Stockland · ASX:SGP
Stockland — H1 2008 Earnings Presentation
68 slides from Stockland's earnings presentation, Feb 6, 2008
Slide 1: 1H08 Results Presentation
1H08 Results Presentation 6 February 2008 www.stockland.com.au
Slide 2: Agenda
Agenda • Review & Commentary • 1H08 Financial Results • Capital Management • Business Unit Commentary • Growth Strategy • Summary & Outlook Optus HQ, Macquarie Park, NSW -2- 1H08 Results Presentation
Slide 3: Review & Commentary
Review & Commentary • Unprecedented volatility in debt and equity markets • Key market themes are emerging: − Risk was mispriced − Financial engineering with excessive debt has had its day − Businesses with strong fundamental property skills and solid balance Tooronga, Glen Iris, VIC sheets will pre
Slide 4: Group Results in Summary
Group Results in Summary Quality earnings growth 1H08 1H07 Quality Earnings Growth Operating Profit* $324.6m 10.7% $293.1m Transparent Reporting Earnings per security* 22.4 cents 4.2% 21.5 cents Distributions per security 22.6 cents 5.1% 21.5 cents ** NTA per security $5.68 6.6% Strong Balance Sheet
Slide 5: Business Unit Financial Results - Retail
Business Unit Financial Results RETAIL Operating Profit: Recurring (rent) $127m Retail Trading Profits $1.2m Comparable rental income growth 5.5% Revaluation Gain:* $174m Integrated Income Growth 56% Platform Yield Change 44% Portfolio Summary Total Portfolio (45 centres) $4.6bn Total MAT** $5.0bn M
Slide 6: Business Unit Financial Results - Office & Industrial
Business Unit Financial Results OFFICE & INDUSTRIAL Operating Profit: Recurring (rent) $146.2m Retail Trading Profits $11.5m Comparable rental income growth 4.9% Revaluation Gain: $239m Office Income Growth 70% Integrated Platform Yield Change 30% Portfolio Summary Industrial Office Total Portfolio
Slide 7: Business Unit Financial Results - Residential Communities
Business Unit Financial Results RESIDENTIAL COMMUNITIES Revenue $497m Operating Profit 7% $124.6m Retail Net Margin % 25% Portfolio Summary Office Integrated Gross Assets $2,179m Platform No of Projects 65 Lots Controlled 67,000 Industrial End Value of Projects $15.7bn Residential Communities -7- 1H
Slide 8: Business Unit Financial Results - Apartments
Business Unit Financial Results APARTMENTS Divisional Key Financial Results Revenue $129m Operating Profit $13.3m Retail Net Margin % 10% Portfolio Summary Office Integrated Gross Assets $670m Platform No of Projects 13 Units Controlled 2,300 Industrial Apartments End Value of Projects $3.2bn Reside
Slide 9: Business Unit Financial Results - Retirement Living
Business Unit Financial Results RETIREMENT LIVING Operating Profit $13.6m New units sold* 125 Retail Turnover of existing units 8% Portfolio Summary Retirement Office Living Integrated Platform Existing units (20 villages) 3,400 Occupancy 99% Development pipeline (22 villages) 3,800 Industrial Apart
Slide 10: Business Unit Financial Results - Stockland Halladale
Business Unit Financial Results STOCKLAND HALLADALE Operating Profit $6.5m Gross Assets* Stockland Investments $94m Retail Halladale Inventory – cost $358m Development Pipeline $1.0bn CAPITAL PARTNERS/JV’s Retirement Office Living Integrated Australia Platform • Over $900m of wholesale and retail as
Slide 11: Capital Management
Capital Management Hugh Thorburn – Finance Director • No material impact from credit crunch • Solid balance sheet − Debt maturity profile − Capacity • Business as usual − No change to policies Allisee, Gold Coast, QLD - 11 - 1H08 Results Presentation
Slide 12: Capital Management
Capital Management 1H08 S&P Rating A-/Stable Weighted Average Debt Maturity 6.2 years Debt Fixed / Hedged 61% Weighted Average Cost of Debt* 6.6% Gearing (debt/total tangible assets) 28.5% Interest Cover 3.2:1 0.8 0.7 0.6 0.5 $billion 0.4 0.3 0.2 0.1 - FY 0 8 FY 0 9 F Y 10 F Y 11 F Y 12 F Y 13 F Y 1
Slide 13: Retail
Retail John Schroder - CEO • Quality portfolio – operating upside • Disposal of non core assets • Development pipeline progressed • Mixed use focus capitalises on Stockland’s diversified model Stockland Baulkham Hills, NSW - 13 - 1H08 Results Presentation
Slide 14: Market Outlook - Retail
Market Outlook - Retail • Retail outlook positive due to: – Steady consumer demand – Strong labour market and growth in real incomes • Sales growth is solid, but may moderate if interest rates rise Real Wage Growth by State Retail Turnover (% yoy) (% yoy, sa.) NSW 4 NSW Victoria Vict oria Queensland
Slide 15: Strategy for Growth - Operations
Strategy for Growth - Operations • Strong rental growth supported by healthy sales growth • Further upside from low occupancy costs 236 Leases Upside from low % Inc on Renewals 35% High Specialty Sales Occupancy Costs % Inc on New Leases 267 Leases 33% 15% 29% $/m2 14%+ 30% 10,000 13% 13% 176 Leases
Slide 16: Strategy for Growth – Development Pipeline
Strategy for Growth – Development Pipeline • Completed 3 projects: - Total cost $120m - Average IRR 12.5% - Average project yield 8.3% • Increased pipeline – 4 DA’s approved, 7 DA’s submitted No of Estimated Forecast Current 10 year Project Status* Projects Total Cost Yield on Average Forecast (A$bn
Slide 17: Case Study – Sub Regional to Regional Conversion
Case Study – Sub Regional to Regional Conversion Stockland Shellharbour • GLA from 40,000m2 to 70,000m2 • Estimated total cost $220m • Estimated value on completion circa $700m • DA submitted in October 2007 • Estimated completion 2011 • Est. yield on cost – 7.8% • Key major tenants:- • Department S
Slide 18: Outlook - Retail
Outlook - Retail • Market outlook favourable • High productivity driving strong income growth • Further upside from development pipeline • Experienced management team to deliver strategy Stockland Baldivis, WA - 18 - 1H08 Results Presentation
Slide 19: Office & Industrial
Office & Industrial Steve Mann - CEO • Very favourable office market conditions • Strategic focus on “resource rich” states is paying off • Well positioned to deliver rental growth • Strategic acquisitions 9 Castlereagh Street, Sydney - 19 - 1H08 Results Presentation
Slide 20: Office Market Outlook
Office Market Outlook • Office market vacancies at record lows • Rental growth in Perth & Brisbane likely to moderate in 2009 • Sydney poised for strong rental growth • Credit crunch could dampen supply CBD Market Rental Growth SGP Portfolio Adelaide, 3% Canberra, 6% $1,000 Dec-06 $800 Dec-07 Sydney
Slide 21: Office Market Outlook – Growth Drivers
Office Market Outlook – Growth Drivers • Strong 1H08 performance driven by Brisbane and Perth • Office portfolio average 10% under rented • Reversions available on 55% of the portfolio over the next 2.5 years Stockland Lease Expiries + Market Rent Reviews 35% NSW WA 30% QLD ACT VIC/SA 1H08 25% % of
Slide 22: Case Study – Intermodal Growth Strategy
Case Study – Intermodal Growth Strategy Defence Distribution Centre, Moorebank $301m purchase price Existing Estate • Land Area: 83Ha – low site coverage M5 Motorway • 40% sold down to strategic equity partners P&O and Queensland Rail East Hills Railway Intermodal Development Vision • Direct freight
Slide 23: Strategy for Growth – Development Pipeline
Strategy for Growth – Development Pipeline • Development pipeline increased with acquisition and development scope • 4 projects commenced – $140m No of Estimated Forecast Current 10 Year Project Status* Projects Total Cost Yield on Average Forecast (A$bn) Cost Cap Rate IRR Under Construction 5 0.2 7
Slide 24: Outlook – Office & Industrial
Outlook – Office & Industrial • Office markets are in very good shape • Strong growth from rent reversions • Further upside from development pipeline • Strategic position in the emerging intermodal market Durack Centre proposed development Artist’s impression - 24 - 1H08 Results Presentation
Slide 25: Residential
Residential Denis Hickey - CEO • Residential markets in good shape − No oversupply − Steady demand • Solid operating performance • High level of contracts on hand The Islands, South Beach, WA Artist’s impression - 25 - 1H08 Results Presentation
Slide 26: Market Overview
Market Overview Positives: Residential markets are still performing well • GDP Growth Monthly Dw elling Approvals % • Low Unemployment H o us e s a nd Unit s , priv a t e , m o nt hly 20,000 1.7 • Population Growth 15,000 1.5 • Supply remains constrained 10,000 1.2 Challenges: Issues that hover over
Slide 27: Market Outlook – Residential Sector
Market Outlook – Residential Sector Each market has its own characteristics Last 6 months Next 12 months Tight supply and population growth could NSW Trading conditions remained soft trigger improvement in late 2008 Sound market due to favourable conditions VIC Demand strengthened (affordability and
Slide 28: Residential – Strong Business Model
Residential – Strong Business Model • Scale and reach as Australia’s largest residential developer • Diversity underpins business growth − Geography − Product • Proven track record of managing through market cycles Gross Assets ($3bn) 180 Apartm ents Retirement Living 21% 160 Apartments $152m Reside
Slide 29: Strategy for Growth – Residential Communities
Strategy for Growth – Residential Communities • Growth through wider product choice • Continue to unlock future pipeline − 8 projects to launch in next 12 months • Broaden distribution channels • Strategic focus on affordable solutions Essence, VIC - 29 - 1H08 Results Presentation
Slide 30: Strategy for Growth - Apartments
Strategy for Growth - Apartments • Deliver pipeline of projects under construction and new projects Projects ** No. Est. Value % Sold* ($bn) Under construction 6 $0.9bn 59% Yet to commence 7 $1.9bn N/A • Continue to generate mixed use opportunities – New acquisition opportunities – Unlock from exist
Slide 31: Strategy for Growth – Retirement Living Platform
Strategy for Growth – Retirement Living Platform • Drive for price growth Growth in existing villages– Retirement Living • Roll out development pipeline: • 22 projects on hand • 3,800 units • $1.6bn end value • Continue to assess new acquisitions as the industry consolidates Cameron Close, VIC - 31
Slide 32: Residential Outlook
Residential Outlook • Market conditions generally positive • Strong pipeline from apartments and retirement living will broaden our market reach • Solid position with contracts on hand Contracts on hand - 31 December 700 600 Apartments Residential Communities 500 400 ($m) 300 200 100 0 2004 2005 200
Slide 33: Stockland Halladale
Stockland Halladale • Integration completed successfully • Strong team and platform • Market conditions very tough, expected to bottom in mid-late 2008 Downside − Pre-sales of several of our projects have been deferred − We will carry them on balance sheet until completion Tudor Street, London Artis
Slide 34: Stockland Halladale – Strategy for Growth
Stockland Halladale – Strategy for Growth • Sound strategy of allocating 5% of SGP total value to initial market entry • Strategic target - 10% by 2010 • Upscale existing business − Larger scale projects − More profit share potential − Broaden JV’s / Capital partnerships Shaftesbury House, Glasgow •
Slide 35: Case Study – Mixed Use Redevelopment
Case Study – Mixed Use Redevelopment St Andrew Square, Edinburgh • Premium location • Planning consent − Grade A office accommodation – 8,500m2 − Prime retail space – 6,000m2 − 6 penthouse apartments • Acquisition price – £21.25m • Est. total value - £100m • Estimated completion – Dec 2010 Artist’s
Slide 36: Stockland’s Strategy
Stockland’s Strategy Further leverage and extend existing businesses Capital partnering New business initiatives that are a logical fit High performing people & culture - 36 - 1H08 Results Presentation
Slide 37: Summary & Outlook
Summary & Outlook • Excellent result in 1H08 • Strong property and capital management skills • Solid financial position • Our strategy is sound and well proven • On track for 5% EPS growth in FY08 The Village, Balgowlah, NSW Artist’s impression - 37 - 1H08 Results Presentation
Slide 38: Annexures
Annexures Annexures - 38 - 1H08 Results Presentation
Slide 39: Consistent Delivery of Strategy
Consistent Delivery of Strategy EBIT 1H08 Asset 31 December 2007 Actual Strategic Weighting Actual Strategic Weighting Recurring Income Retirement Living 3% 2% Retail 29% 35% Office & Industrial 33% 37% Stockland Halladale 3% 0% Subtotal 68% 60-80% 74% 70-80% Trading Property Development 31% 23% Sto
Slide 40: Summary of Results – 1H08
Summary of Results – 1H08 $m Operating Profit 324.6 Net gain from fair value adjustment of investment properties 489.2 Retirement living resident obligation fair value movement (24.1) Net gain from sale of other investments 10.9 Net gain from financial instruments treated as fair value hedges 1.9 Ne
Slide 41: Total P&L Effect of Interest – 1H08
Total P&L Effect of Interest – 1H08 Profit and Loss Effect 1H08 $m Interest paid 140.4 Interest capitalised: Development assets (79.5) Investment assets (6.0) (85.5) Finance costs 54.9 Capitalised interest expensed via COS 23.7 Total P&L effect 78.6 - 41 - 1H08 Results Presentation
Slide 42: Capital Management – Debt & Hedging Profile
Capital Management 4.5 DEBT & HEDGING PROFILE 4.0 3.5 3.0 2.5 $billion 2.0 1.5 1.0 0.5 - 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 27 36 8 Y0 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY H Bank Facilities Domestic MTNs EMTNs USPPs - Hedging - 42 - 1H08 Results Presentation
Slide 43: Financial Instruments: Movement in Mark-to-Market
Financial Instruments: Movement in Mark-to-Market 1H08 1H07 FY07 $m $m $m Ineffective Hedges* Profit & Loss (131) (0) 21 Effective Hedges* Balance Sheet 79 (30) (194) Net Impact of movement in Financial Instruments (52) (30) (173) * As defined by AASB139-Financial Instruments: Recognition & Measurem
Slide 44: Retail Portfolio Sales
Retail Portfolio Sales Total MAT % MAT % Comparable ($m) Growth Growth Supermarkets 1,879 7.8 5.5 DDS 856 4.7 5.7 Specialties 1,549 8.0 7.0 Mini Majors/Cinemas/Other 733 12.1 11.7 TOTAL 5,017 7.9 6.9 Year to 31 December 2007 - 44 - 1H08 Results Presentation
Slide 45: Retail Sales - Portfolio Summary
Retail Sales - Portfolio Summary % Property Total MAT % MAT Specialities Occupancy ($m) Growth MAT ($/m2) Cost Baldivis* 20.1 NA NA NA Batemans Bay 88.9 5.7 8,193 10.3 Bathurst 124.7 5.9 8,878 11.3 Baulkham Hills* 82.9 NA NA NA Bay Village 179.7 2.0 7,272 15.1 Bridge Plaza 44.0 0.9 5,180 10.1 Bull C
Slide 46: Retail Sales - Portfolio Summary (continued)
Retail Sales - Portfolio Summary (continued) % Property Total MAT % MAT Specialities Occupancy ($m) Growth MAT ($/m2) Cost Karrinyup 376.3 11.1 8,870 17.2 Lilydale 52.1 NA NA NA Merrylands* 159.8 NA NA NA Nowra 123.6 3.6 9,457 11.3 Parabanks 144.9 2.1 6,466 12.5 Piccadilly 18.2 NA NA NA Riverton 110
Slide 47: Retail - Development Pipeline
Retail - Development Pipeline UNDER CONSTRUCTION Forecast Forecast FY08 FY09 FY10 FY11 FY12 Cost ($m) Yield (%) Rockhampton 93.9 8.5 Merrylands (Stage 1 & 2) 168.5 7.5 Balgowlah 127.8 6.0 Cammeray 54.9 6.3 Total Under Construction 445.1 7.1 Projects DA APPROVED Forecast Forecast FY08 FY09 FY10 FY11
Slide 48: Retail - Development Pipeline (continued)
Retail - Development Pipeline (continued) DA PREPARATION / Forecast Forecast FY08 FY09 FY10 FY11 FY12 MASTER PLANNING Cost ($m) Yield (%) Caloundra 148.0 7.5 Gladstone 95.0 7.5 Glenrose 95.0 7.3 Green Hills 270.0 7.5 Jimboomba (Stage 1) 55.0 7.5 Kawana (Stage 1) 60.0 7.5 Merrylands (Stage 3 & 4) 105
Slide 49: Retail - Revaluations
Retail - Revaluations Previous BV Property Valuation (adjusted for % Increment Cap Rate % ($m) Capex) ($m) Stockland Wetherill Park 340.0 309.3 9.9 5.75 Stockland Shellharbour 280.0 253.5 10.5 5.75 Stockland Rockhampton 193.0 174.5 10.6 6.50 Stockland Baulkham Hills 152.0 127.5 19.2 5.75 Stockland G
Slide 50: Retail – Revaluations (continued)
Retail – Revaluations (continued) Previous BV Property Valuation (adjusted for % Increment Cap Rate % ($m) Capex) ($m) Botany Town Centre (50%) 185.0 170.1 8.8 5.40 Lynnmall Shopping Centre (50%) 95.5 85.3 12.0 6.60 Manukau Supa Centa (50%) 41.0 39.7 3.3 7.00 Karrinyup 151.9 130.8 16.1 5.00 TOTAL 47
Slide 51: Office – Market Commentary
Office – Market Commentary Market 2007 Net Supply Under Increase in SGP Portfolio * Vacancy Dec- Absorption m2 Construction % Pre-Com Stock (%) 07 ** m² Sydney CBD 33% 6.1% Ø 132,224 115,265 40 2 Nth Sydney & St Leonards 9% 10.5% × -4,144 36,150 20 3 Macquarie Park 10% 3.3% Ø 103,518 123,766 40 30 M
Slide 52: Industrial – Market Commentary
Industrial – Market Commentary SGP Under Construction Pre-Commitment Land Values * Rental Portfolio m² Growth * Sydney 55% 874,936 70% Ù × Melbourne 23% 625,052 39% × × Brisbane 17% 655,952 58% × × Adelaide 5% 59,142 81% × × Perth 0% 259,100 85% × × * Arrows represent change in vacancy over the past
Slide 53: Office and Industrial - Revaluations
Office and Industrial - Revaluations Previous BV Valuation Property (adjusted for Capex) % Increment Cap Rate % ($m) ($m) Office 135 King St, Sydney (50%), NSW 122.5 99.3 23.4 5.00 234 Sussex Street, Sydney, NSW 61.7 55.4 11.4 6.25 77 Pacific Hwy, Nth Sydney, NSW 66.0 58.7 12.4 6.70 118-120 Pacific
Slide 54: Office and Industrial – Revaluations (continued)
Office and Industrial – Revaluations (continued) Previous BV Valuation Property (adjusted for Capex) % Increment Cap Rate % ($m) ($m) Industrial 42 Birnie Avenue, Lidcombe, NSW 16.1 15.3 5.2 7.25 11A Ferndell Street, Granville, NSW 18.7 18.0 3.3 7.50 9-11 Ferndell Street, Granville, NSW 42.8 41.4 3.
Slide 55: Office and Industrial – Revaluations (continued)
Office and Industrial – Revaluations (continued) Previous BV Property Valuation (adjusted for Capex) % Increment Cap Rate % ($m) ($m) Industrial 20-50 Fillo Dr & 10 Stubb St, Somerton, VIC 44.2 45.7 (3.3) 7.25 76-82 Fillo Dr, Somerton, VIC 17.0 16.8 1.2 6.85 17 McNaughton Rd, Clayton, VIC 12.3 12.3
Slide 56: Lease Expiry Profile – Office
Lease Expiry Profile – Office June 2007 December 2007 Vacant FY08 Vacant FY08 1% 8% 1% 11% FY09 15% FY09 FY12+ 13% 41% FY12+ 44% FY10 FY10 17% 22% FY11 FY11 13% 14% WALT: 4.5 Years WALT: 4.2 Years Expiry by NLA Includes 9 Castlereagh Street - 56 - 1H08 Results Presentation
Slide 57: Lease Expiry Profile – Industrial
Lease Expiry Profile – Industrial June 2007 December 2007 Vacant Vacant 3% FY08 5% FY08 10% 10% FY09 FY12+ 12% FY09 43% 15% FY12+ 50% FY10 13% FY10 14% FY11 FY11 12% 13% WALT: 4.0 Years WALT: 4.0 Years Expiry by NLA - 57 - 1H08 Results Presentation
Slide 58: Office & Industrial – 1H08 Acquisitions
Office & Industrial – 1H08 Acquisitions Acquisition Cost Initial Yield - Before Property ($m) costs Office 78 Waterloo Rd, Macquarie Park, NSW 12.7 6.4% 255 & 267 St Georges Terrace, Perth, WA 27.6 6.5% Total – Office 40.3 Acquisition Cost Initial Yield - Before Property ($m) costs Industrial 1 Amou
Slide 59: Office & Industrial - Development Pipeline
Office & Industrial - Development Pipeline Forecast Forecast Building/ UNDER CONSTRUCTION FY08 FY09 FY10 FY11 FY12+ Cost ($m) Yield (%) Land Area (m2) Lot 25 & 42 Scanlon Dr, Epping, VIC 16 8.2 22,400 Triniti Business Campus (A + B), NSW 79 7.4 16,534 78 Waterloo Rd, Macquarie Park NSW 55 6.4 11,300
Slide 60: Office & Industrial - Development Pipeline (continued)
Office & Industrial - Development Pipeline (continued) Forecast Forecast Building/ MASTER PLANNING FY08 FY09 FY10 FY11 FY12 Cost ($m) Yield (%) Land Area (m2) Yennora Building 8A, NSW 7 8.1 8,000 Garden Square, Mt Gravatt, QLD Stg 1&2 95 7.3 19,000 Waterfront Place - Restaurants, QLD 26 7.1 2,100 He
Slide 61: Residential - Geographic Diversity
Residential - Geographic Diversity National Queensland TOTAL Lots: 49,500* NSW & ACT 26% WA Far North Brisbane 14% QLD 36% Queensland 34% 25% Sunshine Coast 22% Gold Coast 17% VIC & SA 26% 31 December 2007 - 61 - 1H08 Results Presentation * Excluding Retirement Living & Caloundra Downs (20,000+ lots
Slide 62: Residential – Product Diversity
Residential – Product Diversity Rural Retirement 1% Living Family 5% 15% Courtyard Large 17% 3% O&I & Retail 7% Townhouses 10% Conventional 20% Apartments 10% Small Lots 12% - 62 - 1H08 Results Presentation
Slide 63: Residential Communities - Lots Sold
Residential Communities - Lots Sold Average Age of Lots Sold – 1H08 70% 60% 50% 40% 30% 20% 10% 0% 1-3 yrs 4-6 yrs 6+ yrs - 63 - 1H08 Results Presentation
Slide 64: Residential Communities – Projects Launched
Residential Communities – Projects Launched Projects Launched in 1H08 Eve (Ravenhurst), VIC Sierra (Rossiters Hill), VIC Darcy’s Peak, NSW Projects Completed in 1H08 Hidden Grove, VIC Monterey Central, VIC Highcroft, NSW The Sanctuary, WA - 64 - 1H08 Results Presentation
Slide 65: Residential Communities – Restocking
Residential Communities – Restocking State / No. Future Acquisition Off Deferred Location Region Lots Date Market Purchase Acquired Terms Residential communities Murwillumbah QLD 158 Nov-07 Y N Cranbourne North VIC 312 Nov-07 Y Y Settlers Hill East WA/SA 516 Oct-07 Y N Brookdale West WA/SA 225 Dec-0
Slide 66: Residential Communities – Lots Sold
Residential Communities – Lots Sold 1H08 1H07 No. Lots Avg Price No. Lots Avg Price Sold $(000) Sold $(000) New South Wales 99 366 96 332 Victoria 395 150 355 182 Queensland 1,289 223 979 235 Western Australia 304 313 467 241 TOTAL 2,087 229 1,897 231 - 66 - 1H08 Results Presentation
Slide 67: Strategy for Growth - Apartments
Strategy for Growth - Apartments Project UNDER CONSTRUCTION* Value % Sold 2H08 FY09 FY10 FY11 FY12+ ($m) Norman Reach, QLD $106m 67% South Beach, WA (stage launch) $140m 86% Allisee – Stage 2, QLD $123m 35% Prince Henry, NSW (stage launch) $71m 59% Hyde, NSW $229m 53% Village, Balgowlah, NSW $215m N
Slide 68: Stockland Corporation Limited
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 represent that the informa