Lendlease Group · ASX:LLC
Lendlease — H1 FY2021 Earnings Presentation
86 slides from Lendlease's earnings presentation, Feb 22, 2021
Slide 1: Lendlease Group 2021 Half Year Results Announcement, Presentation and Appendix
22 February 2021 Lendlease Group 2021 Half Year Results Announcement, Presentation and Appendix Lendlease Group today announced its results for the half year ended 31 December 2020. Attached is the HY21 Results Announcement, Presentation and Appendix. A summary of Lendlease’s Major Urbanisation Proj
Slide 2: Operating profit recovers, strategic priorities progressed
22 August 19 February 2021 2019 2018 Operating profit recovers, strategic priorities progressed For the half year ended 31 December 2020: • Core operating1 Profit after Tax of $205 million and Earnings Per Security of 29.8 cents • Interim distribution of 15.02 cents per stapled security, payout rati
Slide 3: Segment results and strategic progress
22 August 19 February 2021 2019 2018 In New York, 1 Java Street will transform a city block into apartments for rent with an estimated end value of $1.0 billion. The Group also secured its first urbanisation project in Los Angeles at La Cienega Boulevard. The project has an estimated end value of $0
Slide 4: Investment partner initiatives and sustainability targets
22 August 19 February 2021 2019 2018 Investment partner initiatives were progressed with development joint ventures established across three urbanisation projects: the first residential tower at One Sydney Harbour and the two urbanisation projects in the US, with a combined end value of c.$4 billion
Slide 5: Cash flow and outlook
22 August 19 February 2021 2019 2018 Underlying operating cash outflow was $735 million. The establishment of the development Joint Venture to deliver the first residential tower at One Sydney Harbour resulted in an approximate $500 million decrease in the underlying operating cash flow and an equiv
Slide 6: For further information, please contact
22 August 19 February 2021 2019 2018 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 26 February Interim distribut
Slide 7: Half Year Results
Sydney: Artist’s impression of One Sydney Harbour – on Gadigal Country 2021 Half Year Results 22 February 2021
Slide 8: Acknowledgement of Country
Lendlease HY21 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 9: Group Performance
Lendlease HY21 Financial Results 3 Group Performance Steve McCann Group Chief Executive Officer and Managing Director Singapore: Paya Lebar Quarter
Slide 10: Together we create value through places where communities thrive
Lendlease HY21 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 11: Safety
Lendlease HY21 Financial Results 5 Fatalities Safety • Lendlease is saddened to report two fatalities occurred on our operations during HY21 • We express our sincere condolences to family, friends and colleagues • We remain committed to the safety of our people and continuously strive to do our best
Slide 12: Environmental, Social and Governance
Lendlease HY21 Financial Results 6 HY21 key achievements Environmental, • Environmental target: Net zero carbon scope 1 & 2 by 2025, absolute zero carbon scope 1, 2 & 3 by 2040: Social and − APPF Commercial certified1 carbon neutral scope 1 and 2 − Founding signatory to the SteelZero initiative We a
Slide 13: HY21 result
Lendlease HY21 Financial Results 7 Securityholder returns HY21 • Core operating2 Profit after Tax of $205m: result1 − Earnings per stapled security of 29.8 cents, Return on Equity of 5.9%3 − Interim distribution of 15.04 cents per security, payout ratio of 50% • Statutory Profit after Tax of $196m:
Slide 14: Progress on strategic priorities
Lendlease HY21 Financial Results 8 Progress on strategic priorities Executing on strategy • Strategic divestments to focus on competitive edge: − Completed sale of Engineering business − Sale of US Telecommunications business − Sale of US Energy business − Market soundings for sale of Services busin
Slide 15: Financial Performance
Lendlease HY21 Financial Results 9 Financial Performance Frank Krile Acting Group Chief Financial Officer Melbourne: Two Melbourne Quarter – on Kulin Nation Country
Slide 16: Financial performance
Lendlease HY21 Financial Results 10 Financial performance1 $m HY20 HY21 Change Core 272 244 (10%) • Partnership established to deliver tower one, One Sydney Harbour; apartment settlements in Melbourne and Development London; Communities settlements up although still subdued Construction 101 104 3% •
Slide 17: Cash flow
Lendlease HY21 Financial Results 11 HY21 Cash flow movements Cash flow Underlying operating cash outflow ($735m): Underlying investing cash outflow ($161m): • Non core segment cash outflow (c.$200m): • One Sydney Harbour joint venture: − Impact from retained projects − c.$500m1 underlying investing
Slide 18: Underlying operating cash flow
Lendlease HY21 Financial Results 12 Underlying operating cash flow1 last five years Cash flow Underlying operating cash flow of $3.2b over five years: • Statutory operating cash flow of $529m: − $0.9b has been paid in interest and tax − $1.1b of the Group’s operating cash flow has been reinvested in
Slide 19: Financial position
Lendlease HY21 Financial Results 13 Financial strength Invested capital: Development and Investments Financial Capital structure position • Gearing 12.9%1, up from 5.7% at FY20; net debt $1.8b, up from $0.8b at FY20: − Underlying operating cash outflows 42% − Proceeds from Engineering sale more than
Slide 20: Core operating financial returns
Lendlease HY21 Financial Results 14 Core operating financial returns • Average Return on Equity 5 years1: 8.8%2 Target 8-11% Development segment ($m) Construction segment ($m) Investments segment ($m) Average ROIC: 5 years1 Average EBITDA margin: 5 years1 Average ROIC: 5 years1 10.0% 2.5% 7.2% Targe
Slide 21: Operational Update
Lendlease HY21 Financial Results 15 Operational Update Steve McCann Group Chief Executive Officer and Managing Director New York: 1 Java Street Existing site
Slide 22: Growth in platform across target gateway cities
Lendlease HY21 Financial Results 16 London Growth in platform • Thamesmead Waterfront • Euston Station across target Chicago • Silvertown Quays • International Quarter London • Elephant Park gateway cities • High Road West • Southbank • Deptford Landings • Lakeshore East Milan • Milano Santa Giulia
Slide 23: Development
Lendlease HY21 Financial Results 17 Operational performance1 Pipeline2 ($b) Development EBITDA $244m, down from $272m Development pipeline $110b 1.8 (1.8) 112.5 113.0 (3.5) • $12.2b work in progress, >$95b remaining 109.5 • Secured two new urbanisation projects in the US: − First project secured in
Slide 24: Development outlook
Lendlease HY21 Financial Results 18 Outlook Work in progress1 ($b) Development Work in progress future indicator of production • New additions of $2b including apartments for sale and rent: 2.0 (1.8) − Tower B, TRX Residences, The Exchange TRX, Kuala Lumpur (0.3) 12.3 12.2 − Park & Sayer, Elephant P
Slide 25: Construction
Lendlease HY21 Financial Results 19 Operational performance and outlook1 Backlog revenue ($b) Construction • EBITDA $104m, slightly up from $101m External Internal • EBITDA margin 3.0%, up from 2.3%: 4.9 (3.9) − Solid performance across the portfolio (0.4) 14.2 13.9 14.5 − Cost management implemente
Slide 26: Investments: Management earnings
Lendlease HY21 Financial Results 20 Management earnings Management EBITDA ($m) Investments Operational performance1 1H 2H 198 • Management EBITDA of $71m, down from $120m • Funds management revenue2 $79m, down from $133m: 144 133 − Base fees stable as a proportion of funds under management 116 − Sub
Slide 27: Investments: Ownership earnings
Lendlease HY21 Financial Results 21 Ownership earnings Ownership EBITDA ($m) Investments Performance1 1H 2H • EBITDA of $50m, down from $104m: 317 − Recovery underway from worst of COVID-19 impacts in H2 FY20 − Investment income supressed from a weak operating environment 236 − Higher asset sale pro
Slide 28: Non core
Lendlease HY21 Financial Results 22 Sale of Engineering business complete Non core • Completed sale to Acciona on 9 September 2020: − Total estimated proceeds of $197m, including sale price of $160m and additional estimated completion adjustments of $37m: o $40m received in HY21, balance payable in
Slide 29: Outlook
Lendlease HY21 Financial Results 23 Outlook Steve McCann Group Chief Executive Officer and Managing Director Milan: Artist’s impression of Milan Innovation District
Slide 30: Positioned for long term growth
Lendlease HY21 Financial Results 24 Positioned for long term growth Outlook • Group positioned to improve returns as operating conditions continue to recover: − Strong financial position − Capital efficient land funding and delivery model − Capability and flexibility to adapt to evolving market and
Slide 31: Questions
Questions London: Elephant Park
Slide 32: Half Year Results Appendix
Sydney: Artist’s impression of One Sydney Harbour – on Gadigal Country 2021 Half Year Results Appendix 22 February 2021
Slide 33: Overview
Overview Boston: Clippership Wharf
Slide 34: Lendlease HY21 Financial Results
Lendlease HY21 Financial Results 3
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Slide 36: Lendlease HY21 Financial Results
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Slide 37: Lendlease HY21 Financial Results
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Slide 38: Lendlease HY21 Financial Results
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Slide 39: Lendlease HY21 Financial Results
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Slide 40: Lendlease HY21 Financial Results
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Slide 41: Lendlease HY21 Financial Results
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Slide 42: Group Financials
Group Financials Singapore: Retail Mall, Paya Lebar Quarter
Slide 43: Income Statement (Statutory Result)
Lendlease HY21 Financial Results 12 $m HY201,2 HY21 Income Revenue from contracts with customers 6,519 4,868 Statement Other revenue Cost of sales 90 (6,054) 62 (4,476) (Statutory Gross profit Share of profit of equity accounted investments 555 67 454 19 Result) Other income Other expenses 277 (478)
Slide 44: Reconciliation of Operating Profit
Lendlease HY21 Financial Results 13 Reconciliation $m Core Operating Profit After Tax HY202 278 HY21 205 of Operating Add / (less): Investment properties revaluations3 (1) - Profit1 Add / (less): Financial assets revaluations3 Add / (less): Equity accounted investments revaluations3 18 13 (12) 5 Add
Slide 45: Underlying operating cash flow
Lendlease HY21 Financial Results 14 Cash conversion (5 years) ($m) Underlying • Underlying operating cash flow has been included to Total conversion against EBITDA of 86% provide a more accurate cash comparator against operating cash Group EBITDA • This represents 86% of Group EBITDA over the 5 year
Slide 46: HY21 underlying operating cash flow
Lendlease HY21 Financial Results 15 In HY21 Lendlease delivered underlying operating cash flow of $(735)m Overview HY21 $m Statutory Adjustments Underlying • Underlying operating cash flow is underlying Cash Flows from Operating Activities Cash receipts in the course of operations 5,104 - 5,104 deri
Slide 47: Portfolio Management Framework
Lendlease HY21 Financial Results 16 Target1 HY20 HY21 Portfolio Total Group Metrics Management Core Operating ROE Distribution payout ratio2 8-11% 40-60% 8.7% 54% 5.9% 50% Framework Gearing3 10-20% 5.7% 12.9% Core Business EBITDA Mix Development 40-50% 46% 52% Construction 10-20% 17% 22% Investments
Slide 48: Segment financial metrics
Lendlease HY21 Financial Results 17 Operating Profit after Tax ($m) Operating EBITDA ($m) Segment HY20 HY21 HY20 HY21 financial 272 244 metrics 186 177 169 224 121 96 101 104 59 59 Development Investments Construction Development Investments Construction ROIC1 (Development and Investments), Invested
Slide 49: Exchange rates
Lendlease HY21 Financial Results 18 Income Statement Statement of Financial Position Exchange Local Foreign HY20 1 FY20 2 HY21 3 Local Foreign HY204 FY205 HY216 rates AUD AUD USD GBP 0.68 0.54 0.67 0.53 0.73 0.55 AUD AUD USD GBP 0.70 0.53 0.69 0.56 0.77 0.56 AUD EUR 0.62 0.61 0.62 AUD EUR 0.63 0.61
Slide 50: HY21 regional EBITDA to PAT reconciliation
Lendlease HY21 Financial Results 19 Operating Operating HY21 regional $m Australia EBITDA1 Net interest D&A2 PBT Tax PAT1 EBITDA to PAT Development Construction 173 57 (1) - (1) (5) 171 52 (50) (16) 121 36 reconciliation Investments Total Australia 62 292 - (1) (3) (9) 59 282 (15) (81) 44 201 Asia D
Slide 51: Debt metrics
Lendlease HY21 Financial Results 20 HY20 FY20 HY21 Debt metrics Net debt 1 $m 2,294 833 1,819 Borrowings to total equity plus borrowings % 34.2 25.7 28.0 1 Net debt to total tangible assets, less cash % 14.7 5.7 12.9 Interest cover2 times 7.4 2.8 6.7 Average cost of debt % 3.6 3.4 3.3 Average debt m
Slide 52: Debt facilities and maturity profile
Lendlease HY21 Financial Results 21 Debt facilities1 ($m) Debt facilities Drawn Facility and maturity 1,800 profile 714 725 960 535 535 535 516 516 494 494 300 293 293 173 79 79 - - - - 69 Euro CP UK Bond Syndicated Syndicated Club Asia Loan CNY bank US$ Reg. S S$ Reg. S Green Bond A$ medium Program
Slide 53: Key dates for investors
Lendlease HY21 Financial Results 22 Key dates for HY21 results released to market / interim distribution declared Date 22 February 2021 investors Securities quoted ex distribution on the Australian Securities Exchange Interim distribution record date 26 February 2021 1 March 2021 Interim distributio
Slide 54: Development Segment
Development Segment Chicago: The Reed, Southbank Artist's impression Image subject to change and further design development and planning approval
Slide 55: Earnings drivers: Development
Lendlease HY21 Financial Results 24 Earnings drivers ROIC target 10-13% Development Invested capital $5.0b Pipeline1 $109.5b Urbanisation Communities $96.2b1 17 projects Including 22 major projects in 10 gateway cities Apartments Apartments Commercial Communities for Sale for Rent $42.0b $24.3b $29.
Slide 56: Development HY21
Lendlease HY21 Financial Results 25 Overview Performance HY20 HY21 Development • Development of inner city mixed use developments, apartments, Core business EBITDA mix % 46 52 communities, retirement, retail, commercial assets, and social and HY21 • economic infrastructure Financial returns are gene
Slide 57: Development earnings / pipeline
Lendlease HY21 Financial Results 26 EBITDA ($m) Pipeline1 ($b) Development earnings / 272 113.0³ pipeline 244 109.5 71.1³ 76.1³ 49.3² HY20 HY21 FY17 FY18 FY19 FY20 HY21 HY21 pipeline1 by product Production4 ($b) 1. Total estimated project revenue of all development work secured (representing 100% of
Slide 58: Pipeline provides long term earnings visibility
Lendlease HY21 Financial Results 27 Apartments for Sale ($b) Apartments for Rent ($b) Pipeline1 In Delivery Remaining In Delivery Remaining provides long $4.5b WIP $2.1b WIP 11% 9% term earnings visibility: $42.0b $24.3b $12.2b Work in Progress and $97.3b remaining 89% 91% Commercial ($b) Communitie
Slide 59: Work in Progress by product
Lendlease HY21 Financial Results 28 Apartments for Sale – WIP ($b) Commercial – WIP ($b) Work in Progress by 5.7 5.2 product 3.9 4.5 FY20 HY21 FY20 HY21 Apartments for Rent – WIP ($b) Communities – WIP ($b) 2.2 2.1 0.5 0.4 FY20 HY21 FY20 HY21
Slide 60: Urbanisation development
Lendlease HY21 Financial Results 29 HY21 apartment settlements Urbanisation Ownership Units $m development Apartments for sale Australia Melbourne Quarter - East Tower 50% 225 159 Total Australia 225 159 Europe Elephant Park - Park Central North (Affordable) 100% 91 56 Elephant Park - East Grove (Af
Slide 61: Communities
Lendlease HY21 Financial Results 30 Communities Communities settlements HY20 HY21 Lots $m Lots $m Queensland 208 49 434 92 New South Wales 5 2 188 67 Victoria 544 143 339 92 South Australia 54 9 20 2 Western Australia 25 6 62 15 Total Australia 836 209 1,043 268 1 Total Europe - - 1 54 Total 836 209
Slide 62: Apartment settlements and completion profile
Lendlease HY21 Financial Results 31 Apartment City Project Building Total units Units Ownership Presold presold1 Presales1 Delivery ($b) Date2 settlements Residential for sale apartments Boston Clippership Wharf Building 4 114 100% 94% 107 0.1 FY21 and completion Chicago Lakeshore East Cirrus 350 42
Slide 63: Commercial completion profile
Lendlease HY21 Financial Results 32 Completion Commercial City Melbourne Project Melbourne Connect Capital model Ownership BOOT3 10% sqm '0001 40 Building Melbourne Connect date2 FY21 completion Milan Milan Milano Santa Giulia Milano Santa Giulia Fund through4 Fund through 4 50% 50% 28 18 Spark One
Slide 64: Conversion of secured pipeline
Lendlease HY21 Financial Results 33 Indicative conversion timing1 of secured residential for sale pipeline to FY25 Conversion of City Buildings Units FY21 FY22 FY23 FY24 FY25 2 secured Sydney Chicago 3 2 4 534 1,056 pipeline 4 London 10 2,144 5 San Francisco 1 333 6 Perth 2 377 7 Melbourne 4 1,881 8
Slide 65: Conversion of secured pipeline
Lendlease HY21 Financial Results 34 Indicative conversion timing1 of secured commercial pipeline to FY25 Conversion of City Project Buildings Sector sqm ‘0002 FY21 FY22 FY23 FY24 FY25 secured Melbourne Melbourne Quarter Kuala Lumpur The Exchange TRX 1 2 Office Hotel / Office 75 47 pipeline Brisbane
Slide 66: Major urbanisation project summary
Lendlease HY21 Financial Results 35 Major Region Project Project Delivery secured commenced1 Completion date2 Residential Commercial Estimated backlog units backlog sqm ‘0003 end value ($b)4 Land payment model urbanisation Australia Barangaroo South, Sydney Brisbane Showgrounds, Brisbane FY09 FY09 F
Slide 67: Communities
Lendlease HY21 Financial Results 36 Key metrics Communities • $13.3b pipeline1 • 16 projects across five Australian states, 1 US project • c.45,000 lot pipeline Queensland • Target settlements: 3,000 – 4,000 lots p.a. c.28,245 land lots • Elliot Springs • Springfield Lakes • Yarrabilba • Shoreline N
Slide 68: Capital efficient business model
Lendlease HY21 Financial Results 37 $1.6b of invested capital in land and infrastructure controls $109.5b development pipeline Capital HY21 development invested capital HY21 development pipeline – land payment structure efficient Production Land and Infrastructure Land management Upfront payment² St
Slide 69: Investment partner funding model - example
Lendlease HY21 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
Slide 70: Construction Segment
Construction Segment Melbourne: Two Melbourne Quarter and East Tower – on Kulin Nation Country
Slide 71: Earnings drivers: Construction
Lendlease HY21 Financial Results 40 Earnings drivers EBITDA margin target Construction 2-3% Backlog $14.5b Australia Asia Europe Americas Revenue Revenue Revenue Revenue in the last in the last in the last in the last 6 months 6 months 6 months 6 months $1.4b $0.1b $0.4b $1.5b $8.2b Backlog realisat
Slide 72: Construction HY21
Lendlease HY21 Financial Results 41 Overview Performance HY20 HY21 Construction • Provides project management, design and construction services, Core business EBITDA mix % 17 22 predominantly in the commercial, residential, mixed use, defence and HY21 social infrastructure sectors EBITDA margin New
Slide 73: Construction
Lendlease HY21 Financial Results 42 EBITDA ($m) & EBITDA margin (%) Backlog ($b)2 Construction External Internal 2.3% 3.0% 15.7 15.2 15.6 13.9 14.5 2.7 101 104 11.8 HY20 HY21 FY17 FY18 FY19 FY20 HY21 HY21 backlog by client HY21 backlog by sector Lendlease Corporate Government Commercial Defence Soci
Slide 74: Construction backlog by region
Lendlease HY21 Financial Results 43 Group ($b)1 Australia ($b) External Internal Construction backlog by region 14.2 4.9 (3.9) (0.4) 14.5 7.5 2.3 (1.6) 8.2 13.9 6.7 1.4 2.5 3.3 2.7 1.8 1.4 11.7 Book to bill²: 1.4 11.8 Book to bill²: 1.6 6.8 10.6 5.3 5.7 HY20 FY20 New work Run-off³ FX & Other HY21 HY
Slide 75: Construction major new projects secured
Lendlease HY21 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 Tweed Heads Valley Hospital SA NSW MC D&C FY24 FY23 Defence Social Infrastructure secu
Slide 76: Investments Segment
Investments Segment Singapore: Paya Lebar Quarter
Slide 77: Earnings drivers: Investments
Lendlease HY21 Financial Results 46 Earnings drivers ROIC target 6-9%1 Investments Invested capital $3.6b Ownership Earnings Management Earnings Capital intensive activities Capital light activites Co-investment Retirement Funds Commercial asset Residential asset positions in Other Living management
Slide 78: Investments HY21
Lendlease HY21 Financial Results 47 Overview Performance1 HY20 HY21 Investments • Owns and/or manages investments including a leading investment Core operating business EBITDA mix % 37 26 management platform and the Group’s ownership interests in HY21 residential, office, retail, industrial, retirem
Slide 79: Investments earnings / ownership
Lendlease HY21 Financial Results 48 Investments Operating EBITDA1 Investments Operating EBITDA by activity ($m) Investments HY20 HY21 earnings / ownership 224 121 120 104 71 50 HY20 HY21 Ownership¹ Management² Investments3 by sector ($b) FUM/AUM ($b) Residential Office Retail Industrial Retirement O
Slide 80: Funds Under Management (FUM)
Lendlease HY21 Financial Results 49 FUM ($b) Funds Under CAGR² of 11.2% Management1 35.2 36.0 37.9 (FUM) 26.1 30.1 FY17 FY18 FY19 FY20 HY21 HY21 FUM by sector HY21 FUM by region Office Retail Residential Industrial Other Australia Asia Europe Americas 4% 2% 3% 4% 5% 22% 35% $37.9b 54% $37.9b 1. The
Slide 81: Assets Under Management (AUM)
Lendlease HY21 Financial Results 50 AUM2 ($b) Assets Under Management1 (AUM) 28.7 29.3 27.6 12.2 12.7 FY17 FY18 FY19 FY20 HY21 HY21 AUM by sector HY21 AUM by region Residential Retail Office Australia Asia Europe Americas 11% 24% 46% 46% 1. The Group’s assessment of market $27.6b $27.6b value. 2. Mi
Slide 82: FUM by region
Lendlease HY21 Financial Results 51 FUM1 by Group ($b) region 3.5 (0.1) (0.2) (1.3) 36.9 37.9 36.0 HY20 FY20 Additions Divest- Revaluations FX and HY21 ments Other By region ($b) FY20 Addition Divestment Revaluation FX and Other HY21 Australia 24.7 2.8 (0.1) (0.1) (0.6) 26.7 Asia 8.7 0.1 - - (0.6) 8
Slide 83: Major fund summary
Lendlease HY21 Financial Results 52 Major fund summary1 HY21 funds management platform Weighted Total assets Gearing Co-investment Region Sector # of assets Occupancy avg. cap rate $b % % $m # % % Australian Prime Property Fund Commercial 5.7 10.4 8.1 374 Aus Office 19 95.9 4.7 Lendlease Internation
Slide 84: AUM by product
Lendlease HY21 Financial Results 53 AUM1 by Group ($b) product 29.7 29.3 0.6 (0.1) (0.3) (1.9) 27.6 HY20 FY20 Additions Divest- Revaluations FX and HY21 ments Other By product ($b) FY20 Addition Divestment Revaluation FX and Other HY21 Commercial 15.1 0.6 (0.1) (0.2) (0.5) 14.9 Residential 14.2 - -
Slide 85: Retirement Living
Lendlease HY21 Financial Results 54 Retirement Value drivers1 HY20 HY21 Living Ownership 2 Equity investment % $b 75 1.4 75 1.4 Queensland Long term growth rate % 3.5 3.5 13 villages Discount rate % 12.3 12.4 2,940 units Average length of stay – ILUs years 11 11 Number of established units no. 12,82
Slide 86: Important notice
Lendlease HY21 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