Stockland · ASX:SGP
Stockland — H1 2010 Earnings Presentation
79 slides from Stockland's earnings presentation, Feb 10, 2010
Slide 1: 1H10 Results Presentation – 10 February 2010
For personal use only 1H10 Results Presentation – 10 February 2010 Matthew Quinn, Managing Director Hugh Thorburn, Finance Director www.stockland.com
Slide 2: Solid 1H10 results – upgrading full year guidance to 29c
Solid 1H10 results – upgrading full year guidance to 29c Operating results For personal use only • Underlying Profit up 17% on 1H09, EPS down 21% due to equity raised in May 2009 • Residential Communities lots settled up 70% on 1H09 and record level of contracts on hand - up 56% • Commercial Propert
Slide 3: Underlying Profit up 17% on 1H09, EPS down 21%
Underlying Profit up 17% on 1H09, EPS down 21% due to equity raised in FY09 For personal use only Summary of key metrics 1H10 1H09 Statutory Profit / (Loss) $213.7m ($726.9m) Underlying Profit1 $334.6m ▲ 17% $286.9m Underlying Earnings per Security 14.1 cents ▼ 21% 17.8 cents2 AFFO per security 12.7
Slide 4: Residential
For personal use only Residential
Slide 5: Residential market conditions - recovery underway in all states
Residential market conditions - recovery underway in all states For personal use only National Private detached house approvals (2007-2009, trend) • Major undersupply of housing continues to drive price growth 3,500 Approvals per month • End of FHOB was orderly – upgraders now the prominent buyer gr
Slide 6: Strong Residential Communities revenue and profit growth
Strong Residential Communities revenue and profit growth Revenue • Retail lots settled up 70% on 1H09 For personal use only Residential Communities 1H10 1H09 • Settlements up in all states and market segments Lots settled 2,437 1,434 • Super lot settlements impacted by buyer inability Revenue $425m4
Slide 7: Residential Communities buyer composition close to target mix
Residential Communities buyer composition close to target mix First Home Buyers (FHBs) Buyer composition (# of deposits) For personal use only • Very high leads and deposits in 1H10 Deposits up 66% on underpinned by First Home Owners Boost 3,500 2,975 3,101 1H09 3,000 • Leads now returning to 20% -
Slide 8: Recent Residential Communities price growth to benefit 2H10 margins
Recent Residential Communities price growth to benefit 2H10 margins Retail lot settlements - average price per m2 Prices For personal use only • Average price per sqm of lots settled up 7% due 400 to price increases and product mix Average sale price per m2 (4 ) 10 380 • Price growth in 2Q10 deposit
Slide 9: Cash realisation from efficient management of inventory
Cash realisation from efficient management of inventory Land bank comprises both active projects and • Large and diverse land bank - $2.0b1 capital invested strategic long-term holdings For personal use only (64,400 lots): Live projects / active within 2 yrs – Provides 90% coverage of revenue target
Slide 10: Focussed on growing market share in Residential Communities
Focussed on growing market share in Residential Communities • Strategy to grow market share through increased lot Lot settlements and market share in four key states1 sales: For personal use only Stockland lot settlements (LHS) SGP market share in 4 States (RHS) – Extend market-leading position into
Slide 11: Apartments business delivered a small profit
Apartments business delivered a small profit Apartments 1H10 1H09 • Good Apartments pre-sales and settlements in For personal use only Units settled 236 59 1H10: Revenue $157m $95m – $23m EBIT (before interest in COGS), $6m EBIT (before interest in COGS) $23m $1m Operating Profit mainly from The Vil
Slide 12: Value creation from mixed-use urban consolidation
Value creation from mixed-use urban consolidation • Further urban consolidation is inevitable in order to meet the Federal Government’s stated population For personal use only growth targets • However, Stockland’s Apartments projects have not delivered appropriate returns in recent years: – Wrong st
Slide 13: In summary - Residential business is well placed for FY10 and beyond
In summary - Residential business is well placed for FY10 and beyond • Product mix is being changed to suit upgraders (our core market) with upgrader deposits at their highest For personal use only level in over 18 months • Recent price growth to come through in 2H10 settlements, margins improving •
Slide 14: Retirement Living
For personal use only Retirement Living
Slide 15: Changes to Retirement Living profit reporting
Changes to Retirement Living profit reporting For personal use only • Retirement Living Operating Profit redefined: Retirement Living Operating Profit 1H10 1H093 – DMF accrual in Operating Profit calculated under Operating Profit – former definition $16m $28m normal accrual accounting (only DMF earn
Slide 16: Solid Retirement Living operating performance
Solid Retirement Living operating performance Retirement Living 1H10 1H092 • Established units tracking well: For personal use only Operating Profit $21m $19m – 2% comparable price growth in 1H10 Established unit turnovers 122 104 Occupancy 99% 99% – Virtually full occupancy New units settled 65 62
Slide 17: Retirement Living remains key growth platform
Retirement Living remains key growth platform Strategy: Development pipeline (% of units) For personal use only • Growth and diversification of the village portfolio: WA 22% – Drive operational efficiencies in established villages – Develop new industry-leading villages Q LD 40% Total of circa – Enh
Slide 18: Commercial Property
For personal use only Commercial Property
Slide 19: Commercial Property markets are stabilising
Commercial Property markets are stabilising National retail supply and population growth Retail For personal use only • Retail market conditions are stable: 1000 Forecast 2.5% – Robust business confidence and limited new 800 2.0% supply keeping vacancies low Supply ‘000 600 1.5% sqm Population 10 ye
Slide 20: Commercial Property delivered solid performance in tough market
Commercial Property delivered solid performance in tough market For personal use only • Comparable income growth of 1.6% on Commercial Property Operating Profit ($m) 1H09 300 9 (13) 5 (2) • 2H10 and FY11 office and industrial expiry profile significantly de-risked 200 • Nil trading profit in 1H10; $
Slide 21: Sound leasing and asset management underpinned Retail result
Sound leasing and asset management underpinned Retail result 1H10 highlights Specialty shop lease expiry profile2 For personal use only • Comparable MAT growth +1.6% Vacant FY10 <1% 13% • NOI $132.1m FY14+ • Comparable income growth +4.0% 37% FY11 16% • 230 specialty shop lease transactions, +5.6% a
Slide 22: Asset management focus in Office and Industrial portfolio
Asset management focus in Office and Industrial portfolio 1H10 highlights For personal use only • 160,000m2 of office and industrial space leased Key leasing deals • NOI: Property Area Tenant Start Lease term (sqm) – Office $96.9m BankWest Tower, 27,000 CBA Nov 09 5 years Perth1 – Industrial $38.9m
Slide 23: Commercial Property asset values are stabilising
Commercial Property asset values are stabilising • Weighted average cap rate: Commercial Property – book values ($bn)1 For personal use only – Increased by 10bps in 1H10 10 9 0.1 – Appears to have stabilised 8 0.2 (0.3) (0.3) ($bn) – Softened a total of 140bps since peak in Dec 7 7.9 7.6 2007 (22% d
Slide 24: Commercial Property strategy to enhance asset quality and financial returns
Commercial Property strategy to enhance asset quality and financial returns Commercial Property For personal use only • Continue to re-weight portfolio towards higher quality retail, larger urban industrial and quality office assets • Undertake retail developments that: – Create value through develo
Slide 25: Retail development pipeline set to be reactivated in 2010
Retail development pipeline set to be reactivated in 2010 • Several projects already under construction: For personal use only – 4 projects due for completion by FY12, including Merrylands, Rockhampton and Tooronga – total estimated cost to complete $275m1 • Progress with future projects: – 12 DAs i
Slide 26: UK
For personal use only UK
Slide 27: Continued orderly work out of UK operations
Continued orderly work out of UK operations 1H10 For personal use only • Review of UK operations completed in 2009 – decision made to exit: Operating Profit / (Loss) $1.7m Assets: – Limited ability to achieve necessary scale - 100% owned, ungeared $283m – Better opportunities / higher risk adjusted
Slide 28: Capital Management
For personal use only Capital Management
Slide 29: FY10 AFFO guidance maintained at 27 cents
FY10 AFFO guidance maintained at 27 cents • Increase in EPS guidance does not flow to AFFO calculation - $m 1H10 1H09 For personal use only AFFO as higher profit offset by other items Underlying Profit 335 287 including adjustment for cash effect of Amortisation of lease incentives 3 5 Retirement Li
Slide 30: Strong balance sheet
Strong balance sheet Key Metrics – 1H10 For personal use only S&P rating A- / Stable • Target gearing range 25% - 35% of tangible Gearing (net debt / total tangible assets) 18% assets: Interest cover 4.0 : 1 – Currently below but will progressively move Available undrawn committed facilities $1.1b (
Slide 31: Strategy and Outlook
For personal use only Strategy and Outlook
Slide 32: Vision to be a world class diversified property group
Stockland’s vision is to be a world class diversified property group Purely domestic Australian focus For personal use only Commercial Property Retirement Living Residential $7.9b $0.5b $2.5b Mix of development profit Market-leading Residential Quality portfolio producing and recurring earnings Comm
Slide 33: Importance of sustainability and people to success
Importance of sustainability and people to success Global recognition of ongoing investment in sustainability For personal use only • Australian Ethical Investor 2009 Sustainable Company of the Year • Davos/Corporate Knights Global 100 Most Sustainable Organisations – Overall ranking 24 – Highest ra
Slide 34: Significant, attractive and fully funded growth opportunities
Significant, attractive and fully funded growth opportunities Residential For personal use only • Grow market share and enhance market leading position of Residential Communities Retirement Living • Increase market share and returns through development of new villages Commercial Property • Extensive
Slide 35: Strategic investments
Strategic investments • M&A activity will only be contemplated if it can Strategic stakes For personal use only secure high quality assets that fit with Stockland’s Cost Market value business unit strategies and enhance 31 December 2009 securityholder returns % Price ($) Total Price Total $m ($) $m
Slide 36: In summary, well placed for FY10 - strong growth opportunities for FY11+
In summary, well placed for FY10 - strong growth opportunities for FY11+ • All businesses enter 2H10 in good shape: For personal use only – Expect record Residential Communities lot sales in FY10 – Retail – low vacancy and modest rental growth – Office and industrial – lease expiries largely de-risk
Slide 37: Index to Annexures
Index to Annexures Pages Financial results 37 to 50 Residential Communities 51 to 58 For personal use only Apartments 59 Retirement Living 60 to 62 Commercial Property 63 to 77 1H10 Results Annexures 10 February 2010 www.stockland.com
Slide 38: Australia's largest diversified REIT
Stockland 1H10 Results - Financial results Australia’s largest diversified REIT Australian Commercial Property assets – A$7.9b (71%)1 For personal use only Retail – $4.2b Office – $2.6b Industrial/Intermodal – $1.1b Australian Residential and Retirement assets – A$3.0b (27%)1 Communities – $2.0b Apa
Slide 39: Underlying Profit summary
Stockland 1H10 Results - Financial results Underlying Profit summary Composition of Underlying Profit1($m) For personal use only 400 12 (32) (4) 4 (4) 256 300 (66) 62 343 200 335 21 100 90 0 Residential Retirement Living Co mmercial UK and o ther Net unallo cated Eliminatio ns Operating P ro fit Net
Slide 40: Underlying Profit reconciliation
Stockland 1H10 Results - Financial results Underlying Profit reconciliation Gross Tax Net For personal use only ($m) ($m) ($m) Underlying Profit 339 (4) 335 Fair value adjustment of investment properties Provision for write-down of inventories (4) 1 (3) Net loss from fair value adjustment of investm
Slide 41: Segment Note to Underlying profit reconciliation
Stockland 1H10 Results - Financial results Segment Note to Underlying profit reconciliation Retirement Commercial Residential UK Other Elimination TOTAL Living Property ($m) ($m) ($m) ($m) ($m) For personal use only ($m) ($m) Total Segment revenue 587 1 332 10 163 (4)4 942 Segment result before inte
Slide 42: Financial results year profit summary
Stockland 1H10 Results - Financial results 5 year profit summary 1H10 FY09 FY08 FY07 FY06 For personal use only ($m) ($m) ($m) ($m) ($m) Residential EBIT (before interest in COGS) 130 233 337 309 259 Commercial Property EBIT (before interest in COGS) 256 543 566 525 452 Retirement Living EBIT (befor
Slide 43: Group strategic weightings
Stockland 1H10 Results - Financial results Group strategic weightings For personal use only Operating Profit 1H10 Assets 31 December 2009 Strategic Strategic Actual Actual weighting weighting Recurring Retirement Living 4% 3% Commercial Property 77% 70% Other (2%) 2% Total recurring 79% 60-80% 75% 7
Slide 44: Operating cash flow
Stockland 1H10 Results - Financial results Operating cash flow For personal use only 1H10 operating cash flow (528) 1,000 (183) 1,100 (47) 500 (268) 130 158 (66) 9 342 305 0 Total revenue Inventory Operating Net interest Operating Investment Investment Investment in Distributions Funds returned Net
Slide 45: GPT stake - accounting treatment
Stockland 1H10 Results - Financial results GPT stake - accounting treatment Number of shares – 1,215m representing 13.1% of GPT securities on issue For personal use only Profit & Loss 1H10 FY09 Total ($m) ($m) ($m) Notional cost (opening balance) 591 877 877 Notional value at period end1 738 591 738
Slide 46: Debt summary
Stockland 1H10 Results - Financial results Debt summary Facility Facility limit Amount For personal use only ($m)1 drawn ($m)2 Bank Debt 1,385 184 Domestic Medium Term Notes N/A 706 European Medium Term Notes N/A 619 US Senior Term Notes N/A 1,503 Asian Medium Term Notes N/A 151 Total 3,163 Facility
Slide 47: Debt summary
Stockland 1H10 Results - Financial results Debt summary For personal use only Facility Issued Debt Facility Facility Issued Debt Facility ($m) maturity ($m) maturity Domestic Medium Term Note Facility US Senior Term Note Facility (STN) -MTN 255.6 Jun 2011 - US STN 32.1 Oct 2011 -MTN 150.0 May 2013 -
Slide 48: Fixed/Hedged debt profile
Stockland 1H10 Results - Financial results Fixed/ Hedged debt profile1 For personal use only $m 2,500 7.0 6.8 2,000 6.6 6.4 1,500 6.2 % 1,000 6.0 5.8 500 5.6 0 5.4 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Fixed Debt/Hedge Fixed Rate 1 Excludes margin and fees; excludes cash of $1.1b on
Slide 49: Proforma balance sheet
Stockland 1H10 Results - Financial results Proforma balance sheet 1H10 FY09 For personal use only ($m) ($m) Cash 1,078 1,176 Real estate related assets - Commercial Property 7,878 7,918 - Residential 2,492 2,491 - Retirement 414 416 - UK 302 330 Other financial assets – GPT 236 191 Retirement living
Slide 50: Covenant calculations
Stockland 1H10 Results - Financial results Covenant calculations • All lenders have consistent covenants: Statutory Adjustments Gearing Covenant Balance For personal use only – Total liabilities / total tangible As at 31 December 2009 Sheet $m Balance Sheet $m $m assets (TL/TTA): 45% Assets – 26% (T
Slide 51: Securities on issue
Stockland 1H10 Results - Financial results Securities on issue For personal use only Number of securities Opening balance at 30 June 2009 2,379,317,384 Add: - Employee share plan 980,000 31 December 2009 closing balance of securities on issue1 2,380,297,384 1 Refer to notes 6 and 17 of the statutory
Slide 52: Portfolio overview
Stockland 1H10 Results - Residential Portfolio overview Communities Apartments For personal use only Communities – $1.8bn1 Apartments – $0.5bn1 No. of projects: 65 No. of projects: 9 No. of active projects: 41 No. of active projects: 7 No. of projects launched 1H10: 2 No. of projects launched 1H10:
Slide 53: Housing supply and demand
Stockland 1H10 Results - Residential Housing supply and demand Commentary Large and growing housing undersupply For personal use only • Market fundamentals remain solid Number of dwellings (‘000s) • Population growth and supply /demand imbalance expected to drive long-term volume and price growth •
Slide 54: Mortgage loans and repayments
Stockland 1H10 Results - Residential Mortgage loans and repayments Commentary LVRs remain below historical highs For personal use only Average LVR - Australia¹ National Average Loan Size as % of Median House Price 80% • Interest rate rises combined with house price growth 70% threaten affordability
Slide 55: Market conditions
Stockland 1H10 Results - Residential Market conditions Queensland New South Wales For personal use only Indicator Level Annual Change (%) Indicator Level Annual Change (%) House Prices (Brisbane) $449,850 +5.79% House Prices (Sydney) $550,000 +10.37% Unit Prices (Brisbane) $375,000 +10.13% Unit Pric
Slide 56: Communities – Market share and lots settled
Stockland 1H10 Results – Residential Communities – Market share and lots settled For personal use only Australian vacant lot sales Lots settled by location (units) Vacant lot sales (#) 100,000 93,369 5,000 79,413 4,303 4,188 73,442 75,412 Avg = 77,000 414 80,000 4,000 545 55,723 1,335 60,000 1,029 3
Slide 57: Communities – Retail average sales prices
Stockland 1H10 Results - Residential Communities – Retail average sales prices Retail sales prices1 – price per lot and price per m2 For personal use only FY09 Settlements 1H10 Settlements Av. Av. Av. Av. State No. Lots Size/Lot Price/lot $/m2 No. Lots Size/Lot Price/lot $/m2 m2 $k m2 $k NSW 335 529
Slide 58: Communities - Development pipeline
Stockland 1H10 Results - Residential Communities - Development pipeline Major projects Pipeline - Geographic mix For personal use only Approximate lot Approximate sales per remaining Total pipeline of 64,400 lots annum project lots NSW QLD North Lakes 600 2,200 25% North QLD 27% North Shore 200 3,90
Slide 59: First home buyer grant entitlements
Stockland 1H10 Results - Residential First home buyer grant entitlements Until June July – October – January – July 2010 For personal use only 2009 September December June 2010 onwards 2009 2009 NSW Total Entitlement $24,000 $24,000 $17,000 $10,000 $7,000 Federal First Home Owner Grant $7,000 $7,000
Slide 60: Apartments - Development pipeline
Stockland 1H10 Results - Residential Apartments - Development pipeline Costs to Complete ($m) Expected Net Revenue ($m) For personal use only Projects under construction 2H10 FY11 FY 12+ Total 2H10 FY11 FY 12+ Total NSW Prince Henry 15 35 5 55 20 50 30 100 The Village, Balgowlah 5 - - 5 30 20 - 50 T
Slide 61: Retirement Living Portfolio overview
Stockland 1H10 Results - Retirement Living Portfolio overview Established units Development pipeline For personal use only Established villages 24 Development villages 15 Established portfolio units 3,9741 Development pipeline units 2,800 Established units turned over 122 Average age of resident ent
Slide 62: Reconciliation to segment result and DMF asset
Stockland 1H10 Results - Retirement Living Reconciliation to segment result and DMF asset For personal use only Financial Performance ($m) 1H10 1H09 FY09 New units settled (#) 65 62 163 Established unit turnovers (#) 122 104 217 Comments Development Profit • 1H09 and FY09 adjusted for comparative pu
Slide 63: Example DMF accrual calculation
Stockland 1H10 Results - Retirement Living Example DMF accrual calculation For personal use only Retirement Living Operating Profit redefined to include DMF accrual calculated under normal accrual accounting. Only DMF earned in the period is accrued Accrual is a function of the current list price of
Slide 64: Commercial Property Portfolio overview
Stockland 1H10 Results - Commercial Property Portfolio overview Australian Commercial Property assets - $7.6b1 For personal use only Retail – $4.0bn Office – $2.6bn Industrial / Intermodal – $1.0bn 40 properties 31 properties 17 properties 812,103 sqm gross lettable area 663,739 sqm net lettable are
Slide 65: Office and Industrial metrics
Stockland 1H10 Results - Commercial Property Office and Industrial metrics Office Industrial FY10 rent reviews 1 FY10 rent reviews1 For personal use only 100% 100% 82% 78% 80% 80% 60% 60% 40% 40% 20% 17% 20% 14% 1% 8% 0% 0% Fixed M arket CPI Fixed CPI M arket (Average review +4%) Lease expiry profil
Slide 66: Asset values
Stockland 1H10 Results - Commercial Property Asset values For personal use only WACR Valuation Previous Book Movement ($m) 30 Jun 09 ($m) Value ($m) Retail 7.4% 4,221 4,402 (181) Office 8.0% 2,525 2,659 (134) Industrial 8.7% 976 989 (13) Assets held for sale - 89 91 (2) Subtotal 7.8% 7,8111 8,141 33
Slide 67: Asset values - Retail
Stockland 1H10 Results - Commercial Property Asset values - Retail Valuation Previous Book Value Cap Rate Previous Book For personal use only Change % % Valuation Value ($m) ($m) Cap Retail Portfolio ($m) ($m) Change% Rate % Stockland Wetherill Park 325.0 319.7 1.7 7.00 Stockland Corrimal 59.2 58.3
Slide 68: Asset values - Office
Stockland 1H10 Results - Commercial Property Asset values - Office Previous Previous For personal use only Book Book Valuation Value Change Cap Valuation Value Cap Change Office Portfolio ($m) ($m) % Rate % ($m) ($m) % Rate % Piccadilly Tower1 246.3 252.9 (2.6) 7.50 333 Kent Street, Sydney 39.0 41.9
Slide 69: Asset values – Industrial and other
Stockland 1H10 Results - Commercial Property Asset values – Industrial and other Previous For personal use only Previous Valuation Book Value Valuation Book Value Industrial Portfolio Change Assets held for sale ($m) ($m) Change % Cap Rate % ($m) ($m) % Cap Rate % Yennora Distribution Centre1 337.2
Slide 70: Asset transactions & development completions
Stockland 1H10 Results - Commercial Property Asset transactions & development completions Disposal Value Difference to June- Disposals Disposal Date ($m) Initial Yield (%) 09 book value (%) For personal use only QLD 509 Boundary Rd, Richlands Sept 2009 17.9 9.5 (1%) 735 Boundary Rd, Richlands Oct 20
Slide 71: Development pipeline
Stockland 1H10 Results - Commercial Property Development pipeline For personal use only TOTAL PIPELINE No of projects Planned GLA on Total estimated cost Estimated fully leased completion ($b) year one yield (m2) Redevelopments - under construction 2 116,000 0.5 6.9% Neighbourhood centres - under co
Slide 72: Development pipeline (cont'd)
Stockland 1H10 Results - Commercial Property Development pipeline (cont’d) For personal use only Total Estimated CURRENT PROJECTS estimated Estimated cost to fully leased 2H10 FY11 FY12 cost ($m) complete ($m) year one yield Redevelopments to commence in next 18 months Retail Belrose (demolition and
Slide 73: Development pipeline (cont'd)
Stockland 1H10 Results - Commercial Property Development pipeline (cont’d) For personal use only MASTERPLANNING / FUTURE PROJECTS Planned development FY10 FY11 FY12 Retail Baldivis Sub-regional Belrose (build) Neighbourhood Green Hills Regional Jimboomba (50% share) Sub-Regional Kawana Sub-Regional
Slide 74: Tenancy profile - Top tenants
Stockland 1H10 Results - Commercial Property Tenancy profile - Top 20 tenants1 Retail Portfolio Office Portfolio Industrial Portfolio For personal use only Rank Tenant Portfolio Tenant Portfolio Tenant Portfolio % % % 1 Wesfarmers 27.9% Singtel 5.2% ACI 14.1% 2 Woolworths 23.3% Sinclair Knight Merz
Slide 75: Tenancy retention and new leasing
Stockland 1H10 Results - Commercial Property Tenancy retention and new leasing Office Industrial For personal use only 1H10 Increase Weighted 1H10 Retained Increase Weighted Retained retention Retained in base average Retained retention Tenants in base average tenants rate tenants (m2) rent incentiv
Slide 76: Lease expiry profiles
Stockland 1H10 Results - Commercial Property Lease expiry profiles1 Vacant FY10 FY11 FY12 FY13 FY14+ Retail For personal use only June 2009 December 2009 1% 20% 8% 12% 12% 47% 1% 9% 7% 12% 11% 60% Wale: 5.1 Years Wale: 6.1 Years Office Wale: Wale: June 2009 December 2009 3% 16% 15% 10% 11% 45% 5%5%
Slide 77: Retail sales and Office & Industrial leasing
Stockland 1H10 Results - Commercial Property Retail sales and Office & Industrial leasing Total MAT ($m) % MAT Growth % Comparable % 6mth % 3mth For personal use only Growth Comparable Comparable Growth Growth Supermarkets 1,882 4.6 2.5 2.6 1.7 DDS 810 0.8 (0.7) (1.5) (2.5) Specialties 1,378 0.9 0.3
Slide 78: Leadership in sustainability – case study
Stockland 1H10 Results - Commercial Property Leadership in sustainability – case study For personal use only Triniti, Macquarie Park, NSW • Awarded 5 star Green Star Office As Built v2 • Designed to achieve a 5 star NABERS Energy Office rating • 28,000m² A-grade office campus encompassing three, hig
Slide 79: Stockland Corporation Limited
For personal use only Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 25th Floor 133 Castlereagh Street SYDNEY NSW 2000 DISCLAIMER OF LIABILITY While every effort is made to provide accurate and complete information, Stockland does not warrant or repr