Highlights Funds from Operations of $114.3m, an increase of 5.4% on the prior financial year Distributions to unitholders of 13.9cpu, up 6.1% on the prior year. This represented a payout ratio of around 91%. Gearing as at 30 June 2018 was 31.2%, which is within policy range of 30-40% NTA at 30 June 2018 increased to $2.30 per unit, up from $2.20 per unit at the same time in the prior year, due, primarily, to the valuation cap rate compressing from 6.47% to 6.33%. Portfolio occupancy stabilised around 98.3%, which represents a specialty vacancy rate of 4.8% at 30 June 2018. SCP acquired: one (1) neighbourhood centre for $28.4m; one (1) development site; and two (2) adjoining properties. average, specialty rents increased consistently to $716/sqm at 30 June 2018, up from $625/sqm in 2014 . SCP has three (3) growth initiatives being, Acquisitions, Developments and Funds Management; Acquisitions: SCP remained disciplined with respect to acquisitions, however since 1 July 2018, have acquired 12 centres for $678M, including 10 Centres from Vicinity. SCP justified the Vicintiy acquisitions at a fully leased yield of 7.47% on the basis that they were 5% accretive to FY19, assisted to reduce the management cost ratio, falling to less than 40 points, and contained additional value creation opportunities. Developments: The re-development of Kwinana, with the introduction of a new Coles Supermarket and associated specialty stores has now been completed, along with the replacement of Masters at Mt Gambier with Bunnings. SCAs development at Bushland Beach, a new Coles centre, opened in July 2018, and Shell Cove opened in October 2018. Funds Management: SCA completed the establishment of SURF 3 in July 2018 and the transfer of Moama and Swansea Centres for $29.3M. Another fund SURF4, is expected to be launched in FY19. Future SCP guidance for FY19 is Funds from Operations per unit of 16.2cpu; and Distributions of 14.7cpu #SCAPropertyGroup