Investor Presentaiton
MACQUARIE AUSTRALIA CONFERENCE
Reimagine Urban Life
Retain Balance Sheet flexibility
Current position
> Strong balance sheet and liquidity position
> Significant coverage over leverage and interest cover covenants
24%
Balance sheet
gearing¹
A3/A-
~$1.3bn
Disposal program¹
1. As at 31 December 2022.
2. Investment Properties Under Construction (IPUC).
Credit rating'
-$1.2bn
Available liquidity¹
FUTURE FOCUS
mirvac
>5x
ICR1
Ensure flexibility to execute strategy
and take advantage of opportunities
> Maintain modest gearing (target low-mid end of 20-30% range)
> Target dividend payout ratio 60-80% of EPS
> Maintain A3/A- credit ratings
> Target 20-30% of capital deployed to active, which includes
IPUC² and development inventory
> Increased capital discipline on development spend
> Increased use of strong capital partner relationships
> Recycle capital out of older, lower return assets
> Increased focus on cost efficiencies and productivity
LIV Anura, Brisbane (artist impression, final design may differ)
MAY 2023 | 04View entire presentation