Growthpoint Properties Limited · JSE:GRT
Growthpoint Properties — H1 FY2023 Earnings Presentation
105 slides from Growthpoint Properties's earnings presentation, March 2023
Slide 1: Interim Results Presentation
INTERIM RESULTS PRESENTATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2022
Slide 2: Agenda
A 01 Strategy in action 02 Group salient features G 03 Financial results E 04 International investments Growthpoint Properties Australia - GOZ Globalworth - GWI Capital & Regional – C&R N 05 RSA portfolio RSA V&A Waterfront Growthpoint Healthcare Property Holdings - GHPH 06 Growthpoint I
Slide 3: Strategy in action
01 Strategy in action
Slide 4: Strategy in action – Key targets
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Strategy in action | Key targets We remain focused on liquidity and balance sheet strength to enable us to pursue our strategic initiatives 38.8% group LTV R10.3bn un
Slide 5: Strategy in action – International expansion
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Strategy in action – International expansion International expansion continues to be a strategic priority with a focus on current investment optimisation in the short
Slide 6: Strategy in action – Optimising the RSA portfolio
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Strategy in action - Optimising the RSA portfolio Ongoing focused disposal strategy aimed at disposing of non-core assets and re-balancing the RSA portfolio towards h
Slide 7: Strategy in action – Growing revenue streams from GIP
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Strategy in action - Growing revenue streams from GIP Growthpoint Investment Partners (GIP) AUM of R16.7bn (FY22: R15.6bn) R30bn AUM target by FY27 R48.1m (HY22
Slide 8: Group salient features
02 Group salient features
Slide 9: Group salient features
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Group salient features 64.3 cents 77.9 cents R16.7bn dividend per share, 4.6% distributable income assets under increase from HY22 per share, 1.3% increase management
Slide 10: Financial results
03 Financial results
Slide 11: Distributable income increased R39m or 1.5%
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Distributable income increased R39m or 1.5% HY23 Rm Comment Major moving parts 39 Revenue increased by R35m, property expenses increased by R113m, other operating e
Slide 12: Distributable income & SA REIT FFO
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Distributable income & SA REIT FFO HY23 HY22 Increase/ Rm Rm (Decrease) Gross property income 7 010 6 421 9.2% RSA 3 970 3 935 0.9% GOZ 1 997 1 560 28.0% C&R 523 644
Slide 13: Distributable income & SA REIT FFO | continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Distributable income & SA REIT FFO | continued HY23 HY22 Increase/ Rm Rm (Decrease) Net property income after operating expenses 4 609 4 287 7.5% Finance costs (1 819
Slide 14: Distributable income & SA REIT FFO | continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Distributable income & SA REIT FFO | continued HY23 HY22 Increase/ Rm Rm (Decrease) Distributable income 2 662 2 623 1.5% Company specific adjustments 34 12 Decrease/
Slide 15: Consolidated balance sheet (extracts)
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Consolidated balance sheet (extracts) HY23 – FY22 HY23 FY22 HY22 Increase/ Rm Rm Rm (Decrease) Property portfolio 137 988 136 031 139 941 1.4% RSA 70 260 68 756 70 13
Slide 16: International investments
04 International investments
Slide 17: GOZ
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GOZ # Properties 59¹ GLA (100%) 1 066 578m² Value (100%) R60.5bn Our investment 62.7% investment in GOZ at a cost of R9.6bn vs. R16.6bn market value 12.5% FFO gro
Slide 18: GOZ continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GOZ continued Portfolio update A$5.0bn portfolio (pro forma for the disposal of 333 Ann Street which settled in January 2023) Acquisition of predominantly governm
Slide 19: GWI
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GWI # Properties 71 GLA (100%) 1.4 million m² Value (29.4%) R16.5bn Our investment 29.4% investment in GWI at a cost of R8.9bn vs. R4.9bn market value Dividend pe
Slide 20: GWI continued
Strategy in action Group salient features Financial results International investments RSA portfolio Funds management Capital management Conclusion GWI continued Acquisitions and developments Romania - Acquired a 7 100m² small units logistics facility - Delivered 6 facilities with a total of 104 40
Slide 21: C&R
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion C&R # Properties 5 GLA (100%) 185 806m² Value (100%) R7.2bn Our investment 61.5% investment in C&R at a cost of R3.9bn vs. R1.3bn market value Final dividend of 2
Slide 22: C&R continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion C&R continued Portfolio update Ongoing focus on ‘needs-based’, local retail and services remains relevant 54 leases signed since 30 June 2022 at an average of 34%
Slide 23: RSA portfolio
05 RSA portfolio
Slide 24: RSA salient features
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion RSA salient features 721 367m² of space let in Vacancies of 9.9% Renewal growth of -16.0% 61.2% renewal success rate HY23 (FY22: 10.3%, HY22: 10.5%) (FY22: -12.8%, HY
Slide 25: Industrial KPI
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Industrial KPI # Properties 175 GLA 1 996 701m² Value R12.2bn Vacancies Renewals Significantly reduced Renewal success rate declined; biggest contributor TO LET w
Slide 26: Industrial KPI | continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Industrial KPI | continued Lfl NPI growth Portfolio repositioning Decline due to negative renewal growth We are taking advantage of the demand for industrial prop
Slide 27: Retail KPI
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Retail KPI # Properties 42 GLA 1 286 736m² Value R25.2bn Vacancies Renewals TO Increased due to vacancies at Bayside Mall and There is generally a 6-month lag fro
Slide 28: Retail KPI | continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Retail KPI | continued Lfl NPI growth Trading density growth Driven by in force escalations and a marginal Turnovers have recovered faster than foot count improve
Slide 29: Office KPI
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Office KPI # Properties 154 GLA 1 652 406m² Value R26.2bn Vacancies Renewals Occupancy is improving, with “return to the office” Improved renewal success however,
Slide 30: Office KPI | continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Office KPI | continued Lfl NPI growth Portfolio repositioning Impacted by the increase in negative reversions and 5 disposals of R129.7m to owner occupiers and in
Slide 31: Loadshedding impact
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Loadshedding impact Loadshedding started in late 2007, and since then Growthpoint has been evolving and improving its response, first rolling out generators and now
Slide 32: V&A Waterfront
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion V&A Waterfront # Properties 1 GLA (100%) 459 546m² Value (50%) R9.2bn Highlights and financial metrics Net property income (NPI) was 23.0% higher for the period, as
Slide 33: V&A Waterfront continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion V&A Waterfront continued Retail 52% increase in retail sales for the 6 months compared to HY22 and 23% increase vs. last normal Vacancy levels at 0.6% remain lowe
Slide 34: V&A Waterfront continued
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion V&A Waterfront continued Office Commercial office vacancies have remained low at 1.2% of GLA Demand for office space remains strong with a few tenants requesting
Slide 35: Growthpoint Investment Partners
06 Growthpoint Investment Partners
Slide 36: GHPH
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GHPH # Properties 8 GLA (100%) 118 790m² Value (100%) R3.6bn Total of R2.5bn capital raised since inception, with R777m from Growthpoint and the balance from third
Slide 37: GSAH
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GSAH # Properties 10 Beds 6 443 Value (100%) R2.7bn Total of R1.7bn capital raised since inception with our effective shareholding at 14.3% for the R240m we investe
Slide 38: Lango
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Lango # Properties 11 GLA (100%) 154 639m² Value (100%) $612m 18.4% shareholding in Lango at a cost of R1 250m and valued at R1 281m $30m additional investment on
Slide 39: Capital management
07 Capital management
Slide 40: RSA capital management
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion RSA capital management Total nominal debt R39.6bn R1bn green unsecured bond privately placed with the IFC (R650m for 10 years, R350m for 7 years) 2 new listed bon
Slide 41: Conclusion
08 iq Conclusion
Slide 42: GOZ outlook
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GOZ Net property income growth of 19% for HY23, positively impacted by acquisitions Strong track record of quality asset management, ESG performance and deliverin
Slide 43: GWI outlook
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion GWI Challenging market conditions resulting in a more uncertain outlook with slower growth predictions for 2023 and beyond than had been previously anticipated In
Slide 44: C&R outlook
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion C&R Balance sheet stability Operational resilience Dividend reinstated Accelerate community strategy Dividend for the period of 2.75 pence per share, result
Slide 45: South Africa outlook
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion South Africa Energy crisis exacerbating the weak macro-economic environment with GDP growth expectation of c. 1.2% for 2023 Some fundamentals have started to impr
Slide 46: Growthpoint Investment Partners
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Growthpoint Investment Partners Remain focused on growing Growthpoint Investment Partners Target of R30bn AUM by 2027 Solid pipeline of opportunities for existi
Slide 47: V&A Waterfront
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion V&A Waterfront The V&A has fully rebounded from the effects of the pandemic Retail sales for the full year are anticipated to exceed last normal levels All majo
Slide 48: Guidance
Strategy in action Group salient features Financial results International investments RSA portfolio GIP Capital management Conclusion Guidance Our diversified portfolio, strong balance sheet and stable hard currency dividend income streams position us defensively for FY23 However, given the high lev
Slide 49: Thank you
GROWTEPOINT PROPERTIES
Slide 50: Annexures
09 Annexures
Slide 51: Annexure contents
Annexure contents 01 Company highlights 21 Key performance indicators RSA 41 V&A Waterfront overview 02 Increase in distributable income 22 Portfolio overview RSA (excl. V&A) 42 GLA & vacancy reconciliation V&A Waterfront (50%) 03 NAV and market capitalisation 23 Split of RSA property portfolio 43 K
Slide 52: Company highlights
Company highlights Highlights Investment proposition Largest South African primary listed REIT Earnings underpinned by high-quality property assets 38th largest company in the FTSE/JSE Top 40 Index Diversified across South Africa and international geographies, sectors and income streams Gr
Slide 53: 1.5% Increase in distributable income
1.5% Increase in distributable income 5.0% 0.3% 0.1% 4.5% 0.6% 4.0% -0.3% 1.0% 3.5% -0.5% 3.0% 2.5% -0.6% % 2.5% -0.7% 2.0% 1.5% 1.5% -0.9% 1.0% 0.5% 0.0% V&A V&A C&R C&R Growthpoint Growthpoint GWI GWI T&D T&D GSAH GSAH GHPH GHPH GOZ GOZ Lango Lango RSA RSA Total Total Investment Investment Partner
Slide 54: NAV and market capitalisation
NAV and market capitalisation 180 3 000 R167.1m 160 2 500 140 R21.10 120 2 000 100 Cents Rbn 1 500 R14.54 80 60 1 000 R49.9bn 40 500 20 0 0 HY17 FY17 HY18 FY18 HY19 FY19 HY20 FY20 HY21 FY21 HY22 FY22 HY23 Tangible assets (Rbn) Market cap (Rbn) Share price (cents) NAV per share (cents) 54
Slide 55: DIPS vs. DPS (cents per share)
DIPS vs. DPS (cents per share) Total DIPS 218.1 Total DIPS 183.1 Total DIPS 148.1 Total DIPS 155.6 Total DIPS 77.9 Total DPS 218.1 Total DPS 146.0 Total DPS 118.5 Total DPS 128.4 Total DPS 64.3 DPS Payout ratio 100% DPS Payout ratio 80% DPS Payout ratio 80% DPS Payout ratio 82.5% DPS Payout ratio 82
Slide 56: RSA portfolio overview
RSA portfolio overview Trading & Retail Office Industrial GHPH development GSAH RSA total Number of properties 42 154 175 8 5 10 394 GLA (m²) 1 286 736 1 652 406 1 996 701 118 790 9 172 n/a 5 063 805 Vacancy (m²) 76 802 336 681 85 239 115 ◼ n/a n/a 498 837 Vacancy (%) 6.0 20.4 4.3 0.1
Slide 57: Group investments portfolio overview
Group investments portfolio overview V&A¹ GOZ¹ ³ C&R ³ Number of properties 1 59 5 GLA (m²) 229 773 1 066 578 185 806 Vacancy (m²) 1 636 35 008 14 290 Vacancy (%) 0.7 6.3 5.9 Valuation (Rm) 9 193 60 524 7 204 Value per m² (excl. bulk) R38 213 A$4 629 £1 737 Average gross rent
Slide 58: Property investment activities
Property investment activities Trading & Retail Office Industrial GHPH development² GSAH RSA total GOZ ¹ C&R ¹ Total V&A ¹ Annexures Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Opening balance: 1 July 2022 24 450 25 688 12 071 3 385 453 2 233 68 280 56 780 7 950 133 010 8 979 Purchase price of 26, 46 - - 212 -
Slide 59: Adjustment for NCI, foreign exchange profit/(loss) and normal taxation
Adjustment for NCI, foreign exchange profit/(loss) and normal taxation HY23 HY22 Increase/ Rm Rm (Decrease) Adjustment for NCI, foreign exchange profit/(loss) and normal taxation (756) (538) 40.5% Antecedent (GIPF investment in GSAH & GHPH) 20 - NCI GOZ distribution (355) (351) NCI C&R dividend (33)
Slide 60: Offshore contribution
Offshore contribution Book value of property assets (Rm) 43.7% EBIT (Rm) 31.0% Offshore Offshore 138 842 131 874 133 196 4 129 4 220 4 455 3.1% 137 4.9% 6 866 1.4% 57 7.1% 317 3.9% 5 138 3.3% 4 430 3.8% 159 4.5% 186 6.6% 279 11.9% 16 546 11.9% 15 841 11.9% 15 755 19.6% 807 20.8% 927 17.6% 738 26.3%
Slide 61: Expense to income ratios (IFRS)
Expense to income ratios (IFRS) South Africa V&A Waterfront GOZ 32.7% 33.5% 35.2% 28.3% 33.3% 34.3% 24.0% 25.0% 25.9% 5.1% 4.1% 5.0% 5.2% 4.6% 4.2% 7.2% 7.7% 9.3% 30.1% 30.2% 28.3% 28.7% 27.7% 24.1% 16.6% 17.3% 16.8% HY22 FY22 HY23 HY22 FY22 HY23 HY22 FY22 HY23 Operating expense ratio Property expen
Slide 62: Expense to income ratios (Gross)
Expense to income ratios (Gross)* South Africa V&A Waterfront GOZ 44.2% 44.5% 46.1% 35.3%% 39.2% 39.7% 24.0% 25.0% 25.9% 4.3% 4.1% 4.4% 4.2% 3.7% 3.8% 41.8% 40.1% 7.7% 9.3% 40.1% 35.0% 35.9% 7.2% 31.5% 17.3% 16.6% 16.8% HY22 FY22 HY23 HY22 FY22 HY23 HY22 FY22 HY23 Operating expense ratio Property ex
Slide 63: RSA diversified borrowings — nominal value
RSA diversified borrowings — nominal value R39 180m R39 634m R37 836m 6 939 7 264 6 071 Debt capital Debt capital Debt capital market market Unsecured Unsecured market Unsecured 47.3% 48.9% 54.5% 56.1% 49.3% 12 569 57.0% 11 589 12 122 2 842 2 842 2 941 3 536 3 573 2 553 Traditional Traditional Tradi
Slide 64: RSA facilities
RSA facilities HY23 FY22 Unutilised committed facilities (Rbn) 10.3 10.3 Weighted average term of liabilities (years) 2.7 2.9 Weighted average term of fixed interest rate profile (Incl. FX instruments) (years) 1.8 2.1 Weighted average interest rate (%) 8.9 8.1 Weighted average interest rate (Incl. F
Slide 65: Funding of foreign investments
Funding of foreign investments Assets FX % FY23 Average at NAV Debt CCIRS FX Interest FX dividends Income FX Investment Currency (m) (m) (m) LTV rate Interest cover hedged hedge rate GOZ AUD A$2 132 - A$970 45% 3.5% 5.2 86% 12.07 GWI EUR €488 - €326 67% 3.1% 1.4 73% 2 n/a C&R GBP £132 - - ¹ n/a ¹ n/
Slide 66: Loan-to-value and interest cover ratios
Loan-to-value and interest cover ratios South Africa GOZ² C&R³ Group 54.9% 45.3% 39.2% 37.9% 38.8% 35.3% 36.3% 33.8% 32.0% 31.7% 30.6% 28.8% 5.2x 4.5x 3.4x 3.4x 3.4x 3.7x 3.0x 3.1x 2.9x 2.0x 1.3x 1.5x HY22 FY22 HY23 HY22 FY22 HY23 HY22 FY22 HY23 HY22 FY22 HY23 LTV¹ Interest cover ratio LTV¹ Interest
Slide 67: Group look through LTV
Group look through LTV Value SA REIT BPR LTV (100% RSA A&L, 100% GOZ A&L, 100% C&R A&L, 50% V&A NAV, 29.4% GWI NAV) Total property-related assets R159 459m Total debt (net of cash) R61 821m LTV 38.8% LTV (100% RSA A&L, 62.7% GOZ NAV, 62.5% C&R NAV, 50% V&A NAV and 29.4% GWI NAV) Total property-relat
Slide 68: Loan exposure per financier RSA
Loan exposure per financier RSA IFC Liberty 3% 4% Standard Bank 6% JSE (Corporate Bonds) 31% Old Mutual 6% Absa 8% RMB 12% Euronext Nedbank 18% 12% 68
Slide 69: Debt expiry profile per financier RSA
Debt expiry profile per financier RSA 23% 19% 20% 18% 8% 4% 6% 0% 0% 2% 25% 20% 15% 10% 5% 0% HY24 HY25 HY26 HY27 HY28 HY29 HY30 HY31 HY32 HY33 ABSA Investec JSE (Corporate Bonds) Euronext IFC Liberty Nedbank Old Mutual RMB Standard Bank 69
Slide 70: Fixed interest rate expiry profile RSA
Fixed interest rate expiry profile RSA 15% 23% 24% 21% 11% 4% 2% 0% 30% 25% 20% 15% 10% 5% 0% Floating HY24 HY25 HY26 HY27 HY28 HY29 HY30 70
Slide 71: Shares issued & beneficial shareholders holding >2% at HY23
Shares issued & beneficial shareholders holding >2% at HY23 Shares % holding Shares held Opening balance 1 July 2022 3 430 787 066 Public Investment Corporation (SOC) Ltd 15.4 527 958 751 NinetyOne SA (Pty) Ltd 4.6 156 803 621 New shares issued - The Vanguard Group Inc. 4.5 154 935 174 Dividend rein
Slide 72: Key performance indicators RSA
Key performance indicators RSA HY23 FY22 HY22 Vacancies (%) 9.9 10.3 10.5 Total arrears (Rm) 179.5 195.3 295.8 Provision for bad debts (B/S) (Rm) 105.8 114.4 164.8 Bad debts provision, written off and recovered (I/S) (Rm) 12.0 24.4 10.1 Average in force escalations (%) 6.9 6.9 7.0 Renewal success ra
Slide 73: Portfolio overview RSA (Excl. V&A)
Portfolio overview RSA (Excl. V&A) Net property income (Rm) Number of properties Property portfolio value (Rm) 3 076 3 050 3 139 421 408 394 70 131 68 756 70 260 1% 2% 3% 2% 1% 2% 1% 3% 1% 3% 1% 4% 4% 2% 1% 1% 3% 4% 2% 4% 5% 2% 5% 5% 6% 5% 18% 20% 17% 18% 17% 18% 47% 46% 44% 38% 35% 34% 39% 38% 37%
Slide 74: Split of RSA property portfolio
Split of RSA property portfolio Value by sector GLA by sector Value by region GLA by region 1% 5% 4% 2% 4% 2% 5% 3% 10% 12% 17% 37% 33% 39% 11% 48% 56% 23% 25% 37% 26% Retail Office Industrial GHPH GSAH Trading & Development Greater JHB Western Cape KwaZulu-Natal Pretoria Eastern Cape North-West 74
Slide 75: Net property income analysis RSA
Net property income analysis RSA HY23 HY22 Increase/ Rm Rm (Decrease) Gross property revenue 4 490 4 217 6.5% Retail 1 603 1 591 0.8% Office 1 583 1 552 2.0% Industrial 784 792 (1.0%) GHPH 224 185 21.1% GSAH 164 24 > 100% Trading & development 132 73 80.8% Property expenses (1 351) (1 167) 15.8% Ret
Slide 76: Disposals RSA
Disposals RSA Selling Profit/(loss) Profit/(loss) price on book value on cost Disposals Sector Date Rm Rm Rm Yield % 3 The Boulevard Westville, Westville, Durban Office July 2022 34.9 (0.5) (8.0) 10.9 Ditsela Place, Hatfield, Pretoria Office Dec 2022 29.4 (0.5) (3.8) vacant 1 Georgian Crescent, Brya
Slide 77: Acquisitions & non-current assets held for sale RSA
Acquisitions & non-current assets held for sale RSA Purchase price Acquisitions Sector Date Rm Maldapak, Hamersdale, KwaZulu-Natal Industrial Dec 2022 135.7 Land – not disclosed Industrial Sept 2022 68.6 Telecommunication assets Industrial Various 7.4 Twickenham Road, Auckland Park, Johannesburg GSA
Slide 78: Developments & capital expenditure RSA
Developments & capital expenditure RSA ¹ Total cost Completion HY23 Rm date Rm Retail Paarl Mall, Paarl 89.8 Nov 2022 88.0 Other, below R30m 82.7 170.7 Office Woodlands Office Park, Woodmead, Johannesburg 226.5 June 2021 60.8 The Place, Sandton, Johannesburg 57.6 Dec 2022 34.1 Other, below R10m 83.0
Slide 79: Commitments RSA
Commitments RSA Approved Estimated development Completion costs HY23 Sector date Rm Rm Developments 719.0 541.1 Paarl Mall, Paarl (battery & solar project) Retail March 2023 49.7 26.3 Kolonnade Mall, Montana Park, Pretoria Retail Jan 2023 14.5 14.2 Monteer, Isando, Johannesburg Industrial Nov 2023 1
Slide 80: Retail overview RSA
Retail overview RSA Fair value GLA GLA Top 10 properties by value Rm m² Top 10 tenants ranked in terms of gross monthly rental m² Festival Mall, Kempton Park, Johannesburg 1 781 82 786 The Foschini Group Ltd 84 734 Brooklyn Mall and Design Square (75%), Brooklyn, Pretoria 1 693 56 309 Mr Price Group
Slide 81: Office overview RSA
Office overview RSA Fair value GLA GLA Top 10 properties by value Rm m² Top 10 tenants ranked in terms of gross monthly rental m² Discovery 1 & 2 (55%), Sandton, Johannesburg 2 614 64 127 Discovery Holdings Ltd (55%) 67 279 Woodlands Office Park, Woodmead, Johannesburg 1 379 114 767 Anglo Corporate
Slide 82: Industrial overview RSA
Industrial overview RSA Fair value GLA GLA Top 10 properties by value Rm m² Top 10 tenants ranked in terms of gross monthly rental m² Montague Business Park (25%), Montague Gardens, Cape Town 440 45 209 The Bidvest Group Ltd 45 606 Growthpoint Business Park, Midrand. Johannesburg 438 69 037 Anchor L
Slide 83: GHPH overview RSA
GHPH overview RSA Fair value GLA GLA Properties by value Rm m² Top 10 tenants ranked in terms of gross monthly rental m² Hillcrest Private Hospital, Hillcrest, Durban 802 20 445 Busamed Holdings Ltd 55 471 Gateway Private Hospital, Umhlanga Ridge, Durban 791 22 609 Netcare Limited 18 551 Cintocare,
Slide 84: GSAH overview RSA
GSAH overview RSA Fair value Properties by value Rm Beds Hatfield Studios, Hatfield, Pretoria 534 980 Studios @ Burnett, Hatfield, Pretoria 466 1 000 Varsity Studios, Hatfield, Pretoria 386 953 Apex Studios, Braamfontein, Johannesburg 274 901 Peak Studios, Observatory, Cape Town 257 563 Festival Edg
Slide 85: GLA & vacancy reconciliation RSA
GLA & vacancy reconciliation RSA Total GLA Vacant area Vacancy m² m² % Balance as at 1 July 2022 5 194 379 535 844 10.3 GLA adjustments (11 318) (8 903) Disposals/ reallocation (145 380) (27 606) Acquisitions 25 096 - Developments and extensions 3 549 3 439 Leases expired in the period ¹ 649 945 Ren
Slide 86: Key performance indicators V&A Waterfront (50%)
Key performance indicators V&A Waterfront (50%) HY23 FY22 HY22 Vacancies (%) 0.7 1.6 2.3 Total arrears (Rm) 50.5 103.7 86.4 Provision for bad debts (B/S) (Rm) 30.6 30.8 33.0 Bad debts (I/S) (Rm) (0.6) 4.3 (3.2) Average in force escalations (%) 6.9 7.4 6.9 Renewal success rate (%) 86.0 69.1 90.2 Tota
Slide 87: Portfolio overview V&A Waterfront (50%)
Portfolio overview V&A Waterfront (50%) Net property income (Rm) Property portfolio value (Rm) 179 290 356 8 902 9 001 9 193 4.6% 4.5% 4.3% 9.8% 8.4% 8.6% 8.5% 11.5% 11.5% 19.1% 11.7% 8.5% 15.6% 26.9% 27.2% 27.6% 28.9% 10.6% 33.6% 14.5 34.6% 48.5% 48.2% 48.0% 42.2% 42.3% 40.2% HY21 HY22 HY23 HY22 FY
Slide 88: Split of V&A Waterfront property portfolio (50%)
Split of V&A Waterfront property portfolio (50%) Portfolio by value Portfolio by GLA Net property income Developed vs. undeveloped by value 5% 10% 5% 8% 20% 20% 42% 11% 19% 48% 20% 28% 40% 29% 95% Retail Office Hotel & Residential Marine & industrial Bulk Developed Undeveloped 88
Slide 89: Developments & commitments V&A Waterfront (50%)
Developments & commitments V&A Waterfront (50%) Estimated Approved cost completion HY23 Sector Rm date Rm Developments & capital expenditure ¹ Investec (incl. super basement) Parking/Office 510.2 Dec 2023 47.3 Union Castle Building Retail 103.9 Sept 2023 11.2 Alfred Mall Refurbishment Retail 31.1 Ma
Slide 90: Distributable income analysis V&A Waterfront (50%)
Distributable income analysis V&A Waterfront (50%) HY23 HY22 Increase/ Rm Rm (Decrease) Gross property revenue 510 382 33.5% Property related 471 365 Radisson Red Hotel 39 17 Property expenses (154) (92) 67.4% Property related (132) (79) Radisson Red Hotel (22) (13) Net property income 356 290 22.8%
Slide 91: Net property income analysis V&A Waterfront (50%)
Net property income analysis V&A Waterfront (50%) HY23 HY22 Increase/ Rm Rm (Decrease) Gross property revenue 510 382 33.5% Property related 471 365 Radisson Red Hotel 39 17 Property expenses (154) (92) 67.4% Property related (132) (79) Radisson Red Hotel (22) (13) Net property income 356 290 22.8%
Slide 92: V&A Waterfront overview
V&A Waterfront overview GLA¹ Top 10 tenants ranked in terms of gross monthly rental m² Allan Gray (Pty) Ltd 20 347 Nedbank Group Ltd 26 126 Woolworths 10 527 Sun International Hotels 17 100 Tourvest group 5 027 The Foschini Group Ltd 3 479 Government 17 354 PwC 9 650 Newmark Hotels 7 087 Surtee Grou
Slide 93: GLA & vacancy reconciliation V&A Waterfront (50%)
GLA & vacancy reconciliation V&A Waterfront (50%) Total GLA Vacant area Vacancy m² m² % Balance as at 1 July 2022 232 041 3 649 1.6 GLA adjustments 20 16 Developments and extensions (2 288) 397 Leases expired in the period ¹ 12 938 Renewals of expired leases ² (11 123) New letting of vacant space (5
Slide 94: Key performance indicators GOZ
Key performance indicators GOZ HY23 FY22 HY22 Vacancies (%) 6.3 3.2 2.6 Total arrears (Rm) 14.0 17.5 9.7 Provision for bad debts (B/S) (Rm) 2.1 2.6 1.2 Renewal success rate (%) 59.8 86.0 92.8 Total letting success rate (%) 42.6 84.2 87.8 Weighted average renewal growth (%) 1.0 (10.4) (3.6) Weighted
Slide 95: Portfolio overview GOZ
Portfolio overview GOZ Net property income (Rm) Property portfolio value (Rm) Number of properties¹ 1 383 1 298 1 665 58 518 58 820 60 524 57 58 59 11.75 27.3% 11.61 11.57 11.60 33.6% 33.5% 31 33.8% 33.0% 33.5% 31 31 11.24 72.7% 11.00 66.5% 66.4% 67.0% 66.5% 66.2% 28 26 27 HY21 HY22 HY23 HY22 FY22 H
Slide 96: Split of GOZ property portfolio
Split of GOZ property portfolio Portfolio by value GLA Value by region (A$)¹ GLA by region 5% 3% 7% 12% 33% 34% 8% 34% 13% 41% 66% 22% 67% 14% 24% 17% Office Industrial Victoria Queensland New South Wales 1) GOZ disclosed numbers are proforma for the sale of 333 Ann Street Brisbane, QLD which settle
Slide 97: Developments, non-current assets held for sale, acquisitions & commitments GOZ
Developments, non-current assets held for sale, acquisitions & commitments GOZ HY23 HY23 Sector Rm A$m Development & capital expenditure 75 Dorcas Street, South Melbourne, VIC Office 66.4 5.9 109 Burwood Road, Hawthorn, VIC Office 12.0 1.1 Other Various 71.5 6.4 Total 149.9 13.4 Non-current assets h
Slide 98: Net property income analysis GOZ
Net property income analysis GOZ HY23 HY22 Increase/ A$m A$m (Decrease) Gross property revenue 173.0 145.3 19.1% Property expenses (29.2) (24.4) 19.7% Net property income 143.8 120.9 18.9% Adjustments (11.9) (1.8) Acquisitions (11.9) (1.8) Adjusted ‘like-for-like’ net property income 131.9 119.1 11.
Slide 99: GOZ overview
GOZ overview Fair value GLA GLA¹ Top 10 properties by value Rm m² Top 10 tenants ranked in terms of gross monthly rental m² 1 Charles Street, Parramatta, NSW Office 6 032 32 356 Woolworths Australia 248 169 75 Dorcas Street, South Melbourne, VIC Office 3 341 28 312 NSW Police Government (Police) 32
Slide 100: GLA & vacancy reconciliation GOZ
GLA & vacancy reconciliation GOZ Total GLA Vacancy Vacancy ¹ m² m² % Balance as at 1 July 2022 1 061 454 16 470 3.2% GLA adjustments 6 354 46 Disposals (16 301) (129) Acquisitions, developments and extensions 15 071 47 Leases expired in the period - 87 174 Renewals of expired leases - (44 939) New l
Slide 101: Key performance indicators C&R
Key performance indicators C&R HY23 FY22 HY22 Vacancies (%) 5.9 6.4 7.3 Total arrears (Rm) 197.4 196.8 294.5 Provision for bad debts (B/S) (Rm) 64.7 81.8 125.4 Net property income (Rm) 256.9 627.0 336.1 Number of properties 5 6 7 Portfolio value (Rm) 7 204 8 455 11 292 Number of employees 90 94 94 N
Slide 102: Split of C&R property portfolio
Split of C&R property portfolio Property portfolio by value Property portfolio by GLA 3% 10% 17% 31% 17% 45% 21% 15% 25% 16% Wood Green Walthamstow Ilford Maidstone Hemel Hempstead 102
Slide 103: Disposals, commitments & capital expenditure C&R
Disposals, commitments & capital expenditure C&R Estimated completion HY23 HY23 Sector Disposal date date Rm £m Disposals Blackburn Retail Aug 2022 809.0 40.0 Walthamstow – land for residential development Retail July 2022 439.0 21.7 Total 1 248.0 61.7 Commitments Walthamstow Retail June 2023 63.8 3
Slide 104: Net property income analysis C&R
Net property income analysis C&R HY23 HY22 £m £m Gross property revenue 25.7 31.4 Property expenses (13.1) (15.0) Net property income 12.6 16.4 Adjustments - - Adjusted ‘like-for-like’ net property income 12.6 16.4 104
Slide 105: C&R overview
C&R overview Fair value GLA GLA¹ Properties by value Rm m² Top 10 tenants m² Wood Green Retail 2 966 58 529 TJX UK 8 331 Walthamstow Retail 1 761 26 942 Sportsdirect.com Retail Ltd 8 067 Ilford Retail 1 145 28 800 Alliance Boots Ltd 7 917 Maidstone Retail 672 39 948 H & M Hennes & Mauritz UK Ltd 3 8
Growthpoint Properties — H1 FY2023 Earnings Presentation on 6ix