Redefine Properties Limited · JSE:RDF
Redefine Properties — FY2012 Earnings Presentation
71 slides from Redefine Properties's earnings presentation, 2012
Slide 1: Group results for the year ended 31 August 2012
We’re not landlords. We’re people. www.redefine.co.za Group results For the year ended 31 August 2012 1
Slide 2: Agenda
AGENDA OVERVIEW FINANCIAL PROPERTY INTERNATIONAL PROSPECTS AND STRATEGY RESULTS PORTFOLIO Marc Wainer Andrew Konig David Rice Mike Watters Marc Wainer (CEO) (FD) (COO) (RI - CEO) (CEO) 2
Slide 3: Overview and Strategy
OVERVIEW AND STRATEGY Marc Wainer 3
Slide 4: Profile
PROFILE Redefine Properties Limited is a JSE listed property loan stock company managing a diverse range of property assets exceeding R39 billion • Our vision is to be the property owner of choice and to provide sustained and growing income to our investors 27.0 2.9 26.0 Units in issue 25.0 2.9 Mark
Slide 5: Corporate Structure
CORPORATE STRUCTURE 100% 54% *** 76% **** Listed Securities Redefine Properties Redefine Direct Property Hyprop 30% International International Fund Portfolio Oryx 25% * Limited Managers 4%** 72%*** Cromwell Redefine Property 23%** International Group P.L.C. * The entire holding in Oryx was sold dur
Slide 6: Investment Proposition
INVESTMENT PROPOSITION • Attractive real yields 5% • Prospect of capital appreciation • High visibility of earnings 26% • Diversified portfolio 55% • Improved quality • Limited speculative development 14% • Geographically diversified • Element of Rand hedge Local Properties • Proven management team
Slide 7: Property is our commodity, people are our business
PROPERTY IS OUR COMMODITY, PEOPLE ARE OUR BUSINESS Redefine’s approach and values adopted by the entire team • Key commitments: o Invest in our people o Focus on our clients o Redefine our business • Core values: o Oneness o Respect personal relationships o Make it happen o Mean it o Challenge the n
Slide 8: 2012 Highlights
2012 HIGHLIGHTS • Final distribution of 32.5 cents in line with market expectation • Recurring core income up 7.2% • Significant strides made in delivering strategic objectives o Quality of property portfolio improved – average value up R30 million to R80 million o Funding costs lowered through part
Slide 9: Redefine has had a very quiet year...
Redefine has had a very QUIET year... 9
Slide 10: Acquisitions and Disposals
AQUISITIONS AND DISPOSALS DAWN CORNUBIA LAND 2 FRICKER ROAD CHRIS HANI SHOPPING CENTRE ARROWCREEK 10
Slide 11: Developments, Refurbishments and Funding
DEVELOPMENTS, REFURBISHMENTS AND FUNDING Developments Funding o JD distribution centre o Equity raise o Moresport distribution centre o Debt capital market o Sale of Dipula and Oryx Refurbishments o Pepkor distribution centre o Park Meadows shopping centre o Scottsville mall o Essex Gardens o Rivers
Slide 12: International: Capital Raising, Debt Restructure
INTERNATIONAL CAPITAL RAISING DEBT RESTRUCTURE 12
Slide 13: Securing long-term growth and capital appreciation prospects
SECURING LONG-TERM GROWTH AND CAPITAL APPRECIATION PROSPECTS • Unbundling of 98 non-core properties to create Arrowhead • Acquisitions totaling R3 billion concluded, properties unbundled / disposed totalling 2.2 billion • Average value per property increased from R50 million to R80 million • Number
Slide 14: Focussed property management to grow income and lower operating costs
FOCUSSED PROPERTY MANAGEMENT TO GROW INCOME AND LOWER OPERATING COSTS • Developed the Redefine brand strategy : “Redefining Relationships” • Positioning statement translated into pay-off line: “We’re not landlords. We’re people.” • Brand strategy translated into internal values and behaviours and la
Slide 15: Strategic review of investments in listed securities
STRATEGIC REVIEW OF INVESTMENTS IN LISTED SECURITES TO TRANSFORM REDEFINE FROM HYBRID INTO A PURE PROPERTY PLAY • Realisation strategy for Hyprop in place to maximise unlocking value • Equity loans in Dipula were monetised • Entire holding in Oryx was sold for R184 million subsequent to year end 15
Slide 16: Prudent management of local debt to lower cost of funding
PRUDENT MANAGEMENT OF LOCAL DEBT TO LOWER COST OF FUNDING • Broadened funding sources to the debt capital market • Renegotiated expensive debt • R650 million was raised through an accelerated book build at a tight discount 16
Slide 17: Real growth in international markets at low capital volatility
REAL GROWTH IN INTERNATIONAL MARKETS AT LOW CAPITAL VOLATILITY • Redefine International raised equity of £127.5 million (initially planned £100 million) • Redefine International holding reduced to 49.3% - deconsolidation in 2013 • £250 million of Redefine International’s legacy funding restructured
Slide 18: Exploit ability to identify value-adding development and corporate opportunities
EXPLOIT ABILITY TO IDENTIFY AND EXECUTE VALUE-ADDING DEVELOPMENT AND CORPORATE OPPORTUNITIES • Value added to existing properties through redevelopment Pepkor Isando Park Meadows Jewel City (R’m) (R’m) (R’m) Original Cost 149 339 196 Redevelopment cost 290 30 34 Value uplift 142 34 43 Market value 5
Slide 19: Financial Results
FINANCIAL RESULTS Andrew Konig 19
Slide 20: 2012 Financial Highlights
2012 FINANCIAL HIGHLIGHTS • Full year distribution 64 cents per unit - in line with market expectation • Total tangible assets R42 billion and Net Asset Value of 801 cents (2011: 784 cents) • Market capitalisation R26.5 billion • Funding sources broadened to debt capital market • Average cost of loc
Slide 21: Distributions
DISTRIBUTIONS FOR THE YEAR ENDED 31 AUGUST 2012 Distributable Income Per linked unit Change (R’m) Cents % 2011 1 825 68.0 Less 2011 non-recurring (124) (4.6) Less 2011 Arrowhead contribution (107) (4.0) Less dilution arising from new units (0.9) 2011 core recurring 1 594 58.5 Organic growth 2012 113
Slide 22: Contributors to distribution per linked unit
CONTRIBUTORS TO DISTRIBUTION PER LINKED UNIT - CENTS 90.0 2.3 4.3 80.0 14.0 70.0 25.4 60.0 6.3 50.0 71.1 64.0 57.7 40.0 30.0 Property Listed securities Fee and trading Administration Net interest Local International Distribution per portfolio income costs contribution contribution linked unit • Loca
Slide 23: Distributable income statement extract
DISTRIBUTABLE INCOME STATEMENT EXTRACT FOR THE YEAR ENDED 31 AUGUST 2012 2012 2011 Change (R’m) (R’m) % Net operating income from investment properties 1 936 1 925 0.6% Listed securities portfolio 361 347 4.0% Fee income 50 127 -60.6% Property trading income 14 35 -60.0% Total revenue 2 361 2 434 -3
Slide 24: Analysis of income from core properties
ANALYSIS OF INCOME FROM CORE PROPERTIES FOR THE YEAR ENDED 31 AUGUST 2012 2012 2011 Change (R’m) (R’m) % Core property revenue 2 074 1 945 6.6% Core property costs (490) (482) 1.7% Property income from core property portfolio 1 584 1 463 8.3% Net operating income from acquired / development properti
Slide 25: Core property revenue performance
CORE PROPERTY REVENUE PERFORMANCE FOR THE YEAR ENDED 31 AUGUST 2012 Letting activity drives the year-on-year core property growth of 6.6% as follows: Offices Retail Industrial Sundry Total Contribution (R’m) (R’m) (R’m) (R’m) (R’m) to Growth 2011 property revenue 939 739 252 15 1 945 Add Letting act
Slide 26: Core property expenditure analysis
CORE PROPERTY EXPENDITURE ANALYSIS FOR THE YEAR ENDED 31 AUGUST 2012 The core property cost push on the prior year can be summarised as follows: 2012 2011 Change (R’m) (R’m) % Net municipal charges 70 75 -6.7% Net electricity charges 35 35 0.0% Operating costs 166 157 5.7% Property management 83 81
Slide 27: Core property trading performance
CORE PROPERTY TRADING PERFORMANCE FOR THE YEAR ENDED 31 AUGUST 2012 Every R100 of property revenue converts into property income as follows: 2012 2011 2010 Rand Rand Rand Property revenue 100.0 100.0 100.0 Less property costs 23.7 24.8 25.6 Municipal charges net of recoveries 3.4 3.8 3.1 Electricity
Slide 28: Abridged statement of financial position
ABRIDGED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2012 2012 2011 Deconsolidated ASSETS (R’m) (R’m) (R’m) Investment properties 29 736 28 848 21 281 Listed securities 5 341 4 664 Properties 5 640 down Intangibles 4 659 3 850 4 659 R11.1 billion Interest in associates 1 963 1 237 1 120 Other no
Slide 29: Net asset value
NET ASSET VALUE AT 31 AUGUST 2012 Net asset value (excluding deferred tax and non-controlling interests) for the group has increased Per Linked Unit (cents) Group NAV 2011 783.9 Less dilution from increased number of units in issue (21.6) Less Arrowhead unbundling (30.0) Add 2012 local increase 87.2
Slide 30: Listed securities
LISTED SECURITIES AT 31 AUGUST 2012 2012 2011 Value Interest held Value Interest held (R’m) (%) (R’m) (%) Listed securities Hyprop 5 288 30.4 4 122 31.2 Oryx 156 26.4 Arrowhead 51 3.0 386 33.8 Fountainhead Property Trust 2 0.0 5 341 4 664 Interest in associates Cromwell 1 934 27.0 1 206 22.7 Subsequ
Slide 31: Funding
FUNDING AT 31 AUGUST 2012 2012 2011 (R’m) (R’m) Bank borrowings 8 257 7 313 Debt capital market (Management target 30% of debt) 821 - Third party borrowings 82 75 Local debt (average term 35 months) 9 160 7 388 Non-recourse international debt 11 513 10 936 Total borrowings 20 673 18 324 Loan to valu
Slide 32: Abridged cashflow
ABRIDGED CASHFLOW FOR THE YEAR ENDED 31 AUGUST 2012 Local International 2012 2011 (R’m) (R’m) (R’m) (R’m) Opening cash 18 642 660 607 Generated by operations 2 578 546 3 124 2 819 Net interest paid (665) (803) (1 468) (985) Linked unit distributions paid (1 843) - (1 843) (1 288) Investments (2 326)
Slide 33: Unitholder profile
UNITHOLDER PROFILE Top 10 beneficial unitholders Number of units % STANLIB 181 302 986 6.6 Government Employees Pension Fund 150 219 290 5.4 Old Mutual 132 845 613 4.8 State Street 120 391 153 4.4 Investec 99 283 495 3.6 Investment Solutions 96 169 468 3.5 Eskom Pension and Provident Fund 92 890 073
Slide 34: Country classification
COUNTRY CLASSIFICATION BENEFICIAL UNITHOLDERS South Africa USA Singapore UAE USA Namibia China 7.7% Switzerland UK Ireland Canada Luxembourg Swaziland Netherlands Israel Australia Germany Channel Islands Sweden Japan Kuwait Saudi Arabia Lesotho Italy Austria South Africa Cayman Islands Oman 85.1% De
Slide 35: Redefine closing prices and volumes traded
REDEFINE CLOSING PRICES AND VOLUMES TRADED 10.00 30 000 000 9.50 25 000 000 9.00 20 000 000 Closing Volume 8.50 15 000 000 price traded 8.00 10 000 000 7.50 5 000 000 7.00 0 Volume Closing Price 35
Slide 36: Total return
TOTAL RETURN FOR THE YEAR ENDED 31 AUGUST 2012 Redefine Arrowhead Total (cents) (cents) (cents) Price 1 September 2011 820.0 - 820.0 Unbundling of Arrowhead (30.0) *30.0 - Adjusted opening price 790.0 30.0 820.0 Prices 31 August 2012 960.0 **39.5 999.5 Increase in prices 170.0 9.5 179.5 2012 distrib
Slide 37: Property Portfolio
PROPERTY PORTFOLIO David Rice 37
Slide 38: South African property portfolio
SOUTH AFRICAN PROPERTY PORTFOLIO Description Office Retail Industrial Total Asset value (R’b) * 9.5 7.6 3.9 21.1 Valuation per m2 excluding undeveloped bulk 8 525 7 798 3 829 6 747 Average property value (R’m) 91 80 65 81 Value (%) 45 36 19 100 Number of properties 104 88 61 253 Total GLA (m3) (000)
Slide 39: Portfolio sectoral spread
PORTFOLIO SECTORAL SPREAD Number of properties Value GLA 24% 19% 45% 34% 35% 41% 36% 35% 31% 39
Slide 40: Portfolio geographical spread
PORTFOLIO GEOGRAPHICAL SPREAD Number of properties Value GLA 10% 9% 10% 10% 15% 60% 11% 64% 63% 17% 16% 15% Gauteng Western Cape KwaZulu-Natal Other 40
Slide 41: Top 10 properties by value
TOP 10 PROPERTIES BY VALUE Standard Bank Sammy Marks Property Name Golden Walk Pepkor Isando 155 West Street Centre Shopping Centre Sub-region name Germiston Cape Town CBD Isando Sandton Pretoria CBD Sector Retail Office Industrial Office Retail GLA (m²) 44 942 59 778 107 017 24 501 34 124 2012 Prop
Slide 42: Top 10 properties by value
TOP 10 PROPERTIES BY VALUE Cleary Park Property Name Park Meadows Convention Tower Thibault Square Commerce Square Shopping Centre Cape Town, Sub-region name Kensington Eastern Cape Cape Town CBD Sandton Foreshore Sector Retail Retail Office Office Office GLA (m²) 27 208 36 290 17 645 30 446 15 949
Slide 43: Multi and single tenanted properties
MULTI AND SINGLE TENANTED PROPERTIES % Number of Value % GLA m2 of Property properties R'000 of GLA count Multi tenanted properties 165 2 109 327 14 128 364 155 Office 71 809 298 5 890 291 789 28 26 Retail 73 881 951 7 057 350 046 29 27 Industrial 21 418 078 1 180 722 320 8 13 Single tenanted proper
Slide 44: Sector vacancy by region
SECTOR VACANCY BY REGION Office Retail Industrial Total Province (m2) (m2) (m2) (m2) Western Cape 4 359 5 473 4 113 13 945 Gauteng 60 385 19 949 30 601 110 935 KwaZulu-Natal 16 128 17 698 - 33 826 Other 13 195 9 520 - 22 715 Total Vacancy 94 067 52 640 34 714 181 421 Vacancy % 8.4 5.4 3.4 5.8 Total
Slide 45: Gross lettable area and vacancy movement
GROSS LETTABLE AREA AND VACANCY MOVEMENT Gross lettable Vacant area Vacancy Office Retail Industrial area (m²) (m²) (%) As at 31 Aug 2011 3 518 772 296 188 8.4 GLA adjusted – excl. unlettable building** 3 464 278 241 694 7.0 GLA adjustments (64 108) 25 734 Acquisitions 79 518 70 083 189 844 339 445
Slide 46: Letting activity for 12 months
LETTING ACTIVITY FOR 12 MONTHS Ave Portfolio Rental Renewals New Leases Vacates R/m² Ave Ave Ave Area expiry rental Renewal Area rental Area Loss of Area Ave renewed rental achieved growth let achieved let rental occupied rental Sector (m²) (R/m²) (R/m²) (%) (m²) (R/m² ) (m²) (R/m² ) (m² ) (R/m²) Of
Slide 47: Major lease renewals
MAJOR LEASE RENEWALS Occupied area Expired rental Renewed rental Property Name Sector Lessee (m2) (R) (R) % Growth Creation Industrial Kromberg & Schubert Brits (Proprietary) Limited 17 575 260 046 304 107 17% Freeway Industrial Industrial Lefase Logistics (Pty) Ltd 9 732 239 884 251 011 5% Metcash
Slide 48: Top new deals by value
TOP NEW DEALS BY VALUE Lease Lease Occupied area Lease Value Property Name Sector Lessee Start Date Expiry Date (m2) (R) Pepkor Isando Industrial Pepkor Retail Ltd 2012/08/01 2022/07/31 66 579 443 783 581 Hammanskraal Retail Shoprite Checkers (Pty) Ltd 2011/09/26 2021/11/30 3 511 40 843 773 Park Mea
Slide 49: Month to month leases – Government
MONTH TO MONTH LEASES – GOVERNMENT Occupied Property Name Sector Tenant GLA (m2) Expired Rental New Rental % The Government of The Republic of South Poyntons Office Africa 24 266 1 486 346 1 590 890 7% Batho Pele House Office The Government of the Republic of South Africa 14 258 1 183 331 1 211 845
Slide 50: Lease expiry profile by let area
LEASE EXPIRY PROFILE BY LET AREA Office Retail Industrial Total (m2) (m2) (m2) (m2) Monthly 121 567 13 657 13 237 148 461 2013 269 331 231 375 252 276 752 982 2014 153 203 117 408 158 956 429 567 2015 221 784 142 057 183 111 546 952 Beyond 257 119 417 781 390 172 1 065 072 450 000 400 000 350 000 30
Slide 51: Acquisitions and disposals – transfer summary
ACQUISITIONS AND DISPOSALS – TRANSFER SUMMARY GLA Price Yield Price (m²) (R) (%) per (m²) Acquisitions transferred between 1 September 2011 and 31 August 2012 304 394 R 2 652 569 958 8.90% R 8 714 Acquisitions to be transferred after 31 August 2012 273 348 R 2 348 582 945 7.55% R 12 633 TOTAL ACQUIS
Slide 52: Major acquisitions transferred September 2011 to August 2012
MAJOR ACQUISITIONS TRANSFERRED BETWEEN 1 SEPTEMBER 2011 AND 31 AUGUST 2012 Date / Purchase Purchase Expected of GLA Price Yield Price Property Province Sector Transfer (m2) (R’m) (%) (R/m2) 155 West Street (Discovery) Gauteng Office 25-Jan-12 24 501 R 510 000 000 8.00% R20 815 Thibault Square Wester
Slide 53: Acquisitions to be transferred after 31 August 2012
ACQUISITIONS TO BE TRANSFERRED AFTER 31 AUGUST 2012 Purchase Purchase GLA Price Yield Price Property Province Sector Transfer Date (m2) (R’m) (%) (R/m2) East Rand Mall – 50% Gauteng Retail 28-Feb-13 62 446 R1 104 689 7.00% R 35 381 Nichol Grove Gauteng Retail 31-Mar-13 45 438 R814 400 8.60% R17 923
Slide 54: Top acquisitions
TOP 5 AQUISITIONS Purchase GLA price Initial yield Price Property Location Sector (m²) (R’m) % R/m² 155 West Street (Discovery) Sandton Office 24 501 510 8.0 20 815 Thibault Square Western Cape Office 30 446 402 8.7 13 215 Chris Hani Crossing – 50% Gauteng Retail 20 330 267 8.6 13 022 22 Fredman Dri
Slide 55: Disposals transferred and to be transferred
DISPOSALS TRANSFERRED BETWEEN 1 SEPTEMBER 2011 AND 31 AUGUST 2012 GLA Selling Price Yield Selling Price Property Province Sector Transfer Date (m2) (R’m) (%) (R/m2) Arrowhead Portfolio (Transferred) Varied Office/Retail Varied 377 036 R 1 527 600 10.00% R 4 052 Foretrust Western Cape Office 14-Feb-1
Slide 56: Current developments
CURRENT DEVELOPMENTS Projected Initial Projected total cost Yield Completion Property City Description (R’m) (%) Date Gauteng Premium Grade 4 Star Green Rated 90 Grayston Avenue, Sandown Johannesburg 504 8.5 May 2014 Commercial Offices New Industrial Development + Scania, Aeroton Johannesburg 54 9 S
Slide 57: Improving the quality of the portfolio: 90 Grayston Road, Sandton
IMPROVING THE QUALITY OF THE PORTFOLIO: GAUTENG – 90 GRAYSTON ROAD, SANDOWN, SANDTON Before • Project: o Project: Redevelopment o Initial approved yield: 8.5% o Estimated capital cost: R504.7 million o Size: 19 343 m² o Commencement date: March 2012 (demolition of ex Allcare Building) o Expected com
Slide 58: Improving the quality of the portfolio: Essex Gardens, Durban
IMPROVING THE QUALITY OF THE PORTFOLIO: KZN – ESSEX GARDENS, WESTVILLE, DURBAN Before • Project: o Project: Development of new offices, parkade and upgrade of o TBWA Building o Initial approved yield: 11 % o Estimated capital cost: R39 million o Size: 1 340 m² new office space and 170 extra parking
Slide 59: Improving the quality of the portfolio: Maynard Mall, Cape Town
IMPROVING THE QUALITY OF THE PORTFOLIO: WESTERN CAPE – MAYNARD MALL, WYNBERG, CAPE TOWN Before • Project: o Project: Internal and external upgrade and extension o Initial approved yield: N/A o Estimated capital cost: R16.8 million o Size: 23 985 m² o Commencement date: June 2012 o Completion date: N
Slide 60: Future developments
FUTURE DEVELOPMENTS Projected Initial Projected total cost Yield Start Property City Description (R’m) (%) Date Gauteng Premium Rated Commercial Office 90 Rivonia Road, Sandown Johannesburg 706 8.5 2013 Redevelopment Premium Rated Commercial Office 620 Rosebank Offices, Rosebank Johannesburg 8.25 Fe
Slide 61: Completed developments
COMPLETED DEVELOPMENTS Total cost Yield Completion Property City Description (R’m) (%) Date Gauteng Park Meadows Sportsmans Warehouse, New Foodlovers Market, Foodlovers Market, Internal Mall Upgrade, Johannesburg Sportmans Warehouse, Internal 30 10 Apr 2012 Bedfordview Upgrade 64 Mimetes Road, Denve
Slide 62: Improving the quality of the portfolio: Pepkor Retail Warehouse, Isando
IMPROVING THE QUALITY OF THE PORTFOLIO: GAUTENG – PEPKOR RETAIL WAREHOUSE, ISANDO, EKURHULENI Before • Project: o Project: Custom major extension o Initial approved yield: 11% o Estimated capital cost: R290 million o Size: 66 475 m² o Commencement date: April 2011 o Expected completion date: May 201
Slide 63: Improving the quality of the portfolio: Park Meadows Shopping Centre
IMPROVING THE QUALITY OF THE PORTFOLIO: GAUTENG – PARK MEADOWS SHOPPING CENTRE, BEDFORDVIEW, EKURHULENI Before • Project: o Project: Refurbishment, extension and tenant mix refresh o Initial approved yield: 10% o Estimated capital cost: R 30 million o Size: 27 000 m² o Commencement date: June 2011 o
Slide 64: Improving the quality of the portfolio: The Mall @ Scottsville
IMPROVING THE QUALITY OF THE PORTFOLIO: KZN – THE MALL @ SCOTTSVILLE, PIETERMARITZBURG Before • Project: o Project: Refurbishment o Initial approved yield: 10.3% o Estimated capital cost: R34.5 million o Size: 8 735 m² o Commencement date: August 2011 o Completion date: August 2012 After 64
Slide 65: Improving the quality of the portfolio: Shoprite Parow
IMPROVING THE QUALITY OF THE PORTFOLIO: WESTERN CAPE – SHOPRITE PAROW, PAROW, CAPE TOWN Before • Project: o Project: Internal and external upgrades and extensions o Initial approved yield: 10.6% o Estimated capital cost: R84 million o Size: 19 343 m² o Commencement date: August 2011 o Completion dat
Slide 66: Prospects
PROSPECTS Marc Wainer PROPERTIES Reterine 66
Slide 67: Prospects: Redefine's 2013 distribution
PROSPECTS REDEFINE’S 2013 DISTRIBUTION • Outlook for the economy as a whole has deteriorated – no improvement in outlook for offices • Restructuring of the core property portfolio is expected to continue to bear fruit in 2013 • A strict focus on cost containment and sweating the assets will be maint
Slide 68: The Fountainhead Offer
THE FOUNTAINHEAD OFFER PUT NET INCOME INVESTORS MANCO In terms of CISCA and Fountainhead Trust Deed 68
Slide 69: The Fountainhead Offer
THE FOUNTAINHEAD OFFER • If the manager sells the Portfolio and does not replace it with other income producing assets it is normal, appropriate and legally necessary for the manager to ensure that the investors and the manager who are entitled to participate in the income are adequately compensated
Slide 70: The Fountainhead Offer
THE FOUNTAINHEAD OFFER • A disposal of the portfolio and the distribution of the proceeds to investors is a disposal of the Investors’ rights to receive income from their units and a disposal of the manager’s rights to asset manage the portfolio • If the entire portfolio is sold and the proceeds dis
Slide 71: Questions?
QUESTIONS? REDeFINE PROPERTIES 71