VICINITY CENTRES TRUST - Interim / Quarterly Report 2021

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Direct Portfolio Property Book June 2021

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Our destinations play an essential role in their communities, providing a wide range of non discretionary and discretionary retail, dining, leisure, entertainment and services to deliver engaging experiences for our consumers.

We are pleased to see our customers continue to re-engage with their favourite destinations during the period, despite the ongoing impacts of COVID-19.

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03 About Vicinity Centres
04 Discover more
06 Direct Portfolio
08 Asset summaries
11 New South Wales (NSW)
25 Queensland (QLD)
36 South Australia (SA)
42 Victoria (VIC) and Tasmania (TAS)
66 Western Australia (WA)

Cover image: Chadstone, VIC This page: The Glen, VIC

Disclaimer

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

This document is for information purposes only and is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimate, opinions or other information contained in this document.

The information and figures contained in this document are current only as at 30 June 2021 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the Financial Report for the full-year ended 30 June 2021, lodged with the Australian Securities Exchange (ASX) on 18 August 2021.

Effect of rounding

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

Copyright

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

Authorisation

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

2 Vicinity Centres Direct Portfolio June 2021

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Ellenbrook Central, WA

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

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

Vicinity has 61 assets under management around Australia, valued at $22.2 billion across approximately 2.5 million square metres of gross lettable area.

Vicinity’s directly-owned portfolio (Direct Portfolio) of 59 shopping centres is valued at $13.5 billion, just over half of which comprises Vicinity’s Flagship portfolio, which includes Chadstone, Australia’s number one shopping centre by retail sales[1] , seven premium CBD centres located across Australia’s three largest cities, and Australia’s leading outlet centre portfolio, the DFOs.

Vicinity continues to progress implementation of energy, water and carbon reduction programs to improve the environmental efficiency of our shopping centres, as we work towards meeting our target of Net Zero carbon emissions[2] by 2030. In 2021, Vicinity was one of only three Australian companies to be included in CDP's[3] Climate A-List, ranked third in the Australian Retail Shopping Centre category by Global Real Estate Sustainability Benchmark (GRESB)[4] , ranked seventh most sustainable real estate company globally by Dow Jones Sustainability Index (DJSI); and has a 4.4 Star[5] Portfolio NABERS Energy rating.

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Reported in the Big Guns 2020 survey.

For our wholly-owned retail assets. Consistent with GHG Protocol, this applies to common mall areas.

Formerly Carbon Disclosure Project.

GRESB includes listed and unlisted funds.

NABERS Sustainable Portfolio Index 2021, based on Vicinity's ownership interest and 2021 rating as at December 2020 with 91% portfolio coverage.

Vicinity has embarked on a threeyear strategic partnership with the Australian Red Cross, leveraging our national centre network to deliver a range of community support programs and localised fundraising activities.

Vicinity Centres Direct Portfolio June 2021

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Our customers love browsing through their favourite fashion brands in store. They can see the colours, feel the quality and get the perfect fit every time. Our retailers have the opportunity to offer excellent customer service and ensure a consistent and memorable experience.

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With a broad selection of everyday essentials on offer, our customers can find what they need. From groceries to home office supplies, our centres are the quick and easy place to stock up.

4 Vicinity Centres Direct Portfolio June 2021

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In our fast-paced world, looking after our health is more important than ever. Our customers can access our centres for the products and services they need to keep them feeling good. From state of the art gyms to health and supplement stores and the latest fitness apparel, our centres are community health and wellness hubs.

With the best in class retailers across our centres, we bring the latest trends in hair, skin, nails and cosmetics to our consumers. Treat yourself to a facial, haircut and manicure in store or grab everything you need for your at-home regime.

Vicinity Centres Direct Portfolio June 2021 5

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Key statistics by centre type

Total portfolio	Chadstone	Premium CBDs	DFOs1	Core
Number of retail assets 59	1	7	7	44
Gross lettable area (000’s) (sqm) 2,421	234	222	231	1,735
Total value2($m) 13,468	3,016	1,965	1,745	6,742
Portfolio weighting by value (%) 100	22	15	13	50
Capitalisation rate (weighted average) (%) 5.49	3.88	4.97	5.93	6.25
Occupancy rate (%) 98.2	99.0	96.9	98.0	98.4

Note: Totals may not sum due to rounding.

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

Composition by centre type[a]

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Super Regional 22%
City Centre 15%
Major Regional 18%
Regional 11%
Sub Regional 20%
Neighbourhood 1%
Outlet Centre 13%
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Note: Totals may not sum due to rounding.
a Expressed by ownership value.
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1
Formal TCFD participant
#3 #7
Australian NET ZERO Global real estate company [4]
retail carbon target by 2030 [3]
company [2]
NABERS ENERGY RATING
AUSTRALIA'S
Increased to 4.4 Stars (Dec 19: 3.9 Stars) [5]
LARGEST
shopping centre solar program
1. One of only three Australian companies in CDP’s Climate A list. CDP formerly known as Carbon Disclosure Project.
2. Global Real Estate Sustainability Benchmark which includes listed and unlisted funds.
3. For our wholly-owned retail assets. Consistent with GHG Protocol, this applies to common mall areas.
4. Dow Jones Sustainability Index.
5. NABERS Sustainable Portfolio Index 2021, based on Vicinity's ownership interest and 2021 rating as at December 2020 with 91% portfolio
coverage, December 2019 rating has 86% portfolio coverage.
Vicinity Centres Direct Portfolio June 2021
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6 Vicinity Centres Direct Portfolio June 2021

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59 $13.5 billion 2.4 million sqm
shopping centres total value gross lettable area
WHITSUNDAY PLAZA
KARRATHA CITY ● BURANDA VILLAGE
● DFO BRISBANE
10% ● GRAND PLAZAQUEENSPLAZA
● TAIGUM SQUARE
QLD THE MYER CENTRE BRISBANE
11% 9
GYMPIE CENTRAL
WA 12
BRISBANE
4% RUNAWAY BAY CENTRE
SA 4 20%
ARMIDALE CENTRAL
NSW 12
PERTH
MANDURAH FORUM ●
HALLS HEAD CENTRAL ● LAKE HAVEN CENTRE
SYDNEY
ADELAIDE
● CASTLE PLAZA
COLONNADES BANKSTOWN CENTRAL
DFO PERTH ● ELIZABETH CITY CENTRE CARLINGFORD COURT
● DIANELLA PLAZA ● KURRALTA CENTRAL CHATSWOOD CHASE SYDNEY
● ELLENBROOK CENTRAL ● DFO HOMEBUSH
GALLERIA ● NEPEAN VILLAGE
●● LIVINGSTON MARKETPLACEMADDINGTON CENTRAL MELBOURNE QUEEN VICTORIA BUILDINGROSELANDS
● ROCKINGHAM CENTREVICTORIA PARK CENTRAL 54% THE GALERIESTHE STRAND ARCADE
● WARWICK GROVE ● ALTONA GATE EMPORIUM MELBOURNE WARRIEWOOD SQUARE
●● BAYSIDEBOX HILL CENTRAL (NORTH PRECINCT) MORNINGTON CENTRALMYER BOURKE STREET VIC/TAS 22
● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND
● BROADMEADOWS CENTRAL ● OAKLEIGH CENTRAL
CHADSTONE ● ROXBURGH VILLAGE
CRANBOURNE PARK SUNSHINE MARKETPLACE
● DFO ESSENDON THE GLEN
● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE HOBART
● DFO SOUTH WHARF
DFO UNI HILL
● EASTLANDS
● NORTHGATE
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Note: Totals may not sum due to rounding.

l Wholly owned

¢ Jointly owned

£[Number of shopping centres]
% Portfolio value (%)

Vicinity Centres Direct Portfolio June 2021 7

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New South Wales Armidale Central4	Centre type Sub Regional	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211,2 ($m) Net revaluation movement1,3 ($m) 100 14,741 n.a. 34.5 (1.1)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211,2 ($m) Net revaluation movement1,3 ($m) 100 14,741 n.a. 34.5 (1.1)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211,2 ($m) Net revaluation movement1,3 ($m) 100 14,741 n.a. 34.5 (1.1)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211,2 ($m) Net revaluation movement1,3 ($m) 100 14,741 n.a. 34.5 (1.1)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211,2 ($m) Net revaluation movement1,3 ($m) 100 14,741 n.a. 34.5 (1.1)	As at 30-Jun-21 (%) As at 31-Dec-20 (%) Movement 7.00 7.50 (0.50) Capitalisation rate	As at 30-Jun-21 (%) As at 31-Dec-20 (%) Movement 7.00 7.50 (0.50) Capitalisation rate	As at 30-Jun-21 (%) As at 31-Dec-20 (%) Movement 7.00 7.50 (0.50) Capitalisation rate	Discount rate As at 30-Jun-21 (%) 7.25	Page number 11 13
Bankstown Central4	Major Regional	50	85,453	n.a. 260.5 (13.6)			6.00 6.00 -			6.75	14
Carlingford Court	Sub Regional	50	33,297	99.3 98.6 (0.6)			6.25 6.25 -			6.75	15
Chatswood Chase Sydney4	Major Regional	51	63,472	n.a. 426.3 (13.4)			5.00 5.00 -			6.50	16
DFO Homebush	Outlet Centre	100	28,229	97.5 626.9 16.4			5.25 5.25 -			6.75	17
Lake Haven Centre	Sub Regional	100	43,145	98.6 270.0 (4.9)			6.50 6.50 -			7.00	18
Nepean Village	Sub Regional	100	23,058	99.4 201.3 (0.4)			5.75 5.75 -			6.75	19
Queen Victoria Building	City Centre	50	14,029	92.5 270.3 (6.2)			5.13 5.13 -			6.50	20
Roselands4	Major Regional	50	63,498	n.a.	139.0 (7.4)		6.25 6.25 -			7.00	21
The Galeries	City Centre	50	14,997	99.8	146.5 (6.8)		5.00 5.00 -			6.25	22
The Strand Arcade	City Centre	50	5,738	95.8 109.4 (6.1)			4.75 4.75 -			6.25	23
Warriewood Square Queensland	Sub Regional	50	30,281	99.0 127.8 (6.9)			6.00 6.00 -			6.75	24 25
Buranda Village	Sub Regional	100	11,645	99.9	38.0	0.0	6.00	6.00	-	6.25	27
DFO Brisbane	Outlet Centre	100	26,124	98.7	67.0	3.8	7.75	7.75	-	7.25	28
Grand Plaza	Regional	50	53,375	97.4	182.0	3.7	6.00	6.00	-	7.00	29
Gympie Central	Sub Regional	100	14,089	97.7	72.5	2.3	7.25	7.25	-	7.75	30
QueensPlaza4	City Centre	100	39,578	n.a.	665.0	(17.2)	4.75	4.75	-	6.25	31
Runaway Bay Centre	Regional	50	42,692	97.5	107.0	(3.0)	6.25	6.25	-	7.00	32
Taigum Square	Sub Regional	100	22,836	99.2	89.0	5.5	6.75	7.00	(0.25)	7.75	33
The Myer Centre Brisbane4	City Centre	25	63,171	n.a.	118.8	(7.7)	5.75	5.75	-	6.75	34
Whitsunday Plaza	Sub Regional	100	22,358	99.7	60.5	(0.4)	7.25	7.25	-	7.50	35

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

Based on ownership interest.
Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.
Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.
Occupancy rate non-comparable for reporting purposes.

Vicinity Centres Direct Portfolio June 2021

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South Australia Castle Plaza	Centre type Sub Regional	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 22,838 98.5 142.0 (0.4)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 22,838 98.5 142.0 (0.4)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 22,838 98.5 142.0 (0.4)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 22,838 98.5 142.0 (0.4)	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 22,838 98.5 142.0 (0.4)	As at 30-Jun-21 (%) As at 31-Dec-20 (%) 7.00 7.00 Capitalisation rate	As at 30-Jun-21 (%) As at 31-Dec-20 (%) 7.00 7.00 Capitalisation rate	Movement -	Discount rate As at 30-Jun-21 (%) 7.50	Page number 36 38
Colonnades	Regional	50	86,564	99.0	113.2	(0.8)	7.50	7.50	-	8.00	39
Elizabeth City Centre	Regional	100	80,495	98.9	290.0	(2.0)	7.50	7.50	-	8.25	40
Kurralta Central Victoria	Sub Regional	100	10,675	100.0	45.5	2.5	6.00	6.25	(0.25)	6.50	41 42
Altona Gate	Sub Regional	100	26,429	97.9	107.0	(0.4)	6.25	6.25	-	6.50	44
Bayside	Major Regional	100	89,144	98.0	430.0	(12.8)	6.25	6.25	-	7.00	45
Box Hill Central (North Precinct)	Sub Regional	100	14,639	99.2	118.0	(7.0)	6.00	6.00	-	6.50	46
Box Hill Central (South Precinct)	Sub Regional	100	23,180	98.6	203.0	(8.4)	6.00	6.00	-	7.00	47
Broadmeadows Central	Regional	100	61,460	100.0	260.4	7.0	6.75	6.75	-	7.50	48
Chadstone	Super Regional	50	233,620	99.0	3,016.0	(64.1)	3.88	3.88	-	6.00	49
Cranbourne Park	Regional	50	46,932	98.6	127.0	0.6	6.25	6.25	-	7.00	50
DFO Essendon3	Outlet Centre	100	52,489	98.6	165.0	2.7	6.75	6.75	-	7.00	51
DFO Moorabbin	Outlet Centre	100	24,531	97.6	104.0	(1.7)	8.00	8.00	-	9.00	52
DFO South Wharf3	Outlet Centre	100	55,747	94.7	610.0	(3.2)	5.75	5.75	-	7.00	53
DFO Uni Hill	Outlet Centre	50	19,691	95.5	62.0	1.7	6.75	6.75	-	7.25	54
Emporium Melbourne4	City Centre	50	44,807	n.a.	520.0	(24.2)	4.75	4.75	-	6.50	55
Mornington Central	Sub Regional	50	11,798	100.0	35.0	(0.2)	6.00	6.00	-	6.25	56
Myer Bourke Street	City Centre	33	39,924	100.0	135.0	(7.5)	6.00	5.75	0.25	7.25	57
Northland	Major Regional	50	97,755	97.7	402.5	(11.8)	5.50	5.50	-	6.75	58
Oakleigh Central	Neighbourhood	100	14,360	97.9	80.0	2.2	5.50	5.75	(0.25)	6.50	59
Roxburgh Village	Sub Regional	100	24,745	100.0	93.0	(0.2)	7.25	7.25	-	7.75	60
Sunshine Marketplace	Sub Regional	50	34,184	97.2	61.5	1.7	6.25	6.50	(0.25)	6.75	61
The Glen4	Major Regional	50	76,624	n.a.	327.5	(4.3)	5.50	5.50	-	7.00	62
Victoria Gardens Shopping Centre	Sub Regional	50	37,949	99.6	144.8	0.8	6.00	6.00	-	7.00	63

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

Based on ownership interest.
Net revaluation movement excludes non-cash adjustments for the amortisation of lease incentives and straight lining of rent.
Occupancy data excludes Homemaker retailers.
Occupancy rate non-comparable for reporting purposes.

Vicinity Centres Direct Portfolio June 2021

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Tasmania Eastlands	Centre type Regional	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 33,262 99.4 163.0 4.8	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 33,262 99.4 163.0 4.8	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 33,262 99.4 163.0 4.8	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 33,262 99.4 163.0 4.8	Ownership interest (%) Gross lettable area (GLA) (sqm) Occupancy rate by GLA (%) Value As at 30-Jun-211 ($m) Net revaluation movement1,2 ($m) 100 33,262 99.4 163.0 4.8	As at 30-Jun-21 (%) As at 31-Dec-20 (%) 6.75 7.00 Capitalisation rate	As at 30-Jun-21 (%) As at 31-Dec-20 (%) 6.75 7.00 Capitalisation rate	Movement (0.25)	Discount rate As at 30-Jun-21 (%) 7.00	Page number 42 64
Northgate Western Australia	Sub Regional	100	19,479	98.7	83.0	(0.6)	7.50	7.75	(0.25)	7.75	65 66
DFO Perth	Outlet Centre	50	23,837	98.9	110.0	4.9	6.00	6.00	-	7.25	68
Dianella Plaza	Neighbourhood	100	17,142	95.3	63.0	1.4	7.25	7.50	(0.25)	7.75	69
Ellenbrook Central3	Sub Regional	100	46,905	n.a.	250.0	1.6	6.00	6.00	-	7.00	70
Galleria	Major Regional	50	81,679	95.8	235.0	(8.6)	6.00	6.00	-	6.50	71
Halls Head Central	Sub Regional	50	19,368	93.1	38.3	(0.8)	7.00	7.00	-	7.50	72
Karratha City	Sub Regional	50	23,478	97.4	49.3	3.4	7.75	7.75	-	7.75	73
Livingston Marketplace	Sub Regional	100	15,601	100.0	79.5	(0.6)	6.25	6.25	-	7.25	74
Maddington Central	Sub Regional	100	27,838	96.7	90.0	(2.6)	7.75	7.75	-	8.00	75
Mandurah Forum	Major Regional	50	66,020	95.7	217.5	1.9	6.25	6.25	-	7.00	76
Rockingham	Regional	50	62,216	96.2	210.0	3.6	6.00	6.00	-	7.00	77
Victoria Park Central	Neighbourhood	100	5,775	96.7	24.5	(0.4)	6.00	6.25	(0.25)	6.75	78
Warwick Grove	Sub Regional	100	32,113	99.8	152.0	4.3	7.25	7.50	(0.25)	8.00	79

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

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

Vicinity Centres Direct Portfolio June 2021

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ARMIDALE CENTRAL
LAKE HAVEN CENTRE
SYDNEY
WARRIEWOOD SQUARE
NEPEAN VILLAGE
CARLINGFORD COURT
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
QUEEN VICTORIA BUILDING THE STRAND ARCADE
THE GALERIES
BANKSTOWN CENTRAL
ROSELANDS
l Wholly owned
¢ Jointly owned
11 Vicinity Centres Direct Portfolio June 2021
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13 Armidale Central
14 Bankstown Central
15 Carlingford Court
16 Chatswood Chase Sydney
17 DFO Homebush
18 Lake Haven Centre
19 Nepean Village
20 Queen Victoria Building
21 Roselands
22 The Galeries
23 The Strand Arcade
24 Warriewood Square

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The Galeries, NSW

Vicinity Centres Direct Portfolio June 2021 12

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ARMIDALE CENTRAL

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

Armidale Central is a two level Sub Regional shopping centre located in regional northern New South Wales. It is anchored by Woolworths and includes more than 25 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by gross lettable area (GLA)
State	NSW
Centre type	Supermarkets Sub Regional	53%
Ownership interest (%) Date acquired Centre frst opened	Other retail Specialties 100 2007 2007	1% 44%
Latest redevelopment	Non retail n.a.	2%
Valuation External/Internal	External
Valuation ($m)1	34.5
Valuation date	Jun-21
Capitalisation rate (%)	7.00
Discount rate (%)	7.25

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
40% 7% 11% 15% 27% FY224 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 14,741 Number of tenants 33 Total Trade Area (000's) 62 Major tenants2 Woolworths Car spaces 613 Occupancy rate by GLA (%)3 n.a. Weighted average lease expiry by GLA (years) 4.3 Green Star – Performance 3 Stars NABERS Energy rating 0 Star NABERS Water rating 5.5 Stars	40%
	15%
	7%
	11%
	27%

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

13 Vicinity Centres Direct Portfolio June 2021

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BANKSTOWN CENTRAL

North Terrace, Bankstown NSW 2200 bankstowncentral.com.au

Bankstown Central is a three level Major Regional shopping centre located approximately 24 kilometres south-west of the Sydney CBD, lying within the area covered by the Sydenham to Bankstown Urban Renewal Corridor. It is anchored by Myer, Big W, Kmart, Target, Woolworths and SUPA IGA and includes more than 210 specialty stores.

Property overview

State	NSW
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2003
Centre frst opened	1966
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1,2	521.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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Supermarkets	8%
Discount department stores	28%
Department stores	13%
Mini majors	14%
Specialties	25%
Other retail	6%
Non retail	7%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
48% 13% 6% 10% 23% FY225 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 85,453 Number of tenants 262 Total Trade Area (000's) 516 Major tenants3 Big W, Kmart, Myer, SUPA IGA, Target, Woolworths Car spaces 3,174 Occupancy rate by GLA (%)4 n.a. Weighted average lease expiry by GLA (years) 3.0 Green Star – Performance 3 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 3 Stars	48%
	23%
	13%
	6%
	10%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Occupancy rate non-comparable for reporting purposes.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021

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CARLINGFORD COURT

Corner Pennant Hills and Carlingford Roads, Carlingford NSW 2118 carlingfordcourt.com.au

Carlingford Court is a four level Sub Regional shopping centre located approximately 22 kilometres north-west of the Sydney CBD. It is anchored by Target, Coles and Woolworths and includes more than 65 specialty stores. The retail offering is supported by a wide selection of restaurants, cafes and takeaway food.

Property overview

State	NSW
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1,2	197.2
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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

Supermarkets	23%
Discount department stores	24%
Mini majors	15%
Specialties	16%
Other retail	13%
Non retail	9%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	33,297
Number of tenants	99
Total Trade Area (000's)	171
Major tenants3	Coles, Target, Woolworths
Car spaces	1,472
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	4.1
Green Star – Performance	3 Stars
NABERS Energy rating	3 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	25%
	15%
	13%
	24%
	23%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

15 Vicinity Centres Direct Portfolio June 2021

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CHATSWOOD CHASE SYDNEY

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

Chatswood Chase Sydney is a four level Major Regional shopping centre located approximately 11 kilometres north of the Sydney CBD. It is anchored by David Jones, Kmart and Coles and includes more than 135 specialty stores. Chatswood Chase Sydney features iconic international and Australian brands such as Aje., Apple, Coach, Hugo Boss, Incu, lululemon, maje, Max & Co, MECCA, Nespresso, Polo Ralph Lauren, Pottery Barn, Sandro, Tommy Hilfiger, West Elm, Williams-Sonoma and Zimmermann.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Supermarkets Major Regional	6%
Ownership interest (%)	Discount department stores Vicinity Centres – 51	12%
Co-owner (%) Date acquired*	Department stores GIC – 49 2003	35%
Centre frst opened	Mini majors 1980	14%
Latest redevelopment	Specialties 2009	30%
Valuation External/Internal	Non retail External	2%
Valuation ($m)1,2	835.9
Valuation date	Jun-21
Capitalisation rate (%)	5.00
Discount rate (%)	6.50

Property metrics

Gross lettable area (GLA) (sqm)	63,472
Number of tenants	164
Total Trade Area (000's)	466
Major tenants3	Coles, David Jones, Kmart
Car spaces	2,434
Occupancy rate by GLA (%)4	n.a.
Weighted average lease expiry by GLA (years)	3.6
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY225 FY23 FY24 FY25 FY26+	49%
	28%
	12%
	5%
	6%

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

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Occupancy rate non-comparable for reporting purposes.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021

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DFO HOMEBUSH

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

DFO Homebush is a two level Outlet Centre located approximately 15 kilometres west of the Sydney CBD. The Centre is home to more than 105 outlet retailers with a unique Premium Outlet Mall, housing high-end luxury fashion retailers including Burberry, Max Mara, Versace, Armani Outlet, Salvatore Ferragamo, Kate Spade, Coach and Michael Kors. The centre also offers key sporting brands such as Nike, Asics, PUMA and Champion as well as a Homemaker Hub.

Property overview

Property overview
State	NSW
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired	2010
Centre frst opened	2002
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1,2	626.9
Valuation date	Jun-21
Capitalisation rate (%)	5.25
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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

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

Mini majors 45%
Specialties 55%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	28,229
Number of tenants	123
Total Trade Area (000's)	3,190
Major tenants3	–
Car spaces	2,020
Occupancy rate by GLA (%)	97.5
Weighted average lease expiry by GLA (years)	2.6
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	22%
	8%
	33%
	27%
	10%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

17 Vicinity Centres Direct Portfolio June 2021

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LAKE HAVEN CENTRE

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

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

Property overview

Property overview
State	NSW
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation ($m)1	270.0
Valuation date	Jun-21
Capitalisation rate (%)	6.50
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	43,145
Number of tenants	125
Total Trade Area (000's)	103
Major tenants2	ALDI, Coles, Kmart, Woolworths
Car spaces	1,660
Occupancy rate by GLA (%)	98.6
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	31%
	22%
	18%
	10%
	19%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 18

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NEPEAN VILLAGE

Corner Station and Woodriff Streets, Penrith NSW 2750 nepeanvillage.com.au

Nepean Village is a single level Sub Regional shopping centre located in Penrith, at the foothills of the Blue Mountains, approximately 57 kilometres west of the Sydney CBD. It is anchored by Kmart and Coles and includes more than 45 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1984
Latest redevelopment	1999
Valuation External/Internal	Internal
Valuation ($m)1,2	201.3
Valuation date	Jun-21
Capitalisation rate (%)	5.75
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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

Supermarkets	19%
Discount department stores	37%
Mini majors	6%
Specialties	19%
Other retail	17%
Non retail	2%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
43% 25% 8% 11% 13% FY224 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 23,058 Number of tenants 66 Total Trade Area (000's) 159 Major tenants3 Coles, Kmart Car spaces 861 Occupancy rate by GLA (%) 99.4 Weighted average lease expiry by GLA (years) 5.7 Green Star – Performance 4 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 1.5 Stars	43%
	11%
	25%
	8%
	13%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

19 Vicinity Centres Direct Portfolio June 2021

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QUEEN VICTORIA BUILDING

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

The Queen Victoria Building (QVB) is a five level shopping centre located in the heart of Sydney's CBD. Opened in 1898, the QVB is an historic and iconic destination, attracting local and international visitors. The QVB is home to unique retail and leading Australian and international brands, including R.M. Williams, KENZO, Ralph Lauren, Hugo Boss and Jimmy Choo. There is more than 140 specialty stores, as well as premium dining experiences The Tea Room, Esquire Bar + Bistro and Reign Champagne Parlour & Bar.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Mini majors City Centre	21%
Ownership interest (%)	Specialties Vicinity Centres – 50	73%
Co-owner (%)	Non retail GIC – 50	5%
Date acquired	2018
Centre frst opened	1898
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1,2	540.6
Valuation date	Jun-21
Capitalisation rate (%)	5.13
Discount rate (%)	6.50

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	14,029
Number of tenants	152
Total Trade Area (000's)	2,750
Major tenants3	–
Car spaces	669
Occupancy rate by GLA (%)	92.5
Weighted average lease expiry by GLA (years)	2.3
Green Star – Performance	2 Stars
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	27%
	24%
	18%
	11%
	19%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 20

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ROSELANDS

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

Roselands is a three level Major Regional shopping centre located approximately 18 kilometres south-west of the Sydney CBD. It is anchored by Myer, Kmart, ALDI, Coles and Woolworths and includes more than 105 specialty stores. The centre also has one of Sydney's best fresh food retail precincts, The Markets.

Property overview

State	NSW
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	1998
Centre frst opened	1965
Latest redevelopment	2019
Valuation External/Internal	Internal
Valuation ($m)1,2	278.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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

Supermarkets	17%
Discount department stores	13%
Department stores	39%
Mini majors	10%
Specialties	17%
Other retail	1%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	63,498
Number of tenants	134
Total Trade Area (000's)	493
Major tenants3	ALDI, Coles, Kmart, Myer, Woolworths
Car spaces	3,187
Occupancy rate by GLA (%)4	n.a.
Weighted average lease expiry by GLA (years)	5.9
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY225 FY23 FY24 FY25 FY26+	19%	19%
	5%
	6%
	37%
	33%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Occupancy rate non-comparable for reporting purposes.

5 Includes holdovers.

21 Vicinity Centres Direct Portfolio June 2021

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THE GALERIES

500 George Street, Sydney NSW 2000 thegaleries.com

The Galeries is a four level City Centre located in the heart of Sydney's CBD. The Galeries is a lifestyle and cultural destination for fashion, art and dining and features Books Kinokuniya, Incu, JB Hi-Fi, MUJI, The Grounds of the City, Vans, Arthouse Hotel and more than 60 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Mini majors City Centre	38%
Ownership interest (%)	Specialties Vicinity Centres – 50	38%
Co-owner (%)	Other retail GIC – 50	20%
Date acquired	2018
Centre frst opened	Non retail 2000	4%
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1,2	293.0
Valuation date	Jun-21
Capitalisation rate (%)	5.00
Discount rate (%)	6.25

Property metrics

Gross lettable area (GLA) (sqm)	14,997
Number of tenants	72
Total Trade Area (000's)	2,364
Major tenants3	–
Car spaces	–
Occupancy rate by GLA (%)	99.8
Weighted average lease expiry by GLA (years)	2.5
Green Star – Performance	2 Stars
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	26%
	16%
	11%
	11%
	37%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 22

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THE STRAND ARCADE

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

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

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Mini majors City Centre	22%
Ownership interest (%) Co-owner (%)	Specialties Non retail Vicinity Centres – 50 GIC – 50	63% 15%
Date acquired	2018
Centre frst opened	1891
Latest redevelopment	1997
Valuation External/Internal	External
Valuation ($m)1,2	218.7
Valuation date	Jun-21
Capitalisation rate (%)	4.75
Discount rate (%)	6.25

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	5,738
Number of tenants	79
Total Trade Area (000's)	1,507
Major tenants3	–
Car spaces	–
Occupancy rate by GLA (%)	95.8
Weighted average lease expiry by GLA (years)	2.1
Green Star – Performance	3 Stars
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	28%	28%
	7%
	33%
	16%
	16%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

23 Vicinity Centres Direct Portfolio June 2021

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WARRIEWOOD SQUARE

Jacksons Road, Warriewood NSW 2102 warriewoodsquare.com.au

Warriewood Square is a single level Sub Regional shopping centre located in Sydney's northern beaches, approximately 29 kilometres north-east of the Sydney CBD. The centre is anchored by Kmart, ALDI, Coles and Woolworths and includes more than 85 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	ISPT Core Fund – 50
Date acquired	1996
Centre frst opened	1980
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1,2	255.6
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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

Supermarkets	28%
Discount department stores	26%
Mini majors	13%
Specialties	27%
Other retail	1%
Non retail	5%

Property metrics

Gross lettable area (GLA) (sqm)	30,281
Number of tenants	109
Total Trade Area (000's)	98
Major tenants3	ALDI, Coles, Kmart, Woolworths
Car spaces	1,450
Occupancy rate by GLA (%)	99.0
Weighted average lease expiry by GLA (years)	7.6
Green Star – Performance	3 Stars
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	44%
	17%
	15%
	10%
	14%

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

1 Expressed on 100% basis.

2 Valuations of NSW assets reflect carrying values, 30 June 2021 valuations have been adjusted for the estimated impacts of the increase in COVID-19 cases observed from June 2021.

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

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 24

==> picture [31 x 43] intentionally omitted <==

==> picture [234 x 35] intentionally omitted <==

==> picture [596 x 7] intentionally omitted <==

==> picture [553 x 494] intentionally omitted <==

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

GRAND PLAZA
TAIGUM SQUARE
DFO BRISBANE
QUEENSPLAZA THE MYER CENTRE BRISBANE
BURANDA VILLAGE
GRAND PLAZA
WHITSUNDAY PLAZA
GYMPIE CENTRAL
BRISBANE
RUNAWAY BAY CENTRE
----- End of picture text -----

l Wholly owned ¢ Jointly owned

25 Vicinity Centres Direct Portfolio June 2021

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

==> picture [300 x 703] intentionally omitted <==

The Myer Centre Brisbane, QLD

Vicinity Centres Direct Portfolio June 2021 26

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BURANDA VILLAGE

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

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

Property overview

State	QLD
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 2000
Centre frst opened	1978
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	38.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.25

Tenant mix by gross lettable area (GLA)

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

Supermarkets	26%
Discount department stores	35%
Specialties	17%
Other retail	9%
Non retail	13%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	11,645
Number of tenants	33
Total Trade Area (000's)	133
Major tenants2	Target, Woolworths
Car spaces	520
Occupancy rate by GLA (%)	99.9
Weighted average lease expiry by GLA (years)	4.8
Green Star – Performance	4 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	11%
	11%
	41%
	3%
	33%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

27 Vicinity Centres Direct Portfolio June 2021

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DFO BRISBANE

18th Avenue, Brisbane Airport QLD 4008

brisbane.dfo.com.au

DFO Brisbane is a single level Outlet Centre located approximately 13 kilometres north-east of the Brisbane CBD and 10 minutes from Brisbane Airport. The centre comprises more than 125 outlet retailers and includes Nike, Calvin Klein, Furla, Polo Ralph Lauren and Tommy Hilfiger.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Mini majors Outlet Centre	16%
Ownership interest (%) Date acquired Centre frst opened	Specialties Non retail 100 2016 2005	84% 1%
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	67.0
Valuation date	Jun-21
Capitalisation rate (%)	7.75
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA) (sqm)	26,124
Number of tenants	140
Total Trade Area (000's)	2,064
Major tenants2	–
Car spaces	2,600
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	1.3
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	61%
	14%
	14%
	8%
	4%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 28

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GRAND PLAZA

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

Grand Plaza is a single level Regional shopping centre located approximately 27 kilometres south of the Brisbane CBD. It is anchored by Big W, Kmart, Target, ALDI, Coles, Woolworths and Event Cinemas, a newly refurbished food court and includes more than 110 specialty stores.

Property overview

State	QLD
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2002
Centre frst opened	1994
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation ($m)1	364.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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

Supermarkets	19%
Discount department stores	38%
Mini majors	5%
Specialties	21%
Other retail	13%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	53,375
Number of tenants	145
Total Trade Area (000's)	287
Major tenants2	ALDI, Big W, Coles, Event Cinemas,
	Kmart, Target, Woolworths
Car spaces	2,667
Occupancy rate by GLA (%)	97.4
Weighted average lease expiry by GLA (years)	2.7
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	45%
	18%
	16%
	7%
	13%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

29 Vicinity Centres Direct Portfolio June 2021

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GYMPIE CENTRAL

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

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

Property overview

State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1973
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	72.5
Valuation date	Jun-21
Capitalisation rate (%)	7.25
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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Supermarkets	26%
Discount department stores	41%
Specialties	31%
Non retail	3%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
36% 10% 19% 19% 16% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 14,089 Number of tenants 47 Total Trade Area (000's) 50 Major tenants2 Big W, Woolworths Car spaces 752 Occupancy rate by GLA (%) 97.7 Weighted average lease expiry by GLA (years) 4.3 Green Star – Performance 3 Stars NABERS Energy rating 3 Stars NABERS Water rating 5.5 Stars	36%
	19%
	10%
	19%
	16%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 30

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QUEENSPLAZA

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

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

Property overview

Property overview
State	QLD
Centre type	City Centre
Ownership interest (%)	100
Date acquired	2001
Centre frst opened	2005
Latest redevelopment	2018
Valuation External/Internal	External
Valuation ($m)1	665.0
Valuation date	Jun-21
Capitalisation rate (%)	4.75
Discount rate (%)	6.25

Tenant mix by gross lettable area (GLA)

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Supermarkets	4%
Department stores	68%
Mini majors	3%
Specialties	16%
Non retail	8%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	39,578
Number of tenants	61
Total Trade Area (000's)	2,394
Major tenants2	Coles, David Jones
Car spaces	600
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	12.1
Green Star – Performance	3 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	26%

	17%
	6%
	50%

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

31 Vicinity Centres Direct Portfolio June 2021

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RUNAWAY BAY CENTRE

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

Runaway Bay Centre is a single level Regional shopping centre located approximately 11 kilometres north of Surfers Paradise on the Gold Coast. It is anchored by Big W, Target, ALDI, Coles and Woolworths and includes more than 55 specialty stores, as well as an alfresco dining precinct on the waterfront.

Property overview

Property overview
State	QLD
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	2002
Centre frst opened	1974
Latest redevelopment	1995
Valuation External/Internal	External
Valuation ($m)1	214.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	25%
Discount department stores	34%
Mini majors	5%
Specialties	14%
Other retail	15%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	42,692
Number of tenants	94
Total Trade Area (000's)	264
Major tenants2	ALDI, Big W, Coles, Target, Woolworths
Car spaces	2,160
Occupancy rate by GLA (%)	97.5
Weighted average lease expiry by GLA (years)	3.4
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	50%
	24%
	19%
	6%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 32

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TAIGUM SQUARE

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

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

Property overview

State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1998
Centre frst opened	1982
Latest redevelopment	2001
Valuation External/Internal	External
Valuation ($m)1	89.0
Valuation date	Jun-21
Capitalisation rate (%)	6.75
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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Supermarkets	16%
Discount department stores	29%
Mini majors	9%
Specialties	21%
Other retail	12%
Non retail	12%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
32% 28% 10% 18% 12% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 22,836 Number of tenants 73 Total Trade Area (000's) 90 Major tenants2 Big W, Woolworths Car spaces 1,054 Occupancy rate by GLA (%) 99.2 Weighted average lease expiry by GLA (years) 4.3 Green Star – Performance 4 Stars NABERS Energy rating 6 Stars NABERS Water rating 3.5 Stars	32%
	18%
	12%
	10%
	28%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

33 Vicinity Centres Direct Portfolio June 2021

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THE MYER CENTRE BRISBANE

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

The Myer Centre Brisbane is a six level City Centre located in the heart of Brisbane's CBD on Queen Street Mall. This CBD retail destination is anchored by Myer, Target, Coles Central and Event Cinemas and includes more than 120 specialty stores.

Property overview

State	QLD
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 25
Co-owner (%)	ISPT Core Fund – 75
Date acquired*	1998
Centre frst opened	1988
Latest redevelopment	2006
Valuation External/Internal	External
Valuation ($m)1	475.0
Valuation date	Jun-21
Capitalisation rate (%)	5.75
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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Supermarkets	3%
Discount department stores	12%
Department stores	53%
Mini majors	7%
Specialties	17%
Other retail	6%
Non retail	1%

Property metrics

Gross lettable area (GLA) (sqm)	63,171
Number of tenants	146
Total Trade Area (000's)	1,296
Major tenants2	Coles Central, Event Cinemas,
	Myer, Target
Car spaces	1,450
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	5.0
Green Star – Performance	3 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	73%
	15%
	6%

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

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021

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WHITSUNDAY PLAZA

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

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

Property overview

Property overview
State	QLD
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2005
Centre frst opened	2006
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	60.5
Valuation date	Jun-21
Capitalisation rate (%)	7.25
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

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

Supermarkets	15%
Discount department stores	24%
Department stores	8%
Mini majors	10%
Specialties	10%
Other retail	30%
Non retail	4%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
26% 7% 31% 16% 19% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 22,358 Number of tenants 47 Total Trade Area (000's) 34 Major tenants2 Big W, Harvey Norman, Woolworths Car spaces 1,148 Occupancy rate by GLA (%) 99.7 Weighted average lease expiry by GLA (years) 3.6 Green Star – Performance 4 Stars NABERS Energy rating 5.5 Stars NABERS Water rating 5 Stars	26%
	31%
	7%
	16%
	19%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

35 Vicinity Centres Direct Portfolio June 2021

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==> picture [596 x 551] intentionally omitted <==

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

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

l Wholly owned ¢ Jointly owned

Vicinity Centres Direct Portfolio June 2021 36

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==> picture [95 x 16] intentionally omitted <==

38 Castle Plaza
39 Colonnades
40 Elizabeth City Centre
41 Kurralta Central

==> picture [596 x 396] intentionally omitted <==

Colonnades, SA

37 Vicinity Centres Direct Portfolio June 2021

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CASTLE PLAZA

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

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

Property overview

State	SA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2002
Centre frst opened	1987
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation ($m)1	142.0
Valuation date	Jun-21
Capitalisation rate (%)	7.00
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Gross lettable area (GLA) (sqm)	22,838
Number of tenants	68
Total Trade Area (000's)	129
Major tenants2	Coles, Drakes, Target
Car spaces	1,288
Occupancy rate by GLA (%)	98.5
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	2 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	32%
	15%
	25%
	13%
	14%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 38

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COLONNADES

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

Colonnades is a two level Regional shopping centre located in Noarlunga Centre, approximately 30 kilometres south of the Adelaide CBD. It is anchored by Big W, Kmart, Harris Scarfe, ALDI, Coles and Woolworths. The centre comprises more than 120 specialty stores, as well as not for profit Can:Do Group and commercial tenant Datacom.

Property overview

Tenant mix by gross lettable area (GLA)

State	SA
Centre type	Supermarkets Regional	15%
Ownership interest (%)	Discount department stores Vicinity Centres – 50	27%
Co-owner (%) Date acquired	Mini majors Perron Investments Pty Ltd – 50 2003	11%
Centre frst opened	Specialties 1979	21%
Latest redevelopment	Other retail 2016	11%
Valuation External/Internal	Non retail Internal	16%
Valuation ($m)1	226.4
Valuation date	Jun-21
Capitalisation rate (%)	7.50
Discount rate (%)	8.00

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
34% 22% 15% 17% 11% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 86,564 Number of tenants 171 Total Trade Area (000's) 198 Major tenants2 ALDI, Big W, Coles, Harris Scarfe, Kmart, Woolworths Car spaces 4,157 Occupancy rate by GLA (%) 99.0 Weighted average lease expiry by GLA (years) 5.1 Green Star – Performance 4 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 4 Stars	34%
	17%
	22%
	15%
	11%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

39 Vicinity Centres Direct Portfolio June 2021

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ELIZABETH CITY CENTRE

50 Elizabeth Way, Elizabeth SA 5112 elizabethcitycentre.com.au

Elizabeth City Centre is a two level Regional shopping centre located approximately 26 kilometres north-east of the Adelaide CBD. Home to Australia's largest retail centre solar installation, the centre features an entertainment precinct and is anchored by Big W, Target, Harris Scarfe, Coles, Woolworths and Reading Cinemas and includes more than 135 specialty stores.

Property overview

State	SA
Centre type	Regional
Ownership interest (%)	100
Date acquired	1998
Centre frst opened	1960
Latest redevelopment	2015
Valuation External/Internal	Internal
Valuation ($m)1	290.0
Valuation date	Jun-21
Capitalisation rate (%)	7.50
Discount rate (%)	8.25

Tenant mix by gross lettable area (GLA)

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

Supermarkets	11%
Discount department stores	29%
Mini majors	10%
Specialties	23%
Other retail	14%
Non retail	13%

Property metrics

Gross lettable area (GLA) (sqm)	80,495
Number of tenants	197
Total Trade Area (000's)	234
Major tenants2	Big W, Coles, Harris Scarfe,
	Reading Cinemas, Target, Woolworths
Car spaces	3,191
Occupancy rate by GLA (%)	98.9
Weighted average lease expiry by GLA (years)	4.3
Green Star – Performance	3 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

==> picture [261 x 68] intentionally omitted <==

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

FY21 [3] 34%
FY22 15%
FY23 20%
FY24 9%
FY25+ 22%
----- End of picture text -----

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 40

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KURRALTA CENTRAL

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

Kurralta Central is a single level Sub Regional shopping centre located approximately 5 kilometres south-west of the Adelaide CBD. It is anchored by Kmart and Coles and includes 11 specialty stores.

Property overview

State	SA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1969
Latest redevelopment	2000
Valuation External/Internal	External
Valuation ($m)1	45.5
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

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Supermarkets	22%
Discount department stores	66%
Specialties	10%
Other retail	2%

Property metrics

Specialty store lease expiry profile by income

Property metrics		Specia	lty s	tore l	ease e	xpir	y profle by income
Gross lettable area (GLA) (sqm)	10,675	FY223				20%
Number of tenants Total Trade Area (000's)	14 56	FY23 FY24		9%	17%
Major tenants2	Coles, Kmart
Car spaces	542	FY25	0%
Occupancy rate by GLA (%)	100.0	FY26+					54%
Weighted average lease expiry by GLA (years)	9.3
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	4 Stars

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

41 Vicinity Centres Direct Portfolio June 2021

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

ROXBURGH VILLAGE
BROADMEADOWSCENTRAL DFO UNI HILL
DFO ESSENDON
NORTHLAND
VICTORIA GARDENS SHOPPING CENTRE
SUNSHINE MARKETPLACE
EMPORIUM MELBOURNE
DFO SOUTH WHARF MYER BOURKE BOX HILL CENTRAL (NORTH PRECINCT)
ALTONA GATE STREET BOX HILL CENTRAL (SOUTH PRECINCT)
CHADSTONE THE GLEN
OAKLEIGH CENTRAL
DFO MOORABBIN
MELBOURNE
CRANBOURNE PARK
BAYSIDE
MORNINGTON CENTRAL
NORTHGATE
EASTLANDS
HOBART
----- End of picture text -----

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

l Wholly owned
¢ Jointly owned
----- End of picture text -----

Vicinity Centres Direct Portfolio June 2021 42

==> picture [79 x 16] intentionally omitted <==

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

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Chadstone, VIC

43 Vicinity Centres Direct Portfolio June 2021

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ALTONA GATE

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

Altona Gate is a four level Sub Regional shopping centre located approximately 13 kilometres west of the Melbourne CBD. The centre is anchored by Kmart, ALDI and Coles and comprises more than 45 specialty stores, including COTTON:ON MEGA.

Property overview

State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1977
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1	107.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

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

Supermarkets	20%
Discount department stores	31%
Mini majors	18%
Specialties	20%
Other retail	5%
Non retail	6%

Property metrics

Gross lettable area (GLA) (sqm)	26,429
Number of tenants	62
Total Trade Area (000's)	164
Major tenants2	ALDI, Coles, Kmart
Car spaces	1,622
Occupancy rate by GLA (%)	97.9
Weighted average lease expiry by GLA (years)	5.3
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	12%

	18%
	32%
	36%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 44

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BAYSIDE

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

Bayside is a three level Major Regional shopping centre located in the heart of Frankston, approximately 53 kilometres south of the Melbourne CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas. The centre includes more than 155 specialty stores and a vibrant food and entertainment precinct.

Property overview

State	VIC
Centre type	Major Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation External/Internal	Internal
Valuation ($m)1	430.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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

Supermarkets	12%
Discount department stores	17%
Department stores	20%
Mini majors	16%
Specialties	22%
Other retail	10%
Non retail	3%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
46% 13% 13% 10% 17% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 89,144 Number of tenants 195 Total Trade Area (000's) 468 Major tenants2 ALDI, Coles, HOYTS Cinemas, Kmart, Myer, Target, Woolworths Car spaces 3,430 Occupancy rate by GLA (%) 98.0 Weighted average lease expiry by GLA (years) 4.0 Green Star – Performance 4 Stars NABERS Energy rating n.a. NABERS Water rating n.a.	46%
	17%
	13%
	10%
	13%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

45 Vicinity Centres Direct Portfolio June 2021

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BOX HILL CENTRAL (NORTH PRECINCT)

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

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

Property overview

State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2001
Centre frst opened	1975
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	118.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 28%
Mini majors 8%
Specialties 39%
Other retail 5%
Non retail 21%
----- End of picture text -----

Property metrics

Gross lettable area (GLA) (sqm)	14,639
Number of tenants	77
Total Trade Area (000's)	182
Major tenants2	Coles
Car spaces	866
Occupancy rate by GLA (%)	99.2
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	3 Stars
NABERS Energy rating	1 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	30%
	24%
	19%
	23%
	4%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 46

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BOX HILL CENTRAL (SOUTH PRECINCT)

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

Box Hill Central (South Precinct) is a single level Sub Regional shopping centre located above Box Hill train station, adjacent to Box Hill Central (North Precinct), approximately 15 kilometres east of the Melbourne CBD. It is anchored by Woolworths and includes more than 90 specialty stores. Development works to revitalise the western mall of this precinct have commenced, with the aim of delivering an exciting mix of major and specialty retailers; a new entrance; new kiosks; and new ambience and presentation upgrades; in 2022.

Property overview

State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation External/Internal	Internal
Valuation ($m)1	203.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets 26%
Mini majors 11%
Specialties 53%
Other retail 1%
Non retail 10%
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Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	23,180
Number of tenants	105
Total Trade Area (000's)	182
Major tenants2	Woolworths
Car spaces	1,502
Occupancy rate by GLA (%)	98.6
Weighted average lease expiry by GLA (years)	3.6
Green Star – Performance	3 Stars
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	37%
	17%
	18%
	19%
	8%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

47 Vicinity Centres Direct Portfolio June 2021

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BROADMEADOWS CENTRAL

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

Broadmeadows Central is a single level Regional shopping centre with an adjacent Homemaker Centre located approximately 19 kilometres north-west of the Melbourne CBD. It is anchored by Kmart, ALDI, Coles, Woolworths and HOYTS Cinemas and includes more than 120 specialty stores. The centre features family friendly amenities such as the 'Quiet Room' and Victoria's first digital interactive playground.

Property overview

State	VIC
Centre type	Regional
Ownership interest (%)	100
Date acquired	1994
Centre frst opened	1974
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1	260.4
Valuation date	Jun-21
Capitalisation rate (%)	6.75
Discount rate (%)	7.50

Tenant mix by gross lettable area (GLA)

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Supermarkets	17%
Discount department stores	14%
Mini majors	18%
Specialties	27%
Other retail	17%
Non retail	7%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
32% 13% 23% 14% 18% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 61,460 Number of tenants 169 Total Trade Area (000's) 262 Major tenants2 ALDI, Coles, HOYTS Cinemas, Kmart, Woolworths, Car spaces 3,051 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 3.7 Green Star – Performance 4 Stars NABERS Energy rating 5.5 Stars NABERS Water rating 5.5 Stars	32%
	13%
	23%
	14%
	18%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 48

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CHADSTONE

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

Chadstone is a two level Super Regional shopping centre located approximately 17 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas and includes more than 385 specialty stores. Chadstone hosts Australia's most expansive luxury offer, a large range of international and Australian flagship stores such as H&M, Morphe, UNIQLO and Zara, a five-star hotel, as well as a world-class food, lifestyle and entertainment precinct. Hotel Chadstone Melbourne features 250 luxury rooms, a rooftop bar, indoor swimming pool, wellness centre and extensive corporate conferencing facilities.

Property overview

State	VIC
Centre type	Super Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Gandel Group – 50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2017
Valuation External/Internal	External
Valuation ($m)1	6,032.0
Valuation date	Jun-21
Capitalisation rate (%)	3.88
Discount rate (%)	6.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	4%
Discount department stores	6%
Department stores	17%
Mini majors	20%
Specialties	24%
Other retail	7%
Non retail	23%

Property metrics

Gross lettable area (GLA) (sqm)	233,620
Number of tenants	493
Total Trade Area (000's)	2,487
Major tenants2	ALDI, Coles, David Jones,
	HOYTS Cinemas, Kmart, Myer,
	Target, Woolworths
Car spaces	10,895
Occupancy rate by GLA (%)	99.0
Weighted average lease expiry by GLA (years)	5.5
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	16%
	29%
	20%
	14%
	20%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

49 Vicinity Centres Direct Portfolio June 2021

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CRANBOURNE PARK

High Street, Cranbourne VIC 3977 cranbournepark.com.au

Cranbourne Park is a single level Regional shopping centre located approximately 51 kilometres south-east of the Melbourne CBD. It is anchored by Kmart, Target, Harris Scarfe and Coles and includes more than 95 specialty stores.

Property overview

State	VIC
Centre type	Regional
Ownership interest (%) Co-owner (%)	Vicinity Centres – 50 ISPT Core Fund – 50
Date acquired	2000
Centre frst opened	1979
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	254.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	12%
Discount department stores	34%
Mini majors	17%
Specialties	22%
Other retail	8%
Non retail	8%

Property metrics

Gross lettable area (GLA) (sqm)	46,932
Number of tenants	129
Total Trade Area (000's)	266
Major tenants2	Coles, Harris Scarfe,
	Kmart, Target
Car spaces	1,700
Occupancy rate by GLA (%)	98.6
Weighted average lease expiry by GLA (years)	5.7
Green Star – Performance	3 Stars
NABERS Energy rating	2.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	52%
	16%
	10%
	12%
	10%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 50

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DFO ESSENDON

100 Bulla Road, Essendon Fields VIC 3041

essendon.dfo.com.au

DFO Essendon is a single level Outlet Centre located approximately 14 kilometres north of the Melbourne CBD. The centre comprises more than 100 outlet retailers including Coach, Furla, Hugo Boss, Polo Ralph Lauren, Salvatore Ferragamo and Ted Baker. The adjacent Homemaker Hub comprises over 20 large format stores.

Property overview

State	VIC
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired	2010
Centre frst opened	2005
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation ($m)1	165.0
Valuation date	Jun-21
Capitalisation rate (%)	6.75
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Mini majors 15%
Specialties 84%
Non retail 1%
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Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
48% 16% 10% 19% 7% FY224 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 52,489 Number of tenants 135 Total Trade Area (000's) 1,853 Major tenants2 – Car spaces 2,075 Occupancy rate by GLA (%)3 98.6 Weighted average lease expiry by GLA (years) 1.5 Green Star – Performance 4 Stars NABERS Energy rating 5 Stars NABERS Water rating 6 Stars	48%
	19%
	16%
	10%
	7%

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

1 Expressed on 100% basis.

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

3 Occupancy data excludes Homemaker retailers.

4 Includes holdovers.

51 Vicinity Centres Direct Portfolio June 2021

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DFO MOORABBIN

250 Centre Dandenong Road, Moorabbin Airport VIC 3194 moorabbin.dfo.com.au

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

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Mini majors Outlet Centre	23%
Ownership interest (%) Date acquired Centre frst opened	Specialties Non retail 100 2010 1994	77% 1%
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	104.0
Valuation date	Jun-21
Capitalisation rate (%)	8.00
Discount rate (%)	9.00

Property metrics

Gross lettable area (GLA) (sqm)	24,531
Number of tenants	128
Total Trade Area (000's)	1,597
Major tenants2	–
Car spaces	1,362
Occupancy rate by GLA (%)	97.6
Weighted average lease expiry by GLA (years)	1.9
Green Star – Performance	4 Stars
NABERS Energy rating	5.5 Stars
NABERS Water rating	5.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	44%
	21%
	15%
	12%
	7%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 52

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DFO SOUTH WHARF

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

DFO South Wharf is a multi-level Outlet Centre located on the Yarra River close to Docklands on the south-western fringe of Melbourne's CBD. The centre comprises more than 135 outlet retailers including Armani Outlet, Coach, Tommy Hilfiger and Michael Kors, as well as an exclusive collection of sporting and active apparel outlets. With the adjoining Homemaker Hub comprising more than 12 large format stores, and the South Wharf Promenade including over 15 restaurants, bars and cafes, DFO South Wharf is a retail and dining destination for Melbourne residents and tourists.

Property overview

State	VIC
Centre type	Outlet Centre
Ownership interest (%)	100
Date acquired*	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	610.0
Valuation date	Jun-21
Capitalisation rate (%)	5.75
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Mini majors 23%
Specialties 76%
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Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	55,747
Number of tenants	189
Total Trade Area (000's)	2,929
Major tenants2	–
Car spaces	3,104
Occupancy rate by GLA (%)3	94.7
Weighted average lease expiry by GLA (years)	2.0
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	41%
	14%
	14%
	16%
	15%

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

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

1 Expressed on 100% basis.

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

3 Occupancy data excludes Homemaker retailers.

4 Includes holdovers.

53 Vicinity Centres Direct Portfolio June 2021

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DFO UNI HILL

2 Janefield Drive, Bundoora VIC 3083 unihill.dfo.com.au

DFO Uni Hill is a single level Outlet Centre located approximately 20 kilometres north of the Melbourne CBD. The centre comprises more than 80 outlet retailers including Nike, Adidas, Polo Ralph Lauren, Country Road, Decjuba and Seed.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Mini majors Outlet Centre	25%
Ownership interest (%)	Specialties Vicinity Centres – 50	74%
Co-owner (%)	Non retail MAB Corporation – 50	1%
Date acquired	2020
Centre frst opened	2008
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1	124.0
Valuation date	Jun-21
Capitalisation rate (%)	6.75
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA) (sqm)	19,691
Number of tenants	92
Total Trade Area (000's)	829
Major tenants2	–
Car spaces	880
Occupancy rate by GLA (%)	95.5
Weighted average lease expiry by GLA (years)	1.9
Green Star – Performance	n.a.
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	21%	21%
	24%
	18%
	28%
	9%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 54

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EMPORIUM MELBOURNE

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

Emporium Melbourne is a seven level City Centre located in the heart of Melbourne. Opened in 2014, Emporium Melbourne evolved a beautiful heritage building to the epicentre of Melbourne CBD retail. Emporium Melbourne is home to quality dining, one of the largest Australian designer precincts, more than 145 international and specialty stores, a flagship UNIQLO and FORTRESS – Australia's first E-Sports venue.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Mini majors City Centre	28%
Ownership interest (%)	Specialties Vicinity Centres – 50	57%
Co-owner (%)	Other retail GIC – 50	15%
Date acquired Centre frst opened	Non retail 2007 2014	1%
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	1,040.0
Valuation date	Jun-21
Capitalisation rate (%)	4.75
Discount rate (%)	6.50

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
29% 16% 22% 19% 13% FY224 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 44,807 Number of tenants 165 Total Trade Area (000's) 2,999 Major tenants2 – Car spaces – Occupancy rate by GLA (%)3 n.a. Weighted average lease expiry by GLA (years) 3.1 Green Star – Performance 3 Stars NABERS Energy rating n.a. NABERS Water rating n.a.	29%
	19%
	16%
	22%
	13%

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

55 Vicinity Centres Direct Portfolio June 2021

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MORNINGTON CENTRAL

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

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

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Supermarkets Sub Regional	52%
Ownership interest (%) Co-owner (%)	Specialties Vicinity Centres – 50 ISPT Retail Australia Property Trust – 50	45%
Date acquired*	Other retail 1999	1%
Centre frst opened	Non retail 2000	1%
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	70.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.25

Property metrics

Gross lettable area (GLA) (sqm)	11,798
Number of tenants	37
Total Trade Area (000's)	70
Major tenants2	Coles
Car spaces	503
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.1
Green Star – Performance	4 Stars
NABERS Energy rating	2.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	34%
	9%
	35%
	8%
	13%

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

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 56

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MYER BOURKE STREET

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

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

Property overview

State	VIC
Centre type	City Centre
Ownership interest (%)	Vicinity Centres – 33
Co-owners (%)	Abacus Funds Mgt Ltd – 33
	Charter Hall Long Wale REIT – 33
Date acquired	2007
Centre frst opened	1914
Latest redevelopment	2011
Valuation External/Internal	Internal
Valuation ($m)1	405.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.25
Property metrics
Gross lettable area (GLA) (sqm)	39,924
Number of tenants	1
Major tenants2	Myer
Car spaces	–
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	10.5
Green Star – Performance	n.a.
NABERS Energy rating	n.a.
NABERS Water rating	n.a.

Tenant mix by gross lettable area (GLA)

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Department stores 100%
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Specialty store lease expiry profile by income

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

1 Expressed on 100% basis.

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

57 Vicinity Centres Direct Portfolio June 2021

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NORTHLAND

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

Northland is a two level Major Regional shopping centre located approximately 13 kilometres north-east of the Melbourne CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and HOYTS Cinemas and includes international retailers H&M, JD Sports, Sephora, UNIQLO and more than 210 specialty stores. The centre is complemented by an outdoor entertainment and dining precinct and features facilities such as a 'Quiet Room' and Changing Places 'High Care Lounge'.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Major Regional	Supermarkets	10%
Ownership interest (%)	Vicinity Centres – 50	Discount department stores	14%
Co-owner (%) Date acquired	GPT Wholesale Shopping Centre Fund – 50 1994	Department stores	20%
Centre frst opened	1966	Mini majors	15%
Latest redevelopment	2014	Specialties	26%
Valuation External/Internal	External	Other retail	12%
Valuation ($m)1	805.0	Non retail	3%
Valuation date	Jun-21
Capitalisation rate (%)	5.50
Discount rate (%)	6.75
Property metrics		Specialty store lease expiry profle by income

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	49%
	14%
	14%
	11%
	13%

Gross lettable area (GLA) (sqm)	97,755
Number of tenants	253
Total Trade Area (000's)	499
Major tenants2	ALDI, Coles, HOYTS Cinemas, Kmart,
	Myer, Target, Woolworths
Car spaces	4,640
Occupancy rate by GLA (%)	97.7
Weighted average lease expiry by GLA (years)	4.9
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4 Stars

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 58

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OAKLEIGH CENTRAL

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

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

Property overview

State	VIC
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	80.0
Valuation date	Jun-21
Capitalisation rate (%)	5.50
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

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

Supermarkets 65%
Mini majors 5%
Specialties 22%
Other retail 4%
Non retail 3%
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Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
46% 8% 17% 3% 26% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 14,360 Number of tenants 41 Total Trade Area (000's) 48 Major tenants2 Coles, Woolworths Car spaces 600 Occupancy rate by GLA (%) 97.9 Weighted average lease expiry by GLA (years) 4.1 Green Star – Performance 3 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 3 Stars	46%
	3%
	8%
	17%
	26%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

59 Vicinity Centres Direct Portfolio June 2021

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ROXBURGH VILLAGE

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

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

Property overview

State	VIC
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	1997
Centre frst opened	1999
Latest redevelopment	2012
Valuation External/Internal	Internal
Valuation ($m)1	93.0
Valuation date	Jun-21
Capitalisation rate (%)	7.25
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

Supermarkets 48%
Mini majors 13%
Specialties 19%
Other retail 8%
Non retail 12%
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Property metrics

Gross lettable area (GLA) (sqm)	24,745
Number of tenants	67
Total Trade Area (000's)	55
Major tenants2	ALDI, Coles, Woolworths
Car spaces	1,096
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	3 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	9%
	19%
	30%
	14%
	29%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 60

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SUNSHINE MARKETPLACE

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

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

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Supermarkets Sub Regional	13%
Ownership interest (%)	Discount department stores Vicinity Centres – 50	21%
Co-owner (%) Date acquired	Mini majors Private investor – 50 2003	8%
Centre frst opened	Specialties 1997	14%
Latest redevelopment	Other retail 2004	37%
Valuation External/Internal	Non retail External	7%
Valuation ($m)1	123.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	6.75

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	34,184
Number of tenants	69
Total Trade Area (000's)	189
Major tenants2	Big W, Village Cinemas, Woolworths
Car spaces	1,741
Occupancy rate by GLA (%)	97.2
Weighted average lease expiry by GLA (years)	5.4
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	5.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	37%
	23%
	12%
	20%
	8%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

61 Vicinity Centres Direct Portfolio June 2021

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THE GLEN

235 Springvale Road, Glen Waverley VIC 3150

theglen.com.au

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 26 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Target, ALDI, Coles and Woolworths and includes UNIQLO, H&M, JB Hi-Fi, Betty's Burgers & Concrete Co., more than 200 specialty stores, and a new outdoor dining precinct.

Property overview

State	VIC
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	1994
Centre frst opened	1967
Latest redevelopment	2017
Valuation External/Internal	External
Valuation ($m)1	655.0
Valuation date	Jun-21
Capitalisation rate (%)	5.50
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	14%
Discount department stores	9%
Department stores	11%
Mini majors	20%
Specialties	34%
Non retail	12%

Property metrics

Gross lettable area (GLA) (sqm)	76,624
Number of tenants	249
Total Trade Area (000's)	292
Major tenants2	ALDI, Coles, David Jones,
	Target, Woolworths
Car spaces	3,321
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	6.0
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	2%
	8%
	28%
	28%
	34%

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 62

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VICTORIA GARDENS SHOPPING CENTRE

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

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

Property overview

State	VIC
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%) Date acquired	Salta Properties – 50 2003
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	289.6
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	12%
Discount department stores	19%
Mini majors	14%
Specialties	19%
Other retail	31%
Non retail	4%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	37,949
Number of tenants	74
Total Trade Area (000's)	132
Major tenants2	Coles, HOYTS Cinemas, Kmart
Car spaces	2,127
Occupancy rate by GLA (%)	99.6
Weighted average lease expiry by GLA (years)	2.4
Green Star – Performance	3 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	36%
	17%
	10%
	19%
	18%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

63 Vicinity Centres Direct Portfolio June 2021

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EASTLANDS

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

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

Property overview

State	TAS
Centre type	Regional
Ownership interest (%) Date acquired	100 1994
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation ($m)1	163.0
Valuation date	Jun-21
Capitalisation rate (%)	6.75
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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

Property metrics

Gross lettable area (GLA) (sqm)	33,262
Number of tenants	90
Total Trade Area (000's)	217
Major tenants2	Big W, Coles, Kmart,
	Village Cinemas, Woolworths,
Car spaces	1,446
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	3.4
Green Star – Performance	4 Stars
NABERS Energy rating	6 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

==> picture [258 x 68] intentionally omitted <==

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

FY22 [3] 41%
FY23 11%
FY24 11%
FY25 11%
FY26+ 27%
----- End of picture text -----

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 64

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NORTHGATE

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

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

Property overview

State	TAS
Centre type	Sub Regional
Ownership interest (%) Date acquired	100 2009
Centre frst opened	1986
Latest redevelopment	1996
Valuation External/Internal	External
Valuation ($m)1	83.0
Valuation date	Jun-21
Capitalisation rate (%)	7.50
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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

Supermarkets	25%
Discount department stores	30%
Mini majors	9%
Specialties	26%
Other retail	3%
Non retail	7%

Property metrics

Gross lettable area (GLA) (sqm)	19,479
Number of tenants	65
Total Trade Area (000's)	101
Major tenants2	Coles, Target
Car spaces	855
Occupancy rate by GLA (%)	98.7
Weighted average lease expiry by GLA (years)	2.1
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	54%
	19%
	7%
	6%
	15%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

65 Vicinity Centres Direct Portfolio June 2021

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

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

l Wholly owned ¢ Jointly owned

Vicinity Centres Direct Portfolio June 2021 66

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

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DFO Perth, WA

67 Vicinity Centres Direct Portfolio June 2021

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DFO PERTH

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

DFO Perth is a single level Outlet Centre located approximately 13 kilometres east of Perth CBD in the Perth Airport precinct. The centre comprises more than 100 international and Australian outlet retailers including Adidas, Calvin Klein, Coach, Hurley, Polo Ralph Lauren, Steve Madden and Tommy Hilfiger.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Mini majors Outlet Centre	19%
Ownership interest (%)	Specialties Vicinity Centres – 50	80%
Co-owner (%)	Non retail Perth Airport Development Group Investments P/L – 50	1%
Date acquired	2016
Centre frst opened	2018
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	220.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA) (sqm)	23,837
Number of tenants	112
Total Trade Area (000's)	1,908
Major tenants2	–
Car spaces	1,621
Occupancy rate by GLA (%)	98.9
Weighted average lease expiry by GLA (years)	2.5
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	13%

	60%
	11%
	13%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 68

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DIANELLA PLAZA

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

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

Property overview

Property overview
State	WA
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2003
Centre frst opened	1968
Latest redevelopment	2002
Valuation External/Internal	External
Valuation ($m)1	63.0
Valuation date	Jun-21
Capitalisation rate (%)	7.25
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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

Supermarkets 51%
Mini majors 6%
Specialties 23%
Other retail 17%
Non retail 3%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by in	come
18% 14% 15% 29% 23% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 17,142 Number of tenants 53 Total Trade Area (000's) 53 Major tenants2 Coles, Woolworths Car spaces 925 Occupancy rate by GLA (%) 95.3 Weighted average lease expiry by GLA (years) 2.2 Green Star – Performance 4 Stars NABERS Energy rating 5.5 Stars NABERS Water rating 3 Stars	18%
	29%
	14%
	15%
	23%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

69 Vicinity Centres Direct Portfolio June 2021

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ELLENBROOK CENTRAL

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

Ellenbrook Central is a single level Sub Regional shopping centre located approximately 30 kilometres north-east of the Perth CBD. The recently expanded centre is anchored by Big W, Kmart, ALDI, Coles and Woolworths and includes more than 80 specialty stores.

Property overview

Property overview
State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2015
Centre frst opened	2004
Latest redevelopment	2019
Valuation External/Internal	Internal
Valuation ($m)1	250.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	23%
Discount department stores	32%
Mini majors	11%
Specialties	17%
Other retail	14%
Non retail	3%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	46,905
Number of tenants	114
Total Trade Area (000's)	64
Major tenants2	ALDI, Big W, Coles,
	Kmart, Woolworths
Car spaces	2,727
Occupancy rate by GLA (%)3	n.a.
Weighted average lease expiry by GLA (years)	6.0
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4 Stars

Specialty store lease expiry profile by income

FY224 FY23 FY24 FY25 FY26+	35%
	20%
	14%
	4%
	27%

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

1 Expressed on 100% basis.

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

3 Occupancy rate non-comparable for reporting purposes.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 70

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GALLERIA

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

Galleria is a two level Major Regional shopping centre located approximately 9 kilometres north-east of the Perth CBD. It is anchored by Myer, Kmart, Target, ALDI, Coles, Woolworths and Greater Union and includes more than 135 specialty stores.

Property overview

State	WA
Centre type	Major Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Perron Investments Pty Ltd – 50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	470.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.50

Tenant mix by gross lettable area (GLA)

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Supermarkets	13%
Discount department stores	25%
Department stores	20%
Mini majors	6%
Specialties	21%
Other retail	11%
Non retail	4%

Property metrics

Gross lettable area (GLA) (sqm)	81,679
Number of tenants	174
Total Trade Area (000's)	370
Major tenants2	ALDI, Coles, Greater Union, Kmart,
	Myer, Target, Woolworths
Car spaces	3,999
Occupancy rate by GLA (%)	95.8
Weighted average lease expiry by GLA (years)	3.9
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	79%
	7%


	8%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

71 Vicinity Centres Direct Portfolio June 2021

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HALLS HEAD CENTRAL

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

Halls Head Central is a single level Sub Regional shopping centre located approximately 4 kilometres south-west of Mandurah. The centre is anchored by Kmart, ALDI and Coles as well as an enhanced fashion offer, family-friendly alfresco dining precinct and playground, and more than 35 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Supermarkets Sub Regional	30%
Ownership interest (%)	Discount department stores Vicinity Centres – 50	37%
Co-owner (%) Date acquired	Mini majors ISPT Core Fund – 50 2001	4%
Centre frst opened	Specialties 2001	26%
Latest redevelopment	Other retail 2016	2%
Valuation External/Internal	Non retail External	1%
Valuation ($m)1	76.5
Valuation date	Jun-21
Capitalisation rate (%)	7.00
Discount rate (%)	7.50

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
18% 17% 0% 56% 8% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 19,368 Number of tenants 48 Total Trade Area (000's) 51 Major tenants2 ALDI, Coles, Kmart Car spaces 960 Occupancy rate by GLA (%) 93.1 Weighted average lease expiry by GLA (years) 5.6 Green Star – Performance 4 Stars NABERS Energy rating 5 Stars NABERS Water rating 5 Stars	56%
	18%
	17%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 72

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KARRATHA CITY

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

Karratha City is a single level Sub Regional shopping centre located in regional northern Western Australia. It is anchored by Kmart, Coles and Woolworths and includes more than 35 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	Private investor – 50
Date acquired	2003
Centre frst opened	1986
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	90.1
Valuation date	Jun-21
Capitalisation rate (%)	7.75
Discount rate (%)	7.75

Tenant mix by gross lettable area (GLA)

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Supermarkets	37%
Discount department stores	28%
Mini majors	9%
Specialties	18%
Other retail	5%
Non retail	3%

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
35% 0% 26% 20% 20% 20% FY223 FY23 FY24 FY25 FY26+ Gross lettable area (GLA) (sqm) 23,478 Number of tenants 54 Total Trade Area (000's) 23 Major tenants2 Coles, Kmart, Woolworths Car spaces 1,275 Occupancy rate by GLA (%) 97.4 Weighted average lease expiry by GLA (years) 4.9 Green Star – Performance 3 Stars NABERS Energy rating 3.5 Stars NABERS Water rating 1.5 Stars	35%
	26%
	20%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

73 Vicinity Centres Direct Portfolio June 2021

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LIVINGSTON MARKETPLACE

Corner Ranford and Nicholson Roads, Canning Vale WA 6155 livingstonmarketplace.com.au

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

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Supermarkets Sub Regional	28%
Ownership interest (%)	Discount department stores 100	42%
Date acquired Centre frst opened Latest redevelopment	Specialties Other retail 2015 1998 2004	21% 5%
Valuation External/Internal	Non retail External	4%
Valuation ($m)1	79.5
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA) (sqm)	15,601
Number of tenants	48
Total Trade Area (000's)	103
Major tenants2	Big W, Woolworths
Car spaces	1,004
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.1
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	28%
	19%
	20%
	20%
	12%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 74

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MADDINGTON CENTRAL

Corner Burslem Drive and Attfield Street, Maddington WA 6109 maddingtoncentral.com.au

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

Property overview

State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2002
Centre frst opened	1980
Latest redevelopment	2004
Valuation External/Internal	Internal
Valuation ($m)1	90.0
Valuation date	Jun-21
Capitalisation rate (%)	7.75
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

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

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	27,838
Number of tenants	79
Total Trade Area (000's)	174
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,144
Occupancy rate by GLA (%)	96.7
Weighted average lease expiry by GLA (years)	3.3
Green Star – Performance	4 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	41%
	17%
	13%
	13%
	15%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

75 Vicinity Centres Direct Portfolio June 2021

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MANDURAH FORUM

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

Mandurah Forum is a single level Major Regional shopping centre located in the regional city of Mandurah. The centre is anchored by David Jones, Big W, Kmart, Target, Coles and Woolworths. There is a fresh food hall, large indoor/outdoor and casual alfresco dining precincts, a premium fashion mall including H&M, Seed and Mecca Maxima and more than 150 specialty stores.

Property overview

State	WA
Centre type	Major Regional
Ownership interest (%) Co-owner (%)	Vicinity Centres – 50 ISPT Core Fund – 50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2018
Valuation External/Internal	External
Valuation ($m)1	435.0
Valuation date	Jun-21
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	14%
Discount department stores	30%
Department stores	7%
Mini majors	11%
Specialties	30%
Other retail	5%
Non retail	3%

Property metrics

Gross lettable area (GLA) (sqm)	66,020
Number of tenants	187
Total Trade Area (000's)	122
Major tenants2	Big W, Coles, David Jones,
	Kmart, Target, Woolworths
Car spaces	3,076
Occupancy rate by GLA (%)	95.7
Weighted average lease expiry by GLA (years)	5.8
Green Star – Performance	4 Stars
NABERS Energy rating	4 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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

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

FY22 [3] 3%
FY23 47%
FY24 30%
FY25 14%
FY26+ 5%
----- End of picture text -----

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 76

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ROCKINGHAM CENTRE

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

Rockingham Centre is a single level Regional shopping centre located approximately 47 kilometres south-west of the Perth CBD, in the gateway to WA's growing south-west corridor. It is anchored by Kmart, Target, Coles, Woolworths and Ace Cinemas and includes more than 130 specialty stores. Rockingham Centre opens out to Syren Street, the premier alfresco dining and leisure precinct for the area.

Property overview

Property overview
State	WA
Centre type	Regional
Ownership interest (%)	Vicinity Centres – 50
Co-owner (%)	AMP Capital Shopping Centre Fund – 50
Date acquired	2002
Centre frst opened	1971
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	420.0
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	15%
Discount department stores	25%
Mini majors	18%
Specialties	25%
Other retail	9%
Non retail	7%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	62,216
Number of tenants	184
Total Trade Area (000's)	219
Major tenants2	Ace Cinemas, Coles, Kmart,
	Target, Woolworths
Car spaces	3,229
Occupancy rate by GLA (%)	96.2
Weighted average lease expiry by GLA (years)	4.2
Green Star – Performance	4 Stars
NABERS Energy rating	5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	48%
	17%
	13%
	12%
	10%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

77 Vicinity Centres Direct Portfolio June 2021

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VICTORIA PARK CENTRAL

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

Victoria Park Central is a single level Neighbourhood shopping centre located approximately 6 kilometres south-east of the Perth CBD. It is anchored by Woolworths and includes more than 20 specialty stores.

Property overview

Property overview
State	WA
Centre type	Neighbourhood
Ownership interest (%)	100
Date acquired	2004
Centre frst opened	2004
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	24.5
Valuation date	Jun-21
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

Tenant mix by gross lettable area (GLA)

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Supermarkets 58%
Specialties 36%
Non retail 6%
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Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	5,775
Number of tenants	25
Total Trade Area (000's)	44
Major tenants2	Woolworths
Car spaces	223
Occupancy rate by GLA (%)	96.7
Weighted average lease expiry by GLA (years)	3.2
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	18%
	27%
	25%
	10%
	20%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

Vicinity Centres Direct Portfolio June 2021 78

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WARWICK GROVE

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

Warwick Grove is a single level Sub Regional shopping centre located approximately 15 kilometres north of the Perth CBD. It is anchored by Kmart, ALDI, Coles, Woolworths and Grand Cinemas and includes more than 65 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
Ownership interest (%)	100
Date acquired	2001
Centre frst opened	1974
Latest redevelopment	2003
Valuation External/Internal	Internal
Valuation ($m)1	152.0
Valuation date	Jun-21
Capitalisation rate (%)	7.25
Discount rate (%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	28%
Discount department stores	22%
Mini majors	1%
Specialties	22%
Other retail	21%
Non retail	5%

Property metrics

Property metrics
Gross lettable area (GLA) (sqm)	32,113
Number of tenants	93
Total Trade Area (000's)	103
Major tenants2	ALDI, Coles, Grand Cinemas,
	Kmart, Woolworths
Car spaces	1,547
Occupancy rate by GLA (%)	99.8
Weighted average lease expiry by GLA (years)	4.3
Green Star – Performance	4 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY223 FY23 FY24 FY25 FY26+	44%
	14%
	16%
	12%
	13%

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

1 Expressed on 100% basis.

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

3 Includes holdovers.

79 Vicinity Centres Direct Portfolio June 2021

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vicinity.com.au

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VICINITY CENTRES TRUST — Interim / Quarterly Report 2021

65995_rns_2021-08-17_5ec89581-725d-4db3-a880-6d327a66ef28.pdf

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Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

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Specialty store lease expiry profile by income

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Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

CHATSWOOD CHASE SYDNEY

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Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO HOMEBUSH

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Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

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Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

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Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

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Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

ROSELANDS

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

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

THE GALERIES

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

THE STRAND ARCADE

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

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

WARRIEWOOD SQUARE

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

BURANDA VILLAGE

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO BRISBANE

brisbane.dfo.com.au

Property overview

VICINITY CENTRES TRUST Interim / Quarterly Report 2021