VICINITY CENTRES TRUST — Interim / Quarterly Report 2019

Feb 14, 2019

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FY19 interim results 15 February 2019

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Vicinity Centres | FY19 interim results | 15 February 2019

DFO Perth, WA

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Vicinity Centres | FY19 interim results | 15 February 2019

QueensPlaza, QLD

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FY19 interim results overview and strategy update Grant Kelley CEO AND MANAGING DIRECTOR

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Vicinity Centres | FY19 interim results | 15 February 2019

The Strand Arcade, NSW

Vicinity’s strategy

Unlocking Vicinity’s potential

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Horizon 1
On balance sheet – Listed (VCX) Strengthening
the core
Create
market-leading Accretive
developments,
destinations Ongoing
divestments
portfolio
and
review
acquisitions
Land parcel Wholesale
carve outs assets
Capital Capital
Horizon 2
and fees and fees
Off balance sheet – Unlisted
Realise Expand
mixed-use wholesale
opportunities Mixed-use assets funds
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Vicinity Centres | FY19 interim results | 15 February 2019

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FY19 interim results overview

Strategy delivering results

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Financial results

Statutory net profit of $235.3m

Funds from operations (FFO) of 9.06 cps, reflecting 2.0% comparable growth[1] Gearing reduced to 25.1%

Strengthening the core

Performance enhanced due to divestment of non-core assets

Specialty MAT[2] /sqm up 6.0% to $10,746[3] from Jun-18 Specialty and mini majors MAT growth[3] of 4.2% Leasing spreads[4] of 4.4%

Portfolio occupancy of 99.7%

Accretive developments

Perth DFO opened fully leased and recorded 40% valuation gain

The Glen Stage 3 opened fully leased and on budget

Chadstone Victoria’s Secret flagship and atrium dining opened, and progressed hotel construction

Strategic initiatives

Sold $631m of up to $1b of non-core assets targeted for divestment

Discussions with potential wholesale fund investors ongoing

Progressing on a select number of large, strategic, high-value mixed-use opportunities Acquired 40m securities for $106m at 11.1% discount to Dec-18 NTA[5]

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UNIQLO opening at The Glen, VIC
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1. Adjusted for the impact of divestments. Unadjusted FFO per security is down 0.9%. Refer to slide 50 for full reconciliation of FFO to statutory net profit. 2. Moving Annual Turnover. 3. Excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines (refer to slide 46 for details). 4. Leasing spreads include all store types other than majors, offices, ATMs and storage. For leases greater than 18 months duration and excludes project-impacted leasing and divestments. 5. Net tangible assets per security.

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Market-leading destinations

Portfolio repositioning well progressed

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Progress on divestment of up to $1.0b of non-core assets Divested 11 assets for $631m in October 2018[1]

Progress to market-leading destination portfolio Number of assets

Progressing divestment of the four remaining assets, however no further divestments expected for FY19

Proposed ~$1.0b wholesale fund discussions with potential investors ongoing

Establishment of wholesale fund assumed post FY19

Strong reinvestment opportunities

Gearing reduced to 25.1%, at the low end of target range

Acquired 40m securities for $106m at 11.1% discount to Dec-18 NTA Portfolio enhancement through significant retail development pipeline

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(12)
(12)
74
50
Jun-18 Non-core Wholesale fund and Market-leading
portfolio divestments remaining planned destinations
1H FY19 divestments2 (destination portfolio)
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1. Excludes the sale of Flinders Square, WA for $39.5m, which settled in August 2018.

2. Includes the remaining non-core assets planned to be sold of the up to $1.0b divestment program, and the proposed establishment of a wholesale fund to be seeded with ~$1.0b of assets from Vicinity’s balance sheet.

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Market-leading destinations

Outstanding performance from Flagship assets, with plans to strengthen High Potential portfolio

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Chadstone, VIC

QueensPlaza, QLD

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DFO Perth, WA
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Total MAT growth[1] (%)

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12
9.7
10
8 6.7
Total
6
portfolio
4 2.7
2 0.9 1.0
0
Chadstone Premium DFOs High
CBD Potential
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Comparable NPI growth[3] (%)

Leasing spreads[2] (%)

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20 8
15.9
16 5.8
6
12 9.2 Total 3.9
7.5 4 Total
8 portfolio
2.2 portfolio
4.4
2 1.1
4
-1.4 -0.7
0 0
Chadstone Premium DFOs High
-4 Chadstone Premium DFOs High
CBD Potential -2
CBD Potential
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Flagship

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

Flagship

1. Leasing spreads include all store types other than majors, offices, ATMs and storage. For leases greater than 18 months duration and excludes project-impacted leasing and divestments.

Flagship

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

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Vicinity Centres | FY19 interim results | 15 February 2019

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Market-leading destinations

~40% of destination portfolio value comprised of highly productive Chadstone and Premium CBD assets

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Destination portfolio
Flagship
Specialty MAT/sqm
$20,000
~$18,400
~$11,200
Occupancy costs
$16,000
15.4%
$12,000
~$10,100
17.5% [1]
~$8,600
$8,000
11.3% [1]
$4,000 15.4% [1]
$0
~38% ~12% ~50%
Chadstone and Premium CBD DFOs High Potential
Proportion of portfolio value
Emporium Melbourne, VIC
1. Percentages on charts reflect average occupancy costs.
Specialty MAT/sqm
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Vicinity Centres | FY19 interim results | 15 February 2019

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Market-leading destinations

High Potential assets present opportunities to strengthen performance

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Destination portfolio[1]

High Potential assets category detail

Live development

The Glen, VIC

Live development 2%

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Development pipeline 11%
Mixed-use 3%
Product call 12%
2 High
Flagship
Potential
50%
50%
Regional and
Sub Regional 22%
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Development pipeline

Bankstown Central, NSW

Box Hill Central, VIC

Chatswood Chase Sydney, NSW – future Flagship

Ellenbrook Central, WA

Mixed-use

Victoria Gardens Shopping Centre, VIC

Product call[3]

Altona Gate, VIC, Grand Plaza, QLD and Northland, VIC

Regional and Sub Regional

Carlingford Court, NSW, Castle Plaza, SA, Nepean Village, NSW, Runaway Bay Centre, QLD and Warriewood Square, NSW

Note: The list of assets on this slide is not exhaustive.

1. By December 2018 portfolio value for the 50 assets in the destination portfolio.

2. Flagship = Chadstone, Premium CBDs and DFOs.

3. Remixing opportunities which substantially enhance the centre’s retailer offering to the market.

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Vicinity response to macro environment

Unique portfolio and strategic direction yielding benefits

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Wages growth is now out-pacing living costs growth

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7%
Wages Growth
Living Costs Growth
6%
Forecasts
5%
4%
3%
2%
1%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: ABS & Melbourne Institute
Exchange rate leading growth in inbound tourism to Australia
1.20 1.5
Exchange Rate (AUD:USD)
1.10 Overseas Travel OUT:IN Ratio 1.4
1.3
1.00
1.2
0.90
1.1
0.80 More Outbound Travel
1.0
0.70 More Inbound Travel
0.9
0.60
0.8
0.50 0.7
0.40 0.6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: ABS & RBA
Growth Rate (YoY)
Exchange Rate (AUD:USD)
Overseas Travel (Outbound:Inbound Ratio)
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Exchange rate leading growth in inbound tourism to Australia

Vicinity strategically well positioned

Focus on market-leading destinations

Continue to divest non-core assets and reinvest prudently Enhance unrivalled Flagship assets Develop select High Potential assets Drive ancillary income

Digital platform to drive income, efficiencies and experience

Realising mixed use opportunities Focus on a select number of large, high value projects

Expand wholesale funds platform

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Vicinity is uniquely positioned now and into the future

Attractive portfolio a first port of call for Australian and international retailers

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CHADSTONE Australia’s #1 retail asset

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DFOs Australia’s #1 Outlet Centre portfolio

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PREMIUM CBD LOCATIONS Unrivalled Australian east coast retail offer

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

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Vicinity Centres | FY19 interim results | 15 February 2019
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Financials and FY19 guidance Michael O’Brien CHIEF FINANCIAL OFFICER

Kah Wong ACTING CHIEF FINANCIAL OFFICER

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Chadstone, VIC

FY19 guidance re-affirmed[1]

Forecast comparable FY19 FFO per security growth of 2.3% to 3.4%[1]

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FY19 FFO per security guidance of 18.0 to 18.2 cents reiterated

Represents 2.3% to 3.4% FFO per security comparable growth, after adjusting for the impact of portfolio changes[2]

Assumes impact of $106m securities bought back and $670m of divestments completed to date in FY19

No further divestments, nor establishment of wholesale fund, assumed in FY19

Distribution payout ratio is expected to be at the upper end of 95% to 100% of adjusted FFO (AFFO), or 85% to 90% of FFO[1]

FY19 maintenance capex and incentives forecast of ~$80m to $90m

FY19 FFO guidance

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19
Comparable
growth of 18.2
FY19 FFO
2.3% to 3.4%
guidance
18
(0.6) range
18.2
17 18.0
17.6
16
FY18 FFO Portfolio Adjusted Stable business FY19 FFO
changes [2] FY18 FFO and development
(stable portfolio) growth
Cents per security
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1. Assuming no material deterioration to existing economic conditions.

2. Adjusting for all balance sheet divestments from 1 July 2017 to 30 June 2019.

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Vicinity Centres | FY19 interim results | 15 February 2019

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Financial results

Statutory net profit of $235.3m, with comparable FFO per security growth of 2.0%[1,2]

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Funds from operations[2]

349.5 million $

FFO per security

9.06 cents

Comparable FFO per security[1]

2.0% growth

Distribution per security

7.95 cents

Underpinned by comparable NPI growth of 1.1%

Reflects the sale of non-core assets

Development completions, NPI growth and securities buy-back benefit

Reflects FFO payout ratio of 87.2% and adjusted FFO (AFFO) payout ratio of 95.2%

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The Glen, VIC
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NOTE: Refer to slide 49 for segment income statement.

1. Adjusting for the impact of divestments. Unadjusted FFO per security is down 0.9%.

2. Refer to slide 50 for full reconciliation of FFO to statutory net profit.

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Financial position

Balance sheet strengthened

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Divested 12 non-core assets

Gearing movements during period

Proceeds of $670m received

Asset sale proceeds reinvested into value-accretive opportunities

Acquired 40m securities for $106m at 11.1% discount to Dec-18 NTA

$154m invested into developments including Chadstone, DFO Perth and The Glen

Reduced gearing[1] 130 bps to 25.1%, creating scope to borrow and reinvest prudently

Strength of balance sheet and A/A2 ratings provides funding flexibility on favourable terms

NOTE: Refer to slide 51 for summarised balance sheet.

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

Debt statistics summary Jun-18 gearing Asset divestments Development Securities buy-back Valuations and other Dec-18 gearing Debt metrics	Debt statistics summary Jun-18 gearing Asset divestments Development Securities buy-back Valuations and other Dec-18 gearing Debt metrics	Debt statistics summary Jun-18 gearing Asset divestments Development Securities buy-back Valuations and other Dec-18 gearing Debt metrics
As at Dec-18 Jun-18
Gearing1	25.1%	26.4%
Interest cover ratio (ICR) 4.6x 4.8x
Debt to EBITDA ratio 4.6x 5.1x
Credit ratings/outlook - Moody’s - S&P Global Ratings	A2/stable A/stable	A2/stable A/stable

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Valuations

Modest decline in portfolio net valuation, however Flagship portfolio continues to report solid growth

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Destination portfolio

0.4% increase[1]

Weighted average capitalisation rate

5.31%

DFO portfolio

7.2% increase[1]

Sydney CBD assets

1.7% increase[1]

Supported by average 2.4% net gain in Flagship assets

Flagship asset capitalisation rate firmed 4 bps to 4.53%

Underpinned by growth in DFO Perth (up 40.4%) following strong trading performance since opening in Oct-18

Reflects strong sales performance and smaller development projects continuing to enhance the consumer experience

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The Galeries, NSW
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	Valuation	Net gain/(loss)
	Dec-18	over six months
	($m)2	(%)
Chadstone	3,150	1.4
Premium CBD	2,450	0.5
DFOs3	1,694	7.2
Flagship assets	7,294	2.4
High Potential	7,345	(1.5)
Destinationportfolio	14,639	0.4
Totalportfolio	15,836	(0.2)

1. Net valuation movement excludes statutory accounting adjustments and assets divested during the period.

2. Vicinity ownership interest.

3. Includes DFO Perth, completed during the period.

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Capital management

Well diversified funding sources, A/A2 credit ratings

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New or renegotiated debt 1.5 billion $

Liquidity 1.3 billion $

Weighted average cost of debt

4.5%

Weighted average debt duration

4.3 years

Significantly reducing FY19 and FY20 debt expiry profile

Sufficient capacity for planned investment and development expenditure, repayment of near-term expiries and securities buy-back

Up 20 bps since Jun-18, with a focus on maintaining funding flexibility

Reduced marginally over the period

Debt maturity profile ($m)[1]

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1,500
USPP
AMTN
1,250
GBMTN
224
1,000 HKMTN
Bank debt drawn
750 Bank debt undrawn
655
203 490
862
500
122
375 300 [2] 60
250
400 385
309 108 284
125 200 59 200
38 150
84
0 40
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Beyond
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Debt sources (%)[1,2]

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14
26
2
12
18
28
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1. Based on facility limits. 2. Includes $300m undrawn bank debt facility which commences in June 2019 subject to finalisation of conditions precedent.

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Vicinity Centres | FY19 interim results | 15 February 2019
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Portfolio Stuart Macrae EGM LEASING

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Emporium Melbourne, VIC

Portfolio highlights

Portfolio metrics remain strong

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Occupancy rate

99.7%

Comparable NPI growth[1] +1.1%

Leasing spread[2] +4.4%

Specialty occupancy cost[3]

15.2%

In line with 99.7% at Jun-18

Up from 1.0% over FY18

Comprising +5.5% for renewals and +3.0% for replacements

Up from 14.7% at Jun-18

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

Chadstone, VIC

• Leasing spreads include all store types other than majors, offices, ATMs and storage. For leases greater than 18 months duration and excludes project-impacted leasing and divestments.

• Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

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Sales summary

Benefitting from ongoing active management

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Specialty MAT productivity[1]

10 746 $ ,

Specialty MAT/sqm six-month growth[1] +6.0%

Specialty and mini major MAT growth[1]

+4.2%

Total

MAT growth[1]

+2.7%

Up from $10,133/sqm at Jun-18

Reflecting portfolio repositioning and active tenant remixing

Uplift due to positive remixing and expansion of strongly performing retailers

Strong mini major and specialty performances at Chadstone and DFOs driving growth

Queen Victoria Building, NSW

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

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Sales performance

Services, food catering and leisure continue to show strong growth

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Jewellery[1,2]

+12.7%

Leisure[1,2]

+5.6%

Retail services[1,2]

+5.2%

Apparel and footwear[1,2]

+4.2%

Strong growth from Chadstone and DFOs

Sporting goods +10.1% and books +3.8%

Hairdressing and beauty +6.2% and optometrists +4.1%

Proactively expanding strong retailers driving growth. Fashion accessories +13.7%, men’s apparel +6.0% and jeaneries and unisex +4.6%

MAT growth (%)[2]

For the 12 months to 31 December 2018

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15 Majors Specialty stores and mini majors 30
12 24
12.7
9 18
6 12
5.6
5.2
3 1.4 4.5 4.2 6
0.8 5.3
2.9 0.8
0 0
0.5
-3 -6
-2.8
Dept DDS Super- Jewellery Leisure Homewares Retail Mobile Apparel & Food General Food
3
Stores markets services phones footwear catering retail retail
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MAT growth (%) (lhs) Contribution to sales (%) (rhs)

NOTE: Refer to slide 45 for additional sales data.

1. Specialty stores and mini majors.

2. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

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

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Chadstone is Australia’s #1 retail centre with $2.1b of MAT

International retailers, expanded luxury, quality dining and entertainment driving increased visitation

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#1 MAT across Australia for 17th consecutive year[1]

60% higher than next peer

Luxury precinct in Australia

#1

New: Hermès, Van Cleef & Arpels, Kennedy, Piaget, Chaumet, Bottega Veneta, Mulberry

Expanded: Louis Vuitton, Chanel, Gucci

Annual growth in visitation to more than 23m 5.5%

Total MAT growth 9.7%

Specialty MAT/sqm[2] 18 695 $ ,

Specialty and mini major MAT growth 12.4%

Leasing spread 7.5%

1st

Australian flagship store Victoria’s Secret

Chadstone, VIC

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1. Big Guns Survey 2018. 2. Impacted by strong luxury tenant change to mini major since Jun-18.

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Retail and mixed-use development Carolyn Viney EGM DEVELOPMENT

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Vicinity Centres | FY19 interim results | 15 February 2019

DFO Perth, WA

Retail developments – A key driver for portfolio enhancement

Pipeline to focus on high-returning opportunities

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Retail development pipeline a key driver of value

Captures additional market share from growing trade areas

Assets keep pace with changing consumer preferences

Builds on success of existing strongly performing assets

Pipeline prioritises investment in Flagship and strategic High Potential assets

Significant projects planned at Chadstone, DFOs, Emporium Melbourne, Chatswood Chase Sydney, Box Hill Central and Bankstown Central

Major redevelopment of Galleria deferred

Strong progress on pipeline over past six months

DFO Perth completed fully leased with improved project yield

Stage three of The Glen opened fully leased

Five retail projects at Chadstone successfully completed in late 2018

Redevelopment plans for Chatswood Chase Sydney significantly advanced

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The Glen, VIC
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Expanding the DFO outlet portfolio

DFO Perth, WA, success supports expansion of Australia’s premier retail outlet offer

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DFO Perth opened fully leased in October 2018

Has significantly exceeded expectations

All 113 retailers were open and trading on Day 1

High quality tenant mix with many first-to-market retailers and popular luxury and premium retailers

Continuing to perform above expectations

Development yield[1] improved to >12% and IRR of >17%

Reinforces Vicinity’s leadership in Outlet Centres and unique attributes of this market segment

DFO Perth, WA

Investigating opportunities to expand DFO format

Expansion plans for Essendon (within existing land footprint) Large reconfiguration planned for Homebush

Re-mixing underway at South Wharf, Moorabbin and Brisbane Investigating select new DFO outlet locations

1. Represents stablised yield.

DFO Perth, WA

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The Glen, VIC

Development on time, on budget and opened stages performing well

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Stage three opened fully leased in October 2018 and trading strongly

Includes UNIQLO, H&M, MECCA, homewares, lifestyle and apparel

Stage one (fresh food precinct) and stage two (casual dining precinct) trading strongly since opening in October 2017 and March 2018 respectively

Stage four to open late 2019

New-format 8,000 sqm David Jones, 60 specialty stores and alfresco dining

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Remains on program to complete in stages through to 2020 Forecast development yield[1] of >7% and IRR of >13%

Over 500 apartments to be built by 2021

Third party developer to pay $60m for residential air rights Introduces over 500 new households on-site

1. Represents stablised yield.

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Chadstone, VIC – Retail projects completed successfully in 2018

Further enhancing Chadstone’s premium offering

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Expanded luxury precinct introducing Hermès and new Gucci flagship

Victoria’s Secret flagship – Australia’s first full-line store

Lower Ground dining atrium brings eight new casual dining options

New youth and leisure precinct

First stage of destination dining offer opened with Calia and Yu Kitchen in December 2018, including outdoor dining terrace

Visitor’s lounge

Gucci flagship

Victoria’s Secret flagship and atrium dining

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Chadstone, VIC – Significant investment proposed as part of long term masterplanning

Multiple retail expansion projects and next commercial office building to leverage existing success of centre

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Chadstone is transforming into the key hub location for Melbourne’s South Eastern suburbs

Several new projects identified

A focus on retail redevelopment and expansions to capture market demand in fresh food, entertainment and dining, services, health and wellbeing, mini major categories and premium restaurants

Potential for further non-retail uses including events and exhibitions

New commercial office tower to take advantage of strong demand for office space

Improved public transport connections and car parking efficiency

Capitalises on success of existing retail centre and mixed use projects

Further investment in customer experience, facilities and services

Visitor lounge delivered late 2018, catering for the growing domestic and international tourism market

5 Star MGallery by Sofitel hotel and conference facility opening late 2019, along with a link between the hotel, commercial office tower and retail centre to enhance site amenity and fully integrate to leverage footfall from these mixed-use assets

Valet parking and concierge services to be introduced in 2019

Chadstone Link – Artist’s impression

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Chatswood Chase Sydney, NSW

Major redevelopment planned to expand retail offer to include premium categories

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Project seeks to create Sydney’s premium shopping, dining and leisure destination in one of Australia’s wealthiest trade areas

Project leverages strong fundamentals and trading performance of existing centre

Located in Australia’s most affluent trade area, with household incomes 30% higher than Sydney average

Location is attractive to the growing tourism market

Retailers actively seeking representation in this premium Sydney location

Key project features

Significantly enhanced premium retailer mix

Enhanced food and dining experience

A consumer experience and environment to match repositioning of the centre as Sydney’s premium shopping and lifestyle destination

Town planning

Application for planning approval submitted in 2018

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Artist’s impression
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Ellenbrook Central, WA

Addition of Kmart to reinforce Ellenbrook Central as the dominant centre in strong growth corridor

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New $63m development

Reinforces Ellenbrook Central as the dominant centre in strong growth corridor in Perth’s north eastern suburbs

10-year forecast population growth of 3.5% p.a.[1]

Board approved in December 2018

Expanded retail offer

Introduces new Kmart, 3 mini majors, 15 specialty retailers, 2 pad sites and additional car parking

Targeted commencement in 1H FY20

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1. Urbis 2018 (market share weighted).

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Other prioritised retail development opportunities

Significant repositioning of assets with strong fundamentals

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Box Hill Central, VIC

Bankstown Central, NSW

Two existing retail sites reconfigured to create a modern retail destination

Plan to fully integrate retail with Bankstown CBD and metro rail infrastructure

Site sits in designated activity hub, integrated with public transport network and opportunities exist for significant mixed use development

Targeted commencement in FY21

Take advantage of growth corridor, Bankstown considered a ‘Collaboration Area’ by the Greater Sydney Commission

Prepare for and plan future mixed-use opportunities

Targeted commencement in FY21

Artist’s impression

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Mixed-use pipeline reviewed and prioritised

Resources to be focused on select large, strategic, high-value projects

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Vicinity’s footprint includes multiple valuable sites suitable for non-retail uses in combination with existing retail centres

Vicinity is focusing resources on select large, strategic, high-value mixed-use opportunities

Opportunities prioritised

Box Hill Central, VIC, Chadstone, VIC, QueensPlaza, QLD and Victoria Gardens Shopping Centre, VIC

Realise capital on smaller non-strategic sites

Gain mixed-use entitlement for sites providing opportunity to sell development rights

Potential to divest select mixed-use assets into wholesale funds

Melbourne suburban loop rail - proposed

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Strategic growth initiatives Justin Mills EGM SHOPPING CENTRE MANAGEMENT

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Chadstone, VIC

Ancillary income

Strong existing income streams with a pipeline for growth

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Ancillary income contribution to NPI 12.0%

Ancillary income (excluding electricity income)[1]

Pipeline well positioned for stronger growth in 2H FY19 Total ancillary income down 0.9% due to new energy contract rates impacting electricity income margins

4.8%

Vicinity media[1]

On track to deliver 30 new internal digital screens and 6 new external digital billboards in FY19 Continued growth into 2H FY19 and FY20 boosted by the development of new products

18.0%

Storage[1]

6.6%

Driven by the creation of additional sites

Managed parking[1] $20.5m in total income across 14 centres On track for an additional 3 new sites during FY19

4.0%

Ancillary income drivers and growth for 1H FY19

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

(34.2%) (0.9%)
23.0% 4.8%
(25.8%)
6.6%
18.0%
2.1% [2]
4.0%
----- End of picture text -----

Note: Percentages on chart relate to comparable growth.

1. Comparable income growth.

2. Casual leasing income growth on a site for site basis is 4.1%.

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Opportunities created from physical and digital asset scale

Leveraging our assets to strengthen the business, diversify our income sources and create new strategic partnerships

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Scale and Digital enablement scope

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Integrated approach

Physical assets Digital assets Market-leading Portfolio-wide destinations digital network 500m annual visits 12m unique devices 60m website page views $17b MAT 1.2m social followers 7,000 retailers Connected centres 8,000 suppliers 13 data experts

Opportunity Data and technology driven enhancements Shoppers • Targeted products and services Retailers • Stronger relationships and sales growth Vicinity • Expanded income and efficiencies

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Integrated media opportunity

Connecting brands and retailers with customers at point of purchase to drive sales

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500m

Annual centre visits

60m

Web-page views

Unique devices connected 12m

1.2m[Social media followers]

Australia’s population in our 58% catchments

Growth in Vicinity media income 18%

Existing media products 5 products

Integrated media platform

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Media products being developed 5 products

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Integrated energy strategy generating significant benefits

Reducing grid reliance and exposure to volatile energy prices whilst providing strong investment returns

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Solar investment program

Vicinity’s energy community

million $73

Average solar project returns 12% IRR

Solar projects built

8 projects

Solar projects under construction

14 projects

Australian first innovation trials

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4 projects

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Our intelligence platform provides Vicinity with a competitive advantage

Data and technology powering the future of retail

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In-house advanced analytics capability

13 data scientists and engineers

Data lake and governance framework

WiFi converged network

Shopper centricity

Right/strong tenant mix

Increase net promoter score through enhanced customer service and delivery

Bespoke customised product

Retailer performance

Optimise leasing mix through analytics

Drive retailer sales through unique insights and strategic partnering Attract online retailers into physical space

Vicinity value creation

Strategic third party partnerships and alliances

Alternative income opportunities enhanced

Cost efficiencies realised through predictive analytics and automation

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Questions

Grant Kelley CEO AND MANAGING DIRECTOR

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DFO Perth, WA

	41	Sustainability	52	Capital management
	42	Destination portfolio	53	Asset summaries
Appendices	44	Assets under management	61	Key dates
	45	Direct portfolio	62	Contact details and disclaimer
	49	Financial results
Vicinity Centres**	FY19 interim results	**15 February 2019

DFO Homebush, NSWThe Galeries, NSW

Leading approach to sustainability

Delivering sustainable long-term value for our communities and securityholders

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No.1 in Australia

No.3 REIT globally

5 Star rating

Forbes rated Vicinity No.1 in Australia and 19th globally in 2018 ‘World’s Best Employers’ survey of 2,000 companies

RobecoSAM rated Vicinity third most sustainable real estate company globally in 2018 DJSI[1] survey Up from eighth in 2017

Chadstone office achieved 5 Star Green Star Interiors rating, recognising strong sustainability credentials for fit-outs and usage

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

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Destination portfolio

Indicative portfolio statistics

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	Destination	Destination	Total
Key metrics	portfolio1		portfolio
Retail assets	50		62
Average asset value ($m)	516		416
Average centre size (GLA, sqm)	48,919		39,451
Average capitalisation rate (%)	5.20		5.31
Specialty MAT/sqm ($)	11,186		10,746
Specialty occupancy costs (%)	15.4		15.2
	Portfolio	Specialty	Specialty
	value2	MAT/sqm	Occ Cost
Destination portfolio1	(%)	($)	(%)
Chadstone	22	18,695	17.1
Premium CBD	17	18,088	18.0
DFO portfolio	12	10,113	11.3
High Potential1	50	8,635	15.4
Total	100	11,186	15.4

Note: Totals may not sum due to rounding.

1. Total portfolio adjusted for the remaining non-core assets planned to be sold of the up to $1.0b divestment program, and the proposed establishment of a wholesale fund to be seeded with ~$1.0b of assets from Vicinity’s balance sheet.

2. Vicinity share of Dec-18 valuation.

Chatswood Chase Sydney, NSW

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Destination portfolio

Key statistics by centre type

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	Destination
	portfolio1	Chadstone	Premium CBD	DFOs2	High Potential
Number of retail assets	50	1	7	6	36
Gross lettable area (000’s)(sqm)	2,100	215	223	212	1,450
Total value ($m)	14,639	3,150	2,450	1,694	7,345
Portfolio weighting by value (%)	100	22	17	12	50
Capitalisation rate (weighted average) (%)	5.20	3.75	4.65	5.81	5.86
Comparable NPI growth3 (%)	1.3	2.2	3.9	5.8	(0.7)
Occupancy rate (%)	99.7	99.8	99.9	100	99.7
Total MAT growth4 (%)	3.2	9.7	0.9	6.7	1.0
Specialty and mini major MAT growth4 (%)	4.8	12.4	1.4	6.7	1.2
Specialty sales per sqm4 ($)	11,186	18,695	18,088	10,113	8,635
Specialty occupancy cost4 (%)	15.4	17.1	18.0	11.3	15.4

Note: Totals may not sum due to rounding.

1. Total portfolio adjusted for the remaining non-core assets planned to be sold of the up to $1.0b divestment program, and the proposed establishment of a wholesale fund to be seeded with ~$1.0b of assets from Vicinity’s balance sheet. 2. Includes DFO Brisbane business.

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

3. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

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Assets under management

~7,700 tenants across 66 assets under management[1]

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Direct portfolio1 Wholly-owned Co-owned Total	Managed	Total AUM1
	Third party/ co-owned
Number of retail assets 33 29 62 4/29 66 Gross lettable area (000’s)(sqm) 970 1,476 2,446 132 2,578 Number of tenants 3,031 4,308 7,339 405 7,744 Annual retail sales ($m) 6,265 9,692 15,957 851 16,808 Total value ($m)2 6,566 9,270 15,836 953/9,975 26,764

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

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44

Direct portfolio

Additional sales information

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	Actual	Actual	Actual	Comparable1 growth	Comparable1 growth			Dec-18	Dec-18	Jun-182	Jun-182
	MAT Dec-18 ($m) Proportion of portfolio (%) By sales By rent						Comparable MAT growth (%)1	MM and SS4	SS4	MM and SS4	SS4
				Dec-18 (%)	Jun-182 (%)
							Apparel	4.2	2.5	(0.4) 2.6 5.1 1.8 5.2 (1.1) 6.1 (1.2) (1.3)	(1.1)
		By sales By rent
							Food catering	2.9	3.1		2.9
Specialty stores	6,520	41	57	1.2	0.9 4.1
							Homewares	5.3	(34.1)		1.2
Mini majors	2,230	14	12	14.2
							General retail	0.8	1.9		2.4
Specialties and mini majors	8,750	55	69	4.2	1.6
							Leisure	5.6	2.4		3.6
Supermarkets	3,844	24	7	1.4	1.3 1.8 (0.5) (2.0)
							Food retail	0.5	(2.4)		(1.4)
Discount department stores	1,465	9	6	0.8
							Retail services	5.2	5.3		6.1
Other retail3	1,105	7	14	0.7
							Jewellery	12.7	12.7		(1.2)
Department stores	794	5	4	(2.8)
							Mobile phones	4.5	4.5		(1.3)
Total portfolio	15,957	100	100	2.7	1.2		Total	4.2	1.2	1.6	0.9

Note: Totals may not sum due to rounding.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 46 for details).

2. Includes Chadstone same-store sales.

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

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

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Direct portfolio

Non-comparable centres for sales reporting

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	Non-comparable status	Non-comparable status
Centre	Dec-18		Jun-18
DFO Perth, WA		Post-development		Under development
Mandurah Forum, WA		Post-development		Post-development
QueensPlaza, QLD		Under development		Pre-development
Roselands, NSW		Under development		Under development
The Glen, VIC		Under development		Under development
Bankstown Central, NSW		Pre-development		-1
Chatswood Chase Sydney, NSW		Pre-development		-1
Galleria, WA		Pre-development		-1
The Myer Centre Brisbane, QLD		Pre-development		Pre-development
Broadmeadows Central, VIC		-1		Major tenant changeover
Chadstone, VIC		-1		Same-store sales included
Warriewood Square, NSW		-1		Post-development

Note: All divestments during the period are excluded.

1. Considered stable under SCCA guidelines.

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Direct portfolio

Key portfolio tenants

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Top 10 tenants	Top 10 tenants	Top 10 tenants	Top 10 tenants	Top 10 tenants
Rank Retailer Retailer type Number of stores % of income
1		Supermarket	39	3.5
2		Supermarket	37	3.0
3		Discount department store	25	2.6
4		Department store	9	2.2
5		Department store	5	2.1
6		Discount department store	20	1.7
7		Discount department store	17	1.4
8		Specialty/Mini major	28	0.7
9		Car parking	1	0.7
10		Cinema	5	0.7
Top 10 total			186	18.5

Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups	Top 10 tenant groups
Rank Retailer Number of leases % of income Brands
1		83	4.8	Big W, BWS, Dan Murphy’s, Food For Less, Woolworths, Woolworths Liquor,Woolworths Petrol
2		46	4.4	Kmart, Target
3		58	3.9	Coles, First Choice Liquor, Liquorland, Vintage Cellars
4		38	3.1	Country Road, David Jones, Mimco, Politix, Trenery, Witchery
5		16	2.3	Marcs, Myer, sass & bide
6		123	1.5	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
7		91	1.3	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes,Supre,Typo
8		159	1.1	Autograph, BeMe, Crossroads, Katies, Millers Fashion Club, Noni B, Rivers, Rockmans,W.Lane
9		71	0.9	Connor, Johnny Bigg, Rockwear, Tarocash, YD
10		24	0.9	JB Hi-Fi, JB Hi-Fi Home, Good Guys Discount Warehouse
Top 10 total		709	24.2

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Leasing

Direct portfolio

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Leasing spread[1] (%)

	Six months to Dec-18	12	months to Jun-18
Leasing spread – renewals	5.5%		0.6%
Leasing spread – replacements	3.0%		0.9%
Leasing spread - total	4.4%		0.7%

512 lease transactions completed[1]

Leasing spread of 4.4% a strong result given fixed 5% annual rental increases

Recent tenant administrations provide opportunity to bring forward remixing opportunities

More than half of those sites handed back have already been re-leased

Lease expiry profile by income

Continued proactive re-weighting to categories with stronger demand

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

35%
31%
Majors
30%
All other retailers
25%
20%
14%
15% 13% 13%
11%
10% 8%
6%
5%
2% 1%
0% 0% 1%
0%
Holdover FY19 FY20 FY21 FY22 FY23+
----- End of picture text -----

Tenant replacements reduced to 39%

Weighted average lease expiry of 4.8 years by gross lettable area

1. Leasing spreads include all store types other than majors, offices, ATMs and storage. For leases greater than 18 months duration and excludes project-impacted leasing and divestments.

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Financial results

FFO per security growth of 2.0% on a comparable basis[1]

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For the six months to Dec-18 ($m) Dec-17 ($m) Change ($m) Change (%)	For the six months to Dec-18 ($m) Dec-17 ($m) Change ($m) Change (%)	For the six months to Dec-18 ($m) Dec-17 ($m) Change ($m) Change (%)	For the six months to Dec-18 ($m) Dec-17 ($m) Change ($m) Change (%)	For the six months to Dec-18 ($m) Dec-17 ($m) Change ($m) Change (%)
Net property income (NPI)	450.0	447.9	2.1	0.5
Partnerships and other income	35.3	35.5	(0.2)	(0.6)
Total income	485.3	483.4	1.9	0.4
Net corporate overheads	37.8	36.0	1.8	5.0
Net interest expense	98.0	89.7	8.3	9.3
Funds from operations (FFO)	349.5	357.7	(8.2)	(2.3)
Maintenance capex and lease incentives	29.4	24.0	5.4	22.5
Adjusted FFO (AFFO)	320.1	333.7	(13.6)	(4.1)
Statutory net profit2	235.3	755.9
DPS (cents)	7.95	8.10	(0.15)	(1.9)
FFO per security (cents)3	9.06	9.14	(0.08)	(0.9)
AFFO per security (cents)3	8.29	8.53	(0.24)	(2.7)
Payout ratio – FFO (%)4	87.2	87.7	(0.5) n.a.
Payout ratio – AFFO (%)4	95.2	94.0	1.2 n.a.

Note: Totals may not sum due to rounding.

1. Adjusting for the impact of divestments.

2. Refer to slide 50 for full reconciliation of FFO to statutory net profit. 3. The calculation of FFO and AFFO per security for each period uses the weighted average number of securities on issue.

3. Calculated as: Total distributions/total FFO and AFFO.

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Financial results

FFO reconciliation to statutory net profit after tax

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For the six months to	Dec-18 ($m)	Dec-17 ($m)
Statutory net profit after tax 235.3 755.9 Property revaluation decrement/(increment) for directly owned properties 71.6 (417.0) Non-distributable loss/(gain) relating to equity accounted investments 1.3 (1.0) Amortisation of static lease incentives 8.5 6.9 Amortisation of other project items 12.1 9.7 Straight-lining of rent adjustment (5.6) (11.6) Net mark-to-market movement on derivatives (37.6) 12.3 Net foreign exchange movement on interest bearing liabilities 54.5 (0.5) Amortisation of intangible assets 1.9 2.2
Other non-distributable items 7.5 0.8
Funds from operations (FFO) 349.5 357.7

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Financial results

Strong balance sheet maintained

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As at Dec-18 ($m) Jun-18 ($m) Change ($m)	As at Dec-18 ($m) Jun-18 ($m) Change ($m)	As at Dec-18 ($m) Jun-18 ($m) Change ($m)	As at Dec-18 ($m) Jun-18 ($m) Change ($m)
Cash and cash equivalents 57.9 42.1 15.8
Investment properties1 15,355.8 15,892.7 (536.9)
Equity accounted investments 694.3 681.1 13.2
Intangible assets 593.0 594.9 (1.9)
Other assets 294.6 270.8 23.8
Total assets	16,995.6	17,481.6	(486.0)
Borrowings 4,153.5 4,437.6 (284.1)
Other liabilities 911.2 936.5 (25.3)
Total liabilities	5,064.7	5,374.1	(309.4)
Net assets	11,930.9	12,107.5	(176.6)
Securities on issue (m)	3,831.3	3,871.6	(40.3)
Net tangible assets per security ($)	2.96	2.97	(0.3%)
Net asset value per security ($)	3.11	3.13	(0.6%)

Note: Totals may not sum due to rounding. 1. Vicinity’s ownership interest.

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Capital management Strong balance sheet maintained

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Debt statistics summary

As at Dec-18 Jun-18	As at Dec-18 Jun-18	As at Dec-18 Jun-18
Total debt facilities $5.4b $5.5b Drawn debt1 $4.1b $4.4b Undrawn debt $1.3b $1.1b Weighted average interest rate2 4.5% 4.3%
Gearing3	25.1%	26.4%
Debt duration4 4.3 years 4.4 years
Weighted average hedge rate5 4.6% 4.6%
Proportion of debt hedged 89% 86%
Interest cover ratio (ICR) 4.6x 4.8x
Credit ratings/outlook - Moody’s - S&P Global Ratings	A2/stable A/stable	A2/stable A/stable

Hedging profile[5,6]

	4,000																5.0%
	3,500																4.9%
	3,000																4.8%
Notional A$m	0 500 1,000 1,500 2,000 2,500																4.2% 4.3% 4.4% 4.5% 4.6% 4.7%	Hedge rate
		FY19			FY20	FY21	FY22	FY23	FY24			FY25		FY26	FY27
	Fixed rate debt (lhs)					Interest rate swaps (lhs)					Weighted average					hedge rate (rhs)

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

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

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

4. Based on facility limits.

5. The weighted average hedge rate includes margin and establishment fees on fixed rate debt and margin, line and establishment fees on floating debt that has been hedged with interest rate swaps.

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

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Asset summaries

Centre statistics

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
New South Wales
Chatswood Chase Sydney2	Major Regional	51	63,623	100.0	n.a.	n.a.	n.a.	n.a.
Bankstown Central2	Major Regional	50	85,899	99.8	n.a.	n.a.	n.a.	n.a.
Roselands2	Major Regional	50	55,026	100.0	n.a.	n.a.	n.a.	n.a.
Queen Victoria Building	CityCentre	50	13,771	99.9	278.7	23,365	26,912	19.6
The Galeries	CityCentre	50	14,984	100.0	197.8	13,322	20,508	14.1
The Strand Arcade	CityCentre	50	5,989	100.0	132.7	28,986	27,295	13.5
Lake Haven Centre	Sub Regional	100	43,103	99.5	304.0	8,943	9,976	13.6
Nepean Village	Sub Regional	100	23,056	99.3	242.6	11,221	12,741	12.7
Warriewood Square	Sub Regional	50	30,180	100.0	235.4	8,599	9,376	17.3
Carlingford Court	Sub Regional	50	33,313	100.0	187.9	7,117	10,258	16.2
Armidale Central	Sub Regional	100	14,742	99.4	92.2	6,362	6,491	10.9
Lennox Village	Neighbourhood	50	10,145	99.2	119.1	12,527	6,277	19.2
DFO Homebush	Outlet Centre	100	28,326	100.0	321.2	11,649	14,888	10.5
Tasmania
Eastlands	Regional	100	33,321	100.0	258.3	8,120	8,606	12.4
Northgate	Sub Regional	100	19,464	99.8	142.8	8,109	9,883	12.1

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

2. Non-comparable sales. Refer to slide 46 for details.

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Queensland
QueensPlaza2	City Centre	100	39,153	100.0	n.a.	n.a.	n.a.	n.a.
TheMyerCentreBrisbane2	City Centre	25	63,668	100.0	n.a.	n.a.	n.a.	n.a.
GrandPlaza	Regional	50	53,368	99.9	363.3	7,108	10,210	15.7
RunawayBay Centre	Regional	50	42,983	99.8	290.1	7,910	9,327	13.3
Mt Ommaney Centre	Regional	25	56,562	99.2	315.0	6,675	7,866	15.1
TaigumSquare	SubRegional	100	22,852	99.6	109.1	6,177	6,534	12.8
Gympie Central	SubRegional	100	14,166	99.2	130.1	9,850	12,685	8.9
WhitsundayPlaza	SubRegional	100	22,383	100.0	123.7	7,152	13,487	6.6
BurandaVillage	SubRegional	100	11,663	98.9	67.4	6,844	9,612	12.8
Milton Village	Neighbourhood	100	2,879	100.0	27.1	18,344	16,093	10.1
DFOBrisbane	Outlet Centre	100	26,318	100.0	230.5	9,094	9,243	10.9
South Australia
Elizabeth City Centre	Regional	100	80,199	99.9	355.5	5,793	7,596	16.2
Colonnades	Regional	50	84,225	99.4	316.0	5,941	6,738	14.8
CastlePlaza	SubRegional	100	22,842	99.3	146.8	6,882	8,935	14.6
Kurralta Central	Sub Regional	100	10,676	100.0	88.4	8,526	10,530	11.8

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

2. Non-comparable sales. Refer to slide 46 for details.

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Victoria
Chadstone	Super Regional	50	215,056	99.8	2,134.9	12,489	18,695	17.1
Bayside	Major Regional	100	89,005	99.6	421.1	5,442	8,687	15.4
Northland	Major Regional	50	98,575	99.6	542.2	6,117	8,990	18.8
The Glen2	Major Regional	50	55,727	100.0	n.a.	n.a.	n.a.	n.a.
Emporium Melbourne	City Centre	50	45,203	99.7	447.3	10,151	13,025	19.5
Myer Bourke Street	City Centre	33	39,924	100.0	n.a.	n.a.	n.a.	n.a.
Broadmeadows Central	Regional	100	61,527	99.7	290.6	5,492	6,800	17.2
CranbournePark	Regional	50	46,917	99.9	252.4	6,243	7,753	16.3
Box HillCentral(South Precinct)	SubRegional	100	23,829	100.0	194.0	9,028	11,135	15.5
Victoria Gardens Shopping Centre	SubRegional	50	35,195	100.0	208.9	7,084	10,497	13.7
Box HillCentral(North Precinct)	SubRegional	100	14,599	99.1	74.8	6,583	7,215	16.6
Roxburgh Village	SubRegional	100	24,743	99.5	155.9	7,072	6,568	14.1
Corio Central	SubRegional	100	31,491	97.8	158.7	6,616	5,653	14.7
Altona Gate	Sub Regional	100	26,235	99.7	151.0	6,390	7,577	14.5
Sunshine Marketplace	Sub Regional	50	34,131	99.8	153.8	5,006	6,987	15.0
MorningtonCentral	SubRegional	50	11,781	100.0	99.0	8,411	9,056	15.2
Oakleigh Central	Neighbourhood	100	13,939	99.5	128.8	9,787	5,654	15.1
DFO South Wharf3	Outlet Centre	100	56,371	100.0	427.4	10,767	10,316	11.2
DFOEssendon3	Outlet Centre	100	52,483	100.0	262.2	10,441	9,808	12.4
DFO Moorabbin	Outlet Centre	100	24,688	100.0	163.8	6,846	7,300	12.1

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

2. Non-comparable sales. Refer to slide 46 for details.

3. Sales and occupancy data exclude Homemaker retailers.

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Asset summaries

Centre statistics (continued)

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					Moving
					annual			Specialty
		Ownership		Occupancy	turnover	Centre	Specialty	occupancy
	Centre type	interest	GLA	rate	(MAT)	MAT	MAT	costs1
		(%)	(sqm)	(%)	($m)	($/sqm)	($/sqm)	(%)
Western Australia
Galleria2	Major Regional	50	81,499	100.0	n.a.	n.a.	n.a.	n.a.
Mandurah Forum2	Major Regional	50	69,352	100.0	n.a.	n.a.	n.a.	n.a.
Rockingham	Regional	50	62,349	97.9	393.0	7,028	7,944	18.6
EllenbrookCentral	SubRegional	100	36,666	99.7	237.7	7,902	8,767	11.5
WarwickGrove	SubRegional	100	32,295	99.0	207.7	8,280	7,765	14.9
MaddingtonCentral	SubRegional	100	27,956	99.6	188.3	7,465	7,231	14.7
Livingston Marketplace	SubRegional	100	15,600	100.0	118.2	8,330	9,238	11.8
HallsHead Central	SubRegional	50	19,377	98.6	125.9	6,845	6,980	13.0
Karratha City	SubRegional	50	23,977	99.0	209.1	9,239	10,358	9.5
DianellaPlaza	Neighbourhood	100	17,166	99.4	107.0	7,340	5,867	16.1
VictoriaParkCentral	Neighbourhood	100	5,781	100.0	50.9	9,696	5,648	15.2
DFOPerth2	Outlet Centre	50	23,649	100.0	n.a.	n.a.	n.a.	n.a.

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

2. Non-comparable sales. Refer to slide 46 for details.

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Asset summaries

Valuations

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Capitalisation rate	Discount rate As at 31-Dec-18 (%)
		As at 31-Dec-18 (%) As at 30-Jun-18 (%) Movement
New South Wales
Chatswood Chase Sydney Major Regional 51 (2.9) 586.4 4.75 4.75 - 6.50
BankstownCentral Major Regional 50 (0.9) 355.0 5.75 5.75 - 7.00
Roselands Major Regional 50 (10.0) 165.1 6.00 6.25 (0.25) 7.00
Queen VictoriaBuilding City Centre 50 2.9 327.5 4.75 4.75 - 6.50
The Galeries City Centre 50 3.8 167.5 4.75 4.75 - 6.50
The StrandArcade City Centre 50 3.9 124.0 4.50 4.50 - 6.50
LakeHavenCentre SubRegional 100 (1.3) 320.0 6.25 6.25 - 7.25
Nepean Village SubRegional 100 10.8 204.0 5.50 5.75 (0.25) 7.00
Warriewood Square SubRegional 50 1.3 150.0 5.75 5.75 - 7.50
Carlingford Court SubRegional 50 0.3 122.0 6.00 5.75 0.25 7.00
Armidale Central SubRegional 100 (0.1) 46.0 7.00 7.00 - 7.50
Lennox Village Neighbourhood 50 (4.6) 35.0 6.25 5.75 0.50 7.25
DFOHomebush Outlet Centres 100 34.3 515.0 5.25 5.50 (0.25) 7.00
Tasmania
Eastlands Regional 100 0.2 170.8 6.50 6.50 -			7.25
Northgate Sub Regional 100 (8.0) 102.5 7.00 6.75 0.25 8.00

1. Based on ownership interest.

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

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Capitalisation rate	Discount rate As at 31-Dec-18 (%)
		As at 31-Dec-18 (%) As at 30-Jun-18 (%) Movement
Queensland
QueensPlaza City Centre 100 (1.0) 787.0 4.75 4.75 - 7.00
TheMyerCentreBrisbane City Centre 25 (9.4) 186.3 5.50 5.50 - 7.00
GrandPlaza Regional 50 (2.9) 217.5 5.50 5.50 - 7.00
RunawayBay Centre Regional 50 (2.8) 155.0 5.75 5.75 - 7.50
Mt Ommaney Centre Regional 25 (10.0) 96.3 6.00 5.75 0.25 7.00
TaigumSquare SubRegional 100 (4.4) 97.0 6.25 6.25 - 7.25
Gympie Central SubRegional 100 0.2 82.0 6.50 6.50 - 7.75
WhitsundayPlaza SubRegional 100 (3.0) 66.6 6.75 6.50 0.25 7.50
BurandaVillage SubRegional 100 1.2 44.0 6.00 6.25 (0.25) 6.75
Milton Village Neighbourhood 100 (0.2) 30.4 6.25 6.25 -			7.50
DFOBrisbane Outlet Centres 100 0.9 63.0 7.50 7.50 -			8.00
South Australia
ElizabethCity Centre Regional 100 (11.9) 372.1 7.00 6.75 0.25 7.75
Colonnades Regional 50 (18.6) 131.5 7.00 6.75 0.25 7.75
CastlePlaza SubRegional 100 (5.8) 173.1 6.75 6.75 - 7.75
Kurralta Central SubRegional 100 1.0 44.5 6.00 6.00 - 6.75

1. Based on ownership interest.

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

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Capitalisation rate	Discount rate As at 31-Dec-18 (%)
	As at 31-Dec-18 (%) As at 30-Jun-18 (%) Movement
Victoria
Chadstone Super Regional 50 42.4 3,150.0 3.75 3.75 - 6.25
Bayside Major Regional 100 (32.3) 600.0 6.00 5.75 0.25 7.00
Northland Major Regional 50 (1.1) 492.5 5.50 5.50 - 7.25
The Glen Major Regional 50 11.6 362.0 5.50 5.75 (0.25) 7.25
Emporium Melbourne City Centre 50 9.7 695.0 4.25 4.25 - 7.00
Myer Bourke Street City Centre 33 3.0 163.0 4.75 4.75 - 6.75
Broadmeadows Central Regional 100 (5.0) 328.0 6.50 6.50 - 7.25
CranbournePark Regional 50 (6.6) 155.0 5.75 5.50 0.25 7.50
Box HillCentral(South Precinct) SubRegional 100 8.1 225.5 6.00 6.00 - 7.25
Victoria Gardens Shopping Centre SubRegional 50 1.6 142.5 5.75 5.75 - 7.25
Box HillCentral(North Precinct) SubRegional 100 3.4 123.0 6.00 6.00 - 7.00
Roxburgh Village SubRegional 100 (2.4) 120.0 6.25 6.25 - 7.25
Corio Central SubRegional 100 (15.9) 115.0 7.50 7.25 0.25 7.50
Altona Gate Sub Regional 100 (0.9) 106.5 6.25 6.25 - 7.00
SunshineMarketplace SubRegional 50 0.9 62.0 6.25 6.25 - 7.00
MorningtonCentral SubRegional 50 (1.6) 36.0 6.00 6.00 - 7.00
Oakleigh Central Neighbourhood 100 (0.9) 76.0 6.00 6.00 - 7.00
DFO South Wharf Outlet Centre 100 48.4 705.0 5.50 5.75 (0.25) 7.25
DFOEssendon Outlet Centre 100 (0.6) 178.0 6.75 6.75 - 8.25
DFO Moorabbin Outlet Centre 100 (0.5) 126.0 7.50 7.50 - 8.75

1. Based on ownership interest.

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

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Asset summaries

Valuations (continued)

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Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Centre type Ownership interest (%) Net revaluation movement1,2 ($m) Value As at 31-Dec-181 ($m)	Capitalisation rate	Discount rate As at 31-Dec-18 (%)
		As at 31-Dec-18 (%) As at 30-Jun-18 (%) Movement
Western Australia
Galleria Major Regional 50 (20.5) 365.0 5.50 5.50 -			7.00
Mandurah Forum Major Regional 50 (20.8) 322.0 5.50 5.25 0.25 7.00
RockinghamCentre Regional 50 (6.3) 300.0 5.50 5.50 - 7.25
EllenbrookCentral SubRegional 100 (1.1) 244.0 5.50 5.50 - 7.00
WarwickGrove SubRegional 100 (18.1) 185.0 7.00 6.50 0.50 8.25
MaddingtonCentral SubRegional 100 (6.0) 115.0 7.25 7.00 0.25 8.00
Livingston Marketplace SubRegional 100 0.5 90.0 6.00 6.00 - 7.25
HallsHead Central SubRegional 50 (7.3) 50.0 6.50 6.00 0.50 7.50
Karratha City SubRegional 50 (2.6) 49.0 7.00 7.00 - 7.50
DianellaPlaza Neighbourhood 100 (7.8) 82.6 6.75 6.50 0.25 7.50
VictoriaParkCentral Neighbourhood 100 (2.0) 28.5 6.25 6.25 - 7.50
DFOPerth Outlet Centres 50 30.7 106.8 6.00 n.a. n.a. 7.50

1. Based on ownership interest.

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

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Key dates

Investor calendar

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	Key dates
	FY19 interim results	15 February 2019
	December 2018 distribution payment	4 March 2019
	Ex-distribution date for June 2019 distribution	27 June 2019
	Record date for June 2019 distribution	28 June 2019
	FY19 annual results	14 August 2019
	June 2019 distribution payment and 2019 Annual Tax Statements despatched	28 August 2019
	2019 Annual General Meeting	14 November 2019
	Ex-distribution date for December 2019 distribution	30 December 2019
	Record date for December 2019 distribution	31 December 2019

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

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Contact details and disclaimer

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For further information please contact:

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

Troy Dahms

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

Disclaimer

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation 15 February 2019. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Interim Report for the six months ended 31 December 2018 lodged with the Australian Securities Exchange on 15 February 2019. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate.

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

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

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