Slide 1: FY25 Interim Results
FY25 Interim Results 19 FEBRUARY 2025 Queen Victoria Building and The Galeries, NSW
Slide 2: Welcome and Agenda
WELCOME AGENDA 04 11 PETER HUDDLE CEO and Managing Director Highlights and Financial results portfolio performance 15 21 ADRIAN CHYE Chief Financial Officer Development update, Appendices and summary Vicinity Centres FY25 Interim Results | 19 February 2025 2
Slide 3: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present. As a business that operates in many locations across the nation, we recognise and respect the cultural heritage, beliefs, and relationship with the land, which
Slide 4: Highlights and Portfolio Performance
HIGHLIGHTS AND PORTFOLIO PERFORMANCE PETER HUDDLE CEO AND MANAGING DIRECTOR Vicinity Centres FY25 Interim Results | 19 February 2025 QueensPlaza, QLD
Slide 5: Highlights
HIGHLIGHTS Vicinity continues to curate a more resilient and higher growth retail asset portfolio and delivers robust operating metrics $492.6m $344.1m 5.95 cps STATUTORY NET PROFIT FUNDS FROM OPERATIONS 1H FY25 DISTRIBUTION 1H FY24: $223.5m 1H FY24: $345.6m 1H FY24: 5.85 cents Acquired $457m On tra
Slide 6: Our Purpose: Shaping Meaningful Places Where Communities Connect
OUR PURPOSE: SHAPING MEANINGFUL PLACES WHERE COMMUNITIES CONNECT Our vision: To prosper with our people and communities by creating Australia’s most compelling portfolio of retail-led destinations CHADSTONE, VIC QUEENSPLAZA, QLD EMPORIUM MELBOURNE, VIC 52 shopping centres c.390m customer visits HARB
Slide 7: Retail Property Sector Fundamentals Increasingly Favourable
RETAIL PROPERTY SECTOR FUNDAMENTALS INCREASINGLY FAVOURABLE Population growth and reduced investment pipeline in new GLA bodes well for owners of established, well capitalised, premium malls Australian shopping centre additions1 Retail property increasingly undersupplied (new developments and extens
Slide 8: Portfolio Repositioning; Actively Curating Premium Asset Portfolio Since June 2022
PORTFOLIO REPOSITIONING; ACTIVELY CURATING PREMIUM ASSET PORTFOLIO SINCE JUNE 2022 Enhancing portfolio quality to drive superior long-term growth via developments, acquisitions and divestments +5.7% +6.7% $15,971 $457m PREMIUM COMPARABLE NPI 1H FY25 PREMIUM SPREADS 1H FY25 PREMIUM SPECIALTY MAT PER
Slide 9: Retail Sales
RETAIL SALES Positive retail sales growth delivered in 1H FY25 propelled by strong ‘Black November’ and Christmas trading period STRONG NOVEMBER/DECEMBER TRADING PERIOD DRIVES POSITIVE PORTFOLIO SALES MAT Six months GROWTH IN 1H FY25 Portfolio sales1 Dec-24 Jun-24 Dec-24 Jun-24 Nov/Dec-24 (Growth ve
Slide 10: Leasing
LEASING Positive portfolio metrics continue to support current and future year income growth VICINITY MAINTAINS FOCUS ON QUALITY LEASING DEALS THAT UNDERPIN EARNINGS Leasing statistics 1H FY25 1H FY24 FY24 RESILIENCE Leasing deals completed – total 924 1,006 2,053 • Traditional specialty lease struc
Slide 11: Financial Results
FINANCIAL RESULTS ADRIAN CHYE CHIEF FINANCIAL OFFICER Vicinity Centres FY25 Interim Results | 19 February 2025 Chadstone, VIC – The Social Quarter
Slide 12: Financial Results: Income Statement
FINANCIAL RESULTS Income statement RESULT HEADLINES 1H FY25 1H FY24 Change Change ($m) ($m) ($m) (%) • Statutory net profit after tax at $493m, comprising FFO of $344m and $149m of statutory, non- cash and other items Net property income (NPI) 463.5 451.6 11.9 2.6 • Adjusted for one-off items1 and h
Slide 13: 1H FY25 Valuations
1H FY25 VALUATIONS Strong income growth drives net valuation gain in 1H FY25 and NTA uplift Valuation Capitalisation rate NET VALUATION INCREASE1 OF $174M, OR 1.2% • Income growth continued to reflect focus on negotiating quality, long-term leasing deals, No. of Value Change Average Change increasin
Slide 14: Capital Management
CAPITAL MANAGEMENT Diversified funding sources and tenor, with ample liquidity to meet maturities and capital requirements PROACTIVE CAPITAL MANAGEMENT Debt sources1 (%) 2 Bank drawn • Issued $500m 7-year AMTN at attractive pricing, +130bps over the relevant swap rate (Jan 2025) 11 14 • $600m of new
Slide 15: Development Update and Summary
DEVELOPMENT UPDATE, AND SUMMARY PETER HUDDLE CEO AND MANAGING DIRECTOR Vicinity Centres FY25 Interim Results | 19 February 2025 Chatswood Chase, NSW
Slide 16: Chadstone – Grand Opening of the Market Pavilion Set for March 2025
CHADSTONE – GRAND OPENING OF THE MARKET PAVILION SET FOR 27 MARCH 2025 BRUNETTI* MOËT & CHANDON OYSTER BAR* $270- Adairs $290m opens in Vicinity share 4Q FY25 27 March Kmart grand opening opens in 2Q FY26 SHANGHAI RED* ONE MIDDLE ROAD* 99% >5% Leased stabilised (Retail/Office) yield 100% Retail 9-10
Slide 17: Chatswood Chase – Stage 1 Fresh Food and Dining
CHATSWOOD CHASE – STAGE 1 FRESH FOOD AND DINING DELIVER NEXT LEVEL RETAIL EXPERIENCE LOSURDÓS ASTAKOS FISH MARKET DOPA FABBRICA PASTA BAR VIC’S MEATS ALICE’S MAKAN TONGLI SUPERMARKET BUTTER BOY Vicinity Centres FY25 Interim Results | 19 February 2025 17
Slide 18: Chatswood Chase – Major Retail Upgrade Progressing Well
CHATSWOOD CHASE – MAJOR RETAIL UPGRADE PROGRESSING WELL $615- $625m ~6% development stabilised yield spend 2Q FY26 9-10% commence IRR opening 85% 45% income construction secured completed Chatswood Chase, NSW – Artist’s impression Vicinity Centres FY25 Interim Results | 19 February 2025 18
Slide 19: Future Development Update
FUTURE DEVELOPMENT UPDATE Progress made on a number of future development opportunities during 1H FY25 ‘BANKSTOWN REZONING PROPOSAL’ APPROVED • Bankstown Rezoning Proposal is part of NSW State Government’s Transport Oriented Development (‘TOD’) to create housing supply near major transport hubs • Ap
Slide 20: Summary and Outlook
SUMMARY AND OUTLOOK Strong start to FY25; simultaneously working on immediate, medium and long-term strategic priorities to support sustained value accretion over time 1H FY25 SUMMARY • Momentum of strategic, operational and financial execution continued in 1H FY25 • Continued to deliver positive po
Slide 21: Appendices
APPENDICES 22 Australian macroeconomic 23 Asset transactions summary 24 Development pipeline 25 Direct portfolio 29 Assets under management environment 30 Financial results 33 Key dates 34 Contact details Vicinity Centres FY25 Interim Results | 19 February 2025 21
Slide 22: Australian Macroeconomic Environment
AUSTRALIAN MACROECONOMIC ENVIRONMENT While population growth and tight employment market are providing a level of resilience, Australian households still contend with elevated living costs NATIONAL INCOME AND RETAIL SALES GROWTH VS HOUSEHOLD SAVINGS RATE1 HOUSE PRICES2 (Seasonally adjusted, %) (Quar
Slide 23: Asset Transactions Summary
ASSET TRANSACTIONS SUMMARY Divestments Price ($m) Settlement Premium/ (discount) to book Kurralta Central, SA 74.3 29 Feb 2024 Roxburgh Village, VIC 123.6 8 Mar 2024 Dianella Plaza, WA 76.3 8 Mar 2024 Ancillary properties 41.5 Various Reported 1H FY24 315.6 Halls Head Central, WA 34.9 5 Jul 2024 Mad
Slide 24: Development Pipeline
DEVELOPMENT PIPELINE Near-term development pipeline focused on premium retail assets while broader mixed-use development opportunities present option value Asset Project Est cost ($m)1 Status FY25 FY26 FY27+ Chadstone Mixed-use – One Middle Road office and retail 270-290 Construction Retail – luxury
Slide 25: Direct Portfolio: Key Statistics by Centre Type
DIRECT PORTFOLIO Key statistics by centre type Total Premium Outlet portfolio Chadstone CBDs/SC Centres1 Core2 Number of retail assets 52 1 8 8 35 Gross lettable area (000’s) (sqm) 2,324 230 321 285 1,488 Total value3 ($m) 15,131 3,463 2,449 2,456 6,763 Portfolio weighting (by value) (%) 100 23 16 1
Slide 26: Direct Portfolio: Key Tenants
DIRECT PORTFOLIO Key tenants TOP 10 BRANDS BY INCOME TOP 10 TENANT GROUPS BY INCOME No. of % of No. of % of Rank Retailer Retailer type stores income1 Rank Retailer stores income1 Brands Kmart, Target, Officeworks, Bunnings, Priceline, 1 Supermarket 29 2.8 1 80 4.6 Priceline Pharmacy, Australian Ski
Slide 27: Direct Portfolio: Additional Leasing Disclosures
DIRECT PORTFOLIO Additional leasing disclosures LEASE EXPIRY PROFILE (By income, %) 32 13 13 13 13 8 5 0 0 1 1 2 Holdover FY25 FY26 FY27 FY28 FY29+ Majors All other retailers WEIGHTED AVERAGE LEASE EXPIRY (Years) Dec-24 Jun-24 By area 4.3 4.3 By income 3.6 3.6 DFO Homebush, NSW Vicinity Centres FY25
Slide 28: Direct Portfolio: Non-comparable Centres for Sales Reporting
DIRECT PORTFOLIO Non-comparable centres for sales reporting Dec-24 Jun-24 Armidale Central, NSW Major changeover Major changeover Bankstown Central, NSW Development Development Box Hill Central, VIC Major changeover and pre-development Major changeover and pre-development Chatswood Chase, NSW Develo
Slide 29: Assets Under Management
ASSETS UNDER MANAGEMENT Approximately 6,300 tenants across 53 assets under management1 DIRECT PORTFOLIO ASSETS UNDER MANAGEMENT Third party/ Wholly-owned Jointly-owned Total1 Total1 co-owned Number of assets 27 25 52 1 53 Value2 ($m) 6,690 8,441 15,131 123/8,719 23,974 GLA (000, sqm) 871 1,453 2,324
Slide 30: FFO Reconciliation to Statutory Net Profit After Tax
FINANCIAL RESULTS FFO reconciliation to statutory net profit after tax 1H FY25 1H FY24 ($m) ($m) Statutory net profit after tax 492.6 223.5 Property revaluation (increment)/decrement for directly owned properties (188.4) 76.0 Non-distributable (gain)/loss relating to equity accounted investments (19
Slide 31: Financial Results: Balance Sheet
FINANCIAL RESULTS Balance sheet Dec-24 Jun-24 Variance ($m) ($m) ($m) Cash and cash equivalents 109.4 49.6 59.8 Investment properties (including held for sale) 15,108.3 14,958.0 150.3 Equity accounted investments 532.8 91.8 441.0 Intangible assets 171.2 164.2 7.0 Other assets 497.8 462.2 35.6 Total
Slide 32: Additional Debt Disclosures
FINANCIAL RESULTS Additional debt disclosures Key debt statistics Dec-24 Jun-24 Fixed rate instruments Hedge rate4 (weighted average, A$m) (weighted average, %) Total debt facilities $5.9b3 $5.4b 4,000 4.0 Drawn debt $4.5b $4.1b 3,500 3.5 Undrawn limit $1.4b3 $1.3b 3,000 3.0 1 Weighted average cost
Slide 33: Key Dates
KEY DATES 19 February 2025 24 February 2025 25 February 2025 26 February 2025 FY25 interim results released and Ex-distribution date for FY25 interim Record date for FY25 interim distribution Last date for DRP election announcement of FY25 interim distribution distribution 13 March 2025 19 August 20
Slide 34: Contact Details and Disclaimer
CONTACT DETAILS AND DISCLAIMER FOR FURTHER INFORMATION PLEASE CONTACT: JANE KENNY TROY DAHMS General Manager Investor Relations Senior Investor Relations Manager T +61 3 7001 4291 T +61 2 8229 7763 E jane.kenny@vicinity.com.au E troy.dahms@vicinity.com.au AUTHORISATION The Board has authorised that
Slide 35: Thank you
Thank you Queen Victoria Building and The Galeries, NSW