VICINITY CENTRES TRUST — Interim / Quarterly Report 2021

Feb 16, 2021

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FY21 interim results
17 February 2021
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Vicinity Centres | FY21 interim results | 17 February 2021

Welcome

Agenda

3 FY21 interim results overview

• 7 Financial results

• 13 Portfolio performance 20 Development

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Grant Kelley CEO AND MANAGING DIRECTOR

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Nicholas Schiffer CHIEF FINANCIAL OFFICER

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Peter Huddle

CHIEF OPERATING OFFICER

• 24 Innovation

• 27 Summary

• 29 Appendices

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Carolyn Viney

CHIEF DEVELOPMENT OFFICER

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Justin Mills

CHIEF INNOVATION & INFORMATION OFFICER

Vicinity Centres | FY21 interim results | 17 February 2021

2

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FY21 interim results overview

Grant Kelley CEO AND MANAGING DIRECTOR

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Vicinity Centres | FY21 interim results | 17 February 2021

QueensPlaza, QLD

FY21 interim results overview

Balance sheet remains strong and portfolio is stabilising, notwithstanding material impact of COVID-19

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FY21 interim results materially impacted by COVID-19

Funds from operations (FFO) of $267m[1] 1H20: $337m

FFO per security of 5.87 cents 1H20: 8.95 cents

Distribution per security of 3.4 cents 1H20: 7.7 cents

Statutory net loss of $394m 1H20: net profit $243m

• Primarily driven by portfolio net valuation[2] decrement of $572m 1H20: $81m

Strong balance sheet

24.5% gearing, with significant liquidity

Strong investment-grade credit ratings maintained

Retail activity recovering

Victorian retailers re-opened following mandatory closures for 12 weeks to 28 October 2020 Positive sales growth for two quarters (ex-VIC and CBDs)

72% of gross rental billings collected for the period, or 90% of collectible[3] billings Portfolio occupancy 98.0% Jun-20: 98.6%

Development pipeline progressed

Ellenbrook Central Kmart expansion completed

Significant advancement on mixed-use and retail project planning

Continued sustainability leadership

Included in CDP’s 2020 Climate A-List, for the second consecutive year

Ranked #7 real estate company globally in Dow Jones Sustainability Index

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Northland, VIC
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1. Refer to slide 36 for definition of FFO and reconciliation of FFO to statutory net loss/profit. FFO is a non-IFRS measure. 2. Net valuation movement excludes statutory accounting adjustments.

2. Cash collected as a percentage of billings net of expected rent relief, for the six-month period.

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Vicinity Centres | FY21 interim results | 17 February 2021

4

Australian market update

Consumer confidence has returned and Vicinity is well positioned to navigate next phase of the recovery

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Ongoing national success containing COVID-19 driving economic recovery

Robust, well-managed public health response

Government encouraging economic activity

Consumer sentiment recovered to above pre-COVID levels

Australia well positioned globally

Lingering impacts of COVID-19

Potential for future COVID-19 outbreaks and restrictions

CBD visitation slower to recover

Uncertain macro outlook with support measures unwinding

COVID-19 has accelerated e-commerce penetration, peaking during lockdown

Vicinity well positioned

Retail recovery is gaining momentum

Australian Index of Consumer Sentiment, 2020-2021[1]

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115
110
105
100
95
Index up 44%
90
since April low
85
80
75
Monthly result Historical average 2
70
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
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Retailer support during COVID-19 puts them in a stronger position going forward Resilient portfolio occupancy

Many brands thriving in the current retail environment

Disruption has accelerated Vicinity’s data, digital and e-commerce initiatives

Strong balance sheet

1. Source: Westpac-Melbourne Institute Index of Consumer Sentiment. 2. 10-year average.

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Vicinity Centres | FY21 interim results | 17 February 2021

5

Leadership in sustainability

Creating sustainable destinations within our communities and providing long-term value for securityholders

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Strong 2020 sustainability survey results

One of only two Australian property companies in CDP’s[1] Climate A-list Ranked #3 Australian retail company by GRESB[2]

Ranked #7 real estate company globally in DJSI[3] survey

Addressing Modern Slavery

Created and working through Responsible Procurement Action Plan Active engagement with Vicinity’s suppliers

First Modern Slavery Statement will be lodged before 31 March 2021

Dec-19: 3.9 stars Portfolio NABERS Energy Rating of 4.6 Stars

Progressing against Net Zero Carbon Emissions 2030 target[4]

COVIDSafe plans in place across all assets

1. Formerly Carbon Disclosure Project.

2. Global Real Estate Sustainability Benchmark which includes listed and unlisted funds.

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NABERS Energy rating increased to 4.6 Stars

(Dec-19: 3.9 Stars)

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#3 #7 Australian retail Net Zero real estate company company globally carbon target by 2030[4] Australia’s Committed to largest respecting Human Rights shopping centre and solar program addressing Modern Slavery

1. Dow Jones Sustainability Index.

2. For our wholly-owned retail assets. Consistent with global carbon measurement standards, this applies to common mall areas.

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Vicinity Centres | FY21 interim results | 17 February 2021

6

Financial results

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Nicholas Schiffer CHIEF FINANCIAL OFFICER

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Vicinity Centres | FY21 interim results | 17 February 2021

DFO Perth, WA

Financial results

Income statement

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Statutory net loss of $394m primarily due to property valuation decline

First half income continued to be impacted by COVID-19

Significant impact on NPI from Melbourne’s Stage 4 restrictions

Trading conditions and cash collections now improving, CBDs lagging FY20 waivers and provisions tracking more favourably than estimated at June 2020

Continued focus on corporate overheads

Cost savings achieved across most discretionary expense categories JobKeeper subsidy received through to September 2020; no FY20 bonuses were paid Offset by increasing insurance costs and lower internal charges[1]

Material decrease in net interest expense

~$25m remaining benefit realised from FY20 interest rate swap restructure Lower drawn debt following equity raising

1H21 ($m) 1H20 ($m) Variance ($m) Variance (%)	1H21 ($m) 1H20 ($m) Variance ($m) Variance (%)	1H21 ($m) 1H20 ($m) Variance ($m) Variance (%)	1H21 ($m) 1H20 ($m) Variance ($m) Variance (%)
Net property income (NPI)	344.4 438.9 21.3 31.7	(94.5)	(21.5)
External management fees		(10.4)	(32.8)
Total income	365.7 470.6	(104.9)	(22.3)
Gross corporate overheads	(69.7) (76.5) 31.5 41.9	6.8	8.9
Internal charges1		(10.4)	(24.8)
Net corporate overheads	(38.2) (34.6)	(3.6)	(10.4)
Net interest expense	(60.4) (99.0)	38.6	39.0
Funds from operations(FFO)4	267.1 337.0	(69.9)	(20.7)
Maintenance capex and lease incentives	(18.9) (32.2)	13.3	41.3
Adjusted FFO(AFFO)5	248.2 304.8	(56.6)	(18.6)
Statutory net(loss)/profit4	(394.1) 242.8	(636.9)	-
FFO per security (cents)6	5.87 8.95 5.45 8.10 3.4 7.7	(3.08)	(34.4)
AFFO per security (cents)6		(2.65)	(32.7)
DPS(cents)		(4.3)	(55.8)

Distribution of 3.4 cps declared, 62.4%[2] of 1H21 AFFO

Conservatively positioned in uncertain environment Targeting full-year distribution of 95% to 100% of AFFO[3]

Note: Totals may not sum due to rounding.

1. Internal charges include property management fees which are included as an expense in NPI and internal development management costs which are capitalised.

2. Calculated as: Total distributions ($m)/Total AFFO ($m).

3. Subject to ongoing board assessment including consideration of external conditions.

4. Refer to slide 36 for definition of FFO and reconciliation of FFO to statutory net loss/profit after tax. FFO is a non-IFRS measure. 5. Refer to footnote 1 on slide 36 for definition of AFFO which is a non-IFRS measure.

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

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Vicinity Centres | FY21 interim results | 17 February 2021

8

Net property income

1H21 NPI reduced 22% primarily as a result of COVID-19 waivers

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NPI ($m) waterfall 1H20 to 1H21

Estimated FY21 impact of COVID-19 on rental billings $91m 1H21 estimated waivers of $99m and provisions of $48m

Partly offset by reduction in 2H20 waivers and provisions estimate by $56m as cash collections and trading conditions improved

Prudent provisioning across the portfolio as recovery profile remains uncertain

Elevated one-off surrender fees received

COVID-19 estimated impacts on 1H21 rental income

Other movements include lower variable income[2] , partly offset by cost savings and JobKeeper received

1H21 rental billings ($m)[1]

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$463m recognised
37
48 within 1H21 NPI
(2H20: $411m)
1H21
total rent
99
billings of Collected (70%)
$610m
Waivers estimate (16%)
(2H20: $580m)
426
Provisions estimate (8%)
Unpaid rent (6%)
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Note: Totals may not sum due to rounding.

1. Approximate. Rental billings for 1H21 are presented on a gross basis excluding the impact of COVID-19 and include all recurring and non-recurring billings. Figures presented for 2H20 include recurring billings only.

2. Principally ancillary income and percentage rent.

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Vicinity Centres | FY21 interim results | 17 February 2021

9

Cash collections

Collections trend improving as retail conditions stabilise

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Proportion of rental billings collected[1,2] (%)

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1H21: 72%
90
80 76
73
68
70
64
60 56
50
38
40
30
20
Jun-20 quarter Sep-20 quarter Dec-20 quarter
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Cash collection rate has picked up

Centre visitation and sales increasing post lifting of restrictions

SME Code of Conduct (SME Code) regulations are winding down

SME Code extended to late March 2021 in VIC, NSW and WA

• In NSW, SME Code threshold reduced to retailers with <$5m turnover

SME Code no longer applies in QLD[3] , SA and TAS

Majority of rent relief expected to end by 31 December 2020[4]

Collectionsof 72%[1,2,5] of gross rental billings over 1H21

Represents 90% of expected net billings[1,2,5,6]

As at quarter end As at 10-Feb-21

Note: all cash collections are based on the billing period, not the period in which they were collected.

1. Cash collected as a percentage of billings under head lease, before any rent relief provided.

2. Rental billings for 1H21 are presented on a gross basis excluding the impact of COVID-19 and include all recurring and non-recurring billings. Figures presented for 2H20 include recurring billings only.

3. For QLD, the SME Code has been extended but rent relief provisions have not.

4. Based on expected outcomes of current negotiations, and assuming no further material COVID-19 impacts.

5. As at 10 February 2021.

6. Cash collected as a percentage of billings net of expected rent relief.

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Vicinity Centres | FY21 interim results | 17 February 2021

10

Valuations

Valuations impacted by lingering effects of COVID-19, particularly Premium CBDs

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Portfolio net valuation[1] decline of $572m or 4.0%

Decline primarily due to lower forecast specialty and mini majors rents

Premium CBDs down 8.7%, impacted by slow return of city office workers and tourism restrictions

Chadstone valuation remains resilient, down 2.0%

DFOs, Sub Regional and Neighbourhood centres less impacted

Trend towards value and local shopping benefiting these assets

COVID-19 allowances generally reduced

Increased stabilisation assumptions for some Victorian and CBD assets

Portfolio weighted average capitalisation rate softened 2 bps to 5.49%

Supported by low interest rate environment

Net tangible assets per security[2] reduced 12 cents to $2.17

Valuation movement[1] (%)

Centre type
Chadstone	(2.0)
Premium CBDs	(8.7)
DFOs	(2.7)
Regional	(4.3)
Sub Regional	(3.2)
Neighbourhood	(1.0)
Totalportfolio	(4.0)
State
Victoria	(4.6)
New South Wales	(3.4)
Queensland	(3.8)
Western Australia	(3.7)
South Australia	(3.3)
Tasmania	(1.0)

NOTE: Refer to slides 39 to 42 for more details.

1. Valuation movements are for the six-months ended 31 December 2020, reflect Vicinity ownership interest and exclude statutory accounting adjustments.

2. Calculated as Balance Sheet net assets less intangible assets, divided by the number of stapled securities on issue at period end. Includes right of use assets and net investments in leases.

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Vicinity Centres | FY21 interim results | 17 February 2021

11

Capital management

Strong balance sheet with significant liquidity

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Liquidity 2.4 billion $

Gearing

24.5%

Weighted avg cost of debt[1]

2.9% (4.3% ex-swap reset)

Weighted avg debt duration

4.7 years

Only $150m of expiring debt until FY23

Conservative gearing maintained

Includes benefit from short-term reset of interest rate swaps which have now reverted to higher rates

Sufficient tenor with limited near-term expiries

Debt maturity profile ($m)[2]

Debt sources (%)[2]

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1,500
13
1,250
1
1,000
14
1,240
750
390 655 812
500 10 2
775
35 60
250 400 11
40
25 309 108 284
150 200 200
0 59 84
17
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Beyond
USPP AMTN GBMTN HKMTN EUMTN Bank debt drawn Bank debt undrawn
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13
1
14
41
2
11
17
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NOTE: Refer to slide 38 for more debt metrics and the hedging profile.

1. The average over the six-months ending 31 December 2020 and inclusive of margin, drawn line fees and drawn establishment fees. 2. Based on facility limits.

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Vicinity Centres | FY21 interim results | 17 February 2021

12

Portfolio performance

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Peter Huddle CHIEF OPERATING OFFICER

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Vicinity Centres | FY21 interim results | 17 February 2021

Chadstone, VIC

Portfolio overview

Portfolio performance is recovering, however risks remain

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Australian retail benefiting from low COVID-19 numbers nationally

CBD workers gradually returning to offices

Restrictions generally easing

SME Code regulations winding down

Retailer demand has strengthened, but remains relatively weak

Strong ‘on-trend’ retailers opening new stores

Portfolio occupancy is high but leasing spreads have softened Majority of short-term COVID-19 lease variations expired Administrations remained low over 2020

Black Friday/Week and Cyber Monday event grows

Near-term uncertainty remains

Spending outlook following expiry of government subsidies Potential for future COVID-19 outbreaks and restrictions Possible increase in administrations

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 32 for details). Store closures during the period due to COVID-19 have impacted the comparability of sales reporting since March 2020.

Key portfolio statistics	Dec-20	Jun-20	Dec-19
Number of centres in direct portfolio	60	60	59
Occupancy (%)	98.0	98.6	99.5
Total MAT1 growth (%)	(18.0)	(7.0)	3.2
- excluding Victoria and CBDs (%)	(2.6)	(1.6)	3.0

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The Glen, VIC
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Vicinity Centres | FY21 interim results | 17 February 2021

14

Customer visitation

Traffic returned strongly post lifting of restrictions across Melbourne, CBD recovery now a key focus

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Strong customer visitation recovery in majority of locations[1]

Total portfolio 85.3% (ex-CBDs: 90.6%)

NSW (ex-CBDs) 90.4%, QLD (ex-CBDs) 91.8%, WA 95.7%, SA 96.5%, TAS 90.0%

Victorian restrictions lifted, recovery now in line with other states

Average of 83% of stores closed for 12 weeks during the Melbourne Stage 4 restrictions, which were lifted 28 October 2020

Strong rebound in visitation and sales in November and December

CBD visitation increasing, but constraints remain

Governments and private sector encouraging a return to CBDs

Delayed return of tourists and international students

Visitation resilient overall during core trading hours

Shorter dwell times with higher average spend

Annual growth in weekly customer visitation[2] Weekly data to 31 January 2021

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120%
Total portfolio (ex-Victoria and CBDs)
100%
93.4%
90.4%
87.4%
80% NSW (ex-CBDs) 85.3%
Total portfolio
60%
56.4%
40%
Victoria (ex-CBDs)
CBDs
20%
0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
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1. Traffic data for the week ending 31 January 2021, compared to the same week in 2020.

2. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 32 for details).

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15

Portfolio sales performance Sales by store type

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	MAT growth1	MAT growth1	MAT growth1	Quarter growth1
			(ex-VIC+CBDs)	(ex-VIC+CBDs)
	Dec-20 Jun-20		Dec-20 Jun-20	Dec-20 Sep-20 Jun-20
	(%) (%)		(%) (%)	(%) (%) (%)
Specialty stores Mini majors	(27.9)	(12.4) (4.1)	(8.0) (7.4) 9.7 5.8	(2.2) (1.0) (30.4) 14.3 18.6 (0.7)
	(15.6)
Specialties and mini majors	(24.8)	(10.3)	(4.3) (4.7)	1.4 3.1 (24.1)
Supermarkets Discount department stores Other retail2 Department stores	3.9	3.1 2.7 (19.7) (20.9)	4.7 3.4 12.2 4.8 (43.4) (16.5) 4.6 3.3	4.7 6.7 (1.9) 14.0 21.3 7.5 (46.5) (58.8) (59.4) 11.7 35.7 13.6
	4.1
	(51.6)
	(41.4)
Totalportfolio	(18.0)	(7.0)	(2.6) (1.6)	0.7 1.1 (14.7)

	MAT growth1	MAT growth1	Quarter growth1	Nov-20 and Dec-201
	Dec-20 Jun-20		Dec-20 Sep-20 Jun-20
	(%) (%)		(%) (%) (%)	(%)
Victoria New South Wales - NSW (excl. CBD) Queensland Western Australia South Australia Tasmania	(31.9)	(11.0) (8.2) (3.2) (3.3) 0.1 (0.7) (0.3)	(22.7) (62.2) (43.7) (15.2) (19.9) (35.5) (4.8) (7.1) (19.5) 0.5 (2.0) (17.5) 2.2 4.3 (9.0) 3.0 7.4 (11.0) 6.7 10.0 (16.2)	(8.5)
	(18.0)			(14.3)
	(7.2)			(4.1)
	(3.9)			2.5
	(1.6)			2.1
	1.2			3.1
	3.6			7.3
Totalportfolio	(18.0)	(7.0)	(12.3) (32.0) (31.6)	(5.2)
Totalportfolio(ex-VIC+CBD)	(2.6)	(1.6)	0.7 1.1 (14.7)	1.3

Store closures have impacted comparability of sales reporting

Portfolio (ex-VIC and CBDs) recorded two quarters of positive growth

Supermarkets and Discount Department Stores benefited most throughout the pandemic

Performance varies across categories

Outperformers – luxury, leisure (sporting goods, books), electrical/sound/computers and music/video/games

Underperformers – food and beverage, travel, ready to wear fashion and cinemas

Note: Totals may not sum due to rounding. Sales calculated over the same period in the prior year.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 32 for details). Store closures during the period due to COVID-19 has impacted the comparability of sales reporting since March 2020. 2. Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment.

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Vicinity Centres | FY21 interim results | 17 February 2021

16

Leasing and COVID-19 support

Rental support primarily contained to 2020

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Leasing update

542 new or renewed leasing deals completed, with -12.6% spread

Current status of short-term lease variations

% of leases as at 10 February 2021

1H20: 583 deals completed with -4.0% spread

Standard lease structure remains unchanged

Leasing activity aligned with growth categories including luxury, leisure and ‘for the home’ categories

Victorian assets impacted by second wave shut down, but demand is returning

COVID lease variations

Rebound in sales accelerated finalisation of short-term lease variations

Rental waivers primarily contained to calendar year 2020

77% of leases with rental waivers in April 2020, ~8% in January 2021

Rent relief weighted towards waivers 85% vs deferrals 15%

85% of leases either unimpacted or short-term lease variations are agreed[1]

Majority of outstanding agreements are with SMEs in Victoria and CBDs

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5
10 18
23
33
Agreed [1] or 22
unimpacted
85% 32 Agreed [1] or
unimpacted
(85% by income) 21
59%
(62% by income)
20
16
Dec-20 Jun-20
Unimpacted
Agreed - SMEs
Agreed - non SMEs
Incomplete - SMEs
Incomplete - non SMEs
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1. Includes negotiations that are completed or agreed in-principle.

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Vicinity Centres | FY21 interim results | 17 February 2021

17

Portfolio metrics by centre type

Despite short-term impact of COVID-19 on traffic and sales, retailer demand remains strong for Flagship assets

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Flagship1 assets – show resilience with higher leasing spreads and stronger retailer demand despite significant COVID-19 impacts

Core assets – maintained relatively strong traffic and sales performance through pandemic where we have focused on maximising occupancy. Demand and certainty are returning to the market

Customer visitation

2020 visitation as proportion of 2019[2] (%)

Total MAT growth

Comparable growth[2] (%)

Average leasing spread

New rent as proportion of prior rent (%)

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92.8
Average: 79.8% 88.8 6.1
-0.8
51.5
Average: -6.0
-16.9
-4.1
Average: -12.6%
-17.5
-43.1
Premium CBDs DFOs Core
Premium CBDs DFOs Core Chadstone and DFOs Core
Premium CBDs
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1. Flagship includes: Chadstone, Premium CBDs and DFOs.

2. Victorian assets excluded from analysis due to impact of Stage 4 lockdown, excludes centres deemed non-comparable in accordance with SCCA standards (refer to slide 32 for details).

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Vicinity Centres | FY21 interim results | 17 February 2021

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Expansions and new tenant deals

Successful retailers taking the opportunity to grow their stores and network

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PREMIUM CENTRES

CORE CENTRES

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DFO CENTRES

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Vicinity Centres | FY21 interim results | 17 February 2021

19

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Development

Carolyn Viney CHIEF DEVELOPMENT OFFICER

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Box Hill Central, VIC – Artist’s impression

Vicinity Centres | FY21 interim results | 17 February 2021

Development overview

Significant progress on project planning and approvals

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Mixed-use and retail project planning progressing across portfolio

Financial prudence remains

Projects to commence selectively and be demand driven

Town planning approvals received for 10 projects

Chadstone (five projects)

Sunshine Marketplace dining and entertainment precinct, and serviced apartments

Bayside office

Emporium Melbourne office and co-working

Bankstown Central fresh food reconfiguration

Major mixed-use town planning applications lodged

Bankstown Central offices

Box Hill Central office, residential and public realm

Project completions

Ellenbrook Central Kmart expansion completed July 2020

Residential towers completed by third party atop The Glen December 2020

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The Glen, VIC – three residential towers completed
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Vicinity Centres | FY21 interim results | 17 February 2021

21

Mixed-use developments and retail enhancements

Project planning continuing with commencements to be demand-led

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Chadstone, VIC

Five town planning approvals

Addition of two levels to existing car park commenced Feb-21 with rooftop shading to be provided by 1.6 MW of solar panels

New office tower, expanded dining terrace and leisure precinct, fresh food precinct upgrade and luxury expansion

Projects staged with overall target completion by 2025

Chadstone, VIC – Artist’s impression of car park

Box Hill Central, VIC

Three town planning approvals sought as first step in realising town centre/mixed-use masterplan

Adjacent to new Suburban Rail Loop station

25-level office tower, 48-level residential tower and adjacent piazza area

Potential for 260,000 sqm of new development area across a 5.5 hectare site

Reconfiguration of Box Hill South Precinct to commence in 2021

Reconfiguration of Big W and refurbishment of existing mall, creation of new centre entry and introducing new external restaurants

Box Hill Central, VIC – Artist’s impression of South Precinct

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Mixed-use developments and retail enhancements

Project planning continuing with commencements to be demand-led

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Bankstown Central, NSW

Potential to add 330,000 sqm of GLA over time to 11 hectare site Adjacent to existing rail station to be upgraded to Metro rail station by 2024

First six town planning applications lodged for long-term masterplan Includes 26,000 sqm of new office space and new ‘Eat Street’

Staged revitalisation of existing retail to commence in 2021

Victoria Gardens, VIC

Retail and mixed-use development to capitalise on inner-city location Town planning application on track to be lodged March 2021

Bankstown Central, NSW – Artist’s impression of proposed office tower

Retail works to occur ahead of mixed-use additions Fresh food hall, new dining and activation of Doonside Street

Staged delivery of 800+ apartments

Chatswood Chase Sydney, NSW Revised redevelopment plans nearing completion to including additional ~20,000 sqm of office space Targeting project commencement mid-2022

Victoria Gardens, VIC – Artist’s impression of proposed Doonside Street project

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Innovation

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Justin Mills CHIEF INNOVATION & INFORMATION OFFICER

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Queen Victoria Building, NSW

Vicinity Centres | FY21 interim results | 17 February 2021

Innovation

Industry-leading capabilities and new technologies facilitating a better retailer and customer experience

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Innovation driving Vicinity’s business and new revenue streams

Data & Digital capability key to navigating during & post COVID

New revenue and enhanced productivity essential to navigate competitive retail environment and create a more diverse, resilient business

Shoppers : Digital, contactless click and collect service in 18 centres during lockdowns

Physical and digital foundation well established. We are leveraging Vicinity’s shopping centre platform to grow opportunities in energy, media, data and digital, and e-commerce products and services

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Energy
Shopping
Media and
centre E-commerce
partnerships
platform
Data and
digital
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Retailers : Proprietary insights platform trial now live with key retailers Operations : Real-time centre density analysis to assist in managing peaks Machine-learning traffic forecasting used to plan operations resourcing and to help consumers plan their shop ahead of time

Enhanced mobile and desktop ‘plan your trip’ capability now live across the portfolio.

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25

Vicinity Centres | FY21 interim results | 17 February 2021

Ancillary income

Rebounding from the impact of COVID-19 with focus on new growth activities

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-37% 1H21 ancillary income growth (comparable)[1] Largest impacts are Managed Car Parks down 63%, Casual Mall Leasing down 58% and Media down 19% offset by growth in Solar income up 47% and Electricity On-Sell income up 11%

+70% Growth (2Q21 v 1Q21) Media up 41% and Casual Mall Leasing up 104% Managed Car Parks up 212% and Solar income up 74%

150 Digital screen network 3 new external screens approved and further 9 proposed

3 internal screens delivered and 10 planned

18

Solar projects operational

2 projects completed and 3 under construction Total program yield 12.7%

Growth platforms Short to medium term opportunities Energy Battery storage Vehicle to grid Automated demand management Media and Brand partnerships/sponsorships Website and on-device advertising partnerships Data and Retailer insights and analytics Centre system automation and machine learning digital E-commerce: Collection and returns services Distribution services at centres distribution, Last mile aggregation and fulfilment fulfilment

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 32 for details).

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26

Summary

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Grant Kelley CEO AND MANAGING DIRECTOR

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The Glen, VIC

Summary

Vicinity positioned for future growth as outlook improves

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Strategy of creating attractive destination assets unchanged

Customers have returned to centres when they are allowed

Flagship assets maintain strong retailer demand

Core centres have shown resilience during pandemic

Strong balance sheet with significant liquidity

Outlook improved as economy recovers

Accommodative fiscal and monetary policy with high consumer confidence

Vicinity’s centre visitation and sales growing where COVID-19 impacts are low, and cash collection is increasing

Focus on creating additional value from portfolio

Accelerated planning of retail and mixed-use development opportunities

Data analytics, technology and innovation to enhance income and drive efficiencies

Earnings guidance not provided due to remaining uncertainty

Full year FY21 distribution payout ratio of 95% to 100% of AFFO targeted[1]

Risks remain – future COVID-19 outbreaks and restrictions, administrations and stimulus ending

1. Subject to ongoing board assessment including consideration of external conditions.

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Roselands, NSW
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Appendices

30 Direct portfolio 39 Asset summaries 35 Assets under management 43 Key dates 36 Financial results 44 Contact details and disclaimer

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Vicinity Centres | FY21 interim results | 17 February 2021
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Chatswood Chase Sydney, NSW

Direct portfolio Key statistics by centre type

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	Total
	Portfolio	Chadstone	Premium CBDs	DFO1	Core
Number of retail assets	60	1	7	7	45
Gross lettable area (000’s)(sqm)	2,420	234	222	231	1,734
Total value2 ($m)	13,593	3,062	2,033	1,716	6,782
Portfolio weighting by value (%)	100	23	15	13	50
Capitalisation rate (weighted average) (%)	5.49	3.88	4.95	5.93	6.27
Occupancy rate (%)	98.0	98.7	97.4	97.5	98.1

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

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Direct portfolio Sales by specialty category

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MM and SS2 proportion of total MAT Total portfolio Portfolio (ex-VIC and CBDs) Comparable MAT growth(%)1 MM and SS2 SS2 MM and SS2 SS2	MM and SS2 proportion of total MAT Total portfolio Portfolio (ex-VIC and CBDs) Comparable MAT growth(%)1 MM and SS2 SS2 MM and SS2 SS2
Apparel 16 (33.7) (35.7) Homewares 7 (12.5) (28.1) Food catering 5 (34.2) (33.3) General retail 6 (16.6) (17.3) Leisure 5 (18.1) (19.3) Food retail 4 (7.0) (11.9) Retail services 3 (16.4) (16.4) Jewellery 3 (27.7) (27.3) Mobile phones 1 (22.4) (22.4)	(14.5) (16.6)
	14.2 (12.8)
	(14.0) (13.6)
	3.9 7.2
	9.9 3.3
	3.7 2.5
	(1.6) (1.6)
	(0.5) (0.5)
	(14.7) (14.7)
Total 51 (24.8) (27.9)	(4.3) (8.0)

Note: Totals may not sum due to rounding.

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 32 for details).

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

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Non-comparable centres for sales reporting

Direct portfolio

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	Non-comparable status
Centre	Dec-20	Jun-20
Bankstown Central, NSW	Pre-development	Pre-development
Chatswood Chase Sydney, NSW	Pre-development	Pre-development
Ellenbrook Central, WA	Post development	Stable/comparable
Emporium Melbourne, VIC	Major vacated	Stable/comparable
QueensPlaza, QLD	Post development	Post development
Roselands, NSW	Post development	Post development
The Glen, VIC	Post development	Post development
The Myer Centre Brisbane, QLD	Pre-development	Pre-development

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Direct portfolio Key portfolio tenants

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Top 10 tenants by income	Top 10 tenants by income	Top 10 tenants by income	Top 10 tenants by income	Top 10 tenants by income
Rank Retailer Retailer type Number of stores % of income
1		Supermarket	37	3.4
2		Supermarket	34	2.9
3		Discount department store	24	2.7
4		Department store	5	2.2
5		Department store	8	2.0
6		Discount department store	19	1.6
7		Discount department store	16	1.4
8		Specialty/Mini major	25	0.7
9		Cinema	5	0.7
10		Financial institution	251	0.6
Top 10 total			198	18.2

Top 10 tenant groups by income	Top 10 tenant groups by income	Top 10 tenant groups by income	Top 10 tenant groups by income	Top 10 tenant groups by income
Rank Retailer Number of leases % of income Brands
1		64	4.6	Big W, BWS, Dan Murphy’s, Woolworths, Woolworths Liquor, Woolworths Petrol
2		44	4.3	Kmart, Target
3		57	3.8	Coles, First Choice Liquor, Liquorland, Vintage Cellars
4		41	3.1	Country Road, David Jones, Mimco, Politix, Trenery, Witchery
5		15	2.2	Marcs, Myer, sass & bide
6		85	1.4	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes, Supre,Typo
7		119	1.4	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
8		76	1.2	The Athlete’s Foot, Dr Martens, Hype DC, Platypus Shoes, Skechers, Merrell, Timberland,Vans
9		81	1.1	Connor, Johnny Bigg, Rockwear, Tarocash, YD
10		66	1.1	Bonds, Bonds Kids, Bonds Outlet, Bras N Things, Champion, Champion Outlet, Sheridan
Top 10 total		648	24.2

1. Excludes ATMs.

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Direct portfolio Lease expiry profile

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Lease expiry profile by income (%)

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30
24
25
Majors
20 All other retailers
15 15
14
15 13
9
10
7
5
1 1 1
0 0
0
Holdover FY21 FY22 FY23 FY24 FY25+
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Weighted average lease expiry (years)

	Dec-20	Jun-20
by Area	4.5	4.6
by Income	3.5	3.6

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Castle Plaza, SA
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Assets under management ~7,100 tenants across 63 assets under management[1]

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Direct portfolio1 Wholly-owned Co-owned Total	Managed	Total AUM1
	Third party/ co-owned
Number of retail assets 32 28 60 3/28 63 Gross lettable area (000’s)(sqm) 948 1,473 2,420 112 2,533 Number of tenants 2,797 3,988 6,785 339 7,124 Total value ($m)2 5,686 7,907 13,593 736/8,285 22,614

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

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FFO reconciliation to statutory net profit after tax

Financial results

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For the six months to	Dec-20 ($m)	Dec-19 ($m)
Statutory net (loss)/profit after tax (394.1) 242.8 Property revaluation decrement for directly owned properties 512.1 52.8 Non-distributable loss relating to equity accounted investments 41.8 16.5 Amortisation of incentives and leasing costs 29.4 27.2 Straight-lining of rent adjustment (8.8) (4.8) Net mark-to-market movement on derivatives 187.7 (15.2) Net foreign exchange movement on interest bearing liabilities (118.2) 14.7 Income tax expense 13.6 - Other non-distributable items 3.6 3.0
Funds from operations (FFO)1 267.1 337.0

1. Funds from operations (FFO) and adjusted funds from operations (AFFO) are two key measures Vicinity uses to measures its operating performance. FFO and AFFO are widely accepted measures of real estate operating performance. Statutory net profit is adjusted for fair value movements and certain unrealised and non-cash items to calculate FFO. FFO is further adjusted for maintenance capital expenditure and static tenant leasing costs incurred during the period to calculate AFFO. FFO and AFFO are determined with reference to the guidelines published by the Property Council of Australia (PCA) and are non-IFRS measures.

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36

Financial results

Balance sheet

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As at Dec-20 ($m) Jun-20 ($m) Change ($m)	As at Dec-20 ($m) Jun-20 ($m) Change ($m)	As at Dec-20 ($m) Jun-20 ($m) Change ($m)	As at Dec-20 ($m) Jun-20 ($m) Change ($m)
Cash and cash equivalents 66.7 227.4 (160.7)
Investment properties1 13,330.1 13,801.4 (471.3)
Equity accounted investments 495.4 527.6 (32.2)
Intangible assets 164.2 164.2 -
Other assets 335.1 518.8 (183.7)
Total assets	14,391.5	15,239.4	(847.9)
Borrowings 3,384.6 3,929.8 (545.2)
Other liabilities 962.9 750.0 212.9
Total liabilities	4,347.5	4,679.8	(332.3)
Net assets	10,044.0	10,559.6	(515.6)
Securities on issue (m)	4,552.2	4,529.6	0.5%
Net tangible assets per security2 ($)	2.17	2.29	(5.2%)
Net asset value per security ($)	2.21	2.33	(5.2%)

Note: Totals may not sum due to rounding.

1. Vicinity’s ownership interest.

2. Calculated as Balance Sheet net assets less intangible assets, divided by the number of stapled securities on issue at period end. Includes right of use assets and net investments in leases.

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Capital management

Financial results

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Key debt statistics

As at: Dec-20 Jun-20	As at: Dec-20 Jun-20	As at: Dec-20 Jun-20
Total debt facilities1	$5.8b	$5.8b
Drawn debt2	$3.4b	$3.9b
Gearing3 24.5% 25.5%
Weighted average cost of debt4 2.9% 3.6%
Weighted average debt duration 4.7 years 5.2 years
Weighted average hedge rate5, 6 4.4% 2.7%
Proportion of debt hedged 97% 89%
Interest cover ratio (ICR)7 4.3x 3.9x
Credit ratings/outlook – Moody’s Investor Services – S&P Global Ratings	A2/negative A/stable	A2/negative A/stable

Hedging profile[5,8]

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3,500 5.5%
3,000 5.0%
2,500 4.5%
2,000 4.0%
1,500 3.5%
1,000 3.0%
500 2.5%
0 2.0%
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Fixed rate debt (lhs) Interest rate swaps (lhs) Weighted average hedge rate (rhs)
Hedge rate
Notional A$m
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1. Based on facility limits.

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

3. Calculated as drawn debt, net of cash and cash equivalents, divided by total tangible assets excluding cash and cash equivalents, right of use assets, net investment leases, investment property leaseholds and derivative financial assets.

4. The average over the reporting period (6 months ending 31 December 2020 and 12 months ending 30 June 2020). Inclusive of margin, drawn line fees and drawn establishment fees.

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

6. Hedge rate is as at end of period.

7. Includes one off or non-reoccurring items relating to the COVID-19 pandemic.

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

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Asset summaries

Centre statistics and valuations

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Centre type Ownership interest (%) Occupancy rate (%)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Capitalisation rate	Discount rate As at 31-Dec-20 (%)
			As at 31-Dec-20 (%) As at 30-Jun-20 (%) Movement
New South Wales
Chatswood Chase Sydney Major Regional 51 n.a. (34.7) 438.5 5.00 5.00 - 6.50
Bankstown Central Major Regional 50 n.a. (3.0) 272.5 6.00 6.00 - 7.00
Roselands Major Regional 50 n.a. (2.2) 141.5 6.25 6.25 - 7.00
Queen Victoria Building CityCentre 50 96.1 (26.9) 274.0 5.13 5.00 0.13 6.50
The Galeries CityCentre 50 98.5 (12.1) 152.5 5.00 5.00 - 6.50
The Strand Arcade CityCentre 50 95.8 (10.2) 115.0 4.75 4.50 0.25 6.50
Lake Haven Centre Sub Regional 100 98.3 (10.3) 274.0 6.50 6.50 -				7.25
Nepean Village Sub Regional 100 98.9 (4.2) 200.0 5.75 5.75 -				7.00
Warriewood Square Sub Regional 50 99.8 (3.6) 134.0 6.00 6.00 -				7.00
Carlingford Court Sub Regional 50 99.4 (6.4) 99.0 6.25 6.25 -				7.00
Armidale Central Sub Regional 100 93.6 (1.3) 35.0 7.50 7.50 -				7.50
DFO Homebush Outlet Centre 100 98.3 18.6 610.0 5.25 5.25 -				6.75
Tasmania
Eastlands Regional 100 99.8 (0.4) 156.8 7.00 7.00 -				7.25
Northgate Sub Regional 100 98.2 (2.1) 83.0 7.75 7.75 -				8.00

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

1. Based on ownership interest.

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

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Asset summaries

Centre statistics and valuations

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Centre type Ownership interest (%) Occupancy rate (%)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Capitalisation rate	Discount rate As at 31-Dec-20 (%)
			As at 31-Dec-20 (%) As at 30-Jun-20 (%) Movement
Queensland
QueensPlaza CityCentre 100 n.a. (21.9) 680.0 4.75 4.75 -				6.25
The Myer Centre Brisbane CityCentre 25 n.a. (13.9) 126.3 5.75 5.75 -				6.75
Grand Plaza Regional 50 97.9 (7.1) 178.0 6.00 6.00 -				7.00
RunawayBayCentre Regional 50 97.0 (7.0) 105.8 6.25 6.25 -				7.00
Taigum Square Sub Regional 100 99.7 (2.6) 83.0 7.00 7.00 -				7.75
Gympie Central Sub Regional 100 99.3 (2.8) 70.0 7.25 7.25 -				7.75
WhitsundayPlaza Sub Regional 100 99.9 (1.9) 60.3 7.25 7.25 -				7.50
Buranda Village Sub Regional 100 99.9 (0.4) 38.0 6.00 6.00 -				6.75
Milton Village Neighbourhood 100 91.5 0.5 35.0 6.00 6.00 -				7.25
DFO Brisbane Outlet Centre 100 96.9		- 62.5 7.75 7.75 -		8.25
South Australia
Elizabeth CityCentre Regional 100 97.8 (8.7) 290.0 7.50 7.50 -				8.25
Colonnades Regional 50 99.0 (2.4) 113.2 7.50 7.50 -				8.00
Castle Plaza Sub Regional 100 98.8 (9.9) 142.0 7.00 7.00 -				7.75
Kurralta Central Sub Regional 100 100.0 0.8 42.9 6.25 6.25 -				6.75

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

1. Based on ownership interest.

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

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Asset summaries

Centre statistics and valuations

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Centre type Ownership interest (%) Occupancy rate (%)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Capitalisation rate	Discount rate As at 31-Dec-20 (%)
		As at 31-Dec-20 (%) As at 30-Jun-20 (%) Movement
Victoria
Chadstone Super Regional 50 98.7 (63.8) 3,062.0 3.88 3.88 - 6.00
Bayside Major Regional 100 97.5 (20.4) 440.0 6.25 6.25 - 7.00
Northland Major Regional 50 97.8 (11.1) 412.0 5.50 5.50 - 6.75
The Glen Major Regional 50 n.a. (19.9) 331.0 5.50 5.50 - 7.25
Emporium Melbourne CityCentre 50 n.a. (101.4) 542.5 4.75 4.50 0.25 6.50
Myer Bourke Street CityCentre 33 100.0 (6.7) 142.3 5.75 5.25 0.50 7.25
Broadmeadows Central Regional 100 98.2 (20.8) 250.0 6.75 6.75 - 7.50
Cranbourne Park Regional 50 98.2 (5.2) 125.0 6.25 6.25 - 7.00
Box Hill Central(South Precinct) Sub Regional 100 99.4 (9.4) 210.0 6.00 6.00 - 7.00
Victoria Gardens ShoppingCentre Sub Regional 50 95.0 (5.0) 142.5 6.00 6.00 - 7.00
Box Hill Central(North Precinct) Sub Regional 100 99.2 (2.5) 125.0 6.00 6.00 - 6.75
Altona Gate Sub Regional 100 97.8 (1.5) 103.0 6.25 6.25 - 6.50
Roxburgh Village Sub Regional 100 100.0 (3.2) 93.0 7.25 7.25 - 7.75
Sunshine Marketplace Sub Regional 50 98.7 (2.0) 59.5 6.50 6.50 - 7.00
Mornington Central Sub Regional 50 99.1 (1.1) 35.0 6.00 6.00 - 6.25
Oakleigh Central Neighbourhood 100 98.6 0.9 76.0 5.75 6.00 (0.25) 6.50
DFO South Wharf Outlet Centre 100 94.4 (51.4) 612.0 5.75 5.75 - 7.00
DFO Essendon Outlet Centre 100 96.2 (5.3) 162.0 6.75 6.75 - 7.00
DFO Moorabbin Outlet Centre 100 97.4 (7.8) 105.0 8.00 8.00 - 9.00
DFO Uni Hill Outlet Centre 50 96.4 (0.8) 60.0 6.75 6.75 - 7.50

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

1. Based on ownership interest.

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

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Asset summaries

Centre statistics and valuations

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Centre type Ownership interest (%) Occupancy rate (%)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Net revaluation movement1,2 ($m) Value As at 31-Dec-201 ($m)	Capitalisation rate	Discount rate As at 31-Dec-20 (%)
			As at 31-Dec-20 (%) As at 30-Jun-20 (%) Movement
Western Australia
Galleria Major Regional 50 95.6 (8.6) 242.5 6.00 6.00 -				6.75
Mandurah Forum Major Regional 50 94.5 (12.6) 215.0 6.25 6.25 -				7.00
Rockingham Regional 50 95.4 (13.2) 205.0 6.00 6.00 -				7.25
Ellenbrook Central Sub Regional 100 97.7 (4.3) 247.1 6.00 6.00 -				7.00
Warwick Grove Sub Regional 100 99.8 (5.1) 145.4 7.50 7.50 -				8.50
Maddington Central Sub Regional 100 96.6 (4.2) 90.0 7.75 7.75 -				8.00
Livingston Marketplace Sub Regional 100 99.5 (3.7) 79.5 6.25 6.25 -				7.25
Halls Head Central Sub Regional 50 97.0 (1.0) 39.0 7.00 7.00 -				7.50
Karratha City Sub Regional 50 97.9 (1.3) 39.0 7.75 7.75 -				7.75
Dianella Plaza Neighbourhood 100 96.3 (2.3) 60.8 7.50 7.50 -				8.00
Victoria Park Central Neighbourhood 100 96.0 (1.0) 24.5 6.25 6.25 -				7.00
DFO Perth Outlet Centre 50 97.6 (0.2) 105.0 6.00 6.00 -				7.25

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

1. Based on ownership interest.

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

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Key dates Investor calendar

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	Key dates
	December 2020 distribution payment	2 March 2021
	Ex-distribution date for June 2020 distribution	29 June 2021
	Record date for June 2020 distribution	30 June 2021
	2021 annual results	18 August 2021
	June 2021 distribution payment and 2021 Annual Tax Statements despatched	30 August 2021
	2021 Annual General Meeting	10 November 2021
	Ex-distribution date for December 2021 distribution	30 December 2021
	Record date for December 2021 distribution	31 December 2021

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

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Vicinity Centres | FY21 interim results | 17 February 2021

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Contact details and disclaimer

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For further information please contact:

Troy Dahms

Senior Investor Relations Manager T +61 2 8229 7763

E troy.dahms@vicinity.com.au

Authorisation

The Board has authorised that this document be given to ASX.

Disclaimer

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation 17 February 2021. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the 2020 Annual Report lodged with the Australian Securities Exchange on 19 August 2020. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate.

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

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

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Thank you
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Vicinity Centres | FY21 interim results | 17 February 2021