Slide 1: 1H16 Stockland Results Annexure
1H16 Stockland Results Annexure For personal use only Wetherill Park, NSW
Slide 2: Contents
Contents For personal use only Section Page Number About Stockland 3 Research 10 Group Finance 24 Commercial Property 39 Residential 59 Retirement Living 70 Stockland 1H16 Results Presentation 2
Slide 3: About Stockland
About Stockland For personal use only Cloverton, Vic
Slide 4: Our strategy for success
Our strategy for success For personal use only Stockland 1H16 Results Presentation 4
Slide 5: Stockland Quick Facts
Stockland Quick Facts For personal use only TRUST CORPORATION Logistics & Retail Business Parks Office Residential Retirement Living 51% of SGP portfolio 14% of SGP portfolio 6% of SGP portfolio 20% of SGP portfolio 9% of SGP portfolio Artist’s impression Artist’s impression Stockland Gladstone, Qld
Slide 6: We are well positioned with a diverse portfolio
We are well positioned with a diverse portfolio1,2,3 For personal use only All states CP Resi RL Total Qld CP Resi RL Total Number of properties/projects 79 64 79 222 Number of properties/projects 20 27 11 58 Book Value $9.4b $2.6b $1.3b $13.3b Book Value $2.0b $0.9b $0.1b $3.0b SGP Portfolio (%) 71
Slide 7: Key Residential projects – significant scale, key population growth areas (Brisbane, Sydney)
Key Residential projects – significant scale, located in key population growth areas For personal use only BRISBANE SYDNEY Pop Growth 2014 - 18 GrowthRate Below 0% 0.01% to 1% 1.01% to 2% 2.01% to 3% 3.01% to 4% 4.01% to 5% Above 5% ! Residential Stockland 1H16 Results Presentation 7
Slide 8: Key Residential projects – significant scale, key population growth areas (Perth, Melbourne)
Key Residential projects – significant scale, located in key population growth areas For personal use only PERTH MELBOURNE Pop Growth 2014 - 18 GrowthRate Below 0% 0.01% to 1% 1.01% to 2% 2.01% to 3% 3.01% to 4% 4.01% to 5% Above 5% ! Residential Stockland 1H16 Results Presentation 8
Slide 9: Retirement Living – Strong demand drivers
Retirement Living – Strong demand drivers For personal use only 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 B
Slide 10: Research
Artist impression Research For personal use only Arve, Vic
Slide 11: Contribution to Australia's GDP by industry
Contribution to Australia’s GDP by industry(%) For personal use only Industry contribution to GDP1 (%) Mining Financial services Ownership of dwellings Construction Health care Professional services Manufacturing Public admin Education Retail trade Wholesale trade Transportation Info media & telco T
Slide 12: Accommodative monetary policy and labour market recovery in NSW and Vic
Accommodative monetary policy and labour market recovery in NSW and Vic For personal use only Historical and implied forward RBA cash rates1 Labour market variable across Australia2 Seek Job Ads (Annual % change in number of ads) 8.0% 100.0% 7.0% 80.0% 60.0% 6.0% 40.0% 5.0% 20.0% NSW 4.0% Vic 0.0% Q
Slide 13: Australia: Retail Drivers
Australia: Retail Drivers For personal use only 30.0% Growth in online retail spend1 is declining 7.0% Bricks and Mortar vs online retail sales1 (as at Dec 2015) 25.0% 6.0% $23.7b 5.0% 20.0% Online retail sales (7%) 4.0% 15.0% $314.5b Bricks 3.0% and Mortar 10.0% (93%) retail sales 2.0% 5.0% 1.0% On
Slide 14: Dwelling commencements have not kept pace with population growth
Dwelling commencements have not kept pace with population growth For personal use only Dwelling commencements and population growth converging AUS population growth – Annual2 since 20131 500 30 500,000 2.5% Thousands 450 450,000 25 Total 400 400,000 Growth (%) 2.0% 350 350,000 Population 20 (LHS) 30
Slide 15: Interstate migration reflected in building activity
Interstate migration reflected in building activity For personal use only Net overseas migration slowing in Qld and WA1 to pre Interstate migration reflecting economic strength1 of NSW and Vic commodity boom levels 120 50,000 Annual Rolling Sum (‘000s) Annual Rolling Sum (‘000s) 40,000 100 30,000 80
Slide 16: Vacant land sales moderating from peaks
Vacant land sales moderating from peaks For personal use only Sydney vacant land sales down 7.6% in 1H16 Outlook remains robust 3500 Annual median land prices ($/sqm) rose Quarterly Sales 3000 46% in 2015 2500 Sales have pulled back in the December 2000 quarter as affordability declines 1500 S
Slide 17: Vacant land sales slowing in SEQ and Perth
Vacant land sales slowing in SEQ and Perth For personal use only Annual SEQ vacant land sales down from peak in 2014 Prices proving more robust 3500 Median lot price ($/sqm) up 12% annually Quarterly Sales 3000 Sales down 8.2% in the half 2500 2000 Stock on hand levels are steady 1500 1000 500
Slide 18: National house building approvals at around trend
National house building approvals at around trend For personal use only NSW market back to long run averages due to recent strength Vic market above long term averages and in uptrend 4,000 4,000 3,000 3,000 2,000 2,000 +20.6% above 7.7% long term 1,000 above 1,000 average long term average 0 0 1985
Slide 19: Apartments approvals coming off historical highs across all markets
Apartments approvals coming off historical highs across all markets For personal use only NSW apartment approvals Vic apartment approvals 4,000 4,000 3,000 3,000 2,000 2,000 +144% above long term 1,000 +103% 1,000 average Above long term average 0 0 1985 1989 1993 1997 2001 2005 2009 2013 1985 1989
Slide 20: Price growth moderating but markets still strong
Price growth moderating but markets still strong For personal use only Capital city house price growth moderating in most states1 Rental vacancy rising sharply in Perth2 Rolling Annual Growth(%) 50% 5% 40% Perth 4% Balanced 30% Market Brisbane 3% 20% Melbourne Sydney 2% Sydney 10% Melbourne Brisbane
Slide 21: Strong fundamentals underpinning market
Strong fundamentals underpinning market For personal use only Pent up dwelling demand1 -40 Annual Rolling Sum (‘000s) -20 Oversupply 0 20 Undersupply 40 60 Vic 80 WA 100 120 NSW Qld 140 1984 1988 1992 1996 2000 2004 2008 2012 2016 1. ANZ Economics Stockland 1H16 Results Presentation 21
Slide 22: Residential rental vacancy rates still tight in Sydney
Residential1 rental vacancy rates still tight in Sydney, trending up in other markets 2,3 For personal use only Sydney Melbourne $550 3.5% $400 Vacancy Rates 3.5% $390 Median Rent Median Rent 3.0% 3.0% $500 Vacancy Rates $380 2.5% $370 2.5% $450 2.0% $360 2.0% $350 $400 1.5% $340 1.5% 1.0% $330 1.0%
Slide 23: Affordability declining as prices rise
Affordability declining as prices rise For personal use only Mortgage repayments as a percentage of household income Household income growth rising in NSW and Vic, declining in Qld moderating in Sydney and Melbourne as house price growth eases1 and WA2 60% 20% Disposable Income Growth (%) 50% 15% 40
Slide 24: Group Finance – Annexure
Group Finance – Annexure For personal use only Stockland Baulkham Hills, NSW
Slide 25: Profit summary
Profit summary For personal use only $m 1H16 1H15 Residential Communities EBIT (before interest in COGS) 157 128 Commercial Property EBIT 264 255 Retirement Living EBIT 20 19 Other EBIT (investments & non-core operations)1 - 4 Unallocated corporate overheads (27) (24) Group EBIT (before interest in
Slide 26: Lower net interest gap
Lower net interest gap For personal use only Interest expense - $m 1H16 1H15 Reduced interest expensed to P&L Interest Deferred Total Interest Deferred Total Driven by lower volumes at impaired Interest Interest Residential projects which generally carry Interest income (3) - (3) (4) - (4) larger
Slide 27: Strategic mix
Strategic mix For personal use only Assets Assets Operating Profit Operating Profit 31 December 2015 31 December 2014 1H16 1H15 Recurring Commercial Property 71% 71% 74% 81% Retirement Living 7% 7% 5% 5% Unallocated corporate overheads - - (3%) (3%) Total recurring 78% 78% 76% 83% Trading Residentia
Slide 28: Return on Assets, Return on Equity
Return on Assets, Return on Equity For personal use only CY15 CY14 Cash Avg. Cash Cash Avg. Cash Return Invested Return Invested ($m) ($b) Return (%) ($m) ($b) Return (%) Commentary Retail 380 4.6 8.2% 363 4.3 8.4% Development spend on Wetherill Park, Point Cook and Baldivis in the current period, a
Slide 29: Reconciliation between Return on Equity table values and accounting results
Reconciliation between Return on Equity table values and accounting results For personal use only Reconciliation of group return in ROE calculation to Reconciliation of capital employed in ROE calculation Underlying Profit to statutory net assets Average Average $m CY15 CY14 $b for CY15 for CY14 Cas
Slide 30: Stockland Return on Equity methodology
Stockland Return on Equity methodology For personal use only Numerator (Cash Return) Denominator (Average Cash Invested) Residential EBIT (including cash loss realised Net Funds Employed (NFE) (excluding accrued capitalised interest and (incl. MD, Apts) on impaired projects) impairment provision) av
Slide 31: Cost management
Cost management For personal use only Diligent cost management practices $m 1H16 1H15 remain embedded across the Group Commercial Property1 8 9 Residential overheads lower as % revenue (1H16: 10.9%; 1H15: Residential 72 65 11.5%) Retirement Living2 16 16 Increase in Residential overheads drive
Slide 32: Long dated, diverse debt
Long dated, diverse debt For personal use only Long-dated drawn debt maturity profile (WADM 5.7 years)1 Diverse debt sources – Committed Facilities $m EMTNs, Bank 700 $550m, debt1, EMTNs 13% $920m, DMTNs 22% 600 USPP US Private DMTNs, Aus. Bank Debt Placement, $710m, $1,997m, 48% 17% 500 400 Cost of
Slide 33: Fixed debt / hedge profile
Fixed debt / hedge profile For personal use only Historical high fixed hedge rates reduced in future years to positively impact the Group’s WACD 4.0 6.0% Billions 3.5 5.6% 5.3% 5.5% 3.0 5.0% 2.5 5.0% 4.8% 4.7% Hedge Rate 2.0 FY15 4.5% 4.5% 1.5 4.3% 1.0 Hedged Debt 3.9% 3.8% Hedge Rate 4.0% 3.7% 0.5
Slide 34: Debt summary
Debt summary For personal use only Facility Facility limit ($m)1 Amount drawn ($m)1,2 Debt Capital Markets Bank Debt 920 130 A$64m and A$100m USPP was repaid in Commercial Paper - - July 2015 and October 2015 respectively Domestic Medium Term Notes 710 710 USPP 1,997 1,997 A$151m EMTN notes were
Slide 35: Debt summary (continued)
Debt summary (continued) For personal use only Facility Issued debt ($m)1 Facility maturity Facility Issued Debt ($m) Facility maturity Domestic Medium Term Note Facility (MTN) - USPP 62 Jul-16 - USPP 27 Oct-16 - MTN 150 Jul 2016 - USPP 188 Jun-17 - MTN 150 Sep 2019 - USPP 61 Oct-17 - USPP 250 Jun-1
Slide 36: Covenant calculations
Covenant calculations For personal use only Gearing All lenders have consistent covenants Statutory Covenant As at 31 December 2015 Balance Balance Total liabilities/total tangible assets (TL/TTA): less than 45% $m Sheet Adjustments Sheet no adjustment made for cash held Assets Interest cover: m
Slide 37: Balance sheet summary
Balance sheet summary For personal use only $m 31 December 2015 30 June 2015 Cash 279 170 Real estate related assets Commercial Property 9,362 8,942 Residential 2,603 2,552 Retirement Living 1,185 1,137 Other - 7 Retirement Living Gross-Up 2,303 2,198 Intangibles 97 98 Other financial assets 474 368
Slide 38: Stockland Corporation income tax reconciliation
Stockland Corporation income tax reconciliation For personal use only $m 1H16 1H15 Underlying Statutory Profit Underlying Statutory Profit Profit Profit Net profit before tax 315 711 281 483 Less: Trust profit and Intergroup eliminations (310) (663) (306) (418) Corporation profit/(loss) before tax B
Slide 39: Commercial Property – Annexure
Commercial Property – Annexure For personal use only Wetherill Park, NSW
Slide 40: Portfolio weightings and valuation movements
Portfolio weightings and valuation movements For personal use only Commercial Property assets: $9.2b1 Retail: $6.6b Logistics and Business Parks: $1.8b Office: $0.8b 42 properties 25 properties 9 properties 1,025,024 sqm gross lettable area2 1,258,011 sqm gross lettable area2,3 153,880 sqm net letta
Slide 41: Commercial Property Funds From Operations
Commercial Property Funds From Operations For personal use only Logistics and Net Retail Business Parks Office Overhead Costs Total $m 1H16 1H15 1H16 1H15 1H16 1H15 1H16 1H15 1H16 1H15 Operating EBIT 183 174 60 57 29 33 (8) (9) 264 255 Adjust for: Amortisation of fit out 16 16 3 2 4 4 - - 23 22 ince
Slide 42: Stockland portfolio: Trend in cap rates over time
Stockland portfolio: Trend in cap rates over time For personal use only Retail 9.0% 8.0% 7.3% 7.4% 7.2% 7.1% 7.0% 6.8% 7.0% 6.3% 6.5% 6.1% 6.0% 2008 2009 2010 2011 2012 2013 2014 2015 1H16 Logistics and Business Parks 9.0% 8.4% 8.4% 8.3% 8.4% 8.5% 8.3% 8.0% 8.0% 7.5% 7.4% 7.0% 6.0% 2008 2009 2010 20
Slide 43: Stockland Retail portfolio capitalisation rates
Stockland Retail portfolio capitalisation rates For personal use only As at 30 June 2006 % allocation As at 31 December 2015 % allocation Regional 14% Regional 45% Sub-Regional 78% Sub-Regional 44% Neighbourhood and Other 8% Neighbourhood and Other 11% 8.0% 8.0% Retail Portfolio 7.5% Neighbourhood 7
Slide 44: Commercial Property revaluation and book value update
Commercial Property revaluation and book value update For personal use only Commercial Property book values: $9.2b1 83% of all investment property ($b) assets were independently valued at 31 December 2015, 0.4 (0.3) resulting in 5.2% uplift of those assets revalued 0.3 Retail, L&BP and Office 9.
Slide 45: Retail performance
Retail performance For personal use only Retail NOI movements between 1H15 and 1H16 ($m) Key metrics 1H16 1H15 Occupancy 99.5% 99.5% 4 (3) Specialty occupancy costs2 14.6% 14.2% Regional 16.3% 15.6% 7 Large sub-regional 13.8% 14.1% Small sub-regional 13.6% 14.0% 1 183 Neighbourhood centres 13.0% 13.
Slide 46: Stockland retail sales growth: Comparable centres
Stockland retail sales growth: Comparable centres For personal use only 6.0% 1H16 5.0% 6.0% 5.5% FY15 4.5% 4.0% 5.0% 2.9% 2.9% 3.0% 2.6% 2.5% 2.5% 2.4% 2.7% 4.0% 3.0% 3.0% 1H15 2.0% 2.0% 1.2% 0.9% 1.0% 1.0% 0.0% 0.0% Total Moving Annual Turnover (MAT) growth 12 Month comparable growth 6 Month compar
Slide 47: Retail: Productive centres and diverse income base
Retail: Productive centres and diverse income base For personal use only Specialty MAT/sqm, centres with development potential Strong diversity in rental income $14,262 Gross rent: Total portfolio Stockland average1: $12,829 $12,692 $9,042/sqm $12,381 Department Stores Urbis average2: $8,207sqm Othe
Slide 48: Retail: Significant development pipeline driving growth and returns
Retail: Significant development pipeline driving growth and returns For personal use only Neighbourhood Sub regional Regional Major regional Mixed Use2/CBD Baldivis Stage 2 * Completed Glasshouse Target returns Point Cook - Woolworths Wetherill Park 11% -14% incremental Under Harrisdale stage 1 * IR
Slide 49: Retail development pipeline
Retail development pipeline For personal use only Completion Est. total Cost incremental Spent to Est. Cost to Est. fully Total Specialty Est. Est. total cost Date Complete Value leased year income income Incremental return4 ($m) ($m) ($m) Date ($m) one yield1 leased leased2 3 Return (%) (%) Complet
Slide 50: Logistics & Business Parks performance
Logistics & Business Parks performance For personal use only Occupancy and lease Logistics & Business Parks NOI movements Portfolio concentrated in large quality assets expiry – by income 1H16 1H15 between 1H15 and 1H16 ($m) Logistics and Business Parks assets by book 1 value Occupancy 94.6% 95.6% 2
Slide 51: L&BP: Growing & activating the development pipeline
L&BP: Growing & activating the development pipeline For personal use only Development type Greenfield Brownfield Active Development Planning Underway Future Wave Ingleburn (Stage 1) Ingleburn (Stage 2 & 3) Target returns Yennora (Bld 3 & 8A) 11% - 14% IRR Yennora (Bld 1 & 2) (Greenfield) 7% - 8% inc
Slide 52: L&BP development pipeline
L&BP development pipeline For personal use only Est. Completion Est. fully Est. total Cost Spent Cost to leased Total Est. Est. Development incremental to Date Complete Value year one income Incremental total Type cost ($m) ($m) ($m) Date ($m) yield3 leased Return4 return5 1 Under construction Oakle
Slide 53: Office performance
Office performance For personal use only Occupancy and lease Office NOI movements between Portfolio concentrated in large quality assets expiry – by income 1H16 1H15 1H15 and 1H16 ($m) Office assets by book value Occupancy 95.4% 94.3% (7) 3 $0.1b WALE 4.1 yrs 4.5 yrs 33 ~$0.8b 29 A grade 1H15 NOI NO
Slide 54: Logistics & Business Parks and Office: Tenancy retention and new leasing metrics
Logistics & Business Parks and Office: Tenancy retention and new leasing metrics For personal use only Total leased1 Retention1 New leases1 Weighted Weighted Weighted Weighted average Weighted average base Weighted Logistics & GLA leased average base average Retention base rent average New leases re
Slide 55: Asset values: Retail
Asset values: Retail For personal use only Book 1H16 Val. 1H16 Book 1H16 Val. 1H16 1H16 value Incr/(decr) FFO 1H16 value Incr/(decr) FFO NOI Retail portfolio ($m) ($m)1 Change Cap rate ($m) NOI ($m)2 Retail portfolio ($m) ($m)1 Change Cap rate ($m) ($m)2 Stockland Shellharbour 700.0 5.7 0.8% 5.75% 1
Slide 56: Asset values: Logistics & Business Park and Office
Asset values: Logistics & Business Park and Office 1H16 Val. Book 1H16 Val. 1H16 1H16 For personal use only Logistics & Business Parks Book value Incr/(decr) 1H16 FFO 1H16 value Incr/(decr) FFO NOI portfolio ($m) ($m)1 Change Cap rate ($m) NOI ($m)2 Office portfolio ($m) ($m)1 Change Cap rate ($m) (
Slide 57: Top tenants by income
Top 20 tenants by income Retail Portfolio Logistics & Business Parks Portfolio Office Portfolio For personal use only Rank Tenant % Portfolio Tenant % Portfolio Tenant % Portfolio 1 Woolworths 12.8% Optus 10.8% Jacobs Group 9.4% 2 Wesfarmers 11.7% Toll 7.1% Shell Australia Pty Ltd 8.8% 3 Prouds Jewe
Slide 58: Commercial Property asset acquisitions and disposals
Commercial Property asset acquisitions and disposals For personal use only Property Acquired Asset Class Type Acquisition Date Acquisition Value1 ($m) 23 Wonderland Drive, NSW L&BP Income producing Sep 2015 34.0 Total Asset Acquisitions 34.0 Property Disposed Asset Class Type Settlement Date Disposa
Slide 59: Residential – Annexure
Residential – Annexure For personal use only Willowdale, NSW
Slide 60: Development Pipeline – major active projects
Development Pipeline – major active projects Excludes medium density For personal use only State Approximate lot Approx remaining Anticipated Settlements State Project percentage sales per annum1 project lots FY16 FY17 FY18 FY19 FY20+ Qld North Shore 170 3,770 Aura (Caloundra South) 300 19,9902 Pall
Slide 61: Seven projects with first settlements in next two years
Seven projects with first settlements in next two years For personal use only Timing of first Approximate total Approximate life Project settlements lots in project of project Vic The Grove 2H16 2,540 13 yrs Cloverton 2H16 10,880 36 yrs Arve (Ivanhoe) FY17 80# 1 yr Qld Pallara FY17 710 6 yrs Newport
Slide 62: Projects completing prior to FY18
Projects completing prior to FY18 For personal use only Timing of final Lots remaining to sell Project settlements Approximate total lots (as at 31 Dec 2015) NSW Murrays Beach 2H16 480 183 Glenmore Ridge FY17 520 5 Brooks Reach FY17 590 152 WA Baldivis Town Centre 2H16 160 4 Qld The Observatory FY17
Slide 63: Price per sqm
Price per sqm For personal use only Retail sales price1 1H16 Settlements 1H15 Settlements Av. size per Av. Price per Av. size per Av. Price per State No. lots lot sqm lot $k $/sqm No. lots lot sqm lot $k $/sqm NSW 500 430 343 799 172 484 241 499 Qld 732 450 234 520 922 421 222 528 Vic 789 364 195 53
Slide 64: Impairment provision utilisation
Impairment provision utilisation For personal use only Impairment Residential Apartments Total provision balance Final 31 December 2015 Communities ($m) ($m) ($m) 31 December 2015 ($m) settlement Increase in impairment - - - Projects to be developed $163m ~13 yrs Disposal of undeveloped sites $133m
Slide 65: Lots settled by location in 1H16
Lots settled by location in 1H16 For personal use only 3000 2,771 2,747 178 2500 509 NSW 2000 954 751 Qld 1500 688 792 Vic 1000 500 WA 927 719 0 1H16 Settled 1H15 Settled Stockland 1H16 Results Presentation 65
Slide 66: Net deposits by quarter
Net deposits by quarter For personal use only Net deposits stable 1,779 1,712 1,652 1,642 1,581 1,500 1,557 470 1,427 475 399 445 Retail 281 452 452 Investors 351 398 474 452 454 442 364 428 401 Upgraders 821 835 801 755 783 728 First Home 712 677 Buyers 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 NSW a
Slide 67: Leads and enquiry levels
Leads and enquiry levels For personal use only Lead volumes increased mainly in Vic and Qld, slowing in WA First Home Buyers remain active Composition of Stockland new leads 6,000 5,000 75% 4,000 54% 50% 45% 49% 46% 46% 47% 3,000 50% 45% 47% 42% First home buyers 2,000 43% 44% 30% 33% 32% 1,000 36%
Slide 68: Providing affordable product
Providing affordable product For personal use only Stockland projects providing affordable product1 Smallest lot in each state sold in 1H16 Proportion of sub $200k lots sold 40% Lot size 1H16 Market (sqm) Stockland average lot size: 399 sqm 1H16 Stockland 28% 27% 280 sqm 22% 20% 17% 118 sqm 188sqm 1
Slide 69: Residential acquisitions
Residential acquisitions For personal use only Property Acquired Type Acquisition Acquisition Value Approximate First settlements Date ($m) number of lots expected Mickleham, Vic Masterplanned Aug 2015 Not disclosed 910 FY21 Community Mount Ridley - Craigieburn, Vic Masterplanned Aug 2015 Not disclo
Slide 70: Retirement Living – Annexure
Retirement Living – Annexure For personal use only Cardinal Freeman, NSW
Slide 71: Established portfolio and development pipeline
Established portfolio and development pipeline For personal use only Portfolio Statistics 1H16 FY15 Net Funds Employed Established villages 69 69 $1,261m $1,213m Established units 9,462 9,343 76 76 Established unit settlements 317 663 Goodwill 147 Revaluation 139 Units removed for redevelopment/alte
Slide 72: Development pipeline breakup
Development pipeline breakup For personal use only Geographically diverse development pipeline Development pipeline 1H16 Development villages 22 Total development pipeline units 3,045 SA Greenfield pipeline units 2,350 WA 6% Village extension pipeline units 695 10% NSW 27% Estimated end value $1.9b
Slide 73: Strong project pipeline forecast
Strong project pipeline forecast Construction Timeframe Future Settlements FY16 FY17 FY18 FY19 FY20+ For personal use only Completed (FY16) Macarthur Gardens, NSW Somerton Park, SA Golden Ponds, NSW Fig Tree, Qld North Lakes, Qld Sub-total 30 Current Development Arilla, Vic Projects Selandra Rise, V
Slide 74: Important Notice
For personal use only Important Notice Stockland Corporation Limited ACN 000 181 733 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 int