Stockland · ASX:SGP
Stockland — FY2015 Earnings Presentation
71 slides from Stockland's earnings presentation, August 2015
Slide 1: FY15 Stockland Results Annexure
FY15 Stockland Results Annexure Delivering sustainable growth
Slide 2: Contents
Contents Section Page Number About Stockland 03 Research 10 Group Finance 23 Commercial Property 38 Residential 56 Retirement Living 67 Stockland FY15 Results Presentation 2
Slide 3: About Stockland
Blue Mountains GQ Shane's Park conservation zone ? Independent K-12 school : tape oo (a) = $2 Community centre }) §mins to Sydney z z =: Business Park 7 7 te primary school 1 State 2 (tess than 10 mins to 4 - < ~—- Schofields Train Station > Stockland Retirement Living/Residential ‘6) Stockland
Slide 4: Our strategy for success
Our strategy for success Stockland FY15 Results Presentation 4
Slide 5: Stockland Quick Facts
Stockland Quick Facts TRUST CORPORATION Logistics & Retail Business Parks Office Residential Retirement Living 50% of SGP portfolio 13% of SGP portfolio 8% of SGP portfolio 20% of SGP portfolio 9% of SGP portfolio Artist’s impression Artist’s impression Stockland Gladstone, Qld Ingleburn Distributio
Slide 6: We are well positioned with a diverse portfolio
We are well positioned with a diverse portfolio1,2,3 All states CP Resi RL Total Qld CP Resi RL Total Number of properties/projects 79 63 76 218 Number of properties/projects 21 28 9 58 Book Value $9.0b $2.6b $1.2b $12.8b Book Value $2.2b $0.9b $0.1b $3.2b %SGP Portfolio 71% 20% 9% 100% %SGP Portfol
Slide 7: Key Residential projects – Significant scale, located in key population growth areas
Key Residential projects – Significant scale, located in key population growth areas BRISBANE SYDNEY !! Bells Reach! Caloundra South ! Caboolture Waters ! ! Elara! Schofield Stone Ridge! Pop Growth ! North Lakes! Isles of Newport 2014 - 18 GrowthRate Below 0% 0.01% to 1% 1.01% to 2% ! Willowdale 2.0
Slide 8: Key Residential projects – Significant scale, located in key population growth areas
Key Residential projects – Significant scale, located in key population growth areas PERTH MELBOURNE ! Amberton Corimbia ! Cloverton ! Vale Highlands ! ! Whiteman Edge ! ! ! Mernda Villages Eucalypt Pop Growth 2014 - 18 ! Ivanhoe ! Allura GrowthRate ! The Grove Below 0% ! The Address Calleya 0.01% t
Slide 9: Retirement Living – Strong demand drivers
Retirement Living – Strong demand drivers Compelling demand fundamentals Australian population aged 65+1 2.8% pa CAGR Millions of people 65+ population 6.8 expected to more 5.6 than double in next 4.2 30 years 3 2010 2020 2030 2040 Implied demand for units2 Thousands of units Baseline demand @ curre
Slide 10: Research – Annexure
Research – Annexure Highlands, Vic
Slide 11: Contribution to Australia's GDP by industry
Contribution to Australia’s GDP by industry(%) Industry contribution to GDP1 (%) Mining Financial services Ownership of dwellings Construction Health care Professional services Manufacturing Public admin Education 2003-04 Retail trade 2013-14 Wholesale trade Forecast 2019-20 Transportation Info medi
Slide 12: Accommodative monetary policy and resilient labour market
Accommodative monetary policy and resilient labour market Historical and implied forward RBA cash rates1 Labour market surprisingly resilient2 8.0% Seek Job Ads (Annual % change in number of ads) 100.0% 7.0% 80.0% 6.0% 60.0% 5.0% 40.0% 20.0% NSW 4.0% Vic 0.0% Qld 3.0% Cash rate WA -20.0% 2.0% -40.0%
Slide 13: Australia: Retail Drivers
Australia: Retail Drivers Growth in online retail spend1 is declining Bricks and Mortar vs online retail sales1 (as at June 2015) 30% 7% 25% 6% $17.3b 20% 5% (7%) 4% Bricks and Mortar 15% 3% retail sales 10% 2% $247b Online retail sales 5% Online Spend Growth (LHS) ABS Retail Spend Growth (RHS) 1% (
Slide 14: Population growth has slowed, but remains high
Population growth has slowed, but remains high AUS Population Growth - Annual 2008: Increased number 2009: Cuts to General Migration Program, of places offered by 37k removals of Occupations eligible for migration 500,000 2.5% Mid-1980s: Immigration focused on economic outcomes Migration Planning 45
Slide 15: Interstate migration reflected in building activity
Interstate migration reflected in building activity Dwelling commencements and population growth Interstate migration reflecting current economic strength1 converging since 20131 500 30 50,000 450 40,000 25 400 30,000 Annual Rolling Sum (‘000s) 350 Population (LHS) 20 20,000 300 Vic Thousands 10,000
Slide 16: Residential rental vacancy rates still tight and supportive of median rents
Residential rental vacancy rates still tight and supportive of median rents in most markets except Perth1,2 Sydney Melbourne $550 3.5% $420 Vacancy Rates 3.5% Median Rent Median Rent 3.0% $400 3.0% $500 Vacancy Rates 2.5% 2.5% $380 $450 2.0% 2.0% $360 $400 1.5% 1.5% $340 1.0% 1.0% $350 $320 0.5% 0.5
Slide 17: Stronger selling environments in Sydney and Melbourne
Stronger selling environments in Sydney and Melbourne Established stock on market steady in Brisbane, Sydney; falling Established houses days on market rising in Brisbane and Perth2 in Melbourne and rising in Perth1 40,000 120 35,000 100 30,000 80 25,000 Melbourne Brisbane Perth 20,000 60 Perth Bris
Slide 18: Strong fundamentals underpinning market
Strong fundamentals underpinning market -40 Pent up dwelling demand1 Oversupply -20 Annual Rolling Sum (‘000s) 0 Undersupply 20 40 60 VIC 80 WA 100 120 NSW Qld 140 1984 1988 1992 1996 2000 2004 2008 2012 2016 1. ANZ Economics Stockland FY15 Results Presentation 18
Slide 19: Vacant land sales at 7 year high – land price growth continues
Vacant land sales at 7 year high – land price growth continues Quarterly Land Sales1 Land Price per sqm1 4500 1000 Perth 4000 900 800 Sydney 3500 SEQ 700 3000 600 Perth 2500 SEQ 500 Melbourne 2000 400 Melbourne 1500 300 1000 200 500 Sydney 100 0 0 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Sep-09 Sep
Slide 20: Residential land stock on hand falling
Residential land stock on hand falling, 2 months of trading stock remain Closing stock of land lots 6,000 18,000 National (RHS) 16,000 5,000 14,000 4,000 SEQ 12,000 10,000 3,000 8,000 2,000 Perth 6,000 Melbourne Sydney 4,000 1,000 2,000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 National estimated
Slide 21: Established housing market activity strong
Established housing market activity strong Capital City House Prices – Rolling Annual Change1 10 year CAGR shows that price growth has been manageable, even in Sydney1 50% 10 YR CAGR AUS 12 MONTH CAGR 40% Sydney 30% 20% Melbourne NSW 10% Vic Brisbane Qld 0% WA Perth -10% 1997 1999 2001 2003 2005 200
Slide 22: Affordability trend
Affordability trend Mortgage repayments as a percentage of household income rising in Sydney and Melbourne due to recent house price growth1 60% 50% 40% Sydney Melbourne 30% Brisbane 20% Perth 10% 0% 1985 1990 1995 2000 2005 2010 2015 Debt-to-Asset ratio falling, Debt-to-Income rising slightly2 Hous
Slide 23: Group Finance – Annexure
Group Finance – Annexure Brooklyn Estate, Vic
Slide 24: Profit summary
Profit summary $m FY15 FY14 Residential Communities EBIT (before interest in COGS) 290 244 Commercial Property EBIT 517 497 Retirement Living EBIT 54 45 Other EBIT (investments & non-core operations)1 4 34 Unallocated corporate overheads (60) (52) Group EBIT (before interest in COGS) 805 768 Net int
Slide 25: Net interest gap
Net interest gap Interest expense - $m FY15 FY14 Lower capitalised interest expensed through the P&L Interest Deferred Total Interest Deferred Total Interest Interest Due to favourable mix of settlements Interest income (8) - (8) (5) - (5) from new projects with lower levels of Interest paid 198 1
Slide 26: Strategic mix
Strategic mix1 Assets Assets Operating Profit Operating Profit 30 June 2015 30 June 2014 FY15 FY14 Recurring Commercial Property 71% 71% 77% 84% Retirement Living 8% 7% 7% 7% Unallocated corporate overheads - - (4%) (3%) Total recurring 79% 78% 80% 88% Trading Residential 20% 20% 25% 16% Retirement
Slide 27: Return on Assets, Return on Equity
Return on Assets, Return on Equity FY15 FY14 Cash Avg. Cash Cash Avg. Cash Commentary Profit Invested Return (%) Profit Invested Return (%) ($m) ($b) ($m) ($b) Retail 370 4.5 8.2% 360 4.4 8.3% Cash profit ($m) has increased driven by the recently completed major development projects Logistics & Busi
Slide 28: Reconciliation between Return on Equity table values and accounting results
Reconciliation between Return on Equity table values and accounting results Reconciliation of group return in ROE calculation to Underlying Reconciliation of capital employed in ROE calculation Profit to statutory net assets Average Average $m FY15 FY14 $b for FY15 for FY14 Cash return 619 480 Group
Slide 29: Stockland Return on Equity methodology
Stockland Return on Equity methodology Numerator (Cash Return) Denominator (Average Cash Invested) Residential EBIT (including cash loss Net Funds Employed (NFE) (excluding accrued capitalised interest and (incl. Apartments) realised on impaired projects) impairment provision) average for the 12 mon
Slide 30: Cost management
Cost management $m FY15 FY14 Diligent cost management practices Commercial Property1 18 20 remain embedded across the Group Residential 136 123 Increase in Residential overheads attributable to growth in volumes and Retirement Living2 33 30 prices (includes sales and marketing costs) UK 1 2 Un
Slide 31: Long dated, diverse debt
Long dated, diverse debt Long-dated drawn debt maturity profile (WADM 4.6 years)1,2 Diverse debt sources – Committed Facilities $m 700 EMTNs, EMTNs $701m, 19% Bank debt1, DMTNs $920m, 24% 600 USPP US Private DMTNs, Aus. Bank Debt Placement, $460m, 12% 500 $1,701m, 45% 400 Cost of debt for FY15 300 D
Slide 32: Fixed debt / hedge profile
Fixed debt / hedge profile Historical high fixed hedge rates1 reduced in future years to positively impact the Group’s WACD 3.0 7.5% 7.0% 7.1% 7.0% 6.9% 7.0% 2.5 6.7% 6.6% 6.4% 6.5% 2.0 Hedge Rate – FY14 6.0% Billions 1.5 5.6% Hedge 5.3% 5.5% 1.0 5.0% 4.8% 4.7% 4.5% 0.5 Hedge Rate 4.5% – FY15 Fixed
Slide 33: Debt summary
Debt summary Facility Facility limit ($m)1 Amount drawn ($m)1,2 Debt Capital Markets Bank Debt 920 280 A$103m USPP was repaid in FY15 Commercial Paper - - Domestic Medium Term Notes 460 460 A$264m DMTN was repaid in FY15 USPP 1,701 1,701 7 year €300m Green Bond (A$433m) European Medium Term No
Slide 34: Debt summary (continued)
Debt summary (continued) Facility Issued debt ($m)1 Facility maturity Facility Issued debt ($m)1,2 Facility maturity Domestic Medium Term Note Facility (MTN) USPP - USPP 64 Jul 2015 - MTN 150 Jul 2016 - USPP 99 Oct 2015 - MTN 150 Sep 2019 - USPP 62 Jul 2016 - USPP 27 Oct 2016 - MTN 160 Nov 2020 - US
Slide 35: Covenant calculations
Covenant calculations As at 30 June 2015 Statutory Adjustments Gearing All lenders have consistent covenants $m Balance Covenant Sheet Balance Total liabilities/total tangible assets (TL/TTA): less than 45% Sheet no adjustment made for cash held Assets Interest cover: more than 2:1 (write-downs
Slide 36: Balance sheet summary
Balance sheet summary $m 30 June 2015 30 June 2014 Cash 170 231 Real estate related assets - Commercial Property 8,942 8,363 - Residential 2,552 2,325 - Retirement Living 1,137 1,011 - Other 7 127 Retirement Living Gross-Up 2,198 1,849 Intangibles 98 125 Other financial assets 368 634 Other assets 2
Slide 37: Stockland Corporation income tax reconciliation
Stockland Corporation income tax reconciliation $m FY15 FY14 Underlying Statutory Profit Underlying Statutory Profit Profit Profit Net profit before tax 604 897 528 534 Less: Trust profit and Intergroup eliminations (616) (860) (614) (654) Corporation (loss)/profit before tax B (12) 37 (86) (120) Pr
Slide 38: Commercial Property – Annexure
Commercial Property – Annexure Wetherill Park, NSW
Slide 39: Portfolio weightings and valuation movements
Portfolio weightings and valuation movements Commercial Property assets: $8.8b1 Retail: $6.1b Logistics and Business Parks: $1.7b Office: $1.0b 42 properties 24 properties 10 properties 1,012,532 sqm gross lettable area2 1,242,529 sqm gross lettable area2,3 213,360 sqm net lettable area2 Qld 28.1% 6
Slide 40: Commercial Property Funds From Operations
Commercial Property Funds From Operations Retail Logistics and Office Other1 Total Business Parks $m FY15 FY14 FY15 FY14 FY15 FY14 FY15 FY14 FY15 FY14 Operating EBIT 351 347 120 100 64 70 (18) (20) 517 497 Adjust for: Amortisation of fit out 31 26 5 3 9 8 - - 45 37 incentives Amortisation of rent-fr
Slide 41: Stockland portfolio: Trend in cap rates over time
Stockland portfolio: Trend in cap rates over time 9.0% Retail 8.0% 7.0% 6.0% 7.3% 7.4% 7.2% 7.1% 7.0% 6.3% 6.8% 6.5% 5.0% 2008 2009 2010 2011 2012 2013 2014 2015 9.0% Logistics and Business Parks 8.0% 7.0% 8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0% 6.0% 7.5% 5.0% 2008 2009 2010 2011 2012 2013 2014 2015 9.0%
Slide 42: Stockland Retail portfolio capitalisation rates
Stockland Retail portfolio capitalisation rates As at 30 June 2006 % allocation As at 30 June 2015 % 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 7.5% and other 7.5% Sub-Regional
Slide 43: Commercial Property revaluation and book value update
Commercial Property revaluation and book value update Commercial Property book values: $8.8b1 ($b) 9.0 0.1 (0.2) 0.3 26% of all investment property assets were independently 0.5 valued at 30 June 2015, 8.0 resulting in 5.2% uplift of those 8.8 assets revalued 8.1 7.0 Retail, L&BP and Office 30 J
Slide 44: Retail performance
Retail performance Key metrics FY15 FY14 Retail NOI movements between FY14 and FY15 ($m) Occupancy 99.5% 99.6% 7 (11) 3 11 (6) Specialty occupancy costs2 14.3% 14.0% Regional 16.0% 15.1% 347 Large sub-regional 14.0% 13.7% 351 Small sub-regional 13.6% 14.3% Neighbourhood centres 12.8% 12.5% FY14 NOI
Slide 45: Stockland retail sales growth: Comparable centres
Stockland retail sales growth: Comparable centres FY15 4.5% FY14 2.6% 2.9% 2.4% 1.4% (0.5%) (0.6%) (2.0%) Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month comparable growth 3 Month comparable growth Total MAT SGP Total 12 month 6 month 3 month ($m) MAT Growth Comparable g
Slide 46: Retail: Productive centres and diverse income base
Retail: Productive centres and diverse income base Specialty MAT/sqm, centres with future development potential Strong diversity in rental income Gross rent: Total portfolio $14,506 $13,401 Stockland average1: $12,432 $12,246 $8,998/sqm Urbis average2: Other $7,990/sqm Retail DDS $10,058 $9,761 $9,5
Slide 47: Retail: Significant development pipeline driving growth and returns
Retail: Significant development pipeline driving growth and returns Neighbourhood Sub regional Regional Major regional Mixed Use2/CBD Completed Target returns Hervey Bay 11% -14% incremental Baldivis Stage 2* Wetherill Park IRR1 Under Glasshouse 7% -8% incremental yield construction Harrisdale stage
Slide 48: Retail development pipeline
Retail development pipeline Est. total Cost Est. Cost to Completion Est. fully Total Specialty Est. Est. total incremental Spent to Complete Date Value leased income income Incremental return4 cost Date ($m) ($m) year one leased leased2 3 Return (%) (%) ($m) ($m) yield1 Completed Hervey Bay (Qld) 12
Slide 49: Logistics & Business Parks performance
Logistics & Business Parks performance Logistics & Business Parks NOI movements between FY14 Portfolio concentrated in large quality assets and FY15 ($m) Logistics and Business Parks assets by book value Occupancy and lease FY15 FY14 expiry – by income 8 (1) (3) 16 Occupancy 94.3% 96.4% ~1.7b $0.5b
Slide 50: Office performance
Office performance Office NOI movements between FY14 and FY15 ($m)1 Portfolio concentrated in large quality assets Office assets by book value Occupancy and lease FY15 FY14 expiry – by income ~$1.0b $0.1b 4 (1) Premium, A grade Occupancy 95.4% 90.3% B-Grade (10) 1 WALE 4.5 yrs 4.5 yrs 70 64 FY14 NOI
Slide 51: Logistics & Business Parks and Office: Tenancy retention and new leasing metrics
Logistics & Business Parks and Office: Tenancy retention and new leasing metrics Total leased1 Retention1 New leases1 Weighted Weighted Weighted Weighted Weighted Weighted Logistics & GLA leased Retention average New leases average base average average average base average Business Parks (sqm)2 (sqm
Slide 52: Asset values: Retail
Asset values: Retail Book FY15 Val. Book FY15 Val. Change Cap rate FY15 FY15 Retail portfolio value Incr/(decr) Change Cap rate FY15 FFO FY15 Retail portfolio value Incr/(decr) FFO NOI ($m) ($m)1 ($m) NOI ($m)2 ($m) ($m)1 ($m) ($m)2 Stockland Shellharbour 688.3 6.00% 40.1 35.7 Stockland Cleveland 94
Slide 53: Asset values: Logistics & Business Park and Office
Asset values: Logistics & Business Park and Office Logistics & Business Parks Book FY15 Val. Change Cap FY15 FFO FY15 value Incr/(decr) NOI Book FY15 Val. Change Cap rate FY15 FY15 portfolio ($m) ($m)1 rate ($m) ($m)2 Office portfolio value Incr/(decr) FFO NOI ($m) ($m)1 ($m) ($m)2 Yennora Distribut
Slide 54: Top tenants by income
Top 20 tenants by income Retail Portfolio Logistics & Business Parks Portfolio Office Portfolio Rank Tenant % Portfolio Tenant % Portfolio Tenant % Portfolio 1 Woolworths Ltd 13.0% Optus Administration Pty Ltd 11.0% Jacobs Group (Australia) Pty Ltd 8.2% 2 Wesfarmers Ltd 11.6% ACI Operations Pty Ltd
Slide 55: Commercial Property asset acquisitions & disposals
Commercial Property asset acquisitions & disposals Property Acquired Asset Class Type Acquisition Date Acquisition Value1 ($m) Stockland Bundaberg, Qld (50%)2 Retail Joint Venture Oct 2014 59.3 Cherry Lane, Vic L&BP Income Producing Feb 2015 29.0 Baker St, NSW L&BP Income Producing Mar 2015 20.3 War
Slide 56: Residential – Annexure
Residential – Annexure Isles of Newport, Brisbane
Slide 57: Development Pipeline – Major active projects (excl medium density)
Development Pipeline – Major active projects (excl medium density) State Approximate Approx Anticipated Settlements State Project percentage lot sales per remaining annum1 project lots FY16 FY17 FY18 FY19 FY20+ Qld North Lakes2 70 140 North Shore 200 3,820 Caloundra South 20,000# Isles of Newport 1,
Slide 58: Eight projects with first settlements in next two years
Eight projects with first settlements in next two years Project Timing of first Approximate total Approximate life settlements lots in project of project Vic The Grove (Davis Road) FY16 2,530 13 yrs Cloverton (Lockerbie) FY16 10,960 36 yrs Ivanhoe FY17 80# 1 yr Qld Caloundra South FY16 20,000# 35 yr
Slide 59: Projects completing prior to FY18
Projects completing prior to FY18 Project Timing of final Approximate total lots# Lots# remaining to sell settlements (as at 30 Jun 2015) NSW McCauleys Beach FY16 290 17 Glenmore Ridge FY17 520 5 Murrays Beach FY16 480 186 WA Baldivis Town Centre FY16 160 4 Corimbia FY17 1,000 102 Qld Brightwater FY
Slide 60: Price per sqm
Price per sqm Retail sales price1 FY15 Settlements FY14 Settlements Av. size per Av. Price per Av. size per Av. Price per State No. lots $/sqm No. lots $/sqm lot sqm lot $k lot sqm lot $k NSW 763 439 279 636 511 477 230 481 Qld 1,833 419 228 543 1,753 450 213 472 Vic 1,585 393 201 512 1,098 405 194
Slide 61: Impairment provision utilisation
Impairment provision utilisation 30 June 2015 Residential Apartments Total Impairment Final Communities ($m) ($m) ($m) provision balance settlement 30 June 2015 ($m) Increase in impairment - - - Projects to be developed $172m ~12 yrs Utilisation of provision2 (46) (9) (55) Disposal of undeveloped si
Slide 62: Lots settled by location in FY15
Lots settled by location in FY15 5,876 5,219 771 531 NSW 1,894 Qld 1,812 1,591 Vic 1,108 1,620 1,768 WA FY15 Settled FY14 Settled Stockland FY15 Results Presentation 62
Slide 63: Net deposits by quarter
Net deposits by quarter Net deposits stable 1,741 1,779 1,712 1,652 1,642 1,438 359 1,500 470 1,427 Retail 399 445 475 255 281 Investors 351 465 474 419 398 452 442 454 Upgraders 364 917 First Home 764 821 835 801 755 712 783 Buyers 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 NSW and Vic net deposits re
Slide 64: Leads and enquiry levels
Leads and enquiry levels Customer lead volumes increased in FY15 mainly out of NSW First Home Buyers remain active in new land sales and Vic Composition of Stockland new leads 6,000 75% 5,000 59% 50% 54% 49% 4,000 50% 43% 44% 46% 46% 47% 42%First home buyers 35% 38% 37% 3,000 27% 41% 45% 34% 30% 33%
Slide 65: Providing affordable product
Providing affordable product Stockland projects providing affordable product1 Proportion of sub $200k lots sold Smallest lot in each state sold in FY15 41% 41% Lot size FY15 Market (sqm) Stockland average lot size: 401 sqm 28% 27% FY15 Stockland 24% 26% 250 sqm 18% 21% 150sqm 13% 8% 85 sqm 87 sqm NS
Slide 66: Residential acquisitions
Residential acquisitions Property Acquired Type Acquisition Acquisition Value Approximate First settlements Date ($m) number of lots expected Ivanhoe, Vic Medium density Nov 2014 Not disclosed 80 town homes FY17 Clyde North, Vic Master Plan Jan 2015 Not disclosed 800 FY19 Community Isles of Newport,
Slide 67: Retirement Living - Annexure
Retirement Living - Annexure Selandra Rise Retirement Village, Vic
Slide 68: Established portfolio and development pipeline
Established portfolio and development pipeline Portfolio Statistics FY15 FY14 Net Funds Employed (Book Value)1 Established villages 69 63 Established units 9,343 8,298 $1,213m $1,104m Established units settlements 663 647 76 Goodwill 139 Revaluation 94 Units removed for redevelopment/alternate use 2
Slide 69: Development pipeline breakup
Development pipeline breakup Geographically diverse development pipeline Development pipeline FY15 Development villages 20 WA Total development pipeline units 3,440 SA 10% - Greenfield pipeline units 2,500 5% - Village extension pipeline units 940 NSW Estimated end value including DMF $2.1b 29% Qld
Slide 70: Strong project pipeline forecast
Strong project pipeline forecast Construction Timeframe Future Settlements FY16 FY17 FY18 FY19 FY20+ Completed (FY15) Fig Tree, Qld 10 Somerton, SA 10 Tarneit Skies, Vic 3 North Lakes, Qld 2 Sub-total 25 Under Construction Macarthur Gardens, NSW 50 Golden Ponds, NSW 25 Arilla, Vic 20 Selandra Rise,
Slide 71: Important Notice
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-looking statements, in