Lendlease Group · ASX:LLC
Lendlease — FY2021 Earnings Presentation
88 slides from Lendlease's earnings presentation, Aug 16, 2021
Slide 1: Lendlease Group 2021 Full Year Results Announcement, Presentation and Appendix
16 August 2021 Lendlease Group 2021 Full Year Results Announcement, Presentation and Appendix Lendlease Group today announced its results for the year ended 30 June 2021. Attached is the FY21 Results Announcement, Presentation and Appendix. A summary of Lendlease's Major Urbanisation Projects will b
Slide 2: Profit recovery despite COVID impacts, strategic agenda progressed
16 19 August 2019 22 August 2021 2018 Profit recovery despite COVID impacts, strategic agenda progressed FY21 Result1 • Statutory Profit after Tax of $222m • Core operating Profit after Tax of $377m, up 83% − Full year distributions of 27 cps, payout ratio of 49% o Final distribution of 12 cps − Ear
Slide 3: Strategic Priorities and Business Review
16 19 August 2019 22 August 2021 2018 Acting Group Chief Financial Officer, Frank Krile said: “The Group enters FY22 with gearing below our 10-20% target range, providing the Group with significant funding capacity. The strategic divestments executed throughout the year, together with our balance sh
Slide 4: Development portfolio review and outlook
16 19 August 2019 22 August 2021 2018 The review of the development portfolio reaffirmed its underlying strength, underpinned by a capital efficient business model: • $8b+ per annum production and 10-13% ROIC targets are anticipated to be met by FY24 • Refinement of investment partner approach to dr
Slide 5: Contacts and 2021 Key Dates for Investors
16 19 August 2019 22 August 2021 2018 ENDS FOR FURTHER INFORMATION, PLEASE CONTACT: Investors: Media: Justin McCarthy Stephen Ellaway Mob: +61 422 800 321 Mob: +61 417 851 287 2021 Key Dates for Investors Securities quoted ex-distribution on the Australian Securities Exchange 20 August Final distrib
Slide 6: Full Year Results 2021
2021 Full Year Results 16 August 2021 Sydney: Darling Square on Gadigal Country and Wangal Country
Slide 7: Acknowledgement of Country
Lendlease FY21 Financial Results 2 Acknowledgement of Country As a developer, builder and manager of assets on land across Australia, we pay our respects to the Traditional Owners, especially their Elders past and present, and value their custodianship of these lands.
Slide 8: Summary
Lendlease FY21 Financial Results 3 Summary FY21 results Market Briefing 16 AUGUST 2021 30 AUGUST 2021 Group performance Reset Create Thrive FY22 FY23/24 FY25+ Financial performance Purpose and strategy Operational update Operating segments strategies Business review and outlook Financial strategy
Slide 9: Together we create value through places where communities thrive
Lendlease FY21 Financial Results 4 Together we create value through places where communities thrive Our strategy Employ our placemaking expertise and integrated business model in global gateway cities to deliver urbanisation projects and investments that generate social, environmental and economic v
Slide 10: Group Performance
Lendlease FY21 Financial Results 5 Use image on page 206 of AR Group Performance Tony Lombardo Birmingham: Global CEO Smithfield Artist’s impression
Slide 11: FY21 result
Lendlease FY21 Financial Results 6 Financial performance FY21 Reflects COVID-19 impacts across the Group and additional provisioning in the Non core segment result $377m $222m Strong Core operating1 Profit after Tax Statutory Profit after Tax Financial position 54.8c 5.4%2 ($181)m 5.0%4 Earnings per
Slide 12: COVID Impacts and response to pandemic
Lendlease FY21 Financial Results 7 COVID Impacts and response to pandemic Significant ramifications for real estate markets globally • Adverse impacts across all Lendlease markets and operating segments • EPS dilution from additional equity capital raised to strengthen balance sheet • Initial mitiga
Slide 13: Health and Safety
Lendlease FY21 Financial Results 8 Key performance indicators Health and • Key metric of critical incidents at record low frequency rate of 0.66; 73% lower than first reported level (FY14) Safety • Operations not experiencing a critical incident at a record high of 94% Critical Incident Frequency Ra
Slide 14: Environmental, Social and Governance
Lendlease FY21 Financial Results 9 FY21 key achievements Environmental, Social and $47.3 million Published Governance Launched Mission Zero Social value created Launched second Modern Slavery Founding signatory to Elevate RAP1 Statement SteelZero Raising awareness of 18.9% 2020 – 2023 Covering all o
Slide 15: Progress on strategic priorities
Lendlease FY21 Financial Results 10 Progress on strategic priorities Executing on our strategy Increased focus via strategic divestments • Services business1 • Bingara Communities project $3.5b2 $1.2b2 • Engineering business Melbourne Smithfield, • 25% of Retirement Living business Quarter Birmingha
Slide 16: Financial Performance
Lendlease FY21 Financial Results 11 Financial Performance Frank Krile Acting Group Chief Milan: Financial Officer Milano Santa Giulia Artist’s impression
Slide 17: Financial performance
Lendlease FY21 Financial Results 12 Financial performance1 $m FY20 FY21 Change Core 322 469 46% • Partnerships to deliver residential towers at OSH; forward sale of MQT; Joint Venture at MIND; apartment and Development communities settlements; $60m provision at Elephant Park on two residential for r
Slide 18: Cash flow
Lendlease FY21 Financial Results 13 FY21 Cash flow movements Cash flow Underlying operating cash outflow ($469m): Underlying investing cash inflow $948m: • Non core segment cash outflow (c.$200m): • One Sydney Harbour joint ventures: − Impact from retained projects − c.$900m underlying investing inf
Slide 19: Underlying operating cash flow last five years
Lendlease FY21 Financial Results 14 Underlying operating cash flow 1 last five years Cash flow Underlying operating cash flow of $2.5b over last five years: • Statutory operating cash flow of $884m: − $1.0b has been paid in interest and tax − $0.1b of operating cash flow representing net reduction i
Slide 20: Financial position
Lendlease FY21 Financial Results 15 Financial strength Invested capital: Development and Investments Financial Capital structure Development • Gearing 5.0%1, down from 5.7% at FY20: position − Proceeds from several strategic divestments (40 - 60%) Investments (40 - 60%) − Development receipts more t
Slide 21: Core operating financial returns
Lendlease FY21 Financial Results 16 Core operating financial returns • Average Return on Equity last 5 years1: 8.1% Target 8-11% Development segment ($m) Construction segment ($m) Investments segment ($m) Average ROIC: 5 years1 Average EBITDA margin: 5 years1 Average ROIC: 5 years1 9.6% 2.4% 6.9% Ta
Slide 22: Operational Update
Lendlease FY21 Financial Results 17 Operational Update Tony Lombardo London: Global CEO Elephant Park
Slide 23: Growth across target gateway cities
Lendlease FY21 Financial Results 18 Growth across target London • Thamesmead Waterfront gateway cities • Euston Station • Silvertown Quays • International Quarter London • Elephant Park • High Road West • Deptford Landings Chicago • Smithfield, Birmingham • Southbank San Francisco • Lakeshore East •
Slide 24: Development
Lendlease FY21 Financial Results 19 Operational performance1 Pipeline2 ($b) Development EBITDA $469m, up from $322m 8.4 (3.8) (4.0) 113.0 113.6 Development pipeline $114b • $14.5b work in progress, c.$100b remaining • Urbanisation pipeline of $100.4b: − Secured six new urbanisation projects: o New Y
Slide 25: Development outlook
Lendlease FY21 Financial Results 20 Outlook Work in progress1 ($b) Development Work in progress future indicator of production 5.6 (3.8) • Commencements of $5.6b including: 0.4 14.5 − Residences Two, One Sydney Harbour 12.3 − Melbourne Quarter Tower − 100 Claremont, New York − TRX Residences & Hotel
Slide 26: Construction
Lendlease FY21 Financial Results 21 Operational performance and outlook1 Backlog revenue ($b) Construction • EBITDA $173m, up from $101m External Internal 8.8 (7.2) • EBITDA margin 2.7%, up from 1.3%: − Good performance across the portfolio (0.6) 13.9 14.9 − Disciplined cost management • Revenue of
Slide 27: Investments: Management earnings
Lendlease FY21 Financial Results 22 Management earnings Management EBITDA ($m) Investments Operational performance1 198 • Management EBITDA of $165m, down from $198m 165 144 133 • Funds management revenue2 $145m, down from $212m: 116 − Base fees lower in Australia − c.$9m in performance fee vs c.$66
Slide 28: Investments: Ownership earnings
Lendlease FY21 Financial Results 23 Ownership earnings Ownership EBITDA ($m) Investments Performance1 • EBITDA of $111m, up from $102m: 317 − Recovery from worst of COVID-19 impacts − Higher asset sale profits in prior year 236 • Operating conditions by sector: 134 102 111 − Retirement Living return
Slide 29: Non core
Lendlease FY21 Financial Results 24 Segment performance Non core • EBITDA loss of $139m includes: − Additional Engineering provision of $175m ($168m after tax) relating to claims on Summary P&L ($m) FY21 historical projects − $10m of exit costs1 accounted for as part of the Engineering sale EBITDA (
Slide 30: Business review and Outlook
Lendlease FY21 Financial Results 25 Business review and Outlook Tony Lombardo Sydney: Sydney Place Global CEO on Gadigal Country Artist’s impression
Slide 31: Business review
Lendlease FY21 Financial Results 26 Business Review Strategic priorities Business • Strategy and strategic priorities confirmed review Organisational structure • New organisation and management structure to extract the most out of the strategy • Substantial cost savings from organisational restructu
Slide 32: FY22 Outlook
Lendlease FY21 Financial Results 27 FY22 Outlook Outlook • Reset year for the Group: − Organisational restructure − Development segment impacted by COVID − Core operating profit expected to be predominantly earned in H2 FY22 • Statutory profit to be impacted by the expected restructuring charge and
Slide 33: Questions
Lendlease FY21 Financial Results 28 Questions
Slide 34: Full Year Results Appendix
2021 Full Year Results Appendix 16 August 2021 Sydney: Darling Square on Gadigal Country and Wangal Country
Slide 35: Overview
Overview Malaysia: Setia City Mall
Slide 36: Lendlease FY21 Financial Results
Lendlease FY21 Financial Results 3
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Lendlease FY21 Financial Results 4
Slide 38: Lendlease FY21 Financial Results
Lendlease FY21 Financial Results 5
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Slide 41: Lendlease FY21 Financial Results
Lendlease FY21 Financial Results 8
Slide 42: Lendlease FY21 Financial Results
Lendlease FY21 Financial Results 9
Slide 43: Lendlease FY21 Financial Results
Lendlease FY21 Financial Results 10
Slide 44: Group Financials
Group Financials Chicago: The Cooper, Southbank
Slide 45: Income Statement (Statutory Result)
Lendlease FY21 Financial Results 12 Income $m Revenue from contracts with customers FY20 11,671 FY21 9,771 Statement Other revenue 163 121 (Statutory Cost of sales Gross profit (11,361) 473 (9,132) 760 Result) Share of profit of equity accounted investments (13) 100 Other income 352 488 Other expens
Slide 46: Reconciliation of Core Operating Profit
Lendlease FY21 Financial Results 13 Reconciliation $m FY202 FY21 of Core Core Operating Profit After Tax Add / (less): Investment properties revaluations3 206 (19) 377 (1) Operating Add / (less): Financial assets revaluations3 (10) 46 Profit1 Add / (less): Equity accounted investments revaluations 3
Slide 47: Underlying operating cash flow
Lendlease FY21 Financial Results 14 Cash conversion (5 years) ($m) Underlying • Underlying operating cash flow has been included to Total conversion against EBITDA of 73% operating provide a more accurate cash comparator against Group EBITDA Cash 109% 97% 21% 961% n/m 3 cash flow1,2 • This represent
Slide 48: FY21 underlying operating cash flow
Lendlease FY21 Financial Results 15 FY21 In FY21 Lendlease delivered underlying operating cash flow of $(469)m Overview underlying $m Statutory Adjustments Underlying • Underlying operating cash flow is operating cash Cash Flows from Operating Activities derived by adjusting statutory cash flows to
Slide 49: Portfolio Management Framework
Lendlease FY21 Financial Results 16 Target1 FY20 FY21 Portfolio Total Group Metrics Management Core Operating ROE 8-11% 3.1% 5.4% Framework Distribution payout ratio2 40-60% n/a3 49% Gearing 10-20% 5.7% 5.0% Core Business EBITDA Mix Development 40-50% 45% 51% Construction 10-20% 14% 19% Investments
Slide 50: Segment financial metrics
Lendlease FY21 Financial Results 17 Operating Profit after Tax ($m) Operating EBITDA ($m) Segment financial 342 FY20 FY21 469 FY20 FY21 metrics 233 322 300 214 213 276 173 100 101 42 Development Investments Construction Development Investments Construction ROIC1 (Development and Investments), Invest
Slide 51: Exchange rates
Lendlease FY21 Financial Results 18 Exchange Income Statement Local Foreign FY20 1 FY21 2 Statement of Financial Position Local Foreign FY203 FY214 rates AUD USD 0.67 0.75 AUD USD 0.69 0.75 AUD GBP 0.53 0.55 AUD GBP 0.56 0.54 AUD EUR 0.61 0.63 AUD EUR 0.61 0.63 AUD SGD 0.93 1.00 AUD SGD 0.96 1.01 1.
Slide 52: FY21 Regional EBITDA to PAT reconciliation
Lendlease FY21 Financial Results 19 Operating Operating FY21 Regional $m EBITDA1 Net interest D&A2 PBT Tax PAT 1 EBITDA to PAT Australia Development 396 (1) (3) 392 (114) 278 reconciliation Construction Investments 112 135 - - (9) (5) 103 130 (31) (33) 72 97 Total Australia 643 (1) (17) 625 (178) 44
Slide 53: Debt metrics
Lendlease FY21 Financial Results 20 Debt metrics Net debt 1 $m FY20 833 FY21 695 Borrowings to total equity plus borrowings % 25.7 25.3 1 Net debt to total tangible assets, less cash % 5.7 5.0 Interest cover2 times 2.8 6.4 Average cost of debt % 3.4 3.6 Average debt maturity years 4.2 4.9 Average de
Slide 54: Debt facilities and maturity profile
Lendlease FY21 Financial Results 21 Debt facilities1 ($m) Debt facilities Drawn Facility and maturity 1,800 profile 555 555 741 531 531 478 478 300 235 296 296 298 298 - - - - 113 180 79 79 UK Bond Syndicated Syndicated Club Asia Loan CNY bank US$ Reg. S S$ Reg. S Green Bond A$ medium Green Bond Iss
Slide 55: Key dates for FY21 results released to market / final distribution declared
Lendlease FY21 Financial Results 22 Key dates for FY21 results released to market / final distribution declared Date 16 August 2021 investors Securities quoted ex distribution on the Australian Securities Exchange 20 August 2021 Final distribution record date 23 August 2021 Market Briefing 30 August
Slide 56: Development Segment
Development Segment Sydney: Victoria Cross on Cammeraygal Country Artist’s impression of Victoria Cross, Level 29 Terrace. Indicative only as at June 2021 and subject to planning and other approvals. Views shown are indicative only as at June 2021 and subject to planning and other approvals. Prospec
Slide 57: Earnings drivers: Development
Lendlease HY21 Financial Results 24 ROIC target 10-13% Earnings drivers Invested capital $4.4b Development Pipeline1 $113.6b Urbanisation Communities $100.4b1 $13.2b1 Including 232 major projects in 10 gateway cities 172 projects Apartments Apartments Commercial Communities for Sale for Rent $41.6b
Slide 58: Development FY21
Lendlease FY21 Financial Results 25 Overview FY20 FY21 Development • The Development segment is predominantly focused on the creation Performance Core business EBITDA mix % 45 51 FY21 of mixed use precincts that comprise apartments, workplaces and associated leisure and entertainment amenity. The Gr
Slide 59: Development earnings / pipeline
Lendlease FY21 Financial Results 26 EBITDA ($m) Pipeline1 ($b) Development earnings / pipeline 469 113.0³ 113.6 322 76.1³ 71.1³ 49.3² FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY21 pipeline1 by product Production4 ($b) Apartment for sale Apartment for rent Commercial Communities 5.6 5.0 4.6 12% 4.0 3.8 36%
Slide 60: Pipeline provides long term earnings visibility
Lendlease FY21 Financial Results 27 Pipeline1 Apartments for Sale ($b) Apartments for Rent ($b) provides long In Delivery Remaining In Delivery Remaining term earnings 14% $5.9b WIP 5% $1.3b WIP visibility: $41.6b $25.0b 86% 95% $14.5b Work in Progress and $99.1b remaining Commercial ($b) Communitie
Slide 61: Work in Progress by product
Lendlease FY21 Financial Results 28 Apartments for Sale – WIP ($b) Apartments for Rent – WIP ($b) Work in Progress1 by product 0.4 (1.3) 2.2 2.9 (0.7) (0.2) 5.9 - 1.3 3.9 FY20 WIP Commence Production FX and FY21 WIP FY20 WIP Commence Production FX and FY21 WIP -ments Other -ments Other Commercial –
Slide 62: Urbanisation development
Lendlease FY21 Financial Results 29 FY21 apartment settlements Ownership Units $m Urbanisation Australia Melbourne Quarter - East Tower 50% 240 169 development Total Australia Europe 240 169 Elephant Park - Park Central West 100% 91 56 Elephant Park - Park Central East 100% 75 45 Elephant Park - Wes
Slide 63: Communities
Lendlease FY21 Financial Results 30 Communities Communities settlements FY20 FY21 Lots $m Lots $m Queensland 549 123 873 187 New South Wales 255 122 265 100 Victoria 940 252 857 233 South Australia 96 15 40 4 Western Australia 58 14 193 43 Total Australia 1,898 526 2,228 567 1 Europe - - 1 59 Americ
Slide 64: Apartment settlements and completion profile
Lendlease FY21 Financial Results 31 Apartment Total Units Presales1 Delivery settlements and City Project Residential for sale apartments Building units Ownership Presold presold 1 ($b) Date2 completion Manchester Potato Wharf Potato Wharf Block 3 & 4 191 100% 80% 152 0.1 FY22 profile: Chicago Londo
Slide 65: Commercial completion profile
Lendlease FY21 Financial Results 32 Commercial City Project Capital model Ownership sqm '0001 Building Completion date2 completion Milan Milan Milano Santa Giulia Milano Santa Giulia Fund Through3 Fund Through3 50% 50% 28 18 Spark One Spark Two FY22 FY22 profile Milan Milan Innovation District BOOT
Slide 66: Conversion of secured pipeline
Lendlease FY21 Financial Results 33 Indicative conversion timing1 of secured residential for sale pipeline to FY26 Conversion of FY22 FY23 FY24 FY25 FY26 secured City London2 Units 3,217 pipeline Sydney3 Perth4 212 108 York5 608 Chicago6 344 Melbourne7 2,204 Kuala Lumpur8 1,630 Milan9 776 Brisbane10
Slide 67: Conversion of secured pipeline
Lendlease FY21 Financial Results 34 Indicative conversion timing1 of secured commercial pipeline to FY26 Conversion of City Project Sectors sqm FY22 FY23 FY24 FY25 FY26 '0002 secured Milan Milan Innovation District - Stage 1 Office / Retail / Hotel 99 pipeline Perth Brisbane Waterbank Brisbane Showg
Slide 68: Major urbanisation project summary
Lendlease FY21 Financial Results 35 Major Project Delivery Completion Residential Commercial Estimated backlog backlog end value Land payment urbanisation Region Project Australia Barangaroo South secured commenced1 FY09 FY12 date2 FY26 units 849 sqm ‘0003 1 ($b)4 4.2 model Staged payment project Sy
Slide 69: Communities
Lendlease FY21 Financial Results 36 Communities Key metrics • $13.2b pipeline1 • 16 projects across five Australian states, 1 US project • c.44,000 lot pipeline Queensland • Target settlements: 3,000 – 4,000 lots p.a. c.27,800 land lots • Elliot Springs • Springfield Lakes • Yarrabilba • Shoreline N
Slide 70: Capital efficient business model
Lendlease FY21 Financial Results 37 $2.3b of invested capital in land and infrastructure controls $113.6b development pipeline Capital FY21 development invested capital FY21 development pipeline – land payment structure efficient Land and Land management Staged payment¹ business Infrastructure Upfro
Slide 71: Investment partner funding model - example
Lendlease FY21 Financial Results 38 Investment partner funding model - example Case study: International Towers Sydney, Barangaroo Example assumes Lendlease retains 25% stake during Development phase South (Towers 2 & 3) Planning Development Investment Secured in 2009 to regenerate large mixed use p
Slide 72: Construction Segment
Construction Segment Melbourne: Melbourne Connect on Wurundjeri Country
Slide 73: Earnings drivers: Construction
Lendlease HY21 Financial Results 40 EBITDA margin Earnings drivers target 2-3% Construction Backlog $14.9b Australia Asia Europe Americas Revenue Revenue Revenue Revenue in the last in the last in the last in the last 12 months 12 months 12 months 12 months $2.9b $0.3b $0.9b $2.4b $8.6b backlog real
Slide 74: Construction FY21
Lendlease FY21 Financial Results 41 Overview Construction • The Construction segment provides project management, design and Performance Core business EBITDA mix % FY20 14 FY21 19 FY21 construction services, predominantly in the commercial, residential, mixed use, defence and social infrastructure s
Slide 75: Construction
Lendlease FY21 Financial Results 42 EBITDA ($m) & EBITDA margin (%) Backlog ($b)1 Construction External Internal 2.7% 15.7 15.2 15.6 14.9 13.9 1.3% 173 101 FY20 FY21 FY17 FY18 FY19 FY20 FY21 FY21 backlog by client FY21 backlog by sector Lendlease Corporate Government Commercial Defence Residential 7
Slide 76: Construction backlog by region
Lendlease FY21 Financial Results 43 Group ($b)1 Australia ($b) External Internal Construction backlog by 4.3 (3.2) region 8.8 (7.2) 8.6 (0.6) 14.9 7.5 13.9 2.3 3.3 3.6 1.8 Book to bill²: 1.1 Book to bill²: 1.1 6.3 10.6 11.3 5.7 FY20 New work Run-off³ FX & Other FY21 FY20 New work Run-off³ FY21 secur
Slide 77: Construction Major new projects secured
Lendlease FY21 Financial Results 44 Contract Completion Construction Project Location type3 date4 Sector Australia Major new NCIS-3 HMAS Stirling and Henderson WA MC FY25 Defence projects AIR 7000 Phase 1B AIR 555 Land 121 Phase 5B SA National MC MC FY24 FY24 Defence Defence secured1,2 Residences Tw
Slide 78: Investments Segment
Investments Segment Boston: Clippership Wharf
Slide 79: Earnings drivers: Investments
Lendlease HY21 Financial Results 46 Earnings drivers ROIC target 6-9%1 Investments Invested capital $3.6b Ownership Earnings Management Earnings Co-investment Commercial Residential positions in Retirement Funds asset asset managed funds Living Other management management management $2.1b $0.9b $0.5
Slide 80: Investments FY21
Lendlease FY21 Financial Results 47 Overview Performance1 FY20 FY21 Investments • The Investments segment comprises a leading investment and asset Core operating business EBITDA mix % 41 30 management platform and the Group’s investments across the FY21 residential, office, retail, industrial and re
Slide 81: Investments earnings / ownership
Lendlease FY21 Financial Results 48 Investments Operating EBITDA1 Investments Operating EBITDA by activity ($m) Investments FY20 FY21 earnings / 300 ownership 276 198 165 102 111 FY20 FY21 Ownership¹ Management² Investments3 by sector ($b) FUM/AUM ($b) Retail Retirement Office Residential Industrial
Slide 82: Funds Under Management (FUM)
Lendlease FY21 Financial Results 49 FUM ($b) Funds Under CAGR² of 11.0% Management1 35.2 36.0 39.6 (FUM) 26.1 30.1 FY17 FY18 FY19 FY20 FY21 FY21 FUM by sector FY21 FUM by region Office Retail Residential Industrial Other Australia Asia Europe Americas 4% 3% 4% 5% 6% 21% 32% $39.6b 55% $39.6b 70% 1.
Slide 83: Assets Under Management (AUM)
Lendlease FY21 Financial Results 50 AUM2 ($b) Assets Under Management1 (AUM) 28.7 29.3 28.5 12.2 12.7 FY17 FY18 FY19 FY20 FY21 FY21 AUM by sector FY21 AUM by region Residential Retail Office Australia Asia Europe Americas 11% 22% 45% $28.5b 48% $28.5b 41% 27% 6% 1. The Group’s assessment of market v
Slide 84: FUM by region
Lendlease FY21 Financial Results 51 FUM1 by Group ($b) region 4.8 (0.4) 0.2 (1.0) 39.6 36.0 FY20 Additions Divest- Revaluations FX and FY21 ments Other By region ($b) FY20 Addition Divestment Revaluation FX and Other FY21 Australia 24.7 3.5 (0.3) 0.4 (0.7) 27.6 Asia 8.7 0.2 (0.1) - (0.4) 8.4 Europe
Slide 85: Major fund summary
Lendlease FY21 Financial Results 52 Major fund summary1 FY21 funds management platform Weighted Total assets Gearing Co-investment Region Sector # of assets Occupancy avg. cap rate $b % % $m # % % Australian Prime Property Fund Commercial 6.0 17.2 8.1 386 Aus Office 20 96.9 4.6 Lendlease Internation
Slide 86: AUM by product
Lendlease FY21 Financial Results 53 AUM1 by Group ($b) product 29.3 0.6 (0.2) (0.6) (0.6) 28.5 FY20 Additions Divest- Revaluations FX and FY21 ments Other By product ($b) FY20 Addition Divestment Revaluation FX and Other FY21 Commercial 15.1 0.6 (0.2) (0.4) (0.3) 14.8 Residential 14.2 - - (0.2) (0.3
Slide 87: Retirement Living
Lendlease FY21 Financial Results 54 Retirement Value drivers1 FY20 FY21 Living Ownership2 % 75 50 Equity investment $b 1.4 0.9 Queensland Long term growth rate % 3.5 3.5 13 villages Discount rate % 12.4 12.4 c2,950 units Average length of stay – ILUs years 11 11 Number of established units no. 12,85
Slide 88: Important notice
Lendlease FY21 Financial Results 55 Important This document (including the appendix) has been prepared and is issued by Lendlease Corporation Limited (ACN 000 226 228) (Lendlease) in good faith. Neither Lendlease (including any of its controlled entities), nor Lendlease Trust (together referred to a