Direct Portfolio Property Book

June 2020

03 About Vicinity Centres
04 Direct Portfolio
06 Property Statistics
09 New South Wales (NSW)

Our centres play an essential role and we take this responsibility seriously to ensure that our communities can continue to access what they need or want from our centres.

23 Queensland (QLD)
35 South Australia (SA)
41 Victoria (VIC) and Tasmania (TAS)
65 Western Australia (WA)

In response to COVID-19, we have had a heightened focus on health and safety as well as the long-term success of Vicinity and our retailers.

Disclaimer

This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements included in this document are based on information available to Vicinity Centres as at the date of this document and are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres particularly in relation to the global COVID-19 pandemic. 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 which are provided as a general guide only. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. Vicinity disclaims any responsibility to update or revise any forward-looking statement to reflect any change in Vicinity's financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by law or regulation (including the ASX Listing Rules).

This document is for information purposes only and 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. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimate, opinions or other information contained in this document.

The information and figures contained in this document are current only as at 30 June 2020 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the Financial Report for the year ended 30 June 2020, lodged with the Australian Securities Exchange (ASX) on 19 August 2020.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures, amounts, percentages, estimates, calculations of value and fractions may differ from the figures, amounts, percentages, estimates, calculations of value and fractions set out in this document. Also due to rounding, some totals in tables and charts may not sum.

Copyright

The copyright of this document and the information contained therein is vested in the Vicinity Centres group of companies. This document should not be copied, reproduced or redistributed without prior consent.

Authorisation

Mr Grant Kelley, CEO and Managing Director, has authorised that this document be given to ASX.

Cover image: Queen Victoria Building, NSW

This page: Chadstone, VIC

2 Vicinity Centres Direct Portfolio June 2020

About Vicinity Centres

Our vision is to reimagine destinations of the future, where people love to connect.

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia's leading retail property groups with a fully integrated asset management platform.

A top-100 entity on the Australian Securities Exchange, Vicinity’s vision is to reimagine destinations of the future, creating places where people love to connect.

Vicinity has 64 retail assets across Australia under management valued at $23.6 billion, generating annual retail sales of $15.9 billion across approximately 2.6 million square metres of gross lettable area.

Vicinity’s directly-owned portfolio (Direct Portfolio) of 60 shopping centres is valued at $14.1 billion, just over half of which comprises Vicinity’s Flagship portfolio, which includes Chadstone, Australia’s number one shopping centre by retail sales, seven premium CBD centres located across Australia’s three largest cities, and Australia’s leading outlet centre portfolio, the DFOs.

In 2019 Vicinity was recognised in CDP's[1] Climate A-list, ranked 3rd global listed retail company by Global Real Estate Sustainability Benchmark (GRESB), and ranked 6th most sustainable real estate company globally by Dow Jones Sustainability Index (DJSI) survey. Vicinity has a 4 Star Green Star – Performance Portfolio rating for the entire managed portfolio, the highest and largest Green Star – Performance rated retail portfolio in Australia. Vicinity has also announced a target of Net Zero carbon emissions by 2030[2] .

Formerly Carbon Disclosure Project.
For our wholly-owned retail assets. Consistent with global carbon measurement standards, this applies to common mall areas.
Based on Vicinity's ownership interest as at 31 December 2019. Includes 86% of rateable area for energy and 85% of rateable area for water.

Our portfolio NABERS Energy rating has increased to 3.9 Stars (Dec-18: 3.5) and NABERS Water rating has increased to 3.4 Stars (Dec-18: 3.1)[3] .

Vicinity Centres Direct Portfolio June 2020 3

Direct Portfolio

Key statistics by centre type

	Total portfolio	Chadstone	Premium CBD	DFO1	Core
Number of retail assets	60	1	7	7	45
Gross lettable area (000’s)(sqm)	2,419	234	223	231	1,732
Total value2($m)	14,114	3,119	2,218	1,760	7,016
Portfolio weighting by value (%)	100	22	16	12	50
Capitalisation rate (weighted average) (%)	5.47	3.88	4.81	5.94	6.27
Occupancy rate (%)	98.6	99.4	98.4	99.1	98.5

Note: Totals may not sum due to rounding.

Includes DFO Brisbane business.
Reflects ownership share in investment properties and equity-accounted investments.

Composition by centre type[a]

==> picture [114 x 111] intentionally omitted <==

Super Regional	22%
City Centre	16%
Major Regional	18%
Regional	11%
Sub Regional	19%
Neighbourhood	1%
Outlet Centre	12%

Note: Totals may not sum due to rounding.

a Expressed by ownership value.

Leadership in sustainability

17%

reduction in carbon intensity[1,2]

$730,000+

contributed to bushfire relief and recovery

4 Stars Green Star

performance portfolio rating

25.2MW

of onsite solar installed (managed portfolio)

49%

waste diverted from landfill[1]

$5.6m

contributed towards communities

==> picture [64 x 44] intentionally omitted <==

#3

global listed retail company

==> picture [102 x 105] intentionally omitted <==

==> picture [88 x 24] intentionally omitted <==

Across managed portfolio. Data is for the full year to June 2020, for comparable portfolio.
Carbon intensity reduction was 8% for non COVID-19 impacted performance period (12 months to 29 February 2020), surpassing FY20 target of 3%.

4 Vicinity Centres Direct Portfolio June 2020

Direct Portfolio

==> picture [517 x 532] intentionally omitted <==

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

60 $14.1b $15.0b
shopping centres total value annual retail sales
WHITSUNDAY PLAZA
KARRATHA CITY ● BURANDA VILLAGE
● DFO BRISBANE
11% ● GRAND PLAZAMILTON VILLAGE
● QUEENSPLAZA
● TAIGUM SQUARE
QLD THE MYER CENTRE BRISBANE
11% 10
GYMPIE CENTRAL
WA 12
BRISBANE
4% RUNAWAY BAY CENTRE
SA 4 20%
ARMIDALE CENTRAL
NSW 12
PERTH
MANDURAH FORUM ●
HALLS HEAD CENTRAL ● LAKE HAVEN CENTRE
SYDNEY
ADELAIDE
● CASTLE PLAZA
COLONNADES BANKSTOWN CENTRAL
DFO PERTH ● ELIZABETH CITY CENTRE CARLINGFORD COURT
● DIANELLA PLAZA ● KURRALTA CENTRAL CHATSWOOD CHASE SYDNEY
● ELLENBROOK CENTRAL ● DFO HOMEBUSH
GALLERIA ● NEPEAN VILLAGE
●● LIVINGSTON MARKETPLACEMADDINGTON CENTRAL MELBOURNE QUEEN VICTORIA BUILDINGROSELANDS
● ROCKINGHAM CENTREVICTORIA PARK CENTRAL 54% THE GALERIESTHE STRAND ARCADE
● WARWICK GROVE ● ALTONA GATE EMPORIUM MELBOURNE WARRIEWOOD SQUARE
●● BAYSIDEBOX HILL CENTRAL (NORTH PRECINCT) MORNINGTON CENTRALMYER BOURKE STREET VIC/TAS 22
● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND
● BROADMEADOWS CENTRAL ● OAKLEIGH CENTRAL
CHADSTONE ● ROXBURGH VILLAGE
CRANBOURNE PARK SUNSHINE MARKETPLACE
● DFO ESSENDON THE GLEN
● DFO MOORABBIN UNI HILL FACTORY OUTLETS HOBART
● DFO SOUTH WHARF VICTORIA GARDENS SHOPPING CENTRE
● EASTLANDS
● NORTHGATE
----- End of picture text -----

l Wholly owned

¢ Jointly owned

£[Number of shopping centres]

% Portfolio value (%)

Vicinity Centres Direct Portfolio June 2020

Property Statistics

as at 30 June 2020

				Capitalisation		Gross lettable	Occupancy	Moving annual
	Centre type	Ownership interest	Value1	rate	Discount rate	area (GLA)	rate by GLA	turnover (MAT)	Page number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)
New South Wales									09
Armidale Central	Sub Regional	100	36.0	7.50	7.50	14,741	98.4	97.5	11
Bankstown Central2	Major Regional	50	275.0	6.00	7.00	85,840	n.a.	n.a.	12
Carlingford Court	Sub Regional	50	105.0	6.25	7.00	33,296	99.5	182.6	13
Chatswood Chase Sydney2	Major Regional	51	474.2	5.00	6.50	63,619	n.a.	n.a.	14
DFO Homebush	Outlet Centre	100	590.0	5.25	6.75	28,229	100.0	285.3	15
Lake Haven Centre	Sub Regional	100	283.9	6.50	7.25	43,175	99.1	296.8	16
Nepean Village	Sub Regional	100	204.0	5.75	7.00	23,057	100.0	250.7	17
Queen Victoria Building	City Centre	50	300.0	5.00	6.50	13,918	97.9	213.4	18
Roselands2	Major Regional	50	142.2	6.25	7.00	62,684	n.a.	n.a.	19
The Galeries	City Centre	50	164.0	5.00	6.50	15,000	98.7	158.0	20
The Strand Arcade	City Centre	50	125.0	4.50	6.50	5,961	100.0	116.0	21
Warriewood Square	Sub Regional	50	137.5	6.00	7.00	30,277	98.0	241.8	22
Queensland									23
Buranda Village	Sub Regional	100	38.0	6.00	6.75	11,645	100.0	72.1	25
DFO Brisbane	Outlet Centre	100	62.5	7.75	8.25	26,117	98.5	213.2	26
Grand Plaza	Regional	50	185.0	6.00	7.00	53,374	99.2	361.7	27
Gympie Central	Sub Regional	100	72.5	7.25	7.75	14,089	98.4	137.6	28
Milton Village	Neighbourhood	100	34.3	6.00	7.25	2,878	94.5	26.3	29
QueensPlaza2	City Centre	100	700.0	4.75	6.25	39,380	n.a.	n.a.	30
Runaway Bay Centre	Regional	50	112.5	6.25	7.00	42,975	98.2	262.6	31
Taigum Square	Sub Regional	100	85.0	7.00	7.75	22,821	98.4	108.7	32
The Myer Centre Brisbane2	City Centre	25	140.0	5.75	6.75	63,219	n.a.	n.a.	33
Whitsunday Plaza	Sub Regional	100	61.6	7.25	7.50	22,358	99.8	126.2	34

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Based on ownership interest.

MAT and occupancy rate non-comparable for reporting purposes.

6 Vicinity Centres Direct Portfolio June 2020

Property Statistics

as at 30 June 2020

				Capitalisation		Gross lettable	Occupancy	Moving annual
	Centre type	Ownership interest	Value1	rate	Discount rate	area (GLA)	rate by GLA	turnover (MAT)	Page number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)
South Australia									35
Castle Plaza	Sub Regional	100	151.4	7.00	7.75	22,828	99.2	148.8	37
Colonnades	Regional	50	113.2	7.50	8.00	88,306	99.3	332.2	38
Elizabeth City Centre	Regional	100	300.0	7.50	8.25	80,249	98.0	343.9	39
Kurralta Central	Sub Regional	100	42.0	6.25	6.75	10,675	100.0	91.7	40
Victoria									41
Altona Gate	Sub Regional	100	100.0	6.25	6.50	26,117	95.5	146.1	43
Bayside2	Major Regional	100	459.8	6.25	7.00	89,335	98.7	394.7	44
Box Hill Central (North Precinct)2	Sub Regional	100	127.5	6.00	6.75	14,639	79.6	71.3	45
Box Hill Central (South Precinct)2	Sub Regional	100	219.5	6.00	7.00	23,733	99.3	195.3	46
Broadmeadows Central	Regional	100	269.7	6.75	7.50	61,458	99.0	289.4	47
Chadstone2	Super Regional	50	3,119.2	3.88	6.00	233,518	99.4	1,972.0	48
Cranbourne Park	Regional	50	130.0	6.25	7.50	46,928	99.1	249.8	49
DFO Essendon2,3	Outlet Centre	100	167.3	6.75	7.50	52,481	99.5	239.7	50
DFO Moorabbin2	Outlet Centre	100	111.9	8.00	9.00	24,548	96.7	144.7	51
DFO South Wharf2,3	Outlet Centre	100	663.0	5.75	7.00	55,745	98.8	351.9	52
Emporium Melbourne2	City Centre	50	640.0	4.50	6.50	45,308	93.5	308.5	53
Mornington Central	Sub Regional	50	36.0	6.00	6.50	11,781	100.0	89.6	54
Myer Bourke Street2	City Centre	33	149.0	5.25	7.00	39,924	100.0	n.a.	55
Northland2	Major Regional	50	422.1	5.50	7.00	97,169	98.4	498.2	56
Oakleigh Central	Neighbourhood	100	72.6	6.00	6.75	13,873	98.0	133.9	57
Roxburgh Village	Sub Regional	100	95.7	7.25	7.75	24,742	98.9	159.6	58
Sunshine Marketplace2	Sub Regional	50	60.1	6.50	7.00	34,173	98.7	146.7	59
The Glen4	Major Regional	50	350.0	5.50	7.25	73,928	n.a.	n.a.	60
Uni Hill Factory Outlets2	Outlet Centre	50	60.6	6.75	7.50	19,568	98.6	104.2	61
Victoria Gardens Shopping Centre	Sub Regional	50	147.0	6.00	7.00	37,656	98.7	213.3	62

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Based on ownership interest.
External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.
Occupancy data excludes Homemaker retailers.
MAT and occupancy rate non-comparable for reporting purposes.

Vicinity Centres Direct Portfolio June 2020

Property Statistics

as at 30 June 2020

				Capitalisation		Gross lettable	Occupancy	Moving annual
	Centre type	Ownership interest	Value1	rate	Discount rate	area (GLA)	rate by GLA	turnover (MAT)	Page number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)
Tasmania									41
Eastlands	Regional	100	156.8	7.00	7.25	33,318	99.5	268.0	63
Northgate	Sub Regional	100	85.0	7.75	8.00	19,478	98.8	142.9	64
Western Australia									65
DFO Perth2	Outlet Centre	50	105.0	6.00	7.25	23,835	99.0	n.a.	67
Dianella Plaza	Neighbourhood	100	63.0	7.50	8.00	17,161	96.8	110.9	68
Ellenbrook Central	Sub Regional	100	242.0	6.00	7.00	43,544	98.7	249.9	69
Galleria3	Major Regional	50	250.0	6.00	7.00	81,371	100.0	n.a.	70
Halls Head Central	Sub Regional	50	40.0	7.00	7.50	19,368	97.9	128.0	71
Karratha City	Sub Regional	50	40.0	7.75	7.75	23,480	97.7	227.0	72
Livingston Marketplace	Sub Regional	100	83.0	6.25	7.25	15,601	98.6	118.0	73
Maddington Central	Sub Regional	100	93.0	7.75	8.00	27,837	96.4	188.0	74
Mandurah Forum	Major Regional	50	227.5	6.25	7.00	66,017	94.8	358.0	75
Rockingham Centre	Regional	50	217.5	6.00	7.25	62,221	95.5	377.7	76
Victoria Park Central	Neighbourhood	100	25.3	6.25	7.00	5,778	98.1	51.9	77
Warwick Grove	Sub Regional	100	150.0	7.50	8.50	32,250	98.9	229.0	78

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Based on ownership interest.
Non-comparable for sales reporting purposes.
MAT and occupancy rate non-comparable for reporting purposes.

Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 261] intentionally omitted <==

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

New South Wales
----- End of picture text -----

==> picture [596 x 604] intentionally omitted <==

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

ARMIDALE CENTRAL
LAKE HAVEN CENTRE
SYDNEY
WARRIEWOOD SQUARE
NEPEAN VILLAGE
CARLINGFORD COURT
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
QUEEN VICTORIA BUILDING THE STRAND ARCADE
THE GALERIES
BANKSTOWN CENTRAL
ROSELANDS
l Wholly owned
¢ Jointly owned
9 Vicinity Centres Direct Portfolio June 2020
----- End of picture text -----

New South Wales

11 Armidale Central
12 Bankstown Central
13 Carlingford Court
14 Chatswood Chase Sydney
15 DFO Homebush
16 Lake Haven Centre
17 Nepean Village
18 Queen Victoria Building
19 Roselands
20 The Galeries
21 The Strand Arcade
22 Warriewood Square

The Strand Arcade, NSW

Vicinity Centres Direct Portfolio June 2020 10

==> picture [596 x 252] intentionally omitted <==

Armidale Central

225 Beardy Street, Armidale NSW 2350 armidalecentral.com.au

Armidale Central is a two level Sub Regional shopping centre located 111 kilometres north east of Tamworth. It is anchored by Big W and Woolworths and includes more than 25 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 2007
Centre frst opened	2007
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	36.0
Valuation date	Jun-20
Capitalisation rate (%)	7.50
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	27%
Discount department stores	46%
Mini majors	4%
Specialties	22%
Non retail	1%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	14,741
Number of tenants	35
Total Trade Area (000's)	62
Major tenants2	Big W, Woolworths
Car spaces	613
Moving annual turnover (MAT) ($m)	97.5
Occupancy rate by GLA (%)	98.4
Weighted average lease expiry by GLA (years)	5.9
Green Star – Performance	3 Stars
NABERS Energy rating	1 Star
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	32%
	17%
	15%
	7%
	29%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

11 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Bankstown Central

North Terrace, Bankstown NSW 2200

bankstowncentral.com.au

Bankstown Central is a three level Major Regional shopping centre located approximately 24 kilometres south-west of the Sydney CBD. It is anchored by Myer, Big W, Kmart, Target, Woolworths and SUPA IGA and includes more than 225 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2003
Centre frst opened	1966
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	550.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	8%
Discount department stores	28%
Department stores	12%
Mini majors	13%
Specialties	26%
Other retail	5%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	85,840
Number of tenants	277
Total Trade Area (000's)	516
Major tenants2	Big W, Kmart, Myer, SUPA IGA,
	Target, Woolworths
Car spaces	3,174
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	2.9
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	2 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	49%
	19%
	16%
	10%
	6%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 12

==> picture [596 x 252] intentionally omitted <==

Carlingford Court

Corner Pennant Hills and Carlingford Roads, Carlingford NSW 2118

carlingfordcourt.com.au

Carlingford Court is a four level Sub Regional shopping centre located approximately 22 kilometres north-west of the Sydney CBD. It is anchored by Target, Coles and Woolworths and includes more than 70 specialty stores. The retail offering is supported by a wide selection of restaurants, cafes and takeaway food. The centre was refurbished in 2019.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	210.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [115 x 111] intentionally omitted <==

Supermarkets	22%
Discount department stores	24%
Mini majors	15%
Specialties	17%
Other retail	13%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	33,296
Number of tenants	102
Total Trade Area (000's)	171
Major tenants2	Coles, Target, Woolworths
Car spaces	1,472
Moving annual turnover (MAT) ($m)	182.6
Occupancy rate by GLA (%)	99.5
Weighted average lease expiry by GLA (years)	4.7
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	32%
	15%
	15%
	9%
	29%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

13 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Chatswood Chase Sydney

345 Victoria Avenue, Chatswood NSW 2067 chatswoodchasesydney.com.au

Chatswood Chase Sydney is a four level Major Regional shopping centre located approximately 10 kilometres north of the Sydney CBD. It is anchored by David Jones, Kmart and Coles and includes more than 140 specialty stores. Chatswood Chase Sydney features iconic international and Australian brands such as Aje, Alice McCall, Apple, Coach, Furla, Hugo Boss, Maje, Max & Co, MECCA, Nespresso, Polo Ralph Lauren, Pottery Barn, Sandro, West Elm, Williams-Sonoma and Zimmermann.

Property overview

Property overview
State	NSW
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 51
Co-owner (%)	GIC – 49
Date acquired*	2003
Centre frst opened	1980
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	929.7
Valuation date	Jun-20
Capitalisation rate (%)	5.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [119 x 112] intentionally omitted <==

Supermarkets	6%
Discount department stores	12%
Department stores	35%
Mini majors	14%
Specialties	30%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	63,619
Number of tenants	170
Total Trade Area (000's)	466
Major tenants2	Coles, David Jones, Kmart
Car spaces	2,434
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	4.0
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	57%
	15%
	12%
	8%
	7%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Acquired 50% in 2003, acquired 50% in 2007 and divested 49% in 2018.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 14

==> picture [596 x 252] intentionally omitted <==

DFO Homebush

3-5 Underwood Road, Homebush NSW 2140 dfo.com.au/homebush

DFO Homebush is a two level Outlet Centre located approximately 15 kilometres west of the Sydney CBD. The Centre is home to more than 105 stores, with a unique Premium Outlet Mall housing high-end luxury fashion retailers including Burberry, Max Mara, Armani Outlet, Salvatore Ferragamo, Kate Spade, Coach and Michael Kors. The centre also comprises a Homemaker Hub with more than 10 large format stores.

Property overview

Property overview
State	NSW
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired	2010
Centre frst opened	2002
Latest redevelopment	2014
Valuation External/Internal	External
Valuation ($m)1	590.0
Valuation date	Jun-20
Capitalisation rate (%)	5.25
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

==> picture [118 x 30] intentionally omitted <==

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

Mini majors 44%
Specialties 55%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	28,229
Number of tenants	125
Total Trade Area (000's)	3,190
Major tenants2	–
Car spaces	2,045
Moving annual turnover (MAT) ($m)	285.3
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	20%
	7%
	7%
	30%
	35%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

15 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Lake Haven Centre

Corner Lake Haven Drive and Goobarabah Avenue, Lake Haven NSW 2263 lakehavencentre.com.au

Lake Haven Centre is a single level Sub Regional shopping centre and business park located approximately 12 kilometres north-east of Wyong, on the Central Coast. It is anchored by Kmart, ALDI, Coles and Woolworths and includes more than 75 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	283.9
Valuation date	Jun-20
Capitalisation rate (%)	6.50
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [112 x 111] intentionally omitted <==

Supermarkets	24%
Discount department stores	19%
Mini majors	11%
Specialties	17%
Other retail	17%
Non retail	12%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	43,175
Number of tenants	127
Total Trade Area (000's)	103
Major tenants2	ALDI, Coles, Kmart, Woolworths
Car spaces	1,660
Moving annual turnover (MAT) ($m)	296.8
Occupancy rate by GLA (%)	99.1
Weighted average lease expiry by GLA (years)	3.5
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	46%
	9%
	16%
	16%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 16

==> picture [596 x 252] intentionally omitted <==

Nepean Village

Corner Station and Woodriff Streets, Penrith NSW 2750

nepeanvillage.com.au

Nepean Village is a single level Sub Regional shopping centre located in Penrith, at the foothills of the Blue Mountains, approximately 57 kilometres west of the Sydney CBD. It is anchored by Coles, a 24-hour by seven days a week Kmart and more than 50 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1984
Latest redevelopment	1999
Valuation External/Internal	External
Valuation ($m)1	204.0
Valuation date	Jun-20
Capitalisation rate (%)	5.75
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 112] intentionally omitted <==

Supermarkets	19%
Discount department stores	37%
Mini majors	6%
Specialties	19%
Other retail	18%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	23,057
Number of tenants	70
Total Trade Area (000's)	159
Major tenants2	Coles, Kmart
Car spaces	861
Moving annual turnover (MAT) ($m)	250.7
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	6.2
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars

Specialty store lease expiry profile by income

FY204 FY21 FY22 FY23 FY24+	27%
	23%
	9%
	21%
	20%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

17 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Queen Victoria Building

455 George Street, Sydney NSW 2000 qvb.com.au

The Queen Victoria Building (QVB) is a five level shopping centre located in the heart of Sydney's CBD. Opened in 1898, the QVB is a historic and iconic destination, attracting both local, domestic and international visitors. Home to leading Australian, international brands and unique retail with more than 150 specialty stores along with premium dining experiences Esquire Drink + Dine and Reign Champagne Parlour & Bar.

Property overview

Property overview
State	NSW
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	GIC – 50
Date acquired	2018
Centre frst opened	1898
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	600.0
Valuation date	Jun-20
Capitalisation rate (%)	5.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [117 x 111] intentionally omitted <==

Mini majors	20%
Specialties	74%
Other retail	1%
Non retail	5%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	13,918
Number of tenants	164
Total Trade Area (000's)	2,750
Major tenants2	–
Car spaces	669
Moving annual turnover (MAT) ($m)	213.4
Occupancy rate by GLA (%)	97.9
Weighted average lease expiry by GLA (years)	2.6
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	36%
	8%
	16%
	16%
	23%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 18

==> picture [596 x 252] intentionally omitted <==

Roselands

24 Roseland Avenue, Roselands NSW 2196 roselands.com.au

Roselands is a three level Major Regional shopping centre located approximately 19 kilometres south-west of the Sydney CBD. It is anchored by Myer, Target, ALDI, Coles and Woolworths and includes more than 100 specialty stores. The Markets opened in 2019, offering a new fresh food market hall and casual dining.

Property overview

Property overview
State	NSW
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	1998
Centre frst opened	1965
Latest redevelopment	2019
Valuation External/Internal	External
Valuation ($m)1	284.4
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [113 x 111] intentionally omitted <==

Supermarkets	17%
Discount department stores	13%
Department stores	40%
Mini majors	9%
Specialties	16%
Other retail	1%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	62,684
Number of tenants	129
Total Trade Area (000's)	493
Major tenants2	ALDI, Coles, Myer, Target, Woolworths
Car spaces	3,187
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	6.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	28%

	~~4~~%
	5%
	62%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

19 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

The Galeries

500 George Street, Sydney NSW 2000 thegaleries.com

The Galeries is a four level City Centre located in the heart of Sydney's CBD. The Galeries is a lifestyle and cultural destination for fashion, art and dining and features Books Kinokuniya, Incu, JB Hi-Fi, MUJI, The Grounds of the City, Vans, Arthouse Hotel and more than 65 specialty stores.

Property overview

Property overview
State	NSW
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	GIC – 50
Date acquired	2018
Centre frst opened	2000
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	328.0
Valuation date	Jun-20
Capitalisation rate (%)	5.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [112 x 111] intentionally omitted <==

==> picture [118 x 43] intentionally omitted <==

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

Mini majors 39%
Specialties 36%
Other retail 20%
Non retail 4%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	15,000
Number of tenants	74
Total Trade Area (000's)	2,364
Major tenants2	-
Car spaces	-
Moving annual turnover (MAT) ($m)	158.0
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	2.9
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	12%
	20%
	18%
	10%
	40%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 20

==> picture [596 x 252] intentionally omitted <==

The Strand Arcade

412-414 George Street, Sydney NSW 2000 strandarcade.com.au

The Strand Arcade is a multi-level City Centre located in the heart of Sydney's CBD. Established in 1891, The Strand Arcade is an important heritage landmark within Sydney and is the only Victorian shopping arcade remaining in its original form today. The Strand Arcade features Camilla and Marc, Dion Lee, JB Hi-Fi, Mecca Cosmetica, Scanlan Theodore, Haigh's Chocolates, The Restaurant Pendolino and more than 65 specialty stores.

Property overview

Property overview
State	NSW
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	GIC – 50
Date acquired	2018
Centre frst opened	1891
Latest redevelopment	1997
Valuation External/Internal	External
Valuation ($m)1	250.0
Valuation date	Jun-20
Capitalisation rate (%)	4.50
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [116 x 111] intentionally omitted <==

==> picture [118 x 30] intentionally omitted <==

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

Mini majors 22%
Specialties 60%
Non retail 19%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	5,961
Number of tenants	80
Total Trade Area (000's)	1,507
Major tenants2	-
Car spaces	-
Moving annual turnover (MAT) ($m)	116.0
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY21 [3] 22%
FY22 18%
FY23 2%
FY24 31%
FY25+ 26%
----- End of picture text -----

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

21 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Warriewood Square

Jacksons Road, Warriewood NSW 2102 warriewoodsquare.com.au

Warriewood Square is a single level Sub Regional shopping centre located in Sydney's northern beaches, approximately 29 kilometres north-east of the Sydney CBD. The centre is anchored by Kmart, ALDI, Coles and Woolworths and includes more than 80 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	ISPT Core Fund – 50
Date acquired	1996
Centre frst opened	1980
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	275.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	29%
Discount department stores	26%
Mini majors	13%
Specialties	26%
Other retail	1%
Non retail	6%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	30,277
Number of tenants	106
Total Trade Area (000's)	98
Major tenants2	ALDI, Coles, Kmart, Woolworths
Car spaces	1,450
Moving annual turnover (MAT) ($m)	241.8
Occupancy rate by GLA (%)	98.0
Weighted average lease expiry by GLA (years)	8.4
Green Star – Performance	3 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	43%
	18%
	12%
	13%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 22

==> picture [596 x 261] intentionally omitted <==

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

Queensland
----- End of picture text -----

==> picture [508 x 516] intentionally omitted <==

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

GRAND PLAZA
TAIGUM SQUARE
DFO BRISBANE
QUEENSPLAZA THE MYER CENTRE BRISBANE
MILTON VILLAGE
BURANDA VILLAGE
GRAND PLAZA
WHITSUNDAY PLAZA
GYMPIE CENTRAL
BRISBANE
RUNAWAY BAY CENTRE
l Wholly owned
¢ Jointly owned
----- End of picture text -----

23 Vicinity Centres Direct Portfolio June 2020

Queensland

25 Buranda Village
26 DFO Brisbane
27 Grand Plaza
28 Gympie Central
29 Milton Village
30 QueensPlaza
31 Runaway Bay Centre
32 Taigum Square
33 The Myer Centre Brisbane
34 Whitsunday Plaza

DFO Brisbane, QLD

Vicinity Centres Direct Portfolio June 2020 24

==> picture [596 x 252] intentionally omitted <==

Buranda Village

Corner Ipswich Road and Cornwall Street, Buranda QLD 4102 burandavillage.com.au

Buranda Village is a single level Sub Regional shopping centre located approximately 5 kilometres south of the Brisbane CBD. It is anchored by Target and Woolworths and includes more than 20 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2000
Centre frst opened	1978
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	38.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	26%
Discount department stores	36%
Specialties	17%
Other retail	9%
Non retail	11%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	11,645
Number of tenants	33
Total Trade Area (000's)	133
Major tenants2	Target, Woolworths
Car spaces	520
Moving annual turnover (MAT) ($m)	72.1
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.6
Green Star – Performance	3 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	30%
	9%
	7%
	26%
	28%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

25 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

DFO Brisbane

18th Avenue, Brisbane Airport QLD 4008 dfo.com.au/brisbane

DFO Brisbane is a single level Outlet Centre located approximately 13 kilometres north-east of the Brisbane CBD and 10 minutes from Brisbane Airport. The centre comprises more than 130 outlet retailers and includes Calvin Klein, Furla, Polo Ralph Lauren and Tommy Hilfiger.

Property overview

Property overview
State	QLD
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired	2016
Centre frst opened	2005
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	62.5
Valuation date	Jun-20
Capitalisation rate (%)	7.75
Discount rate (%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

==> picture [118 x 19] intentionally omitted <==

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

Mini majors 16%
Specialties 84%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	26,117
Number of tenants	143
Total Trade Area (000's)	2,064
Major tenants2	–
Car spaces	2,600
Moving annual turnover (MAT) ($m)	213.2
Occupancy rate by GLA (%)	98.5
Weighted average lease expiry by GLA (years)	1.4
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	46%
	22%
	10%
	13%
	8%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 26

==> picture [596 x 252] intentionally omitted <==

Grand Plaza

27-49 Browns Plains Road, Browns Plains QLD 4118 grandplaza.com.au

Grand Plaza is a single level Regional shopping centre located approximately 27 kilometres south of the Brisbane CBD. It is anchored by Big W, Kmart, Target, ALDI, Coles, Woolworths and Event Cinemas, a newly refurbished food court and includes more than 120 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2002
Centre frst opened	1994
Latest redevelopment	2006
Valuation External/Internal	External
Valuation ($m)1	370.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	19%
Discount department stores	37%
Mini majors	5%
Specialties	23%
Other retail	13%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	53,374
Number of tenants	153
Total Trade Area (000's)	287
Major tenants2	ALDI, Big W, Coles, Event Cinemas,
	Kmart, Target, Woolworths
Car spaces	2,667
Moving annual turnover (MAT) ($m)	361.7
Occupancy rate by GLA (%)	99.2
Weighted average lease expiry by GLA (years)	3.3
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	43%
	18%
	13%
	14%
	12%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

27 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Gympie Central

Corner Bruce Highway and Excelsior Road, Gympie QLD 4570 gympiecentral.com.au

Gympie Central is a single level Sub Regional shopping centre located in Gympie, approximately 80 kilometres north-west of Maroochydore on the Sunshine Coast. It is anchored by Big W and Woolworths and includes more than 40 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1973
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	72.5
Valuation date	Jun-20
Capitalisation rate (%)	7.25
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 112] intentionally omitted <==

Supermarkets	26%
Discount department stores	40%
Specialties	31%
Other retail	1%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	14,089
Number of tenants	48
Total Trade Area (000's)	50
Major tenants2	Big W, Woolworths
Car spaces	752
Moving annual turnover (MAT) ($m)	137.6
Occupancy rate by GLA (%)	98.4
Weighted average lease expiry by GLA (years)	5.1
Green Star – Performance	3 Stars
NABERS Energy rating	2.5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	33%
	23%
	11%
	10%
	22%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 28

==> picture [596 x 252] intentionally omitted <==

Milton Village

12-36 Baroona Road, Milton QLD 4064 miltonvillagesc.com.au

Milton Village is a multilevel Neighbourhood shopping centre located in the inner suburb of Milton, approximately 3 kilometres west of the Brisbane CBD. It is anchored by an IGA supermarket and includes 14 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2000
Centre frst opened	1973
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	34.3
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [119 x 111] intentionally omitted <==

==> picture [117 x 42] intentionally omitted <==

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

Supermarkets 17%
Specialties 34%
Other retail 6%
Non retail 42%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	2,878
Number of tenants	21
Total Trade Area (000's)	9
Major tenants2	IGA
Car spaces	138
Moving annual turnover (MAT) ($m)	26.3
Occupancy rate by GLA (%)	94.5
Weighted average lease expiry by GLA (years)	4.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	15%
	13%
	27%
	7%
	39%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

29 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

QueensPlaza

226 Queen Street, Brisbane QLD 4000 queensplaza.com.au

QueensPlaza is a three level City Centre located in the heart of Brisbane's CBD on Queen Street Mall. It is anchored by David Jones and Coles and includes more than 50 specialty stores. The centre features luxury retailers including Burberry, Bvlgari, Chanel, Dior, Fendi, Louis Vuitton, Paspaley, Saint Laurent, Salvatore Ferragamo and Tiffany & Co.

Property overview

Property overview
State	QLD
Centre type	City Centre
Ownership interest (%) Date acquired	100 2001
Centre frst opened	2005
Latest redevelopment	2018
Valuation External/Internal	External
Valuation ($m)1	700.0
Valuation date	Jun-20
Capitalisation rate (%)	4.75
Discount rate (%)	6.25

Tenant mix by gross lettable area (GLA)

==> picture [116 x 111] intentionally omitted <==

==> picture [118 x 55] intentionally omitted <==

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

Supermarkets 4%
Department stores 69%
Mini majors 1%
Specialties 17%
Non retail 8%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	39,380
Number of tenants	61
Total Trade Area (000's)	2,394
Major tenants2	Coles, David Jones
Car spaces	600
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	12.8
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	21%
	17%

	15%
	46%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 30

==> picture [596 x 252] intentionally omitted <==

Runaway Bay Centre

10-12 Lae Drive, Runaway Bay QLD 4216 runawaybaycentre.com.au

Runaway Bay Centre is a single level Regional shopping centre located approximately 11 kilometres north of Surfers Paradise on the Gold Coast. It is anchored by Big W, Target, ALDI, Coles and Woolworths and includes more than 70 specialty stores and an alfresco dining precinct on the waterfront.

Property overview

Property overview
State	QLD
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	2002
Centre frst opened	1974
Latest redevelopment	1995
Valuation External/Internal	External
Valuation ($m)1	225.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [112 x 111] intentionally omitted <==

Supermarkets	24%
Discount department stores	33%
Mini majors	5%
Specialties	15%
Other retail	15%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	42,975
Number of tenants	110
Total Trade Area (000's)	264
Major tenants2	ALDI, Big W, Coles, Target, Woolworths
Car spaces	2,160
Moving annual turnover (MAT) ($m)	262.6
Occupancy rate by GLA (%)	98.2
Weighted average lease expiry by GLA (years)	3.5
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	41%
	22%
	17%
	15%
	5%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

31 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Taigum Square

Corner Church and Beams Roads, Taigum QLD 4018 taigumsquare.com.au

Taigum Square is a single level Sub Regional shopping centre located approximately 15 kilometres north of the Brisbane CBD. It is anchored by Big W and Woolworths and includes more than 45 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1998
Centre frst opened	1982
Latest redevelopment	2001
Valuation External/Internal	External
Valuation ($m)1	85.0
Valuation date	Jun-20
Capitalisation rate (%)	7.00
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	16%
Discount department stores	29%
Mini majors	10%
Specialties	21%
Other retail	11%
Non retail	12%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	22,821
Number of tenants	73
Total Trade Area (000's)	90
Major tenants2	Big W, Woolworths
Car spaces	1,054
Moving annual turnover (MAT) ($m)	108.7
Occupancy rate by GLA (%)	98.4
Weighted average lease expiry by GLA (years)	2.8
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	39%
	18%
	17%
	9%
	17%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 32

==> picture [596 x 252] intentionally omitted <==

The Myer Centre Brisbane

91 Queen Street, Brisbane QLD 4000 themyercentre.com.au

The Myer Centre Brisbane is a six level City Centre located in the heart of Brisbane's CBD on Queen Street Mall. This CBD retail destination is anchored by Myer, Target, Coles Central and Event Cinemas and includes more than 135 specialty stores.

Property overview

Property overview
State	QLD
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 25
Co-owner (%)	ISPT Core Fund – 75
Date acquired*	1998
Centre frst opened	1988
Latest redevelopment	2006
Valuation External/Internal	External
Valuation ($m)1	560.0
Valuation date	Jun-20
Capitalisation rate (%)	5.75
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	3%
Discount department stores	12%
Department stores	52%
Mini majors	5%
Specialties	19%
Other retail	6%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	63,219
Number of tenants	159
Total Trade Area (000's)	1,296
Major tenants2	Coles Central, Event Cinemas,
	Myer, Target
Car spaces	1,450
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	5.8
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	55%
	32%
	6%

	4%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Acquired 100% in 1998, divested 50% in 2002 and divested a further 25% in 2006.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

33 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Whitsunday Plaza

8 Galbraith Park Drive, Cannonvale QLD 4802 whitsundayplaza.com.au

Whitsunday Plaza is a single level Sub Regional shopping centre located in Whitsunday in central Queensland, approximately 6 kilometres south-west of Airlie Beach. It is anchored by Big W, Harvey Norman and Woolworths and includes more than 20 specialty stores.

Property overview

Property overview
State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2005
Centre frst opened	2006
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	61.6
Valuation date	Jun-20
Capitalisation rate (%)	7.25
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [117 x 112] intentionally omitted <==

Supermarkets	15%
Discount department stores	24%
Department stores	8%
Mini majors	10%
Specialties	10%
Other retail	29%
Non retail	6%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	22,358
Number of tenants	48
Total Trade Area (000's)	34
Major tenants2	Big W, Harvey Norman, Woolworths
Car spaces	1,148
Moving annual turnover (MAT) ($m)	126.2
Occupancy rate by GLA (%)	99.8
Weighted average lease expiry by GLA (years)	4.1
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	38%
	7%
	25%
	9%
	21%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 34

South Australia

==> picture [534 x 541] intentionally omitted <==

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

ADELAIDE
ELIZABETH CITY CENTRE
KURRALTA CENTRAL
CASTLE PLAZA
COLONNADES
----- End of picture text -----

l Wholly owned ¢ Jointly owned

35 Vicinity Centres Direct Portfolio June 2020

South Australia

37 Castle Plaza

38 Colonnades

39 Elizabeth City Centre

40 Kurralta Central

Castle Plaza, SA

Vicinity Centres Direct Portfolio June 2020 36

==> picture [596 x 252] intentionally omitted <==

Castle Plaza

992 South Road, Edwardstown SA 5039 castleplaza.com.au

Castle Plaza is a single level Sub Regional shopping centre located approximately 8 kilometres south-west of the Adelaide CBD. It is anchored by Target, Coles and Drakes and includes more than 50 specialty stores. The centre is home to the largest battery installation at a shopping centre in Australia.

Property overview

Property overview
State	SA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2002
Centre frst opened	1987
Latest redevelopment	2000
Valuation External/Internal	External
Valuation ($m)1	151.4
Valuation date	Jun-20
Capitalisation rate (%)	7.00
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	30%
Discount department stores	35%
Specialties	22%
Other retail	7%
Non retail	6%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	22,828
Number of tenants	68
Total Trade Area (000's)	129
Major tenants2	Coles, Drakes, Target
Car spaces	1,288
Moving annual turnover (MAT) ($m)	148.8
Occupancy rate by GLA (%)	99.2
Weighted average lease expiry by GLA (years)	3.7
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	42%
	12%
	10%
	22%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

37 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Colonnades

Beach Road, Noarlunga Centre SA 5168 colonnades.com.au

Colonnades is a two level Regional shopping centre located in Noarlunga Centre, approximately 30 kilometres south of the Adelaide CBD. It is anchored by Big W, Kmart, Harris Scarfe, ALDI, Coles and Woolworths. The centre also includes more than 120 specialty retailers.

Property overview

Property overview
State	SA
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	2003
Centre frst opened	1979
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	226.4
Valuation date	Jun-20
Capitalisation rate (%)	7.50
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	16%
Discount department stores	30%
Mini majors	12%
Specialties	23%
Other retail	12%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	88,306
Number of tenants	168
Total Trade Area (000's)	198
Major tenants2	ALDI, Big W, Coles, Harris Scarfe,
	Kmart, Woolworths
Car spaces	4,157
Moving annual turnover (MAT) ($m)	332.2
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	5.9
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	23%
	24%
	15%
	20%
	18%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 38

==> picture [596 x 252] intentionally omitted <==

Elizabeth City Centre

50 Elizabeth Way, Elizabeth SA 5112

elizabethcitycentre.com.au

Elizabeth City Centre is a two level Regional shopping centre located approximately 26 kilometres north-east of the Adelaide CBD. It is anchored by Big W, Target, Harris Scarfe, Coles, Woolworths and Reading Cinemas and includes more than 130 specialty stores. Elizabeth City Centre is home to Australia's largest solar shaded car park at a retail centre.

Property overview

Property overview
State	SA
Centre type	Regional
Ownership interest (%)	100
Date acquired	1998
Centre frst opened	1960
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	300.0
Valuation date	Jun-20
Capitalisation rate (%)	7.50
Discount rate (%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [117 x 111] intentionally omitted <==

Supermarkets	12%
Discount department stores	30%
Mini majors	11%
Specialties	22%
Other retail	14%
Non retail	11%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	80,249
Number of tenants	189
Total Trade Area (000's)	234
Major tenants2	Big W, Coles, Harris Scarfe,
	Reading Cinemas, Target, Woolworths
Car spaces	3,191
Moving annual turnover (MAT) ($m)	343.9
Occupancy rate by GLA (%)	98.0
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	25%
	23%
	16%
	19%
	17%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

39 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Kurralta Central

153 Anzac Highway, Kurralta Park SA 5037 kurraltacentral.com.au

Kurralta Central is a single level Sub Regional shopping centre located approximately 5 kilometres south-west of the Adelaide CBD. It is anchored by Kmart and Coles and includes 10 specialty stores.

Property overview

Property overview
State	SA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1969
Latest redevelopment	2000
Valuation External/Internal	External
Valuation ($m)1	42.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [115 x 112] intentionally omitted <==

Supermarkets	22%
Discount department stores	66%
Specialties	9%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	10,675
Number of tenants	14
Total Trade Area (000's)	56
Major tenants2	Coles, Kmart
Car spaces	542
Moving annual turnover (MAT) ($m)	91.7
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.5
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	34%
	21%
	17%
	9%
	18%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 40

Victoria and Tasmania

==> picture [596 x 630] intentionally omitted <==

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

ROXBURGH VILLAGE
BROADMEADOWSCENTRAL UNI HILL FACTORY OUTLETS
DFO ESSENDON
NORTHLAND
VICTORIA GARDENS SHOPPING CENTRE
SUNSHINE MARKETPLACE
EMPORIUM MELBOURNE
MELBOURNE ALTONA GATEDFO SOUTH WHARF MYER BOURKESTREET BOX HILL CENTRAL (SOUTH PRECINCT)BOX HILL CENTRAL (NORTH PRECINCT)
CHADSTONE THE GLEN
OAKLEIGH CENTRAL
DFO MOORABBIN
CRANBOURNE PARK
BAYSIDE
MORNINGTON CENTRAL
HOBART
NORTHGATE
EASTLANDS
l Wholly owned
¢ Jointly owned
41 Vicinity Centres Direct Portfolio June 2020
----- End of picture text -----

Victoria

43 Altona Gate
44 Bayside
45 Box Hill Central (North Precinct)
46 Box Hill Central (South Precinct)
47 Broadmeadows Central
48 Chadstone
49 Cranbourne Park
50 DFO Essendon
51 DFO Moorabbin
52 DFO South Wharf
53 Emporium Melbourne
54 Mornington Central
55 Myer Bourke Street
56 Northland
57 Oakleigh Central
58 Roxburgh Village
59 Sunshine Marketplace
60 The Glen
61 Uni Hill Factory Outlets
62 Victoria Gardens Shopping Centre

Tasmania

63 Eastlands
64 Northgate

The Glen, VIC

Vicinity Centres Direct Portfolio June 2020 42

==> picture [596 x 252] intentionally omitted <==

Altona Gate

124-134 Millers Road, Altona North VIC 3025 altonagate.com.au

Altona Gate is a four level Sub Regional shopping centre located approximately 13 kilometres west of the Melbourne CBD. The centre is anchored by Kmart, ALDI and Coles as part of a revitalised fresh food precinct and includes more than 40 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1977
Latest redevelopment	2014
Valuation External/Internal	External
Valuation ($m)1	100.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [117 x 111] intentionally omitted <==

Supermarkets	21%
Discount department stores	32%
Mini majors	18%
Specialties	17%
Other retail	8%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	26,117
Number of tenants	61
Total Trade Area (000's)	164
Major tenants2	ALDI, Coles, Kmart
Car spaces	1,622
Moving annual turnover (MAT) ($m)	146.1
Occupancy rate by GLA (%)	95.5
Weighted average lease expiry by GLA (years)	4.5
Green Star – Performance	4 Stars
NABERS Energy rating	3 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	26%
	5%
	~~3~~%
	19%
	47%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

43 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Bayside

28 Beach Street, Frankston VIC 3199 baysidesc.com.au

Bayside is a three level Major Regional shopping centre located in the heart of Frankston, approximately 53 kilometres south of the Melbourne CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas. The centre includes more than 170 specialty stores and a recently updated food and entertainment precinct.

Property overview

Property overview
State	VIC
Centre type	Major Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1,2	459.8
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [113 x 112] intentionally omitted <==

Supermarkets	11%
Discount department stores	17%
Department stores	20%
Mini majors	15%
Specialties	23%
Other retail	11%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	89,335
Number of tenants	213
Total Trade Area (000's)	468
Major tenants3	ALDI, Coles, HOYTS Cinemas, Kmart,
	Myer, Target, Woolworths
Car spaces	3,447
Moving annual turnover (MAT) ($m)	394.7
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	4.6
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	36%
	22%
	16%
	13%
	12%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.
3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.
4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 44

==> picture [596 x 252] intentionally omitted <==

Box Hill Central (North Precinct)

17-21 Market Street, Box Hill VIC 3128 boxhillcentral.com.au

Box Hill Central (North Precinct) is a two level Sub Regional shopping centre adjacent to Box Hill Central (South Precinct), approximately 15 kilometres east of the Melbourne CBD. It is anchored by Coles and includes more than 50 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2001
Centre frst opened	1975
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1,2	127.5
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	27%
Mini majors	8%
Specialties	39%
Other retail	4%
Non retail	22%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	14,639
Number of tenants	81
Total Trade Area (000's)	182
Major tenants3	Coles
Car spaces	882
Moving annual turnover (MAT) ($m)	71.3
Occupancy rate by GLA (%)	79.6
Weighted average lease expiry by GLA (years)	3.7
Green Star – Performance	3 Stars
NABERS Water rating	2 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	21%
	11%
	23%
	18%
	27%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

45 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Box Hill Central (South Precinct)

1 Main Street, Box Hill VIC 3128 boxhillcentral.com.au

Box Hill Central (South Precinct) is a single level Sub Regional shopping centre located above Box Hill train station, adjacent to Box Hill Central (North Precinct), approximately 15 kilometres east of the Melbourne CBD. It is anchored by Big W and Woolworths and includes more than 90 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation External/Internal	External
Valuation ($m)1,2	219.5
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [119 x 111] intentionally omitted <==

Supermarkets	16%
Discount department stores	34%
Mini majors	8%
Specialties	35%
Non retail	6%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	23,733
Number of tenants	110
Total Trade Area (000's)	182
Major tenants3	Big W, Woolworths
Car spaces	1,511
Moving annual turnover (MAT) ($m)	195.3
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	4.6
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	15%
	26%
	15%
	20%
	24%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 46

==> picture [596 x 252] intentionally omitted <==

Broadmeadows Central

1099-1169 Pascoe Vale Road, Broadmeadows VIC 3047 broadmeadowscentral.com.au

Broadmeadows Central is a single level Regional shopping centre with an adjacent Homemaker Centre located approximately 19 kilometres north-west of the Melbourne CBD. It is anchored by Big W, Kmart, ALDI, Coles, Woolworths and HOYTS Cinemas and includes more than 125 specialty stores. The centre features family friendly amenities such as the 'Quiet Room' and Victoria's first digital interactive playground.

Property overview

Property overview
State	VIC
Centre type	Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1974
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1	269.7
Valuation date	Jun-20
Capitalisation rate (%)	6.75
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [117 x 111] intentionally omitted <==

Supermarkets	14%
Discount department stores	25%
Mini majors	15%
Specialties	24%
Other retail	13%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	61,458
Number of tenants	176
Total Trade Area (000's)	262
Major tenants2	ALDI, Big W, Coles,
	HOYTS Cinemas, Kmart, Woolworths,
Car spaces	3,051
Moving annual turnover (MAT) ($m)	289.4
Occupancy rate by GLA (%)	99.0
Weighted average lease expiry by GLA (years)	3.7
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	31%
	13%
	14%
	20%
	22%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

47 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Chadstone

1341 Dandenong Road, Chadstone VIC 3148 chadstone.com.au

Chadstone is a two level Super Regional shopping centre located approximately 17 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas and includes more than 395 specialty stores. Chadstone has international flagship stores H&M, Morphe, Uniqlo and Zara as well as Australia's most expansive luxury offer and world-class food and entertainment precinct. Hotel Chadstone Melbourne opened in November 2019 and features 250 luxury rooms, a rooftop bar, lounge, indoor swimming pool and wellness centre as well as extensive corporate conferencing facilities (www.hotelchadstone.com.au).

Property overview

Property overview
State	VIC
Centre type	Super Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Gandel Group – 50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2017
Valuation External/Internal	External
Valuation ($m)1,2	6,238.4
Valuation date	Jun-20
Capitalisation rate (%)	3.88
Discount rate (%)	6.00

Tenant mix by gross lettable area (GLA)

==> picture [113 x 111] intentionally omitted <==

Supermarkets	4%
Discount department stores	6%
Department stores	17%
Mini majors	20%
Specialties	24%
Other retail	7%
Non retail	22%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	233,518
Number of tenants	506
Total Trade Area (000's)	2,487
Major tenants3	ALDI, Coles, David Jones,
	HOYTS Cinemas, Kmart, Myer,
	Target, Woolworths
Car spaces	10,005
Moving annual turnover (MAT) ($m)	1,972.0
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	6.3
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	13%
	10%
	29%
	20%
	27%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.
4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 48

==> picture [596 x 252] intentionally omitted <==

Cranbourne Park

High Street, Cranbourne VIC 3977 cranbournepark.com.au

Cranbourne Park is a single level Regional shopping centre located approximately 51 kilometres south-east of the Melbourne CBD. It is anchored by Kmart, Target, Harris Scarfe and Coles and includes more than 100 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Regional
Ownership interest (%) Co-owner (%)	Vicinity Centres – 50 ISPT Core Fund – 50
Date acquired	2000
Centre frst opened	1979
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	260.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	17%
Discount department stores	33%
Mini majors	11%
Specialties	24%
Other retail	6%
Non retail	9%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	46,928
Number of tenants	137
Total Trade Area (000's)	266
Major tenants2	Coles, Harris Scarfe,
	Kmart, Target
Car spaces	1,700
Moving annual turnover (MAT) ($m)	249.8
Occupancy rate by GLA (%)	99.1
Weighted average lease expiry by GLA (years)	5.6
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	44%
	20%
	14%
	7%
	15%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

49 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

DFO Essendon

100 Bulla Road, Essendon Fields VIC 3041 dfo.com.au/essendon

DFO Essendon is a single level Outlet Centre located approximately 14 kilometres north of the Melbourne CBD. The centre comprises more than 105 outlet retailers including Coach, Furla, Hugo Boss, Polo Ralph Lauren, Salvatore Ferragamo and Ted Baker. The adjacent Homemaker Hub comprises over 20 large format stores.

Property overview

Property overview
State	VIC
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired	2010
Centre frst opened	2005
Latest redevelopment	2006
Valuation External/Internal	External
Valuation ($m)1,2	167.3
Valuation date	Jun-20
Capitalisation rate (%)	6.75
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

==> picture [118 x 30] intentionally omitted <==

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

Mini majors 15%
Specialties 85%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	52,481
Number of tenants	138
Total Trade Area (000's)	1,853
Major tenants3	–
Car spaces	2,075
Moving annual turnover (MAT) ($m)	239.7
Occupancy rate by GLA (%)4	99.5
Weighted average lease expiry by GLA (years)	1.9
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

==> picture [260 x 68] intentionally omitted <==

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

FY21 [5] 32%
FY22 29%
FY23 15%
FY24 13%
FY25+ 11%
----- End of picture text -----

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Occupancy data excludes Homemaker retailers.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 50

==> picture [596 x 252] intentionally omitted <==

DFO Moorabbin

250 Centre Dandenong Road, Moorabbin Airport VIC 3194

dfo.com.au/moorabbin

DFO Moorabbin is a single level Outlet Centre located approximately 23 kilometres south-east of the Melbourne CBD. The centre comprises more than 115 outlet retailers including Adidas, Polo Ralph Lauren, Puma, Calvin Klein and Tommy Hilfiger.

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by gross lettable area (GLA)
State	VIC
Centre type	Mini majors Outlet Centre	20%
Ownership interest (%) Date acquired Centre frst opened	Specialties Non retail 100 2010 1994	79% 1%
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1,2	111.9
Valuation date	Jun-20
Capitalisation rate (%)	8.00
Discount rate (%)	9.00

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by inco	me
20% 21% 15% 30% 13% FY214 FY22 FY23 FY24 FY25+ Gross lettable area (GLA) (sqm) 24,548 Number of tenants 126 Total Trade Area (000's) 1,597 Major tenants3 – Car spaces 1,362 Moving annual turnover (MAT) ($m) 144.7 Occupancy rate by GLA (%) 96.7 Weighted average lease expiry by GLA (years) 2.2 Green Star – Performance 4 Stars NABERS Energy rating 5 Stars NABERS Water rating 4.5 Stars	20%
	30%
	21%
	15%
	13%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

51 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

DFO South Wharf

20 Convention Centre Place, South Wharf VIC 3006 dfo.com.au/south-wharf

DFO South Wharf is a multi-level Outlet Centre located on the Yarra River close to Docklands on the south-western fringe of Melbourne's CBD. The centre comprises more than 150 outlet retailers including Armani Outlet, Coach, Kate Spade and Michael Kors and an exclusive collection of sporting and active apparel outlets. With the adjoining Homemaker Hub comprising more than 10 large format stores, and the South Wharf Promenade including over 15 restaurants, bars and cafes, DFO South Wharf is a retail and dining destination for Melbourne residents and tourists.

Property overview

Property overview
State	VIC
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired*	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1,2	663.0
Valuation date	Jun-20
Capitalisation rate (%)	5.75
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [115 x 111] intentionally omitted <==

==> picture [118 x 19] intentionally omitted <==

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

Mini majors 22%
Specialties 78%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	55,745
Number of tenants	204
Total Trade Area (000's)	2,929
Major tenants3	–
Car spaces	3,104
Moving annual turnover (MAT) ($m)	351.9
Occupancy rate by GLA (%)4	98.8
Weighted average lease expiry by GLA (years)	2.2
Green Star – Performance	3 Stars
NABERS Energy rating	2.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY215 FY22 FY23 FY24 FY25+	36%
	20%
	10%
	12%
	23%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Acquired 50% in 2010; acquired 25% in 2014 and acquired 25% in 2017.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Occupancy data excludes Homemaker retailers.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 52

==> picture [596 x 252] intentionally omitted <==

Emporium Melbourne

287 Lonsdale Street, Melbourne VIC 3000 emporiummelbourne.com.au

Emporium Melbourne is an eight level City Centre located in the Melbourne CBD. Opened in 2014, Emporium Melbourne is an iconic heritage building and includes more than 175 international and specialty stores and a flagship Uniqlo store.

Property overview

Property overview
State	VIC
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	GIC – 50
Date acquired	2007
Centre frst opened	2014
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1,2	1,280.0
Valuation date	Jun-20
Capitalisation rate (%)	4.50
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [115 x 111] intentionally omitted <==

==> picture [118 x 42] intentionally omitted <==

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

Mini majors 22%
Specialties 65%
Other retail 12%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	45,308
Number of tenants	189
Total Trade Area (000's)	2,999
Major tenants3	–
Car spaces	–
Moving annual turnover (MAT) ($m)	308.5
Occupancy rate by GLA (%)	93.5
Weighted average lease expiry by GLA (years)	3.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	44%
	13%
	7%
	11%
	25%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

53 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Mornington Central

78 Barkly Street, Mornington VIC 3931 morningtoncentral.com.au

Mornington Central is a single level Sub Regional shopping centre located on the Mornington Peninsula, approximately 68 kilometres south-east of the Melbourne CBD. It is anchored by Target and Coles and includes more than 30 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	ISPT Retail Australia Property Trust – 50
Date acquired*	1999
Centre frst opened	2000
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	72.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	28%
Discount department stores	47%
Specialties	24%
Non retail	1%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	11,781
Number of tenants	36
Total Trade Area (000's)	70
Major tenants2	Coles, Target
Car spaces	503
Moving annual turnover (MAT) ($m)	89.6
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.6
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	35%
	12%
	9%
	30%
	15%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

Acquired 100% in 1999 and divested 50% in 2016.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 54

==> picture [596 x 252] intentionally omitted <==

Myer Bourke Street

Bourke Street Mall, 314-336 Bourke Street, Melbourne VIC 3000

Myer Bourke Street has been operated by Myer as a department store since at least 1914. This nine-level City Centre in the retail heart of Melbourne's CBD has multilevel walkways connecting to Emporium Melbourne.

Property overview

Property overview
State	VIC
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 33
Co-owners (%)	GIC – 33
	Nuveen Real Estate – 33
Date acquired	2007
Centre frst opened	1914
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1,2	447.1
Valuation date	Jun-20
Capitalisation rate (%)	5.25
Discount rate (%)	7.00

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	39,924
Number of tenants	1
Major tenants3	Myer
Car spaces	–
Moving annual turnover (MAT) ($m)	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	11.5

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

Tenant mix by gross lettable area (GLA)

==> picture [111 x 112] intentionally omitted <==

==> picture [118 x 7] intentionally omitted <==

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

Department stores 100%
----- End of picture text -----

==> picture [290 x 231] intentionally omitted <==

55 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Northland

2-50 Murray Road, Preston VIC 3072 northlandsc.com.au

Northland is a two level Major Regional shopping centre located approximately 13 kilometres north-east of the Melbourne CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas and includes international retailers H&M, JD Sports, Sephora, Uniqlo and more than 215 specialty stores. The centre is complemented by an outdoor entertainment and dining precinct and features facilities such as a 'Quiet Room' and Changing Places 'High Care Lounge'.

==> picture [14 x 232] intentionally omitted <==

Property overview

Property overview
State	VIC
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%) Date acquired	GPT Wholesale Shopping Centre Fund – 50 1994
Centre frst opened	1966
Latest redevelopment	2014
Valuation External/Internal	External
Valuation ($m)1,2	844.2
Valuation date	Jun-20
Capitalisation rate (%)	5.50
Discount rate (%)	7.00

Property metrics
Gross lettable area (GLA) (sqm)	97,169
Number of tenants	263
Total Trade Area (000's)	499
Major tenants3	ALDI, Coles, HOYTS Cinemas, Kmart,
	Myer, Target, Woolworths
Car spaces	4,640
Moving annual turnover (MAT) ($m)	498.2
Occupancy rate by GLA (%)	98.4
Weighted average lease expiry by GLA (years)	5.2
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3.5 Stars

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.
2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.
3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.
4 Includes holdovers.

Tenant mix by gross lettable area (GLA)

==> picture [113 x 111] intentionally omitted <==

Supermarkets	10%
Discount department stores	14%
Department stores	20%
Mini majors	14%
Specialties	27%
Other retail	12%
Non retail	3%

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	43%
	20%
	11%
	12%
	14%

Vicinity Centres Direct Portfolio June 2020 56

==> picture [596 x 252] intentionally omitted <==

Oakleigh Central

39 Hanover Street, Oakleigh VIC 3166 oakleighcentral.com.au

Oakleigh Central is a single level Neighbourhood shopping centre located approximately 18 kilometres south-east of the Melbourne CBD. It is anchored by Coles and Woolworths and includes more than 25 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	72.6
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

==> picture [118 x 43] intentionally omitted <==

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

Supermarkets 71%
Specialties 21%
Other retail 3%
Non retail 5%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	13,873
Number of tenants	38
Total Trade Area (000's)	48
Major tenants2	Coles, Woolworths
Car spaces	643
Moving annual turnover (MAT) ($m)	133.9
Occupancy rate by GLA (%)	98.0
Weighted average lease expiry by GLA (years)	4.6
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	2 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	22%
	42%


	8%
	27%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

57 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Roxburgh Village

250 Somerton Road, Roxburgh Park VIC 3064 roxburghvillage.com.au

Roxburgh Village is a single level Sub Regional shopping centre located approximately 23 kilometres north of the Melbourne CBD. It is anchored by ALDI, Coles and Woolworths and includes more than 40 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1997
Centre frst opened	1999
Latest redevelopment	2012
Valuation External/Internal	External
Valuation ($m)1	95.7
Valuation date	Jun-20
Capitalisation rate (%)	7.25
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	48%
Mini majors	11%
Specialties	21%
Other retail	13%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	24,742
Number of tenants	67
Total Trade Area (000's)	55
Major tenants2	ALDI, Coles, Woolworths
Car spaces	1,096
Moving annual turnover (MAT) ($m)	159.6
Occupancy rate by GLA (%)	98.9
Weighted average lease expiry by GLA (years)	4.5
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	1 Star

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	13%
	13%
	15%
	26%
	32%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 58

==> picture [596 x 252] intentionally omitted <==

Sunshine Marketplace

80 Harvester Road, Sunshine VIC 3020 sunshinemarketplace.com.au

Sunshine Marketplace is a single level Sub Regional shopping centre located approximately 14 kilometres west of the Melbourne CBD. It is anchored by Big W, Woolworths and Village Cinemas and includes more than 50 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2003
Centre frst opened	1997
Latest redevelopment	2004
Valuation External/Internal	External
Valuation ($m)1,2	120.1
Valuation date	Jun-20
Capitalisation rate (%)	6.50
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [116 x 112] intentionally omitted <==

Supermarkets	13%
Discount department stores	21%
Mini majors	8%
Specialties	14%
Other retail	37%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	34,173
Number of tenants	70
Total Trade Area (000's)	189
Major tenants3	Big W, Village Cinemas, Woolworths
Car spaces	1,741
Moving annual turnover (MAT) ($m)	146.7
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	6.2
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	32%
	21%
	12%
	12%
	23%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

59 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

The Glen

235 Springvale Road, Glen Waverley VIC 3150 theglen.com.au

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 26 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Target, ALDI, Coles and Woolworths and includes Uniqlo, H&M, JB Hi-FI and more than 200 specialty stores.

Property overview

Property overview
State	VIC
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	1994
Centre frst opened	1991
Latest redevelopment	2017
Valuation External/Internal	External
Valuation ($m)1	700.0
Valuation date	Jun-20
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [112 x 111] intentionally omitted <==

Supermarkets	14%
Discount department stores	9%
Department stores	11%
Mini majors	20%
Specialties	34%
Non retail	11%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	73,928
Number of tenants	245
Total Trade Area (000's)	292
Major tenants2	ALDI, Coles, David Jones,
	Target, Woolworths
Car spaces	3,430
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	7.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	0% 8% 1% 31%
	8%
	31%
	60%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 60

==> picture [596 x 252] intentionally omitted <==

Uni Hill Factory Outlets

2 Janefield Drive, Bundoora VIC 3083 uhfo.com.au

Uni Hill Factory Outlets is a single level Outlet Centre located approximately 18 kilometres north of the Melbourne CBD. The centre comprises more than 85 outlet retailers including Nike, Adidas, Polo Ralph Lauren, Country Road, Decjuba and Seed.

Property overview

Property overview
State	VIC
Centre type	Outlet Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	MAB Corporation – 50
Date acquired	2020
Centre frst opened	2008
Latest redevelopment	2014
Valuation External/Internal	External
Valuation ($m)1,2	121.1
Valuation date	Jun-20
Capitalisation rate (%)	6.75
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [113 x 111] intentionally omitted <==

==> picture [118 x 19] intentionally omitted <==

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

Mini majors 24%
Specialties 76%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	19,568
Number of tenants	94
Total Trade Area (000's)	829
Major tenants3	–
Car spaces	773
Moving annual turnover (MAT) ($m)	104.2
Occupancy rate by GLA (%)	98.6
Weighted average lease expiry by GLA (years)	2.3

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	24%
	13%
	21%
	16%
	27%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 External valuation plus additional valuation allowance for increase in COVID-19 cases observed in Victoria in late June 2020.

3 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

4 Includes holdovers.

61 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Victoria Gardens Shopping Centre

620 Victoria Street, Richmond VIC 3121 vicgardenssc.com.au

Victoria Gardens Shopping Centre is a multilevel Sub Regional centre located in Richmond, approximately 5 kilometres east of the Melbourne CBD. It is anchored by Kmart, Coles and HOYTS Cinemas and includes more than 50 specialty stores. The centre is located adjacent to an Ikea store (not owned) with access to the store provided through the centre. Victoria Gardens Shopping Centre was refurbished in 2019 with an updated food court and new lounge areas.

Property overview

Property overview
State	VIC
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Salta Properties – 50
Date acquired	2003
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	294.1
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [116 x 111] intentionally omitted <==

Supermarkets	13%
Discount department stores	20%
Mini majors	15%
Specialties	17%
Other retail	30%
Non retail	5%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	37,656
Number of tenants	70
Total Trade Area (000's)	132
Major tenants2	Coles, HOYTS Cinemas, Kmart
Car spaces	2,127
Moving annual turnover (MAT) ($m)	213.3
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	2.9
Green Star – Performance	3 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	24%
	17%
	18%
	10%
	30%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 62

==> picture [596 x 252] intentionally omitted <==

Eastlands

26 Bligh Street, Rosny Park TAS 7018 eastlandssc.com.au

Eastlands is a two level Regional shopping centre located approximately 5 kilometres east of the Hobart CBD. It is anchored by Big W, Kmart, Coles, Woolworths and Village Cinemas and includes more than 70 specialty stores.

Property overview

Property overview
State	TAS
Centre type	Regional
Ownership interest (%) Date acquired	100 1994
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	156.8
Valuation date	Jun-20
Capitalisation rate (%)	7.00
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [116 x 111] intentionally omitted <==

Supermarkets	22%
Discount department stores	32%
Mini majors	10%
Specialties	27%
Other retail	7%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	33,318
Number of tenants	89
Total Trade Area (000's)	217
Major tenants2	Big W, Coles, Kmart,
	Village Cinemas, Woolworths,
Car spaces	1,446
Moving annual turnover (MAT) ($m)	268.0
Occupancy rate by GLA (%)	99.5
Weighted average lease expiry by GLA (years)	4.0
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	49%
	17%
	11%
	10%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

63 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Northgate

387-393 Main Road, Glenorchy TAS 7010 northgatesc.com.au

Northgate is a single level Sub Regional shopping centre located approximately 9 kilometres north-west of the Hobart CBD. It is anchored by Target and Coles and includes more than 50 specialty stores.

Property overview

Property overview
State	TAS
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 2009
Centre frst opened	1986
Latest redevelopment	1996
Valuation External/Internal	External
Valuation ($m)1	85.0
Valuation date	Jun-20
Capitalisation rate (%)	7.75
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	25%
Discount department stores	30%
Mini majors	9%
Specialties	27%
Other retail	2%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	19,478
Number of tenants	64
Total Trade Area (000's)	101
Major tenants2	Coles, Target
Car spaces	855
Moving annual turnover (MAT) ($m)	142.9
Occupancy rate by GLA (%)	98.8
Weighted average lease expiry by GLA (years)	2.5
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	43%
	22%
	17%
	6%
	11%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 64

==> picture [33 x 50] intentionally omitted <==

Western Australia

==> picture [270 x 314] intentionally omitted <==

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

KARRATHA CITY
ELLENBROOK CENTRAL
WARWICK GROVE
DIANELLA PLAZA
GALLERIA
DFO PERTH
VICTORIA PARK CENTRAL
MADDINGTON CENTRAL
LIVINGSTON MARKETPLACE
ROCKINGHAM CENTRE
MANDURAH FORUM
HALLS HEAD CENTRAL
----- End of picture text -----

==> picture [54 x 12] intentionally omitted <==

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

PERTH
----- End of picture text -----

l Wholly owned ¢ Jointly owned 65 Vicinity Centres Direct Portfolio June 2020

Western Australia

67 DFO Perth

68 Dianella Plaza 69 Ellenbrook Central
70 Galleria
71 Halls Head Central 72 Karratha City
73 Livingston Marketplace
74 Maddington Central 75 Mandurah Forum 76 Rockingham Centre 77 Victoria Park Central 78 Warwick Grove

Halls Head, WA

Vicinity Centres Direct Portfolio June 2020 66

==> picture [596 x 252] intentionally omitted <==

DFO Perth

11 High Street, Perth Airport WA 6105 dfo.com.au/perth

DFO Perth is a single level Outlet Centre located approximately 13 kilometres east of Perth CBD in the Perth Airport precinct, which opened in late 2019. The centre comprises more than 100 international and Australian outlet retailers including Ben Sherman, Calvin Klein, Coach, Furla, Hugo Boss, Kate Spade, M.J. Bale, Polo Ralph Lauren and Tommy Hilfiger.

Property overview

Property overview
State	WA
Centre type	Outlet Centre
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perth Airport Development Group Investments P/L – 50
Date acquired	2016
Centre frst opened	2018
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	210.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [118 x 112] intentionally omitted <==

==> picture [118 x 19] intentionally omitted <==

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

Mini majors 19%
Specialties 81%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	23,835
Number of tenants	113
Total Trade Area (000's)	1,908
Major tenants2	–
Car spaces	1,621
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)	99.0
Weighted average lease expiry by GLA (years)	3.4
Green Star – Performance	2 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+
	15%

	60%
	22%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Non-comparable for sales reporting purposes.

4 Includes holdovers.

67 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Dianella Plaza

366 Grand Promenade, Dianella WA 6059 dianellaplaza.com.au

Dianella Plaza is a single level Neighbourhood shopping centre located approximately 8 kilometres north of the Perth CBD. It is anchored by Coles and Woolworths and includes 35 specialty stores.

Property overview

Property overview
State	WA
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1968
Latest redevelopment	2002
Valuation External/Internal	External
Valuation ($m)1	63.0
Valuation date	Jun-20
Capitalisation rate (%)	7.50
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

==> picture [118 x 55] intentionally omitted <==

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

Supermarkets 49%
Mini majors 6%
Specialties 20%
Other retail 19%
Non retail 5%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	17,161
Number of tenants	57
Total Trade Area (000's)	53
Major tenants2	Coles, Woolworths
Car spaces	910
Moving annual turnover (MAT) ($m)	110.9
Occupancy rate by GLA (%)	96.8
Weighted average lease expiry by GLA (years)	2.9
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	42%
	14%
	17%
	11%
	17%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 68

==> picture [596 x 252] intentionally omitted <==

Ellenbrook Central

11 Main Street, Ellenbrook WA 6069 ellenbrookcentral.com.au

Ellenbrook Central is a single level Sub Regional shopping centre located approximately 30 kilometres north-east of the Perth CBD. It is anchored by Big W, ALDI, Coles and Woolworths and includes more than 65 specialty stores. In July 2020 a new Kmart store opened as part of a $63m expansion. Upon completion of the development in early FY21, the centre will include an additional three mini majors and 15 specialty retailers.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2015
Centre frst opened	2004
Latest redevelopment	2019
Valuation External/Internal	External
Valuation ($m)1	242.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	29%
Discount department stores	23%
Mini majors	7%
Specialties	18%
Other retail	18%
Non retail	4%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	43,544
Number of tenants	98
Total Trade Area (000's)	64
Major tenants2	ALDI, Big W, Coles,
	Kmart (opened July 2020),
	Woolworths
Car spaces	2,018
Moving annual turnover (MAT) ($m)	249.9
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	6.2
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	37%
	22%
	25%
	11%
	5%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

69 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Galleria

Corner Collier and Walter Roads, Morley WA 6062 galleriashoppingcentre.com.au

Galleria is a two level Major Regional shopping centre located approximately 9 kilometres north-east of the Perth CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and Greater Union and includes more than 140 specialty stores.

Property overview

Property overview
State	WA
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	500.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	12%
Discount department stores	23%
Department stores	27%
Mini majors	6%
Specialties	20%
Other retail	11%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	81,371
Number of tenants	180
Total Trade Area (000's)	370
Major tenants2	ALDI, Coles, Greater Union, Kmart,
	Myer, Target, Woolworths
Car spaces	3,999
Moving annual turnover (MAT) ($m)3	n.a.
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	2.7
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY214 FY22 FY23 FY24 FY25+	83%
	10%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 MAT and occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 70

==> picture [596 x 252] intentionally omitted <==

Halls Head Central

14 Guava Way, Halls Head WA 6210 hallsheadcentral.com.au

Halls Head Central is a single level Sub Regional shopping centre located approximately 4 kilometres south-west of Mandurah. The centre is anchored by Kmart, ALDI and Coles as well as an enhanced fashion offer, family-friendly alfresco dining precinct and playground, and more than 45 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	ISPT Core Fund – 50
Date acquired	2001
Centre frst opened	2001
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	80.0
Valuation date	Jun-20
Capitalisation rate (%)	7.00
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	28%
Discount department stores	34%
Mini majors	4%
Specialties	30%
Other retail	2%
Non retail	1%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	19,368
Number of tenants	55
Total Trade Area (000's)	51
Major tenants2	ALDI, Coles, Kmart
Car spaces	982
Moving annual turnover (MAT) ($m)	128.0
Occupancy rate by GLA (%)	97.9
Weighted average lease expiry by GLA (years)	4.1
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	63%
	14%
	12%
	7%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

71 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Karratha City

16 Sharpe Avenue, Karratha WA 6714 karrathacitysc.com.au

Karratha City is a single level Sub Regional shopping centre located in northern Western Australia. It is anchored by Kmart, Coles and Woolworths and includes more than 45 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2003
Centre frst opened	1986
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	80.0
Valuation date	Jun-20
Capitalisation rate (%)	7.75
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	35%
Discount department stores	26%
Mini majors	15%
Specialties	17%
Other retail	4%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	23,480
Number of tenants	55
Total Trade Area (000's)	23
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,275
Moving annual turnover (MAT) ($m)	227.0
Occupancy rate by GLA (%)	97.7
Weighted average lease expiry by GLA (years)	5.4
Green Star – Performance	4 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	30%
	22%
	23%
	14%
	10%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 72

==> picture [596 x 252] intentionally omitted <==

Livingston Marketplace

Corner Ranford and Nicholson Roads, Canning Vale WA 6155

livingstonmarketplace.com.au

Livingston Marketplace is a single level Sub Regional shopping centre located in the southern Perth suburb of Canning Vale, approximately 21 kilometres south of the Perth CBD. It is anchored by Big W and Woolworths and includes more than 30 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2015
Centre frst opened	1998
Latest redevelopment	2004
Valuation External/Internal	External
Valuation ($m)1	83.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

==> picture [118 x 55] intentionally omitted <==

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

Supermarkets 29%
Discount department stores 42%
Specialties 19%
Other retail 5%
Non retail 4%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
41% 13% 16% 9% 21% FY213 FY22 FY23 FY24 FY25+ Gross lettable area (GLA) (sqm) 15,601 Number of tenants 46 Total Trade Area (000's) 103 Major tenants2 Big W, Woolworths Car spaces 1,004 Moving annual turnover (MAT) ($m) 118.0 Occupancy rate by GLA (%) 98.6 Weighted average lease expiry by GLA (years) 3.9 Green Star – Performance 4 Stars NABERS Energy rating 5.5 Stars NABERS Water rating 2 Stars	41%
	9%
	13%
	16%
	21%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

73 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Maddington Central

Corner Burslem Drive and Attfield Street, Maddington WA 6109

maddingtoncentral.com.au

Maddington Central is a single level Sub Regional shopping centre located approximately 18 kilometres south-east of the Perth CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 55 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2002
Centre frst opened	1980
Latest redevelopment	2004
Valuation External/Internal	External
Valuation ($m)1	93.0
Valuation date	Jun-20
Capitalisation rate (%)	7.75
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	33%
Discount department stores	28%
Mini majors	9%
Specialties	21%
Other retail	2%
Non retail	6%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	27,837
Number of tenants	78
Total Trade Area (000's)	174
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,136
Moving annual turnover (MAT) ($m)	188.0
Occupancy rate by GLA (%)	96.4
Weighted average lease expiry by GLA (years)	3.7
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	42%
	20%
	13%
	12%
	13%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 74

==> picture [596 x 252] intentionally omitted <==

Mandurah Forum

330 Pinjarra Road, Mandurah WA 6210 mandurahforum.com.au

Mandurah Forum is a single level Major Regional shopping centre located in the regional city of Mandurah. The centre is anchored by Big W, Target, Coles, Woolworths and an upgraded Kmart. There is a fresh food hall, large indoor/outdoor and casual alfresco dining precincts, a premium fashion mall including a new-format David Jones, H&M, Mecca Maxima and more than 155 specialty retailers.

Property overview

Property overview
State	WA
Centre type	Major Regional
Ownership interest (%) Co-owner (%)	Vicinity Centres – 50 ISPT Core Fund – 50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2018
Valuation External/Internal	External
Valuation ($m)1	455.0
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [117 x 111] intentionally omitted <==

Supermarkets	14%
Discount department stores	30%
Department stores	7%
Mini majors	11%
Specialties	30%
Other retail	6%
Non retail	2%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	66,017
Number of tenants	191
Total Trade Area (000's)	122
Major tenants2	Big W, Coles, David Jones,
	Kmart, Target, Woolworths
Car spaces	3,076
Moving annual turnover (MAT) ($m)	358.0
Occupancy rate by GLA (%)	94.8
Weighted average lease expiry by GLA (years)	6.6
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	6%

	45%
	30%
	19%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

75 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Rockingham Centre

1 Council Avenue, Rockingham WA 6168 rockinghamcentre.com.au

Rockingham Centre is a single level Regional shopping centre located approximately 40 kilometres south-west of the Perth CBD, in the gateway to WA's growing south-west corridor. It is anchored by Kmart, Target, Coles, Woolworths and Ace Cinemas and includes more than 130 specialty stores. Rockingham Centre opens out to Syren Street, the premier alfresco dining and leisure precinct for the area.

Property overview

Property overview
State	WA
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	AMP Capital Shopping Centre Fund – 50
Date acquired	2002
Centre frst opened	1971
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	435.0
Valuation date	Jun-20
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

Tenant mix by gross lettable area (GLA)

==> picture [118 x 111] intentionally omitted <==

Supermarkets	15%
Discount department stores	26%
Mini majors	17%
Specialties	26%
Other retail	9%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	62,221
Number of tenants	183
Total Trade Area (000's)	219
Major tenants2	Ace Cinemas, Coles, Kmart,
	Target, Woolworths
Car spaces	3,229
Moving annual turnover (MAT) ($m)	377.7
Occupancy rate by GLA (%)	95.5
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	43%
	17%
	15%
	10%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 76

==> picture [596 x 252] intentionally omitted <==

Victoria Park Central

366 Albany Highway, Victoria Park WA 6101 vicparkcentral.com.au

Victoria Park Central is a single level Neighbourhood shopping centre located approximately 6 kilometres south-east of the Perth CBD. It is anchored by Woolworths and includes 25 specialty stores.

Property overview

Property overview
State	WA
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2004
Centre frst opened	2004
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	25.3
Valuation date	Jun-20
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

==> picture [118 x 31] intentionally omitted <==

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

Supermarkets 55%
Specialties 42%
Other retail 3%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	5,778
Number of tenants	27
Total Trade Area (000's)	44
Major tenants2	Woolworths
Car spaces	223
Moving annual turnover (MAT) ($m)	51.9
Occupancy rate by GLA (%)	98.1
Weighted average lease expiry by GLA (years)	3.6
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	30%
	11%
	22%
	23%
	14%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

77 Vicinity Centres Direct Portfolio June 2020

==> picture [596 x 252] intentionally omitted <==

Warwick Grove

Corner Beach and Erindale Roads, Warwick WA 6024 warwickgrove.com.au

Warwick Grove is a single level Sub Regional shopping centre located approximately 15 kilometres north of the Perth CBD. It is anchored by Kmart, ALDI, Coles, Woolworths and Grand Cinemas and includes more than 60 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 2001
Centre frst opened	1974
Latest redevelopment	2003
Valuation External/Internal	External
Valuation ($m)1	150.0
Valuation date	Jun-20
Capitalisation rate (%)	7.50
Discount rate (%)	8.50

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

Supermarkets	29%
Discount department stores	23%
Mini majors	1%
Specialties	21%
Other retail	21%
Non retail	5%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	32,250
Number of tenants	89
Total Trade Area (000's)	103
Major tenants2	ALDI, Coles, Grand Cinemas,
	Kmart, Woolworths
Car spaces	1,560
Moving annual turnover (MAT) ($m)	229.0
Occupancy rate by GLA (%)	98.9
Weighted average lease expiry by GLA (years)	4.2
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY213 FY22 FY23 FY24 FY25+	47%
	14%
	12%
	14%
	13%

Note: Some asset metrics have not been reported this period due to COVID-19 impacts.

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores, supermarkets and cinemas.

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2020 78

==> picture [596 x 589] intentionally omitted <==

vicinity.com.au

==> picture [16 x 16] intentionally omitted <==

AI assistant

VICINITY CENTRES TRUST — Financial Supplement Data 2020

65995_rns_2020-08-18_cd3ada69-149e-46eb-9ec2-91cdb2c23ed8.pdf

Direct Portfolio Property Book

Contents

Disclaimer

Effect of rounding

Copyright

Authorisation

About Vicinity Centres

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia's leading retail property groups with a fully integrated asset management platform.

Direct Portfolio

Key statistics by centre type

Composition by centre type[a]

Leadership in sustainability

17%

$730,000+

4 Stars Green Star

25.2MW

49%

$5.6m

#3

Direct Portfolio

Property Statistics

Property Statistics

Property Statistics

New South Wales

Armidale Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Bankstown Central

bankstowncentral.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Carlingford Court

carlingfordcourt.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Chatswood Chase Sydney

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO Homebush

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lake Haven Centre

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Nepean Village

nepeanvillage.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Queen Victoria Building

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Roselands

24 Roseland Avenue, Roselands NSW 2196 roselands.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

The Galeries

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

VICINITY CENTRES TRUST Financial Supplement Data 2020