Stockland · ASX:SGP
Stockland — H1 2011 Earnings Presentation
82 slides from Stockland's earnings presentation, Feb 9, 2011
Slide 1: 1H11 Results Presentation
For personal use only Stockland Merrylands, NSW 1H11 Results Presentation - 9 February 2011 Matthew Quinn, Managing Director Tim Foster, Chief Financial Officer www.stockland.com
Slide 2: Stockland's integrated model
Stockland’s integrated model For personal use only Residential Retail Communities Retirement Living 39 properties 71 projects 58 villages1 $4.2b funds employed $2.0b funds employed $1.0b funds employed $2.4b pipeline $22b pipeline end value $1.4b pipeline end value Office and Industrial UK and Apart
Slide 3: FY11 EPS growth guidance upgraded from 7% to 8.5%
FY11 EPS growth guidance upgraded from 7% to 8.5% Strong 1H11 performance For personal use only • EPS up 14% to 16.0 cents; DPS up 9% to 11.8 cents • Residential Communities Operating Profit up 20% reflecting price/margin growth and higher superlot sales • Apartments contribution of $32m following s
Slide 4: Key metrics - strong growth on corresponding period
Key metrics - strong growth on corresponding period For personal use only Summary of key metrics 1H11 1H10 Statutory Profit $425.1m 99% $213.7m Underlying Profit1 $380.3m 14% $334.6m Underlying Earnings per Security 16.0 cents 14% 14.1 cents Distribution per security 11.8 cents 9% 10.8 cents
Slide 5: Importance of sustainability and people to success
Importance of sustainability and people to success Sustainability - our licence to operate and the way we do business For personal use only • Focus on energy efficiency and climate change: Strategic climate change risk reviews ongoing for all projects Driving innovation - investing in low carbon and
Slide 6: Residential
For personal use only North Lakes, QLD Residential
Slide 7: Residential Communities - market leading position
Residential Communities - market leading position For personal use only Strong increase in market share from 24% to 30%1 Increased market share in active corridors 1 • Continuing to outperform: Stockland Innovative customer research 30% 6% Focus on affordable, value for money product Speed to marke
Slide 8: Residential Communities outperforming broader housing market
Residential Communities outperforming broader housing market For personal use only • Stockland’s performance remains robust in key Stockland sales outperform private house approvals 1 corridors underpinned by strong demand for 600 affordable product and continued lack of supply 14,000 SGP Net Deposi
Slide 9: Residential Communities - strong earnings growth and contracts on hand
Residential Communities - strong earnings growth and contracts on hand For personal use only Revenue Residential Communities 1H11 1H10 • FY11 lot settlements skewed to 2H11: Lots settled1 2,195 2,437 10% Revenue - Retail $404m $412m 2% Production delays due to wet weather in QLD, - Superlots $42
Slide 10: Residential Communities - good price and margin growth
Residential Communities - good price and margin growth For personal use only Prices Retail lot settlements - increase in price per sqm • Average price per lot settled up 3% to $212k1 600 Average sale price per sqm $20 $7 • Average price per sqm up 7% due to price growth 450 and product mix 300 $403
Slide 11: Buyer segmentation in line with target mix
Buyer segmentation in line with target mix For personal use only • Strong net deposits in 1H11: Buyer composition (no. of deposits) Record net deposits in 1Q11 underpinned by 3,500 2,975 3,101 3,169 3,134 successful national marketing campaign 3,000 328 568 738 780 37% 2,500 vs. 1H10 Solid deposit
Slide 12: Affordability is the challenge - product innovation is the opportunity
Affordability is the challenge - product innovation is the opportunity For personal use only Affordability Mortgage repayments as % of household income1 • Improved with recent wage growth, but will come 50% under further pressure if mortgage rates rise Increasing demand for masterplanned communities
Slide 13: Residential Communities - acquisitions enhance geographic diversity
Residential Communities - acquisitions enhance geographic diversity For personal use only Strategy to lift market share and reach Increased geographic diversity of land bank 1 • Increased geographic and product diversity VIC VIC reduces risk and increases growth potential 17% 29% QLD • Extend market
Slide 14: Focus on faster speed to market and improved return on NFE
Focus on faster speed to market and improved return on NFE For personal use only Large and diverse land bank Land bank comprises mostly active projects 1 • Total land bank of 84,500 lots; $2.0b net funds employed (NFE)1 Active projects (live or commencing next 2 yrs) $1.7b - 39,000 lots • Provides 9
Slide 15: Medium/long-term land bank underpins growth with low capital invested
Medium/long-term land bank underpins growth with low capital invested For personal use only Medium and long-term land bank - 17% of NFE Efficient use of capital to support longer-term growth • Represents efficient use of capital (45,500 lots; $2.0b 84,500 lots $0.3b NFE) • Underpins future strategic
Slide 16: Apartments - pre-sales continue to deliver strong cash flow
Apartments - pre-sales continue to deliver strong cash flow For personal use only Progress in 1H11 Apartments 1H11 1H10 Apartments settled 286 236 • Operating Profit of $32m, mainly from The Hyde, 21% NSW Revenue $293m $157m 87% Operating Profit (incl. interest in COGS) 2,3 $32m $6m 433% • Add
Slide 17: Residential Communities is well placed for revenue and profit growth
Residential Communities is well placed for revenue and profit growth Market leader For personal use only • 30% market share in active corridors Expect record settlements in FY11 • Lot settlements will be skewed to 2H11 due to wet weather and approval delays • Enter 2H11 with record contracts on hand
Slide 18: Retirement Living
For personal use only The Lakes Estate, VIC Retirement Living
Slide 19: Retirement Living - key growth business as the population ages
Retirement Living - key growth business as the population ages For personal use only Aging population makes this a high growth industry Growth of >65 year old demographic is an opportunity • Estimated 100,000 new units required by 2030 # people (millions) Population aged 65+ years % pop’n based on c
Slide 20: Strategy to create a national Retirement Living platform
Strategy to create a national Retirement Living platform For personal use only Accelerating growth and diversification Impact Diversification of Aevum and growth acquisition through Aevum acquisition • Aevum adds 30 villages and 3,146 ILUs Before After (independent living units): Portfolio size1 3,8
Slide 21: Retirement Living profits skewed to second half
Retirement Living profits skewed to second half For personal use only • Operating Profit includes $4m1 contribution from Retirement Living 1H11 1H10 Aevum, synergies to be realised in 2H11+ Operating Profit - Including Aevum $23m n/a • Simplification of DMF accrual2: E Operating Profit - Stockland $
Slide 22: Enhanced development pipeline through Aevum acquisition
Enhanced development pipeline through Aevum acquisition For personal use only 8 projects underway in 3 states Geographically diverse development pipeline • 850 units to complete WA 17% • Development margins 15% - 20% QLD 33% (pre overhead, excludes DMF income) Projects performing well except QLD NSW
Slide 23: Commercial Property
For personal use only Rockhampton, QLD Commercial Property
Slide 24: Commercial Property strategy: re-weight to Retail and enhance asset quality
Commercial Property strategy: re-weight to Retail and enhance asset quality For personal use only Retail • Develop larger, higher quality retail assets with strong trading record and in areas of market growth • Leverage Stockland’s integrated model and land bank Office • Own and manage a quality por
Slide 25: Commercial Property delivered strong performance
Commercial Property delivered strong performance For personal use only • Operating Profit $263m, up 4.8% Commercial Property Commercial ($m) Operating Property 1H11 Profit 1H10($m) 3 Net operating income: • Headline NOI $275m, up 2.6%: - Retail 143 132 8% Reflects rent contribution from completed
Slide 26: Retail delivered stronger than expected NOI
Retail delivered stronger than expected NOI • NOI $143m, up 8.3%: For personal use only Specialty shop lease expiry profile4 Driven by comparable growth +4.3% and impact 2H11 of completed developments 14% • Flat retail sales - comparable MAT growth +1.8% FY15+ • Comparable speciality MAT $8,908 psm,
Slide 27: Market fundamentals and asset outperformance underpin retail investment
Market fundamentals and asset outperformance underpin retail investment For personal use only • Sound retail market fundamentals: National retail demand outstrips supply1 800 24 Population growth supports demand for new 700 23 retail space 600 Supply ‘000 sqm 22 Population (m) 500 Low unemployment a
Slide 28: Good progress with $2.4b retail development pipeline
Good progress with $2.4b retail development pipeline For personal use only 1H11 completions Retail development pipeline Estimated • Rockhampton and Tooronga completed Est. Estimated cost to fully % total % specialty total complete leased income cost year one leased income ($m) leased • Rockhampton a
Slide 29: Minimal lease expiry risk in Office and Industrial portfolio
Minimal lease expiry risk in Office and Industrial portfolio Low Office and Industrial rent at risk1 For personal use only • Office and industrial NOI $132m, down 2.9% due Office and Industrial cumulative rent at risk 1 to asset disposals Office Industrial Total 2H11 FY12 2H11 FY12 2H11 FY12 • Compa
Slide 30: Positive revaluations - cap rates tightened slightly
Positive revaluations - cap rates tightened slightly For personal use only • 42% of investment property assets1 independently Commercial Property book values ($b)4 valued in 1H11, 61% showed cap rate 9 compression 0.1 (0.1) 8 • Total net valuation increment2 $42m 7 • Market conditions improving: 7.7
Slide 31: UK
For personal use only One Tudor Street, London UK www.stockland.com
Slide 32: Continued orderly work out of UK operations
Continued orderly work out of UK operations For personal use only Progress in 1H11 1H11 1H10 • Virtually break-even result as expected Operating (Loss) / Profit ($0.7m) $1.7m • $38m of asset sales; further sales expected in Assets: Dec-10 Jun-10 2H11 - 100% owned $163m $237m - Joint ventures, net of
Slide 33: Financial Management
For personal use only North Shore, QLD Financial Management www.stockland.com
Slide 34: Strong balance sheet
Strong balance sheet S&P rating A- / Stable S&P A- credit rating maintained For personal use only Drawn debt1 $3.0b • Provides access to a wide variety of debt sources Cash on deposit $0.6b Available undrawn committed debt facilities $0.5b Target gearing range 25% - 35% of tangible assets Gearing (n
Slide 35: Cash flow, net interest and tax
Cash flow, net interest and tax Operating cash flow For personal use only Operating cash flow - movements from 1H10 • Operating cash flow improved despite record $m Residential Communities lots under production 600 227 (38) Gap between interest paid and interest expense has (151) continued to narrow
Slide 36: Prudent cost management
Prudent cost management For personal use only Residential $m 1H11 1H10 1H09 • Substantial savings in FY09 maintained Residential 67 65 86 • Small cost increase in 1H11 due to higher volumes Retirement Living1 15 12 14 (sales and marketing costs) Commercial Property2 17 19 15 Retirement Living UK 5 6
Slide 37: Strategy & Outlook
For personal use only Lakewood, Tarneit Skies Retirement NSWVIC Village, Strategy & Outlook www.stockland.com
Slide 38: Good progress in delivering 3-R growth strategy in 1H11
Good progress in delivering 3-R growth strategy in 1H11 For personal use only Acquiring land above replenishment levels; 19,150 future lots secured in 1H11, Residential Communities in addition to 6,500 lots secured in FY10 Increasing market share in existing and new corridors Nearly doubled po
Slide 39: Upgrade to FY11 guidance
Upgrade to FY11 guidance FY11 guidance upgraded - EPS growth of 8.5% to 31.6 cents For personal use only • Record settlements expected in FY11 from Residential Communities business • Improved NOI from Commercial Property business • Positive contribution from Aevum and higher DMF accrual in Retiremen
Slide 40: Index to Annexures
Index to Annexures Pages Financial results 40 to 52 Residential Communities 53 to 60 For personal use only Apartments 61 Retirement Living 62 to 66 Commercial Property 67 to 80 Stockland Merrylands, NSW 1H11 Results Annexures www.stockland.com
Slide 41: Financial results - Underlying Profit summary
Stockland 1H11 Results - Financial results Underlying Profit summary For personal use only Composition of Underlying Profit2 ($m) 1000 750 263 11 500 69 (1) (30) 250 19 4 (74) (13) 132 398 380 0 Residential Retirement Aevum Commercial UK Other 1 Net corporate Operating Profit Net interest Interest T
Slide 42: Underlying Profit reconciliation
Stockland 1H11 Results - Financial results Underlying Profit reconciliation Gross Tax Net For personal use only ($m) ($m) ($m) Underlying Profit 393 (13) 380 Provision for write-down of inventories Provision for write-down of inventories - UK (7) - (7) Write back of excess inventory provisions - Aus
Slide 43: Segment Note to Underlying Profit reconciliation
Stockland 1H11 Results - Financial results Segment Note to Underlying Profit reconciliation For personal use only Retirement Residential Commercial UK Other TOTAL Living1 ($m) Property ($m) ($m) ($m) ($m) ($m) Total External Segment revenue 7442 39 356 44 113 1,194 Segment result before interest, sh
Slide 44: Historical profit summary
Stockland 1H11 Results - Financial results Historical profit summary HALF YEAR FULL YEAR For personal use only 1H11 FY10 FY09 FY08 FY07 ($m) ($m) ($m) ($m) ($m) Residential EBIT (before interest in COGS) 188 314 233 337 309 Commercial Property EBIT (before interest in COGS)1 264 510 533 555 516 Reti
Slide 45: Group strategic weightings
Stockland 1H11 Results - Financial results Group strategic weightings For personal use only Operating Profit 1H11 Assets 31 December 2010 Strategic Strategic Actual Actual weighting weighting Recurring Retirement Living 5% 7% Commercial Property 67% 67% Unallocated corporate overhead (3%) - Total re
Slide 46: Operating and investing cash flow
Stockland 1H11 Results - Financial results Operating and investing cash flow $m 1,500 For personal use only 1,250 1,000 750 1327 (583) 500 (318) 148 (64) 250 (30) 332 48 (171) 34 (3) 10 125 0 (265) (8) Revenue Expenditure Operating Net interest RL Cash flow Investment Payments for Investment Aevum I
Slide 47: Debt summary
Stockland 1H11 Results - Financial results Debt summary For personal use only Facility Facility limit ($m)1 Amount drawn ($m)2 Bank Debt 756 4 Domestic Medium Term Notes N/A 785 European Medium Term Notes N/A 619 US Senior Term Notes N/A 1,488 Asian Medium Term Notes N/A 151 Total 3,047 Facility Fac
Slide 48: Debt summary (continued)
Stockland 1H11 Results - Financial results Debt summary (continued) For personal use only Facility Issued debt ($m) Facility maturity Facility Issued debt ($m) Facility maturity Domestic Medium Term Note Facility (MTN) US Senior Term Note Facility (STN) -MTN 91.5 Jun 2011 - US STN 32.1 Oct 2011 -MTN
Slide 49: Fixed/Hedged debt profile
Stockland 1H11 Results - Financial results Fixed/Hedged debt profile1 Weighted average maturity of fixed / hedged debt - 4.5 years For personal use only $b % 2.5 6.7 2.0 6.4 1.5 6.2 1.0 5.9 0.5 5.7 0.0 5.4 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Fixed/ Hedged Debt (LHS) Fixed Coupon Rate (
Slide 50: Proforma balance sheet
Stockland 1H11 Results - Financial results Proforma balance sheet For personal use only 31 December 2010 ($m) 30 June 2010 ($m) Cash 586 911 Real estate related assets - Commercial Property 7,977 7,921 - Residential 2,592 2,520 - Retirement (including Aged Care1) 988 445 - UK 184 261 Other financial
Slide 51: Acquisition of Aevum
Stockland 1H11 Results – Financial results Acquisition of Aevum For personal use only • Stockland obtained effective control of Aevum on 31 October 2010 • Stockland owned 100% as at 31 December 2010 Summary of provisional acquisition accounting for Aevum $m Comments Provisional fair value of assets
Slide 52: Covenant calculations
Stockland 1H11 Results - Financial results Covenant calculations For personal use only All lenders have consistent covenants: Statutory Gearing Covenant Balance Adjustments • Total liabilities / total tangible assets (TL/TTA): As at 31 December 2010 Sheet ($m) Balance Sheet 45%. No adjustment made f
Slide 53: Statutory income tax calculation
Stockland 1H11 Results - Financial results Statutory income tax calculation For personal use only 1H11 ($m) 1H10 ($m) Statutory Group profit before tax 453 223 Less: Trust profit (327) (154) Less: Intergroup eliminations (28) (41) Corporation profit before tax 98 28 Less non-assessable income / add
Slide 54: Residential Portfolio overview
Stockland 1H11 Results - Residential Portfolio overview For personal use only Communities - $2.0b1 Apartments - $0.3b1 No. of projects: 71 No. of projects: 8 No. of projects currently trading: 45 No. of projects currently trading: 6 No. of projects launched 1H11: 4 No. of projects launched 1H11: - L
Slide 55: Market fundamentals driven by housing undersupply in Australia
Stockland 1H11 Results - Residential Market fundamentals driven by housing undersupply in Australia Population growth well above housing starts 1 Large and growing housing undersupply2 For personal use only 375,000 500,000 30,000 Cumulative Undersupply (RHS) 400,000 Housing Starts - Annualised (LHS)
Slide 56: Mortgage debt sustainability, bank mortgage lending is responsible
Stockland 1H11 Results - Residential Mortgage debt sustainability, bank mortgage lending is responsible Cost of finance structurally lower1 Sustainable debt - buyers are taking on less debt For personal use only 18% 18% Average Loan-To-Value ratio2 80% Standard Variable 16% Mortgage Rate 16% 75% 14%
Slide 57: Details of previously impaired projects settled in 1H11
Stockland 1H11 Results - Residential Details of previously impaired projects settled in 1H11 For personal use only • Net profit on settlements from previously Residential - Forecast utilisation of provision1 impaired projects excluded from Underlying Balance $m Profit: 400 306 – 3% of total lots set
Slide 58: Communities - Lots settled
Stockland 1H11 Results - Residential Communities - Lots settled For personal use only Lots settled by location (units) Average price of retail lots sold - Portfolio Mix 6,000 120% 5,236 5,000 4,303 744 100% 10% 14% 4,000 414 80% 26% 1,600 24% 1,335 Lots 3,000 2,195 60% 2,000 215 40% 2,166 2,332 880
Slide 59: Communities - Breakdown of 1H11 margin
Stockland 1H11 Results - Residential Communities - Breakdown of 1H11 margin For personal use only Residential Communities EBIT margin Residential Communities Operating Profit margin (before interest in COGS) (including interest in COGS) 30% 1.7% 24% 1.8% 2.7% 1.6% (0.2%) (0.2%) 26% 20% (0.6%) (0.4%)
Slide 60: Communities - Retail average sales prices
Stockland 1H11 Results - Residential Communities - Retail average sales prices For personal use only Retail sales prices1 - Based on all lots settled FY10 Settlements 1H11 Settlements Av. size per Av. Price per Av. size per Av. Price per State No. lots $/m2 No. lots $/m2 lot m2 lot $k lot m2 lot $k
Slide 61: Communities - Development pipeline
Stockland 1H11 Results - Residential Communities - Development pipeline For personal use only Major projects Total pipeline of 84,500 lots - Geographic mix Approximate Approximate State Project lot sales per remaining annum project lots VIC QLD North Lakes 570 1,600 29% North Shore 280 3,600 QLD Bri
Slide 62: Apartments - Development pipeline
Stockland 1H11 Results - Residential Apartments - Development pipeline Estimated Costs to Complete ($m) Expected Net Revenue ($m) For personal use only Projects under construction 2H11 FY12 FY 13+ Total 2H11 FY12 FY 13+ Total NSW Prince Henry 15 15 <5 30 35 30 - 65 The Village, Balgowlah <5 - - <5 5
Slide 63: Retirement Living Portfolio overview
Stockland 1H11 Results - Retirement Living Portfolio overview For personal use only Established portfolio Stockland Aevum Combined development portfolio Established villages1 28 30 Development villages1 25 Established units2 3,881 3,146 Development pipeline units 3,400 Established units turned over
Slide 64: Operating Profit and statutory profit – Excludes Aevum
Stockland 1H11 Results - Retirement Living Operating Profit and statutory profit – Excludes Aevum 1H11 1H10 For personal use only New units settled (#) 52 65 Established unit turnovers (#) 113 122 ($m) ($m) Development Profit Settled 4 4 Unsettled 2 7 Accrued DMF 23 15 Conversion Profit 5 7 Net over
Slide 65: Example DMF accrual calculation
Stockland 1H11 Results - Retirement Living Example DMF accrual calculation • Retirement Living Operating Profit includes DMF accrual calculated under normal accrual accounting For personal use only principles. Only DMF earned in the period is accrued • The accrual is calculated in accordance with th
Slide 66: Estimated pro forma profitability of Retirement Living following Aevum acquisition
Stockland 1H11 Results - Retirement Living Estimated pro forma profitability of Retirement Living following Aevum acquisition ($m) Combined historical pro formas1 Comments For personal use only 1H11 FY10 • Figures exclude Aevum Aged Care operations Development Profit 9 18 • Aevum figures estimated b
Slide 67: Active development pipeline – under construction
Stockland 1H11 Results - Retirement Living Active development pipeline – under construction Anticipated settlements For personal use only Remaining State Project Total units FY11 FY12 FY13 FY14 FY15 units (approx.) (approx.) VIC Gowanbrae 190 40 QLD Fig Tree 190 100 VIC Highlands 195 175 QLD North L
Slide 68: Commercial Property Portfolio overview
Stockland 1H11 Results - Commercial Property Portfolio overview For personal use only Australian Commercial Property assets - $7.7b1 Retail - $4.2b Office - $2.5b Industrial / Intermodal - $1.0b 39 properties 28 properties 15 properties 811,969 sqm gross lettable area 638,596 sqm net lettable area 1
Slide 69: Commercial Property Portfolio overview
Stockland 1H11 Results - Commercial Property Portfolio overview For personal use only WACR Valuation Previous 1H11 Dec-10 ($m) Book Value ($m) Movement ($m) Retail 7.3% 4,161 4,126 35 Office 7.8% 2,509 2,499 10 Industrial 8.5% 941 939 2 Assets held for sale - 49 49 - Capital works and sundry propert
Slide 70: Asset values - Retail
Stockland 1H11 Results - Commercial Property Asset values - Retail 1H11 1H11 For personal use only Previous AIFRS Previous Retail Portfolio Book Change Cap Book Cap AIFRS Valuation Value (%) Rate NOI Valuation Value Change Rate NOI ($m) ($m) (%) ($m)2 ($m) ($m) (%) (%) ($m)2 Stockland Rockhampton1 3
Slide 71: Asset values - Office
Stockland 1H11 Results - Commercial Property Asset values - Office 1H11 1H11 For personal use only Previous Previous AIFRS Office Portfolio Book Cap AIFRS Book Cap Valuation Value Change Rate NOI Valuation Value Change Rate NOI ($m) ($m) (%) (%) ($m)2 ($m) ($m) (%) (%) ($m)2 Piccadilly Tower1 257.2
Slide 72: Asset values - Industrial and Assets Held for Sale
Stockland 1H11 Results - Commercial Property Asset values - Industrial and Assets Held for Sale 1H11 1H11 For personal use only Previous AIFRS Previous Industrial Portfolio Book Cap Assets held for sale Book Cap AIFRS Valuation Value Change Rate NOI Valuation Value Change Rate NOI ($m) ($m) (%) (%)
Slide 73: Asset disposals
Stockland 1H11 Results - Commercial Property Asset disposals State Property Disposed Asset Class Disposal Date Disposal Value Initial Yield (%) Difference to For personal use only ($m) book value (%) NSW 333 Kent St, Sydney Office Aug 2010 41.5 8.8 5% 72 Christie St, St Leonards Office Nov 2010 61.5
Slide 74: Development pipeline
Stockland 1H11 Results - Commercial Property Development pipeline Total Estimated Cost Estimated fully Project to complete leased year For personal use only PROJECTS Cost ($m) ($m) one yield FY11 FY12 FY13 FY14 FY15 FY16+ Merrylands 395 190 6.5% 1 Under Construction 2 Townsville 175 150 6.5% Shellha
Slide 75: Retail sales
Stockland 1H11 Results - Commercial Property Retail sales For personal use only Total MAT ($m) % MAT Growth % Comparable Growth % 6mth Comparable Growth % 3mth Comparable Growth Supermarkets 2,060 8.7 3.8 5.5 6.0 DDS 788 (2.4) (1.5) (0.4) (2.3) Specialties 1,404 2.0 (0.8) 0.2 (0.3) Mini Majors/Cinem
Slide 76: Shellharbour - an opportunity to capture leakage from the trade area
Stockland 1H11 Results - Commercial Property Shellharbour - an opportunity to capture leakage from the trade area For personal use only Shellharbour • Limited significant competition in the trade area • Opportunity to be first to market to capture significant escape expenditure • Illawarra’s first 4
Slide 77: Office and Industrial metrics
Stockland 1H11 Results - Commercial Property Office and Industrial metrics Office Industrial For personal use only FY11 rent reviews1 FY11 rent reviews1 100% 96% 100% 73% 80% 80% 60% 60% 40% 40% 16% 20% 20% 4% 11% 0% 0% 0% Fixed 3.5% - 5% Market CPI Fixed 3% - 4% CPI Market Lease expiry profile1 Lea
Slide 78: Tenancy retention and new leasing
Stockland 1H11 Results - Commercial Property Tenancy retention and new leasing Operational Portfolio For personal use only NLA Weighted Weighted Retention Increase on New Leases Increase on Office Leased (sqm)1 Base rents Average (sqm)1 Base rents Average (sqm)1 Incentives Incentives Sydney CBD 4,50
Slide 79: Office and industrial leasing – FY11 year-to-date
Stockland 1H11 Results - Commercial Property Office and industrial leasing – FY11 year-to-date Building FY11 Area Remaining Building Property Area Leased Leased to Vacancy WALE Comments use only (sqm) (sqm) (sqm) (years) Continues our recent leasing success Riverside Plaza 38,359 5,515 Primus 2,701
Slide 80: Tenancy profile - Top tenants
Stockland 1H11 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 28.7% Singtel 5.5% ACI 14.1% 2 Woolworths 23.7% Sinclair Knight
Slide 81: Lease expiry profiles
Stockland 1H11 Results - Commercial Property Lease expiry profiles1 For personal use only Retail June 2010 December 2010 1%10% 12% 12% 10% 55% 1%6%11% 12% 10% 60% WALE: 6.0 Years WALE: 5.9 Years Office June 2010 December 2010 8% 8% 13% 9% 11% 51% 8%²4% 13% 10% 12% 53% WALE: 4.6 years WALE: 4.2 years
Slide 82: Disclaimer of liability
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