100 (11.4) 100.0 7.25 6.75 0.50 8.00

1. Based on ownership interest.

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

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Capitalisation rate	Discount rate As at 30-Jun-19 (%)
		As at 30-Jun-19 (%) As at 30-Jun-18 (%) Movement
Queensland
QueensPlaza CityCentre 100 (5.7) 790.0 4.75 4.75 - 6.25
The Myer Centre Brisbane City Centre 25 (16.4) 180.0 5.50 5.50 - 7.00
Grand Plaza Regional 50 (3.9) 217.5 5.50 5.50 - 7.00
RunawayBayCentre Regional 50 (16.3) 142.5 5.75 5.75 - 7.00
Mt OmmaneyCentre Regional 25 (15.3) 91.5 6.25 5.75 0.50 7.25
Buranda Village SubRegional 100 (0.9) 42.0 6.00 6.25 (0.25) 6.75
Gympie Central SubRegional 100 (6.3) 77.5 6.75 6.50 0.25 7.50
Taigum Square SubRegional 100 (4.7) 99.7 6.50 6.25 0.25 7.50
WhitsundayPlaza SubRegional 100 (4.4) 65.3 6.75 6.50 0.25 7.50
Milton Village Neighbourhood 100 0.2 31.7 6.25 6.25 -			7.50
DFO Brisbane Outlet Centres 100 1.0 64.0 7.50 7.50 -			8.50
South Australia
Elizabeth CityCentre Regional 100 (20.5) 368.1 7.00 6.75 0.25 8.25
Colonnades Regional 50 (25.9) 126.8 7.00 6.75 0.25 7.75
Castle Plaza Sub Regional 100 (6.8) 173.4 6.75 6.75 - 7.75
Kurralta Central Sub Regional 100 0.4 44.6 6.00 6.00 - 6.75

1. Based on ownership interest.

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

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Capitalisation rate	Discount rate As at 30-Jun-19 (%)
	As at 30-Jun-19 (%) As at 30-Jun-18 (%) Movement
Victoria
Chadstone Super Regional 50 98.9 3,250.0 3.75 3.75 - 6.00
Bayside Major Regional 100 (48.6) 591.4 6.00 5.75 0.25 7.00
Northland Major Regional 50 (3.5) 494.1 5.25 5.50 (0.25) 7.00
The Glen Major Regional 50 2.8 361.0 5.50 5.75 (0.25) 7.25
Emporium Melbourne City Centre 50 19.3 705.0 4.25 4.25 - 6.75
Myer Bourke Street City Centre 33 4.0 164.0 4.75 4.75 - 6.75
Broadmeadows Central Regional 100 (15.3) 324.2 6.50 6.50 - 7.25
Cranbourne Park Regional 50 (10.3) 152.0 5.75 5.50 0.25 7.25
Altona Gate SubRegional 100 (5.3) 106.5 6.25 6.25 - 7.00
Box HillCentral(North Precinct) SubRegional 100 6.0 126.5 6.00 6.00 - 6.75
Box Hill Central(South Precinct) SubRegional 100 15.4 234.0 6.00 6.00 - 7.25
Corio Central Sub Regional 100 (26.4) 105.0 7.75 7.25 0.50 7.75
Roxburgh Village SubRegional 100 (3.1) 122.6 6.50 6.25 0.25 7.25
MorningtonCentral SubRegional 50 (2.2) 36.0 6.00 6.00 - 7.00
SunshineMarketplace SubRegional 50 0.8 62.4 6.25 6.25 - 7.00
Victoria Gardens Shopping Centre Sub Regional 50 1.6 142.8 5.75 5.75 - 7.25
Oakleigh Central Neighbourhood 100 0.5 79.8 5.75 6.00 (0.25) 6.75
DFOEssendon Outlet Centre 100 61.0 178.0 6.75 6.75 - 7.50
DFO Moorabbin Outlet Centre 100 (1.5) 125.2 7.75 7.50 0.25 8.75
DFO South Wharf Outlet Centre 100 (2.4) 720.0 5.50 5.75 (0.25) 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.

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 30-Jun-191 ($m)	Capitalisation rate	Discount rate As at 30-Jun-19 (%)
		As at 30-Jun-19 (%) As at 30-Jun-18 (%) Movement
Western Australia
Galleria Major Regional 50 (50.6) 337.5 5.50 5.50 -			7.00
Mandurah Forum Major Regional 50 (68.8) 275.0 5.75 5.25 0.50 7.00
RockinghamCentre Regional 50 (37.3) 270.0 5.75 5.50 0.25 7.25
EllenbrookCentral SubRegional 100 (1.9) 244.0 5.50 5.50 - 7.00
Livingston Marketplace SubRegional 100 0.2 90.0 6.00 6.00 - 7.25
MaddingtonCentral SubRegional 100 (12.9) 109.0 7.50 7.00 0.50 8.00
WarwickGrove SubRegional 100 (24.7) 180.0 7.00 6.50 0.50 8.25
HallsHead Central SubRegional 50 (10.0) 47.5 6.50 6.00 0.50 7.50
Karratha City SubRegional 50 (4.4) 47.5 7.25 7.00 0.25 7.50
DianellaPlaza Neighbourhood 100 (11.2) 80.0 6.75 6.50 0.25 7.50
VictoriaParkCentral Neighbourhood 100 (2.7) 28.5 6.25 6.25 - 7.50
DFOPerth Outlet Centres 50 33.4 110.5 6.00 n.a. n.a. 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.

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Key dates Investor calendar

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	Key dates
	Ex-distribution date for June 2019 distribution	27 June 2019
	Record date for June 2019 distribution	28 June 2019
	2019 annual results	14 August 2019
	June 2019 distribution payment and 2019 Annual Tax Statements despatched	28 August 2019
	2019 Annual General Meeting	14 November 2019
	Ex-distribution date for December 2019 distribution	30 December 2019
	Record date for December 2019 distribution	31 December 2019
	FY20 interim results	11 February 2020
	December 2019 distribution payment	2 March 2020

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

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Contact details and disclaimer

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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 14 August 2019. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Annual Report for the 12 months ended 30 June 2019 lodged with the Australian Securities Exchange on 14 August 2019. 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.

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