Slide 1: 1H17 Results Annexure
1H17 Results Annexure For personal use only RESULTS BUILT ON SUSTAINABLE COMMUNITIES 31 December 2016 Cardinal Freeman The Residences, Sydney A 1
Slide 2: Contents
Contents For personal use only Section Page Number About Stockland A3 Research A 11 Group Finance A 25 Commercial Property A 41 Residential A 60 Retirement Living A 71 Stockland 1H17 Results Presentation A 2
Slide 3: About Stockland
About Stockland For personal use only Willowdale Regional Park, Sydney A
Slide 4: Our strategy for success
Our strategy for success For personal use only Stockland 1H17 Results Presentation A 4
Slide 5: Stockland Quick Facts
Stockland Quick Facts For personal use only TRUST CORPORATION Logistics & Retail Business Parks Office Residential Retirement Living 53% of SGP portfolio 15% of SGP portfolio 5% of SGP portfolio 18% of SGP portfolio 9% of SGP portfolio Stockland Shellharbour, NSW Ingleburn Distribution Centre, NSW 1
Slide 6: We are well positioned with a diverse portfolio
We are well positioned with a diverse portfolio1,2 For personal use only All states CP Resi RL Total Qld CP Resi RL Total Number of properties/projects 78 53 73 204 Number of properties/projects 18 25 10 53 Book Value $10.0b $2.5b $1.3b $13.8b Book Value $2.1b $0.9b $0.1b $3.1b SGP Portfolio % 73% 1
Slide 7: Key Residential projects, located in population growth areas: Sydney
Key Residential projects, located in population growth areas1 For personal use only Sydney 1. Source: Location IQ Stockland 1H17 Results Presentation A 7
Slide 8: Key Residential projects, located in population growth areas: Melbourne
Key Residential projects, located in population growth areas1 For personal use only Melbourne 1. Source: Location IQ Stockland 1H17 Results Presentation A 8
Slide 9: Key Residential projects: Brisbane and Perth
Key Residential projects, located in population growth areas1 For personal use only Brisbane (LHS), Perth (RHS) 1. Source: Location IQ Stockland 1H17 Results Presentation A 9
Slide 10: Retirement Living Strong demand drivers
Retirement Living Strong demand drivers For personal use only Compelling demand fundamentals Australian population aged 65+ 1 2.3% pa CAGR Millions of people 65+ population 6.2 7.4 expected to more 3.6 4.9 than double in next 30 years 2016 2026 2036 2046 Implied demand for units2 3.7% pa CAGR Baseli
Slide 11: Research: Economic Overview
Research Annexure For personal use only Economic Overview Ingleburn Distribution Centre, Sydney A
Slide 12: Industry contribution to GDP
For personal use only Industry contribution to GDP1 (%) Financial services Ownership of dwellings Mining Health care Construction Professional services Public admin Manufacturing Transportation Education Retail trade Wholesale trade Tourism Info media & telco Property services Admin services Utiliti
Slide 13: Accommodative monetary policy, labour market stable
Accommodative monetary policy, labour market stable For personal use only Historical and implied forward RBA cash rates1 Labour market improving across Vic and Qld Seek Job Ads (Annual % change in number of ads) 8% 100% 7% 80% 6% 60% 40% 5% 10 year bond yield 20% 4% Vic NSW 0% Qld 3% WA Cash rate -2
Slide 14: Australia: Retail Drivers
Australia: Retail Drivers For personal use only Rate of growth in online retail spend1 is moderating Wage growth soft and savings rate declining (as at Sep 2016)2 5% 12.0% 30% ABS Retail Spend Growth (RHS) 8.0% Household Saving Ratio (RHS) Online Spend Growth (LHS) 4% 10.0% 6.0% 8.0% 20% 3% 4.0% 6.0
Slide 15: Dwelling commencements have responded to accumulated undersupply
Dwelling commencements have responded to accumulated undersupply For personal use only Dwelling commencements are elevated but close to long-term Pent up dwelling demand2 averages on a per capita basis. Both appear to have peaked1 Thousands 250 30 -40 Oversupply -20 Dwelling Commencements (LHS) 25 2
Slide 16: Population growth continues to underpin dwelling demand
Population growth continues to underpin dwelling demand For personal use only AUS population growth Annual1 Vic and Qld seeing strong positive interstate migration2 500,000 2.5% 50,000 450,000 40,000 400,000 2.0% 30,000 Total Growth Forecast 350,000 (%) 20,000 Vic 300,000 1.5% 10,000 Qld 250,000 0 2
Slide 17: Stronger selling environments in Sydney and Melbourne
Stronger selling environments in Sydney and Melbourne For personal use only Established stock on market falling in Melbourne, Sydney; Established houses days on market rising in Brisbane2 flat in Brisbane and rising in Perth1 40,000 120 35,000 100 30,000 80 25,000 Melbourne Perth Brisbane 20,000 Per
Slide 18: National house building approvals at around trend
National house building approvals at around trend For personal use only NSW market moderating over second half of 2016 Vic market moderating but still above long term averages 4,000 4,000 3,000 3,000 2,000 2,000 +20.3% +13.1% above long above long term 1,000 term 1,000 average average 0 0 1985 1989
Slide 19: Apartment approvals in NSW, Vic and Qld down from historical highs
Apartment approvals in NSW, Vic and Qld down from historical highs For personal use only NSW apartment approvals trending downward Vic apartment approvals also trending downward 4,000 4,000 3,000 3,000 +111.9% Above long 2,000 term 2,000 +134.0% average above long term 1,000 1,000 average 0 0 1985 1
Slide 20: Residential rental vacancy rates still tight
Residential rental vacancy rates still tight and For personal use only supportive of rental growth in Sydney and Melbourne1,2 Sydney Melbourne $550 3.5% $400 Vacancy Rates 3.5% Median Rent Median Rent 3.0% 3.0% $500 Vacancy Rates $380 2.5% 2.5% $450 2.0% $360 2.0% $400 1.5% $340 1.5% 1.0% 1.0% $350
Slide 21: Land price growth less volatile than house prices
Land price growth less volatile than house prices For personal use only Land Price per sqm1 Capital City House Prices Rolling Annual Change2 1400 50% 1200 Sydney 40% 1000 30% 800 Perth 20% 600 Melbourne Melbourne Qld 10% Sydney 400 Brisbane 0% 200 Perth 0 -10% 2009 2010 2011 2012 2013 2014 2015 2016
Slide 22: NSW land market strong while WA conditions are challenging
NSW land market strong while WA conditions are challenging For personal use only Strong finish to FY16 for NSW vacant land sales Vic vacant land sales volumes continue upward trend Quarterly Sales Quarterly Sales 4000 7000 6000 3000 5000 4000 2000 3000 1000 2000 1000 0 0 Jun-09 Dec-10 Jun-12 Dec-13
Slide 23: Residential land stock on hand
Residential land stock on hand, less than three months of trading stock remain For personal use only Closing stock of land lots 6,000 National (RHS) 18,000 16,000 5,000 Perth 14,000 4,000 Melbourne 12,000 10,000 3,000 8,000 2,000 SEQ 6,000 4,000 1,000 Sydney 2,000 0 0 2009 2010 2011 2012 2013 2014 2
Slide 24: Household affordability trends
Household affordability trends For personal use only Mortgage repayments as a percentage of household income rising in Sydney and Melbourne due to recent house price growth1 60% 40% Sydney Melbourne Brisbane 20% Perth 0% 1987 1992 1997 2002 2007 2012 2017 Housing Debt-to-Asset ratio falling, Debt-to
Slide 25: Group Finance
Group Finance For personal use only Newhaven Robot Park, Perth A
Slide 26: Growth in both FFO and Underlying Profit
Growth in both FFO and Underlying Profit For personal use only Funds from Operations Underlying Profit Comp. Comp. $m 1H17 1H16 Change % 1H17 1H16 Change % Growth % Growth % Retail 207 197 5.2% 3.5% 191 183 4.4% 2.8% Logistics & Business Parks 72 66 8.7% 2.9% 65 60 7.6% 1.2% Office 34 36 (6.6%)
Slide 27: Profit summary
Profit summary For personal use only $m 1H17 1H16 Commercial Property EBIT 280 264 Residential Communities EBIT (before interest in COGS) 176 157 Retirement Living EBIT 28 20 Amortisation of lease incentives and lease fees 35 33 Straight-line rent adjustments (3) (6) Unallocated corporate overheads
Slide 28: FFO reconciliation to the PCA Guidelines
FFO reconciliation to the PCA Guidelines For personal use only The table below shows the reconciliation of statutory profit to FFO with reference to the definitions outlined in the Property Council of Australia white paper PCA Reference $m 1H17 1H16 Comments Statutory Profit 702 696 A Investment pro
Slide 29: Net interest gap
Net interest gap For personal use only Interest expense - $m 1H17 1H16 Interest Deferred Total Interest Deferred Total Interest Interest Higher interest expense in P&L due to disposal Interest income (2) - (2) (3) - (3) of impaired projects carrying higher capitalised interest costs Interest paid 10
Slide 30: Strategic mix
Strategic mix For personal use only Assets Assets Operating Operating 31 December 2016 31 December 2015 Profit 1H17 Profit 1H16 Recurring Commercial Property 73% 71% 73% 74% Retirement Living 7% 7% 6% 5% Unallocated corporate overheads - - (3%) (3%) Total recurring 80% 78% 76% 76% Trading Residentia
Slide 31: Return on Assets, Return on Equity
Return on Assets, Return on Equity For personal use only CY16 CY15 Commentary Cash Profit Avg. Cash Return (%) Cash Profit Avg. Cash Return (%) ($m) Invested ($m) Invested ($b) ($b) Retail 404 5.0 8.2% 380 4.6 8.2% Returns unchanged from prior period. Increased portfolio size due to developments and
Slide 32: Reconciliation between Return on Equity table values and accounting results
Reconciliation between Return on Equity table values and For personal use only accounting results Reconciliation of Group return in ROE calculation Reconciliation of capital employed in ROE calculation to FFO to statutory net assets Average Average $m CY16 CY15 $b for CY16 for CY15 Cash return 677 6
Slide 33: Stockland Return on Equity methodology
Stockland Return on Equity methodology For personal use only Numerator (Cash Return) Denominator (Average Cash Invested) Residential EBIT (including cash loss realised on Net Funds Employed (NFE) (excluding accrued capitalised interest and impairment (incl. MD & Apartments) impaired projects) provis
Slide 34: Cost management
Cost management For personal use only $m 1H17 1H16 Commercial Property1 6 8 • Diligent cost management practices remain embedded across the Group • Commercial Property decrease due to higher fee income this period Residential 87 72 • Residential growth attributable to variable direct project related
Slide 35: Long dated, diverse debt
Long dated, diverse debt For personal use only Long-dated drawn debt maturity profile (WADM 5.9 years)1 Diverse debt sources EMTNs, $m Committed Facilities $650m, 15% Bank debt1, 800 $920m, 20% EMTNs 700 DMTNs USPP, DMTNs, USPP $2,306m, $560m, 13% 600 Aus. Bank Debt 52% 500 400 Cost of debt for 1H17
Slide 36: Debt summary
Debt summary For personal use only Facility Facility limit ($m)1 Amount drawn ($m)1,2 Bank Debt 920 140 Debt Capital Markets • A$89m USPP was repaid in 1H17 Commercial Paper - - Domestic Medium Term Notes 560 560 • A$150m DMTN was repaid in 1H17 USPP 2,306 2,306 • A$398m USPP (10 15 year tenures) wa
Slide 37: Debt summary (continued)
Debt summary (continued) For personal use only Facility Issued debt ($m)1 Facility maturity Facility Issued debt ($m)1 Facility maturity Domestic Medium Term Note Facility (MTN) - USPP 188 Jun 2017 - MTN 150 Sep 2019 - USPP 61 Oct 2017 - MTN 160 Nov 2020 - USPP 250 Jun 2018 - MTN 250 Nov 2022 - USPP
Slide 38: Covenant calculations
Covenant calculations For personal use only Statutory Gearing All lenders have consistent covenants As at 31 December 2016 Balance Covenant $m Sheet Adjustments Balance Sheet • Total liabilities/total tangible assets (TL/TTA): less than 45% Assets no adjustment made for cash held Cash 282 - 282 • In
Slide 39: Balance sheet summary
Balance sheet summary For personal use only $m 31 December 2016 30 June 2016 Cash 282 208 Real estate related assets - Commercial Property 9,980 9,706 - Residential 2,495 2,517 - Retirement Living 1,230 1,175 Retirement Living Gross-Up 2,472 2,414 Intangibles 140 122 Other financial assets 535 547 O
Slide 40: Stockland Corporation income tax reconciliation
Stockland Corporation income tax reconciliation For personal use only 1H17 1H16 $m Statutory Profit Statutory Profit Net profit before tax 681 711 Less: Trust profit and Intergroup eliminations (586) (663) Corporation profit before tax B 95 48 Prima facie tax expense @ 30% (29) (15) Tax effect of pe
Slide 41: Commercial Property
Commercial Property For personal use only Stockland Shellharbour, NSW A
Slide 42: Portfolio weightings and valuation movements
Portfolio weightings and valuation movements For personal use only Commercial Property assets: $9.7b1 Retail: $7.0b Logistics and Business Parks: $2.0b Office: $0.7b 40 properties 27 properties 8 properties 1,032,306 sqm gross lettable area2 1,329,752 sqm gross lettable area2 141,046 sqm net lettabl
Slide 43: Commercial Property Funds From Operations
Commercial Property Funds From Operations For personal use only Retail Logistics and Office Trading Profit Net Overhead Total Business Parks Costs $m 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 1H17 1H16 Operating EBIT 191 183 65 60 25 29 5 - (6) (8) 280 264 Adjust for: Amortisation of fit out
Slide 44: Stockland portfolio: Trend in cap rates over time
Stockland portfolio: Trend in cap rates over time For personal use only Retail 9% 8% 7% 6% 7.3% 7.4% 7.2% 7.1% 7.0% 6.8% 6.5% 6.3% 6.1% 6.0% 5% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H17 Logistics and Business Parks 9% 8% 7% 8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0% 6% 7.5% 7.3% 7.2% 5% FY08 FY09 FY
Slide 45: Stockland Retail portfolio capitalisation rates
Stockland Retail portfolio capitalisation rates For personal use only As at 30 June 2006 % allocation As at 31 December 2016 % allocation Regional 14% Regional 46% Sub-Regional 78% Sub-Regional 44% Neighbourhood and Other 8% Neighbourhood and Other 10% 8.0% 8.0% Retail Portfolio Neighbourhood and ot
Slide 46: Commercial Property revaluation and book value update
Commercial Property revaluation and book value update For personal use only Commercial Property book values: $9.7b1 ($b) 11.0 (0.1) • 31 properties were 10.0 0.1 0.2 externally revalued in 9.0 1H17 representing 9.7 47% of the portfolio 9.5 8.0 by value 7.0 30 June 2016 Dev/Capex Revaluations Disposa
Slide 47: Retail performance
Retail performance For personal use only Retail FFO movements between 1H16 and 1H17 ($m) 5 (1) Key metrics 1H17 1H16 4 Occupancy2 99.5% 99.5% 2 207 Specialty occupancy costs 15.1% 14.6% Regional 16.9% 16.3% 197 Large sub-regional3 N/A 13.8% Small sub-regional 13.9% 13.6% Neighbourhood centres 13.8%
Slide 48: Stockland comparable retail sales growth
Stockland comparable retail sales growth For personal use only 1H16 5.5% FY16 4.6% 1H17 2.9% 2.7% 2.5% 1.8% 1.6% 0.4% 0.0% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth Total MAT SGP Total 12 month 6 month ($m) MAT Growth Comparable growth Comparable
Slide 49: Retail: Productive centres and diverse income base
Retail: Productive centres and diverse income base For personal use only Specialty MAT/sqm, centres with future development potential Strong diversity in rental income $14,000 Gross rent: Total portfolio Department Stores $12,000 1% Other Retail DDS Urbis average 1: $10,000 $8,376/sqm 15% 10% Superm
Slide 50: Retail: Significant development pipeline driving growth and returns
Retail: Significant development pipeline driving growth and returns For personal use only Neighbourhood Sub regional Regional Major regional Mixed Use2/CBD Target returns Completed Harrisdale stage 1* Wetherill Park 10% - 14% incremental IRR1 7% - 8% incremental yield (FFO & stabilised) Green Hills
Slide 51: Retail development pipeline
Retail development pipeline For personal use only Est. total Cost Spent Est. Cost to Completion Est. fully Total Specialty Est. Est. total incremental to Date Complete leased year income income Incremental return4 cost ($m) ($m) ($m) Date Value ($m) one yield1 leased leased2 3 Return (%) (%) Complet
Slide 52: Logistics & Business Parks and Office performance
Logistics & Business Parks and Office performance For personal use only Logistics & Business Parks FFO Logistics and Business Parks Logistics & Business Parks movements between 1H16 and 1H17 ($m) assets by book value Occupancy and lease expiry 1H17 1H16 5 (2) by income 3 $2.0b Business Parks $0.7b $
Slide 53: L&BP: Growing & activating the development pipeline
L&BP: Growing & activating the development pipeline For personal use only Completed Under Construction Planning Underway Future Wave Target returns Ingleburn (Stage 1) Ingleburn (Stage 2) Ingleburn (Stage 3) 10% - 14% IRR 7% - 8% incremental Yennora (Bld 3 & 8A) Yennora (Bld 1 & 2) yield (FFO) NSW W
Slide 54: L&BP development pipeline
L&BP development pipeline For personal use only Development Est. total Cost Spent Est. Completion Est. fully Total Est. Est. Type incremental to Date Cost to leased income Incremental total cost ($m) ($m) Complete Date Value year one leased Return 4 return5 ($m) ($m) yield3 Completed Oakleigh - Stag
Slide 55: Tenancy retention and new leasing metrics
Logistics & Business Parks and Office: For personal use only Tenancy retention and new leasing metrics Total leased 1 Retention 1 New leases 1 Logistics & Business GLA leased Weighted average Weighted average Retention Weighted average Weighted New leases Weighted average Weighted Parks (sqm)1 base
Slide 56: Asset values: Retail
Asset values: Retail For personal use only Retail portfolio Book 1H17 Val. Change Cap rate 1H17 FFO Retail portfolio Book 1H17 Val. Change Cap rate 1H17 value Incr/(decr) ($m) value Incr/(decr) FFO ($m) ($m)1 ($m) ($m)1 ($m) Stockland Shellharbour 747.9 29.8 4.1% 5.50% 19.6 Stockland Wallsend 79.0 7
Slide 57: Asset values: Logistics & Business Park and Office
Asset values: Logistics & Business Park and Office For personal use only Logistics & Business Parks portfolio Book 1H17 Val. Change Cap 1H17 FFO Office portfolio Book 1H17 Val. Change Cap rate 1H17 value Incr/(decr) rate ($m) value Incr/(decr) FFO ($m) ($m)1 ($m) ($m)1 ($m) 2 Yennora Distribution Ce
Slide 58: Top tenants by income
Top 20 tenants by income For personal use only Retail Portfolio Logistics & Business Parks Portfolio Office Portfolio Rank Tenant % Portfolio Tenant % Portfolio Tenant % Portfolio 1 Wesfarmers Ltd 11.7% Optus Administration Pty Ltd 10.2% IBM Australia Ltd 7.4% 2 Woolworths Ltd 11.2% ACI Operations P
Slide 59: Commercial Property asset acquisitions & disposals
Commercial Property asset acquisitions & disposals For personal use only Property Acquired Asset Class Type Acquisition Date Acquisition Value1 ($m) Lamerton House, Shellharbour, NSW Retail Income Producing Dec 2016 8.0 Total Asset Acquisitions 8.0 Property Disposed Asset Class Type Settlement Date
Slide 60: Residential
Residential For personal use only Andrew Whitson Minta Farm, Melbourne A
Slide 61: Development Pipeline
Development Pipeline For personal use only Major active projects excluding medium density State Project State percentage Approximate lot Approx remaining Anticipated Settlements sales per annum1 project lots FY17 FY18 FY19 FY20 FY21+ Qld North Shore 90 3,730 Aura 480 19,530# Newport 200 1,550 Pallar
Slide 62: Seven projects with first settlements in next two years
Seven projects with first settlements in next two years For personal use only Approximate total Approximate life Project Timing of first settlements lots in project of project Arve 2H17 80# 1 yr Vic Edgebrook (Clyde North) FY18 790 7 yrs Stamford Park Rowville FY19 180# 3 yrs Pallara 2H17 710 6 yrs
Slide 63: Projects completing prior to FY19
Projects completing prior to FY19 For personal use only Lots# remaining to sell Project Timing of final settlements Approximate total lots# (as at 31 Dec 2016) NSW Brooks Reach 2H17 590 152 WA Baldivis Town Centre 2H17 160 4 The Observatory FY18 900 18 Augustine Heights FY18 1,010 106 Qld Highland R
Slide 64: Price per sqm
Price per sqm For personal use only Retail sales price1 1H17 Settlements 1H16 Settlements State No. lots Av. size per Av. Price per $/sqm No. lots Av. size per Av. Price per $/sqm lot sqm lot $k lot sqm lot $k NSW 244 408 433 1,061 500 430 343 799 Qld 929 428 245 572 732 450 234 520 Vic 979 400 226
Slide 65: Impairment provision utilisation
Impairment provision utilisation For personal use only 31 December 2016 Residential Apartments Total Impairment provision balance Final Communities ($m) ($m) ($m) 31 December 2016 ($m) settlement Increase in impairment - - - Projects to be developed $150m ~11 yrs Disposal of undeveloped sites $43m ~
Slide 66: Lots settled by location
Lots settled by location For personal use only 3,364 3,129 2,966 526 2,853 2,747 2,771 311 593 248 NSW 178 509 953 1,087 954 940 1,003 Qld 751 602 688 1,107 903 792 Vic 1,013 966 927 778 693 719 589 WA 2H14 1H15 2H15 1H16 2H16 1H17 Stockland 1H17 Results Presentation A 66
Slide 67: Net deposits by quarter
Net deposits by quarter For personal use only Strong net deposits 75.4% 72.3% 71.4% 76.7% 75.2% 75.2% 74.7% 71.0% % Owner 2,301 Occupier 2,116 1,712 1,706 571 1,792 1,557 1,581 524 Retail 1,427 475 398 522 454 Investors 351 452 452 583 454 443 452 Upgraders 364 428 401 1,009 1,208 First Home 712 783
Slide 68: Leads and enquiry levels
Leads and enquiry levels For personal use only Lead volumes remained strong assisted by new Qld project launches FHBs remain consistent, contributing ~50% of all new leads 7,000 75% 6,000 Average Monthly Leads Composition of Stockland new leads 5,000 54% 49% 51% 51% First home 45% 46% 46% 47% 47% 50
Slide 69: Providing affordable product
Providing affordable product For personal use only Stockland projects providing affordable product 1 39% Proportion of sub $200k lot sold 34% 26% 26% 1H17 Market 20% 1H16 Stockland 17% 6% 2% NSW SEQ Vic WA Stockland providing more affordable product than local median house price2,3,4 1,220k Stocklan
Slide 70: Residential acquisitions
Residential acquisitions For personal use only Property Acquired Type Acquisition Acquisition Value ($m) Approximate First settlements Date number of lots expected Minta Farm, Vic1 Masterplanned Community Dec 16 Not disclosed 1,700 FY19/20 1. Settlement subject to conditions precedent being satisfie
Slide 71: Retirement Living
Retirement Living For personal use only Cardinal Freeman The Residences, Sydney A
Slide 72: Established portfolio and development pipeline
Established portfolio and development pipeline For personal use only Portfolio Statistics 1H17 FY16 Net Funds Employed Established villages 65 70 $1,306m $1,251m Established units 9,478 9,616 76 76 Established units settlements 325 716 Goodwill 176 Revaluation 136 Net units removed for redevelopment
Slide 73: Development pipeline breakup
Development pipeline breakup For personal use only Geographically diverse development pipeline Development pipeline 1H17 Development villages 17 Total development pipeline units 3,125 SA WA - Greenfield pipeline units 2,065 5% 9% - Village extension pipeline units 1,060 Estimated end value including
Slide 74: Strong project pipeline forecast
Strong project pipeline forecast For personal use only Construction Timeframe Future Settlements FY17 FY18 FY19 FY20 FY21+ Completed (FY16) Arilla, Vic Selandra Rise, Vic Sub-total 50 Current Development Projects Highlands, Vic Lightsview, SA Somerton Park, SA Mernda, Vic Cardinal Freeman The Reside
Slide 75: Important Notice
For personal use only Important Notice While every effort is made to provide accurate and complete information, Stockland does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for your intended use. This presentation contains forward-