VICINITY CENTRES TRUST — Investor Presentation 2021

Aug 17, 2021

FOR THE 12 MONTHS ENDED 30 JUNE 2021

18 AUGUST 2021

AGENDA

• 3 FY21 overview
• 8 Portfolio performance
• 18 Financial results
• 24 Strategy refinement and summary
• 29 Appendices

Grant Kelley CEO and Managing Director

Peter Huddle Chief Operating Officer

Adrian Chye Acting Chief Financial Officer

Grant Kelley CEO and Managing Director

Vicinity Centres FY21 Annual Results | 18 August 2021 4

1. Refer to slide 39 for definition of FFO and reconciliation of FFO to statutory net loss/profit. FFO is a non-IFRS measure.

2. Previous corresponding period.

FY21 RESULTS OVERVIEW

Strong operational execution and underlying resilience in retail sector activity; COVID-19 impacts and headwinds remain

Statutory net loss of \$258.0m

Funds from operations (FFO)¹ of \$558.8m, up 7.4% on the pcp²

• FFO per security down 10.1% on expanded capital base FY21 distribution per security of 10.0 cents
• Includes 2.5 cents attributable to one-off items over FY21

Retail activity showed positive momentum and underlying resilience

Portfolio performance improving overall, but impacted by lockdowns Consumers quick to return to retail centres, post lockdowns Cash collected increased as retail conditions improved in 2H FY21 Prolonged CBD recovery expected; favourable long-term outlook

• Sophisticated retailers opening flagship stores in our premium CBD malls

Maintained occupancy at 98.2% despite challenging retail landscape

Benefited by strong leasing deal activity, particularly in 2H FY21

Strong balance sheet maintained; low gearing at 23.8%

Strong investment-grade credit ratings maintained Well positioned to stabilise business and focus on recovery in 2H FY22

MACROECONOMIC ENVIRONMENT

Robust macroeconomic environment to support retail industry stabilisation and recovery

Unemployment rate³ (Seasonally adjusted, %) Job advertisements³ (Monthly, '000) 0 50 100 150 200 250 0 2 4 6 8 Unemployment rate Job advertisements 4.9 242 109 70 80 90 100 110 120 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Consumer sentiment index¹ (Index = 100)

1. Westpac-MIConsumer Sentiment. 2. CoreLogic. 3. Australian Government Labour Market Information Portal. 4. Australian Bureau of Statistics.

Jan-17 Jan-18 Jan-19 Jan-20 Jan-21

Residential dwelling values²

Household savings ratio⁴

December 2018 to March 2021

VICINITY'S RESPONSE

Significant focus on supporting retailers whilst managing Vicinity for long-term, sustainable growth

Supported retailers and consumers during COVID-19

Centres remained open, connecting retailers and consumers safely Supported Australian economy with \$231m¹ of retailer assistance, c.90% in waivers; negotiated over 6,700 lease variations

Demonstrated strong financial stewardship

Fortified capital position following equity raising in June 2020

• Maintained investment-grade credit ratings

Delivered temporary and permanent corporate and operational savings Robust balance sheet has capacity to withstand further disruptions whilst supporting growth

Positioned Vicinity to take advantage of recovery

Accelerated mixed-use and retail development planning and approvals Facilitated new flagship stores for retailers preparing for next cycle Significant leasing deal activity, particularly in 2H FY21 Advanced data and technology initiatives to drive operational efficiency and income Refined strategy to focus on maximising opportunities from adjacencies

1. Includes support to COVID-impacted retailers both under and outside of the SME Code.

LEADERSHIP IN SUSTAINABILITY

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

Strong sustainability survey results

One of only three Australian companies in CDP's¹ Climate A list Ranked #3 Australian Retail Shopping Centre category by GRESB² Ranked #7 real estate company globally in DJSI³ survey

Addressing Modern Slavery

Published 2020 Modern Slavery Statement and enhanced the approach to identifying and addressing Modern Slavery issues within the supply chain Progressed Responsible Procurement Action Plan Became a participant to the United Nations Global Compact

Formal supporter of Task Force on Climate-related Financial Disclosures

Added four projects to industry-leading solar program

Progressing towards Net Zero Carbon Emissions 2030 target⁴

Proactive COVID-19 response

Facilitated eight testing clinics and a vaccination hub at Bayside, VIC COVIDSafe plans in place across all assets

1. Formerly Carbon Disclosure Project.

2. 1. Global Real Estate Sustainability Benchmark which includes listed and unlisted funds.
3. 1. Dow Jones Sustainability Index.
4. 1. For our wholly-owned retail assets. Consistent with GHG Protocol, this applies to common mall areas.
5. 1. 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.

Peter Huddle Chief Operating Officer

Consumers

Quick to return to centres when COVID-19 restrictions ease Research before purchase, shopping is more purposeful with higher spend per visit Prolonged CBD recovery – shift to 'work from home' and 'shop local' remain

Retailers

Retail store consolidation; retailers targeting high quality centres Physical stores remain important for purchase, research, advice and returns Retailers with strong omni-channel presence have been more successful

Retailer leasing demand

Active leasing of flagship stores across our premium assets, notably in CBDs General fashion, sports, home and luxury tenants expanding A number of categories still COVID-impacted (e.g. travel and business attire)

• SMEs challenged, particularly in VIC and recently, NSW
• Cautious outlook with outbreak of COVID-19 Delta variant

Quarterly portfolio indicators showing positive momentum

FY21	1Q1	2Q1	3Q1	4Q1
Visitation (% of 2019)2
Total portfolio	62.4	77.1	77.6	78.4
CBDs	43.6	54.9	54.4	58.8
Victoria	39.6	70.1	75.0	73.9
Total portfolio ex-VIC and CBDs	93.9	93.5	90.9	92.1
Retail sales (% growth vs 2019)2,3
Total portfolio	(29.3)	(10.0)	(3.5)	(3.3)
Total portfolio ex-CBDs	(25.3)	(7.5)	(1.2)	(0.3)
Total portfolio ex-VIC and CBDs	17.0	7.1	7.3	11.9
Specialty and mini majors	(46.9)	(15.0)	(5.8)	(5.4)
National retailers	(49.8)	(12.4)	(0.6)	(2.4)
SME retailers	(41.3)	(20.9)	(15.5)	(11.6)

Retailers by type

• 1. Data compared to same period in 2019.
• 1. Comparable centres only, which excludes divestments and development-impacted centres in accordance with Shopping Centre Council of Australia (SCCA) guidelines (refer to slide 37 for details).
• 1. Given that travel sales are now close to zero, they have been removed from the comparable sales reporting.

CASH COLLECTIONS

Improvement in cash collections in 2H FY21; focus remains on addressing retailer debt

Proportion of gross rental billings received by retailer type (%)¹

Cash collections improved over FY21

Proactive debt recovery

• Minimal outstanding rent receivable for 1H FY21
• Progress slowed during times of snap lockdowns in 2H FY21

• Majors and national retailers have limited outstanding gross rental billings Collections significantly increased as retail conditions improved c.20% reduction in retailer debt in Jun-21; avg 1.5 months rent outstanding 96% of gross rental billings collected where COVID-19 lease variation is agreed²

10% of leases had COVID-19 variations in place during Jun-21¹

Compared to approximately 18% in Jan-21 and 73% in Apr-20

Monitoring retail environment post Delta variant outbreak from May-21

Vicinity continues to support COVID-impacted retailers Retailer support remains focused on impacted categories and locations Reintroduction of SME codes in Victoria and New South Wales on 28 July 2021 and 13 August 2021, respectively.

1. As at 30 June 2021.

2. April 2020 to June 2021.

LEASING

Sustained occupancy level supported by strong rebound in leasing deal activity in 2H FY21

Leasing deals completed

Strong increase in leasing activity in FY21 particularly in 4Q FY21

Focus on leasing up vacancies with 348 vacant stores leased over the year Strong conversion of holdovers into new leases

Standard lease structure of fixed 5% growth rates remains¹

Leasing spreads at -12.7% FY20: -4.0%

Occupancy at 98.2% Jun-20: 98.6%

20 bps improvement from Dec-20

6,772 COVID-19 lease variations completed at 30 June 2021

Continuing to work with impacted retailers

Retailer administrations remained low

FY21: 24 stores or 0.3% of income FY20: 110 stores, 1.2% of income Retailer administrations mostly in apparel category

Cautious outlook in FY22; Delta variant outbreak from 4Q FY21

Proactive debt collection; potential for vacancies to increase Increased hardship for CBD centres and SME retailers

1. More than 75% of all new leases on standard lease structure of fixed 5% growth rate.

STATES WITH MINIMAL COVID-19 IMPACT PERFORM STRONGLY

Strong 2H FY21 sales trends across portfolio outside Victoria and CBDs; bodes well for broader recovery

Strong demand for retail when lockdown disruptions are minimal Same-store sales and foot traffic outside Victoria and CBDs

Strong sales growth in states with COVID-normal environment, +6.1% for 2H FY21

• Benefitting from high consumer confidence and increased spending capacity due to lack of travel
• Strong categories include homewares, leisure, jewellery and retail services

Retailer success possible with below pre-COVID centre visitation; shopping is more purposeful with higher spend per visit

Vicinity's portfolio outside of Victoria and CBDs comprises c.40% of NPI

	Jan-21	Feb-21	Mar-21	Apr-21	May-21	Jun-21	2H FY21
Retail sales (growth vs 2019)1,2
Total centre sales	5.2	2.3	9.4	6.7	8.4	4.8	6.1
Mini majors and Specialty	0.8	2.2	7.7	5.0	10.6	1.2	4.5
Mini majors	15.2	10.7	14.7	11.6	18.7	9.4	13.3
Specialties	(2.9)	(0.2)	5.8	3.1	8.5	(1.2)3	2.1
Visitation (% of 2019)1
Total	92.7	90.9	92.9	91.7	93.2	91.3	92.2

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines, however sales are reported on a same-store basis.

2. Given that travel sales are now close to zero, they have been removed from the comparable sales reporting.

3. NSW performance impacted by Delta variant outbreak, +4.4% excluding NSW.

CBDs

Favourable long-term fundamentals despite expectation of a prolonged post-COVID recovery

Drivers of Emporium traffic and sales (% of Nov-19)

CBD contribution to portfolio NPI in FY21

CBDs heavily impacted by COVID-19; prolonged recovery expected

Visitation improved during FY21; weekend visitation more resilient Momentum slowed during periods of lockdown and mandated mask wearing in offices

55% of CBD leases expire in FY24 and beyond

CBD NPI comprises approximately 11% of total portfolio NPI

Retailers seeking premium CBD centres; exiting CBD high street locations

Vicinity creating flagship stores for existing best in class or exciting new retailers Strong luxury store expansion, particularly in Brisbane CBD

Vicinity confident in the long-term outlook for premium CBD assets; shorter term headwinds remain

CBDs are central to state economies; hubs for commerce, culture, sport and leisure Day trippers contribute over half of Melbourne CBD centre retail sales³ Slow return of office workers to CBD offices likely to persist in near term

CBD centres in Sydney and Melbourne remain impacted by recent Delta variant outbreak

1. Estimated using Quantium and Vicinity sales data. Assumes similar spend per visit amongst day trippers and CBD workers.

2. DSpark estimates.

3. Based on analysis undertaken on Emporium Melbourne.

NEW STORE OPENINGS IN FY21

Sophisticated retailers consolidating stores in CBDs into single flagship stores in premium malls

DFOs

Vicinity has the leading Outlet Centre portfolio in Australia; a segment which is resilient through economic cycles

DFOs significantly impacted during COVID-19, but resilient through cycles

Visitation close to zero during lockdowns due to discretionary focus

• Customers quick to return following lockdowns

DFO occupancy remained high at 98.0%

Leasing spreads remained resilient, +2.1% over FY21, despite adverse impact from tourism and lockdowns

DFOs are an attractive proposition for retailers and consumers

Retailers utilise as a key avenue for inventory management

Retailers able to access full range of centre types with Vicinity; premium assets, CBDs and key metropolitan locations

Consumers provided with strong value proposition

Focused on enhancing Vicinity's strategic advantage in Outlet space

Vicinity has Australia's leading Outlet Centre portfolio with seven DFOs located in Melbourne, Sydney, Perth and Brisbane

Vicinity has a strong history of adding value to DFOs – expanding luxury and premium retail offer and delivering strong rental growth and IRR

DEVELOPMENT OVERVIEW

Mixed-use and retail project planning significantly progressed in FY21

Successful project completions in early FY21

Ellenbrook, WA – Kmart expansion; The Glen, VIC – final retail stage and residential towers¹

Town planning approvals received for 12 projects

Chadstone, VIC: approvals received for retail expansions to enhance overall food/entertainment offer as well as Middle Road Commercial Tower (20,000 sqm)

Other sites: mixed-use projects or retail works ahead of larger mixed-use development

Two major mixed-use town planning applications lodged

Box Hill Central and Victoria Gardens in VIC

Development pipeline to pick-up after preserving capital in FY21

Chadstone, VIC works continue on current car park development and pre-leasing of four other projects

Chatswood Chase Sydney, NSW planning works continue

c.\$150m of development spend in FY22, and increasing into FY23

Five office developments approved² , timing subject to pre-commitments

Bankstown Central, NSW and Bayside, Chadstone and Emporium Melbourne in VIC

A number of reconfiguration projects underway to better utilise former majors' space and strengthen offer with new concepts

Armidale Central in NSW; Broadmeadows Central, Emporium Melbourne and Mornington Central in VIC

1. Owned and developed by a third party.

2. Town planning approvals, included in the 12 overall town planning approvals.

MIXED-USE DEVELOPMENTS AND RETAIL ENHANCEMENTS

Project planning continuing with commencements to be demand-led

Note: All images are artist's impressions.

Adrian Chye Acting Chief Financial Officer

Income statement

	FY21 (\$m)	FY20 (\$m)	Variance (\$m)	Variance (%)
Net property income (NPI)	743.4	683.7	59.7	8.7
External management fees	45.7	54.7	(9.0)	(16.5)
Total income	789.1	738.4	50.7	6.9
Gross corporate overheads	(149.5)	(116.3)	(33.2)	(28.5)
Internal charges1	63.1	74.1	(11.0)	(14.8)
Net corporate overheads	(86.4)	(42.2)	(44.2)	(104.7)
Net interest expense	(143.9)	(175.9)	32.0	18.2
Funds from operations (FFO)2	558.8	520.3	38.5	7.4
Maintenance capex and lease incentives	(73.1)	(60.2)	(12.9)	(21.4)
Settlement of derivative financial liabilities	-	(42.6)	42.6	100
Adjusted FFO (AFFO)3	485.7	417.5	68.2	16.3
Statutory net loss	(258.0)	(1,801.0)	1,543.0	85.7
FFO per security (cents)4	12.28	13.66	(1.38)	(10.1)
AFFO per security (cents)4	10.67	10.96	(0.29)	(2.6)
DPS (cents)	10.0	7.7	2.3	29.9

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. Refer to slide 39 for definition of FFO and reconciliation of FFO to statutory net loss after tax. FFO is a non-IFRS measure.

3. Refer to footnote 1 on slide 39 for definition of AFFO which is a non-IFRS measure.

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

5. Absolute benefit of \$16m in FY20 and \$25m in FY21.

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

Statutory net loss of \$258.0m primarily due to non-cash property valuation decline 2H FY21: \$136.5m net profit

Material FFO impact from COVID-19 in FY21, particularly on a per security basis

Significant impact from Melbourne's Stage 4 restrictions and full year of COVID-19 Trading conditions and cash collections have materially improved post FY20 FY20 waivers and provisions more favourable than estimated position at June 2020 June 2020 equity raising impacted FFO on a per security basis

Gross corporate overheads increase due to lower savings relative to FY20 and higher insurance costs

Primarily impacted by the recommencement of STI in FY21

Material decrease in net interest expense

Lower drawn debt following \$1.2b equity raising in June 2020 c.\$9m benefit in FY21 compared to FY20 from the interest rate swap restructure⁵

Maintenance capital and lease incentives up \$12.9m

Strong deal activity in FY21 underpinned higher leasing capital to secure replacement tenants

Distribution per security of 10.0 cps declared; 93.7%⁶ of FY21 AFFO

2.5 cents attributable to one-off items recognised in the 12 months ending 30 June 2021

NET PROPERTY INCOME, WAIVERS AND PROVISIONS

Material COVID-19 impact in FY21 principally due to Melbourne Stage 4 lockdown

FY21 waivers and provisions

Quarterly \$m 0 20 40 60 80 100 Sep-20 Dec-20 Mar-21 Jun-21 \$131m \$47m

FY21 collected and unpaid rent represents c.85% of FY21 gross rental billings

FY20 waivers and provisions \$75m more favourable than the estimated position at 30 June 2020

Improved cash collections

Reduced waiver requirements

Waivers and provisions higher in FY21 vs FY20 (\$94m to \$178m)

12 months of COVID-19 impact in FY21, versus three months in FY20 Majority of FY21 impact was seen in 1H FY21 (primarily Melbourne Stage 4 lockdown)

Vicinity continues to support COVID-impacted retailers

Targeted at quality long-term retailers Support focused on CBDs and SMEs

Refer to slide 42 for additional information on waivers and provisions. 1. Includes \$75m write back of FY20 waivers and provisions in FY21.

VALUATIONS

Movement in valuations in 2H FY21 indicating stabilisation, COVID-19 assumptions for CBD and VIC remain

Valuations at 30 June 2021 compared to 31 December 2020

Centre type	No of Centres1	Value Jun-212 \$m	Variance \$m	Variance %	Cap rate Dec-20	Cap rate Jun-21
Super Regional	1	3,016	(64.1)	(2.1%)	3.88%	3.88%
CBDs	7	1,965	(75.6)	(3.7%)	4.95%	4.97%
Regional3	16	3,891	(56.3)	(1.4%)	6.10%	6.10%
Sub Regional	25	2,684	(13.2)	(0.5%)	6.52%	6.48%
Neighbourhood	3	168	3.2	1.9%	6.49%	6.23%
Outlet Centre	7	1,745	24.8	1.4%	5.93%	5.93%
Total	59	13,468	(181.3)	(1.3%)	5.49%	5.49%
By State
VIC	20	7,002	(129.1)	(1.8%)	5.03%	5.04%
NSW	12	2,711	(51.0)	(1.8%)	5.55%	5.54%
QLD	9	1,400	(12.9)	(0.9%)	5.64%	5.65%
WA	12	1,519	8.1	0.5%	6.44%	6.41%
SA	4	591	(0.7)	(0.1%)	7.29%	7.26%
TAS	2	246	4.1	1.7%	7.26%	7.00%

NOTE: Refer to slides 45 to 48 for more details.

1. Like for like analysis for assets held as at 30 June 2021.

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. Includes Major Regional and Regional centres.

4. Valuation movements are for the six-months ended 30 June 2021, reflect Vicinity ownership interest and exclude statutory accounting adjustments.

5. 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.

38 properties externally valued, remainder internally valued

Net valuation⁴ decline of \$181m or 1.3% in 2H FY21

Recently announced increases in Victorian land tax and stamp duty Ongoing impact of COVID-19 on CBD and NSW centres Lower forecast market rent, notably across Major Regional Offset by strength of Neighbourhood and DFO valuations

Weighted average capitalisation rate remained stable at 5.49%

Net tangible assets per security⁵ of \$2.13, reduced 4 cents over 2H FY21

CAPITAL STRUCTURE

Strong balance sheet with limited near-term expiries

Strong liquidity position of \$2.4b

Conservative gearing position maintained 23.8%

Extension of \$800m of existing bank debt facilities

Weighted average cost of debt¹ 3.62%, 4.35% excluding swap reset

Includes benefit from short-term reset of interest rate swaps, which reverted back to higher rates in 2H FY21

Sufficient tenor with weighted average debt duration of 4.4 years based on limit

5.8 years based on drawn debt

• Bank debt undrawn (42%)
• Bank debt drawn (1%)
• AMTN (15%)
• EMTN (14%)
• USPP (14%)
• GBMTN (12%)
• HKMTN (2%)

NOTE: Refer to slide 44 for more debt metrics and the hedging profile.

1. The average over the 12 months ended 30 June 2021 and inclusive of margin, drawn line fees and drawn establishment fees.

2. Based on facility limits.

FUTURE PERSPECTIVES

Vicinity stabilises and invests for future growth; uncertainty and risks remain

FY21 result benefited from several one-off items

Reversal of FY20 waivers and provisions Elevated surrender payments Temporarily reduced operating costs Temporarily reduced interest costs following restructure of swaps in FY20 Size and duration of COVID-Delta impact remains unknown Support for COVID-impacted retailers to continue into FY22 Modest increase in net corporate overheads expected in FY22 Inflation and additional investment to drive future growth plans

FY22 maintenance capex and incentives forecast of \$110m to \$120m

Strong level of deal activity to continue, resulting in higher leasing capital

Maintenance capital program returning to pre-COVID levels along with additional catch up capital for reduced expenditure in FY20 and FY21

Cautiously optimistic outlook, from 2H FY22

The Glen, VIC Resilient retail sector; consumer visitation and spending

Grant Kelley CEO and Managing Director

STRUCTURAL SHIFTS DRIVE EVOLUTION OF OUR PLATFORM

KEY GROWTH DRIVERS THAT LEVERAGE ALL ASSETS

VICINITY'S JOURNEY

Vicinity transitioning to a forward-thinking real estate business, delivering long-term sustainable growth

Transitioning from a retail REIT to a forward-thinking real estate business

Optimising the retail portfolio to deliver enhanced performance through retailer, consumer and operations strategies

Increasing exposure to Premium and DFO segments through development of assets and acquisitions

Executing mixed-use developments to drive diversification of income and core retail asset performance

Innovating to deliver new revenue opportunities from adjacent products and services

Deepen relationship with strategically aligned capital partners to support active investment, grow funds under management and enhance returns

Building capability to execute on our strategy and high performance culture

OUTLOOK

Vicinity positioned for future growth as outlook improves

Refined strategy to capitalise on opportunities in recovery from pandemic

Strategy of creating attractive destination assets continues to evolve Build on strengths of retail core

Driving growth from:

• 1. Adjacencies utilising Vicinity's core assets to create new products and services
• 1. Mixed-use creating synergies from adding mixed-use property to centre sites bringing new users to our assets and new forms of rental income
• 1. Funds management creating strategic partnerships with aligned capital partners to drive fee income and enhance returns

Strong balance sheet maintained

Focus on stabilising core while enabling shift to growth opportunities

Operations to continue to be impacted by COVID-19 in FY22

Recommence development pipeline to revitalise retail assets and realise significant mixed-use opportunities

Cannot presently provide FY22 earnings or distribution guidance as it would not be reliable in the current uncertain circumstances

APPENDICES

• 30 Development
• 32 Direct portfolio
• 39 Financial results
• 45 Asset summaries
• 49 Key dates
• 50 Contact details and disclaimer

MIXED-USE DEVELOPMENTS AND RETAIL ENHANCEMENTS

Project planning continuing with commencements to be demand-led

Chadstone, VIC

New car park development (\$30m) with rooftop shading from 1.6 MW of solar panels continues

Future stages of approved development planned

Extension of the Entertainment and Dining precinct (\$35m), forecast pre-leasing completion and construction commencement late FY22

Fresh Food and Logistics Hub development (\$107m). Conceptual design complete, pre-leasing commenced. Target start FY23

One Middle Road 20,000 sqm office tower (\$70m), timing subject to tenant pre-commitment

Bankstown Central, NSW

Retail works ahead of future mixed-use plans

New supermarket to replace IGA, revitalised fresh food precinct and additional retailers (\$22m), target start FY22

Creation of a mini-majors precinct nearing pre-lease completion, start FY22. Subsequently allows the execution of non-retail planned developments start subject to pre-leasing and authority approvals

Two office towers and outdoor dining precinct

26,000 sqm of office and 'Eat Street' retail to commence subject to appropriate pre-commitment levels (\$125m)

Galleria, WA

Revitalised mall and dining project (\$53m) planned

Works to create a new entertainment and leisure precinct on level 2 and revitalise adjoining mall

Target start in late FY22

Note: All development costs are Vicinity share. Future projects are subject to Board and joint owner approval and potentially other conditions precedent.

MIXED-USE DEVELOPMENTS AND RETAIL ENHANCEMENTS

Project planning continuing with commencements to be demand-led

Box Hill Central, VIC

Retail works commenced prior to mixed-use

Retail works commenced prior to mixed-use development (\$46m). Consolidation of Retail into Box Hill South including replacing Big W with a new Coles, mini majors and food offer. A refurbished mall including the creation of new entrances and amenities.

Town planning approvals submitted

Plans submitted for 25-level office tower (\$400m), 48-level residential tower (\$300m) and adjacent piazza area; timing subject to approvals and other conditions precedent

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

Bayside, VIC

Two office buildings

Potential for two separate office buildings

• Evelyn Street (5,000 sqm, \$45m) and
• Balmoral Street (25,500 sqm, \$120m)

Commencement subject to tenant pre-commitment

Chatswood Chase Sydney, NSW

Development delayed and reviewed due to COVID-19

Project amended and cost savings secured

Construction re-sequenced to minimise disruption

Working to secure binding agreements with key retailers

Note: All development costs are Vicinity share. Future projects are subject to Board and joint owner approval and potentially other conditions precedent.

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.

1. Includes DFO Brisbane business.

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

PORTFOLIO RETAIL SALES PERFORMANCE

Shoppers remain highly motivated and purpose driven

Portfolio sales¹ growth by store type and state

		Quarter growth2		MAT growth
	Jun 21 v Jun 19 %	Mar 21 v Mar 19 %	Dec 20 v Dec 19 %	Jun 21 v Jun 20 %	Dec 20 v Dec 19 %	Jun 20 v Jun 19 %
Specialty stores	(9.7)	(10.4)	(19.0)	(8.1)	(27.9)	(12.4)
Mini majors	7.8	8.2	(3.7)	(1.8)	(15.6)	(4.1)
Specialties and mini majors	(5.4)	(5.8)	(15.0)	(6.4)	(24.8)	(10.3)
Supermarkets	2.4	1.4	2.0	0.1	3.9	3.1
Discount department stores	8.4	12.1	8.5	5.2	4.1	2.7
Other retail3	(5.7)	(11.4)	(19.2)	(8.6)	(27.1)	(8.3)
Department stores	(24.4)	(22.4)	(36.4)	(20.9)	(41.4)	(20.9)
Total portfolio	(3.3)	(3.5)	(10.0)	(4.2)	(15.8)	(6.2)
Total portfolio (ex-CBDs)	(0.3)	(1.2)	(7.5)	(3.0)	(13.6)	(4.1)
Total portfolio (ex-VIC and CBDs)	11.9	7.3	7.1	7.5	1.1	(0.2)
VIC	(10.8)	(9.6)	(21.3)	(15.8)	(30.7)	(10.5)
NSW	(6.4)	(12.0)	(13.3)	(4.2)	(16.0)	(7.3)
– NSW (ex-CBDs)	3.4	(1.7)	(1.9)	2.7	(4.1)	(1.9)
QLD	4.8	4.2	4.7	6.8	0.1	(2.1)
WA	5.7	5.9	6.2	8.2	2.2	1.7
SA	16.2	14.4	7.5	11.8	6.2	1.1
TAS	6.4	8.4	7.4	10.2	4.3	(0.1)

April and May sales¹ showed favourable momentum, while June was impacted by snap lockdowns across most states

April was relatively 'COVID normal' with solid sales growth of +2.6%. Outside VIC, May-21 was also buoyant, up +5.0%

WA, SA, QLD and TAS showing very strong sales growth, while CBDs remain more pressured but prior to Jun-21 lockdowns were showing solid improvements

Spend per visit for the June 2021 quarter up 20.2%

Shoppers remain highly motivated and purpose driven

Foot traffic levels therefore not required to return to pre-COVID levels in the short-term to drive retailer success

Category outperformance across Luxury and Sporting Goods, Electrical, Leisurewear, Optometrists and Services

Luxury benefitting from lack of international travel, +15.9% in 2H FY21 compared to 2019

Note: Given that travel sales are now close to zero, they have been removed from the comparable sales reporting.

• 1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines (refer to slide 37 for details).
• 1. With COVID-19 outbreaks across Australia in March 2020, quarterly sales are compared to 2019.
• 1. Other retail includes cinemas, auto accessories, lotteries and other entertainment. Travel agent sales have been removed from Other Retail reporting to assist comparability of data between periods.

Sales by specialty category

	MM and SS2 proportion of	Jun-21		Dec-20
Comparable MAT growth(%)1	total MAT	MM and SS2	SS2	MM and SS2	SS2
Apparel	17	(8.5)	(10.0)	(33.7)	(35.7)
Homewares	8	(1.2)	(5.5)	(12.5)	(28.1)
Food catering	6	(12.4)	(12.0)	(34.2)	(33.3)
General retail	6	(8.5)	(7.8)	(16.6)	(17.3)
Leisure	5	(2.6)	(9.2)	(18.1)	(19.3)
Food retail	4	(6.7)	(9.0)	(7.0)	(11.9)
Retail services	4	7.9	7.9	(16.4)	(16.4)
Jewellery	3	(1.6)	(1.2)	(27.7)	(27.3)
Mobile phones	1	(19.9)	(19.9)	(22.4)	(22.4)
Total	54	(6.4)	(8.1)	(24.8)	(27.9)
Total (ex-CBDs)		(5.1)	(6.6)	(23.2)	(26.1)
Total (ex-VIC and CBDs)		11.4	9.7	(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 37 for details).

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

Key portfolio tenants

		Top 10 tenants by income
Rank	Retailer	Retailer type	Number of stores	% of income	Rank	Retailer	Number of leases	% of
1		Supermarket	37	3.5
2		Supermarket	34	3.0
3		Discount department store	25	2.7
4		Department store	5	2.2
5		Department store	8	2.1
6		Discount department store	17	1.5	6		83	1.4
7		Discount department store	13	1.1	7		81	1.4
8		Specialty/Mini major	25	0.7
9		Cinema	5	0.7
10		Media company	1081	0.6
	Top 10 total		277	18.0		Top 10 total	644	23.9

		Top 10 tenant groups by income
Rank	Retailer	Number of leases	% of income	Brands
1		61	4.3	Big W, BWS, Dan Murphy's, Woolworths, Woolworths Liquor, Woolworths Petrol
2		42	4.2	Kmart, Target
3		56	3.9	Coles, First Choice Liquor, Liquorland, Vintage Cellars
4		40	3.1	Country Road, David Jones, Mimco, Politix, Trenery, Witchery
5		15	2.2	Marcs, Myer, sass & bide
6		83	1.4	The Athlete's Foot, Dr Martens, Hype DC, Platypus Shoes, Skechers, Merrell, Timberland, Vans
7		81	1.4	Cotton On, Cotton On Body, Cotton On Kids, Cotton On Mega, Factorie, Rubi Shoes, Supre, Typo
8		119	1.3	Dotti, Jacqui E, Jay Jays, Just Jeans, Peter Alexander, Portmans, Smiggle
9		81	1.1	Connor, Johnny Bigg, Rockwear, Tarocash, YD
10		66	1.1	Bonds, Bonds Kids, Bonds Outlet, Champion, Bras N Things, Champion Outlet, Sheridan
	Top 10 total	644	23.9

1. Refers to advertising products.

Lease expiry profile

Lease expiry profile by income (%)

Weighted average lease expiry (years)

	Jun-21	Jun-20
by Area	4.3	4.6
by Income	3.3	3.6

Non-comparable centres for sales reporting

Non-comparable status
Jun-21	Jun-20
Major vacated	Stable/comparable
Pre-development	Pre-development
Pre-development	Pre-development
Post development	Stable/comparable
Major vacated	Stable/comparable
Post development	Post development
Post development	Post development
Post development	Post development
Pre-development	Pre-development

7,000 tenants across 61 assets under management¹

		Direct portfolio1
	Wholly -owned	Co-owned	Total	Third party/ co-owned	Total AUM1
Number of retail assets	31	28	59	2/28	61
Gross lettable area (000's) (sqm)	945	1,476	2,421	92	2,513
Number of tenants	2,762	3,948	6,710	271	6,981
(\$m)2 Total value	5,678	7,791	13,468	642/8,138	22,248

Note: Totals may not sum due to rounding.

1. Includes DFO Brisbane business.

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

FFO reconciliation to statutory net profit after tax

For the 12 months to	Jun-21 (\$m)	Jun-20 (\$m)
Statutory net loss after tax	(258.0)	(1,801.0)
Property revaluation decrement for directly owned properties	642.7	1,717.9
Non-distributable loss relating to equity accounted investments	56.6	145.3
Amortisation of incentives and leasing costs	58.3	57.8
Straight-lining of rent adjustment	(1.9)	(8.8)
Net mark-to-market movement on derivatives	119.9	(59.8)
Net unrealised foreign exchange movement on interest bearing liabilities	(77.5)	13.1
Impairment of intangible assets	-	427.0
Income tax expense	10.9	12.1
Stamp duty	-	3.7
Other non-distributable items	7.8	13.0
Funds from operations (FFO)1	558.8	520.3

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.

Income statement – FY19 to FY21

For the 12 months to	FY19 (\$m)	FY20 (\$m)	FY21 (\$m)
Net property income (NPI)	887.6	683.7	743.4
External fees	63.0	54.7	45.7
Total income	950.6	738.4	789.1
Gross corporate overheads	(151.5)	(116.3)	(149.5)
Internal charges1	83.2	74.1	63.1
Net corporate overheads	(68.3)	(42.2)	(86.4)
Net interest expense	(193.0)	(175.9)	(143.9)
Funds from operations (FFO)2	689.3	520.3	558.8
Maintenance capex and lease incentives	(83.3)	(60.2)	(73.1)
Settlement of derivative financial liabilities	-	(42.6)	-
Adjusted FFO (AFFO)3	606.0	417.5	485.7
Statutory net profit/(loss)	346.1	(1,801.0)	(258.0)
FFO per security (cents)4	18.00	13.66	12.28
AFFO per security (cents)4	15.82	10.96	10.67
DPS (cents)	15.9	7.7	10.0

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. Refer to slide 39 for definition of FFO and reconciliation of FFO to statutory net loss/profit after tax. FFO is a non-IFRS measure.

3. Refer to footnote 1 on slide 39 for definition of AFFO which is a non-IFRS measure.

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

Income statement – FY21 half-on-half analysis

For the 12 months to	1H FY21 (\$m)	2H FY21 (\$m)	Jun-21 (\$m)	Jun-20 (\$m)
Net property income	344.4	399.0	743.4	683.7
External fees	21.3	24.4	45.7	54.7
Total segment income	365.7	423.4	789.1	738.4
Gross corporate overheads	(69.7)	(79.8)	(149.5)	(116.3)
Internal charges1	31.5	31.6	63.1	74.1
Net corporate overheads	(38.2)	(48.2)	(86.4)	(42.2)
Net interest expense	(60.4)	(83.5)	(143.9)	(175.9)
Funds from operations2	267.1	291.7	558.8	520.3
Adjusted for:
Property revaluation decrement	(512.1)	(130.6)	(642.7)	(1,717.9)
Impairment of intangible assets	-	-	-	(427.0)
Other items	(149.1)	(25.0)	(176.4)	(176.4)
Statutory net (loss)/profit after tax	(394.1)	136.1	(258.0)	(1,801.0)

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. Refer to slide 39 for definition of FFO and reconciliation of FFO to statutory net loss/profit after tax. FFO is a non-IFRS measure.

Net property income waterfall and waivers and provisions reconciliation – FY21 compared to FY20

NPI waterfall FY20 to FY21

Waivers and provisions FY20 to FY21 movement

(\$m)

	FY20 reported	FY21 reported	Total
FY20 waivers and provisions	(169)	75	B (94)
FY21 waivers and provisions	-	(178)	(178) C
Total	(169)	(103)	(272)
YoY movement		A 66

FY20 and FY21 waivers and provisions

(\$m)

	Waivers	Provisions	Total
FY20	(78)	(16)	B (94)
FY21	(118)	(60)	C (178)
Total	(196)	(76)	(272)

1. Other NPI movements include lower ancillary income and increased vacancies, partly offset by cost savings and JobKeeper received.

Balance sheet

As at	Jun-21 (\$m)	Jun-20 (\$m)	Change (\$m)
Cash and cash equivalents	47.2	227.4	(180.2)
Investment properties1	13,294.3	13,801.4	(507.1)
Equity accounted investments	479.4	527.6	(48.2)
Intangible assets	164.2	164.2	-
Other assets	312.7	518.8	(206.1)
Total assets	14,297.8	15,239.4	(941.6)
Borrowings	3,281.9	3,929.8	647.9
Other liabilities	1,134.6	750.0	(384.6)
Total liabilities	4,416.5	4,679.8	263.3
Net assets	9,881.3	10,559.6	(678.3)
Securities on issue (m)	4,552.2	4,529.6
Net tangible assets per security2 (\$)	2.13	2.29	(16 cents)
Net asset value per security (\$)	2.17	2.33	(16 cents)

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.

Capital management

Key debt statistics

As at:	Jun-21	Jun-20
Total debt facilities1	\$5.7b	\$5.8b
Drawn debt2	\$3.3b	\$3.9b
Gearing3	23.8%	25.5%
Weighted average cost of debt4	3.6%	3.6%
Weighted average debt duration based on limit	4.4 years	5.2 years
Weighted average debt duration based on drawn debt	5.8 years	7.8 years
Weighted average hedge rate5,6	4.4%	2.7%
Proportion of debt hedged	96%	89%
Interest cover ratio (ICR)7	5.1x	3.9x
Credit ratings/outlook – Moody's Investors Service – S&P Global Ratings	A2/stable8 A/stable	A2/negative A/stable

Hedging profile5,9

Weighted average hedge rate (rhs)

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 periods (12 months ending 30 June 2021 and 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-recurring items relating to the COVID-19 pandemic.

8. Outlook changed from negative to stable June 2021.

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

Centre statistics and valuations

				Value	Net		Capitalisation rate		Discount rate
	Centre type	Ownership interest (%)	Occupancy rate (%)	As at 30-Jun-211,2 (\$m)	revaluation movement1,3 (\$m)	As at 30-Jun-21 (%)	As at 31-Dec-20 (%)	Movement	As at 30-Jun-21 (%)
New South Wales
Chatswood Chase Sydney	Major Regional	51	n.a.4	426.3	(13.4)	5.00	5.00	-	6.50
Bankstown Central	Major Regional	50	n.a.4	260.5	(13.6)	6.00	6.00	-	6.75
Roselands	Major Regional	50	n.a.4	139.0	(7.4)	6.25	6.25	-	7.00
Queen Victoria Building	City Centre	50	92.5	270.3	(6.2)	5.13	5.13	-	6.50
The Galeries	City Centre	50	99.8	146.5	(6.8)	5.00	5.00	-	6.25
The Strand Arcade	City Centre	50	95.8	109.4	(6.1)	4.75	4.75	-	6.25
Lake Haven Centre	Sub Regional	100	98.6	270.0	(4.9)	6.50	6.50	-	7.00
Nepean Village	Sub Regional	100	99.4	201.3	(0.4)	5.75	5.75	-	6.75
Warriewood Square	Sub Regional	50	99.0	127.8	(6.8)	6.00	6.00	-	6.75
Carlingford Court	Sub Regional	50	99.3	98.6	(0.6)	6.25	6.25	-	6.75
Armidale Central	Sub Regional	100	n.a.4	34.5	(1.1)	7.00	7.50	(0.50)	7.25
DFO Homebush	Outlet Centre	100	97.5	626.9	16.5	5.25	5.25	-	6.75
Tasmania
Eastlands	Regional	100	99.4	163.0	4.8	6.75	7.00	(0.25)	7.00
Northgate	Sub Regional	100	98.7	83.0	(0.6)	7.50	7.75	(0.25)	7.75

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

1. Based on ownership interest.

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 in late June 2021.

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

4. Occupancy rate non-comparable for reporting purposes.

Centre statistics and valuations

				Value	Net	Capitalisation rate		Discount
	Centre type	Ownership interest (%)	Occupancy rate (%)	As at 30-Jun-211 (\$m)	revaluation movement1,2 (\$m)	As at 30-Jun-21 (%)	As at 31-Dec-20 (%)	Movement	rate As at 30-Jun-21 (%)
Queensland
QueensPlaza	City Centre	100	n.a.3	665.0	(17.2)	4.75	4.75	-	6.25
The Myer Centre Brisbane	City Centre	25	n.a.3	118.8	(7.7)	5.75	5.75	-	6.75
Grand Plaza	Regional	50	97.4	182.0	3.7	6.00	6.00	-	7.00
Runaway Bay Centre	Regional	50	97.5	107.0	(3.0)	6.25	6.25	-	7.00
Taigum Square	Sub Regional	100	99.2	89.0	5.5	6.75	7.00	(0.25)	7.75
Gympie Central	Sub Regional	100	97.7	72.5	2.3	7.25	7.25	-	7.75
Whitsunday Plaza	Sub Regional	100	99.7	60.5	(0.4)	7.25	7.25	-	7.50
Buranda Village	Sub Regional	100	99.9	38.0	0.0	6.00	6.00	-	6.25
DFO Brisbane	Outlet Centre	100	98.7	67.0	3.8	7.75	7.75	-	7.25
South Australia
Elizabeth City Centre	Regional	100	98.9	290.0	(2.0)	7.50	7.50	-	8.25
Colonnades	Regional	50	99.0	113.2	(0.8)	7.50	7.50	-	8.00
Castle Plaza	Sub Regional	100	98.5	142.0	(0.4)	7.00	7.00	-	7.50
Kurralta Central	Sub Regional	100	100.0	45.5	2.5	6.00	6.25	(0.25)	6.50

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.

3. Occupancy rate non-comparable for reporting purposes.

Centre statistics and valuations

				Value	Net	Capitalisation rate			Discount rate
		Ownership	Occupancy	As at	revaluation	As at	As at		As at
	Centre type	interest	rate	30-Jun-211	movement1,2	30-Jun-21	31-Dec-20	Movement	30-Jun-21
		(%)	(%)	(\$m)	(\$m)	(%)	(%)		(%)
Victoria
Chadstone	Super Regional	50	99.0	3,016.0	(64.1)	3.88	3.88	-	6.00
Bayside	Major Regional	100	98.0	430.0	(12.8)	6.25	6.25	-	7.00
Northland	Major Regional	50	97.7	402.5	(11.8)	5.50	5.50	-	6.75
The Glen	Major Regional	50	n.a.3	327.5	(4.3)	5.50	5.50	-	7.00
Emporium Melbourne	City Centre	50	n.a.3	520.0	(24.2)	4.75	4.75	-	6.50
Myer Bourke Street	City Centre	33	100.0	135.0	(7.5)	6.00	5.75	0.25	7.25
Broadmeadows Central	Regional	100	100.0	260.4	7.0	6.75	6.75	-	7.50
Cranbourne Park	Regional	50	98.6	127.0	0.6	6.25	6.25	-	7.00
Box Hill Central (South Precinct)	Sub Regional	100	98.6	203.0	(8.4)	6.00	6.00	-	7.00
Victoria Gardens Shopping Centre	Sub Regional	50	99.6	144.8	0.8	6.00	6.00	-	7.00
Box Hill Central (North Precinct)	Sub Regional	100	99.2	118.0	(7.0)	6.00	6.00	-	6.50
Altona Gate	Sub Regional	100	97.9	107.0	(0.4)	6.25	6.25	-	6.50
Roxburgh Village	Sub Regional	100	100.0	93.0	(0.2)	7.25	7.25	-	7.75
Sunshine Marketplace	Sub Regional	50	97.2	61.5	1.7	6.25	6.50	(0.25)	6.75
Mornington Central	Sub Regional	50	100.0	35.0	(0.2)	6.00	6.00	-	6.25
Oakleigh Central	Neighbourhood	100	97.9	80.0	2.2	5.50	5.75	(0.25)	6.50
DFO South Wharf	Outlet Centre	100	94.74	610.0	(3.2)	5.75	5.75	-	7.00
DFO Essendon	Outlet Centre	100	98.64	165.0	2.7	6.75	6.75	-	7.00
DFO Moorabbin	Outlet Centre	100	97.6	104.0	(1.7)	8.00	8.00	-	9.00
DFO Uni Hill	Outlet Centre	50	95.5	62.0	1.7	6.75	6.75	-	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.

3. Occupancy rate non-comparable for reporting purposes.

4. Excludes Homemaker retailers.

Centre statistics and valuations

				Value	Net		Capitalisation rate		Discount rate
	Centre type	Ownership interest (%)	Occupancy rate (%)	As at 30-Jun-211 (\$m)	revaluation movement1,2 (\$m)	As at 30-Jun-21 (%)	As at 31-Dec-20 (%)	Movement	As at 30-Jun-21 (%)
Western Australia
Galleria	Major Regional	50	95.8	235.0	(8.6)	6.00	6.00	-	6.50
Mandurah Forum	Major Regional	50	95.7	217.5	1.9	6.25	6.25	-	7.00
Rockingham	Regional	50	96.2	210.0	3.6	6.00	6.00	-	7.00
Ellenbrook Central	Sub Regional	100	n.a.3	250.0	1.6	6.00	6.00	-	7.00
Warwick Grove	Sub Regional	100	99.8	152.0	4.3	7.25	7.50	(0.25)	8.00
Maddington Central	Sub Regional	100	96.7	90.0	(2.6)	7.75	7.75	-	8.00
Livingston Marketplace	Sub Regional	100	100.0	79.5	(0.6)	6.25	6.25	-	7.25
Halls Head Central	Sub Regional	50	93.1	38.3	(0.8)	7.00	7.00	-	7.50
Karratha City	Sub Regional	50	97.4	49.3	3.4	7.75	7.75	-	7.75
Dianella Plaza	Neighbourhood	100	95.3	63.0	1.4	7.25	7.50	(0.25)	7.75
Victoria Park Central	Neighbourhood	100	96.7	24.5	(0.4)	6.00	6.25	(0.25)	6.75
DFO Perth	Outlet Centre	50	98.9	110.0	4.9	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.

3. Occupancy rate non-comparable for reporting purposes.

Key dates
Ex-distribution date for June 2021 distribution	29 June 2021
Record date for June 2021 distribution	30 June 2021
2021 annual results	18 August 2021
June 2021 distribution payment	31 August 2021
June 2021 distribution statements and 2021 Annual Tax Statements despatched	1 September 2021
2021 Annual General Meeting	10 November 2021

CONTACT DETAILS AND DISCLAIMER

For further information please contact:

Jane Kenny Head of Investor Relations T +61 3 7001 4291 E jane.kenny@vicinity.com.au 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 18 August 2021. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the 2021 Annual Report lodged with the Australian Securities Exchange on 18 August 2021. 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.