Vukile Property Fund Limited · JSE:VKE

Vukile Property Fund — FY2016 Earnings Presentation

78 slides from Vukile Property Fund's earnings presentation, Mar 31, 2016

  1. Slide 1: Group Results for the Year Ending 31 March 2016

    GROUP RESULTS FOR THE YEAR ENDING 31 MARCH 2016 www.vukile.co.za 1

  2. Slide 2: Agenda

    AGENDA 01 Highlights 02 Financial performance Portfolio performance and 03 overview Acquisitions, disposals and 04 developments 05 Corporate activity and strategy 06 Questions 2

  3. Slide 3: Highlights

    HIGHLIGHTS Laurence Rapp www.vukile.co.za 3

  4. Slide 4: Highlights

    HIGHLIGHTS  7.0% increase in distribution to 146.348 cents per share for the full year  7% increase in H2 to 83.126 cps  Strong operational result with an improvement in key metrics  Vacancies reduced to 3.9% of GLA  Positive reversions across all sectors, retail up 12.3%  Successful R760 mill

  5. Slide 5: Financial Performance

    FINANCIAL PERFORMANCE Mike Potts www.vukile.co.za 5

  6. Slide 6: Distribution History

    DISTRIBUTION HISTORY 12 years of unbroken growth in distributions 146.3 136.8 Cents per share 126.5 120.4 111.4 109.0 107.9 97.9 88.3 83.1 76.8 77.7 71.7 68.2 68.5 63.8 62.8 63.2 60.9 61.5 59.1 54.8 52.2 53.8 48.0 47.6 47.0 46.2 44.1 41.0 40.3 36.0 35.8 31.5 32.5 30.0 13.8 13.4 11.2 8.7 2005 2006 20

  7. Slide 7: Simplified Income Statement

    SIMPLIFIED INCOME STATEMENT c.R1 billion of distributable income 2016 2015 March March Variance Note Group Group Group Calculation of distributable earnings R000 R000 % Net profit from property operations excluding straight-line income adjustment 1 103 392 961 542 14.8 Income from asset management b

  8. Slide 8: Growth in Net Profit from Property Operations

    GROWTH IN NET PROFIT FROM PROPERTY OPERATIONS Like-for-like growth of 5.8% March 2016 % Increase in group net rental income 14.8 Made up as follows:  Like-for-like (stable portfolio) 5.8  New property acquisitions contributed 10.2  Less: Non-core properties sold (1.2) 14.8 8

  9. Slide 9: Group Net Income Analysis

    GROUP NET INCOME ANALYSIS Distributable income of R996 million R’000 % Income R2 217.2 million Rental income and other 1 623 739 73.2 Electricity and water services recovered 376 885 17.0 Rates and taxes recovered 95 776 4.3 Investment and other income 91 711 4.1 Investment from associate 19 423 0.9

  10. Slide 10: Group Balance Sheet

    GROUP BALANCE SHEET – (R’m) Assets and liabilities 13 738 13 105 4 114 2 830 2 223 1 998 1 752 1 354 832 806 621 280 Investment Investment Non-current Current assets Non-current Current liabilities properties properties assets liabilities for sale Mar-16 Mar-15 10

  11. Slide 11: Bad Debt and Arrears Analysis

    BAD DEBT AND ARREARS ANALYSIS Prudent Provisioning Policy  Tenant arrears amounted to R64 million or 3.05% of gross rental income, a reduction from 3.24% at March 2015  Doubtful debt allowance marginally up to R28 million (March 2015: R27.4 million)  The doubtful debt allowance equates to 1.34% o

  12. Slide 12: Group Debt Structure

    GROUP DEBT STRUCTURE Conservatively geared and well hedged March 2016 March 2015 % % Gearing ratio 29.5 26.6 Loan to value ratio net of available cash 26.9 26.0 % Interest bearing term debt hedged 86.4 88.0 Annualised cost of finance(I) 8.5 8.4 (I)Based on average of interest bearing debt, excluding

  13. Slide 13: Group Debt Structure

    GROUP DEBT STRUCTURE Diversified sources of funding DEBT REFINANCED DURING THE YEAR  Corporate bonds totalling R780 million  R720 million commercial paper  Bank debt of R463.3 million Strategy 2016 2015 Diversify funders to at least three providers Five funders Five funders Diversify funding stru

  14. Slide 14: Group Net Cash Flow

    - 1 000 000 2 000 000 3 000 000 4 000 000 5 000 000 6 000 000 Balance 1 April 2015 473 889 Investment and other income 99 337 Cash from operating activities 1 265 616 Summary of inflows - outflows Proceeds on sale of investment properties 327 356 Issue of shares 1 347 943 GROUP NET CASH FLOW – (R’00

  15. Slide 15: NAV Bridge

    300 800 1 300 1 800 2 300 2 800 Opening NAV (1 April 2015) 1 716 7% growth in NAV Investment properties purchased 363 NAV BRIDGE – (Cents) Increase in non-current assets 195 32 Increase in current assets Adjusted for additional shares in issue ( 199) Increase in non-current liabilities ( 198) Increa

  16. Slide 16: Share Prices and Trade Volumes

    SHARE PRICES AND TRADE VOLUMES 36% liquidity 20.00 30 000 000 19.00 25 000 000 18.00 20 000 000 17.00 15 000 000 16.00 10 000 000 15.00 5 000 000 14.00 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2015 2016 Volume traded Closing price 16

  17. Slide 17: Property Portfolio Performance and Overview

    PROPERTY PORTFOLIO PERFORMANCE AND OVERVIEW Ina Lopion www.vukile.co.za 17

  18. Slide 18: Valuation Parameters

    VALUATION PARAMETERS Total property assets of R16.7 billion Total property assets R16.7 billion Listed Portfolio R1.1 billion • Atlantic Leaf R0.8 billion • Fairvest R0.3 billion Direct Property Portfolio Vukile Synergy  Valuation R15.6 billion R13.2 billion R2.4 billion 52% of portfolio valued ext

  19. Slide 19: Leasing and Tenant Exposure

    LEASING AND TENANT EXPOSURE Mainly national tenant exposure For the 12 months ended 31 March 2016 leases were concluded with:  Total contract value R1 681 million  Total rentable area 305 804m² Lease renewals 70% of leases to be renewed during the period ended 31 March 2016 were renewed or are in

  20. Slide 20: Tenant Exposure – Top Tenants

    TENANT EXPOSURE – TOP 10 TENANTS Well diversified tenant mix % of % of % of Total Vukile Synergy Portfolio Portfolio Portfolio GLA GLA GLA Government 10.4 12.1 - Shoprite 5.8 5.8 5.2 Other Edcon 4.0 4.0 3.8 Top 10 (c.1 900 Pick ‘n Pay 3.7 4.0 1.8 Tenants tenants) Spar 3.5 1.0 19.1 40% 60% Pepkor 3.3

  21. Slide 21: Sectoral Profile

    SECTORAL PROFILE 67% exposure (based on value) to the Retail sector Value: R15 598m GLA: 1 427 591m² Portfolio including Synergy Portfolio including Synergy % of Total Portfolio % of Total Portfolio Retail 67 Retail 54 Offices 15 Offices 16 Industrial 8 Industrial 19 Sovereign 6 Sovereign 8 Hospital

  22. Slide 22: Retail Portfolio Trading Statistics

    RETAIL PORTFOLIO TRADING STATISTICS Like for like trading density growth of 7% as at 31 March 2016  Like for like annual trading density growth of 7% for centres above 10 000m² (3.7% growth including East Rand Mall which slowed due to the current refurbishment project)  Compares to SAPOA’s like fo

  23. Slide 23: Largest Retail Properties

    10 LARGEST RETAIL PROPERTIES Dobsonville Shopping East Rand Mall Phoenix Plaza Gugulethu Square Moruleng Mall Centre Value R 1 220m# (7.8%) R 747m (4.8%) R 429m (2.8%) R 398m (2.5%) R 387m# (2.5%) Region Gauteng KwaZulu-Natal Western Cape Gauteng Northwest Gross lettable area 69 508m² 24 363m² 25 32

  24. Slide 24: Largest Retail Properties

    10 LARGEST RETAIL PROPERTIES Pine Crest Randburg Square Nonesi Mall Oshakati Shopping Centre Bedworth Centre Value R 375m# (2.4%) R 359m (2.3%) R 350m (2.2%) R 341m (2.2%) R 339m (2.2%) Region KwaZulu-Natal Gauteng Eastern Cape Namibia Gauteng Gross lettable area 40 112m² 40 874m² 28 147m² 24 632m²

  25. Slide 25: Vacancy Profile

    VACANCY PROFILE Decreased to 3.9% of GLA Vacancy [% of GLA] 10.2 5.9 5.6 5.0 4.6 4.5 4.3 4.2 3.9 3.2 2.5 1.9 Retail Vukile Retail Offices Industrial Sovereign Total Synergy Vacancy [% of Rent] 12.2 9.6 5.8 5.6 5.3 5.2 5.0 3.6 3.5 3.8 3.2 2.6 Mar-15 Mar-16 Retail Vukile Retail Offices Industrial Sove

  26. Slide 26: Individual Properties Vacancy Profile

    INDIVIDUAL PROPERTIES VACANCY PROFILE (% OF GLA) Vacancy > 1 000m2 RETAIL : VUKILE (3.2%, up from 2.5%) Randburg Square (6.6%) Roodepoort Hillfox Power Centre (8.2%) Bloemfontein Plaza (4.9%) Letlhabile Mall (8.3%) Mbombela Shoprite Centre (7.4%) RETAIL : SYNERGY (4.5%, down from 5.6%) Hartbeespoort

  27. Slide 27: Expiry Profile

    EXPIRY PROFILE Total portfolio (33% expiring 2020 and beyond) % of GLA 90 91 100 82 67 100 54 78 85 67 47 3.9 32 15 20 11 15 4.6 28 7 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond Mar-21 % of Contractual Rent 90 93 100 83 66 88 100 50 69 80 46 29 23 17 11 12 8 Vacant Mar-17 Mar-18 Mar-19 Mar-20 M

  28. Slide 28: Expiry Profile

    EXPIRY PROFILE Retail portfolio (37% expiring 2020 and beyond) % of GLA 88 90 100 79 62 100 47 83 63 75 3.4 26 42 21 16 12 17 3.5 22 8 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond Mar-21 % of Contractual Rent 92 94 100 83 66 100 48 83 89 74 53 35 18 21 9 6 11 Vacant Mar-17 Mar-18 Mar-19 Mar-20 M

  29. Slide 29: Lease Renewals and New Leases Concluded

    LEASE RENEWALS AND NEW LEASES CONCLUDED Positive reversions across all sectors; retail the star performer Lease renewals - % escalation on expiry rentals 13.2 9.8 Retail 9.1 total 12.3 4.4 5.0 Retail Vukile Retail Synergy Offices Industrial Average The sovereign portfolio had a few smaller retail le

  30. Slide 30: Contracted Rental Escalation Profile

    CONTRACTED RENTAL ESCALATION PROFILE Rental escalations still ahead of inflation Escalation % 8.9 8.9 8.3 8.2 8.1 7.9 7.8 7.8 7.8 7.6 7.6 7.5 7.5 7.5 7.5 7.5 7.3 7.3 7.2 7.0 7.0 7.0 Retail Vukile Retail Offices Industrial Sovereign Hospital Motor Total Synergy Related Mar-15 Mar-16 Recent New Leases

  31. Slide 31: Weighted Average Base Rentals

    WEIGHTED AVERAGE BASE RENTALS – R/m2 Excluding recoveries 5.3% 7.0% 7.1% 11.3% 121.91 9.0% 116.11 113.93 3.2% 6.4% 110.35 110.23 106.55 103.07 101.50 96.71 95.77 94.56 93.11 91.63 90.90 6.5% 44.65 41.94 Retail Vukile Retail Offices Industrial Sovereign Hospital Motor Total Synergy Related Mar-15 Mar

  32. Slide 32: Ratio of Net Recurring Cost to Property Revenue

    RATIO OF NET RECURRING COST TO PROPERTY REVENUE Stable cost management over time 18.7 17.2 15.7 16.3 15.8 15.5 15.0 15.5 14.5 12.9 14.1 14.2 12.4 11.5 % Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Stable portfolio excluding recent acquisitions and sales All recurring expenses All recurring expe

  33. Slide 33: Recurring Expenses

    RECURRING EXPENSES 84% of costs from top four categories; 66% of costs from Government Services and Rates & Taxes with 93% recovery Total % of Recurring expenses Portfolio Vukile Synergy Government services 48 48 47 Rates & taxes 18 18 17 Cleaning & security 11 11 13 Property management fee 7 7 8 Ma

  34. Slide 34: Refurbishments: Meadowdale Mall

    REFURBISHMENTS Meadowdale Mall  Redevelopment completed and relaunched in October 2015  The gross lettable area of the new centre is now 45 952m²  Joint venture with the Moolman Group. 67% Vukile owned and 33% Moolman Group owned  Extension of 9 500m² fully let and delivered within budget at an

  35. Slide 35: Refurbishments: The Workshop

    REFURBISHMENTS The Workshop  Total capex : R75.0 million  The total GLA is 19 961m²  The Workshop is located in the Durban CBD close to rail, bus and taxi terminals and more than a million people visit the centre every month. First upgrade since its completion in 1986  Major tenants in the centr

  36. Slide 36: Conversion: Randburg Square Residential

    CONVERSION Randburg Square residential  Conversion of B grade office building into 180 quality Affordable Apartments  The Apartments comprise a mix of Studios, 1 bed 1 bath and 2 bed 1 bath units  The total capex for the conversion is R83 million at a yield of 9.8% when let  Project is designed

  37. Slide 37: Planned Refurbishments: Phoenix Plaza

    PLANNED REFURBISHMENTS Phoenix Plaza  Phoenix Plaza has a primary catchment area of approx. 5km radius with a very loyal customer base  80% of the shoppers support the centre on a weekly basis  Phoenix Plaza has a monthly foot count of 800 000 with an annual trading density of R36 647/m².  The c

  38. Slide 38: Planned Refurbishments: Soweto Dobsonville Centre

    PLANNED REFURBISHMENTS Soweto Dobsonville Centre  The centre has a GLA of 23 177m² and was last upgraded in 2008  The office block will be demolished to accommodate an extension of the centre  The entrances and food court area will be upgraded  The capital outlay is estimated at R105 million  7

  39. Slide 39: Energy Management

    ENERGY MANAGEMENT 2016 FY 2017 FY (‘000kWh) (‘000kWh) Target: 1 600 2 000 Achieved savings: 2 140 Energy Management highlights for 2016 FY: • Over 200 new electricity meters installed • More than 500 light fittings retrofitted with building upgrades • 1.3 MW of PV capacity to be added before August

  40. Slide 40: Alternate Income Strategy

    ALTERNATE INCOME STRATEGY CENTRALISED MARKETING CENTRALISED ALTERNATIVE INCOME INVENTORY PLATFORM 1. IN MALL 2. OUT OF MALL 3. DIGITISING THE MALL 4. LOYALTY PROGRAM 1. Local marketing support 1. Roadside Billboards 1. Fiber Installations 1. Customer Loyalty 2. Way finders (Electronic) 2. Parking Ar

  41. Slide 41: Acquisitions, Disposals and Developments

    ACQUISITIONS, DISPOSALS AND DEVELOPMENTS Sedise Moseneke www.vukile.co.za 41

  42. Slide 42: Acquisitions

    ACQUISITIONS Transferred during FY2016 Purchase Sector GLA Yield# Transfer Date Price Property Location Moruleng (80%) North West Retail 25 137 325.8 8.68% 02-Apr-15 Batho Shoshanguve Retail 13 338 143.8 9.52% 05-Jun-15 Nonesi Queenstown Retail 28 147 376.6 8.25% 22-Jun-15 Silverton Portfolio Pretor

  43. Slide 43: Deals Concluded: Bedworth Centre

    DEALS CONCLUDED Bedworth Centre  The Bedworth Centre is a small regional shopping centre measuring 33 937m²  The centre is located in Bedworth Park in Vereeniging south of Johannesburg and is easily accessed via Barrage Road which is the main arterial route between Vereeniging and Vanderbijlpark 

  44. Slide 44: Disposals

    DISPOSALS Net of selling costs Sales Yield Date of price % sale R’000 2015/16 Johannesburg Rosettenville Village Main 24 395 9.9 6 July 2015 Centurion 259 West Street 30 215 10.4 20 Aug 2015 Johannesburg Parktown Oakhurst 71 000 9.5 26 Aug 2015 Kokstad Game Centre 133 000 9.1 1 Dec 2015 Cape Town Pi

  45. Slide 45: Disposals: Sovereign Portfolio

    DISPOSALS Sovereign Portfolio  A sale agreement has been concluded with a reputable purchaser with a strong track record for the sale of Vukile’s sovereign portfolio  Due diligence investigation has been completed  Deal remains subject to the finalisation of certain conditions precedent Bloemfont

  46. Slide 46: Development in Progress: Springs Mall

    DEVELOPMENT IN PROGRESS Springs Mall - Johannesburg  Springs Mall will be a dominant regional mall measuring 44 662m² and will offer a first-rate regional shopping experience to the Springs and surrounding communities  The site is located just south of the Springs CBD, in a prime location at the R

  47. Slide 47: Development in Progress: Thavhani Mall

    DEVELOPMENT IN PROGRESS Thavhani Mall - Thohoyandou Limpopo  Thavhani Mall will be a dominant regional mall measuring 50 000m²  It is being developed on a prime site in Thohoyandou, at the intersection of the R524 road to Louis Trichardt (Makhado) and the new Giyani Road to Sibasa  Vukile has sec

  48. Slide 48: Corporate Activity and Strategy

    CORPORATE ACTIVITY AND STRATEGY Laurence Rapp www.vukile.co.za 48

  49. Slide 49: Key Strategic Pillars

    KEY STRATEGIC PILLARS Defensive positioning with an entrepreneurial eye for growth  Weight the direct portfolio even more to the defensive retail sector  Vukile/Synergy/Arrowhead transaction  Sovereign portfolio sale  Retail developments coming on stream  Conservative balance sheet management 

  50. Slide 50: Vukile – Synergy – Arrowhead

    VUKILE – SYNERGY - ARROWHEAD Transaction overview Deal steps 1 2 3 4 5 High yield Manco Asset swap assets MOI Debt fix internalisation with Vukile injected by amendments Arrowhead 50

  51. Slide 51: Proposed Transaction Terms

    PROPOSED TRANSACTION TERMS Vukile and Arrowhead have, in principle, reached consensus as to the structure of this proposed transaction in terms of which: 1. Synergy will internalise the asset management function, in return for the issue of further B shares to Vukile:  At a price calculated with ref

  52. Slide 52: Proposed Transaction Terms (Continued)

    PROPOSED TRANSACTION TERMS (CONTINUED) 3. Synergy will enter into interest rate hedges on the bulk of its existing floating debt, so that c.75% of its total debt is fixed (up from the current - 66%) 4. Synergy will acquire Arrowhead’s high yielding Cumulative portfolio :  On an income for income ba

  53. Slide 53: Post Transaction

    POST TRANSACTION The new Synergy will have …  Total assets of c.R4 billion  Assets allocated across:  Offices  Retail  Industrial  A LTV of under 25% - with c.75% of fixed debt  A market cap of – c.R3 billion, with approximately R550 million and R2.5 billion of value, in the A and B shares re

  54. Slide 54: Benefits of the Proposed Transaction to Vukile

    BENEFITS OF THE PROPOSED TRANSACTION TO VUKILE Retail exposure >90%  Enhances and fundamentally alters Vukile’s core portfolio by achieving an even stronger retail bias – thus achieving a key strategic objective  Should result in higher growth in distributions on the portfolio of office and indust

  55. Slide 55: International Exposure - Atlantic Leaf

    INTERNATIONAL EXPOSURE - ATLANTIC LEAF 26% holding, delivering on expectations  Investment of R760 million into Atlantic Leaf for a 26% stake  Funded through raising £18 million of offshore funding (100% hedged at 3.25%); and  Existing cash resources  Strategy is to invest in high-quality real e

  56. Slide 56: Atlantic Leaf Key Property Portfolio Stats

    ATLANTIC LEAF Key property portfolio stats (as at 31 March 2016) (54 properties) AUM WALE £264 million 12.9 years Average yield LTV 7.2% 50.6% Ave. cost of debt Portion of debt fixed 3.40% 72% GLA 12 tenants 335 000m² 56

  57. Slide 57: Operational Focus

    OPERATIONAL FOCUS  Strong Operational focus to continue  Vacancies  Energy management  Alternative income management (AIM), non-GLA revenue  Bad debt and arrears management  New IT System implementation  Asset management, MIS and strategic analysis tools  Implemented by December 2016 57

  58. Slide 58: Prospects

    PROSPECTS  Very difficult operating environment with :  Limited local growth  High levels of volatility  Risk of further interest rate rises  Adopt a conservative and defensive approach:  Continue to drive the creation of a high quality, low risk portfolio  Fast becoming a specialist retail f

  59. Slide 59: Acknowledgements

    ACKNOWLEDGEMENTS  Board  Property managers  Service providers  Brokers and developers  Tenants  Investors  Funders  Colleagues 59

  60. Slide 60: Questions and Answers

    VU KILE QUESTIONS AND ANSWERS

  61. Slide 61: Appendix

    APPENDIX 61

  62. Slide 62: Swaps Expiry Profile

    SWAPS EXPIRY PROFILE – (R’m) Swap expiry profile per calendar year (excluding Synergy) 2016 2017 2018 2019 2020 2021 Total 270 792 791 543 783 393 3 572 7.6% 22.2% 22.1% 15.2% 21.9% 11.0% 100% Synergy has R647 million swaps and fixed debt in place expiring between June 2016 and September 2020 62

  63. Slide 63: Vukile Debt Structure (excluding Synergy)

    VUKILE DEBT STRUCTURE – (excluding Synergy) Fixed interest bearing debt - R3.0 billion Fixed rate debt (R’m) Fixed interest rate (%) October 2020 73.7 9.01 June 2020 200.0 9.41 January 2020 100.0 9.4 March 2019 110.0 9.03 February 2019 381.7 3.25 September… 24.5 8.85 July 2018 81.6 9.39 May 2018 380

  64. Slide 64: Vukile Debt Structure (excluding Synergy)

    VUKILE DEBT STRUCTURE (excluding Synergy) Variable interest bearing debt - R1.4 billion Variable rate debt (R’m) Variable interest rate (%) October 2018 18.5 8.78 April 2018 150.0 9.03 November 2016 10.0 9.00 Mar 2017 723.7 8.58 September 2016 265.4 8.35 August 2016 85.0 8.09 April 2016 170.0 7.68 6

  65. Slide 65: Synergy Debt Structure

    SYNERGY DEBT STRUCTURE Fixed interest bearing debt – R646.7 million Fixed rate debt (R'm) Fixed interest rate (%) September 2020 50.0 10.99 September 2019 80.0 10.20 July 2019 40.0 10.76 February 2019 40.0 10.49 February 2019 50.0 9.92 June 2017 50.0 7.65 June 2017 60.0 7.08 May 2017 90.0 9.14 May 2

  66. Slide 66: Synergy Debt Structure

    SYNERGY DEBT STRUCTURE Variable interest bearing debt – R331.9 million Variable rate debt (R'm) Variable interest rate (%) September 2019 19.0 9.58 September 2019 38.0 9.4 October 2018 111.0 9.4 September 2017 10.0 8.90 June 2017 125.0 9.4 May 2017 30.0 9.33 66

  67. Slide 67: Valuation Parameters

    VALUATION PARAMETERS Number of properties (104) Retail total 46 31 29 20 15 4 2 2 1 Retail Retail Offices Industrial Sovereign Hospital Motor Residential Vukile Synergy Related Value per m² (R10 926/m²) Retail total 13 608 17 366 16 116 14 097 12 207 9 953 8 300 4 766 Retail Vukile Retail Offices In

  68. Slide 68: Portfolio Composition

    PORTFOLIO COMPOSITION First year yield analysis by size and sector To be sold 1st 2nd Quartile 3rd Quartile 4th Quartile Quartile 12 props s 20 props 64 props 6 props R4.0bn R3.7bn R3.8bn R3.6bn yield 9.3% yield 9.8% yield 10.6% yield 8.4% Average 9.2% Retail Offices Industrial Sovereign Hospital Mo

  69. Slide 69: Geographical Profile (GLA/m2)

    GEOGRAPHICAL PROFILE (GLA/m2) Vukile ,2,3 ,4,3 Synergy 12 12 4 9 5 7 6 24 60 11 12 26 Retail 4 5 Offices 4 6 13 Vukile 9 42 7 11 16 83 % of Portfolio Gauteng 53 KwaZulu-Natal 14 Western Cape 9 Industrial 7 Sovereign 10 Namibia 5 21 Free State 5 Northwest 4 Limpopo 4 72 Mpumalanga 3 90 Eastern Cape 3

  70. Slide 70: Expiry Profile: Office Portfolio

    EXPIRY PROFILE Office portfolio (35% expiring in 2020 and beyond) % of GLA 87 90 95 100 80 61 100 73 85 52 65 10.2 34 18 13 15 5.0 29 8 12 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond March 2021 % of Contractual Rent 88 92 96 100 79 59 90 100 77 67 32 53 21 14 10 13 10 Vacant Mar-17 Mar-18 Mar-1

  71. Slide 71: Expiry Profile: Industrial Portfolio

    EXPIRY PROFILE Industrial portfolio (21% expiring in 2020 and beyond) % of GLA 95 95 ,100 79 81 66 100 93 95 67 79 48 4.3 44 19 12 14 1.9 2 5 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond March 2021 % of Contractual Rent 94 94 100 80 82 67 92 94 100 79 46 66 20 13 13 2 6 Vacant Mar-17 Mar-18 Mar-

  72. Slide 72: Expiry Profile: Sovereign Portfolio

    EXPIRY PROFILE Sovereign portfolio (6% expiring in 2020 and beyond) 95 99 99 % of GLA 100 94 98 99 100 45 46 4.2 42 5.9 41 37 1 52 4 1 1 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond March 2021 % of Contractual Rent 95 99 100 100 95 98 100 100 36 37 35 34 1 60 3 2 - Vacant Mar-17 Mar-18 Mar-19 Ma

  73. Slide 73: Expiry Profile: Hospital and Motor Related

    EXPIRY PROFILE Hospital and Motor related portfolios (84% expiring in 2020 and beyond) ,100 % of GLA 100 17 17 17 17 16 ,16 - 16 16 16 Vacant Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Beyond March 2021 % of Contractual Rent 100 100 13 14 14 14 14 13 87 13 13 13 Vacant Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Bey

  74. Slide 74: Weighted Average Base Rentals: Retail Vukile

    WEIGHTED AVERAGE BASE RENTALS R/m2 (excluding recoveries) Retail Vukile portfolio Boksburg East Rand Mall (50%) Durban Phoenix Plaza Durban Workshop Mbombela Truworths Centre Windhoek 269 Independence Avenue Oshikango Spar Centre Pinetown Pine Crest (50%) Daveyton Shopping Centre Soweto Dobsonville

  75. Slide 75: Weighted Average Base Rentals: Retail Synergy

    WEIGHTED AVERAGE BASE RENTALS R/m2 (excluding recoveries) Retail Synergy portfolio Gugulethu Square Atlantis City Shopping Centre Hillcrest Richdens Shopping Centre Phuthaditjhaba Setsing Crescent Hammanskraal Renbro Shopping Centre Welgedacht Van Riebeeckshof Shopping Centre Newcastle Taxi City Sho

  76. Slide 76: Weighted Average Base Rentals: Office

    WEIGHTED AVERAGE BASE RENTALS R/m2 (excluding recoveries) Office portfolio Pretoria Lynnwood Sanlynn Jhb Houghton Estate Oxford Terrace Jhb Houghton 1 West Street Cape Town Bellville Suntyger Sandton Hyde Park 50 Sixth Road East London Vincent Office Park Sandton Sunninghill Sunhill Park Cape Town P

  77. Slide 77: Weighted Average Base Rentals: Industrial

    WEIGHTED AVERAGE BASE RENTALS R/m2 (excluding recoveries) Industrial portfolio Sandton Linbro 7 On Mastiff Business Park Midrand Sanitary City Pretoria Silverton 22 Axle Street Pinetown Richmond Industrial Park Pretoria Silverton 301 Battery Street Midrand Allandale Industrial Park Randburg Tungsten

  78. Slide 78: Weighted Average Base Rentals: Other

    WEIGHTED AVERAGE BASE RENTALS R/m2 (excluding recoveries) Other portfolio Pretoria Navarre Building Sovereign Pretoria Koedoe Arcade Pretoria De Bruyn Park Bloemfontein Fedsure House Cape Town Parow De Tijger Day Clinic Hospital Cape Town Bellville Louis Leipoldt Cape Town Bellville Barons Motor Rel

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