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					Retail Portfolio as at 31 December 2010


PROPERTY                                               STATE

Stockland Rockhampton                                  QLD
Stockland Wetherill Park                               NSW
Stockland Shellharbour                                 NSW
Stockland Merrylands                                   NSW
Stockland Green Hills                                  NSW
Stockland Glendale                                     NSW
Stockland Cairns                                       QLD
Stockland Townsville                                   QLD
Stockland Bay Village                                  NSW
Stockland Burleigh Heads                               QLD
Stockland The Pines                                    VIC
Stockland Forster*                                     NSW
Stockland Jesmond                                      NSW
Stockland Balgowlah                                    NSW
Stockland Baulkham Hills                               NSW
Stockland Caloundra/Stockland South                    QLD
Stockland Wendouree                                    VIC
Stockland Gladstone                                    QLD
Stockland Bull Creek                                   WA
Stockland Nowra                                        NSW
Stockland Traralgon                                    VIC
Stockland Cleveland                                    QLD
Stockland Bathurst                                     NSW
Stockland Corrimal                                     NSW
Stockland Piccadilly                                   NSW
Stockland Wallsend                                     NSW
Stockland Tooronga                                     VIC
Stockland Rivertonˆ                                    WA
Shellharbour Retail Park                               NSW
Glasshouse - 135 King Street, Sydney^                  NSW
Stockland Baldivis                                     WA
Stockland Cammeray                                     NSW
Stockland Lilydale                                     VIC
Jimboomba Village Shopping Centreˆ                     QLD
Stockland Burleigh Central                             QLD
Adelaide St Plaza, Fremantle                           WA
Woolworths Toowong                                     QLD
Stockland Vincentia Shopping Centre                    NSW
Stockland Merrylands Court                             NSW




* Excludes adjacent land holdings
^ Book value represents Stockland's 50% ownership
n.b. Stockland Glenrose - Capital works in progress and sundry properties
Description of Project                                  Location:                 Acquisition date:

                                                            Rockhampton              Jun has
Rockhampton is a key regional city 700km north of Brisbane. Stockland Rockhampton2003recently been redeveloped and is an
                                                            Western Sydney           Aug the south-west of Sydney. The 12 hectar
Stockland Wetherill Park is a highly productive sub-regional shopping centre located in1983
                                                            Shellharbour             Jun 2003
Stockland Shellharbour is a sub-regional centre located on the south coast of NSW. With a Coles supermarket, Kmart, Target, H
                                                            Merrylands               Sep 1982
Located in the CBD of Merrylands, the centre is constructed over two levels on a 6.4 hectare site. Stages 1, 2A and 2B of the re
                                                            Coles supermarket, Big W department store, food court and 90 specia
This strong performing centre houses a Woolworths andEast Maitland                   Dec 2000
                                                            concepts                 Mar 1996
Stockland Glendale was the first of the true super centre Newcastlecombining retail, leisure and entertainment on a 19.6 hectare
                                                            Cairns                   an 1992
Located on the main southern arterial road accessing Cairns, the centre occupies Jun11.1 hectare site and has two discount dep
                                                            Townsville               Jun 1987
Located in the geographic centre of Townsville, the centre is host to over 120 stores including major retailers such as Big W, Wo
                                                            Bateau Bay                based offering. Tenants include three superm
Stockland Bay Village is located on the NSW central coast and has a convenienceOct 2000
                                                            Burleigh Heads           Aug 2003
Stockland Burleigh Heads is a fully enclosed, single level, sub-regional shopping centre located on the Gold Coast, approximate
                                                                                     Nov areas.
Stockland The Pines is well located in one of Melbourne‟s strong socio-economic trade2004 The retail mix includes Coles, AL
                                                            Doncaster East
Stockland Forster is located on the mid north coast of NSW and consists of a Coles, ALDI, Kmart, Target Country, and a recent
                                                            Forster                  Jul 2003/May 2010
                                                            Newcastle                Feb 1984
Located in the suburb of Jesmond, Newcastle, the centre is constructed on approximately 4.65 hectares and is anchored by a re
                                                                                     Village‟, a mixed-use
Located in the northern suburbs of Sydney, the centre occupies 13,000m² of „The Jun 2009/Nov 2009 development with 240 ap
                                                            Balgowlah
                                                                                     Sep CBD
Stockland Baulkham Hills is located in the Hills district, 30km north-west of the Sydney1982 close to the M2 motorway. The cen
                                                            Baulkham Hills
                                                            Caloundra                Jun 2003/Dec 2009
Caloundra is located within the southern part of the Sunshine Coast in a population growth corridor. Stockland Caloundra includ
                                                            Wendouree                 shopping
Located in the historic city of Ballarat, 110km west of Melbourne, this sub-regionalJun 2003 centre accommodates 78 speciality
                                                            Gladstone                 centre in
Situated on the Dawson Highway, Stockland Gladstone is the only major shoppingOct 2000 Gladstone, a thriving regional locati
                                                             located 15km south of the Perth CBD. The centre is anchored by a Wo
Stockland Bull Creek is a single level sub-regional centreBull Creek                 Jun 2003
                                                            Nowra                    Jun 2003
Stockland Nowra is a sub regional centre conveniently located on the Princes Highway, a major arterial road, approximately 160
                                                            Traralgon                Jun 2003
Stockland Traralgon is located in the region of the LaTrobe Valley in Victoria, 160km east of Melbourne. The retail offer includes
                                                            CBD, Stockland Cleveland is 2002
Located approximately 25km south-east of the Brisbane Cleveland                      Oct a successful example of an integrated tow
                                                            Bathurst                 Jun 2003
Stockland Bathurst is located in the CBD of Bathurst in the central-west of NSW. Stockland Bathurst includes the only two disco
                                                            by a Woolworths supermarket which is undergoing an upgrade adding
Stockland Corrimal is a neighbourhood centre anchored Corrimal                       Jun 2003
Stockland Piccadilly is a two level shopping centre located in Sydney‟s premier CBD retail precinct, 150 metres from Pitt Street m
                                                            Sydney CBD               Oct 2000
                                                            Wallsend                 Sep 2007
Stockland Wallsend is located approximately 10km north-west of the Newcastle CBD. The centre has a GLA of over 11,000m2
                                                            Tooronga                 Aug the Melbourne CBD. The centre provide
Stockland Tooronga opened on 12 August 2010 and is just kilometres south east from 2010
Stockland Riverton occupies a 6.3 hectare site on a major arterial road in Riverton, approximately 11km south east of Perth's CB
                                                            Riverton                 Aug 2006
Shellharbour Retail Park is located in close proximity to Stockland Shellharbour on New Lake Entrance Road. This successful re
                                                            Shellharbour             Jun 2003
                                                            Sydney CBD, NSW
                                                                                      City in one
Stockland Baldivis is a newly built shopping centre, located 8km from RockinghamAug 2006 of Western Australia‟s fastest gro
                                                            Baldivis
                                                             northern suburbs of Sydney, approximately 7km from the CBD. The ce
Stockland Cammeray is a 4,600m2 centre, located in theCammeray                       Dec 2008
                                                            Lilydale                 Sep 2007
Stockland Lilydale is located within the Shire of Yarra Ranges, approximately 35km north-east of the Melbourne CBD. The centr
                                                            Jimboomba                Jan 2007
Jimboomba Village Shopping Centre is located 50km south of Brisbane and was acquired in 2007. Stockland own a 50% interes
                                                            Stockland Burleigh Heads. The seven large format stores at Stockland
Stockland Burleigh Central is a strategic land holding for Burleigh Heads            Aug 2003
                                                            Fremantle                developed
Adelaide St Plaza is located in Fremantle, south of Perth. The centre was recentlyDec 2009 and is anchored by a Woolworths
                                                            Toowong                   Toowong
Woolworths Toowong is a freestanding supermarket located immediately oppositeOct 2000 Village Shopping Centre. This prop
                                                            air neighbourhood shopping centre of 4,159m2 GLA. The property is s
Vincentia Village Shopping Centre is a single level, open Vincentia                  Jan 2007
                                                            Merrylands               Dec Video
Merrylands Court is anchored by Harris Farm and includes retailers such as Contours, 2002 Ezy, Red Rooster and Subway. Th
                   Cost including   Last Independent
Ownership/title:                                     Valuation/($/m2):            Book Value ($m)
                   additions:       valuation:

100%/Freehold      $251.00          Dec 2010         $340.0 million ($6,079/m2)   $340.00
100%/Freehold      $111.20          Dec 2010         $328.6 million ($5,995/m2)   $328.60
100%/Freehold      $158.00          Dec 2009         $265.0 million ($6,744/m2)   $271.40
100%/Freehold      $214.40          Dec 2006         $151.0 million ($5,257/m2)   $265.10
100%/Freehold      $116.30          Dec 2009         $247.6 million ($7,462/m2)   $248.90
100%/Freehold      $86.00           Dec 2009         $227.6 million ($4,137/m2)   $228.30
100%/Freehold      $165.40          Dec 2010         $204.0 million ($4,119/m2)   $204.00
100%/Freehold      $102.20          Jun 2010         $200.0 million ($7,096/m2)   $200.10
100%/Freehold      $112.00          Dec 2010         $162.0 million ($5,604/m2)   $162.00
100%/Freehold      $115.60          Jun 2010         $137.0 million ($5,104/m2)   $137.20
100%/Freehold      $127.00          Jun 2010         $136.5 million ($5,573/m2)   $136.90
100%/Freehold      $113.20          Dec 2010         $129.0 million ($3,356/m2)   $129.00
100%/Freehold      $42.90           Dec 2010         $118.5 million ($5,690/m2)   $118.50
100%/Freehold      $135.20          Jun 2010         $113.0 million ($8,790/m2)   $112.80
100%/Freehold      $85.10           Dec 2010         $106.0 million ($6,013/m2)   $106.00
100%/Freehold      $69.60           Dec 2010         $98.8 million ($4,823/m2*)   $98.80
100%/Freehold      $64.90           Dec 2009         $98.0 million ($3,872/m2)    $98.20
100%/Freehold      $60.70           Dec 2009         $93.0 million ($3,402/m2)    $96.00
100%/Freehold      $54.90           Dec 2009         $76.0 million ($4,540/m2)    $78.10
100%/Freehold      $61.80           Dec 2009         $76.3 million ($4,690/m2)    $77.30
100%/Freehold      $47.80           Dec 2010         $76.5 million ($3,941/m2)    $76.50
100%/Freehold      $69.70           Dec 2009         $75.5 million ($4,779/m2)    $76.40
100%/Freehold      $55.50           Dec 2009         $73.8 million ($3,834/m2)    $74.70
100%/Freehold      $39.30           Dec 2009         $59.2 million ($6,072/m2)    $59.70
100%/Leasehold     $35.30           Dec 2010         $53.0 million ($10,118/m2)   $53.00
100%/Freehold      $62.40           Dec 2010         $51.0 million ($4,382/m2)    $51.00
100%/Freehold      $44.50           Dec 2010         $47.8 million ($6,253/m2)    $47.80
50%/Freehold       $52.60           Jun 2010         $47.0 million ($4,749/m2*)   $47.00
100%/Freehold      $34.60           Dec 2009         $43.5 million ($1,964/m2)    $43.50
                   $24.50           Dec 2010         $41.0 million ($10,380/m2)   $41.00
100%/Freehold      $30.90           Dec 2009         $39.9 million ($6,141/m2)    $40.00
100%/Stratum       $54.80           Dec 2010         $29.8 million ($6,473/m2)    $29.80
100%/Freehold      $34.00           Dec 2009         $26.0 million ($2,971/m2)    $28.20
50%/Freehold       $25.20           Dec 2009         $17.5 million ($3,480/m2*)   $17.60
100%/Freehold      $15.10           Jun 2010         $15.0 million ($1,895/m2)    $15.00
100%/Leasehold     $17.80           Jun 2010         $13.3 million ($2,918/m2)    $13.40
100%/Freehold      $4.90            Dec 2010         $13.2 million ($5,802/m2)    $13.20
100%/Freehold      $15.10           Dec 2009         $11.0 million ($2,645/m2)    $11.00
100%/Freehold      $17.60           Dec 2009         $9.0 million ($1,485/m2)     $8.90
% of Retail   Capitalisation                Gross lettable Car       Annual sales June   Specialty
                             Discount rate:
portfolio     rate:                         area:          parking   2010:               occupancy cost:

8.10%         6.75%         9.25%          57,596         2,845      $318.80             N/A
7.90%         7.00%         9.00%          54,814         1,988      $268.80             16.30%
6.50%         7.00%         9.25%          39,293         2,343      $231.00             15.60%
6.30%         6.50%         8.50%          28,726         2,000      $133.30             N/A
5.90%         7.00%         9.25%          33,181         1,604      $321.00             13.00%
5.50%         7.00%         9.50%          55,012         2,338      $337.50             12.30%
4.90%         7.00%         9.50%          49,532         2,381      $264.20             12.60%
4.80%         7.75%         9.50%          28,186         1,000      $177.10             N/A
3.90%         8.00%         9.75%          28,907         1,269      $198.90             13.30%
3.30%         7.75%         9.50%          26,843         1,444      $175.10             15.30%
3.30%         7.50%         9.50%          24,491         1,400      $167.50             18.30%
3.10%         7.50%         9.50%          38,438         1,435      $188.80             11.90%
2.80%         7.75%         9.50%          20,826         Aug-02     $155.40             13.40%
2.70%         7.00%         8.75%          12,855         Nov-01     $121.90             17.60%
2.50%         7.50%         9.50%          17,629         May-02     $128.10             17.30%
2.40%         7.50%         9.41%          20,486         1,141      $170.50             11.00%
2.30%         7.75%         9.50%          25,311         1,276      $156.90             15.00%
2.30%         7.50%         9.50%          27,339         1,390      $165.70             12.60%
1.90%         7.75%         9.50%          16,741         Jul-02     $111.10             15.70%
1.80%         7.75%         9.25%          16,267         Apr-02     $137.80             11.90%
1.80%         7.75%         9.50%          19,410         Feb-02     $115.90             12.90%
1.80%         7.75%         9.50%          15,798         Dec-01     $130.20             13.10%
1.80%         8.00%         9.50%          19,251         Jun-01     $115.70             12.30%
1.40%         7.75%         9.25%          9,749          Jun-01     $97.90              17.00%
1.30%         7.25%         9.50%          5,238          N/A        $24.10              19.10%
1.20%         8.25%         9.75%          11,639         Aug-01     $79.00              11.30%
1.10%         7.25%         9.50%          7,644          May-01     N/A                 N/A
1.10%         7.50%         9.50%          19,794         1,200      $123.70             N/A
1.00%         8.25%         9.75%          22,145         Apr-02     $124.20             N/A
1.00%         7.00%         9.00%          3,950                     $14.20              N/A
1.00%         7.75%         9.50%          6,497          Jan-01     $59.70              10.60%
0.70%         7.50%         9.50%          4,604          Mar-00     $23.80              15.10%
0.70%         8.50%         9.75%          8,751          Jun-01     $63.60              10.10%
0.40%         8.25%         9.75%          10,058         Apr-01     $42.70              8.50%
0.40%         8.75%         10.00%         7,914          Sep-00     $4.10               N/A
0.30%         8.75%         9.75%          4,558          May-00     N/A                 N/A
0.30%         N/A           N/A            2,275          1,276      N/A                 N/A
0.30%         9.00%         10.00%         4,159          Jul-00     $44.50              N/A
0.20%         9.00%         10.00%         6,062          May-00     N/A                 N/A
Speciality   Weighted                                                 Major
                           Major tenant 1   Gla (m2)   Lease Expiry
sales per    average lease                                            tenant 2

N/A          7.50          Big W            8,211      Nov 2028       Kmart
$10,124      9.10          Big W            8,097      Jun 2025       Target
$9,602       3.30          Kmart            7,460      Nov 2017       Target
N/A          8.40          Kmart            7,159      Nov 2017       Target
$12,943      7.20          Big W            8,024      Sep 2022       Woolworths
$8,290       4.60          Target           8,522      Jul 2011       Kmart
$8,535       7.10          Big W            8,259      Jun 2024       Target
N/A          2.40          Big W            6,987      Apr 2015       Woolworths
$8,439       6.90          Kmart            7,587      Aug 2019       Coles
$7,203       7.30          Big W            6,673      Mar 2025       Woolworths
$7,171       6.00          Target           6,829      Jul 2012       Woolworths
$6,917       4.10          Kmart            5,838      Jan 2015       Coles
$9,004       9.70          Big W            7,944      Jun 2029       Woolworths
$6,228       10.80         Coles            4,464      Jun 2029
$5,831       8.30          Woolworths       3,855      Jul 2027       Coles
$10,661      6.70          Kmart            7,075      Mar 2012       Woolworths
$6,978       4.60          Kmart            7,831      May 2013       Safeway
$10,075      3.00          Big W            6,828      Aug 2016       Kmart
$7,698       5.00          Target           8,131      Jul 2018       Woolworths
$9,897       4.60          Kmart            7,190      Nov 2013       Woolworths
$7,373       2.20          Kmart            8,107      Nov 2012       Coles
$7,194       4.00          Woolworths       4,031      Aug 2014       Coles
$8,645       5.20          Big W            6,150      Mar 2015       Target
$6,617       11.40         Woolworths       5,974      Jan 2027
$8,685       4.50          N/A
$7,620       3.40          Coles            4,185      Oct 2012       ALDI
N/A          11.40         Coles            3,998      Aug 2025
N/A          2.30          Big W            7,294      Sep 2011       Woolworths
N/A          3.80          Bunnings         7,762      Feb 2013       Woolworths
N/A
$7,838       9.70          Coles            3,205      May 2027
$7,053       7.20          Harris Farm      Dec-01     Oct 2023
$5,661       5.10          Safeway          3,442      Jan 2020
$6,616       5.40          Woolworths       3,716      Dec 2017
NA           2.00          Spotlight        2,700      Jan 2013       Sam's Warehouse
N/A          11.50         Woolworths       2,529      Jun 2028
N/A          0.10          Woolworths       2,275      Holding over
$4,078       2.20          BI-LO            1,973      Mar 2014
N/A          1.80          Harris Farm      1,214      Dec 2014
Lease expiry profile
           Lease       Major tenant              Lease      Major                 Lease      Major
Gla (m2)                              Gla (m2)                         Gla (m2)
           Expiry      3                         Expiry     tenant 4              Expiry     tenant 5

5,999      Aug 2024    Woolworths     4,223      Aug 2015   Coles      3,642      Aug 2024   Birch and Carrol & Coyle Cinem
7,020      Jul 2018    Hoyts          4,613      Nov 2023   Woolworths 4,346      Jun 2021   Franklins
7,170      Jul 2015    Coles          3,847      Nov 2012              2,753
                                                            Harris Scarfe         Apr 2013
6,088      Nov 2028    Coles          3,634      Oct 2019   Franklins 1,802       Jan 2014
4,871      Sep 2022    Coles          3,702      Sep 2017              1
                                                            Dan Murphy,203        Sep 2022
6,425      Nov 2020    Coles          5,109      Mar 2016   Woolworths 4,952      Mar 2016   Greater Union
7,079      Jul 2015    Woolworths     4,254      Jun 2016   Coles      3,698      Mar 2029   Birch Carrol and Coyle Cinema
3,887      Feb 2015
5,135      Aug 2019    Woolworths     3,600      Apr 2025 ALDI         1,226      Sep 2015
4,356      Apr 2026    IGA            2,454      Dec 2013
3,830      Jul 2024    Coles          3,197      Oct 2024 ALDI         1,374      Oct 2019
4,083      Jan 2015    Woolworths     3,800      Nov 2020 Target       1,500      Nov 2016 Bunnings
3,053      Nov 2019

3,034      Jun 2027    ALDI           1,429                          1,049
                                                 Dec 2011 Harris Farms            Oct 2017
4,288      Dec 2029    Coles          3,957      Jul 2020
3,463      Nov 2020    Coles          3,252      Aug 2022
6,687      Sep 2011    Woolworths     3,264      Aug 2016 Coles      2,995        Sep 2011 Target
3,426      Nov 2013
4,230      Nov 2020
4,737      Nov 2012
3,536      Oct 2017
5,973      Nov 2019    Woolworths     2,940      Nov 2014


1,292      Jun 2020

3,963      Sep 2011
4,370      Nov 2018 Dan Murphy's 1,500           Sep 2015




2,173      Apr 2010 Rip Curl          1,304      Nov 2013
           Lease             FY11 Lease FY12 Lease FY13 Lease FY14 Lease FY15+
Gla (m2)            Vacant
           Expiry            Expiry     Expiry     Expiry     Expiry     Lease

3,392      Dec 2013 1%       3%        3%         7%         10%        76%
3,273      Nov 2016 0%       1%        8%         7%         11%        73%
                    1%       5%        14%        27%        9%         44%
                    0%       2%        5%         0%         9%         84%
                    0%       1%        13%        11%        6%         69%
5,324      Dec 2016 0%       5%        24%        4%         4%         63%
3,184      Nov 2021 1%       4%        5%         5%         6%         79%
                    0%       27%       11%        15%        2%         45%
                    1%       8%        7%         3%         2%         79%
                    2%       8%        5%         7%         18%        60%
                    1%       4%        6%         34%        3%         52%
8,008      Mar 2014 0%       0%        11%        9%         28%        52%
                    0%       11%       4%         6%         5%         74%
                    1%       0%        0%         0%         10%        89%
                    1%       4%        15%        9%         7%         64%
                    0%       6%        39%        4%         3%         48%
                    0%       7%        9%         39%        7%         38%
1,481      Sep 2011 0%       3%        44%        3%         4%         46%
                    1%       8%        5%         5%         24%        57%
                    0%       9%        3%         1%         47%        40%
                    0%       5%        7%         73%        1%         14%
                    1%       5%        9%         5%         10%        70%
                    1%       2%        3%         5%         2%         87%
                    0%       2%        3%         11%        6%         78%
                    0%       2%        8%         15%        15%        60%
                    2%       2%        7%         43%        16%        30%
                    5%       0%        0%         0%         0%         95%
                    1%       0%        57%        2%         3%         37%
                    0%       3%        2%         37%        7%         51%

                    0%       0%        2%         9%         29%        60%
                    20%      0%        0%         1%         2%         77%
                    3%       14%       12%        4%         0%         67%
                    0%       8%        9%         14%        4%         65%
                    0%       27%       0%         34%        25%        14%
                    4%       0%        5%         1%         13%        77%
                    0%       100%      0%         0%         0%         0%
                    7%       7%        6%         16%        53%        11%
                    4%       40%       0%         13%        23%        20%
Footnotes




*Includes Caloundra Woolworths




*100% interest




*100% interest
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      STATE



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       NSW
Waterfront Place, Eagle Street, Brisbane**                                                    QLD
Riverside Plaza, 452 Flinders Street, Melbourne                                               VIC
Colonial Centre, 52 Martin Place, Sydney**                                                    NSW
9 Castlereagh Street, Sydney                                                                  NSW
Triniti Business Campus, North Ryde                                                           NSW
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                WA
Exchange Plaza, 2 The Esplanade, Perth**                                                      WA
BankWest Tower, 108 St Georges Terrace, Perth**                                               WA
Optus Centre, Macquarie Park^^                                                                NSW
135 King Street, Sydney**^                                                                    NSW
601 Pacific Highway, St Leonards                                                              NSW
60-66 Waterloo Road, Macquarie Park                                                           NSW
78 Waterloo Road, Macquarie Park                                                              NSW
175-181 Castlereagh Street, Sydney                                                            NSW
77 Pacific Highway, North Sydney                                                              NSW
7 Macquarie Place, Sydney**                                                                   NSW
45 St Georges Terrace, Perth                                                                  WA
40 Cameron Avenue, Belconnen                                                                  ACT
Macquarie Technology Centre, Macquarie Park                                                   NSW
Garden Square, Mt Gravatt                                                                     QLD
Myuna Complex, Canberra                                                                       ACT
16 Giffnock Avenue, Macquarie Park                                                            NSW
150 Charlotte Street, Brisbane                                                                QLD
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       QLD
255-267 St Georges Terrace, Perth                                                             WA
110 Walker Street, North Sydney                                                               NSW
118-120 Pacific Highway, St Leonards                                                          NSW



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Description of Project



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       The Piccadilly Complex compris
Waterfront Place, Eagle Street, Brisbane**                                                    Waterfront Place is located on E
Riverside Plaza, 452 Flinders Street, Melbourne                                               Riverside Plaza is an A-grade as
Colonial Centre, 52 Martin Place, Sydney**                                                    The Colonial Centre is an A-gra
9 Castlereagh Street, Sydney                                                                  Designed and constructed in 19
Triniti Business Campus, North Ryde                                                           Triniti Business Campus is locat
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                The Durack Centre comprises a
Exchange Plaza, 2 The Esplanade, Perth**                                                      Exchange Plaza is a landmark p
BankWest Tower, 108 St Georges Terrace, Perth**                                               BankWest Tower is a landmark,
Optus Centre, Macquarie Park^^                                                                The Optus Centre is located app
135 King Street, Sydney**^                                                                    The property was completed in 1
601 Pacific Highway, St Leonards                                                              Completed in 1988, 601 Pacific
60-66 Waterloo Road, Macquarie Park                                                           60-66 Waterloo Road is located
78 Waterloo Road, Macquarie Park                                                              Completed in June 2009, 78 Wa
175-181 Castlereagh Street, Sydney                                                            The 17 level building has 13 leve
77 Pacific Highway, North Sydney                                                              The property has a high profile l
7 Macquarie Place, Sydney**                                                                   7 Macquarie Place is an A grade
45 St Georges Terrace, Perth                                                                  45 St Georges Terrace is locate
40 Cameron Avenue, Belconnen                                                                  The Chandler Building occupies
Macquarie Technology Centre, Macquarie Park                                                   Macquarie Technology Centre is
Garden Square, Mt Gravatt                                                                     Garden Square occupies a high
Myuna Complex, Canberra                                                                       The Myuna Complex consists of
16 Giffnock Avenue, Macquarie Park                                                            16 Giffnock Avenue is located in
150 Charlotte Street, Brisbane                                                                Energex House is located in the
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       80-88 Jephson, 23 and 27-29 H
255-267 St Georges Terrace, Perth                                                             267 St Georges Terrace is a fou
110 Walker Street, North Sydney                                                               The seven level property is loca
118-120 Pacific Highway, St Leonards                                                          Clemenger Building has a high p



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Location:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Sydney CBD
Waterfront Place, Eagle Street, Brisbane**                                                    Brisbane CBD
Riverside Plaza, 452 Flinders Street, Melbourne                                               Melbourne CBD
Colonial Centre, 52 Martin Place, Sydney**                                                    Sydney CBD
9 Castlereagh Street, Sydney                                                                  Sydney CBD
Triniti Business Campus, North Ryde                                                           North-West Sydney
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Perth CBD
Exchange Plaza, 2 The Esplanade, Perth**                                                      Perth CBD
BankWest Tower, 108 St Georges Terrace, Perth**                                               Perth CBD
Optus Centre, Macquarie Park^^                                                                North-West Sydney
135 King Street, Sydney**^                                                                    Sydney CBD
601 Pacific Highway, St Leonards                                                              St Leonards
60-66 Waterloo Road, Macquarie Park                                                           North-West Sydney
78 Waterloo Road, Macquarie Park                                                              North-West Sydney
175-181 Castlereagh Street, Sydney                                                            Sydney CBD
77 Pacific Highway, North Sydney                                                              North Sydney CBD
7 Macquarie Place, Sydney**                                                                   Sydney CBD
45 St Georges Terrace, Perth                                                                  Perth CBD
40 Cameron Avenue, Belconnen                                                                  Belconnen
Macquarie Technology Centre, Macquarie Park                                                   North-West Sydney
Garden Square, Mt Gravatt                                                                     Upper Mount Gravatt
Myuna Complex, Canberra                                                                       Canberra CBD
16 Giffnock Avenue, Macquarie Park                                                            North-West Sydney
150 Charlotte Street, Brisbane                                                                Brisbane CBD
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       Toowong
255-267 St Georges Terrace, Perth                                                             Perth CBD
110 Walker Street, North Sydney                                                               North Sydney CBD
118-120 Pacific Highway, St Leonards                                                          St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Acquisition date:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Oct 2000
Waterfront Place, Eagle Street, Brisbane**                                                    Feb 2004
Riverside Plaza, 452 Flinders Street, Melbourne                                               Oct 2000
Colonial Centre, 52 Martin Place, Sydney**                                                    Jun 2003
9 Castlereagh Street, Sydney                                                                  Mar 2008
Triniti Business Campus, North Ryde                                                           Jun 2001
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Oct 2006
Exchange Plaza, 2 The Esplanade, Perth**                                                      Jun 2003
BankWest Tower, 108 St Georges Terrace, Perth**                                               Apr 2007
Optus Centre, Macquarie Park^^                                                                Jul 2000
135 King Street, Sydney**^                                                                    Jun 2003
601 Pacific Highway, St Leonards                                                              Jun 2003
60-66 Waterloo Road, Macquarie Park                                                           Oct 2000
78 Waterloo Road, Macquarie Park                                                              Aug 2007
175-181 Castlereagh Street, Sydney                                                            Sep 1982
77 Pacific Highway, North Sydney                                                              Jan 2000
7 Macquarie Place, Sydney**                                                                   Jun 2003
45 St Georges Terrace, Perth                                                                  Mar 2007
40 Cameron Avenue, Belconnen                                                                  Feb 2007/Nov 2009
Macquarie Technology Centre, Macquarie Park                                                   Oct 2000
Garden Square, Mt Gravatt                                                                     Feb 2007
Myuna Complex, Canberra                                                                       Oct 2000/Aug 2003
16 Giffnock Avenue, Macquarie Park                                                            Jul 2000
150 Charlotte Street, Brisbane                                                                Jan 2006
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       Jun 2006/Jan 2008/Jul 2006
255-267 St Georges Terrace, Perth                                                             Jul 2007
110 Walker Street, North Sydney                                                               Oct 2000
118-120 Pacific Highway, St Leonards                                                          Oct 2000



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Ownership/title:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       100%/Leasehold (Expiry 2091)
Waterfront Place, Eagle Street, Brisbane**                                                    50%/Freehold/Leasehold
Riverside Plaza, 452 Flinders Street, Melbourne                                               100%/Freehold
Colonial Centre, 52 Martin Place, Sydney**                                                    50%/Leasehold (Expiry 2110)
9 Castlereagh Street, Sydney                                                                  100%/Freehold
Triniti Business Campus, North Ryde                                                           100%/Freehold
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                100%/Leasehold
Exchange Plaza, 2 The Esplanade, Perth**                                                      50%/Leasehold (Expiry 2122)
BankWest Tower, 108 St Georges Terrace, Perth**                                               50%/Freehold
Optus Centre, Macquarie Park^^                                                                31%*/Freehold
135 King Street, Sydney**^                                                                    50%/Freehold
601 Pacific Highway, St Leonards                                                              100%/Freehold
60-66 Waterloo Road, Macquarie Park                                                           100%/Freehold
78 Waterloo Road, Macquarie Park                                                              100%/Freehold
175-181 Castlereagh Street, Sydney                                                            100%/Freehold
77 Pacific Highway, North Sydney                                                              100%/Freehold
7 Macquarie Place, Sydney**                                                                   50%/Freehold
45 St Georges Terrace, Perth                                                                  100%/Freehold
40 Cameron Avenue, Belconnen                                                                  100%/Leasehold (Expiry 2096)
Macquarie Technology Centre, Macquarie Park                                                   100%/Freehold
Garden Square, Mt Gravatt                                                                     100%/Freehold
Myuna Complex, Canberra                                                                       100%/Leasehold (Expiry 2084/2
16 Giffnock Avenue, Macquarie Park                                                            100%/Freehold
150 Charlotte Street, Brisbane                                                                100%/Freehold
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       100%/Freehold
255-267 St Georges Terrace, Perth                                                             100%/Freehold
110 Walker Street, North Sydney                                                               100%/Freehold
118-120 Pacific Highway, St Leonards                                                          100%/Freehold



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Cost including
PROPERTY
                                                                                              additions:


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       $218.70
Waterfront Place, Eagle Street, Brisbane**                                                    $159.00
Riverside Plaza, 452 Flinders Street, Melbourne                                               $134.30
Colonial Centre, 52 Martin Place, Sydney**                                                    $176.50
9 Castlereagh Street, Sydney                                                                  $207.90
Triniti Business Campus, North Ryde                                                           $151.70
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                $106.20
Exchange Plaza, 2 The Esplanade, Perth**                                                      $71.20
BankWest Tower, 108 St Georges Terrace, Perth**                                               $149.00
Optus Centre, Macquarie Park^^                                                                $105.70
135 King Street, Sydney**^                                                                    $84.60
601 Pacific Highway, St Leonards                                                              $64.70
60-66 Waterloo Road, Macquarie Park                                                           $51.90
78 Waterloo Road, Macquarie Park                                                              $76.30
175-181 Castlereagh Street, Sydney                                                            $36.00
77 Pacific Highway, North Sydney                                                              $54.60
7 Macquarie Place, Sydney**                                                                   $49.60
45 St Georges Terrace, Perth                                                                  $60.80
40 Cameron Avenue, Belconnen                                                                  $61.40
Macquarie Technology Centre, Macquarie Park                                                   $39.80
Garden Square, Mt Gravatt                                                                     $62.40
Myuna Complex, Canberra                                                                       $51.10
16 Giffnock Avenue, Macquarie Park                                                            $29.10
150 Charlotte Street, Brisbane                                                                $47.20
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       $37.60
255-267 St Georges Terrace, Perth                                                             $27.80
110 Walker Street, North Sydney                                                               $24.20
118-120 Pacific Highway, St Leonards                                                          $21.50



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Last Independent
PROPERTY
                                                                                              valuation:


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Dec 2010
Waterfront Place, Eagle Street, Brisbane**                                                    Jun 2010
Riverside Plaza, 452 Flinders Street, Melbourne                                               Dec 2010
Colonial Centre, 52 Martin Place, Sydney**                                                    Dec 2009
9 Castlereagh Street, Sydney                                                                  Dec 2009
Triniti Business Campus, North Ryde                                                           Dec 2009
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Dec 2010
Exchange Plaza, 2 The Esplanade, Perth**                                                      Jun 2010
BankWest Tower, 108 St Georges Terrace, Perth**                                               Dec 2009
Optus Centre, Macquarie Park^^                                                                Jun 2010
135 King Street, Sydney**^                                                                    Dec 2010
601 Pacific Highway, St Leonards                                                              Dec 2009
60-66 Waterloo Road, Macquarie Park                                                           Jun 2010
78 Waterloo Road, Macquarie Park                                                              Dec 2010
175-181 Castlereagh Street, Sydney                                                            Dec 2009
77 Pacific Highway, North Sydney                                                              Dec 2009
7 Macquarie Place, Sydney**                                                                   Dec 2010
45 St Georges Terrace, Perth                                                                  Jun 2010
40 Cameron Avenue, Belconnen                                                                  Jun 2010
Macquarie Technology Centre, Macquarie Park                                                   Dec 2009
Garden Square, Mt Gravatt                                                                     Dec 2010
Myuna Complex, Canberra                                                                       Jun 2010
16 Giffnock Avenue, Macquarie Park                                                            Dec 2009
150 Charlotte Street, Brisbane                                                                Dec 2009
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       Jun 2010/Dec 2009
255-267 St Georges Terrace, Perth                                                             Dec 2010
110 Walker Street, North Sydney                                                               Dec 2009
118-120 Pacific Highway, St Leonards                                                          Dec 2010



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Valuation/($m)



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       $301 million ($7,633/m2)
Waterfront Place, Eagle Street, Brisbane**                                                    $219.0 million ($7,418/m2*)
Riverside Plaza, 452 Flinders Street, Melbourne                                               $169 million ($4,406/m2)
Colonial Centre, 52 Martin Place, Sydney**                                                    $167.5 million ($8,574/m2*)
9 Castlereagh Street, Sydney                                                                  $157.0 million ($7,363/m2)
Triniti Business Campus, North Ryde                                                           $156.2 million ($5,551/m2)
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                $140.5 million ($5,575/m2)
Exchange Plaza, 2 The Esplanade, Perth**                                                      $136.3 million ($7,940/m2*)
BankWest Tower, 108 St Georges Terrace, Perth**                                               $127.5 million ($6,489/m2*)
Optus Centre, Macquarie Park^^                                                                $114.7 million ($4,395/m2**)
135 King Street, Sydney**^                                                                    $96.5 million* ($7,119/m2**)
601 Pacific Highway, St Leonards                                                              $71.0 million ($5,599/m2)
60-66 Waterloo Road, Macquarie Park                                                           $69.8 million ($3,827/m2)
78 Waterloo Road, Macquarie Park                                                              $63.5 million ($4,245/m2)
175-181 Castlereagh Street, Sydney                                                            $53.0 million ($4,436/m2)
77 Pacific Highway, North Sydney                                                              $53.0 million ($5,651/m2)
7 Macquarie Place, Sydney**                                                                   $52.5 million ($7,732/m2*)
45 St Georges Terrace, Perth                                                                  $51.0 million ($5,156/m2)
40 Cameron Avenue, Belconnen                                                                  $45.0 million ($2,902/m2)
Macquarie Technology Centre, Macquarie Park                                                   $35.2 million ($2,323/m2)
Garden Square, Mt Gravatt                                                                     $37.6 million ($2,961/m2)
Myuna Complex, Canberra                                                                       $47.1 million ($1,933/m2)
16 Giffnock Avenue, Macquarie Park                                                            $32.0 million ($2,716/m2)
150 Charlotte Street, Brisbane                                                                $30.0 million ($2,665/m2)
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       $25.2 million ($3,200/m2)
255-267 St Georges Terrace, Perth                                                             $23.5 million ($5,719/m2)
110 Walker Street, North Sydney                                                               $23.0 million ($5,075/m2)
118-120 Pacific Highway, St Leonards                                                          $20.0 million ($3,899/m2)



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              BOOK VALUE#
PROPERTY
                                                                                              ($m)


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       $301.00
Waterfront Place, Eagle Street, Brisbane**                                                    $216.40
Riverside Plaza, 452 Flinders Street, Melbourne                                               $169.00
Colonial Centre, 52 Martin Place, Sydney**                                                    $167.40
9 Castlereagh Street, Sydney                                                                  $160.40
Triniti Business Campus, North Ryde                                                           $157.40
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                $140.50
Exchange Plaza, 2 The Esplanade, Perth**                                                      $136.90
BankWest Tower, 108 St Georges Terrace, Perth**                                               $129.80
Optus Centre, Macquarie Park^^                                                                $115.10
135 King Street, Sydney**^                                                                    $96.50
601 Pacific Highway, St Leonards                                                              $71.40
60-66 Waterloo Road, Macquarie Park                                                           $69.10
78 Waterloo Road, Macquarie Park                                                              $63.50
175-181 Castlereagh Street, Sydney                                                            $54.20
77 Pacific Highway, North Sydney                                                              $52.60
7 Macquarie Place, Sydney**                                                                   $52.50
45 St Georges Terrace, Perth                                                                  $51.10
40 Cameron Avenue, Belconnen                                                                  $45.20
Macquarie Technology Centre, Macquarie Park                                                   $37.80
Garden Square, Mt Gravatt                                                                     $37.60
Myuna Complex, Canberra                                                                       $35.00
16 Giffnock Avenue, Macquarie Park                                                            $32.30
150 Charlotte Street, Brisbane                                                                $29.90
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       $25.40
255-267 St Georges Terrace, Perth                                                             $23.50
110 Walker Street, North Sydney                                                               $23.00
118-120 Pacific Highway, St Leonards                                                          $20.00



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              % OF OFFICE
PROPERTY
                                                                                              PORTFOLIO


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       12.00%
Waterfront Place, Eagle Street, Brisbane**                                                    8.60%
Riverside Plaza, 452 Flinders Street, Melbourne                                               6.70%
Colonial Centre, 52 Martin Place, Sydney**                                                    6.70%
9 Castlereagh Street, Sydney                                                                  6.40%
Triniti Business Campus, North Ryde                                                           6.30%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                5.60%
Exchange Plaza, 2 The Esplanade, Perth**                                                      5.40%
BankWest Tower, 108 St Georges Terrace, Perth**                                               5.20%
Optus Centre, Macquarie Park^^                                                                4.60%
135 King Street, Sydney**^                                                                    3.80%
601 Pacific Highway, St Leonards                                                              2.80%
60-66 Waterloo Road, Macquarie Park                                                           2.70%
78 Waterloo Road, Macquarie Park                                                              2.50%
175-181 Castlereagh Street, Sydney                                                            2.20%
77 Pacific Highway, North Sydney                                                              2.10%
7 Macquarie Place, Sydney**                                                                   2.10%
45 St Georges Terrace, Perth                                                                  2.00%
40 Cameron Avenue, Belconnen                                                                  1.80%
Macquarie Technology Centre, Macquarie Park                                                   1.50%
Garden Square, Mt Gravatt                                                                     1.50%
Myuna Complex, Canberra                                                                       1.40%
16 Giffnock Avenue, Macquarie Park                                                            1.30%
150 Charlotte Street, Brisbane                                                                1.20%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       1.00%
255-267 St Georges Terrace, Perth                                                             0.90%
110 Walker Street, North Sydney                                                               0.90%
118-120 Pacific Highway, St Leonards                                                          0.80%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              PASSING RENT
PROPERTY
                                                                                              ($/m2)


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       558*
Waterfront Place, Eagle Street, Brisbane**                                                    685
Riverside Plaza, 452 Flinders Street, Melbourne                                               351
Colonial Centre, 52 Martin Place, Sydney**                                                    770
9 Castlereagh Street, Sydney                                                                  791
Triniti Business Campus, North Ryde                                                           323
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                585
Exchange Plaza, 2 The Esplanade, Perth**                                                      648
BankWest Tower, 108 St Georges Terrace, Perth**                                               629
Optus Centre, Macquarie Park^^                                                                267
135 King Street, Sydney**^                                                                    716
601 Pacific Highway, St Leonards                                                              426
60-66 Waterloo Road, Macquarie Park                                                           312
78 Waterloo Road, Macquarie Park                                                              315
175-181 Castlereagh Street, Sydney                                                            448
77 Pacific Highway, North Sydney                                                              472
7 Macquarie Place, Sydney**                                                                   615
45 St Georges Terrace, Perth                                                                  509
40 Cameron Avenue, Belconnen                                                                  363
Macquarie Technology Centre, Macquarie Park                                                   232
Garden Square, Mt Gravatt                                                                     348
Myuna Complex, Canberra                                                                       376
16 Giffnock Avenue, Macquarie Park                                                            279
150 Charlotte Street, Brisbane                                                                374
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       374
255-267 St Georges Terrace, Perth                                                             429
110 Walker Street, North Sydney                                                               445
118-120 Pacific Highway, St Leonards                                                          462



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      NET/GROSS



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Net
Waterfront Place, Eagle Street, Brisbane**                                                    Gross
Riverside Plaza, 452 Flinders Street, Melbourne                                               Net
Colonial Centre, 52 Martin Place, Sydney**                                                    Gross
9 Castlereagh Street, Sydney                                                                  Gross
Triniti Business Campus, North Ryde                                                           Net
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Net
Exchange Plaza, 2 The Esplanade, Perth**                                                      Net
BankWest Tower, 108 St Georges Terrace, Perth**                                               Net
Optus Centre, Macquarie Park^^                                                                Net
135 King Street, Sydney**^                                                                    Gross
601 Pacific Highway, St Leonards                                                              Net
60-66 Waterloo Road, Macquarie Park                                                           Net
78 Waterloo Road, Macquarie Park                                                              Net
175-181 Castlereagh Street, Sydney                                                            Gross
77 Pacific Highway, North Sydney                                                              Net
7 Macquarie Place, Sydney**                                                                   Net
45 St Georges Terrace, Perth                                                                  Net
40 Cameron Avenue, Belconnen                                                                  Gross
Macquarie Technology Centre, Macquarie Park                                                   Net
Garden Square, Mt Gravatt                                                                     Gross
Myuna Complex, Canberra                                                                       Gross
16 Giffnock Avenue, Macquarie Park                                                            Net
150 Charlotte Street, Brisbane                                                                Gross
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       Gross
255-267 St Georges Terrace, Perth                                                             Net
110 Walker Street, North Sydney                                                               Net
118-120 Pacific Highway, St Leonards                                                          Gross



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Capitalisation
PROPERTY
                                                                                              rate:


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       7.25-8.25%
Waterfront Place, Eagle Street, Brisbane**                                                    7.50%
Riverside Plaza, 452 Flinders Street, Melbourne                                               7.75%
Colonial Centre, 52 Martin Place, Sydney**                                                    7.13%
9 Castlereagh Street, Sydney                                                                  7.25%
Triniti Business Campus, North Ryde                                                           7.75%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                8.25-8.75%
Exchange Plaza, 2 The Esplanade, Perth**                                                      7.75%
BankWest Tower, 108 St Georges Terrace, Perth**                                               7.75%
Optus Centre, Macquarie Park^^                                                                7.25%
135 King Street, Sydney**^                                                                    7.20%
601 Pacific Highway, St Leonards                                                              8.50%
60-66 Waterloo Road, Macquarie Park                                                           8.25-8.50%
78 Waterloo Road, Macquarie Park                                                              7.50%
175-181 Castlereagh Street, Sydney                                                            8.75%
77 Pacific Highway, North Sydney                                                              8.25%
7 Macquarie Place, Sydney**                                                                   7.25%
45 St Georges Terrace, Perth                                                                  8.75%
40 Cameron Avenue, Belconnen                                                                  8.50%
Macquarie Technology Centre, Macquarie Park                                                   8.50-9.00%
Garden Square, Mt Gravatt                                                                     9.00%
Myuna Complex, Canberra                                                                       9.50-10.00%
16 Giffnock Avenue, Macquarie Park                                                            8.75%
150 Charlotte Street, Brisbane                                                                8.50%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       7.75-9.25%
255-267 St Georges Terrace, Perth                                                             9.31%
110 Walker Street, North Sydney                                                               8.50%
118-120 Pacific Highway, St Leonards                                                          9.00%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Discount rate:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       9.00-9.25%
Waterfront Place, Eagle Street, Brisbane**                                                    9.25%
Riverside Plaza, 452 Flinders Street, Melbourne                                               9.75%
Colonial Centre, 52 Martin Place, Sydney**                                                    9.00%
9 Castlereagh Street, Sydney                                                                  9.25%
Triniti Business Campus, North Ryde                                                           9.25%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                9.50-9.75%
Exchange Plaza, 2 The Esplanade, Perth**                                                      9.25%
BankWest Tower, 108 St Georges Terrace, Perth**                                               9.00%
Optus Centre, Macquarie Park^^                                                                9.00%
135 King Street, Sydney**^                                                                    9.00%
601 Pacific Highway, St Leonards                                                              9.00%
60-66 Waterloo Road, Macquarie Park                                                           9.25%
78 Waterloo Road, Macquarie Park                                                              9.00%
175-181 Castlereagh Street, Sydney                                                            9.50%
77 Pacific Highway, North Sydney                                                              9.50%
7 Macquarie Place, Sydney**                                                                   9.25%
45 St Georges Terrace, Perth                                                                  9.50%
40 Cameron Avenue, Belconnen                                                                  9.75%
Macquarie Technology Centre, Macquarie Park                                                   9.50%
Garden Square, Mt Gravatt                                                                     9.50%
Myuna Complex, Canberra                                                                       10.00-10.25%
16 Giffnock Avenue, Macquarie Park                                                            9.50%
150 Charlotte Street, Brisbane                                                                9.50%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       9.00-9.50%
255-267 St Georges Terrace, Perth                                                             10.25%
110 Walker Street, North Sydney                                                               9.50%
118-120 Pacific Highway, St Leonards                                                          9.75%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Net Lettable area:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       39,436
Waterfront Place, Eagle Street, Brisbane**                                                    59,044
Riverside Plaza, 452 Flinders Street, Melbourne                                               38,359
Colonial Centre, 52 Martin Place, Sydney**                                                    39,072
9 Castlereagh Street, Sydney                                                                  21,324
Triniti Business Campus, North Ryde                                                           28,139
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                25,202
Exchange Plaza, 2 The Esplanade, Perth**                                                      34,332
BankWest Tower, 108 St Georges Terrace, Perth**                                               39,300
Optus Centre, Macquarie Park^^                                                                84,194
135 King Street, Sydney**^                                                                    27,112
601 Pacific Highway, St Leonards                                                              12,681
60-66 Waterloo Road, Macquarie Park                                                           18,238
78 Waterloo Road, Macquarie Park                                                              14,959
175-181 Castlereagh Street, Sydney                                                            11,948
77 Pacific Highway, North Sydney                                                              9,379
7 Macquarie Place, Sydney**                                                                   13,580
45 St Georges Terrace, Perth                                                                  9,891
40 Cameron Avenue, Belconnen                                                                  15,506
Macquarie Technology Centre, Macquarie Park                                                   15,155
Garden Square, Mt Gravatt                                                                     12,698
Myuna Complex, Canberra                                                                       24,366
16 Giffnock Avenue, Macquarie Park                                                            11,780
150 Charlotte Street, Brisbane                                                                11,255
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       7,875
255-267 St Georges Terrace, Perth                                                             4,109
110 Walker Street, North Sydney                                                               4,532
118-120 Pacific Highway, St Leonards                                                          5,130



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Car parking spaces:



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       232
Waterfront Place, Eagle Street, Brisbane**                                                    498
Riverside Plaza, 452 Flinders Street, Melbourne                                               294
Colonial Centre, 52 Martin Place, Sydney**                                                    127
9 Castlereagh Street, Sydney                                                                  74
Triniti Business Campus, North Ryde                                                           995
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                169
Exchange Plaza, 2 The Esplanade, Perth**                                                      235
BankWest Tower, 108 St Georges Terrace, Perth**                                               122
Optus Centre, Macquarie Park^^                                                                2,100
135 King Street, Sydney**^                                                                    55
601 Pacific Highway, St Leonards                                                              155
60-66 Waterloo Road, Macquarie Park                                                           492
78 Waterloo Road, Macquarie Park                                                              269
175-181 Castlereagh Street, Sydney                                                            168
77 Pacific Highway, North Sydney                                                              39
7 Macquarie Place, Sydney**                                                                   23
45 St Georges Terrace, Perth                                                                  33
40 Cameron Avenue, Belconnen                                                                  216
Macquarie Technology Centre, Macquarie Park                                                   321
Garden Square, Mt Gravatt                                                                     367
Myuna Complex, Canberra                                                                       203
16 Giffnock Avenue, Macquarie Park                                                            266
150 Charlotte Street, Brisbane                                                                100
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       131
255-267 St Georges Terrace, Perth                                                             86
110 Walker Street, North Sydney                                                               80
118-120 Pacific Highway, St Leonards                                                          151



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Weighted average
PROPERTY
                                                                                              lease expiry:


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       3.9
Waterfront Place, Eagle Street, Brisbane**                                                    4.6
Riverside Plaza, 452 Flinders Street, Melbourne                                               5.2
Colonial Centre, 52 Martin Place, Sydney**                                                    6
9 Castlereagh Street, Sydney                                                                  2.3
Triniti Business Campus, North Ryde                                                           5.4
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                6
Exchange Plaza, 2 The Esplanade, Perth**                                                      3.7
BankWest Tower, 108 St Georges Terrace, Perth**                                               3.4
Optus Centre, Macquarie Park^^                                                                11.5
135 King Street, Sydney**^                                                                    4.4
601 Pacific Highway, St Leonards                                                              2.6
60-66 Waterloo Road, Macquarie Park                                                           3.1
78 Waterloo Road, Macquarie Park                                                              8.4
175-181 Castlereagh Street, Sydney                                                            2.6
77 Pacific Highway, North Sydney                                                              2.3
7 Macquarie Place, Sydney**                                                                   2.8
45 St Georges Terrace, Perth                                                                  3.3
40 Cameron Avenue, Belconnen                                                                  1.2
Macquarie Technology Centre, Macquarie Park                                                   3.3
Garden Square, Mt Gravatt                                                                     2.7
Myuna Complex, Canberra                                                                       0.7
16 Giffnock Avenue, Macquarie Park                                                            4
150 Charlotte Street, Brisbane                                                                0.4
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       2.4
255-267 St Georges Terrace, Perth                                                             3.6
110 Walker Street, North Sydney                                                               1.5
118-120 Pacific Highway, St Leonards                                                          2.3



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              NABERS energy
PROPERTY
                                                                                              rating


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       4.5/4.0*
Waterfront Place, Eagle Street, Brisbane**                                                    4
Riverside Plaza, 452 Flinders Street, Melbourne                                               3.5
Colonial Centre, 52 Martin Place, Sydney**                                                    4.5
9 Castlereagh Street, Sydney                                                                  3
Triniti Business Campus, North Ryde                                                            5.0*
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                 3.0*
Exchange Plaza, 2 The Esplanade, Perth**                                                      4.5
BankWest Tower, 108 St Georges Terrace, Perth**                                                N/A
Optus Centre, Macquarie Park^^                                                                 N/A
135 King Street, Sydney**^                                                                    2
601 Pacific Highway, St Leonards                                                              4
60-66 Waterloo Road, Macquarie Park                                                            5.0*
78 Waterloo Road, Macquarie Park                                                               N/A
175-181 Castlereagh Street, Sydney                                                            4
77 Pacific Highway, North Sydney                                                              3.5
7 Macquarie Place, Sydney**                                                                   3.5
45 St Georges Terrace, Perth                                                                  3
40 Cameron Avenue, Belconnen                                                                  2
Macquarie Technology Centre, Macquarie Park                                                    4.0*
Garden Square, Mt Gravatt                                                                     3
Myuna Complex, Canberra                                                                        2.5/3.0*
16 Giffnock Avenue, Macquarie Park                                                            2
150 Charlotte Street, Brisbane                                                                 N/A
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                        2.0*
255-267 St Georges Terrace, Perth                                                             1.0/3.0*
110 Walker Street, North Sydney                                                               4.5
118-120 Pacific Highway, St Leonards                                                          4



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Green Star rating



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       6 Star** (Stockland Office only)
Waterfront Place, Eagle Street, Brisbane**                                                    N/A
Riverside Plaza, 452 Flinders Street, Melbourne                                               N/A
Colonial Centre, 52 Martin Place, Sydney**                                                    N/A
9 Castlereagh Street, Sydney                                                                  N/A
Triniti Business Campus, North Ryde                                                           5 Star**
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                6 Star**
Exchange Plaza, 2 The Esplanade, Perth**                                                      N/A
BankWest Tower, 108 St Georges Terrace, Perth**                                               N/A
Optus Centre, Macquarie Park^^                                                                N/A
135 King Street, Sydney**^                                                                    N/A
601 Pacific Highway, St Leonards                                                              N/A
60-66 Waterloo Road, Macquarie Park                                                           N/A
78 Waterloo Road, Macquarie Park                                                              5 Star*
175-181 Castlereagh Street, Sydney                                                            N/A
77 Pacific Highway, North Sydney                                                              N/A
7 Macquarie Place, Sydney**                                                                   N/A
45 St Georges Terrace, Perth                                                                  N/A
40 Cameron Avenue, Belconnen                                                                  N/A
Macquarie Technology Centre, Macquarie Park                                                   N/A
Garden Square, Mt Gravatt                                                                     N/A
Myuna Complex, Canberra                                                                       N/A
16 Giffnock Avenue, Macquarie Park                                                            N/A
150 Charlotte Street, Brisbane                                                                N/A
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       N/A
255-267 St Georges Terrace, Perth                                                             N/A
110 Walker Street, North Sydney                                                               N/A
118-120 Pacific Highway, St Leonards                                                          N/A



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Major Tenant 1



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Stockland
Waterfront Place, Eagle Street, Brisbane**                                                    Minter Ellison
Riverside Plaza, 452 Flinders Street, Melbourne                                               Sinclair Knight Merz
Colonial Centre, 52 Martin Place, Sydney**                                                    Colonial First State/CBA
9 Castlereagh Street, Sydney                                                                  Talent 2
Triniti Business Campus, North Ryde                                                           Goodman Fielder
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Sinclair Knight Merz
Exchange Plaza, 2 The Esplanade, Perth**                                                      Australian Bureau of Statistics
BankWest Tower, 108 St Georges Terrace, Perth**                                               BankWest
Optus Centre, Macquarie Park^^                                                                Optus
135 King Street, Sydney**^                                                                    Macquarie Bank
601 Pacific Highway, St Leonards                                                              IBM
60-66 Waterloo Road, Macquarie Park                                                           Laverty Health
78 Waterloo Road, Macquarie Park                                                              Schneider
175-181 Castlereagh Street, Sydney                                                            HMGM QEII (Crown Property)
77 Pacific Highway, North Sydney                                                              Comops
7 Macquarie Place, Sydney**                                                                   Centric Services
45 St Georges Terrace, Perth                                                                  Worley Parsons
40 Cameron Avenue, Belconnen                                                                  ATO
Macquarie Technology Centre, Macquarie Park                                                   Sony (Australia)
Garden Square, Mt Gravatt                                                                     Department of Public Works
Myuna Complex, Canberra                                                                       DEST
16 Giffnock Avenue, Macquarie Park                                                            Alstom Power
150 Charlotte Street, Brisbane                                                                Energex
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       BDM Consultants
255-267 St Georges Terrace, Perth                                                             ASG Asia Pacific
110 Walker Street, North Sydney                                                               Rice Daubney
118-120 Pacific Highway, St Leonards                                                          Clemenger



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      NLA (m2)



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       10,627
Waterfront Place, Eagle Street, Brisbane**                                                    7,860
Riverside Plaza, 452 Flinders Street, Melbourne                                               10,436
Colonial Centre, 52 Martin Place, Sydney**                                                    17,289
9 Castlereagh Street, Sydney                                                                  1,727
Triniti Business Campus, North Ryde                                                           8,521
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                10,319
Exchange Plaza, 2 The Esplanade, Perth**                                                      4,840
BankWest Tower, 108 St Georges Terrace, Perth**                                               27,078
Optus Centre, Macquarie Park^^                                                                84,194
135 King Street, Sydney**^                                                                    4,757
601 Pacific Highway, St Leonards                                                              11,826
60-66 Waterloo Road, Macquarie Park                                                           8,167
78 Waterloo Road, Macquarie Park                                                              9,595
175-181 Castlereagh Street, Sydney                                                            4,632
77 Pacific Highway, North Sydney                                                              1,266
7 Macquarie Place, Sydney**                                                                   2,846
45 St Georges Terrace, Perth                                                                  5,946
40 Cameron Avenue, Belconnen                                                                  15,506
Macquarie Technology Centre, Macquarie Park                                                   10,643
Garden Square, Mt Gravatt                                                                     8,370
Myuna Complex, Canberra                                                                       3,326
16 Giffnock Avenue, Macquarie Park                                                            3,985
150 Charlotte Street, Brisbane                                                                11,255
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       1,907
255-267 St Georges Terrace, Perth                                                             939
110 Walker Street, North Sydney                                                               1,454
118-120 Pacific Highway, St Leonards                                                          3,474



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Major
PROPERTY
                                                                                              Tenant 2


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       GHD Services
Waterfront Place, Eagle Street, Brisbane**                                                    Ernst & Young
Riverside Plaza, 452 Flinders Street, Melbourne                                               Victoria Police
Colonial Centre, 52 Martin Place, Sydney**                                                    State Government of NSW
9 Castlereagh Street, Sydney                                                                  PTW Architects
Triniti Business Campus, North Ryde                                                           Downer EDI Engineering
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Shell
Exchange Plaza, 2 The Esplanade, Perth**                                                      Blake Dawson Waldron
BankWest Tower, 108 St Georges Terrace, Perth**                                               Norton Rose
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    TressCox Maddox
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           Schering Plough
78 Waterloo Road, Macquarie Park                                                              Boehringer Ingelheim
175-181 Castlereagh Street, Sydney                                                            Department For Women
77 Pacific Highway, North Sydney                                                              SHL
7 Macquarie Place, Sydney**                                                                   West LB AG
45 St Georges Terrace, Perth                                                                  Amnet
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt                                                                     Softlink International Limited
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park                                                            Eli Lilly Australia
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       ILAB
255-267 St Georges Terrace, Perth                                                             Advanced Well Technologies
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards                                                          Total Communication Infrastruct



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010
                                                                                              Lease expiry profile

PROPERTY                                                                                      NLA (m2)



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       4,357
Waterfront Place, Eagle Street, Brisbane**                                                    7,979
Riverside Plaza, 452 Flinders Street, Melbourne                                               5,390
Colonial Centre, 52 Martin Place, Sydney**                                                    12,870
9 Castlereagh Street, Sydney                                                                  1,494
Triniti Business Campus, North Ryde                                                           7,030
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                5,718
Exchange Plaza, 2 The Esplanade, Perth**                                                      2,668
BankWest Tower, 108 St Georges Terrace, Perth**                                               2,587
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    3,653
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           5,270
78 Waterloo Road, Macquarie Park                                                              4,219
175-181 Castlereagh Street, Sydney                                                            884
77 Pacific Highway, North Sydney                                                              900
7 Macquarie Place, Sydney**                                                                   2,147
45 St Georges Terrace, Perth                                                                  984
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt                                                                     910
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park                                                            1,967
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       999
255-267 St Georges Terrace, Perth                                                             934
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards                                                          999



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010
                                                                                   Lease expiry profile

                                                                                              Major
PROPERTY
                                                                                              Tenant 3


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Uniting Church
Waterfront Place, Eagle Street, Brisbane**                                                    DLA Phillips Fox
Riverside Plaza, 452 Flinders Street, Melbourne                                               SPI Electricity Pty Ltd
Colonial Centre, 52 Martin Place, Sydney**                                                    Middletons
9 Castlereagh Street, Sydney                                                                  ICAP Australia
Triniti Business Campus, North Ryde                                                           CSR
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                Stockland Development
Exchange Plaza, 2 The Esplanade, Perth**                                                      Paterson Ord Minnett
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    Russell Investments
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           Jansen Cilag Pty Ltd
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney                                                            Savill Hotel Group
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**                                                                   Platinum Asset Management
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park                                                            Chloride Power Electronics
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth                                                             Regus
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      NLA (m2)



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       5,159
Waterfront Place, Eagle Street, Brisbane**                                                    4,147
Riverside Plaza, 452 Flinders Street, Melbourne                                               4,192
Colonial Centre, 52 Martin Place, Sydney**                                                    3,315
9 Castlereagh Street, Sydney                                                                  790
Triniti Business Campus, North Ryde                                                           6,536
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                1,269
Exchange Plaza, 2 The Esplanade, Perth**                                                      2,073
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    3,655
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           3,743
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney                                                            878
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**                                                                   1,982
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park                                                            1,556
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth                                                             848
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              Major
PROPERTY
                                                                                              Tenant 4


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       Commonwealth of Aust (HREOC
Waterfront Place, Eagle Street, Brisbane**                                                    Corrs Chambers Westgarth
Riverside Plaza, 452 Flinders Street, Melbourne                                               Primus Telecommunications Pty
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney                                                                  Van Eyk Research
Triniti Business Campus, North Ryde                                                           Baulderstone Hornibrook
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**                                                      Inpex Browse
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    Brookfield Multiplex
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           Genrx Pty Limited
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney                                                            ACP Publishing
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**                                                                   Booz Allen & Hamilton
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      NLA (m2)



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       4,124
Waterfront Place, Eagle Street, Brisbane**                                                    3,733
Riverside Plaza, 452 Flinders Street, Melbourne                                               5,467
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney                                                                  774
Triniti Business Campus, North Ryde                                                           4,666
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**                                                      2,050
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^                                                                    3,651
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           1,038
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney                                                            878
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**                                                                   1,618
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Vacant



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       1%
Waterfront Place, Eagle Street, Brisbane**                                                    0%
Riverside Plaza, 452 Flinders Street, Melbourne                                               7%
Colonial Centre, 52 Martin Place, Sydney**                                                    0%
9 Castlereagh Street, Sydney                                                                  21%
Triniti Business Campus, North Ryde                                                           0%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                14%
Exchange Plaza, 2 The Esplanade, Perth**                                                      0%
BankWest Tower, 108 St Georges Terrace, Perth**                                               12%
Optus Centre, Macquarie Park^^                                                                0%
135 King Street, Sydney**^                                                                    9%
601 Pacific Highway, St Leonards                                                              0%
60-66 Waterloo Road, Macquarie Park                                                           0%
78 Waterloo Road, Macquarie Park                                                              0%
175-181 Castlereagh Street, Sydney                                                            0%
77 Pacific Highway, North Sydney                                                              0%
7 Macquarie Place, Sydney**                                                                   0%
45 St Georges Terrace, Perth                                                                  5%
40 Cameron Avenue, Belconnen                                                                  0%
Macquarie Technology Centre, Macquarie Park                                                   6%
Garden Square, Mt Gravatt                                                                     11%
Myuna Complex, Canberra                                                                       82%
16 Giffnock Avenue, Macquarie Park                                                            0%
150 Charlotte Street, Brisbane                                                                0%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       9%
255-267 St Georges Terrace, Perth                                                             0%
110 Walker Street, North Sydney                                                               30%
118-120 Pacific Highway, St Leonards                                                          0%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              FY11 Lease
PROPERTY
                                                                                              Expiry


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       2%
Waterfront Place, Eagle Street, Brisbane**                                                    4%
Riverside Plaza, 452 Flinders Street, Melbourne                                               0%
Colonial Centre, 52 Martin Place, Sydney**                                                    0%
9 Castlereagh Street, Sydney                                                                  8%
Triniti Business Campus, North Ryde                                                           0%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                0%
Exchange Plaza, 2 The Esplanade, Perth**                                                      0%
BankWest Tower, 108 St Georges Terrace, Perth**                                               1%
Optus Centre, Macquarie Park^^                                                                0%
135 King Street, Sydney**^                                                                    6%
601 Pacific Highway, St Leonards                                                              0%
60-66 Waterloo Road, Macquarie Park                                                           0%
78 Waterloo Road, Macquarie Park                                                              0%
175-181 Castlereagh Street, Sydney                                                            0%
77 Pacific Highway, North Sydney                                                              4%
7 Macquarie Place, Sydney**                                                                   9%
45 St Georges Terrace, Perth                                                                  0%
40 Cameron Avenue, Belconnen                                                                  0%
Macquarie Technology Centre, Macquarie Park                                                   6%
Garden Square, Mt Gravatt                                                                     0%
Myuna Complex, Canberra                                                                       0%
16 Giffnock Avenue, Macquarie Park                                                            0%
150 Charlotte Street, Brisbane                                                                100%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       9%
255-267 St Georges Terrace, Perth                                                             0%
110 Walker Street, North Sydney                                                               0%
118-120 Pacific Highway, St Leonards                                                          0%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              FY12 Lease
PROPERTY
                                                                                              Expiry


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       23%
Waterfront Place, Eagle Street, Brisbane**                                                    12%
Riverside Plaza, 452 Flinders Street, Melbourne                                               2%
Colonial Centre, 52 Martin Place, Sydney**                                                    20%
9 Castlereagh Street, Sydney                                                                  15%
Triniti Business Campus, North Ryde                                                           0%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                0%
Exchange Plaza, 2 The Esplanade, Perth**                                                      10%
BankWest Tower, 108 St Georges Terrace, Perth**                                               3%
Optus Centre, Macquarie Park^^                                                                0%
135 King Street, Sydney**^                                                                    6%
601 Pacific Highway, St Leonards                                                              0%
60-66 Waterloo Road, Macquarie Park                                                           23%
78 Waterloo Road, Macquarie Park                                                              0%
175-181 Castlereagh Street, Sydney                                                            16%
77 Pacific Highway, North Sydney                                                              24%
7 Macquarie Place, Sydney**                                                                   18%
45 St Georges Terrace, Perth                                                                  3%
40 Cameron Avenue, Belconnen                                                                  100%
Macquarie Technology Centre, Macquarie Park                                                   0%
Garden Square, Mt Gravatt                                                                     31%
Myuna Complex, Canberra                                                                       4%
16 Giffnock Avenue, Macquarie Park                                                            17%
150 Charlotte Street, Brisbane                                                                0%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       19%
255-267 St Georges Terrace, Perth                                                             34%
110 Walker Street, North Sydney                                                               29%
118-120 Pacific Highway, St Leonards                                                          13%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              FY13 Lease
PROPERTY
                                                                                              Expiry


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       3%
Waterfront Place, Eagle Street, Brisbane**                                                    8%
Riverside Plaza, 452 Flinders Street, Melbourne                                               14%
Colonial Centre, 52 Martin Place, Sydney**                                                    40%
9 Castlereagh Street, Sydney                                                                  17%
Triniti Business Campus, North Ryde                                                           0%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                3%
Exchange Plaza, 2 The Esplanade, Perth**                                                      12%
BankWest Tower, 108 St Georges Terrace, Perth**                                               0%
Optus Centre, Macquarie Park^^                                                                0%
135 King Street, Sydney**^                                                                    12%
601 Pacific Highway, St Leonards                                                              45%
60-66 Waterloo Road, Macquarie Park                                                           0%
78 Waterloo Road, Macquarie Park                                                              0%
175-181 Castlereagh Street, Sydney                                                            58%
77 Pacific Highway, North Sydney                                                              19%
7 Macquarie Place, Sydney**                                                                   29%
45 St Georges Terrace, Perth                                                                  11%
40 Cameron Avenue, Belconnen                                                                  0%
Macquarie Technology Centre, Macquarie Park                                                   6%
Garden Square, Mt Gravatt                                                                     11%
Myuna Complex, Canberra                                                                       1%
16 Giffnock Avenue, Macquarie Park                                                            13%
150 Charlotte Street, Brisbane                                                                0%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       5%
255-267 St Georges Terrace, Perth                                                             0%
110 Walker Street, North Sydney                                                               0%
118-120 Pacific Highway, St Leonards                                                          19%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010


                                                                                              FY14 Lease
PROPERTY
                                                                                              Expiry


Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       12%
Waterfront Place, Eagle Street, Brisbane**                                                    0%
Riverside Plaza, 452 Flinders Street, Melbourne                                               11%
Colonial Centre, 52 Martin Place, Sydney**                                                    1%
9 Castlereagh Street, Sydney                                                                  9%
Triniti Business Campus, North Ryde                                                           11%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                1%
Exchange Plaza, 2 The Esplanade, Perth**                                                      19%
BankWest Tower, 108 St Georges Terrace, Perth**                                               2%
Optus Centre, Macquarie Park^^                                                                0%
135 King Street, Sydney**^                                                                    13%
601 Pacific Highway, St Leonards                                                              52%
60-66 Waterloo Road, Macquarie Park                                                           32%
78 Waterloo Road, Macquarie Park                                                              2%
175-181 Castlereagh Street, Sydney                                                            0%
77 Pacific Highway, North Sydney                                                              33%
7 Macquarie Place, Sydney**                                                                   5%
45 St Georges Terrace, Perth                                                                  60%
40 Cameron Avenue, Belconnen                                                                  0%
Macquarie Technology Centre, Macquarie Park                                                   9%
Garden Square, Mt Gravatt                                                                     15%
Myuna Complex, Canberra                                                                       0%
16 Giffnock Avenue, Macquarie Park                                                            34%
150 Charlotte Street, Brisbane                                                                0%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       41%
255-267 St Georges Terrace, Perth                                                             0%
110 Walker Street, North Sydney                                                               37%
118-120 Pacific Highway, St Leonards                                                          68%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010

                                                                                              FY15+
PROPERTY                                                                                      Lease
                                                                                              Expiry

Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       59%
Waterfront Place, Eagle Street, Brisbane**                                                    76%
Riverside Plaza, 452 Flinders Street, Melbourne                                               66%
Colonial Centre, 52 Martin Place, Sydney**                                                    39%
9 Castlereagh Street, Sydney                                                                  30%
Triniti Business Campus, North Ryde                                                           89%
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                82%
Exchange Plaza, 2 The Esplanade, Perth**                                                      59%
BankWest Tower, 108 St Georges Terrace, Perth**                                               82%
Optus Centre, Macquarie Park^^                                                                100%
135 King Street, Sydney**^                                                                    54%
601 Pacific Highway, St Leonards                                                              3%
60-66 Waterloo Road, Macquarie Park                                                           45%
78 Waterloo Road, Macquarie Park                                                              98%
175-181 Castlereagh Street, Sydney                                                            26%
77 Pacific Highway, North Sydney                                                              20%
7 Macquarie Place, Sydney**                                                                   39%
45 St Georges Terrace, Perth                                                                  21%
40 Cameron Avenue, Belconnen                                                                  0%
Macquarie Technology Centre, Macquarie Park                                                   73%
Garden Square, Mt Gravatt                                                                     32%
Myuna Complex, Canberra                                                                       13%
16 Giffnock Avenue, Macquarie Park                                                            36%
150 Charlotte Street, Brisbane                                                                0%
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       17%
255-267 St Georges Terrace, Perth                                                             66%
110 Walker Street, North Sydney                                                               4%
118-120 Pacific Highway, St Leonards                                                          0%



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY                                                                                      Footnotes



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^                                       *Piccadilly Tower and Piccadilly
Waterfront Place, Eagle Street, Brisbane**                                                    *100% interest
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**                                                    *100% interest
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde                                                           *Building A only **Green Star Of
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth                                *263 Adelaide Terrace only **Gr
Exchange Plaza, 2 The Esplanade, Perth**                                                      *100% interest
BankWest Tower, 108 St Georges Terrace, Perth**                                               *100% interest
Optus Centre, Macquarie Park^^                                                                *SDOT2 has 49% ownership**1
135 King Street, Sydney**^                                                                    *Excludes Retail **100% interes
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park                                                           *66 Waterloo only
78 Waterloo Road, Macquarie Park                                                              *Green Star Office Design V.2 -
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**                                                                   *100% interest
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park                                                   *11-17 Khartoum Road only
Garden Square, Mt Gravatt
Myuna Complex, Canberra                                                                       *72 Northbourne and 17 Mort St
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong                                       *80-88 Jephson Street only
255-267 St Georges Terrace, Perth                                                             *255 and 267 St Georges Terrac
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
       Office Portfolio as at 31 December 2010



       PROPERTY



       Piccadilly and Piccadilly Court respectively **Green Star Office Interiors V.1 - www.gbca.org.au
*Piccadilly Tower Complex, 133-145 Castlereagh Street, Sydney^
       Waterfront Place, Eagle Street, Brisbane**
       Riverside Plaza, 452 Flinders Street, Melbourne
       Colonial Centre, 52 Martin Place, Sydney**
       9 Castlereagh Street, Sydney
       Triniti Business Campus, North Ryde
        Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
       Exchange Plaza, 2 The Esplanade, Perth**
       BankWest Tower, 108 St Georges Terrace, Perth**
       Optus Centre, Macquarie Park^^
       135 King Street, Sydney**^
       601 Pacific Highway, St Leonards
       60-66 Waterloo Road, Macquarie Park
       78 Waterloo Road, Macquarie Park
       175-181 Castlereagh Street, Sydney
       77 Pacific Highway, North Sydney
       7 Macquarie Place, Sydney**
       45 St Georges Terrace, Perth
       40 Cameron Avenue, Belconnen
       Macquarie Technology Centre, Macquarie Park
       Garden Square, Mt Gravatt
       Myuna Complex, Canberra
       16 Giffnock Avenue, Macquarie Park
       150 Charlotte Street, Brisbane
       80-88 Jephson Street, 23 and 27-29 High Street, Toowong
       255-267 St Georges Terrace, Perth
       110 Walker Street, North Sydney
       118-120 Pacific Highway, St Leonards



       # Represents the full carrying value of the investment property.
       * Represents passing rent for tower only. Net Court passing rent is $351/m2
       **Book value represents Stockland's 50% ownership interest.
       ^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
       ^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Office Portfolio as at 31 December 2010



PROPERTY



Piccadilly Complex, 133-145 Castlereagh Street, Sydney^
Waterfront Place, Eagle Street, Brisbane**
Riverside Plaza, 452 Flinders Street, Melbourne
Colonial Centre, 52 Martin Place, Sydney**
9 Castlereagh Street, Sydney
Triniti Business Campus, North Ryde
 Durack Centre, 263 Adelaide Terrace and 2 Victoria Ave, Perth
Exchange Plaza, 2 The Esplanade, Perth**
BankWest Tower, 108 St Georges Terrace, Perth**
Optus Centre, Macquarie Park^^
135 King Street, Sydney**^
601 Pacific Highway, St Leonards
60-66 Waterloo Road, Macquarie Park
78 Waterloo Road, Macquarie Park
175-181 Castlereagh Street, Sydney
77 Pacific Highway, North Sydney
7 Macquarie Place, Sydney**
45 St Georges Terrace, Perth
40 Cameron Avenue, Belconnen
Macquarie Technology Centre, Macquarie Park
Garden Square, Mt Gravatt
Myuna Complex, Canberra
16 Giffnock Avenue, Macquarie Park
150 Charlotte Street, Brisbane
80-88 Jephson Street, 23 and 27-29 High Street, Toowong
255-267 St Georges Terrace, Perth
110 Walker Street, North Sydney
118-120 Pacific Highway, St Leonards



# Represents the full carrying value of the investment property.
* Represents passing rent for tower only. Net Court passing rent is $351/m2
**Book value represents Stockland's 50% ownership interest.
^Book valule and NLA, office component only. Retail component included in Retail Portfolio.
^^ Book value represents Stockland's 31% ownership interest.
Industrial Portfolio as at 31 December 2010
                                                                          Description
PROPERTY                                                          STATE               Location:
                                                                          of Project
Yennora Distribution Centre, Yennora                          NSW         Yennora Distribution Centre is one of the largest dis
                                                                                      Western Sydney
Defence National Storage and Distribution Centre, Moorebank** NSW         Moorebank National Defence Storage and Distributi
                                                                                      South-West Sydney
Port Adelaide Distribution Centre, Port Adelaide              SA                      Port Adelaide
                                                                          Port Adelaide Distribution Centre is the largest distri
Hendra Distribution Centre, Brisbane                          QLD         The complex comprises 17 warehouses, including a
                                                                                      North Brisbane
Brooklyn Estate, Brooklyn                                     VIC                     West a well established 22 hectare dist
                                                                          Brooklyn Estate isMelbourne
Toll Business Park, Altona                                    VIC                     West Melbourne
                                                                          Toll Business Park comprises three modern wareho
9-11a Ferndell Street, Granville                              NSW                     Western Sydney
                                                                          9-11 Ferndell Street comprises two modern office/w
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton     VIC                     Melbourne North
                                                                          The property comprises three warehouse facilities w
1090-1124 Centre Road, Oakleigh                               VIC         The property is well located in Melbourne‟s south-ea
                                                                                      Melbourne South
3676 Ipswich Road, Wacol                                      QLD         The property is located in the industrial suburb of W
                                                                                      South Brisbane
Altona Distribution Centre, Altona                            VIC                     Melbourne in the
                                                                          The complex is located West western industrial pre
2 Davis Road, Wetherill Park                                  NSW                     Western Sydney
                                                                          This property is a modern office/warehouse building
Export Park, 9-13 Viola Place, Brisbane Airport               QLD         9-13 Viola Place is a high tech office and warehouse
                                                                                      Brisbane Airport
M1 Yatala Enterprise Park, Yatala                             QLD         The property is located in the industrial suburb of Ya
                                                                                      South-East Brisbane
40 Scanlon Drive, Epping                                      VIC                     Melbourne North
                                                                          40 Scanlon Drive is a new warehouse facility of 9,37



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          Acquisition date:   Ownership/title:

Yennora Distribution Centre, Yennora                          Jul 2000/Nov 2010 100%/Freehold
Defence National Storage and Distribution Centre, Moorebank** Dec 2007          55%/Freehold
Port Adelaide Distribution Centre, Port Adelaide              Jul 2000          100%/Freehold
Hendra Distribution Centre, Brisbane                          Jul 2000          100%/Freehold
Brooklyn Estate, Brooklyn                                     Jun 2003          100%/Freehold
Toll Business Park, Altona                                    Sep 2006          100%/Freehold
9-11a Ferndell Street, Granville                              Jun 2003/Apr 2003100%/Freehold
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton     Sep 2006/Jul 2006 100%/Freehold
1090-1124 Centre Road, Oakleigh                               Feb 2007          100%/Freehold
3676 Ipswich Road, Wacol                                      Aug 2006          100%/Freehold
Altona Distribution Centre, Altona                            Jul 2000          100%/Freehold
2 Davis Road, Wetherill Park                                  Apr 2003          100%/Freehold
Export Park, 9-13 Viola Place, Brisbane Airport               Nov 2007          100%/Leasehold (Expiry 2047)
M1 Yatala Enterprise Park, Yatala                             Nov 2006          100%/Freehold
40 Scanlon Drive, Epping                                      Sep 2007          100%/Freehold



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                                   Last
                                                                  Cost including
PROPERTY                                                                           Independent
                                                                  additions:
                                                                                   valuation:
Yennora Distribution Centre, Yennora                                     $236.70   Jun 2010
Defence National Storage and Distribution Centre, Moorebank**            $166.30   Jun 2010
Port Adelaide Distribution Centre, Port Adelaide                          $46.90   Dec 2010
Hendra Distribution Centre, Brisbane                                      $48.20   Dec 2010
Brooklyn Estate, Brooklyn                                                 $62.50   Dec 2009
Toll Business Park, Altona                                                $62.10   Dec 2009/Dec 2010
9-11a Ferndell Street, Granville                                          $52.80   Dec 2010
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton                 $63.80   Dec 2009
1090-1124 Centre Road, Oakleigh                                           $50.90   Jun 2010
3676 Ipswich Road, Wacol                                                  $53.80   Dec 2009
Altona Distribution Centre, Altona                                        $22.00   Dec 2009
2 Davis Road, Wetherill Park                                              $15.90   Dec 2009
Export Park, 9-13 Viola Place, Brisbane Airport                           $16.00   Dec 2009
M1 Yatala Enterprise Park, Yatala                                         $26.70   Dec 2009
40 Scanlon Drive, Epping                                                   $8.80   Dec 2009



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                                            BOOK VALUE#
PROPERTY                                                          Valuation/($/m2)
                                                                                            ($m)
Yennora Distribution Centre, Yennora                          $330.1 million ($1,105/m2*)          $335.20
Defence National Storage and Distribution Centre, Moorebank** $130.6 million ($995/m2*)            $130.70
Port Adelaide Distribution Centre, Port Adelaide              $82.4 million ($494/m2)               $82.40
Hendra Distribution Centre, Brisbane                          $81.5 million ($973/m2*)              $81.50
Brooklyn Estate, Brooklyn                                     $72.0 million ($554/m2*)              $75.80
Toll Business Park, Altona                                    $46.5 million ($881/m2*)              $47.40
9-11a Ferndell Street, Granville                              $44.9 million ($929/m2)               $44.90
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton     $44.2 million ($620/m2)               $44.80
1090-1124 Centre Road, Oakleigh                               $32.5 million ($732/m2)               $32.90
3676 Ipswich Road, Wacol                                      $29.8 million ($1,517/m2)             $30.20
Altona Distribution Centre, Altona                            $19.9 million ($682/m2*)              $20.50
2 Davis Road, Wetherill Park                                  $16.2 million ($964/m2)               $16.30
Export Park, 9-13 Viola Place, Brisbane Airport               $11.3 million ($1,334/m2)             $11.40
M1 Yatala Enterprise Park, Yatala                             $10.3 million                         $10.70
40 Scanlon Drive, Epping                                      $6.7 million ($715/m2)                 $6.80



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                              PASSING
                                                              % OF INDUSTRIAL
PROPERTY                                                                      WAREHOUSE
                                                              PORTFOLIO
                                                                              RENT ($/m2)
Yennora Distribution Centre, Yennora                                   34.50%              $88
Defence National Storage and Distribution Centre, Moorebank**          13.50%              $72
Port Adelaide Distribution Centre, Port Adelaide                        8.50%              $50
Hendra Distribution Centre, Brisbane                                    8.40%              $92
Brooklyn Estate, Brooklyn                                               7.80%              $61
Toll Business Park, Altona                                              4.90%              $82
9-11a Ferndell Street, Granville                                        4.60%             $107
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton               4.60%              $59
1090-1124 Centre Road, Oakleigh                                         3.40%              $68
3676 Ipswich Road, Wacol                                                3.10%             $110
Altona Distribution Centre, Altona                                      2.10%              $63
2 Davis Road, Wetherill Park                                            1.70%             $106
Export Park, 9-13 Viola Place, Brisbane Airport                         1.20%             $182
M1 Yatala Enterprise Park, Yatala                                       1.10%               N/A
40 Scanlon Drive, Epping                                                0.60%              $74



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          NET/GROSS   Capitalisation rate:

Yennora Distribution Centre, Yennora                          Net                        8.00%
Defence National Storage and Distribution Centre, Moorebank** Net                        7.00%
Port Adelaide Distribution Centre, Port Adelaide              Net                        9.50%
Hendra Distribution Centre, Brisbane                          Net                        9.00%
Brooklyn Estate, Brooklyn                                     Net                        9.50%
Toll Business Park, Altona                                    Net                   8.75-9.00%
9-11a Ferndell Street, Granville                              Net                  9.50-10.25%
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton     Net                   9.25-9.50%
1090-1124 Centre Road, Oakleigh                               Net                        8.79%
3676 Ipswich Road, Wacol                                      Net                        8.75%
Altona Distribution Centre, Altona                            Net                        9.50%
2 Davis Road, Wetherill Park                                  Net                        9.75%
Export Park, 9-13 Viola Place, Brisbane Airport               Net                        9.80%
M1 Yatala Enterprise Park, Yatala                             N/A                           N/A
40 Scanlon Drive, Epping                                      Net                        9.00%



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          Discount rate:      Lettable area:

Yennora Distribution Centre, Yennora                                         9.50%              298,604
Defence National Storage and Distribution Centre, Moorebank**                9.00%              238,876
Port Adelaide Distribution Centre, Port Adelaide                            10.50%              166,847
Hendra Distribution Centre, Brisbane                                         9.75%               83,786
Brooklyn Estate, Brooklyn                                                   10.00%              130,064
Toll Business Park, Altona                                              9.50-9.75%               52,776
9-11a Ferndell Street, Granville                                            10.00%               48,280
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton                    9.75%               71,326
1090-1124 Centre Road, Oakleigh                                              9.50%               44,401
3676 Ipswich Road, Wacol                                                    10.75%               19,639
Altona Distribution Centre, Altona                                          10.00%               29,169
2 Davis Road, Wetherill Park                                                10.25%               16,813
Export Park, 9-13 Viola Place, Brisbane Airport                             10.50%                8,468
M1 Yatala Enterprise Park, Yatala                                               N/A                 N/A
40 Scanlon Drive, Epping                                                     9.50%                9,370



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                                                    Weighted
PROPERTY                                                          Site area (Ha):    Hardstand:     average lease
                                                                                                    expiry:
Yennora Distribution Centre, Yennora                                         70.03         63,045              2.5
Defence National Storage and Distribution Centre, Moorebank**                82.91            N/A              2.2
Port Adelaide Distribution Centre, Port Adelaide                             31.95            N/A              3.3
Hendra Distribution Centre, Brisbane                                         17.43         22,928              5.7
Brooklyn Estate, Brooklyn                                                    21.94         12,951              3.8
Toll Business Park, Altona                                                   13.35          7,000                 6
9-11a Ferndell Street, Granville                                              8.59            N/A              2.7
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton                    15.81            N/A              4.2
1090-1124 Centre Road, Oakleigh                                               8.13            N/A              4.5
3676 Ipswich Road, Wacol                                                      9.39          9,500             12.6
Altona Distribution Centre, Altona                                           15.24         66,051                 3
2 Davis Road, Wetherill Park                                                  4.33            N/A              1.5
Export Park, 9-13 Viola Place, Brisbane Airport                                N/A            N/A              6.8
M1 Yatala Enterprise Park, Yatala                                             8.95            N/A              N/A
40 Scanlon Drive, Epping                                                      4.15            N/A                 6



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          Major Tenant 1

Yennora Distribution Centre, Yennora                          Australian Wool Handlers
Defence National Storage and Distribution Centre, Moorebank** Department of Defence
Port Adelaide Distribution Centre, Port Adelaide              ACI
Hendra Distribution Centre, Brisbane                          K-Mart Distribution
Brooklyn Estate, Brooklyn                                     Unitised Building (Aust) Pty Ltd
Toll Business Park, Altona                                    Toll
9-11a Ferndell Street, Granville                              Visy Industrial Plastics
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton     Toll
1090-1124 Centre Road, Oakleigh                               Amcor
3676 Ipswich Road, Wacol                                      Western Star Trucks
Altona Distribution Centre, Altona                            Autonexus
2 Davis Road, Wetherill Park                                  Visy PET Pty Ltd
Export Park, 9-13 Viola Place, Brisbane Airport               DHL Global Forwarding
M1 Yatala Enterprise Park, Yatala                             N/A
40 Scanlon Drive, Epping                                      Grace Australia



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          GLA (m2)             Major Tenant 2

Yennora Distribution Centre, Yennora                                          77,614   ACI Glass
Defence National Storage and Distribution Centre, Moorebank**                238,876
Port Adelaide Distribution Centre, Port Adelaide                             102,683   Hi-Fert Pty Limited
Hendra Distribution Centre, Brisbane                                          28,500   Sleep City
Brooklyn Estate, Brooklyn                                                     56,760   Ceva (TNT)
Toll Business Park, Altona                                                    52,776
9-11a Ferndell Street, Granville                                              17,546   Australian Envelopes
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton                     52,504   Yakka Pty Ltd
1090-1124 Centre Road, Oakleigh                                               11,489   Steinhoff Asia Pacific
3676 Ipswich Road, Wacol                                                      19,639
Altona Distribution Centre, Altona                                             6,220   Ceva (TNT)
2 Davis Road, Wetherill Park                                                  16,813
Export Park, 9-13 Viola Place, Brisbane Airport                                4,322   USS
M1 Yatala Enterprise Park, Yatala
40 Scanlon Drive, Epping                                                       4,065 Mission Australia



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          GLA (m2)    Major Tenant 3

Yennora Distribution Centre, Yennora                                 53,817 Linfox
Defence National Storage and Distribution Centre, Moorebank**
Port Adelaide Distribution Centre, Port Adelaide                     20,728 ABB Grain
Hendra Distribution Centre, Brisbane                                  8,271 Fletcher Wood Panels
Brooklyn Estate, Brooklyn                                            35,107 Kagan Bros Consolidated Pty Ltd
Toll Business Park, Altona
9-11a Ferndell Street, Granville                                     14,370 Frucor Beverage's (Australia)
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton            18,822
1090-1124 Centre Road, Oakleigh                                       7,603 Avery Denison
3676 Ipswich Road, Wacol
Altona Distribution Centre, Altona                                    5,221 Freight Specialists
2 Davis Road, Wetherill Park
Export Park, 9-13 Viola Place, Brisbane Airport                       4,146
M1 Yatala Enterprise Park, Yatala
40 Scanlon Drive, Epping                                              5,305



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          GLA (m2)    Major Tenant 4

Yennora Distribution Centre, Yennora                                 43,881 P&O
Defence National Storage and Distribution Centre, Moorebank**
Port Adelaide Distribution Centre, Port Adelaide                     10,525 P&O
Hendra Distribution Centre, Brisbane                                  7,902 Lion Nathan
Brooklyn Estate, Brooklyn                                            12,312 Isuzu
Toll Business Park, Altona
9-11a Ferndell Street, Granville                                      5,909
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton
1090-1124 Centre Road, Oakleigh                                       7,470 SIMS Metal
3676 Ipswich Road, Wacol
Altona Distribution Centre, Altona                                    4,877
2 Davis Road, Wetherill Park
Export Park, 9-13 Viola Place, Brisbane Airport
M1 Yatala Enterprise Park, Yatala
40 Scanlon Drive, Epping



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                                            FY11 Lease    FY12 Lease
PROPERTY                                                          GLA (m2)    Vacant
                                                                                            Expiry        Expiry
Yennora Distribution Centre, Yennora                                 17,785          2%             7%           5%
Defence National Storage and Distribution Centre, Moorebank**                        0%             0%           0%
Port Adelaide Distribution Centre, Port Adelaide                     10,071          6%             9%          13%
Hendra Distribution Centre, Brisbane                                  7,724          3%             6%           6%
Brooklyn Estate, Brooklyn                                            11,814          0%            27%           9%
Toll Business Park, Altona                                                           0%             0%           0%
9-11a Ferndell Street, Granville                                                     0%             0%           5%
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton                            0%             0%           0%
1090-1124 Centre Road, Oakleigh                                       6,846          0%             0%           9%
3676 Ipswich Road, Wacol                                                             0%             0%           0%
Altona Distribution Centre, Altona                                                  13%             0%           0%
2 Davis Road, Wetherill Park                                                         0%             0%           0%
Export Park, 9-13 Viola Place, Brisbane Airport                                      0%             0%           0%
M1 Yatala Enterprise Park, Yatala                                             N/A           N/A           N/A
40 Scanlon Drive, Epping                                                               0%            0%         0%



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010
                                                                                    FY15+
                                                              FY13 Lease FY14 Lease
PROPERTY                                                                            Lease
                                                              Expiry     Expiry
                                                                                    Expiry
Yennora Distribution Centre, Yennora                                61%         3%        22%
Defence National Storage and Distribution Centre, Moorebank**      100%         0%         0%
Port Adelaide Distribution Centre, Port Adelaide                     2%         0%        70%
Hendra Distribution Centre, Brisbane                                12%         7%        66%
Brooklyn Estate, Brooklyn                                            5%         0%        59%
Toll Business Park, Altona                                           0%         0%       100%
9-11a Ferndell Street, Granville                                    36%        52%         7%
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton            0%         0%       100%
1090-1124 Centre Road, Oakleigh                                     15%         3%        73%
3676 Ipswich Road, Wacol                                             0%         0%       100%
Altona Distribution Centre, Altona                                  13%        17%        57%
2 Davis Road, Wetherill Park                                       100%         0%         0%
Export Park, 9-13 Viola Place, Brisbane Airport                      0%         0%       100%
M1 Yatala Enterprise Park, Yatala                             N/A        N/A        N/A
40 Scanlon Drive, Epping                                             0%        57%        43%



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Industrial Portfolio as at 31 December 2010

PROPERTY                                                          Asset level footnotes

Yennora Distribution Centre, Yennora                          *Excludes hardstand
Defence National Storage and Distribution Centre, Moorebank** *100% interest
Port Adelaide Distribution Centre, Port Adelaide
Hendra Distribution Centre, Brisbane                          *Excludes hardstand
Brooklyn Estate, Brooklyn                                     *Excludes hardstand
Toll Business Park, Altona                                    *Excludes hardstand
9-11a Ferndell Street, Granville
20-50 and 76-82 Fillo Drive and 10 Stubb Street, Somerton
1090-1124 Centre Road, Oakleigh
3676 Ipswich Road, Wacol
Altona Distribution Centre, Altona                            *Excludes hardstand
2 Davis Road, Wetherill Park
Export Park, 9-13 Viola Place, Brisbane Airport
M1 Yatala Enterprise Park, Yatala
40 Scanlon Drive, Epping



# Represents the full carrying value of the investment property
* Excludes hardstand
** Book value represents Stockland's 55% ownership interest
Residential Portfolio as at 31 December 2010
State/Stage                                  PROPERTY                                                   ACQUISITION DATELOCATION                         TOTAL PROJECT VALUE ($m)*     TOTAL LOTS    %SOLD^ CURRENT PRICE RANGE        DESCRIPTION OF PROJECT
NSW - released to Market
                                             Bridgewater                                                            2001    South Camden                                        $192           639         99%    $235,000-$280,000    Contemporary country living 45km south-west of Sydney appealing to mature families and upgraders.
                                             Murrays Beach                                                          2004    Lake Macquarie                                      $161           534         26%    $199,000-$840,000    Approximately 1.5 hours drive north of Sydney having dual frontage to Lake Macquarie and the Pacific Ocean. This project will offer superb natural living environments and lakeside living.
                                             Lakewood                                                               2002    Greystanes                                          $148           517         66%    $241,000-$390,000    Located high on Prospect Hill in the geographic heart of Sydney, 26km from the CBD.
                                             Sandon Point (including McCauley's Beach)                              1998    Bulli/Thirroul                                      $147           288         40%    $354,000-$600,000    Incorporating the latest release of the McCauley’s Beach stage, Sandon Point has been developed with care and sensitivity for the discerning local home buyer.
                                             Waterside                                                              2003    Penrith                                             $144           595         38%    $155,000-$395,000    Located on the edge of the Penrith Lakes District. This is a major lakes development, just 2km from the Penrith CBD.
                                             Glenmore Ridge                                                         2004    Penrith                                             $138           523          0%    $163,000-$335,000    Located 4km south of Penrith and 50 minutes drive west of Sydney, to the south of the established Glenmore Park project.
                                             McKeachies Run                                                         2003    Maitland                                            $123           660         31%    $152,000-$276,000    Located in the Maitland area, 1.5 hours north of Sydney. This project is being developed to reflect it’s rural heritage within close proximity to the Hunter River offering quality and convenience.
                                             Bayswood**                                                             2003    Jervis Bay                                           $86           490         27%    $125,000-$264,000    A coastal development located in the Jervis Bay region, offering a retail centre and beachside recreational facility.
                                             Macarthur Gardens***                                                   2003    Campbelltown                                         $46           196         97%                  N/A    Joint Venture with Landcom. Approximately 30km from the CBD appealing to a broad demographic. Close to shopping and transport. Including potential retirement living.
                                             Darcy’s Peak***                                                        2005    Hunter/North Coast Regions                           $32           222         42%    $135,000-$213,000    Located in the Maitland area, 1.5 hours north of Sydney. This project is being developed with the rural setting and open view landscapes in mind.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
**Represents Residential Communities only - excludes land relating to Retirement Living
*** Represents Stockland's estimated share of joint development income including an option for future development

NSW - development pipeline
                                                 Hunter/North Coast**                                               2003 Hunter/North Coast Regions                             $647         4,049 N/A            $150,000-$170,000 Future release lands located 45 minutes west of Newcastle in the Maitland hinterland.
                                                 Illawarra**                                                        2003 South Coast                                            $481         1,839 N/A            $175,000-$325,000 Located approximately 1.5 hours south of Sydney in the foothills of the Illawarra escarpment. Predominately first home buyers and upgraders.
                                                 Wallarah Peninsula (Coast/North)                                   2004 Lake Macquarie                                         $315           948 N/A            $199,000-$577,000 Approximately 1.5 hours drive north of Sydney having dual frontage to Lake Macquarie and the Pacific Ocean. This project will offer superb natural living environments, high on the hills and surf side living.
                                                 North West Sector                                                  2003 North Western Sydney                                   $153           515 N/A            $270,000-$315,000 Future release lands within Northwest growth centre 50 minutes from Sydney CBD.
                                                 Warriewood                                                         2003 Northern Beaches                                        $37            62 N/A            $526,000-$557,000 Future release lands located in Sydney‟s northern beaches 30 minutes from CBD.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
** Includes options taken over land

Queensland - released to market
                                                 North Lakes                                                        2004    Mango Hill, Brisbane                              $1,151         4,751         67%    $154,000-$347,000    An existing major residential masterplanned community. Situated 25km north of Brisbane incorporating schools, a retail centre, commercial precinct and a golf course.
                                                 North Shore                                                        2001    Townsville                                          $954         4,227         14%    $101,000-$291,000    An innovative masterplanned community 12km north of Townsville CBD, includes 2 schools, childcare centre, parks, leisure and shopping complex.
                                                 Pacific Pines                                                      1992    Gold Coast                                          $650         5,000         99%    $200,000-$318,000    Masterplanned community on the Gold Coast, minutes from Surfers Paradise and all Gold Coast attractions targeting predominantly first home buyers and upgraders.
                                                 Birtinya Island                                                    2004    Sunshine Coast                                      $408           851         15%    $220,000-$575,000    A precinct of the Kawana Waters community, which is situated on the Southern end of the Sunshine Coast. One hour drive north of Brisbane.
                                                 Brightwater                                                        2004    Sunshine Coast                                      $404         1,207         42%    $214,000-$545,000    A vibrant residential community, which is situated on the southern end of the Sunshine Coast close to Mooloolaba.
                                                 The Observatory                                                    2002    Kingsmore                                           $259           885         82%    $325,000-$770,000    Elevated central Gold Coast location with sweeping views of bushland, creeks and Coolongatta Beaches.
                                                 Highland Reserve                                                   2003    Upper Coomera                                       $251         1,076         51%    $176,000-$305,000    25km north of Surfers Paradise in the northern Gold Coast growth corridor and only 40 minutes south of Brisbane.
                                                 Riverstone Crossing**                                              2002    Otmoor                                              $207           740         34%    $228,000-$290,000    20km north-west of Surfers Paradise. It is a boutique community titled development.
                                                 Augustine Heights                                                  2003    Springfield                                         $200           816         56%    $216,000-$320,000    Located in the Springfield growth corridor, this development offers contemporary country living.
                                                 Kawana Business Village                                            2004    Sunshine Coast                                      $157            52         48%                  N/A    A commercial and retail precinct of the Kawana Waters community, which is situated on the southern end of the Sunshine Coast. One hour drive north of Brisbane.
                                                 Parkwood                                                           2003    Heathwood                                           $152           659         93%    $220,000-$329,000    25km south of Brisbane CBD. Located near the Gold Coast link.
                                                 Ormeau Ridge***                                                    2008    Ormeau                                              $107           432          0%    $181,000-$278,000    Situated half way between Brisbane and the Gold Coast beaches.
                                                 The Boardwalk***                                                   2002    Mount Coolum                                         $94           197         93%    $380,000-$539,000    Beachside lifestyle development adjacent to Mount Coolum on the Sunshine Coast, targeting upgraders. Project total includes medium density sites.
                                                 Lake Kawana                                                        2004    Sunshine Coast                                       $71           138         99%                  N/A    A development precinct of the Kawana Waters community, which is situated on the southern end of the Sunshine Coast. One hour drive north of Brisbane.
                                                 Lake Doonella                                                      2004    Noosaville                                           $69           224         26%    $220,000-$330,000    On the shores of Lake Doonella, Doonella Noosa is a natural enclave that provides easy access to both Noosa and Brisbane.
                                                 Woodgrove                                                          2007    Beerwah                                              $57           304         86%    $182,000-$210,000    Situated only minutes away from Maleny, Woodgrove offers good local facilities for growing families.
                                                 Cane Bridge                                                        2008    Mackay                                               $44           218         24%    $111,000-$222,000    Located in Mackay‟s southern corridor approximately 5km from the city centre. Cane Bridge caters to predominantly upgrade buyers.
                                                 Freshwater^^                                                       2003    Griffin                                              $38           174         43%    $175,000-$260,000    24km north of Brisbane CBD, offering a more intimate neighbourhood experience.
                                                 Hundred Hills***                                                   2007    Murwillumbah                                         $36           168         27%    $154,000-$296,000    25km south of the NSW/QLD border and 25km east of the coast, the project will yield the full mix of product types from small courtyard to large rural residential lots.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
** Includes Stockland's estimated share of joint development income (Stage 1 only). Total lots represents 100% of the project.
^^ Represents Stockland's 20% share with SREEF1
*** Represents Stockland's 50% share with SREEF1

Queensland - development pipeline
                                                 Caloundra Downs                                                    2004    Caloundra                                         $5,000        20,000   N/A                        N/A    3,700 hectares of future developable land, including at least 20,000 residential lots, employment, retail and community lands. Including retirement living.
                                                 Bellvista II                                                       2004    Caloundra                                           $106           450   N/A          $189,000-$236,000    Bellvista II is a small project on the periphery of the future Caloundra Downs master planned community located within 5km from the Sunshine Coast beaches. Bellvista II will contain a variety of lot types and housing choices including detached lots and medium density units. It includes a 1200m2 retail site, 3 major parks and significant open space. It will ultimately form one of the gateways to Caloundra Downs.
                                                 Paradise Waters                                                    2010    Deebing                                             $507         1,799   N/A          $187,000-$209,000    Paradise Waters is located in the Ripley Valley growth corridor and enjoys access from the newly constructed Centenary Highway.
                                                 Rockhampton                                                        2010    Rockhampton                                         $475         1,968   N/A          $145,000-$170,000    Located approximately 8km north of the Rockhampton CBD in central Queensland.
                                                 Caboolture West/ Ripeford                                          2008    Caboolture                                          $452         1,419   N/A          $195,000-$216,000    Approximately 45km north of Brisbane and 20km north-west of North Lakes.
                                                 Bahrs Scrub                                                        2008    Logan                                               $309         1,200   N/A                  $205,000     131 hectares located within a major development area 35km south of Brisbane in the northern Gold Coast corridor.
                                                 Ocean Drive                                                        2005    Sunshine Coast                                      $280           907   N/A          $236,000-$258,000    Lakefront development adjoining Twin Waters development on the Sunshine Coast.
                                                 Brookbent Road                                                     2003    Pallara                                             $238           895   N/A          $205,000-$243,000    22km south of Brisbane CBD, target market is upgrader buyers.
                                                 Kawana Beach                                                       2004    Sunshine Coast                                      $174           361   N/A          $301,000-$419,000    A future development precinct of the Kawana Waters community, which is situated on the Southern end of the Sunshine Coast. One hour drive north of Brisbane.
                                                 Sovereign Pocket                                                   2010    Deebing Heights                                     $145           752   N/A                  $165,000     Sovereign Pocket is located in Deebing Heights, and is 6km from the Ipswich CBD. It has easy access to both the Cunningham Highway and Centenary Highway.
                                                 Stoneridge                                                         2010    Narangba                                            $130           606   N/A          $175,000-$250,000    Stoneridge is located in the Moreton Shire Council situated between Brisbane and the Sunshine Coast. The community features an 8.5 hectare eco-corridor and views to the Glasshouse Mountains.
                                                 The Ridge                                                          2010    Logan                                               $128           580   N/A          $155,000-$214,000    Located 2km north of Stockland's Bahrs Scrub, approximately 35km south of Brisbane CBD and 25km north of Surfers Paradise. Accessible by Pacific Motorway, with nearby rail and regional shopping facilities.
                                                 Caboolture Waters                                                  2004    Caboolture                                           N/A           N/A         N/A                  N/A    117 hectares of potential industrial/commercial land, currently unzoned.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled

Victoria - released to market
                                                 Highlands (including Mt Ridley Road)                         2004, 2010    Craigieburn                                       $1,512         6,808         35%    $130,000-$373,000    A major masterplanned community located in Melbourne‟s northern suburbs with picturesque views of surrounding hills and the Melbourne CBD skyline. The project provides for residential, medium density, retirement living and schools, together with retail and commercial amenity.
                                                 Highlands Newbury Village**                                        2008    Craigieburn                                          $49           330         94%    $130,000-$235,000    Newbury Village is an entry level community that forms part of Highlands, located in Melbourne‟s northern suburbs. The project provides for entry level residential living and draws from the extensive amenity that Highlands has to offer.
                                                 Mernda Villages                                                    2002    Mernda                                              $581         2,914         42%    $100,000-$325,000    Major masterplanned community, located 29km north of Melbourne, appealing to a broad market including young and mature families.
                                                 Eucalypt                                                           2009    Epping                                              $277         1,264          4%    $125,000-$295,000    Residential community located in Melbourne‟s north-eastern suburbs with frontage to Findon Creek. The project provides for residential, medium density, mixed-use and school sites.
                                                 Selandra Rise                                                      2007    Clyde North                                         $275         1,180          0%    $135,000-$266,000    A market leading community that aims to set new benchmarks in liveability and social sustainability. Comprising retail, retirement, aged care, public and private schools, sporting fields and an abundance of open space.
                                                 The Point (formerly Point Lonsdale)                                2002    Point Lonsdale                                      $199           522          0%    $215,000-$442,000    An innovative environmentally sustainable lifestyle development. Located on Victoria‟s Bellarine Peninsula, appealing to local residents and holiday-makers.
                                                 Eve                                                                2004    Cranbourne North                                    $161           799         93%    $122,000-$300,000    A vibrant family focussed community located 42km south-east of Melbourne. Eve is a masterplanned community providing facilities that appeal to active, growing families.
                                                 Hawkstowe                                                          2002    South Morang                                        $131           749         88%    $155,000-$280,000    A residential community surrounded by state parks, located 25km north of Melbourne appealing to space seeking environmentally conscious families.
                                                 Sierra                                                             2004    Cranbourne North                                     $46           243         99%                  N/A    A boutique residential community in natural surrounds located 42km south-east of Melbourne, appealing to lifestyle seeking upgraders.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
** Represents Stockland's 50% share with SREEF1

Victoria - development pipeline
                                                 Lockerbie                                                          2010 Kilkallo/Beveridge                                   $4,057        11,500 N/A            $150,000-$230,000 Lockerbie is a large consolidated development site within Melbourne‟s urban growth boundary. It is located on the Hume Hwy in Kalkallo, approximately 35km north of the Melbourne CBD in the City of Hume. It will be developed as a masterplanned community and will support over 11,500 houses and a major activity centre including a regional shopping centre and train station. There will also be an extensive range of schools, community and recreation facilities and open space.
                                                 Davis Road                                                         2010 Tarneit                                                $713         2,625 N/A            $150,000-$280,000 This site was included within Melbourne‟s urban growth boundary in 2010 and adjoins the existing urban area of Tarneit. It is 28km west of the Melbourne CBD (City of Wyndham). The masterplanned community will include over 2,600 homes, a neighbourhood activity centre, schools and a network of parks linked to Davis Creek and Werribee River.
                                                 Leakes Road                                                        2009 Truganina                                              $291         1,096 N/A            $150,000-$280,000 Future masterplanned community incorporating residential, medium density, local parks and schools.
                                                 Cranbourne North                                                   2007 Cranbourne-Berwick Road                                 $75           281 N/A            $150,000-$235,000 Residential community with waterway frontage 42km south-east of Melbourne.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled

Western Australia - released to market
                                                 Newhaven                                                2001, 2005, 2007   Piara Waters                                        $499         1,987         43%    $212,000-$302,000    Outstanding quality and originality of design have culminated in this award winning masterplanned community which offers the opportunity to combine residential, educational and recreational facilities within a sought after location.
                                                 Corimbia                                          2005, 2006, 2007, 2010   Landsdale                                           $264           851          8%    $240,000-$380,000    Located 18km north of the CBD adjacent to Stockland‟s award winning Landsdale Gardens Estate. This estate will appeal to upgrader buyers. Tree lined avenues will be a significant aspect of the estate, connecting with the natural environment.
                                                 Settlers Hills                                                      2001   Baldivis                                            $260         2,152         99%    $158,000-$215,000    This masterplanned community offers practical and modern family living centred around functionality. 18 landscaped parks and gardens, two schools, local shopping facilities including Stockland Baldivis and convenient location to the beach are key features of this vibrant and established community.
                                                 South Beach                                                   2002, 2004   South Beach, Fremantle                              $147           229         81%    $480,000-$650,000    Set in an unrivalled location, this multi UDIA award winning estate is just a short walk from both the cosmopolitan charm of Fremantle and the natural beauty of the northern Cockburn coastline.
                                                 Vertu Private Estate**                                              2004   Harrisdale                                           $95           367         99%                  N/A    Located just 20km south-east of Perth‟s CBD, Vertu offers a mixture of modern and natural design solutions that are sympathetic to their environment as well as resident‟s needs and aspirations.
                                                 Settlers Townside (formerly Settlers Town Site)                     2007   Baldivis                                             $81           419          0%    $125,000-$187,000    These two acquisitions will leverage off Settlers Hills premium position in Baldivis. Just 38km south of Perth‟s CBD, this parcel of land will provide the opportunity to offer an affordable product mix which complements this masterplanned community and is located directly opposite Stockland Baldivis Town Centre.
                                                 Baldivis Town Centre                                                2001   Baldivis                                             $46           172          4%     $96,000-$158,000    Baldivis Town Centre comprising retail, commercial, mixed-use lots and residential.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
** Represents Stockland's 50% share with SREEF1 (stages 2-5 only)

Western Australia - development pipeline
                                                 Banjup                                                             2008 Banjup                                                 $500         1,568 N/A                    $260,000 18km south from the CBD this 145 hectare project is located close to the Kwinana Freeway, Cockburn Central rail station and district shopping centre.
                                                 Eglinton**                                                         2010 Eglinton                                               $462         2,364 N/A                    $306,000 A private partnership to develop a masterplanned coastal estate in Perth's north west corridor, approximately 45km north of the CBD. The project will deliver a range of lot products to appeal to first home buyers, upgraders and premium ocean front land.
                                                 Wungong Reach**                                        2004, 2007, 2010 Brookdale                                              $336         2,819 N/A            $140,000-$230,000 This joint venture with the WA State Government will create a new masterplanned community 25km south-east of the CBD. The project will be delivered over 10 years and will see the land transformed into a vibrant, cohesive community providing much needed employment and economic growth to the region.
                                                 Brookdale West                                                     2007 Brookdale                                               $49           255 N/A            $140,000-$230,000 Located in Brookdale 25km south-east of Perth‟s CBD, Brookdale West will provide a range of suburban lot products. This site is near Stockland‟s joint venture Wungong Reach project.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts settled
** Includes Stockland's estimated share of joint development income
Residential (Apartments) Portfolio as at 31 December 2010
Apartments - released to market
PROPERTY                                 ACQUISITION DATE                   LOCATION/STATE             TOTAL PROJECT VALUE ($m)* TOTAL UNITS RELEASED %SOLD^ CURRENT PRICE RANGE       DESCRIPTION OF PROJECT
Tooronga**                                                            2004 Glen Iris, Melbourne, VIC                      $593         819         330     37% $315,000-$1,390,000     Located 7km from the CBD in the heart of Melbourne's eastern suburbs, Tooronga is a landmark mixed-use development which on completion will comprise of 785 residential dwellings, a neighbourhood shopping centre, strata offices and a vibrant outdoor piazza with a range of dining options. Master planned over 5 stages, the first stage including two residential towers, the Stockland Tooronga Shopping centre, outdoor piazza and strata offices and is due for completion early 2011.
The Village**                                                         2001 Balgowlah, NSW                                 $325         236         235     97% $1,385,000-$1,535,000   The Village is a progressive mixed-use development on Sydney‟s northern beaches. The development features Stockland Balgowlah, a shopping centre with a full line Coles and 60 speciality stores and premium quality apartments.
Prince Henry                                                          2004 Little Bay, Sydney NSW                         $321         368         368     99% POA                     The redevelopment of the old Prince Henry Hospital at Little Bay is a landmark residential development, unrivalled in its natural beauty and historic appeal. The development embodies inspiring beachside living just 20 minutes from Sydney‟s CBD with leading edge architectural design, rich architectural heritage, beautiful streetscapes and open parklands.
The Islands                                                           2007 Southbeach, Perth, WA                          $249         100          51     39% $1,050,000-$5,186,000   Located just minutes from Fremantle on the Cockburn coast, the site offers apartments, townhouses and beach houses with spectacular panoramic views of Garden, Carnac and Rottnest islands as well as Fremantle harbour.
Allisee                                                               2003 Gold Coast, QLD                                $241         196         196     90% $895,000-$2,900,000     Premium waterfront development with a private internal marina and direct Broadwater access.
The Hyde***                                                           2006 Sydney, NSW                                    $232         132         132     94% $2,050,000-POA          Overlooking Hyde Park, The Hyde is set to become one of Sydney‟s most privileged addresses, boasting contemporary world-class design and embracing breathtaking views of Hyde Park and Sydney Harbour. The Hyde is located at 157 Liverpool Street, Sydney and features a 34 level tower comprising 131 luxuriously appointed apartments.



Apartments - undeveloped sites
PROPERTY/ACQUISITION DATE                                                   LOCATION                   TOTAL PROJECT VALUE ($m)* TOTAL UNITS RELEASED %SOLD^ CURRENT PRICE RANGE       DESCRIPTION OF PROJECT
RVIB St Kilda Rd                                                      2007 Melbourne, VIC              N/A                       N/A         N/A         N/A    N/A                    A picturesque and historic garden setting on Melbourne's premier boulevard only 2km from the CBD.
South Yarra                                                           2008 South Yarra, VIC            N/A                       N/A         N/A         N/A    N/A                    This sought-after location in the heart of South Yarra, provides unparalleled access to amenity and lifestyle opportunities in one of Melbourne's most vibrant inner city locations.

* Total revenue generated throughout the life of the project
^ % sold relates to contracts exchanged as a % of sold project lots
** Including retail and commercial
*** Including retail
Retirement Living Portfolio as at 31 December 2010
Retirement Living - released to market
                Property name                         Opening date
Arilla                                         2010
Bellcarra Retirement Resort                    2003
Bellevue Gardens Retirement Village            1994
Bexley Gardens                                 1974
Bundoora                                       2003
Burnside                                       2002
Camden View Village                            2002
Cameron Close                                  1989
Cardinal Freeman Village                       1980
Castle Ridge Resort                            1987
Donvale                                        1990
Fig Tree                                       2009
Gillin Park                                    1990
Golden Ponds Retirement Resort                 1988
Gowanbrae                                      2008
Halls Head Village                             1988
Hastings Parklands Village                     1985
Highlands                                      2010
Keilor                                         1997
Knox                                           1978
LaTrobe                                        1989
Leschenault Retirement Village                 1988
Lincoln Gardens Retirement Village             2001
Long Island                                    1987
Lourdes Village                                1983
Macarthur Gardens                              2011
Macquarie Grove Retirement Village             1996
Maybrook Village                               1992
Midlands Terrace                               1976
Murray River Village                           1988
North Lakes                                    2005
North Lakes Extension                          2010
Oak Grange                                     1984
Patterson Lakes                                1980
Plenty Valley                                  2006
Queens Lake Village                            1987
River Parks Village                            1988
River Pines Village                            1988
Rosebud                                        1980
Rylands                                        2007
Rylands                                        2008
Salford Park Community Village                 1983
Salford Retirement Estate                      1990
Salford Waters Retirement Estate               1993
Tarneit Skies Retirement Village               2003
Taylors Hill                                   2005
Templestowe                                    1983
The Cove Village                                    1983
The Grange Retirement Estate                        1992
The Lakes at Delbridge                              2001
The Lakes Estate                                    2000
The Village Swansea                                 1988
The Willows Retirement Village                      1988
Unity Retirement Village                            1985
Vermont                                             1981
Wamberal Gardens Retirement Village                 1983
Wantirna                                            1986
Waratah Highlands                                   2002

^Excludes Aged Care/nursing homes
*Occupied units as proportion of all occupied and units available for sale

Retirement Living - development Pipeline
PROPERTY NAME
Brookbent Road (formerly Pallara)
Caloundra Downs
Cardinal Freeman Village
Gillan Park
Golden Ponds Retirement Resort
Highlands Extension
Lourdes Village
Mernda
Newhaven
Ocean Drive (formerly Twin Waters)
Selandra Rise
Settlers East
Tarneit Skies
The Cove Village
The Willows Retirement Village
Waratah Highlands
Wungong Reach (formerly Brookdale)
            Location / State         Total units   Established   % Occupancy
South Morang, VIC              196                 -             -
Caloundra, QLD                 124                 124           91
Port Macquarie, NSW            175                 175           97
Bexley North, NSW              22                  22            91
Bundoora, VIC                  240                 240           100
Burnside, VIC                  256                 256           99
Laurieton, NSW                 54                  54            96
Burwood, VIC                   187                 187           98
Ashfield, NSW                  230                 230           88
Castle Hill, NSW               114                 114           96
Donvale, VIC                   144                 144           97
Murrumba Downs, QLD            187                 87            60
Warrnambool, VIC               103                 103           89
Forster, NSW                   159                 159           78
Gowanbrae, VIC                 189                 148           100
Halls Head, WA                 46                  46            89
Port Macquarie, NSW            143                 143           92
Craigieburn, VIC               196                 21            100
Keilor, VIC                    191                 191           94
Wantirna South, VIC            204                 204           100
Reservoir, VIC                 249                 249           100
Bunbury, WA                    38                  38            100
Port Macquarie, NSW            54                  54            98
Frankston, VIC                 158                 158           97
Killara, NSW                   173                 173           86
Campbelltown, NSW              235                 -             -
Tahmoor, NSW                   42                  42            100
Cromer, NSW                    98                  98            72
North Ballarat, VIC            89                  89            100
Mandurah, WA                   37                  37            78
North Lakes, QLD               253                 253           99
North Lakes, QLD               100                 27            59
Brighton East, VIC             110                 110           99
Patterson Lakes, VIC           207                 207           100
Epping, VIC                    203                 203           100
Laurieton, NSW                 124                 124           83
Wilson, WA                     34                  34            97
Wilson, WA                     33                  33            94
Rosebud, VIC                   104                 104           99
Kew, VIC                       65                  65            100
Hawthorn, VIC                  84                  84            100
Wantirna, VIC                  171                 171           98
Aberfoyle Park, SA             74                  74            96
Victoria Point, QLD            181                 181           93
Tarneit, VIC                   123                 123           81
Taylors Hill, VIC              199                 199           98
Templestowe, VIC               151                 151           97
Daleys Point, NSW     112           104   75
Grange, SA            57            57    96
Sydenham, VIC         29            29    90
Taylors Lakes, VIC    172           172   94
Swansea, NSW          141           141   97
Winston Hills, NSW    213           189   93
Aberfoyle Park, SA    130           130   91
Vermont South, VIC    125           125   99
Wamberal, NSW         62            62    79
Wantirna, VIC         178           178   100
Bargo, NSW            111           111   95




LOCATION              TOTAL UNITS
Brisbane, QLD         180
Caloundra, QLD        585
Ashfield, NSW         228
Warrnambool, VIC      38
Forster, NSW          34
Craigieburn, VIC      54
Killara, NSW          18
Mernda, VIC           239
Piara Waters, WA      170
Sunshine Coast, QLD   180
Cranbourne, VIC       209
Baldivis, WA          212
Tarneit, VIC          36
Daleys Point, NSW     61
Winston Hills, NSW    51
Bargo, NSW            57
Brookdale, WA         200
Units yet to
                 Current price range
be released
196            $310,000 - $549,000
-              $220,000 - $305,000
-              $220,000 - $405,000
-              $85,000 - $175,000
-              $177,000 - $546,000
-              $157,000 - $399,000
-              $270,000 - $395,000
-              $151,000 - $832,000
-              $129,000 - $615,000
-              $285,000 - $580,000
-              $142,000 - $470,000
100            $279,000 - $459,000
-              $125,000 - $340,000
-              $67,000 - $435,000
41             $393,000 - $558,000
-              $190,000 - $260,000
-              $70,000 - $230,000
175            $259,000 - $505,000
-              $122,000 - $441,000
-              $237,000 - $458,000
-              $122,000 - $404,000
-              $302,000 - $345,000
-              $295,000 - $340,000
-              $126,000 - $343,000
-              $268,000 - $750,000
235            N/A
-              $180,000 - $200,000
-              $94,000 - $790,000
-              $154,000 - $183,000
-              $280,000 - $350,000
-              $141,000 - $448,000
73             $365,000 - $580,000
-              $303,000 - $528,000
-              $125,000 - $343,000
-              $162,000 - $490,000
-              $195,000 - $380,000
-              275,000
-              275,000
-              $140,000 - $293,000
-              $549,000 - $1,401,000
-              $619,000 - $1,522,000
-              $260,000 - $435,000
-              $280,000 - $330,000
-              $120,000 - $605,000
-              $170,000 - $326,000
-              $215,000 - $375,000
-              $118,000 - $431,000
8    $225,000 - $889,000
-    $380,000 - $395,000
-    $184,000 - $247,000
-    $107,000 - $459,000
-    $215,000 - $370,000
24   $106,100 - $610,000
-    $129,000 - $315,000
-    $247,000 - $358,000
-    $283,000 - $305,000
-    $125,000 - $372,000
-    $270,000 - $385,000
                                               Description of project
Recently commenced retirement village situated in one of Melbourne's key growth corridors. Demand for this village is high with
Located in the newly established suburb of Bellvista, Bellcarra is close to the centre of Caloundra and King‟s Beach. Bellcarra R
The village is centrally located less than two kilometres from the Port Macquarie city centre and is set on 5 hectares of landscap
Located in south west Sydney, Bexley Gardens is only 800m from Bexley North train station which serves the East Hills line into
Bundoora Village is situated close to the Northern Ring Road, RMIT University, shopping strips and is well serviced by public tra
Just 20 minutes from the Melbourne CBD, Burnside Village is located in Melbourne's burgeoning west, just off the Western Hig
The village is situated between North Brother Mountain and the Camden Haven River on the NSW mid north coast. Camden V
Cameron Close is situated in sought after Burwood, close to the exclusive shopping and restaurant precincts of Camberwell an
Cardinal Freeman Village is set in the sought-after inner west suburb of Ashfield. Close to shops and transport, the village feat
Castle Ridge Resort is less than two kilometres from Castle Towers Shopping Centre in Castle Hill with Dural, Carlingford, Nort
Donvale Village is located on Springvale Road in one of Melbourne's prime eastern suburbs, surrounded by high quality housin
Fig Tree Village is well located adjacent to a neighbourhood shopping centre with access to medical and recreational facilities.
Located in Warrnambool on the south west Victorian coast, it is close to the city centre, hospital and shopping centres. The villa
Golden Ponds is set between Wallis Lake and the beaches of Forster on the NSW mid north coast. The resort is surrounded b
Gowanbrae enjoys an excellent location providing quick access to the city, airport and surrounding suburbs. Construction is co
Halls Head is an hour drive south of Perth and three kilometres from Mandurah. The village offers a hairdressing salon, podiat
Parklands is a private retreat set on 5 hectares of landscaped parkland, just minutes from transport, medical facilities and the c
Recently commenced retirement village situated within Stockland's Highlands masterplanned community and adjacent to the fu
The cornerstone of the portfolio's north-western cluster, the modern Keilor Village is serviced by a range of transport options. T
Knox Village enjoys an excellent location directly opposite Knox Shopping Centre, comprising cafes, restaurants, a cinema com
LaTrobe Village is located adjacent to the Summerhill Shopping Centre and close to Westfield Northland. Other facilities in the
Close to the Leschenault Inlet, Leschenault Village is within easy walking distance of Bunbury city centre. It offers a wide range
Lincoln Gardens is ideally located on a quiet suburban enclave and is in close proximity to Port Macquarie's hospital and town
Long Island Village is located just off the Nepean Hwy, a short stroll from the beautiful Seaford foreshore. Retail amenities serv
Lourdes is located in Killara on Sydney's North Shore overlooking Garigal National Park. The village offers a central clubhouse
Incorporated within Stockland's masterplanned community, 30km south west of the Sydney CBD. The location is adjacent to th
Macquarie Grove is located at the gateway to the Southern Highlands. It is close to local clubs, recreational activities, medical s
Perched high on the ridge at Cromer in Sydney‟s Northern Beaches, the village has a bushland outlook. It features a library an
Midlands Terrace was the first village in the original ARC portfolio. The village enjoys strong demand from prospective residen
Located one kilometre from Bunbury, the village offers amenities including air-conditioned clubhouse with outdoor terrace and
Located in one of Australia's fastest growing regions, the North Lakes Community is only 35 minutes from Brisbane and 30 min
Extension has been released to market and well received. Construction for the new club house is now complete and being enjo
Oak Grange is located on Hawthorn Road, Brighton East: close to Brighton's famous beaches, the city and a tram ride to the vi
Patterson Lakes Village is located directly opposite Patterson Lakes Shopping Centre and Marina and features a central lake f
Plenty Valley Village is situated off McDonalds Road in Epping, within close proximity to the Westfield Epping shopping comple
Situated on the Queens Lake waterfront, the village is equipped with its own private jetty. It is conveniently located just one kilom
River Parks is set amongst private landscaped gardens adjacent to the Canning River and located in Wilson, only 13km from th
River Pines, adjacent to Canning River, is situated within easy access of local shopping centres.
Rosebud Village is located in the heart of the Mornington Peninsula and is well serviced by the region's many championship go
Rylands of Kew is an apartment style retirement resort adjacent to shops and facilities at Kew Junction. The property's centrepi
Rylands of Hawthorn was acquired in July 2008 and is positioned close to the shopping and entertainment precinct of Camberw
Residents at Salford Park Community Village live independently in one or two bedroom units, however there are also aged care
Located in the tree-studded foothills of South Australia's Aberfoyle Park, Salford Retirement Estate is 20km from Adelaide's CB
Situated on the Moreton Bay waterfront in Victoria Point,the village is less than three kilometres to Victoria Point Shopping Cen
Tarneit Skies is located in Melbourne‟s western suburbs. It features an indoor swimming pool, spa, gymnasium, dining room, cr
Taylors Hill is located approximately 5 minutes from the Calder Freeway and Watergardens Regional Shopping Centre. Taylors
Templestowe Village is set out in a park-like environment opposite beautiful Westerfolds Park, which features walking tracks al
Situated on the NSW Central Coast, the village boasts absolute water frontage with most units having views of Brisbane Water
The Grange is located just over one kilometre from the seafront suburb of Grange and 12km from Adelaide's CBD. The village
The Lakes at Delbridge is a small village located close to the Taylors Lakes village, less than 1km from the Watergardens Reg
The Lakes Estate is ideally located on the corner of Kings Road and Melton Highway, directly opposite Watergardens Shopping
Located in the seaside peninsula township of Swansea, on the NSW Central Coast, the village is situated in close proximity to L
The Willows is situated at Winston Hills in north west Sydney. It is in close proximity to shopping centres, sports clubs, hospitals
Located in Aberfoyle Park, Unity's facilities include a bowling green, recreation hall, dining room and half court tennis.
Vermont Village benefits from an excellent location, plenty of open space and established gardens. Located on Burwood Highw
The village is located on the NSW Central Coast adjacent to Wamberal Lagoon with the beach just one block away. It features
Wantirna Village benefits from an outstanding range of retail and transport amenities. The 6.3 hectare site adjoins the Blind Cr
Set on 10 hectares of woodland, Waratah Highlands is in close proximity to the Southern Highlands and 500m to Bargo train st




DESCRIPTION OF PROJECT
Potential retirement living opportunity identified 22km south of Brisbane, within Stockland's residential community.
There is an opportunity for three retirement communities within the 3,700 hectare Caloundra Downs project which will include a
A major project application for 228 new independent living units, to be developed over five stages, has been lodged with the NS
There is an opportunity to build an additional 38 ILUs at the village based on the current DA.
Construction for Stages 2-4, consisting of 34 new independent living units, is subject to current vacancy levels in the village imp
An opportunity exists adjacent to the Highlands retirement village to extend this key project.
A Development Application for the construction of 18 additional independent living units and a partial upgrade of the existing co
Located within the Stockland Mernda Villages masterplanned community 25km north east of Melbourne.
Represents an opportunity within Stockland's award winning Newhaven community, adjacent to future retail and commercial sit
This site is situated within the proposed residential community on the Sunshine Coast. The location lends itself to the opportuni
A retirement living opportunity within Stockland‟s East Village development in Cranbourne, south east of Melbourne.
Incorporated within Stockland‟s Settlers Hills masterplanned community, 38km south of Perth CBD. The site is immediately adj
There is an opportunity to build an additional 36 ILUs at the village based on the current DA.
A Development Application approval has been granted for 61 independent living units, new community facilities and sales/ adm
The site has DA approval for 75 ILU‟s planned to be constructed in 3 stages. Stage 1 comprising 24 ILU‟s is under construction
The remaining Stages 7-9 (57 units) are scheduled to take up to three years to complete with Stage 7 programmed to commen
Located within the future Stockland masterplanned community 25km southeast of the Perth CBD and 2km west of the Armadal
 for this village is high with more than 400 people attending the official launch.
 King‟s Beach. Bellcarra Retirement Resort features a swimming pool, bowling green and billiards room.
 on 5 hectares of landscaped gardens. Facilities include a restaurant, coffee shop, auditorium, library, hairdressing salon, medical consulting
 ves the East Hills line into Sydney CBD. It is also in close proximity to major shopping centres in Hurstville, Rockdale and Kogarah.
  well serviced by public transport. The 6.7 hectare site enjoys excellent views over the Plenty Valley Gorge.
 , just off the Western Highway. Virtually next door is Burnside Shopping Centre complete with two supermarkets and specialty retail.
 d north coast. Camden View is just 100m away from the centre of Laurieton.
 ecincts of Camberwell and Canterbury and is well serviced by bus and tram routes linking to rail and Chadstone Shopping Centre. Elevated
  transport, the village features a magnificent chapel along with the heritage listed Glentworth House. The village offers various levels of care
 h Dural, Carlingford, North Rocks and Pennant Hills within easy reach. It offers a swimming pool and spa, visiting doctor, snooker and billiar
ded by high quality housing and a strong potential catchment to the north and north east, with limited competition in the area.
and recreational facilities. Project launched in August 2008 and is now home to over 80 residents (42 villas). The community centre is now o
 hopping centres. The village offers various levels of care including independent living, serviced apartments and a 45-bed aged care facility.
 he resort is surrounded by 13 hectares of landscaped grounds, ponds and rainforest.
burbs. Construction is complete on all units with more than 150 people now living at Gowanbrae. Construction has commenced on the final
hairdressing salon, podiatrist, library, pool table, indoor bowls and barbecue facilities. Public transport is available opposite the village.
medical facilities and the centre of Port Macquarie. The village has a full-length artificial grass bowling green and heated indoor pool and spa.
nity and adjacent to the future town centre.
 ge of transport options. The site benefits from close proximity to the Western Ring Road and Calder Freeway and bus services running dire
 estaurants, a cinema complex and a wide range of grocery and retail outlets.
and. Other facilities in the area, which is well serviced by bus and tram, includes Bundoora Park, Preston Markets and major hospitals.
 tre. It offers a wide range of amenities including a bowling green and an outdoor entertaining area overlooking the established gardens.
 uarie's hospital and town centre.
ore. Retail amenities servicing the village include Frankston, Patterson Lakes & Mt Eliza centres, all of which have grown substantially in rec
 ffers a central clubhouse with coffee shop as well as a dining room, lounge, chapel, billiards room, hairdressing salon, library, heated swimm
   location is adjacent to the regional retail and transport centre.
 tional activities, medical services and transport. It features computer facilities, hairdresser, library and barbecue facilities.
 k. It features a library and billiards room, a gym and indoor heated pool and spa.
 from prospective residents and is well positioned in its local area market. The village adjoins Northway Shopping Centre with proximity to me
 with outdoor terrace and barbecue area, solar-heated swimming pool, plus a lounge, hairdressing salon, podiatrist room and library.
 rom Brisbane and 30 minutes from Brisbane International Airport. The resort layout provides security as well as an outstanding array of ame
   complete and being enjoyed by all residents.
y and a tram ride to the vibrant shopping and entertainment strips of High Street, Chapel Street and Acland Street.
d features a central lake feature as the focal point of the village. Local bus services passing the front gate link to Carrum rail station.
 Epping shopping complex. The location is well serviced with transport, healthcare, medical and aged care facilities.
ently located just one kilometre from Laurieton's town centre.
Wilson, only 13km from the centre of Perth.

s many championship golf courses, wineries and beaches. In addition, several bowling clubs and the Rosebud RSL are convenient to the si
n. The property's centrepiece is a heritage building that has been blended with contemporary architecture to create a relaxing environment w
ment precinct of Camberwell Junction. This retirement resort features stunning modern apartments and spacious communal facilities.
r there are also aged care facilities available offering 120 rooms for those who require some extra assistance.
20km from Adelaide's CBD and less than three kilometres to the local shopping centre.
toria Point Shopping Centre and about a half hour drive to Brisbane's CBD.
mnasium, dining room, crafts room, computer suite and billiards tables.
Shopping Centre. Taylors Hill Village features modern community facilities with both independent living units and apartments.
 eatures walking tracks along the banks of the Yarra River, BBQ facilities and picnic areas.
  views of Brisbane Waters. Construction of eight waterfront independent living units was recently completed. The village has two outdoor ba
elaide's CBD. The village is in close proximity to public transport, hospital and shopping centres.
m the Watergardens Regional Shopping Centre. The village is co-located with the Delbridge Aged Care Facility.
e Watergardens Shopping Centre and Railway Station. The village overlooks Taylors Lakes, which provides a pleasant view from the comm
ated in close proximity to Lake Macquarie and Swansea Shopping Centre. It has three salt-water swimming pools and two community centres
 es, sports clubs, hospitals, 24 hour medical facilities and less than 1km to the M2 freeway leading to Sydney's CBD.
 alf court tennis.
 ocated on Burwood Highway near Koomba Park, the property is close to several large shopping centres including Vermont South, Knox, The
 ne block away. It features two swimming pools, two outdoor barbecue areas, an activities room and library.
e site adjoins the Blind Creek Reserve and is in close proximity to the Dandenong Ranges National Park, Morack and Ringwood Golf Course
nd 500m to Bargo train station. It features a hairdresser, beautician, library and billiards room. The construction of Stage 6, 18 independent




  community.
 roject which will include at least 20,000 residential lots, employment and retail. These will be developed concurrently as the broader project
s been lodged with the NSW Department of Planning seeking approval.

cy levels in the village improving and market conditions strengthening. A Section 96 Development Application will be required to facilitate the

upgrade of the existing community facilities is under assessment with Ku-Ring-Gai Council to be determined by the JRPP (Joint Regional Pla

 retail and commercial site.
nds itself to the opportunity to develop a resort style community.
 of Melbourne.
he site is immediately adjacent to the Stockland
  shopping complex.

y facilities and sales/ administration offi ces.
LU‟s is under construction with Stage 2 (28
   ILU‟s) and Stage 3 (23 ILU‟s) construction documentation underway.
 programmed to commence construction mid2011.
 2km west of the Armadale town centre site.This holding will provide an excellent retirement location as part of the broader community develo
 hairdressing salon, medical consulting room, bowling green and resident clubhouse adjoining an indoor heated swimming pool and barbecu
stville, Rockdale and Kogarah.

upermarkets and specialty retail.

 Chadstone Shopping Centre. Elevated parts of the property enjoy district and CBD skyline views.
The village offers various levels of care ranging from independent living, assisted living and low and high aged care.
  spa, visiting doctor, snooker and billiard room and a hairdresser.
competition in the area.
2 villas). The community centre is now open and offers a heated indoor pool, bowling green, library, gym and hair salon.
ments and a 45-bed aged care facility.

nstruction has commenced on the final 39 Independent Living Apartments with the first residents moving in mid 2011.
 is available opposite the village.
 green and heated indoor pool and spa.

 Freeway and bus services running directly past the site.

ston Markets and major hospitals.
erlooking the established gardens.

of which have grown substantially in recent years.
airdressing salon, library, heated swimming pool and spa. The village offers various levels of care from independent living, assisted living an

d barbecue facilities.

ay Shopping Centre with proximity to medical and community facilities.
alon, podiatrist room and library.
y as well as an outstanding array of amenities. The resort is within the expanding North Lakes Town Centre and within an easy walking dista

Acland Street.
 gate link to Carrum rail station.
d care facilities.



e Rosebud RSL are convenient to the site. Public transport services link to Rosebud town centre and Frankston train station.
 ture to create a relaxing environment with state-of-the-art convenience.
nd spacious communal facilities.




ng units and apartments.
mpleted. The village has two outdoor barbecue areas, three swimming pools, a spa and a private jetty.


rovides a pleasant view from the community facilities.
mming pools and two community centres.
 Sydney's CBD.

res including Vermont South, Knox, The Glen and Forest Hill.

ark, Morack and Ringwood Golf Course, Knox library and several hospitals.
onstruction of Stage 6, 18 independent living units was completed in January 2010.




ped concurrently as the broader project comes to market.


 plication will be required to facilitate the desired design changes, efficiency improvements and potential yield gains.

 rmined by the JRPP (Joint Regional Planning Panel).




as part of the broader community development.
 oor heated swimming pool and barbecue area.




high aged care.


gym and hair salon.


ving in mid 2011.




m independent living, assisted living and low and high aged care.




Centre and within an easy walking distance of the North Lakes Regional Shopping Centre, Health and Education precincts.




 Frankston train station.
ial yield gains.
d Education precincts.
Unlisted Property Funds as at 31 December 2010
table 1
FUND                                                         TYPE OF FUND                ASSETS UNDER MANAGEMENT              ESTABLISHMENT DATE               EXPIRY/REVIEW DATE
Stockland Direct Office Trust No. 1 (SDOT1)                  Retail                      217.1                                Nov 2004                         Jun 2010^
Stockland Direct Office Trust No. 2 (SDOT2)                  Retail                      185.3                                Sep 2005                         Jun 2013
Stockland Direct Office Trust No. 3 (SDOT3)                  Retail                      88                                   Jun 2007                         Jun 2014
Stockland Direct Retail Trust No. 1 (SDRT1)                  Retail                      66.5                                 Dec 2006                         Jun 2014
Stockland Residential Estates Equity Fund No. 1 (SREEF1)     Wholesale                   83.9**                               Aug 2006                         Aug 2014

*Represents gross assets
**Represents SREEF1 total commited equity (less capital return to unit holders) and drawn debt at 31 December 2010
^ Investors voted in December 09 to sell and wind up the Trust. The sale process is currently underway

table 2
                                                                                                                                                                                                                                                 2
                                                             PROPERTY TYPE               PROPERTY                             STATE                            OWNERSHIP                  BOOK VALUE($m)              VALUATION($m)       NLA (m) **                  % OF FUND
SDOT1                                                        Commercial                  Waterfront Place                     QLD                              50%                                           216.4                  219 59,044                        100%
                                                                                         Brisbane
SDOT2                                                        Office Park                 Optus Centre                         NSW                              49%                                           181.9                181.3 84,194                        100%
                                                                                         Macquarie Park
                                                                                         SDOT2
SDOT3                                                        Commercial                  75 George Street, Parramatta         NSW                              100%                                             30                    30 9,535                        36%
                                                                                         541 St Kilda Road, Melbourne         VIC                              100%                                             25                    25 8,251                        30%
                                                                                         181 Great Eastern Highway,
                                                                                         Belmont                              WA                               100%                                            15.1                15.1 4,035                         18%
                                                                                         222 Russell Street Car Park,
                                                                                         Melbourne                            VIC                              100%                                              13                  13 N/A                           16%
SDRT1                                                        Retail                      Benowa Gardens                       QLD                              100%                                            30.5                30.5 5,734                         48%
                                                                                         Pacific Pines                        QLD                              100%                                            18.6                18.6 5,518                         29%
                                                                                         Tamworth Homespace                   NSW                              100%                                            14.3                14.3 13,070                        23%
SREEF1                                                       Residential Communities     Freshwater                           QLD                              80%                        147.4*                      N/A               N/A                           35%
                                                                                         Ormeau Ridge                         QLD                              50%                        106.0*                      N/A               N/A                           25%
                                                                                         Vertu Private Estate^^               WA                               50%                        57.5*                       N/A               N/A                           14%
                                                                                         Newbury Village^                     VIC                              50%                        49.4*                       N/A               N/A                           12%
                                                                                         Hundred Hills                        NSW                              50%                        34.7*                       N/A               N/A                           8%
                                                                                         The Boardwalk^^^                     QLD                              50%                        25.6*                       N/A               N/A                           6%
* Fund share of total revenue generated throughout the life of the project
** 100% of NLA
^ Newbury Village of Stockland's Highlands Residential Communities project only
^^ Stages 2-5 only
^^^ Stages 4,6,7 and 9 only

table 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Lease expiry profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               FY11 Lease   FY12 Lease   FY13 Lease   FY14 Lease   FY15+ Lease   Weighted Average
Property Name                                                Description of Project      State:                               Acquisition date:                Ownership/title:                                                       Valuation/($/m2 )
                                                                                                                                                                                          Cost including additions: Independent Valuation:                            Capitalisation rate: Discount rate: Gross lettable area: Net lettable area:      Car parking spaces: Annual sales: Specialty occupancy cost: Major tenant 1 Gla (m2)                             Gla (m2)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      Lease Expiry Major tenant 2      Lease Expiry Major tenantGla (m2)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3                                        4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Lease Expiry Major tenantGla (m2)         Lease Expiry Major tenant 5   Gla (m2)   Lease Expiry   Vacant       Expiry       Expiry       Expiry       Expiry       Expiry        Lease Expiry
75 George Street, Parramatta                                                             NSW                                    Jun 2007                          100%/Freehold                $39.70 million
                                                             75 George Street is a six level, twin tower, commercial office building. The office levels comprise north and south wings which are linked by a central services core and a typical floor plate of 1,800m2. There are two retail areas on the ground floor, with basement and covered parking for 103 spaces. The property is located in the heart of the Parramatta CBD on the high profile 41244 of Smith and George Streets. The Parramatta bus/rail interchange and RiverCat Wharf are also within close proximity of the property.
                                                                                                                                                                                                                       Dec 2010              $30.0 million ($3,146/m2) 9.00%                    9.75%                                9,535               103                   N/A             N/A                          St George       6,485         corner           1,857       42248
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Hanson Construction                                                                                                                                         5%           0%           42%          31%          3%           19%           2.32
541 St Kilda Road, Melbourne                                                             VIC                                    and two ground floor retail tenancies, with a lettable area of 8,251m2 and 128 parking spaces. The property$25.0 million ($3,030/m2) of9.50%
                                                             541 St Kilda Road comprises six levels of office accommodation Jun 2007                              100%/Freehold                30.30 million           Dec 2010                                                                  light on                            8,251
                                                                                                                                                                                                                                              features large floor plates 1,300m2 with natural9.25% all sides and a refurbished foyer and forecourt.     128                   N/A             N/A                          Seek            6,398         41183            1,320
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Theiss           41153                                                                                                                                      0%           0%           1%           94%          4%           1%            1.94
181 Great Eastern Highway, Belmont                                                        is a                                                                     provides three
                                                             181 Great Eastern Highway WA commercial building with a lettable area of 4,036m2. The building100%/Freehold levels of office accommodation with 109 car parking spaces on the property, with another 126 bays located on an adjoining parcel of land. The building‟s elevated position provides views of the Swan River and the Perth CBD skyline. NRW
                                                                                                                                Jun 2007                                                       13.80 million           Dec 2010              $15.1 million ($3,742/m2) 8.75%                    10.00%                               4,035               235                   N/A             N/A                                          4,035         43466                                                                                                                                                                   0%           0%           0%           0%           0%           100%          8.11
222 Russell Street Car Park, Melbourne                                                                                          Jun Russell hotel/retail complex. The building is located in Melbourne‟s busy Chinatown precinct between Lonsdale and(N/A) Lonsdale8.50% and was completed in 1997. N/A property comprises 531 car parking spaces. SDOT3 acquired an interest in N/A car parking spaces (including 52 whichN/A privately owned and leased back by SDOT3).
                                                             The public car park at 222 Russell Street forms part of the Mantra on 2007
                                                                                         VIC                                                                      100%/Freehold                16.90 million           Dec 2010              $13.0 million Little         Streets               9.50%           The                  N/A                 479                   N/A              479                         Wilson Parking are            42156                                                                                                                                                                   0%           0%           7%           0%           0%           93%           4.19
Benowa Gardens Shopping Centre                                                           QLD                                    Dec 2006                          100%/Freehold
                                                             Benowa Gardens is a fully enclosed neighbourhood shopping centre located on the Gold Coast. The centre was originally constructed in 1992, and hasDec 2010
                                                                                                                                                                                               26.70 million                                 $30.5 million ($5,320/m2) 8.00%                    9.75%           5,734                                    437
                                                                                                                                                                                                                        been periodically refurbished, with the most recent refurbishment completed in 1998. The centre is anchored with a Coles supermarket and over 40 specialty retailers. N/A is on-site parking for Coles
                                                                                                                                                                                                                                                                                                                                                                               $51.70           There                                       1,960         44652
                                                                                                                                                                                                                                                                                                                                                                                                                            437 vehicles, including 200 covered bays.                                                                                                                                                             5%           11%          5%           22%          4%           53%           3.99
Pacific Pines Town Centre                                                                QLD                                    Dec 2006                          100%/Freehold
                                                             Pacific Pines Town Centre was developed by Stockland as part of a masterplanned community, situated in the northern Gold17.30 million near Helensvale.2010 neighbourhood shopping centre has an 7.50%plan style and is anchored by Woolworths plus 13 specialty stores and parking for 355 vehicles. $45.90
                                                                                                                                                                                                Coast region,          Dec The               $18.6 million ($3,371/m2)    open                  9.50%           5,518                                    355                                   N/A                          Woolworths      3,541         45200                                                                                                                                                                   8%           2%           0%           0%           15%          75%           7.04
Tamworth Homespace                                                                       NSW                                    Dec centre                        100%/Freehold                20.90 million           Dec 2010
                                                             Tamworth Homespace is a modern single level bulky goods shopping 2006 located on the New England Highway, approximately 4km south of the Tamworth CBD. Developed by million ($1,094/m2) 10.50%
                                                                                                                                                                                                                                             $14.3 Stockland, the centre commenced trading in November 2004 and is anchored by leases to The Good Guys and Sleep City. N/A are 10 additional bulky goods tenancies, Good Guys 2,404 a medical centre, with on-site parking for 416 vehicles.Sleep City & Everyday Living
                                                                                                                                                                                                                                                                                                11.00%          13,070                                   416                   There           N/A                          The a restaurant and          41913            Homemaker 42309
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Your 2,153                                  1,800         40817                      1,214
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              My Design Furniture        42278                                                    4%           0%           21%          6%           5%           64%           3.58
UK as at 31 December 2010
Stockland UK on-balance sheet properties
PROJECT LOCATION
1 Tudor Street, London
Billingham Town Centre, Billingham
St Andrew Square, Edinburgh
Three Horse Shoes Mall, Market Place, Warminster
17 Moorgate and 56 Coleman Street, London
112 London Road North, Lowestoft
St Mungo's Retail Park, St Mungo's Road, Cumbernauld
Herschell Street, Anniesland, Glasgow
9-12 Market Street, Wellingborough
Keymarket House, Middle Street, Yeovil
73, 73A, 73B High Street, Brentwood
Ascot Drive, Derby
Land at Dalgety Bay
William Hunter Way, Brentwood

Note: A$ at exchange rates prevailing at 31/12/2010 (0.6585)
COUNTY              CATEGORY
Central London      Commercial
Teesside            Retail
Scotland            Mixed-use
Wiltshire           Retail
Central London      Commercial
Suffolk             Retail
Scotland            Retail
Scotland            Commercial
Northhamptonshire   Retail
Somerset            Retail
Essex               Retail
Derbyshire          Industrial/Retail
Scotland            Retail
Essex               Retail
STOCKLAND UK% EQUITY   BOOK VALUE ($m)
100%                   $49.20
100%                   $30.90
100%                   $26.80
100%                   $16.10
100%                   $13.80
100%                   $9.60
100%                   $6.60
100%                   $3.30
100%                   $3.20
100%                   $2.20
100%                   $1.00
100%                   $0.60
100%                   $0.20
100%                   $0.00

				
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