VICINITY CENTRES TRUST - Interim / Quarterly Report 2017

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Chadstone, VIC

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FY17 interim results
December 2016
15 February 2017
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Emporium Melbourne, VIC

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Overview
Angus McNaughton
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Agenda

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Angus McNaughton CEO and Managing Director

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Richard Jamieson Chief Financial Officer

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Michael O’Brien Chief Investment Officer

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Carolyn Viney EGM Development

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Overview Angus McNaughton
Financial results Richard Jamieson
Portfolio update Michael O’Brien
Development update Carolyn Viney
Summary and FY17 guidance and focus Angus McNaughton
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FY17 interim results summary

Solid result reflecting focus on strategy and strong underlying performance

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$908.8m

14.3%

Net profit 12 month total return[1 ]

Dec-15: $424.6m

Solid financial result

$908.8m statutory net profit

Underlying earnings down 0.4%, but up 4.8% on a comparable basis[4 ] Strong net valuation gain[5] of $508m, increasing net tangible assets per security (NTA) to $2.73

3.0%

9.5 cps

Underlying earnings Net property income (NPI) growth[2 ]

Conservative gearing position of 24.0%

Standard & Poor’s raised credit rating to ‘A’ with a stable outlook on strengthening portfolio quality

Dec-15: 9.5 cps

Jun-16: 3.5%[3]

Well advanced on portfolio enhancement strategy

~$1.5b divestment program now largely complete

2.2%

99.4%

Specialty MAT growth[2] Portfolio occupancy Jun-16: 3.0% Jun-16: 99.4%

Development pipeline at $3.0b (Vicinity share: $1.4b)

Key retail stage of $666m (Vicinity share: $333m) Chadstone project completed
Mandurah Forum development progressing well

Increased ownership[6] of DFO South Wharf from 75% to 100%

Strong portfolio fundamentals

Calculated as: (Change in NTA during the prior 12 months + distributions declared)/Opening NTA.

Occupancy unchanged at 99.4%

Comparable.
FY16 compared to FY15.
Refer to slide 40 for details.
Excludes acquisitions, divestments and statutory adjustments, and includes the impact of equity accounted investments.
Contracts exchanged in February 2017 and expected to settle in April 2017.

Leasing spreads[7] of 1.7% (FY16: 0.5%)

Comparable NPI growth of 3.0%

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

Vicinity Centres | FY17 interim results | 15 February 2017

Delivering on portfolio enhancement strategy

Significant improvement in portfolio quality reflected in key property metrics

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Portfolio enhancement strategy and ~$1.5b asset divestment program announced in December 2015

Divestment program largely complete with $1.4b of assets sold at a 1.3% premium to book value

Assets sold averaged specialty sales of ~$6,900 per sqm

Capital reinvested into enhancement opportunities

Acquired $538m of assets[1 ] with strong future growth fundamentals Entered joint venture to develop DFO at Perth Airport Progressed development pipeline

Clear improvement in portfolio metrics

Improvement in metrics over past year

	Dec-16	Dec-15	Change
Number of assets	75	85	(10)
Specialty sales per sqm2	$9,200	$8,459	8.8%
Specialty occupancy cost2	14.6%	15.2%	(60 bps)
Occupancy rate	99.4%	99.2%	20 bps
Leasing spread - total	1.7%	(1.8%)	350 bps
Capitalisation rate	5.75%	6.10%	(35 bps)

Recognised by Standard & Poor’s raising credit rating

Includes contracts exchanged in February 2017 for the acquisition of the remaining 25% interest in DFO South Wharf, which is expected to settle in April 2017. 2. Comparable. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Retail environment

Drivers generally supportive of retail spending growth

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AUD supporting rising inbound travel growth Consumer sentiment reflecting increased uncertainty
1.20 Exchange Rate (AUD:USD) Overseas Travel OUT:IN Ratio 1.5 125 Consumer Sentiment Retail Turnover (MAT) Growth 9%
1.10 1.4 120 8%
1.3 115
1.00 7%
110
1.2
0.90 6%
105
1.1
0.80 More Outbound Travel
100 5%
1.0
0.70 More Inbound Travel 95 4%
0.9
90
0.60
0.8 3%
85
0.50 0.7 2%
80
0.40 0.6
75 1%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: ABS, RBA and Vicinity Centres Research.
Source: ABS, Melbourne Institute and Vicinity Centres Research.
Online spending growth relatively stable House price growth is moderating
1.20 Exchange Rate (AUD:USD) Online Retail Spending Growth 40% 20% House Prices Growth Retail Turnover (MAT) Growth 10%
9%
35%
1.10
15% 8%
30%
7%
1.00
25%
10% 6%
0.90 20% 5%
5% 4%
15%
0.80
3%
10%
0% 2%
0.70
5%
1%
0.60 0% -5% 0%
2011 2012 2013 2014 2015 2016 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: NAB, RBA and Vicinity Centres Research. Source: ABS and Vicinity Centres Research.
Growth Rate (YoY)
Exchange Rate (AUD:USD)
Consumer Sentiment Index
Overseas Travel (Outbound:Inbound Ratio)
Growth Rate (YoY)
Growth Rate (YoY)
Exchange Rate (AUD:USD)
Change in Housing Price Index (YoY)
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Vicinity Centres | FY17 interim results | 15 February 2017

Retail trends

Structural changes providing opportunities for Vicinity

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Consumer demand for better experiences

Consumer demand for lifestyle, services and food driving sales growth in these categories

Opportunities exist to enhance consumers’ shopping centre experience

Portfolio-wide connectivity will enable closer relationships with consumers

Continued strong demand from international retailers

New international flagships driving strong foot traffic and sales Some impact on retailers who have not adapted to increased competition

Divergence in retailer performance

Retailers with well-considered omni-channel strategies to benefit most Recent retailer administrations providing remixing opportunities

Technology is changing the shopping centre landscape

Merging physical and digital consumer experiences

Increasing application of operational technology in-centre

Operating, leasing and development decisions to be enhanced by data insights

Chadstone, VIC

Vicinity Centres | FY17 interim results | 15 February 2017

QueensPlaza, QLD

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Financial results
Richard Jamieson
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Financial results

Underlying earnings up 4.8%[1] on a comparable basis

For the six months to Dec-16 ($m)	For the six months to Dec-16 ($m)	Dec-15 ($m) Change (%)	Dec-15 ($m) Change (%)
Net property income (NPI)	461.7	472.9	(2.4)
Partnerships and other income	34.1	32.6	4.6
Total income	495.8	505.5	(1.9)
Net corporate overheads	(37.1)	(42.3)	(12.3)
Net interest expense	(82.7)	(85.6)	(3.4)
Total expenses	(119.8)	(127.9)	(6.3)
Underlying earnings	376.0	377.6	(0.4)
Net profit after tax2	908.8	424.6	114.0
Underlying EPS (cents)	9.5	9.5	(0.4)
DPS (cents)	8.7	8.8	(1.1)
Payout ratio3(%)	91.6	92.3	(70 bps)

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$908.8m

3.0%

Net profit Comparable NPI growth[4 ]

Solid income growth and prudent property expense management

Driven largely by net valuation gain of over $500m

12.3%

4.8%

Reduction in overheads

Comparable underlying earnings growth[1 ]

Realisation of cost savings and timing benefits Down 0.4% on an unadjusted basis

Refer to slide 40 for details.
Refer to slide 39 for full reconciliation of underlying earnings to statutory net profit.
Calculated as: Distributions declared/Underlying earnings.
Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.

Vicinity Centres | FY17 interim results | 15 February 2017

Balance sheet

Strong balance sheet provides sufficient capacity to fund future growth

As at Dec-16 ($m) Jun-16 ($m) Change ($m)	As at Dec-16 ($m) Jun-16 ($m) Change ($m)	As at Dec-16 ($m) Jun-16 ($m) Change ($m)	As at Dec-16 ($m) Jun-16 ($m) Change ($m)
Cash 79.6 52.8 26.8
Direct properties 15,037.0 14,658.7 378.3
Intangible assets 600.8 602.4 (1.6)
Other assets 401.0 535.6 (134.6)
Total assets	16,118.4	15,849.5	268.9
Borrowings 3,743.8 3,942.2 (198.4)
Other liabilities 962.8 1,058.3 (95.5)
Total liabilities	4,706.6	5,000.5	(293.9)
Net assets	11,411.8	10,849.0	562.8
Net tangible assets per security ($)	2.73	2.59	5.4%
Net asset value per security ($)	2.88	2.74	5.1%

5.4% Growth in NTA to $2.73 $378.3m Increase in direct property Reflecting strong valuation gains ($198.4m) Decrease in borrowings Net repayments from asset disposal proceeds

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Vicinity Centres | FY17 interim results | 15 February 2017

Valuations

Strong portfolio valuation gains[1] of $508m or 3.5%

Strongest growth in Chadstone, Outlet Centre and Neighbourhood centres

WACR[2] tightened 20 bps over the six months to 5.75%

Chadstone’s valuation now at $5.25b (Vicinity share: $2.63b), driven by continued income growth and capitalisation rate compression of 50 bps to 4.25%

Key valuation movements Valuation3 at 31-Dec-16 ($m) Net movement ($m) (%)	Key valuation movements Valuation3 at 31-Dec-16 ($m) Net movement ($m) (%)	Key valuation movements Valuation3 at 31-Dec-16 ($m) Net movement ($m) (%)	Key valuation movements Valuation3 at 31-Dec-16 ($m) Net movement ($m) (%)
Chadstone	2,625.0	286.3	12.2
DFO South Wharf	416.6	25.3	6.5
DFO Homebush	408.8	17.9	4.6
Box Hill Central (South Precinct) 177.0 14.9 9.2 Lake Haven Centre 284.2 10.4 3.8

Excludes acquisitions, divestments and statutory adjustments, and includes the impact of equity accounted investments.
Weighted average capitalisation rate.

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Chadstone, VIC
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Vicinity’s ownership interest. Refer to slides 52 to 55 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Capital management

Limited debt expiries over the next 18 months

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Total facilities of $5.1b

Drawn debt of $3.7b comprised of 41% bank debt and 59% debt capital markets

Available liquidity of $1.4b

Debt maturity profile ($m)

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1,500
128
1,250
655
1,000
700
750
Repaid 1,204
500 Feb-17 557 735
250 43
400
260
178 38 150 40
0
FY17 FY18 FY19 FY20 FY21 FY22 FY23 Beyond
USPP AMTN EMTN Bank debt drawn Bank debt undrawn
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Debt sources (%)

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27
30
13
19
11
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Vicinity Centres | FY17 interim results | 15 February 2017

Capital management

Credit rating raised on portfolio quality improvement

As at Dec-16 Jun-16	As at Dec-16 Jun-16	As at Dec-16 Jun-16
Weighted average interest rate1(%) 4.2 4.0
Gearing2(%)	24.0	25.9
Proportion of debt hedged (%) 92 91
Debt duration3(years) 4.8 5.3
Interest cover ratio (ICR) (times) 5.2 5.2
Credit ratings/outlook - Moody’s - Standard & Poor’s	A2/stable A/stable4	A2/stable A-/positive

Standard & Poor’s raised[4] Vicinity’s credit rating to ‘A/stable’ from ‘A-/positive’

Strong financial position

Conservatively geared at 24.0% High interest cover ratio Weighted average interest rate of 4.2%, which is expected to be maintained to the end of FY17 Solid tenor of almost five years maintained

Well positioned to fund development and strategic acquisition opportunities

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The average over the reporting period and inclusive of margin, drawn line fees and establishment fees.
Calculated as: Drawn debt net of cash/Total tangible assets excluding cash, derivative financial assets and finance lease assets.
Based on facility limits.
Rating change announced on 24 January 2017.

Vicinity Centres | FY17 interim results | 15 February 2017

DFO Homebush, NSW

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Portfolio update
Michael O’Brien
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Portfolio summary

Property metrics remain solid

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As at 31-Dec-16 30-Jun-16	As at 31-Dec-16 30-Jun-16	As at 31-Dec-16 30-Jun-16
Number of retail assets	75	81
Gross lettable area (m)(sqm)	2.6	2.7
Comparable NPI growth1(%) 3.0 3.5
Occupancy rate (%)	99.4	99.4
Weighted average lease expiry by GLA (years)	5.4	5.5
Total MAT growth2(%)	1.3	2.1
Specialty MAT growth2(%)	2.2	3.0
Specialty sales per sqm2($)	9,200	8,865
Specialty occupancy cost2(%)	14.6	14.6
Weighted average capitalisation rate (WACR)(%)	5.75	5.95

Portfolio quality enhanced

Sold interests in eight retail assets and acquired interests in two assets[3 ]

Property metrics remain solid

Comparable NPI growth[1] of 3.0%

High portfolio occupancy maintained

Sales growth reflects moderating retail sales environment

Lower WACR due to strong investment market fundamentals and improvement in portfolio quality

Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.
On a comparable basis, which excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines. Refer to slide 47 for details.
Includes contracts exchanged in February 2017 for the acquisition of the remaining 25% interest in DFO South Wharf, which is expected to settle in April 2017.

Vicinity Centres | FY17 interim results | 15 February 2017

Portfolio sales by store type

Mini majors sales growth robust in a moderating sales environment

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	Actual MAT Dec-16	Actual MAT Dec-16	Actual MAT Dec-16	Comparable1 MAT growth	Comparable1 MAT growth
	MAT ($m)	Proportion of portfolio (%)
				Dec-16 (%)	Jun-16 (%)
		By sales By rent
Specialty stores	6,207	38	56	2.2	3.0
Supermarkets	4,660	29	9	0.5	0.1
Mini majors2	1,825	11	12	3.3	3.5
Discount department stores	1,579	10	7	(0.5)	2.8
Other retail3, 4	1,026	6	11	1.5	3.8
Department stores	842	5	4	(0.3)	2.7
Total portfolio	16,140	100	100	1.3	2.1

Specialty stores

Growth solid but has moderated to 2.2%, excluding Dick Smith growth was 2.7%

Supermarkets

Growth has improved despite aggressive pricing strategies

Mini majors

Robust performance

Growth was 9.3% excluding Dick Smith

Department stores and discount department stores

Significant divergence in performance between chains

Note: Totals may not sum due to rounding.

Excludes divestments and development-impacted centres in accordance with SCCA guidelines. Refer to slide 47 for details.
Mini majors includes retailers with a lettable area of 400 sqm or greater (excludes retailers classified as majors). Examples of retailers include JB Hi Fi, The Reject Shop, Priceline, Rebel, Best & Less and Uniqlo.
Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment.
Includes rent for non-retail stores.

Vicinity Centres | FY17 interim results | 15 February 2017

Portfolio specialty store performance

General retail and services continue to grow strongly

	Actual MAT Dec-16	Actual MAT Dec-16	Comparable1 MAT growth	Comparable1 MAT growth
	MAT ($m)	% of specialty sales	Dec-16 (%)	Jun-16 (%)
Apparel	2,194	35	2.8	3.0
Food catering	903	15	2.2	2.6
General retail2	576	9	4.9	5.7
Food retail	546	9	3.3	1.4
Retail services	522	8	6.5	7.0
Homewares	412	7	(5.7)	0.0
Leisure	408	7	0.8	1.0
Jewellery	404	7	(0.9)	2.7
Mobile phones	242	4	(2.7)	1.3
Total specialty stores	6,207	100	2.2	3.0

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Apparel

Men’s Apparel (+8.0%), Fashion Accessories (+6.6%) and Footwear (+4.3%) particularly strong

Women’s Apparel recorded a slight decline Strong performance across Outlet Centres

General retail and Retail services

Consumer demand remains strong for beauty and wellness services and products

Cosmetics very strong (+11.8%)

Food retail

Solid growth boosted by Fruit and Vegetables (+5.8%) and Liquor (+6.4%)

Homewares

Growth was 2.1% excluding Dick Smith

Note: Totals may not sum due to rounding.

Excludes divestments and development-impacted centres in accordance with SCCA guidelines. Refer to slide 47 for details.
General retail includes giftware, pharmacy and cosmetics, pets, discount variety, tobacconists, florists and toys.

Vicinity Centres | FY17 interim results | 15 February 2017

Portfolio sales by state

Growth predominantly driven by eastern seaboard states

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

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4.6 4.6
5
4 3.2
3 2.2
2
0.6 0.8
1
0
-1
-2
-3 (2.6)
VIC NSW QLD WA SA TAS Total portfolio
(37%) (23%) (20%) (15%) (3%) (3%)
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Note: Percentages under state labels show proportion of portfolio specialty MAT by state.

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

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3
0.6
0.1 0.0 2.2
2 1.7 0.1
(0.4)
1
0
VIC NSW QLD WA SA TAS Total portfolio
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Victoria

Strong employment and housing market growth driving household consumption

DFO portfolio continues to perform strongly

NSW

Strong housing sector activity, higher house prices and lower unemployment rate

Modest sales growth driven by Regional assets

Queensland

Economy benefiting from tourism, housing activity and population growth

Western Australia

Sales performance continues to reflect the end of the mining construction boom

Recent recovery in commodity prices

Economy forecast to recover into 2018

Excludes divestments and development-impacted centres in accordance with SCCA guidelines. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Leasing Leasing spreads have improved and lease expiry profile is well weighted

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Leasing spread[1,2] (%)

Six months to 31-Dec-16 12 months to 30-Jun-16	Six months to 31-Dec-16 12 months to 30-Jun-16	Six months to 31-Dec-16 12 months to 30-Jun-16
Leasing spread – renewals	2.8	0.9
Leasing spread – replacements	0.4	0.0
Leasing spread – total	1.7	0.5

Leasing spreads have improved

667 lease transactions completed[2 ]

Solid increase in leasing spreads on renewals particularly in Outlet Centres

Cautious outlook given moderating retail trading environment

Proactive remixing changing retailer category weightings

Specialty store area re-weighted over the past five years[3] :

Lease expiry profile by income (%)

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50
Majors All other leases
40
30
30
20 17
12 12 11
10 6 7
1 0 1 1 2
0
Holdover FY17 FY18 FY19 FY20 FY21+
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Cafes, food courts and restaurants increased by 20%
Retail services increased by 32%
Women’s Apparel reduced by 12%

Opportunities arising from retailer administrations

Strengthening tenancy mix

138 stores (~1% of GLA) in administration since January 2016. Of the 88 stores handed back to date, over 80% have been re-leased

Well weighted lease expiry profile

72% of leases by income in place until FY19 and beyond

Leasing spreads include all shop types other than majors and ATMs.
Excluding project leasing and divestments.
Calculations based on a same centre analysis and excludes Outlet Centres.

Vicinity Centres | FY17 interim results | 15 February 2017

DFO portfolio continues to perform strongly

Vicinity is the leading owner and manager of Outlet Centres in Australia

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DFO portfolio now valued at $1.2b, with a 6.35% WACR[1 ] Comparable specialty store MAT growth of 9.5% Comparable specialty store MAT of $9,428/sqm Specialty store occupancy cost of 10.4%

DFO is the pre-eminent outlet centre brand and is recognised nationally

Market leading capability and breadth of tenant relationships has delivered significant value

15.2% annualised total return since acquisition

Portfolio expanded

Acquisition of DFO Brisbane (June 2016) Acquired remaining 25% interest in DFO South Wharf[2 ] DFO Perth Airport site works have commenced

Significant growth potential remains

As at 31 December 2016.

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DFO South Wharf, VIC
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Contracts exchanged in February 2017 and expected to settle in April 2017.

Vicinity Centres | FY17 interim results | 15 February 2017

A focus on creating shared value for Vicinity and our stakeholders

Our sustainability program has generated significant benefits

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Strong sustainability survey results

Our commitments

Dow Jones Sustainability Index (DJSI)

Included in DJSI World, Asia Pacific and Australia leaders lists with score of 73/100

Global Real Estate Sustainability Benchmark (GRESB)

Reach 3 Star Green Star Performance portfolio average within next 12 months

Direct portfolio scored 83/100 against retail sector peer average of 77/100

CDP

Rated ‘A-’ for climate change performance and recipient of award for ‘Best Climate Disclosure by a New Responding Company 2016’

Build climate resilience into planning across our portfolio

Improved resource usage

Energy intensity[1] down 6%

Greenhouse gas emissions intensity[1] down 9%

Identify significant long-term carbon reduction target for the portfolio

35% of waste diverted from landfill[2]

Enhanced community outcomes

Established 3-year partnership with Beacon Foundation to focus on youth employment

Roll out centre-level community programs to address youth employment

FY16 compared to FY15 on a per sqm basis.

Over FY16.

Vicinity Centres | FY17 interim results | 15 February 2017

The Glen, VIC

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Development
update
Carolyn Viney
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Development summary

Development pipeline provides ongoing portfolio enhancement opportunities

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Development pipeline of $3.0b (Vicinity share: $1.4b)

Chadstone key retail stage successfully opened, with overall project completion by June 2017

Mandurah Forum multi-deck car park opened with 850 new spaces

DFO Perth Airport approved with site works commenced[1] and retail construction expected to start in mid-2017

DFO Perth Airport, WA – Artist’s impression

The Glen on track for commencement in 2Q 2017

Roselands major redevelopment not proceeding, refurbishment program being scoped

Galleria planning advancing

Site works are being undertaken by Perth Airport Pty Ltd.

Galleria, WA – Artist’s impression

Vicinity Centres | FY17 interim results | 15 February 2017

Investing to create long-term value

Extensive $3.0b development pipeline (Vicinity share: $1.4b) provides significant opportunities

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$m
Vicinity share Partner share Total
Chadstone Retail and Office 333 666
Mandurah Forum 175 350
Current
DFO South Wharf car park 46 61
Gateway Plaza 85
Estimated FY17 The Glen 245 490
commencements DFO Perth Airport 75 150
Galleria 350 700
Estimated FY18
Chadstone Hotel 60 120
commencements
Midland Gate 100
Estimated FY19+
The Myer Centre Brisbane 75 300
commencements
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Note: Timing and costs of identified projects are indicative only and may change as projects advance.

Vicinity Centres | FY17 interim results | 15 February 2017

Chadstone (VIC) development key retail stage completed

The evolution of Australia’s best shopping centre continues

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Key retail stage complete
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Key metrics June 2017 Cost (Retail and Office)[1] $666m +19,800 sqm project Initial yield >6% GLA completion Expected IRR >10%

Key retail stage opened in October 2016

Overwhelmingly well received by customers and retailers
December monthly sales up 21% and foot traffic up 18% on prior corresponding period
2016 Boxing Day attracted over 170,000 visitors

Centre valued at $5.25b (Vicinity share: $2.63b)

Vicinity recorded $286m net valuation gain in December 2016

Four new flagship stores – Zara, H&M, Sephora and Uniqlo Over 170 new and refurbished stores have opened

Backfill tenancies to open progressively until completion in June 2017 LEGOLAND® Discovery Centre to open in 2Q 2017

New office tower complete and fully leased

Future masterplan being progressed including proposed hotel

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

Vicinity Centres | FY17 interim results | 15 February 2017

Chadstone development

Key retail stage and office tower complete

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Food Central
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Office tower
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Vicinity Centres | FY17 interim results | 15 February 2017

Mandurah Forum (WA) redevelopment on track

Major redevelopment significantly improving product offer to capture growth opportunity

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

New 850 space multi-deck car park opened ahead of program

Leasing progressing to program with first retail stage to open 3Q 2017 Completion remains on schedule for mid-2018

Project will address high levels of escape expenditure from the catchment

Complete centre transformation

Brand new David Jones and Target
Upgraded Coles and Kmart
Total stores to increase by 80 to over 220 on completion
New food court with adjoining play area, fresh food market hall and alfresco dining precinct

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Artist’s impression
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New car park
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100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 interim results | 15 February 2017

DFO Perth Airport (WA) site works commenced

Retail construction to start in mid-2017

Key metrics Cost1 $150m Initial yield >10% Expected IRR >15% Mid-2017 target retail commencement 24,000 sqm GLA	Key metrics Cost1 $150m Initial yield >10% Expected IRR >15% Mid-2017 target retail commencement 24,000 sqm GLA
Expected IRR	>15%

Joint venture to develop the first DFO in Perth

120 specialty stores
Over 1,600 car spaces

Reinforces Vicinity’s market leadership position in Outlet Centres

Greenfield development enables optimisation of design

and construction

Centrally located adjacent to Perth Airport and near major arterial roads

Site works have commenced, with retail construction expected to start in mid-2017

Leasing demand strong, leveraging extensive retailer relationships Completion expected in 2018

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

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Artist’s impression
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Vicinity Centres | FY17 interim results | 15 February 2017

The Glen (VIC) redevelopment approved

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

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Key metrics Cost1 $490m Initial yield >6% Expected IRR >10% 2Q 2017 target commencement +18,900 sqm GLA	Key metrics Cost1 $490m Initial yield >6% Expected IRR >10% 2Q 2017 target commencement +18,900 sqm GLA
Expected IRR	>10%

$490m[1] major redevelopment

Latest format David Jones
Introduction of Aldi and relocated Woolworths to anchor fresh food market with Coles
New contemporary food gallery with elevated views and new casual dining hub over two levels
Complete refurbishment of existing centre

Located in strong trade area

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

Planning approval received for residential development above the centre

Board and joint-owner approved

Artist’s impression

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Artist’s impression
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100% interest. Vicinity’s share is 50%.

Vicinity Centres | FY17 interim results | 15 February 2017

Galleria (WA) planning advanced

Significant proposed redevelopment to become one of the leading retail destinations in Perth

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Centre metrics Post Change Majors 8 +1 Mini majors 18 +11 Specialties ~350 +180 Car spaces ~6,100 +2,000 GLA(sqm) ~126,000 +53,000 +53,000 sqm GLA FY18 target commencement	Centre metrics Post Change Majors 8 +1 Mini majors 18 +11 Specialties ~350 +180 Car spaces ~6,100 +2,000 GLA(sqm) ~126,000 +53,000 +53,000 sqm GLA FY18 target commencement	Centre metrics Post Change Majors 8 +1 Mini majors 18 +11 Specialties ~350 +180 Car spaces ~6,100 +2,000 GLA(sqm) ~126,000 +53,000 +53,000 sqm GLA FY18 target commencement
Specialties	~350	+180
Car spaces	~6,100	+2,000
GLA(sqm)	~126,000	+53,000

Proposed $700m[1] major redevelopment

Development Approval obtained in September 2016 for up to 170,000 sqm of retail space

Artist’s impression

Enables Galleria to become one of the leading retail destinations in Perth

Major tenant discussions have commenced with strong demand for space

Artist’s impression

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

Vicinity Centres | FY17 interim results | 15 February 2017

Emporium Melbourne, VIC

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Summary and
FY17 guidance
and focus
Angus McNaughton
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FY17 interim results summary

Another active period for Vicinity

Comparable underlying earnings growth of 4.8%

Enhanced portfolio quality through asset divestment program, strategic acquisitions and progressing development projects

Solid portfolio fundamentals reflected in key metrics

Extensive development pipeline advancing

Strong balance sheet, well positioned for future opportunities

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Warriewood Square, NSW
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Vicinity Centres | FY17 interim results | 15 February 2017

FY17 guidance and focus

Well positioned to create long-term value and sustainable growth

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Broader economic environment expected to remain supportive of retail spending growth

FY17 underlying EPS guidance of 18.6 to 18.8 cents[1] unchanged

Reflects 4.5% to 5.6% growth in comparable[2] underlying earnings
Payout ratio is expected to be 90% to 95% of underlying earnings

Continue focus on extracting additional value through intensive asset management, particularly from tenant remixing and cost efficiencies

Significantly progress Mandurah Forum and DFO Perth Airport developments and commence The Glen redevelopment

Complete connection of all assets to a single high-speed digital network with WiFi capabilities and significantly advance other digital initiatives

Assuming no material deterioration to existing economic conditions.

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Ellenbrook Central, WA
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Adjusting for the impact of acquisitions and divestments.

Vicinity Centres | FY17 interim results | 15 February 2017

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35 Our strategy 46 Tenants
36 Direct portfolio 47 Non-comparable centres for sales
38 Assets under management 48 Asset summaries
Appendices 39 Financial results 56 Organisational chart
44 Capital transactions 57 Key dates
45 Development pipeline 58 Contact details
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Chadstone, VIC

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

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

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Invest in quality Australian assets across the retail spectrum Focus on long-term value creation and sustainable earnings growth

85 centres

under management

$24.5b assets under management

Maintain strong balance sheet with access to diverse capital sources

~8,700

tenants

~3,200 retailer relationships

Efficient cost structure and low management expense ratio

Clear financial objectives set at the corporate and asset level

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

Underlying EPS growth

$17.8b 2.8m sqm moving annual turnover gross lettable area

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

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

On a ‘through cycle’ basis.

Vicinity Centres | FY17 interim results | 15 February 2017

Direct portfolio

Well diversified by geographic and retail sub-sector exposure

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Centre type composition

Geographic exposure

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14
2 City Centre
4
3 Regional
16 17
Regional 2 4 Sub Regional
Outlet Centre 8% Major Regional 1
Sub Regional 2 4 Neighbourhood
Regional 2
1 Outlet Centre
Super
Neighbourhood 5% 18% Regional Sub Regional 7
Neighbourhood 6
13% QLD
14
3 Major Regional
Sub Major 8 Sub Regional
23% $14.9b [1 ] 21%
Regional Regional 14% WA 2 Neighbourhood
5% SA
1 Outlet Centre
27
11% City Centre 20% NSW
Regional 15% Super Regional 1
Sub Regional 12 Major Regional 3
Neighbourhood 3 City Centre 2
Outlet Centre 3 Regional 3
48% VIC and TAS
Note: Totals may not sum due to rounding.
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Note: Totals may not sum due to rounding.

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

Vicinity Centres | FY17 interim results | 15 February 2017

Direct portfolio Key statistics by centre type

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As at 31 December 2016	Total portfolio	Regional1	Sub Regional	Neighbourhood	Outlet Centre
Number of retail assets	75	22	33	15	5
Gross lettable area (000’s)(sqm)	2,572	1,490	758	134	189
Total value2($b)	14,922	9,674	3,383	705	1,160
Portfolio weighting by value (%)	100	65	23	5	8
Capitalisation rate (weighted average)(%)	5.75	5.34	6.52	6.60	6.35
Comparable NPI growth3(%)	3.0	1.7	2.5	7.1	8.5
Occupancy rate (%)	99.4	99.4	99.3	98.9	100.0
Total MAT growth4(%)	1.3	0.2	0.9	0.4	10.5
Specialty MAT growth4(%)	2.2	0.3	1.0	1.2	9.5
Specialty sales productivity4($/sqm)	9,200	9,893	8,134	7,462	9,428
Specialty occupancy cost4(%)	14.6	17.0	13.2	12.3	10.4

Note: Totals may not sum due to rounding.

Includes Super Regional, Major Regional, City Centre and Regional centres.
Includes equity accounted investments and excludes finance lease assets and planning and holding costs.
Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.
Excludes divestments and development-impacted centres in line with SCCA guidelines. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Assets under management

~8,700 tenants across 85 assets under management[1 ]

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Direct portfolio Wholly-owned1 Co-owned Total	Managed	Total AUM
	Third party/ co-owned
Number of retail assets 48 27 75 10/27 85 Gross lettable area (000’s)(sqm) 1,149 1,423 2,572 250 2,821 Number of tenants 3,780 4,132 7,912 770 8,682 Annual retail sales ($m) 7,597 8,543 16,140 1,615 17,755 Total value ($m) 7,354 7,568 14,9222 1,562/8,042 24,526

Note: Totals may not sum due to rounding.

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

Vicinity Centres | FY17 interim results | 15 February 2017

Financial results

Underlying earnings reconciliation to net profit after tax

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For the six months to	31-Dec-16 ($m)	31-Dec-15 ($m)
Underlying earnings 376.0 377.6 Property revaluation increments for directly owned properties 546.8 428.3 Non-distributable gain relating to equity accounted investments 1.5 2.6 Amortisation of static lease incentives (5.2) (4.5) Amortisation of other project items (7.8) (11.3) Straight-lining of rent adjustment 1.6 4.6 Rent lost from undertaking developments (15.3) (9.1) Stamp duty and other costs written off on acquisition of investment properties (2.1) (17.0) Net gain/(loss) on mark-to-market of derivatives 34.1 (19.6) Net unrealised foreign exchange gain 3.1 - Integration costs (20.5) (26.9) Impairment and amortisation of intangible assets (1.6) (296.6)
Other non-distributable items (1.8) (3.5)
Netprofit after tax 908.8 424.6

Vicinity Centres | FY17 interim results | 15 February 2017

Financial results

Reconciliation of actual and comparable underlying earnings growth

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$m

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Comparable growth [1]
+4.8% 17.2
(31.2)
16.5
377.6 376.0
342.3
1H FY16 Impact of Comparable 1H FY16 Comparable underlying Impact of 1H FY17
underlying earnings portfolio changes underlying earnings earnings growth portfolio changes underlying earnings
Represents earnings from Driven by 3.0% comparable Represents earnings from
eighteen retail assets NPI growth, incremental NPI eight retail assets disposed
disposed since Jul-15 and from developments and in the six months to Dec-16
two acquisitions made in continued cost savings. and four acquisitions made
1H FY16. since Jul-15.
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Calculated as: Stable business and development growth ($16.5m)/Comparable 1H FY16 underlying earnings ($342.3m).

Vicinity Centres | FY17 interim results | 15 February 2017

Financial results

Distribution reconciliation to earnings measures

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For the six months to	31-Dec-16 ($m)	31-Dec-15 ($m)
Underlying earnings	376.0	377.6
Less: Rent lost from undertaking developments	(15.3)	(9.1)
Funds From Operations (FFO)	360.7	368.5
Less: Maintenance capex and tenant incentives paid	(21.0)	(27.0)
Adjusted FFO (AFFO)	339.7	341.5
Distribution declared	344.4	348.4
Underlying earnings payout ratio1(%)	91.6	92.3
FFO payout ratio1(%)	95.5	94.5
AFFO payout ratio1(%)	101.4	102.0

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

Vicinity Centres | FY17 interim results | 15 February 2017

Financial results

Interest rate hedging profile

Hedging profile[1,2 ]

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4,000 5.5
3,500 5.0
3,000 4.5
2,500 4.0
2,000 3.5
1,500 3.0
1,000 2.5
500 2.0
0 1.5
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Fixed rate debt (lhs) Interest rate swaps (lhs) Weighted average fixed rate (rhs)
Notional A$m
Hedge rate (%)
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Key hedging statistics

As at period end	31-Dec-16	30-Jun-16
Weighted average hedge rate (%)1	4.3	4.23
Proportion of debt hedged (%)	92	91

The calculation for weighted average hedge rate was revised during the period. From the December 2016 reporting period, it includes margin and establishment fees on fixed rate debt and margin, line and establishment fees on floating debt that has been hedged with interest rate swaps.
Hedge rate is the average for the financial years.
The calculation of hedged rate was revised during the period. Accordingly the 30 June 2016 figure has been restated. Previously this figure was reported as 3.0% which included margin on fixed rate debt only.

Vicinity Centres | FY17 interim results | 15 February 2017

Financial results

Drawn debt by instrument

Instrument	Maturity	Limit ($m)	Drawn ($m)	Undrawn ($m)
USprivateplacement(USPP) 1	Feb-17	177.6	177.6	-
Bank debt facilities	Jun-18	260.0	260.0	-
Bank debt facilities	Dec-18	450.0	450.0	-
USPP1	Feb-19	38.0	38.0	-
Bank debt facilities	Feb-19	100.0	50.0	50.0
Bank debt facilities	Jun-19	782.3	704.3	78.0
Australian medium term notes(AMTN)	Dec-19	400.0	400.0	-
Bank debt facilities	Jun-20	700.0	-	700.0
Bank debt facilities	Dec-20	500.0	43.0	457.0
AMTN	May-21	150.0	150.0	-
Bank debt facilities	Feb-21	100.0	-	100.0
USPP2	Jul-22	40.0	40.0	-
USPP3	Jul-24	58.9	58.9	-
USPP4	Dec-25	309.0	309.0	-
European medium term notes(EMTN) 5	Apr-26	655.2	655.2	-
USPP3	Jul-27	15.2	15.2	-
USPP6 USPP7 USPP8 Total	Dec-27 Dec-29 Dec-30	68.5 114.2 169.5 5,088.4	68.5 114.2 169.5 3,703.4	- - - 1,385.0

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USD value converted to AUD at AUD/USD 0.7885.
This USPP tranche is denominated in AUD.
USD value converted to AUD at AUD/USD 0.9855.
USD value converted to AUD as follows: AUD45.7m at AUD/USD 0.8756; and AUD263.3m at AUD/USD 0.6988. 5. GBP value converted to AUD at AUD/GBP 0.5342
USD value converted to AUD at AUD/USD 0.8755.
USD value converted to AUD at AUD/USD 0.8754.
Consists of two tranches denominated in AUD and USD, including: AUD75.0m USPP tranche denominated in AUD, and AUD94.4m USD value converted to AUD at AUD/USD 0.6988.

Vicinity Centres | FY17 interim results | 15 February 2017

Capital transactions

Active portfolio enhancement

Divestments

	Settlement	Sale	Passing
Divestment program	date	price	yield
		($m)	(%)
Toombul	Jun-16	228.1
Clifford Gardens Forest Hill Chase	Jun-16 Jun-16	613.3	7.3
Brimbank Central	Jun-16
IndooroopillyCentral	Jun-16	85.0	5.9
Settled in FY16		926.4
Hilton Plaza	Aug-16
Maitland Hunter Mall	Sep-16	65.4	6.1
Monier Village	Sep-16
The Myer Centre Brisbane(25%)	Oct-16	192.1	6.2
Tweed Mall	Nov-16	81.31	8.5
Mornington Central(50%)	Nov-16	32.5	7.0
TuggeranongHyperdome(50%)	Nov-16	120.0	9.8
AlbanyBrooks Garden2	Dec-16	20.0	7.3
Settled in 1H FY17		511.2
Total divestmentprogram sold to date		1,437.7
Total divestmentprogram		~1,500.0

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Acquisitions

	Settlement	Purchase	Passing
Acquisitions	date	price3	yield
		($m)	(%)
Bentons Square (50%)	Aug-16	38.3	6.5
DFO South Wharf(25%)4	Apr-17	141.3	7.0
Total acquisitions		179.5	6.9

Includes a two-year rental guarantee of up to approximately $2.35m.
Acquired by M Group.
Excluding transaction costs and other costs associated with the acquisitions.
Contracts exchanged in February 2017 and expected to settle in April 2017.

Note: Totals may not sum due to rounding.

Vicinity Centres | FY17 interim results | 15 February 2017

Development pipeline

Vicinity’s share of costs to complete projects under construction is $165m

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	Total		Vicinity’s share	Vicinity’s share
Identified development pipeline ($m)	project	Project	Spent to	Cost to
	cost	cost	31-Dec-16	complete
Chadstone Retail and Office	666	333	303	30
Mandurah Forum	350	175	56	119
DFO South Wharf	61	46	30	16
GatewayPlaza	85	-	-	-
Total under construction	1,162	554	389	165
The Glen	490	245
DFO Perth Airport	150	75
Total FY17 commencements	640	320
Galleria	700	350
Chadstone Hotel	120	60
Midland Gate	100	-
Total FY18 commencements	920	410
The Myer Centre Brisbane	300	75
Total FY19 commencements	300	75
Total development pipeline	3,022	1,359

Vicinity Centres | FY17 interim results | 15 February 2017

Tenants

Key portfolio tenants

Top 10 tenants	Top 10 tenants	Top 10 tenants	Top 10 tenants
Rank Retailer Retailer type Number of stores % of income
1	Supermarket	50	4.2
2	Supermarket	46	4.0
3	Discount department store	29	3.0
4	Department store	4	2.3
5	Department store	10	2.1
6	Discount department store	20	1.7
7	Discount department store	19	1.7
8	Specialty/Mini major	36	0.9
9	Specialty/ATM	33	0.7
10	Entertainment	5	0.7
Top 10 Total		252	21.3

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Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups
Rank Retailer Number of leases % of income Brands
1	126	9.4	Coles, Kmart, Liquorland, Target
2	97	6.0	Big W, BWS, Dan Murphy’s, Food For Less, Thomas Dux, Woolworths
3	32	3.1	Country Road, David Jones, Mimco, Trenery, Witchery
4	16	2.2	Myer, sass & bide
5	123	1.5	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
6	124	1.1	Autograph, City Chic, Crossroads, Katies, Millers Fashion Club, Rivers
7	92	1.0	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes,Supre,Typo
8	173	1.0	Commonwealth Bank, BankWest
9	36	0.9	Priceline and Priceline Pharmacy
10	145	0.9	Westpac, Bank of Melbourne, St George
Top 10 Total	964	27.1

Vicinity Centres | FY17 interim results | 15 February 2017

Non-comparable centres for sales

Centres excluded from comparable portfolio for sales reporting

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Centre1	Reason
Broadmeadows	Major tenant changeover
Chadstone	Development
Cranbourne Park	Development
Currambine Central	Development
Dianella Plaza	Major tenant changeover
Elizabeth CityCentre	Major tenant changeover
Halls Head Central	Development
Lake Haven Centre	Major tenant addition
Lavington Square	Major tenant changeover
Mandurah Forum	Development
The Glen	Pre-development
Warriewood Square	Development

For sales reporting, non-comparable centres include divestments and development-impacted centres and is prepared in accordance with SCCA guidelines.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Centre statistics

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
New South Wales
Chatswood Chase Sydney	Major Regional	100	63,732	99.2	563.3	9,833	13,367	15.5
Bankstown Central	Major Regional	50	85,901	99.4	462.7	6,123	8,122	18.5
Roselands	Major Regional	50	61,982	99.6	301.0	5,271	8,592	17.7
Lake Haven Centre2	Sub Regional	100	43,049	99.8	282.0	n.a.	n.a.	13.4
Nepean Village	Sub Regional	100	23,325	100.0	242.5	10,834	12,470	11.4
Warriewood Square2	Sub Regional	50	29,661	100.0	198.8	n.a.	n.a.	17.2
Carlingford Court	Sub Regional	50	33,313	99.6	188.9	7,106	9,559	16.6
West End Plaza	Sub Regional	100	15,927	100.0	94.1	5,981	6,393	12.8
Lavington Square2	Sub Regional	100	20,476	98.1	117.2	n.a.	n.a.	9.6
Armidale Central	Sub Regional	100	14,748	99.5	89.0	6,153	6,179	10.5
Toormina Gardens	Sub Regional	50	21,379	98.3	157.2	8,130	10,491	7.4
Lennox Village	Neighbourhood	50	9,971	99.1	119.5	12,355	6,980	15.8
Terrace Central	Neighbourhood	100	7,258	95.4	58.3	9,316	6,708	10.4
DFO Homebush	Outlet Centre	100	29,940	100.0	316.2	10,643	14,771	9.0
Tasmania
Eastlands	Regional	100	33,309	99.2	233.4	7,293	7,446	13.8
Northgate	SubRegional	100	19,441	94.9	135.5	7,981	10,199	12.0

Non-comparable sales. Refer to slide 47 for details.

Inclusive of marketing levy and based on GST inclusive sales.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Queensland
QueensPlaza	CityCentre	100	39,066	99.0	302.1	8,520	20,831	14.6
The Myer Centre Brisbane	CityCentre	25	63,718	99.3	331.3	5,400	10,641	21.0
Grand Plaza	Regional	50	53,421	99.8	353.5	7,039	9,785	15.9
RunawayBayCentre	Regional	50	43,002	99.6	293.5	8,275	9,711	12.4
Mt OmmaneyCentre	Regional	25	56,610	98.8	315.6	6,653	8,064	15.4
Taigum Square	Sub Regional	100	23,151	99.7	105.3	5,982	6,114	12.8
Gympie Central	Sub Regional	100	14,119	98.9	121.2	9,105	11,065	9.8
WhitsundayPlaza	Sub Regional	100	22,247	100.0	113.0	6,191	12,478	6.3
Buranda Village	Sub Regional	100	11,642	100.0	62.2	6,196	8,006	12.8
OxenfordVillage	Neighbourhood	100	5,808	100.0	76.9	17,928	13,430	9.1
Goldfields Plaza	Neighbourhood	100	7,670	96.3	62.7	9,277	9,553	8.3
Milton Village	Neighbourhood	100	2,827	100.0	24.9	17,575	13,895	10.7
North Shore Village	Neighbourhood	100	4,083	100.0	48.1	15,051	4,957	17.7
DFOBrisbane	Outlet Centre	100	26,095	99.9	208.8	7,970	8,145	10.6
South Australia
Elizabeth CityCentre2	Regional	100	80,365	98.6	345.3	n.a.	n.a.	15.9
Colonnades	Regional	50	83,523	98.3	298.5	5,178	6,060	16.4
Castle Plaza	Sub Regional	100	22,839	98.8	148.5	7,151	8,598	14.3
KurraltaCentral	SubRegional	100	10,678	100.0	79.7	7,733	9,578	11.4

Inclusive of marketing levy and based on GST inclusive sales.
Non-comparable sales. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	sales	sales	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria
Chadstone ShoppingCentre2	Super Regional	50	209,116	99.8	1,524.4	n.a.	n.a.	14.8
Bayside	Major Regional	100	88,905	99.2	419.1	5,077	7,810	16.5
Northland	Major Regional	50	97,412	99.9	538.7	5,991	8,731	19.2
The Glen2	Major Regional	50	59,350	98.3	328.2	n.a.	n.a.	17.5
Emporium Melbourne	CityCentre	50	45,241	99.4	458.6	10,449	13,418	17.0
Myer Bourke Street	CityCentre	33	39,924	100.0	n.a.	n.a.	n.a.	n.a.
Broadmeadows ShoppingCentre2	Regional	100	61,335	99.9	262.9	n.a.	n.a.	19.0
Cranbourne Park2	Regional	50	47,058	99.8	236.4	n.a.	n.a.	16.5
Box Hill Central(South Precinct)	Sub Regional	100	23,644	100.0	174.6	8,279	9,518	14.6
Corio Central	Sub Regional	100	31,325	98.6	159.6	6,553	6,043	14.7
Victoria Gardens ShoppingCentre	Sub Regional	50	34,744	99.7	189.7	6,592	10,294	13.1
Roxburgh Village	SubRegional	100	24,743	100.0	145.7	6,568	5,794	14.4
Altona Gate ShoppingCentre	Sub Regional	100	26,262	98.0	143.4	6,184	6,787	15.6
Box Hill Central(North Precinct)	Sub Regional	100	14,584	100.0	79.2	6,610	5,846	18.1
Brandon Park	SubRegional	50	23,062	98.4	133.1	6,929	5,339	18.0
Sunshine Marketplace	Sub Regional	50	34,062	99.8	133.1	4,537	6,658	14.4
Belmont Village	Sub Regional	100	14,032	100.0	99.3	7,250	9,693	11.4
WodongaPlaza	SubRegional	100	17,565	98.0	89.9	5,334	6,120	13.6
MorningtonCentral	SubRegional	50	11,763	100.0	100.3	8,587	9,042	16.4
Bentons Square	Neighbourhood	100	10,085	99.2	138.5	15,289	7,547	13.7
Oakleigh Central	Neighbourhood	100	13,953	99.6	121.7	9,145	5,548	13.1

Inclusive of marketing levy and based on GST inclusive sales.

Non-comparable sales. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate1	(MAT)	sales1	sales1	costs1,2
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria(continued)
The Gateway	Neighbourhood	100	10,871	98.0	85.1	9,641	8,322	8.4
DFO South Wharf	Outlet Centre	75	56,450	100.0	387.6	9,321	9,154	10.2
DFO Essendon	Outlet Centre	100	52,325	100.0	235.9	9,165	8,996	11.6
DFO Moorabbin	Outlet Centre	100	24,298	100.0	146.4	6,371	6,945	11.5
Western Australia
Galleria	Major Regional	50	80,793	99.9	496.4	6,980	10,996	18.5
Rockingham Centre	Regional	50	62,331	99.3	434.3	7,612	8,590	16.9
Mandurah Forum3	Regional	50	34,190	100.0	220.5	n.a.	n.a.	19.7
Ellenbrook Central	Sub Regional	100	34,845	99.5	246.2	8,660	8,929	9.5
Warwick Grove	Sub Regional	100	31,973	99.9	208.7	8,230	7,690	15.1
Warnbro Centre	Sub Regional	100	21,419	99.3	161.3	8,070	7,100	17.1
Maddington Central	SubRegional	100	27,669	98.6	180.4	7,118	7,150	14.8
Livingston Marketplace	Sub Regional	100	15,556	100.0	127.6	9,046	9,654	10.6
Karratha City	Sub Regional	50	23,931	98.9	211.2	9,249	9,033	11.3
HallsHeadCentral3	SubRegional	50	21,000	100.0	130.3	n.a.	n.a.	9.2
CurrambineCentral3	Neighbourhood	100	16,352	100.0	158.9	n.a.	n.a.	14.6
Dianella Plaza3	Neighbourhood	100	16,870	99.0	99.3	n.a.	n.a.	13.3
Stirlings Central	Neighbourhood	100	8,532	98.4	92.9	11,623	10,332	11.8
KalamundaCentral	Neighbourhood	100	8,368	99.6	77.5	9,778	5,534	13.0
Flinders Square	Neighbourhood	100	5,992	99.1	64.1	12,098	7,528	11.5
VictoriaParkCentral	Neighbourhood	100	5,475	100.0	48.2	9,109	5,143	16.5

Excludes DFO South Wharf and DFO Essendon Homemaker retailers.
Inclusive of marketing levy and based on GST inclusive sales.
Non-comparable sales. Refer to slide 47 for details.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Valuations

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-161 ($m)	Capitalisation rate	Discount rate As at 31-Dec-16 (%)
	As at 31-Dec-16 (%) As at 30-Jun-16 (%) Movement
New South Wales
Chatswood Chase Sydney Major Regional 100 12.9 1,026.2 5.25 5.25 - 7.75
Bankstown Central Major Regional 50 2.8 347.5 6.25 6.25 - 8.00
Roselands Major Regional 50 (9.1) 185.0 6.50 6.50 - 8.00
Lake Haven Centre Sub Regional 100 10.4 284.2 6.75 7.00 (0.25) 8.00
Nepean Village Sub Regional 100 9.6 176.5 5.75 6.25 (0.50) 7.75
Warriewood Square Sub Regional 50 4.1 137.5 6.00 6.00 - 8.00
Carlingford Court Sub Regional 50 0.3 109.5 6.25 6.25 - 8.00
West End Plaza Sub Regional 100 1.6 67.0 7.00 7.25 (0.25) 8.25
Lavington Square Sub Regional 100 2.3 61.0 7.50 7.75 (0.25) 7.50
Armidale Central Sub Regional 100 0.4 46.0 7.00 7.00 - 8.25
Toormina Gardens Sub Regional 50 0.5 40.5 6.75 7.00 (0.25) 8.00
Lennox Village Neighbourhood 50 2.0 35.0 6.25 6.50 (0.25) 7.75
Terrace Central Neighbourhood 100 (2.5) 30.0 7.25 7.25 -		8.50
DFOHomebush Outlet Centre 100 17.9 408.8 6.00 6.00 -		8.00
Tasmania
Eastlands Regional 100 4.2 168.0 6.50 6.75 (0.25) 7.25
Northgate Sub Regional 100 5.9 110.0 7.00 7.25 (0.25) 8.25

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

Based on ownership interest.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-161 ($m)	Capitalisation rate	Discount rate As at 31-Dec-16 (%)
	As at 31-Dec-16 (%) As at 30-Jun-16 (%) Movement
Queensland
QueensPlaza CityCentre 100 15.4 760.0 5.00 5.00 - 7.25
The Myer Centre Brisbane CityCentre 25 2.0 193.8 5.75 5.75 - 7.75
Grand Plaza Regional 50 2.8 208.5 5.75 5.75 - 7.75
RunawayBayCentre Regional 50 (0.7) 160.0 5.75 5.75 - 7.75
Mt OmmaneyCentre Regional 25 (0.3) 105.2 6.00 6.00 - 7.75
Taigum Square Sub Regional 100 1.6 93.0 6.50 6.50 - 8.00
Gympie Central Sub Regional 100 (0.3) 78.0 6.50 6.50 - 7.75
WhitsundayPlaza Sub Regional 100 1.5 65.0 6.75 7.00 (0.25) 8.00
Buranda Village Sub Regional 100 (0.2) 41.8 6.50 6.75 (0.25) 7.50
Oxenford Village Neighbourhood 100 2.4 30.8 6.25 6.75 (0.50) 7.75
Goldfields Plaza Neighbourhood 100 (0.1) 27.0 7.50 7.50 - 8.25
Milton Village Neighbourhood 100 0.9 26.5 6.75 6.75 - 8.25
North Shore Village Neighbourhood 100 1.4 25.0 6.25 6.50 (0.25) 8.00
DFOBrisbane Outlet Centre 100 (0.8) 55.0 7.50 7.50 -		8.50
South Australia
Elizabeth CityCentre Regional 100 5.9 382.1 7.00 7.00 -		8.50
Colonnades Regional 50 0.0 155.6 7.00 7.00 -		8.25
CastlePlaza SubRegional 100 2.5 172.9 6.75 7.00 (0.25) 8.50
Kurralta Central Sub Regional 100 2.9 40.1 6.25 6.75 (0.50) 7.00

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

Based on ownership interest.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-161 ($m)	Capitalisation rate	Discount rate As at 31-Dec-16 (%)
	As at 31-Dec-16 (%) As at 30-Jun-16 (%) Movement
Victoria
Chadstone ShoppingCentre Super Regional 50 286.3 2,625.0 4.25 4.75 (0.50) 7.00
Bayside Major Regional 100 3.5 575.0 6.25 6.25 - 8.00
Northland Major Regional 50 (2.5) 482.5 5.75 5.75 - 7.75
The Glen Major Regional 50 (0.2) 170.0 6.50 6.50 - 8.00
Emporium Melbourne CityCentre 50 12.0 582.5 4.75 4.75 - 7.50
Myer Bourke Street CityCentre 33 4.9 156.2 4.75 4.75 - 6.75
Broadmeadows ShoppingCentre Regional 100 1.1 325.0 6.75 6.75 - 8.00
Cranbourne Park Regional 50 2.3 151.3 6.00 6.00 - 7.75
Box Hill Central(South Precinct) Sub Regional 100 14.9 177.0 6.50 6.75 (0.25) 7.75
Corio Central Sub Regional 100 4.4 131.0 7.25 7.50 (0.25) 8.00
Victoria Gardens ShoppingCentre Sub Regional 50 1.7 129.0 6.00 6.00 - 7.75
Roxburgh Village Sub Regional 100 1.3 113.1 6.75 6.75 - 7.75
Altona Gate ShoppingCentre Sub Regional 100 5.1 100.0 6.50 7.25 (0.75) 7.75
Box Hill Central(North Precinct) SubRegional 100 4.5 94.0 6.75 7.00 (0.25) 8.25
Brandon Park Sub Regional 50 2.3 62.5 7.00 7.25 (0.25) 8.00
SunshineMarketplace SubRegional 50 0.8 58.5 6.50 6.50 - 8.00
Belmont Village Sub Regional 100 2.1 48.5 6.25 6.75 (0.50) 7.50
WodongaPlaza SubRegional 100 (5.0) 41.5 8.50 8.25 0.25 8.75
Mornington Central Sub Regional 50 1.4 34.0 6.25 6.50 (0.25) 8.00
Bentons Square Neighbourhood 100 3.8 81.5 6.25 6.25 - 8.25
Oakleigh Central Neighbourhood 100 2.5 65.5 6.50 6.75 (0.25) 8.25

Based on ownership interest.
Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 interim results | 15 February 2017

Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-161 ($m)	Capitalisation rate	Discount rate As at 31-Dec-16 (%)
	As at 31-Dec-16 (%) As at 30-Jun-16 (%) Movement
Victoria (continued)
The Gateway Neighbourhood 100 2.3 45.0 6.50 6.75 (0.25) 7.50
DFO South Wharf Outlet Centre 75 25.3 416.6 6.00 6.25 (0.25) 8.25
DFO Essendon Outlet Centre 100 3.5 167.5 6.75 7.00 (0.25) 8.25
DFO Moorabbin Outlet Centre 100 0.8 112.5 7.75 7.75 -		8.50
Western Australia
Galleria Major Regional 50 9.1 392.5 5.50 5.50 -		7.75
Rockingham Centre Regional 50 3.7 306.0 5.75 5.75 -		7.75
Mandurah Forum Regional 50 1.9 216.4 5.75 5.75 -		8.00
Ellenbrook Central Sub Regional 100 0.4 236.0 5.75 5.75 -		8.00
Warwick Grove Sub Regional 100 0.6 198.5 6.50 6.50 -		8.25
Warnbro Centre Sub Regional 100 1.2 125.0 6.25 6.25 -		8.25
Maddington Central Sub Regional 100 (0.6) 119.0 7.00 7.00 -		8.50
Livingston Marketplace Sub Regional 100 0.5 85.0 6.00 6.00 -		8.00
KarrathaCity SubRegional 50 (1.1) 56.0 7.00 7.00 -		8.25
Halls Head Central Sub Regional 50 3.6 51.3 6.00 6.25 (0.25) 8.00
CurrambineCentral Neighbourhood 100 5.0 103.5 6.50 6.75 (0.25) 8.25
Dianella Plaza Neighbourhood 100 1.8 83.5 6.75 6.75 - 8.25
StirlingsCentral Neighbourhood 100 (0.7) 50.0 7.00 7.00 - 8.00
Kalamunda Central Neighbourhood 100 0.9 38.5 6.75 7.00 (0.25) 8.00
Flinders Square Neighbourhood 100 0.7 31.8 6.50 7.00 (0.50) 8.25
Victoria Park Central Neighbourhood 100 1.6 31.3 6.50 6.75 (0.25) 7.75

Based on ownership interest.
Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.

Vicinity Centres | FY17 interim results | 15 February 2017

Organisational chart

Structured to support strategy execution

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CEO and Managing Director Angus McNaughton

CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton	CEO and Managing Director Angus McNaughton

Chief Financial Officer	Chief Investment Officer	EGM Development	EGM Leasing	EGM Shopping Centres	EGM Business Development	EGM Digital, Marketing, People & Culture	General Counsel
Richard Jamieson	Michael O’Brien	Carolyn Viney	Stuart Macrae	Justin Mills	David Marcun	Simone Carroll	Carolyn Reynolds

Vicinity Centres | FY17 interim results | 15 February 2017

Investor calendar

Key dates

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	Key dates
	Ex-distribution date for December 2016 distribution	29 December 2016
	Record date for December 2016 distribution	30 December 2016
	FY17 interim results	15 February 2017
	December 2016 distribution payment	2 March 2017
	Ex-distribution date for June 2017 distribution	29 June 2017
	Record date for June 2017 distribution	30 June 2017
	FY17 annual results	16 August 2017
	June 2017 distribution payment	30 August 2017
	2017 Annual General Meeting	16 November 2017

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

Vicinity Centres | FY17 interim results | 15 February 2017

Contact details and disclaimer

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For further information please contact:

Penny Berger Head of Investor Relations T +61 2 8229 7760 E [email protected]

Troy Dahms Senior Investor Relations Manager T +61 2 8229 7763

E [email protected]

Disclaimer

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation (15 February 2017). It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Half year financial report lodged with the Australian Securities Exchange on 15 February 2017. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate.

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

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

Vicinity Centres | FY17 interim results | 15 February 2017

AI assistant

VICINITY CENTRES TRUST — Interim / Quarterly Report 2017

65995_rns_2017-02-14_660c8a66-1afb-4115-a62a-b68f28226184.pdf

Agenda

FY17 interim results summary

Solid result reflecting focus on strategy and strong underlying performance

Solid financial result

Well advanced on portfolio enhancement strategy

Strong portfolio fundamentals

Delivering on portfolio enhancement strategy

Capital reinvested into enhancement opportunities

Clear improvement in portfolio metrics

Improvement in metrics over past year

Recognised by Standard & Poor’s raising credit rating

Retail environment

Drivers generally supportive of retail spending growth

Retail trends

Structural changes providing opportunities for Vicinity

Consumer demand for better experiences

Continued strong demand from international retailers

Divergence in retailer performance

Technology is changing the shopping centre landscape

Financial results

Underlying earnings up 4.8%[1] on a comparable basis

$908.8m

3.0%

12.3%

4.8%

Reduction in overheads

Balance sheet

Strong balance sheet provides sufficient capacity to fund future growth

Valuations

Strong portfolio valuation gains[1] of $508m or 3.5%

Capital management

Limited debt expiries over the next 18 months

Debt maturity profile ($m)

Debt sources (%)

Capital management

Credit rating raised on portfolio quality improvement

Strong financial position

Portfolio summary

Property metrics remain solid

Portfolio quality enhanced

Property metrics remain solid

Portfolio sales by store type

Mini majors sales growth robust in a moderating sales environment

Specialty stores

Supermarkets

Mini majors

Department stores and discount department stores

Portfolio specialty store performance

General retail and services continue to grow strongly

Apparel

General retail and Retail services

Food retail

Homewares

Portfolio sales by state

Growth predominantly driven by eastern seaboard states

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

Victoria

NSW

Queensland

Western Australia

Leasing Leasing spreads have improved and lease expiry profile is well weighted

Leasing spread[1,2] (%)

Leasing spreads have improved

Proactive remixing changing retailer category weightings

Lease expiry profile by income (%)

Opportunities arising from retailer administrations

Well weighted lease expiry profile

DFO portfolio continues to perform strongly

DFO is the pre-eminent outlet centre brand and is recognised nationally

Portfolio expanded

Significant growth potential remains

A focus on creating shared value for Vicinity and our stakeholders

Our sustainability program has generated significant benefits

Strong sustainability survey results

Our commitments

Dow Jones Sustainability Index (DJSI)

Global Real Estate Sustainability Benchmark (GRESB)

VICINITY CENTRES TRUST Interim / Quarterly Report 2017