Stockland · ASX:SGP
Stockland — FY2010 Earnings Presentation
83 slides from Stockland's earnings presentation, Aug 11, 2010
Slide 1: FY10 Results Presentation
For personal use only Settlers Hills, WA FY10 Results Presentation - 11 August 2010 Matthew Quinn, Managing Director Tim Foster, Chief Financial Officer www.stockland.com
Slide 2: Solid FY10 performance
Solid FY10 performance Earnings in line with guidance For personal use only • Underlying Profit $692m, EPS 29.1 cents • Residential Communities - record FY10 settlements and record contracts on hand for FY11 • Solid Commercial Property result with marginal comparable NOI growth and stabilising asset
Slide 3: Underlying Profit up 10%, EPS down 20% due to equity raise dilution
Underlying Profit up 10%, EPS down 20% due to FY09 equity raise dilution For personal use only Summary of key metrics FY10 FY09 Statutory Profit / (Loss) $478.4m ($1,801.9m) Underlying Profit1 $692.3m 9.6% $631.4m Underlying Earnings per Security2 29.1 cents 20.3% 36.5 cents Distribution per sec
Slide 4: Residential
For personal use only North Lakes, QLD Residential
Slide 5: Residential markets resilient with Victoria the standout performer
Residential markets resilient with Victoria the standout performer Private Detached House Approvals1 National For personal use only • Recent interest rate rises have dampened the positive sentiment 4,000 generated by historically low interest rates and the First Home Owners Boost • Activity stabilis
Slide 6: Record FY10 Residential Communities sales performance
Record FY10 Residential Communities sales performance Revenue For personal use only Residential Communities FY10 FY09 • Record lot settlements: Lots settled1 5,236 4,303 22% Increased volumes in all states Revenue - Retail $917m $768m 19% Lower proportion of superlot settlements as - Superlots $
Slide 7: Big improvement in Upgrader activity, FHBs remain active
Big improvement in Upgrader activity, FHBs remain active For personal use only First Home Buyers (FHBs) Buyer composition (no. of deposits) • Very high leads and deposits in 1H10 due to First 3,500 2,975 3,101 3,169 Home Owners Boost 3,000 328 568 738 137% in FY10 • Now back to target range of 20%
Slide 8: Strong Residential Communities price growth and margins
Strong Residential Communities price growth and margins For personal use only Prices Retail lot settlements - average price per sqm • Average price per sqm of lots settled up 12% due 450 $37 $12 Average sale price per sqm to price increases and product mix ($5) 300 • Average price per lot up 4% to $
Slide 9: Focus on faster speed to market and improved return on NFE
Focus on faster speed to market and improved return on NFE For personal use only Large and diverse land bank - 65,700 lots; $1.8b net Land bank comprises mostly active projects 1 funds employed (NFE)1 • Provides 90% coverage of revenue targets for next Active projects (live or commencing within 2 yr
Slide 10: Residential Communities - Market leader with strong growth strategy
Residential Communities - Market leader with strong growth strategy Strategy to increase sales by lifting market share For personal use only • Extend market-leading position into new growth Market share in active corridors1 corridors • Disciplined acquisition assessment filters: project Stockland 24
Slide 11: Affordability is a challenge - Product innovation creates opportunities
Affordability is a challenge - Product innovation creates opportunities For personal use only Affordability moving towards top end of benchmark Mortgage repayments as % of household income 1 • Will come under further pressure if variable 50% mortgage rate rises outpace income growth Masterplanned co
Slide 12: Apartments - Pre-sales to deliver strong cash flow
Apartments - Pre-sales to deliver strong cash flow For personal use only Apartments FY10 FY09 • Trade-out of existing projects and disposal of undeveloped sites going to plan - net cash flow to Apartments settled 315 175 be reinvested in Residential Communities Revenue $278m $227m EBIT (before inter
Slide 13: Residential Communities is well placed for further growth in FY11
Residential Communities is well placed for further growth in FY11 Market leader For personal use only • 24% market share in active corridors Enter FY11 with record contracts on hand • Good Upgrader and Investor demand • Strong momentum from first home buyers in Victoria, but likely to taper during F
Slide 14: Retirement Living
For personal use only Gowanbrae, VIC Retirement Living
Slide 15: Good result from Retirement Living and strong platform for growth
Good result from Retirement Living and strong platform for growth For personal use only Good profit performance Retirement Living FY10 FY09 • Operating Profit up 13%, includes AASB 140 Operating Profit1 $36m $32m 13% accounting change1 Cash coverage ratio3 38% 34% 4% Established unit turnovers 253
Slide 16: Retirement Living - Key growth business as the population ages
Retirement Living - Key growth business as the population ages For personal use only Strategy to grow and diversify the village portfolio Growth of >65 year old demographic is an opportunity Population aged 65+ years • Develop new industry-leading villages (m) millions 8 25% • Drive operational effi
Slide 17: Stockland's strategy is to create a national Retirement Living platform
Stockland’s strategy is to create a national Retirement Living platform For personal use only Accelerating growth and diversification Summary of Aevum offer • Successful completion of Aevum transaction ► All-cash offer to acquire the outstanding share capital Compelling would create a genuine nation
Slide 18: New villages under development performing well
New villages under development performing well For personal use only 6 projects under construction in 3 states Development pipeline (% of units) • Approx. 900 units to complete WA 21% • $230m cost to complete ($380m total cost) QLD 39% • Development margin range 15% - 20% (pre overhead, excludes DMF
Slide 19: Commercial Property
For personal use only Rockhampton, QLD Commercial Property
Slide 20: Commercial property markets are stabilising
Commercial property markets are stabilising For personal use only Rents National retail demand outstrips supply1 • Retail: 24 700 23 Population growth drives retail sales, in turn 600 Supply „000 sqm driving tenant demand for new space 500 22 Population (m) 400 Consumers spending less, but still exp
Slide 21: Commercial Property delivered solid performance
Commercial Property delivered solid performance For personal use only • FY10 NOI $534m: Commercial Property Commercial ($m) Operating Property FY10 FY092 Profit ($m) Net operating income: Headline NOI down 1.4% due to reduction in - Retail 266 255 income from non-core assets sales ($177m1 in FY10 an
Slide 22: Strong Retail performance
Strong Retail performance For personal use only Highlights Specialty shop lease expiry profile2 • NOI $266m: FY11 Headline and comparable income growth +4% 21% FY15+ 500 specialty shop lease transactions completed 33% with +5% average rental growth • Comparable MAT growth +1.5% FY12 18% • Comparable
Slide 23: Minimal lease expiry risk in Office and Industrial portfolio
Minimal lease expiry risk in Office and Industrial portfolio For personal use only Highlights Low Office Office and and Industrial Industrial rent rent atat risk risk 1 1 Office Industrial Total • 260,000m² of office and industrial space leased: FY11 FY12 FY11 FY12 FY11 FY12 Ave. face rent: Office +
Slide 24: Commercial Property asset values are stabilising
Commercial Property asset values are stabilising For personal use only • Average cap rates steady in 2H10: Commercial Property book values ($b)3 97% of investment property assets1 9 0.4 0.1 (0.3) (0.4) independently valued in FY10 8 • Net valuation decrement in 2H10 due to asset 7 specific issues: 7
Slide 25: Commercial Property strategy to re-weight to Retail and enhance asset quality
Commercial Property strategy to re-weight to Retail and enhance asset quality For personal use only • Retail development underpins growth strategy • Strategy to develop larger, higher quality retail assets • Drive returns through internal asset management, leasing and development capability • Recycl
Slide 26: Good progress with Retail development pipeline
Good progress with Retail development pipeline Projects completed in FY10 For personal use only Estimated Estimated % Estimated cost to fully specialty leased • Balgowlah and Riverton completed total complete year one shops cost ($m) ($m) leased1 yield Projects underway Regional2 retail redevelopmen
Slide 27: UK
For personal use only One Tudor Street, London UK www.stockland.com
Slide 28: Continued orderly work out of UK operations
Continued orderly work out of UK operations Progress in FY10 Profit and assets FY10 FY09 For personal use only Operating Profit / (Loss) $1.2m ($0.7m) • $40m of asset sales Assets: • $2m profit on sale of impaired projects excluded - 100% owned $237m $312m from Underlying Profit - Joint ventures, ne
Slide 29: Capital Management
For personal use only Triniti Business Campus, NSW Capital Management www.stockland.com
Slide 30: Strong balance sheet
Strong balance sheet Target gearing range 25% - 35% of tangible assets Key FY10 metrics For personal use only S&P rating A- / Stable • Currently at 18% but will progressively move Drawn debt1 $3.0b towards lower end of target range to fund 3-R Cash on deposit $0.9b growth opportunities Available und
Slide 31: Cash flow, net interest and tax
Cash flow, net interest and tax For personal use only Operating cash flow Operating cash flow $m • Operating cash flow up 31% - lower interest 900 229 152 expense (76) 600 (116) Gap between interest paid and interest expense has 791 300 602 narrowed 520 0 • Interest capitalised has decreased (lower
Slide 32: Significant cost reductions and efficiency gains
Significant cost reductions and efficiency gains Residential For personal use only $m FY10 FY09 FY08 • Organisation structure now flatter and more Residential 140 163 177 efficient • Substantial savings in marketing and other key Retirement Living 28 28 23 variable costs Commercial Property1 36 30 4
Slide 33: Distribution policy simplified
Distribution policy simplified For personal use only Distribution policy • Board policy is to have a high payout ratio reflecting the predictability of earnings, while maintaining some retained earnings to fund growth • Payout ratio changed for FY09 to greater of 80% of AFFO or Trust Taxable Income
Slide 34: Strategy and Outlook
For personal use only Highlands, VIC Strategy and Outlook www.stockland.com
Slide 35: Focus on 3-R growth strategy
Focus on 3-R growth strategy Diversified model drives competitive advantage For personal use only Retail Retirement Living Residential Communities Strategy Strategy Strategy Extensive $2.5b retail Increase market share and Grow market share through development pipeline, returns through development o
Slide 36: Importance of sustainability and people to success
Importance of sustainability and people to success For personal use only Outstanding results in sustainability • Davos Global 100 Most Sustainable Organisations Overall ranking 24 Highest rated diversified property company globally • Australian Ethical Investor 2009 Sustainable Company of the Year •
Slide 37: Strategic investments
Strategic investments Principles For personal use only Strategic stakes as at 30 June 2010 • M&A activity will only be contemplated if it secures Cost Market value high quality assets that fit the 3-R strategy and Price Total Price Total enhances securityholder returns % ($) ($m) ($) ($m) • Strategi
Slide 38: In summary, strong growth opportunities in FY11 and beyond
In summary, strong growth opportunities in FY11 and beyond All businesses enter FY11 in good shape For personal use only • Residential Communities - record contracts on hand • Retail - low vacancy and good rental growth • Office and Industrial - lease expiries largely de-risked • Retirement Living -
Slide 39: FY10 Results Annexures
Index to Annexures Pages Financial results 39 to 53 Residential Communities 54 to 61 For personal use only Apartments 62 Retirement Living 63 to 65 Commercial Property 66 to 81 FY10 Results Annexures www.stockland.com
Slide 40: Australia's largest diversified REIT
Stockland FY10 Results - Financial results Australia’s largest diversified REIT For personal use only Australian Commercial Property assets - A$7.9b (71%)1 Retail - $4.2b Office - $2.6b Industrial/Intermodal - $1.1b Australian Residential and Retirement assets - A$3.1b (27%)1 Communities - $2.0b Apa
Slide 41: Underlying Profit summary
Stockland FY10 Results - Financial results Underlying Profit summary For personal use only Composition of Underlying Profit1 ($m) 1000 509 1 20 750 127 (66) (23) 500 (136) 36 724 692 250 224 0 Residential Retirement Commercial UK Dividends from Unallocated Operating Profit Interest expense Interest
Slide 42: Underlying Profit reconciliation
Stockland FY10 Results - Financial results Underlying Profit reconciliation Gross Tax Net For personal use only ($m) ($m) ($m) Underlying Profit 715 (23) 692 Provision for write-down of inventories Provision for write-down of inventories – Australia (Commercial Property) (5) 2 (3) Provision for writ
Slide 43: Segment note to Underlying Profit reconciliation
Stockland FY10 Results - Financial results Segment Note to Underlying Profit reconciliation For personal use only Retirement Commercial Residential UK Other Elimination TOTAL Living Property ($m) ($m) ($m) ($m) ($m) ($m) ($m) Total Segment revenue 1,3153 2 682 57 332 (29) 2,060 Segment result before
Slide 44: Financial results year profit summary
Stockland FY10 Results - Financial results 5 year profit summary FY10 FY09 FY08 FY07 FY06 For personal use only ($m) ($m) ($m) ($m) ($m) Residential EBIT (before interest in COGS) 314 233 337 309 259 Commercial Property EBIT (before interest in COGS)1 510 533 555 516 445 Retirement Living EBIT (befo
Slide 45: Group strategic weightings
Stockland FY10 Results - Financial results Group strategic weightings For personal use only Operating Profit FY10 Assets 30 June 2010 Strategic Strategic Actual Actual weighting weighting Recurring Retirement Living 4% 4% Commercial Property 71% 69% Unallocated corporate overhead (3%) - Total recurr
Slide 46: Operating cash flow and AFFO
Stockland FY10 Results - Financial results Operating cash flow and AFFO FY10 operating cash flow For personal use only 3,000 2,500 2,000 1,500 2,576 (950) 1,000 (713) 185 18 125 (122) 500 791 (22) (48) (33) 597 (413) (6) 0 Revenue Expenditure on Operating Net interest Net operating Investment Paymen
Slide 47: GPT stake - Accounting treatment
Stockland FY10 Results - Financial results GPT stake - Accounting treatment Number of shares - 243.1m1 representing 13.1% of GPT securities on issue For personal use only FY10 FY09 Total since Profit & Loss ($m) ($m) acquisition ($m) Notional cost (opening balance) 591 877 877 Notional value at year
Slide 48: Debt summary
Stockland FY10 Results - Financial results Debt summary For personal use only Facility Facility limit ($m)1 Amount drawn ($m)2 Bank Debt 1,206 6 Domestic Medium Term Notes N/A 706 European Medium Term Notes N/A 619 US Senior Term Notes N/A 1,502 Asian Medium Term Notes N/A 151 Total 2,984 Facility F
Slide 49: Debt summary (continued)
Stockland FY10 Results - Financial results Debt summary (continued) For personal use only Facility Issued Debt ($m) Facility maturity Facility Issued Debt ($m) Facility maturity Domestic Medium Term Note Facility (MTN) US Senior Term Note Facility (STN) -MTN 255.6 Jun 2011 - US STN 32.1 Oct 2011 -MT
Slide 50: Fixed/Hedged debt profile
Stockland FY10 Results - Financial results Fixed/Hedged debt profile1 For personal use only $m 2,500 6.0% 5.8% 2,000 5.6% 5.4% 1,500 5.2% 1,000 5.0% 4.8% 500 4.6% - 4.4% FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Fixed/Hedged debt Fixed coupon rate (%) - 49 - 1. Excludes cash on deposit
Slide 51: Proforma balance sheet
Stockland FY10 Results - Financial results Proforma balance sheet For personal use only FY10 ($m) FY09 ($m) Cash 911 1,176 Real estate related assets - Commercial Property 7,921 7,918 - Residential 2,520 2,515 - Retirement 445 416 - UK 260 330 Other financial assets - GPT 219 191 Retirement Living e
Slide 52: Covenant calculations
Stockland FY10 Results - Financial results Covenant calculations For personal use only All lenders have consistent covenants: Statutory Gearing Covenant Balance Adjustments • Total liabilities / total tangible assets (TL/TTA): As at 30 June 2010 Sheet ($m) Balance Sheet 45%. No adjustment made for c
Slide 53: Statutory income tax calculation
Stockland FY10 Results - Financial results Statutory income tax calculation For personal use only FY10 ($m) FY09 ($m) Statutory Group profit / (loss) before tax 499 (1,958) Less: Trust profit / (loss) (389) 1,084 Less: Intergroup eliminations (43) (32) Corporation profit / (loss) before tax 67 (906)
Slide 54: Securities on issue
Stockland FY10 Results - Financial results Securities on issue For personal use only Number of securities Opening balance (30 June 2009) 2,379,317,384 Add: - Employee share plan 1,111,000 Closing balance of securities on issue (30 June 2010)1 2,380,428,384 - 53 - 1. Refer to note 37 of the statutory
Slide 55: Residential portfolio overview
Stockland FY10 Results - Residential Portfolio overview For personal use only Communities - $1.8b1 Apartments - $0.5b1 No. of projects: 65 No. of projects: 9 No. of projects currently trading: 41 No. of projects currently trading: 7 No. of projects launched FY10: 4 No. of projects launched FY10: - L
Slide 56: Market fundamentals driven by housing undersupply in Australia
Stockland FY10 Results - Residential Market fundamentals driven by housing undersupply in Australia For personal use only • Housing undersupply due to population growth: Population growth well above housing starts1 Low rental vacancy levels „000 pa „000 pa 375 500 Marginal increase in average househ
Slide 57: Mortgage debt sustainability, bank mortgage lending is responsible
Stockland FY10 Results - Residential Mortgage debt sustainability, bank mortgage lending is responsible Sustainable repayments - growth in line with incomes1 Sustainable debt - buyers are taking on less debt For personal use only Growth in incomes and repayments Average Loan-To-Value ratio2 80% $10,
Slide 58: Details of previously impaired projects settled in FY10
Stockland FY10 Results - Residential Details of previously impaired projects settled in FY10 For personal use only • Net profit on settlements from previously impaired projects excluded from Underlying Profit: – 5% of total lots settled – Excess profit of $1.6m shown “below the line” – 2% adverse im
Slide 59: Communities - Lots settled
Stockland FY10 Results - Residential Communities - Lots settled For personal use only Lots settled by location (units) Average price of retail lots sold - Portfolio Mix 6,000 5,236 120% 5,000 4,303 744 100% 8% 10% 4,000 414 80% 23% 26% 1,600 1,335 Lots 3,000 60% 2,000 40% 2,166 2,332 69% 64% 1,000 2
Slide 60: Communities - Breakdown of FY10 margin
Stockland FY10 Results - Residential Communities - Breakdown of FY10 margin Residential Communities EBIT margin Residential Communities Operating Profit margin For personal use only (before interest in COGS) (including interest in COGS) 32% 24% 2.4% 6.1% 22% 2.2% 2.2% 20% 26% (0.6%) (5.1%) 18% (3.8%
Slide 61: Communities - Retail average sales prices
Stockland FY10 Results - Residential Communities - Retail average sales prices For personal use only Retail sales prices1 - Based on all lots settled FY09 Settlements FY10 Settlements Av. size per Av. Price per Av. size per Av. Price per State No. lots $/m2 No. lots $/m2 lot m2 lot $k lot m2 lot $k
Slide 62: Communities - Development pipeline
Stockland FY10 Results - Residential Communities - Development pipeline For personal use only Major projects Total pipeline of 65,700 lots - Geographic mix Approximate Approximate State Project lot sales per remaining VIC annum project lots 18% QLD North Lakes 650 1,800 North Shore 240 3,750 WA QLD
Slide 63: Apartments - Development pipeline
Stockland FY10 Results - Residential Apartments - Development pipeline For personal use only Costs to Complete ($m) Expected Net Revenue ($m) Projects under construction FY11 FY12 FY 13+ Total FY11 FY12 FY 13+ Total NSW Prince Henry 30 15 - 45 40 35 - 75 The Village, Balgowlah 5 - - 5 30 - - 30 The
Slide 64: Retirement Living portfolio overview
Stockland FY10 Results - Retirement Living Portfolio overview For personal use only Established units Development pipeline Established villages1 28 Development villages1 15 Development pipeline units 2,875 Established units2 3,843 Estimated end value4 $1.1bn Established units turned over 253 Average
Slide 65: Reconciliation of Operating Profit
Stockland FY10 Results - Retirement Living Reconciliation of Operating Profit For personal use only FY10 FY09 New units settled (#) 177 163 Established unit turnovers (#) 253 217 ($m) ($m) Development Profit Settled 11 10 Unsettled 6 7 Accrued DMF 35 32 Conversion Profit 12 11 Net overheads (28) (28
Slide 66: Retirement Living active development pipeline
Stockland FY10 Results - Retirement Living Active development pipeline For personal use only Anticipated settlements Total Remaining Anticipated State Project units units FY11 FY12 FY13 FY14 FY15 start date (approx.) (approx.) Under VIC Gowanbrae 190 50 construction Under QLD Fig Tree 190 100 constr
Slide 67: Commercial Property portfolio overview
Stockland FY10 Results - Commercial Property Portfolio overview For personal use only Australian Commercial Property assets - $7.7b1 Retail - $4.1b Office - $2.6b Industrial / Intermodal - $1.0b 38 properties 31 properties 16 properties 800,831 sqm gross lettable area 663,464 sqm net lettable area 1
Slide 68: Commercial Property asset values
Stockland FY10 Results - Commercial Property Asset values For personal use only WACR June -10 Valuation ($m) Previous Book Value ($m) 2H10 Movement ($m) Retail 7.4% 4,067 4,085 (18) Office 7.9% 2,572 2,563 9 Industrial 8.6% 975 991 (16) Assets held for sale - 39 39 - Capital works and sundry propert
Slide 69: Asset values - Retail
Stockland FY10 Results - Commercial Property Asset values - Retail For personal use only Previous Previous Book Cap Book Cap Retail Portfolio Valuation Value Change Change Rate Valuation Value Change Change Rate ($m) ($m) (%) ($m) (%) ($m) ($m) (%) ($m) (%) Stockland Wetherill Stockland Corrimal 59.
Slide 70: Asset values - Office
Stockland FY10 Results - Commercial Property Asset values - Office For personal use only Previous Previous Office Portfolio Valuation Book Value Change Change Cap Rate Valuation Book Value Change Change Cap Rate ($m) ($m) (%) ($m) (%) ($m) ($m) (%) ($m) (%) Piccadilly Tower 1 247.0 247.0 - - 7.50 My
Slide 71: Asset values - Industrial and Assets Held for Sale
Stockland FY10 Results - Commercial Property Asset values - Industrial and Assets Held for Sale For personal use only Previous Assets held for Previous Book sale Valuation Book Change Change Cap Rate Industrial Portfolio Valuation Value Change Change Cap Rate ($m) Value ($m) (%) ($m) (%) ($m) ($m) (
Slide 72: Asset transactions
Stockland FY10 Results - Commercial Property Asset transactions State Property Disposed Disposal Value Difference to Asset Class Disposal Date ($m) Initial Yield (%) book value (%) For personal use only ACT Edmund Barton Building1 Office Jun 2009 186.0 7.3 (4%) QLD 509 Boundary Rd, Richlands Industr
Slide 73: Commercial Property development pipeline
Stockland FY10 Results - Commercial Property Development pipeline Development Pipeline No of projects Current GLA (m²) Planned GLA on Total estimated Estimated fully leased completion (m² ) cost ($b) year one yield For personal use only Redevelopments - under construction 3 114,000 160,000 0.7 6.7%
Slide 74: Development pipeline (cont'd)
Stockland FY10 Results - Commercial Property Development pipeline (cont’d) Total Estimated Project Estimated Cost to Yield FY11 FY12 FY13 FY14 FY15 FY16+ Cost ($m) Complete ($m) ($m) ($m) ($m) ($m) ($m) ($m) For personal use only Rockhampton 120 20 8.0% $20 Under Construction Merrylands 395 215 6.5%
Slide 75: Retail sales
Stockland FY10 Results - Commercial Property Retail sales For personal use only Total MAT ($m) % MAT Growth % Comparable Growth % 6mth Comparable Growth % 3mth Comparable Growth Supermarkets 1,967 7.5 2.3 1.4 1.4 DDS 797 (1.3) (1.7) (3.0) (4.7) Specialties 1,394 1.0 (1.3) (1.9) (2.3) Mini Majors/Cin
Slide 76: Rockhampton: Creation of Central Queensland's Largest Shopping Centre
Stockland FY10 Results - Commercial Property Rockhampton: Creation of Central Queensland’s Largest Shopping Centre Rockhampton For personal use only • 4th largest economy in Queensland • 150,000 residents with retail spending potential of circa $1.3bn Original Asset • Originally two separate smaller
Slide 77: Office and Industrial metrics
Stockland FY10 Results - Commercial Property Office and Industrial metrics Office Industrial For personal use only FY11 rent reviews1 FY11 rent reviews1 100% 100% 88% 75% 80% 80% 60% 60% 40% 40% 20% 20% 11% 20% 1% 5% 0% 0% Fixed 3.5% - 5% Market CPI Fixed 3% - 4% CPI Market Lease expiry profile1 Lea
Slide 78: Tenancy retention and new leasing
Stockland FY10 Results - Commercial Property Tenancy retention and new leasing Operational Portfolio Development For personal use only NLA Weighted Weighted Weighted Retention Increase on New Leases Increase on New Leases Office Leased (sqm)1 Base rents Average (sqm)1 Base rents Average (sqm) Averag
Slide 79: Office leasing
Stockland FY10 Results - Commercial Property Office leasing Building FY10 Area Remaining Building Property Area Leased Leased to Vacancy WALE Comments For personal use only (sqm) (sqm) (sqm) (years) Waterfront Place, 58,9481 8,9321 Woods Bagot, Rabobank 2591 4.9 Refurbishment programme underway Bris
Slide 80: Industrial leasing
Stockland FY10 Results - Commercial Property Industrial leasing Building FY10 Area Remaining Building only Property Area Leased Leased to Vacancy WALE Comments (sqm) (sqm) (sqm) (years) Yennora, NSW 291,706 9,483 Smith Bros - 2.9 Fully leased use Actively marketing vacant space, Port Adelaide, SA 16
Slide 81: Tenancy profile - Top tenants
Stockland FY10 Results - Commercial Property Tenancy profile - Top 20 tenants1 For personal use only Retail Portfolio Office Portfolio Industrial Portfolio Rank Tenant Portfolio Tenant Portfolio Tenant Portfolio (%) (%) (%) 1 Wesfarmers 28.5% Singtel 5.4% ACI 14.0% 2 Woolworths 24.1% Sinclair Knight
Slide 82: Lease expiry profiles
Stockland FY10 Results - Commercial Property Lease expiry profiles1 For personal use only Retail June 2009 June 2010 1% 20% 8% 12% 12% 47% 1%10% 12% 12% 10% 55% Wale: 5.1 Years Wale: 6.0 Years Office June 2009 June 2010 3% 16% 15% 10% 11% 45% 8% 8% 13% 9% 11% 51% Wale: 4.3 years Wale: 4.6 years Indu
Slide 83: Stockland contact details and disclaimer of liability
For personal use only Stockland Corporation Limited ACN 000 181 733 Stockland Trust Management Limited ACN 001 900 741 25th Floor 133 Castlereagh Street SYDNEY NSW 2000 DISCLAIMER OF LIABILITY While every effort is made to provide accurate and complete information, Stockland does not warrant or repr