Stockland · ASX:SGP
Stockland — FY2011 Earnings Presentation
80 slides from Stockland's earnings presentation, Aug 10, 2011
Slide 1: FY11 Results Pack - 10 August 2011
Stockland Rockhampton, Qld FY11 Results Pack - 10 August 2011 www.stockland.com
Slide 2: Delivered upgraded EPS growth for FY11
Delivered upgraded EPS growth for FY11 Earnings in line with upgraded guidance • Strong earnings performance - EPS up 8.6% to 31.6c; DPS up 8.7% to 23.7c • Business remains in good shape with all core areas delivering profit growth: Residential Communities Operating Profit up 9% to $233m due to stro
Slide 3: Key metrics - strong growth on corresponding period
Key metrics - strong growth on corresponding period Summary of key metrics FY11 FY10 Statutory Profit $754.6m 57.7% $478.4m Underlying Profit1 $752.4m 8.7% $692.3m Underlying Earnings per Security1 31.6 cents 8.6% 29.1 cents Distribution per security 23.7 cents 8.7% 21.8 cents NTA per securi
Slide 4: Residential
Highlands, Vic Residential
Slide 5: Residential Communities - Delivering on our strategy
Residential Communities - Delivering on our strategy Increasing market share and market reach Market share in active corridors1 • Leading developer in key corridors Stockland 29% 2% • Focus on diversification resulted in significant increases in market share across NSW and WA; maintained share in
Slide 6: Strong earnings growth and contracts on hand
Strong earnings growth and contracts on hand Operating Profit $233m, up 9% Residential Communities FY11 FY10 3% • Strong growth despite lower volumes, driven by Total lots settled - Wholly owned lots settled 5,097 4,749 5,236 4,424 7% price and margin growth: - Part owned 348 812 57% Revenue -
Slide 7: Higher price per square metre and margin growth
Higher price per square metre and margin growth Prices Retail lot settlements - increase in price per sqm • Average price per sqm up 11% due to price growth 600 Average sale price per sqm and product mix $14 • Average price per lot settled up 5% to $215k1 $30 400 • Continued success in reducing lot
Slide 8: Continued focus on faster speed to market and improved return on NFE
Continued focus on faster speed to market and improved return on NFE Large and diverse land bank Land bank comprises mostly active projects 1 • Total land bank of 90,200 lots; $2.4b net funds employed (NFE)1 Active projects (live or commencing next 2 yrs) $2.1b – 47,900 lots • Provides 90% coverage
Slide 9: Medium/long-term land bank underpins growth with low capital invested
Medium/long-term land bank underpins growth with low capital invested Medium and long-term land bank - 13% of NFE Efficient use of capital to support longer-term growth • Represents efficient use of capital (42,400 lots; $2.4b 90,200 lots $0.3b NFE) Active projects • Underpins future strategic growt
Slide 10: Variable market conditions continue across the country
Variable market conditions continue across the country Weak sentiment delaying purchasing commitments Private detached house approvals1 • Good employment and household income growth Monthly detached house approvals 4,000 are well below trend for Qld and WA underpinning purchasing capacity, however w
Slide 11: Buyers remain cautious and focused on affordability
Buyers remain cautious and focused on affordability Net deposits down due to softer market conditions All buyer segments slowed in 2H11 • Despite solid enquiry levels buyers remain Net deposits cautious: 3,500 3,101 3,169 3,134 2,975 3,000 Overhang in established market has impacted 328 568 738 780
Slide 12: Leading the market in development of affordable product
Leading the market in development of affordable product Meeting the affordability challenge Innovative, smaller product meeting customer needs • Affordability still stretched by historic standards; sqm 700 Stockland average lot sizes product innovation the key to meeting the challenge: 600 588sqm 56
Slide 13: Apartments wind down on track
Apartments wind down on track Progress in FY11 Apartments FY11 FY10 Apartments settled 560 315 78% • Final year of significant revenue and profit with the Revenue $491m $278m 76% completion of The Hyde, Tooronga, Manta and The Village Operating Profit (incl. interest in COGS) 1,2,3 $29m $11m 1
Slide 14: Retirement Living
Tarneit Skies Retirement Village, Vic Retirement Living
Slide 15: Delivering on our strategy to increase market share and returns
Delivering on our strategy to increase market share and returns Aevum successfully integrated Strong portfolio growth and diversification • EPS accretion of 1% in FY11, ahead of 0.6% target Portfolio FY11 v FY10 • Completed independent valuation review of entire Established portfolio 7,535 units ove
Slide 16: Improving profit and cash coverage as business matures
Improving profit and cash coverage as business matures Operating profit Retirement Living FY113 FY10 • Operating profit up 47% to $53m Operating Profit 2 $53m $36m 47% • Includes $2.7m contribution from Aged Care Cash coverage ratio4 41% 38% 3% • Total DMF earned in FY11 $67m1 including one-off Es
Slide 17: Significant organic growth through the development pipeline
Significant organic growth through the development pipeline Diverse development pipeline Geographically diverse development pipeline • Settled 192 new units in FY11 WA 13% Qld 28% • Development margin broadly stable year on year • 10 projects underway across 4 states, delivering NSW 21% staged devel
Slide 18: Attractive industry fundamentals underpins outlook
Attractive industry fundamentals underpins outlook Compelling demand drivers Growth of >65 year old demographic is an opportunity • Expect demand for new developments of circa Population aged 65+ years $35b over the next 20 years (at current prices) Millions of people 2.7% pa CAGR • Industry will st
Slide 19: Commercial Property
Rockhampton, Qld Commercial Property
Slide 20: Delivering on our strategy of re-weighting to Retail
Delivering on our strategy of re-weighting to Retail Retail Portfolio re-weighting2 • Acquired $241m of quality assets in the key growth FY15 – 17 (target) areas of Hervey Bay and Point Cook FY113 • $2.3b1 development pipeline on program and 10% FY10 70% budget 12% 53% 58% 13% Office and Industrial
Slide 21: Commercial Property delivered strong performance
Commercial Property delivered strong performance Operating profit Commercial Property Commercial ($m) Operating Property FY11 Profit FY10($m) • $524m, up 2.9% with strong contribution from Net operating income: - Retail 286 266 8% Retail despite difficult trading conditions - Office 183 193 5% H
Slide 22: Retail delivered stronger than expected NOI growth
Retail delivered stronger than expected NOI growth Strong NOI growth Retail portfolio tenant exposure3 • NOI $286m, up 7.5%: Rank Tenant Portfolio (%) Driven by good comparable growth and benefit 1 Wesfarmers 28.7% of completed developments • High occupancy at 99.5%1 2 Woolworths 23.1% • Total MAT +
Slide 23: 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 • Office NOI down 5.2% due to asset disposals Office and Industrial rent at risk 3 • Industrial NOI up 2.7% Office Industrial Total FY12 FY13 FY12 FY13 FY12 FY13 $m $m $m $m $m $m • Comparable NOI gr
Slide 24: Income growth driving positive revaluations
Income growth driving positive revaluations Retail income growth supporting valuation gains Commercial Property book values ($b)5 • Retail valuations up $70m reflecting income growth $b 9 and low vacancy • Office rents recovering especially in Melbourne 0.1 0.3 0.1 8 and Perth, but incentives still
Slide 25: $2.3b retail development pipeline on program and budget
$2.3b retail development pipeline on program and budget $300m projects came on line in FY11, trading ahead Retail development pipeline of expectations Estimated Est. Estimated % cost to fully % total specialty • Rockhampton, North Shore Townsville, and total cost complete ($m) leased year one income
Slide 26: Stockland centres generating above average retail sales growth
Stockland centres generating above average retail sales growth Increasing market share in operational centres Stockland retail sales have strengthened during FY11 • Specialty sales growth driven by proactive asset 6.0% 5.20% management: 5.0% Strategic retail remixing to lift quality of the offer 3.9
Slide 27: Long-term fundamentals underpin strategy
Long-term fundamentals underpin strategy Sound retail fundamentals National retail demand outstrips supply1 ‘000 sqm • Population growth drives retailer demand for new 800 million 24 retail space in growing trade areas 700 23 • Current active construction pipeline implies 600 22 Population 500 21 Su
Slide 28: UK
One Tudor Street, London UK www.stockland.com
Slide 29: Continued orderly work out of UK operations
Continued orderly work out of UK operations FY11 result FY11 FY10 • Break-even result lower than expected as Operating Profit $0.0m $1.2m profitable sales slipped into FY12 Total assets $169m $261m • $60m of proceeds from asset sales • $7m additional impairment reported at 1H11 offset by $1m excess
Slide 30: Financial Management
Newhaven, WA Financial Management www.stockland.com
Slide 31: Strong balance sheet and liquidity management
Strong balance sheet and liquidity management S&P A-/ Stable credit rating maintained S&P rating A- / Stable Drawn debt1 $3.0b • Provides access to a wide variety of debt sources Cash on deposit $0.2b Target gearing range 25% - 35% of tangible assets Available undrawn committed debt facilities $0.5b
Slide 32: Cash flow, net interest and tax
Cash flow, net interest and tax Operating cash flow Operating cash flow - movements from FY10 $m • Generated strong operating cash flow 1,000 188 Gap between interest paid and interest expense 750 (72) (35) (27) (22) closed in FY11 500 735 767 • Interest expensed through COGS increasing as 250 565 l
Slide 33: Prudent cost management
Prudent cost management Residential $m FY11 FY10 FY09 • Higher employee and marketing costs to support Residential 142 140 163 launch of new projects Retirement Living1 37 28 28 Retirement Living Aged care 13 - - • Economies of scale and synergies being achieved Commercial Property2 35 36 30 ahead o
Slide 34: Summary & Outlook
Image to be updated Settlers Hills, WA Summary & Outlook www.stockland.com
Slide 35: Outlook
Outlook FY12 guidance - EPS expected to be around the same as FY11 • Residential Communities - well positioned for FY12 with strong contracts on hand and nine new projects launching • Retirement Living - improving cash profitability through greater efficiencies • Commercial Property - expect slightl
Slide 36: FY11 Results Annexures
Index to Annexures Pages Financial results 36 to 47 Residential Communities 48 to 60 Apartments 61 Retirement Living 62 to 65 Commercial Property 66 to 78 Stockland Rockhampton, Qld FY11 Results Annexures www.stockland.com
Slide 37: Underlying Profit summary
Stockland FY11 Results - Financial results Underlying Profit summary Composition of Underlying Profit1 ($m) 1000 524 13 157 750 (63) (22) 500 (171) 53 788 752 261 250 0 1 Residential Retirement Living Commercial Strategic Stakes Net corporate costs Operating Profit Net interest paid Interest capital
Slide 38: Underlying Profit reconciliation
Stockland FY11 Results - Financial results Underlying Profit reconciliation Gross Tax Net ($m) ($m) ($m) Underlying Profit 774 (22) 752 Non-cash adjustment to inventories and development profits Inventory adjustments – Australia (2) 1 (1) Inventory adjustments – UK (6) - (6) Development profit adjus
Slide 39: Segment Note to Underlying Profit reconciliation
Stockland FY11 Results - Financial results Segment Note to Underlying Profit reconciliation Retirement Residential Commercial UK Other TOTAL Living ($m) Property ($m) ($m) ($m) ($m) ($m) Total external segment revenue 1,556 109 705 72 131 2,455 Segment result before interest, share of profits of 382
Slide 40: Historical profit summary
Stockland FY11 Results - Financial results Historical profit summary FY11 FY10 FY09 FY08 FY07 ($m) ($m) ($m) ($m) ($m) Residential EBIT (before interest in COGS) 384 314 233 337 309 Commercial Property EBIT (before interest in COGS)1 525 510 533 555 516 Retirement Living EBIT 53 36 43 41 4 UK EBIT -
Slide 41: Group strategic weightings
Stockland FY11 Results - Financial results Group strategic weightings Operating Profit FY11 Assets 30 June 2011 Strategic Strategic Actual Actual weighting weighting Recurring Retirement Living 7% 6% Commercial Property 67% 71% Unallocated corporate overhead (3%) - Total recurring 71% 60-80% 77% 70-
Slide 42: Operating and investing cash flow
Stockland FY11 Results - Financial results Operating and investing cash flow $m 2,900 2,400 1,900 1,400 2,763 (1,114) 900 (655) (144) (82) 150 (287) 400 768 48 (130) (6) 34 (31) (607) -100 Revenue 1 Expenditure Operating Net interest RL Cash flow Investment Investment Aevum and Other 5 Funds Funds P
Slide 43: Debt summary
Stockland FY11 Results - Financial results Debt summary Facility Facility limit ($m)1 Amount drawn ($m)2 Bank Debt 450 - Domestic Medium Term Notes 694 694 European Medium Term Notes 619 619 US Senior Term Notes 1,487 1,487 Asian Medium Term Notes 151 151 Total 3,401 2,951 Facility Facility limit ($
Slide 44: Debt summary (continued)
Stockland FY11 Results - Financial results Debt summary (continued) Facility Issued debt ($m)2 Facility maturity Facility Issued debt ($m)2 Facility maturity Domestic Medium Term Note Facility (MTN) US Senior Term Note Facility (STN) -MTN 83.5 May 2013 - US STN 32.1 Oct 2011 -MTN 300.0 Feb 2015 - US
Slide 45: Debt and hedging profile
Stockland FY11 Results - Financial results Debt and hedging profile1 Long dated and hedged debt $b 3.5 3.0 +63bps +63bps BBSW 2.5 BBSW 2.0 1.5 5.13% 5.63% 5.82% 6.17% 6.37% 1.0 0.5 8.0% 8.0% 8.2% 8.1% 7.9% 0.0 2012 2013 2014 2015 2016 Current fixed rate debt Hedged debt Floating debt - 44 - 1. Exclu
Slide 46: Proforma balance sheet
Stockland FY11 Results - Financial results Proforma balance sheet 30 June 2011 ($m) 30 June 2010 ($m) Cash 195 911 Real estate assets - Commercial Property 8,485 7,921 - Residential 2,383 2,520 - Retirement Living Communities (including Aged Care) 1,018 445 - UK 169 261 Other financial assets - GPT
Slide 47: Covenant calculations
Stockland FY11 Results - Financial results Covenant calculations All lenders have consistent covenants: Statutory Gearing Covenant Balance Adjustments • Total liabilities / total tangible assets (TL/TTA): As at 30 June 2011 Sheet ($m) Balance Sheet 45%. No adjustment made for cash held ($m) ($m) • I
Slide 48: Stockland Corporation statutory income tax calculation
Stockland FY11 Results - Financial results Stockland Corporation statutory income tax calculation FY11 ($m) FY10 ($m) Statutory Group profit before tax 802 500 Less: Trust profit (678) (389) Add/(less): Intergroup eliminations 59 (44) Corporation profit before tax 183 67 Less: non-assessable income
Slide 49: Portfolio overview
Stockland FY11 Results - Residential Portfolio overview Communities - $2.4b1,2 Apartments - $0.2b1 No. of projects: 73 No. of projects: 7 No. of projects currently trading: 48 No. of projects currently trading: 6 No. of projects launched FY11: 8 No. of projects launched FY11: - No. of projects launc
Slide 50: Market fundamentals driven by housing undersupply in Australia
Stockland FY11 Results - Residential Market fundamentals driven by housing undersupply in Australia Population growth well above housing starts 1 Large and growing housing undersupply2 „000 „000 „000 „000 375 500 30 400 Cumulative Dwelling Undersupply 450 28 Annual Dwelling Undersupply 325 350 26 40
Slide 51: Mortgage debt sustainability, bank mortgage lending is responsible
Stockland FY11 Results - Residential Mortgage debt sustainability, bank mortgage lending is responsible Cost of finance structurally lower1 Sustainable debt - buyers are taking on less debt 18% 18% 80% Average Loan-To-Value ratio2 16% 16% 75% 14% 14% 70% 12% 12% 65% 10% 10% 60% 8% 8% 55% 6% 6% 4% 4%
Slide 52: National and State grants
Stockland FY11 Results - Residential National and State grants Jul-Dec-10 Jan-Aug-11 Aug-11 onwards Ending Total Entitlement $7,000 $7,000 $7,000 N/A NSW Federal first home owner grant $7,000 $7,000 $7,000 N/A Full exemption of transfer duty for first home buyers for homes up to $500,000 or land up
Slide 53: Residential Communities - Lots settled
Stockland FY11 Results - Residential Residential Communities - Lots settled Lots settled by location (units) Average price of retail lots sold1 - Portfolio Mix Lots 6,000 120% 5,236 5,097 5,000 744 100% 4,303 729 18% 27% 4,000 414 80% 1,600 1,335 1,934 31% 3,000 60% 31% 2,000 40% 2,332 1,733 2,166 5
Slide 54: Residential Communities - Breakdown of FY11 margin
Stockland FY11 Results - Residential Residential Communities - Breakdown of FY11 margin Residential Communities EBIT margin Residential Communities Operating Profit margin (before interest in COGS) (including interest in COGS) 2.5% 0.0% 30% 24% 2.0% 0.2% (0.3%) (0.3%) 26% (0.4%) 20% (1.1%) 29.0% 27.
Slide 55: Residential Communities - Retail average sales prices
Stockland FY11 Results - Residential Residential Communities - Retail average sales prices Retail sales prices1 - Based on all lots settled FY10 Settlements 1H11 Settlements2 FY11 Settlements Av. size Av. Price Av. size per Av. Price Av. size Av. Price State No. lots per lot m 2 per lot $k $/m 2 No.
Slide 56: Residential Communities - Moving to more compact living spaces
Stockland FY11 Results - Residential Residential Communities - Moving to more compact living spaces Demand for smaller house sizes Average house sizes continue to decrease1 • As housing design continues to become more 310 4 br efficient we are able to meet increasing customer 290 affordability const
Slide 57: Residential Communities - Development pipeline
Stockland FY11 Results - Residential Residential Communities - Development pipeline Major projects Total pipeline of 90,200 lots - Geographic mix Approximate Approximate State Project lot sales per remaining annum 2 project lots VIC 27% QLD North Lakes 450 1,400 North Shore 310 4,500 QLD 45% Brightw
Slide 58: Residential Communities - FY11 projects secured
Stockland FY11 Results - Residential Residential Communities - FY11 projects secured Detail on future projects Estimated Estimated revenue Estimated timing of lots ($m) first settlements Stone Ridge, QLD 600 $130 FY11 Sovereign Pocket, QLD 750 $140 FY12 Paradise Waters, QLD 1,800 $510 FY13 Active Th
Slide 59: Residential Communities - New projects launched in 2H11 and to be launched in FY12
Stockland FY11 Results - Residential Residential Communities - New projects launched in 2H11 and to be launched in FY12 New project settlements Timing of first Approximate Approximate Project settlements total lots in project life of project NSW Brooks Reach 2H12 600 2-3 years Stone Ridge 2H111 600
Slide 60: Residential Communities - Strong focus on product innovation to meet affordability
Stockland FY11 Results - Residential Residential Communities - Strong focus on product innovation to meet affordability Package Mortgage Rental Gap to Home Median House Price2 & Price1 Repayments3 Equivalent4 Own vs Rent 3 Bed, 2 Bath Highlands, $388,500 $421pw $330pw +$91pw Craigieburn $315,250 VIC
Slide 61: Residential Communities - Details of previously impaired projects settled in FY11
Stockland FY11 Results - Residential Residential Communities - Details of previously impaired projects settled in FY11 • Net profit on settlements from previously Estimated Impairment Final future provision settlement impaired projects excluded from Underlying revenue1 ($m) balance 30/6/111 Profit:
Slide 62: Apartments projects
Stockland FY11 Results - Residential Apartments projects Estimated Costs to Complete ($m) Expected Future Revenue ($m) Projects under construction FY12 FY13 FY 14+ Total FY12 FY13 FY 14+ Total NSW Prince Henry 20 - - 20 35 - - 35 The Village, Balgowlah <5 - - <5 <5 - - <5 The Hyde <5 - - <5 20 - - 2
Slide 63: Retirement Living - Portfolio overview
Stockland FY11 Results - Retirement Living Portfolio overview Portfolio Statistics FY11 FY10 Development pipeline Established villages 59 261 Development villages2 25 Established units 7,535 3,843 Development pipeline units 3,413 Estimated end value3 $1.5 b Established units turned over 416 253 Occu
Slide 64: Valuation overview
Stockland FY11 Results - Retirement Living Valuation overview Stockland policy is to revalue the portfolio every 3 years Key valuation assumptions • Valuation assumptions validated by independent Jun 2011 Jun 2010 Jun 2010 SGP + AVE AVE SGP valuer as at 30 June 2011 • Modelling techniques and valuat
Slide 65: Operating Profit and statutory profit
Stockland FY11 Results - Retirement Living Operating Profit and statutory profit Actual FY111 Pro forma FY112 New units settled (#) 192 206 Established unit turnovers (#) 416 491 Development Profit Settled 11 12 Unsettled 4 5 Accrued DMF 67 79 Conversion Profit 9 9 Includes 15% Aged Care profit cont
Slide 66: Development pipeline
Stockland FY11 Results - Retirement Living Development pipeline Yet to be Anticipated Settlements State Project released FY12 FY13 FY14 FY15 FY16+ Active Developments Vic Gowanbrae 40 Vic Highlands 138 Vic Arilla 145 Vic Tarneit Skies 36 Qld Fig Tree 99 Qld North Lakes 52 NSW Waratah Highlands 57 NS
Slide 67: Portfolio overview
Stockland FY11 Results - Commercial Property Portfolio overview Australian Commercial Property assets - $8.1b1 Retail - $4.6b Office - $2.5b Industrial / Intermodal - $1.0b 42 properties 28 properties 15 properties 881,667 sqm gross lettable area 638,988 sqm net lettable area 1,211,671 sqm gross let
Slide 68: Portfolio overview
Stockland FY11 Results - Commercial Property Portfolio overview WACR Valuation Previous 2H11 Jun-11 ($m) Book Value ($m) Movement ($m) Retail 7.2% 4,576.7 4,537.3 39.4 Office 7.8% 2,359.4 2,337.2 22.2 Industrial 8.5% 954.6 948.5 6.1 Assets held for sale - 232.1 258.0 (25.9) Capital works and sundry
Slide 69: Asset values - Retail
Stockland FY11 Results - Commercial Property Asset values - Retail Valuation FY11 Valuation FY11 Book Increment / Change AIFRS Book Retail Portfolio Value Cap Value Increment / Cap AIFRS (Decrement) (%) (Decrement) Change ($m) Rate NOI ($m) (%) Rate NOI ($m) (%) ($m)2 ($m) (%) ($m)2 Stockland Rockha
Slide 70: Asset values - Office
Stockland FY11 Results - Commercial Property Asset values - Office Valuation FY11 Valuation FY11 Book Change Book Increment / Change AIFRS Office Portfolio Value Increment / AIFRS Value Cap (Decrement) (%) Cap Rate NOI (Decrement) (%) Rate NOI ($m) (%) ($m) ($m) ($m) ($m)2 (%) ($m)2 Piccadilly Tower
Slide 71: Asset values - Industrial and assets held for sale
Stockland FY11 Results - Commercial Property Asset values - Industrial and assets held for sale Valuation FY11 Valuation FY11 Book Increment / AIFRS Book Industrial Portfolio Value Change Cap Assets held for Value Increment / Change AIFRS (Decrement) Rate NOI sale (Decrement) Cap Rate NOI ($m) ($m)
Slide 72: Asset disposals and acquisitions
Stockland FY11 Results - Commercial Property Asset disposals and acquisitions State Property Disposed Asset Class Disposal Date Disposal Value ($m) NSW 333 Kent St, Sydney Office Aug 2010 41.5 72 Christie St, St Leonards Office Nov 2010 61.5 Prestons Industrial Estate, Prestons Industrial Dec 2010 1
Slide 73: Development pipeline
Stockland FY11 Results - Commercial Property Development pipeline Total Estimated cost to Estimated fully project complete leased year one PROJECTS cost ($m) ($m) yield FY12 FY13 FY14 FY15 +FY16 Merrylands 395 145 6.50% Townsville 175 115 6.50% Highlands (neighbourhood centre) 35 20 6.10% Shellharbo
Slide 74: Retail sales
Stockland FY11 Results - Commercial Property Retail sales Total MAT ($m) % MAT Growth % Comparable Growth % 6mth Comparable Growth % 3mth Comparable Growth Supermarkets 2,153 8.4 5.5 5.6 5.8 DDS 809 (1.0) (1.1) (1.0) 0.3 Specialties 1,478 5.9 2.4 3.6 4.0 Mini Majors/Cinemas/Other 834 2.7 (0.4) (0.7)
Slide 75: Impact of online retailing on traditional bricks and mortar
Impact of online retailing on traditional bricks and mortar Independent research commissioned1 Penetration of online retailing is increasing • The Quantium group undertook analysis using its % Market Blueprint data which comprises of de- 8 % of total retail sales made online1 identified transactiona
Slide 76: Tenancy retention and new leasing
Stockland FY11 Results - Commercial Property Tenancy retention and new leasing Operational Portfolio 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 9,884 7,078 3% 15% 2,806 5
Slide 77: Office and industrial leasing – FY11
Stockland FY11 Results - Commercial Property Office and industrial leasing – FY11 Building FY11 Area Remaining Building Property Area Leased Leased to Vacancy WALE Comments (sqm) (sqm) (sqm) (years) Continues recent leasing success Riverside Plaza 38,349 7,115 Primus / Nokia 1,101 4.9 with SKM (10,0
Slide 78: Tenancy profile - Top tenants
Stockland FY11 Results - Commercial Property Tenancy profile - Top 20 tenants1 Retail Portfolio Office Portfolio Industrial Portfolio Rank Tenant Portfolio Tenant Portfolio Tenant Portfolio (%) (%) (%) 1 Wesfarmers 28.7% Singtel 6.2% ACI 15.0% 2 Woolworths 23.1% Sinclair Knight Merz 5.0% Department
Slide 79: Office and Industrial metrics
Stockland FY11 Results - Commercial Property Office and Industrial metrics Office Industrial FY12 rent reviews1 FY12 rent reviews1 100% 100% 90% 80% 80% 80% 60% 60% 40% 40% 20% 20% 15% 9% 5% 1% 0% 0% Fixed 3.5% - 5% Market CPI Fixed 3% - 4% CPI Market - 78 - 1. By Area
Slide 80: Stockland Corporation Limited ACN 000 181 733
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 represent that the informa