Stockland · ASX:SGP
Stockland — H1 2021 Earnings Presentation
60 slides from Stockland's earnings presentation, Feb 25, 2021
Slide 1: 1H21 Annexure
1H21 Annexure 25 February 2021 BOKARINA,QLD 1
Slide 2: Contents
Contents About Stockland Financial results and capital management Commercial Property Communities Research Figures are rounded to nearest million, unless otherwise stated. Percentages are calculated based on the figures rounded to one decimal place throughout this presentation. 2
Slide 3: Stockland quick facts
1H21 RESULTS ANNEXURE - Stockland quick facts TRUST – $9.6bn1 CORPORATION – $4.6bn2,4 STOCKLAND SHELLHARBOUR, MERNDA RETIREMENT VILLAGE, Stockland PICCADILLY PiccadillyShellharbour, COMPLEX, Complex, NSW NSW Sydney WARWICK FARM, NSW HIGHLANDS, VIC NSW VIC RETAIL TOWN CENTRES WORKPLACE LOGISTICS RESI
Slide 4: Strategic mix
1H21 RESULTS ANNEXURE - Strategic mix ASSETS OPERATING PROFIT Recurring Target 1H21 1H20 1H21 1H20 Commercial Property 69% 69% 63% 68% Retirement Living 6% 7% 9% 4% Unallocated corporate overheads - - (4)% (3)% Total recurring 70 – 80% 75% 76% 68% 69% Trading Target 1H21 1H20 1H21 1H20 Residential 2
Slide 5: We are well positioned with a diverse portfolio
1H21 RESULTS ANNEXURE - We are well positioned with a diverse portfolio1,2 BOOK VALUE BY STATE WA - $0.9bn | 6% of portfolio QLD - $3.0bn | 21% of portfolio 5 8 2 14 10 19 Commercial Residential Retirement Commercial Residential Retirement SA & ACT - $0.2bn | 1% of portfolio 6% 21% NSW - $7.8bn | 53
Slide 6: Financial results and capital management
1H21 RESULTS ANNEXURE - Financial results and capital management Annexure ASPIRE CALLEYA, WA 6
Slide 7: Profit summary
1H21 RESULTS ANNEXURE - Profit summary $m 1H21 1H20 CHANGE Residential Communities EBIT (before interest in COGS) 172 208 (17.2)% Commercial Property EBIT 280 301 (7.0)% Retirement Living EBIT 38 20 87.6% Consolidated segment EBIT 490 529 (7.4)% Amortisation of lease fees 6 7 (16.7)% Unallocated cor
Slide 8: Net interest gap
1H21 RESULTS ANNEXURE - Net interest gap DEFERRED INTEREST $m 1H21 1H20 Interest Deferred Total Interest Deferred Total interest interest Interest income (1) - (1) (1) - (1) Interest expense 81 21 102 95 15 110 • Non-cash adjustments for unwinding of present value discount on land acquisitions Less:
Slide 9: Return on assets, return on equity
1H21 RESULTS ANNEXURE - Return on assets, return on equity KEY METRICS CY20 CY19 Cash Avg. cash Cash Avg. cash Return Return profit ($m) invested ($bn) profit ($m) invested ($bn) Retail Town Centres 305 5.3 5.8% 412 5.4 7.7% Logistics 154 2.2 7.1% 160 2.1 7.7% Workplace 56 0.8 6.6% 48 0.6 7.7% Resid
Slide 10: Reconciliation between return on equity table values and accounting results
1H21 RESULTS ANNEXURE - Reconciliation between return on equity table values and accounting results RECONCILIATION OF GROUP RETURN IN ROE CALCULATION TO FFO RECONCILIATION OF CAPITAL EMPLOYED IN ROE TO STATUTORY NET ASSETS $m CY20 CY19 $bn AVERAGE FOR CY20 AVERAGE FOR CY19 Cash return 845 899 Group
Slide 11: Total sales, general and administration costs
1H21 RESULTS ANNEXURE - Total sales, general and administration costs $m 1H21 1H20 Residential 88 90 Retirement Living 20 17 Commercial Property 11 7 Unallocated corporate overheads 28 27 Total sales, general and administration costs1 147 141 • Cost saving initiatives offset by incremental insurance
Slide 12: Long dated, diverse debt
1H21 RESULTS ANNEXURE - Long dated, diverse debt LONG DATED DRAWN DEBT MATURITY PROFILE DRAWN DEBT OF $4.0bn1 COMMITTED FACILITIES OF $5.6bn1 (WADM 5.6 YEARS)1 $m’s 1,000 Bank debt, $75m, 2% 900 Bank debt, USPP $1,650m, 29% $2,015m, 800 USPP, EMTNs, 36% $2,015m, 50% $1,509m, 37% 700 600 500 400 300
Slide 13: Cost of debt and hedge profile
1H21 RESULTS ANNEXURE - Cost of debt and hedge profile COST OF DEBT FOR 1H21 FORECAST HEDGE RATE3 $bn DEBT1 TOTAL DEBT2 INTEREST RATE Hedged debt $2,939m 69% 2.1% 3.5 4.4% Floating debt $1,318m 31% - 4.2% Total debt $4,257m 2.1% 3.0 Fixed Margin 1.3% Debt 4.0% Fees 0.3% 2.5 3.8% All-in cost of funds
Slide 14: Covenant calculations
1H21 RESULTS ANNEXURE - Covenant calculations STATUTORY GEARING AT 31 DECEMBER 2020 BALANCE SHEET ADJUSTMENTS $m COVENANT All lenders have consistent covenants $m BALANCE SHEET $m Assets • Financial Indebtedness/Total Tangible assets (FI/TTA): less than 50% Cash 434 - 434 • Interest cover: more than
Slide 15: Stockland Corporation income tax reconciliation
1H21 RESULTS ANNEXURE - Stockland Corporation income tax reconciliation 1H21 1H20 Net profit before tax 312 516 Less: Trust profit and Intergroup eliminations (266) (499) Corporation profit/(loss) before tax B 46 17 Prima facie tax expense @ 30% (14) (5) Tax effect of permanent differences: Non-dedu
Slide 16: Commercial Property
Group Financial results and Commercial Communities Summary update capital management Property and outlook 16 Commercial Property Annexure ARTIST IMPRESSION WALKER STREET, NSW
Slide 17: Portfolio weightings
1H21 RESULTS ANNEXURE - Portfolio weightings Commercial Property ASSETS BY BOOK VALUE $9.7bn1 Logistics - $3.0bn Workplace - $1.0bn Retail Town Centres - $5.7bn ($3.3bn under management) ($1.0bn under management) ($5.9bn under management) 27 properties | 1,349,840 sqm gla2,3 4 properties | 89,823 sq
Slide 18: Funds from operations
1H21 RESULTS ANNEXURE - Funds from operations Commercial Property RETAIL TOWN CENTRES LOGISTICS WORKPLACE NET OVERHEAD COSTS TOTAL $m 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 1H21 1H20 Operating EBIT 1591 183 68 70 25 21 (10) (8) 242 266 Adjust for: Amortisation of fit out incentives 24 27 9 4 4 2 -
Slide 19: Average weighted cap rates over time
1H21 RESULTS ANNEXURE - Average weighted cap rates over time Commercial Property RETAIL TOWN CENTRES 9% 8% 7% 7.3% 7.4% 7.2% 6% 7.1% 7.0% 6.8% 6.5% 6.1% 5.8% 6.1% 6.1% 5.9% 5.9% 5% FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21 WORKPLACE 9% 8% 7% 7.9% 8.0% 7.7% 7.9% 7.9% 7.7% 6% 7.
Slide 20: Top 10 tenants by income
1H21 RESULTS ANNEXURE - Top 10 tenants by income Commercial Property RETAIL TOWN CENTRES WORKPLACE PORTFOLIO LOGISTICS PORTFOLIO Rank Tenant Portfolio Tenant Portfolio Tenant Portfolio 1 Woolworths 9.3% Stockland Development Pty Ltd 15.9% Optus Administration Pty Ltd 10.4% 2 Wesfarmers 5.8% IBM Aust
Slide 21: Acquisitions and disposals
1H21 RESULTS ANNEXURE - Acquisitions and disposals Commercial Property PROPERTY DISPOSED1 ASSET CLASS SETTLEMENT DATE DISPOSAL VALUE2 $m North Shore (QLD) Retail Jul 2020 16.7 The Pines (VIC) Retail Jan 2021 155.0 Caloundra (QLD) Retail Dec 2020 97.0 Baulkham Hills (NSW) Retail Dec 2020 141.3 Balcat
Slide 22: Performance: Logistics including Business Parks
1H21 RESULTS ANNEXURE - Performance Logistics including Business Parks OCCUPANCY AND LEASE EXPIRY BY INCOME1 FFO MOVEMENTS BETWEEN ASSETS BY BOOK VALUE2 1H20 AND 1H21 <$1m 1H21 1H20 Business Parks Logistics $2.1 bn 1 $0.9bn 3 (4) Occupancy 96.3% 98.3% WALE 4.8 yrs 5.4 yrs LEASE EXPIRY PROFILE1 $3.0b
Slide 23: Development pipeline
1H21 RESULTS ANNEXURE - Development pipeline Workplace and Logistics including Business Parks EST. TOTAL EST. EST. FULLY DEVELOPMENT GROSS LETTABLE COST SPENT TO EST. COST TO INCREMENTAL COMPLETION LEASED YEAR EST. RETURN3 TYPE AREA (SQM) DATE ($M) COMPLETE ($M) COST ($M) DATE ONE YIELD2 Completed1
Slide 24: Growing and activating the development pipeline
1H21 RESULTS ANNEXURE - Growing and activating the development pipeline Workplace and Logistics including Business Parks COMPLETED ACTIVE DEVELOPMENT PLANNING UNDERWAY FUTURE WAVE DA approvals received M_Park • Gregory Hills (NSW) DA received (Stage 2) • M_Park (NSW) (Stage 1) Building A approved Gr
Slide 25: Performance: Workplace
1H21 RESULTS ANNEXURE - Performance Workplace FFO MOVEMENTS BETWEEN OCCUPANCY AND LEASE EXPIRY BY INCOME1 ASSETS BY LOCATION2 1H21 AND 1H20 $4m 1H21 1H20 (3) Occupancy 93.2% 94.1% Sydney 7 91.3% WALE 2.8 yrs 3.6 yrs LEASE EXPIRY PROFILE1 $1.0 40% 35% 26 30 bn3 30% 26.7% 25% 16.8% 20% 16.4% 15.8% 15%
Slide 26: Diversified rental income and FFO movement
1H21 RESULTS ANNEXURE - Diversified rental income and FFO movement Retail Town Centres DIVERSIFIED RENTAL INCOME, NON-DISCRETIONARY FOCUS1 - LOW RELIANCE ON DEPARTMENT STORE INCOME Department DDS Supermarkets Mini-majors Apparel Specialty Food Services Leisure Other Retail Non Retail Stores and Jewe
Slide 27: Improving sales trends
1H21 RESULTS ANNEXURE - Improving sales trends Retail Town Centres TO 31 DECEMBER 2020 TOTAL PORTFOLIO12 COMPARABLE CENTRES3 Retail sales MAT MAT 1H21 MAT by category growth growth growth 1H21 MONTHLY PERFORMANCE Total $5,994 (0.6)% (2.1)% 2.6% COMPARABLE JUL AUG SEPT OCT NOV DEC Specialties $1,740
Slide 28: Development pipeline focussed on greenfield opportunities
1H21 RESULTS ANNEXURE - Development pipeline focussed on greenfield opportunities Retail Town Centres NEIGHBOURHOOD SUB-REGIONAL REGIONAL MAJOR REGIONAL DA approvals received ACTIVITY CENTRES • Glendale (NSW) • Forster (NSW) Next Wave • Baldivis (WA) Of Commencements Bull Creek • Harrisdale (WA) Au
Slide 29: Communities
Communities Annexure THE HAVEN, VIC 29
Slide 30: Operating profit margin
1H21 RESULTS ANNEXURE - Operating profit margin Residential Communities OPERATING PROFIT MARGIN KEY METRICS 1H21 1H202 CHANGE Total lots settled 3,1011 2,158 43.7% 20.0% Total revenue $781m $779m 0.3% 18.0% 1.7% (1.6)% 0.6% (5(0.5)% 16.0% - Includes superlot revenue $3m $176m (98.0)% 14.0% 12.0% Ope
Slide 31: Development pipeline – major projects
1H21 RESULTS ANNEXURE - Development pipeline – major projects Residential Communities Anticipated settlements APPROXIMATE LOT APPROX. REMAINING STATE PROJECT STATE PERCENTAGE TOTAL PROJECT LOTS FY21 FY22 FY23 FY24 FY25 FY26 SALES PER ANNUM1 PROJECT LOTS Elara 4,290 350 990# Willowdale 3,690 230 590#
Slide 32: Sales price
1H21 RESULTS ANNEXURE - Sales price1 Residential Communities 1H21 SETTLEMENTS 1H20 SETTLEMENTS State No. Lots Av. Size per lot sqm Av. Price per lot $k $/sqm No. Lots Av. Size per lot sqm Av. Price per lot $k $/sqm NSW 188 405 461 1,139 298 438 412 940 QLD 879 392 260 664 537 372 277 746 VIC 1,145 3
Slide 33: Lots settled by location
1H21 RESULTS ANNEXURE - Lots settled by location Residential Communities 3,751 3,419 3,210 3,228 3,161 1123 3,101 2,853 1008 244 NSW 705 597 852 248 QLD 2,459 954 451 2,158 1003 1015 842 VIC 1050 353 1094 1183 WA 896 641 1221 1013 1098 931 1410 830 797 764 803 589 682 515 524 452 431 348 361 312 1H1
Slide 34: Net deposits by quarter
1H21 RESULTS ANNEXURE - Net deposits by quarter Residential Communities NET DEPOSITS BY BUYER 91% 86% % Owner 79.1% Occupier 78.3% 86.5% 86.3% 2,036 75.6% 86.1% 83.8% 87.3% 83.9% 1,799 292 Investors 1,672 80.0% 77.3% 1,561 1,535 74.8% 167 408 1,337 213 1,293 1,295 1,350 1,375 387 Upgraders / 338 642
Slide 35: Enquiry levels
1H21 RESULTS ANNEXURE - Enquiry levels Residential Communities MAJORITY OF OUR CUSTOMERS ARE OWNER OCCUPIERS Composition of Stockland new enquiry 75% First Home Buyers Upgraders/Downsizers Retail 66.0% Investors 55% 51% 50% 49% 41% 46% 39% 39% 29% 31% 25% 19% 31% 24% 16% 20% 15% 18% 10% 0% Jun-18 De
Slide 36: Summary of residential stimulus
1H21 RESULTS ANNEXURE - Summary of residential stimulus WA Qld HOMEBUILDER FHOG HOMEBUILDER FHOG $15k $10k1 $15k $15k4 NSW HOMEBUILDER FHOG TOTAL BENEFIT GRANT TOTAL BENEFIT GRANT $15k $10k6 $25k $30k TOTAL BENEFIT GRANT OTHER SAVINGS OTHER SAVINGS $25k ~$14.5k stamp duty saving2 ~$16k stamp duty sa
Slide 37: Key short term residential drivers – rates and credit growth
1H21 RESULTS ANNEXURE - Key short term residential drivers – rates and credit growth AUSTRALIAN HOUSE PRICES VS. MORTGAGE RATES AUSTRALIAN HOUSE PRICES VS. CREDIT GROWTH House Price Growth (LHS) Mortgage Rate (RHS) House Price Growth (LHS) Investor Credit Growth (RHS) Owner-Occupier Credit Growth (R
Slide 38: Providing affordable product
1H21 RESULTS ANNEXURE - Providing affordable product Residential Communities STOCKLAND PRICING RELATIVE TO LOCAL MEDIAN HOUSE AND UNIT PRICE ($) 835k Stockland H&L entry price1 Median house price3 820k 812k 803k 711k 635k 578k 550k 592k 601k 507k 542k 524k 456k 470k 475k 448k 378k 367k 327k Elara Wi
Slide 39: Composition of residential landbank
1H21 RESULTS ANNEXURE - Composition of residential landbank1 NET FUNDS EMPLOYED: $2.0bn2 BOOK VALUE: $3.2bn2 Aura 6% Aura 4% Apartments 6% 12% WA 20% WA 25% QLD 20% QLD Active 66% Residential 77% communities VIC 35% VIC 32% Active within two years 12% Active beyond NSW two years 17% NSW 23% 24% Town
Slide 40: Key communities, located in connected, population growth corridors (Sydney)
1H21 RESULTS ANNEXURE - Key communities, located in connected, population growth corridors1 SYDNEY Average annual population growth 2016 – 2021 by LGA (per annum) Angliss Greater than 2% 1.5% - 2% 1% - 1.5% 0.5% - 1% Less than 0.5% 1. State Government Population Projections. RESIDENTIAL 40
Slide 41: Key communities, located in connected, population growth corridors (Melbourne)
1H21 RESULTS ANNEXURE - Key communities, located in connected, population growth corridors1 MELBOURNE Average annual population growth 2016 – 2021 by LGA (per annum) Greater than 2% 1.5% - 2% 1% - 1.5% 0.5% - 1% Less than 0.5% 1. State Government Population Projections. RESIDENTIAL 41
Slide 42: Key communities, located in connected, population growth corridors (Brisbane, Perth)
1H21 RESULTS ANNEXURE - Key communities, located in connected, population growth corridors1 BRISBANE PERTH Average annual population growth 2016 – 2021 by LGA (per annum) Greater than 2% 1.5% - 2% 1% - 1.5% 0.5% - 1% Less than 0.5% 1. State Government Population Projections. RESIDENTIAL 42
Slide 43: Workout contribution and impairment provision balance
1H21 RESULTS ANNEXURE - Workout contribution and impairment provision balance Residential Communities RESIDENTIAL IMPAIRMENT PROVISION UTILISATION AS AT 31 DECEMBER 2020 WORKOUT CONTRIBUTION TO RESIDENTIAL ($m) Residential Core Workout1 Total Net increase / (decrease) in impairment 5 Lots settled 3,
Slide 44: Digital capabilities – Stockland 'Dreamcatcher'
1H21 1H21RESULTS RESULTS ANNEXURE ANNEXURE -- Digital capabilities – Stockland ‘Dreamcatcher’ Industry-first personalised digital home design customer experience www.stockland.com.au/residential/dreamcatcher Launched in December 2020 Inspiration from design experts • Available to use via tablet, sma
Slide 45: Profit driven by established settlements and village disposals
1H21 RESULTS ANNEXURE - Profit driven by established settlements and village disposals Retirement Living NET RESERVATIONS KEY METRICS 1H21 1H20 CHANGE Retirement Living FFO $36m $17m 109.5% 700 Occupancy 94.4% 93.3% 428 (386) Cash ROA 6.9% 4.5% 600 (97) Development Established portfolio 109 Establis
Slide 46: Established portfolio
1H21 RESULTS ANNEXURE - Established portfolio Retirement Living NET FUNDS EMPLOYED2 PORTFOLIO STATISTICS 1H21 1H20 $1,509m Established villages 59 63 38 $1,309m 172 Established units 8,647 9,271 $1,132m 110 Established units settlements 289 265 221 372 105 Withheld units - 6 200 Turnover rate exclud
Slide 47: Development pipeline
1H21 RESULTS ANNEXURE - Development pipeline Retirement Living GEOGRAPHICALLY DIVERSE DEVELOPMENT PIPELINE DEVELOPMENT PIPELINE BREAKUP DEVELOPMENT PIPELINE 1H21 1% Development villages 21 10% Total development pipeline units 3,855 - Greenfield pipeline units 520 - Village renewal pipeline units 315
Slide 48: Pipeline
1H21 RESULTS ANNEXURE - Pipeline Retirement Living FUTURE CONSTRUCTION TIMEFRAME FY21 FY22 FY23 FY24 FY25+ SETTLEMENTS Completed projects Sub-total 165 Current development projects Willowdale, NSW Calleya Aspire, WA Somerton Park, SA Affinity, WA Sub-total 210 To start: within 18 months Pine Lake, Q
Slide 49: Research
Research Annexure 49 WATERLEA, VIC 49
Slide 50: Strong retail performance in the second half of 2020 supported by online retail
1H21 RESULTS ANNEXURE - Strong retail performance in the second half of 2020 supported by online retail MONTHLY RETAIL TRADE – Y/Y GROWTH1 CONSUMER SENTIMENT TRENDING DOWN PRE-COVID-192 130 16% 2019 2020 12% 120 8% 4% 110 0% (4)% 100 (8)% (12)% 90 80 70 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 51: Online retail sales continue to grow at elevated levels
1H21 RESULTS ANNEXURE - Online retail sales continue to grow at elevated levels ANNUAL RETAIL TURNOVER – ONLINE RETAIL GROWTH BRICKS & MORTAR VS. ONLINE Bricks & Mortar (LHS) 100% Monthly Growth (YoY) Annual Growth $360 70% Online Retail (LHS) Online Retail Growth (RHS) 80% $350 Total Retail Turnove
Slide 52: Net overseas migration (NOM) falls to impact apartments more than MPC
1H21 RESULTS ANNEXURE - Net overseas migration (NOM) falls to impact apartments more than MPC AUSTRALIAN NET OVERSEAS MIGRATION1,2 • Forecast NOM of -71,500¹ in 2021 compares to +250,000 p.a. Australian citizen - Net New Zealand citizen - Net Permanent visa holders - Net over 2015-2019 Temporary vis
Slide 53: Longer term residential drivers – labour market and migration
1H21 RESULTS ANNEXURE - Longer term residential drivers – labour market and migration AUSTRALIAN HOUSE PRICES VS. UNEMPLOYMENT AUSTRALIAN HOUSE PRICES VS NET OVERSEAS MIGRATION House Price Growth (LHS) Unemployment Rate (RHS) House Price Growth (LHS) Net Overseas Migration (RHS) 20% 10% 20% 350,000
Slide 54: Building approvals
1H21 RESULTS ANNEXURE - Building approvals NSW DWELLING APPROVALS1 VIC DWELLING APPROVALS1 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 1985 1989 1993 1997 2001 2005 2009 2013 2017 1985 1989 1993 1997 2001 2005 2009 2013 2017 QLD DWELLING APPROVALS1 WA DWELLING APPROVALS1 3,000 2,000 2,000 1,
Slide 55: National house and land prices
1H21 RESULTS ANNEXURE - National house and land prices Prices rising for both land and established houses in December quarter. Stock of available land down heavily. LAND PRICE PER SQM1 CAPITAL CITY HOUSE PRICES – ROLLING ANNUAL CHANGE2 1400 45% Metro Sydney SEQ Perth Melbourne NSW VIC QLD WA 1200 35
Slide 56: Vacant land sales remain strong across the country
1H21 RESULTS ANNEXURE - Vacant land sales remain strong across the country1 NSW VACANT LAND VIC VACANT LAND Quarterly Sales Quarterly Sales 4,000 7,000 3,500 6,000 3,000 5,000 2,500 4,000 2,000 3,000 1,500 1,000 2,000 500 1,000 0 0 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-1
Slide 57: Residential vacancy rates
1H21 RESULTS ANNEXURE - Residential vacancy rates Rental vacancy rates1 reflecting health outcomes 6% 5% Melbourne 4% Sydney 3% 2% Brisbane 1% Perth 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. SQM Research Dec 2020. RESEARCH 57
Slide 58: Housing finance
1H21 RESULTS ANNEXURE - Housing finance Historical highs for owner-occupier lending, investor market now participating in the recovery RESIDENTIAL LOAN APPROVALS ($M, MONTHLY)1 25,000 Investor Owner Occupier 20,000 15,000 10,000 5,000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 59: Household affordability deteriorates in December quarter as prices rise
1H21 RESULTS ANNEXURE - Household affordability deteriorates in December quarter as prices rise HOUSEHOLD DEBT-TO-INCOME RATIO EASED IN 2020 WHILE DEBT-TO-ASSET RATIO STEADY1 MORTGAGE REPAYMENTS AS % OF HOUSEHOLD INCOME2 200% 30% 60% Debt-to-Income Ratio (LHS) Debt-to-Assets Ratio (RHS) Sydney Melbo
Slide 60: Stockland Corporation Limited Important Notice
Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741; AFSL 241190 As responsible entity for Stockland Trust ARSN 092 897 348 LEVEL 25 133 Castlereagh Street SYDNEY NSW 2000 Important Notice While every effort is made to provide accurate and complete inform