Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — H1 2017 Earnings Presentation
77 slides from Vukile Property Fund's earnings presentation, November 2016
Slide 1: Interim Results for the Six Months Ended 30 September 2016
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 www.vukile.co.za 1
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
Slide 3: Highlights
HIGHLIGHTS Laurence Rapp www.vukile.co.za 3
Slide 4: Highlights
HIGHLIGHTS § Excellent progress in achieving strategic objective of becoming a specialist retail focused fund in South Africa § Vukile -‐ Synergy -‐ Arrowhead (GemGrow) transaction approved by shareholders § Sale of Sovereign portfolio for R1.18 billion § Dividend of 67.64754 cents per share -
Slide 5: Financial Performance
FINANCIAL PERFORMANCE Mike P otts www.vukile.co.za 5
Slide 6: Distribution History
30,0 2005 31,5 61,5 32,5 2006 36,0 Cents per share 68,5 35,8 2007 41,0 76,8 40,3 Interim 2008 48,0 88,3 44,1 2009 53,8 DISTRIBUTION HISTORY 97,9 Final 47,0 2010 60,9 107,9 46,2 2011 62,8 109,0 8,7 Continuing trend of unbroken growth in distributions 47,6 2012 63,8 111,4 13,4 Normalised Total 52,2 20
Slide 7: Simplified Income Statement
SIMPLIFIED INCOME STATEMENT R500 million of distributable income Sep-‐16 Sep-‐15 Variance R'000 R'000 % Property revenue 1 087 344 1 005 368 8.2 Property expenses (382 111) (368 353) (3.7) Net profit from property operations 705 233 637 015 10.7 Asset management business-‐income -‐ 11 886 (>100)
Slide 8: Simplified Income Statement: Reconciliation of Dividend
SIMPLIFIED INCOME STATEMENT Reconciliation of dividend Sep-‐16 Sep-‐15 R'000 R'000 Profit for the p eriod 501 140 451 269 Movement in fair value of hedges (635) -‐ Attributable to non-‐controlling interests (19 932) (24 996) Attributable to Vukile Group 480 573 426 273 Less: dividends payable on
Slide 9: Growth in Net Profit from Property Operations
GROWTH IN NET PROFIT FROM PROPERTY OPERATIONS Like-‐for-‐like growth of 5.1% September 2016 Rm Increase in group net rental income 68.2 Made up as follows: § Like-‐for-‐like ( stable portfolio) 26.5 § Properties acquired in prior year 27.0 § Synergy portfolio 3.7 § Sold properties 6.2 § Net
Slide 10: Group Net Income Analysis
GROUP NET INCOME ANALYSIS Distributable income of R526 million Income R1 148.4 million R’000 % Rental & other income 835 6 67 73 Electricity and water services recovered 200 5 23 18 Rates and taxes recovered 51 1 54 4 Investment and other income 44 2 75 4 Dividends received from Fairvest 16 7 63 1 E
Slide 11: Group Balance Sheet
GROUP BALANCE SHEET – (R’m) 14 6 25 12 0 26 3 677 2 936 2 774 1 967 1 965 1 687 1 678 1 414 862 145 Investment Investment Non-‐c urrent Current assets Non-‐c urrent Current l iabilities properties properties assets liabilities for sale Sep-‐1 6 Sep-‐1 5 11
Slide 12: Bad Debt and Arrears Analysis
BAD DEBT AND ARREARS ANALYSIS Prudent Provisioning Policy § Tenant arrears amounted to R71 million or 4.4% of gross rental income, an increase from 3.05% at March 2016 § Doubtful debt allowance marginally up to R28.5 million (March 2016: R28.0 million) § The doubtful debt allowance equates to 1.7
Slide 13: Group Debt Structure
GROUP DEBT STRUCTURE Conservatively geared and 100% hedged September March 2016 2016 % % Gearing ratio 23.9 29.5 Loan to value ratio net of available cash 19.0 26.9 % I nterest bearing term-‐debt hedged 100.0 86.4 Annualised cost of finance(I) 8.7 8.5 (I) Based on a verage of interest bearing debt,
Slide 14: Group Debt Structure: Diversified Sources of Funding
GROUP DEBT STRUCTURE Diversified sources of funding September March Strategy 2016 2016 Diversify funders to at least three providers Five funders Five funders Diversify funding structures % of total % of total § Bank debt 68% 69% § Secured bonds 19% 19% § Commercial paper/unsecured bonds 13% 12%
Slide 15: Swaps Expiry Profile
SWAPS EXPIRY PROFILE – (R’m) Swap expiry p rofile per calendar year (excluding Synergy) 2017 2018 2019 2020 2021 2022 Total R’m 681 256 504 645 940 501 3 527 19.3% 7.3% 14.3% 18.3% 26.6% 14.2% 100% Synergy has R647 million swaps and fixed debt in place, to cover debt of R937 million expiring between
Slide 16: Vukile Debt Structure (excluding Synergy)
VUKILE DEBT STRUCTURE (excluding Synergy) Fixed and variable interest bearing debt – R3.4 billion Debt Maturity R'000 (Excluding Synergy) 2 000 000 1 800 000 1 600 000 1 400 000 1 200 000 1 000 000 Loans repaid Y TD Loans maturing profile 800 000 600 000 400 000 200 000 0 2017 2018 2019 2020 2021 20
Slide 17: Group Net Cash Flow
1 000 000 1 500 000 2 000 000 2 500 000 3 000 000 3 500 000 4 000 000 500 000 Balance 1 A pril 2016 932 459 Dividends received from associate 27 859 Investment and other income 61 038 Cash from operating activities Summary of inflows and outflows 650 543 Proceeds on sale of investment properties 1 2
Slide 18: NAV Bridge
300 800 1 300 1 800 2 300 2 800 Opening NAV (1 April 2016) 1 842 NAV of 1 851 cps 94 Movement in investment properties Decrease in non-current liabilities 194 NAV BRIDGE – (Cents) Increase in current assets 124 Decrease in investment properties held f or sale (219) Adjusted f or additional s hares
Slide 19: Share Prices and Trade Volumes
SHARE PRICES AND TRADE VOLUMES 30% liquidity CLOSING PRICE AND TRADING VOLUMES -‐ 1 October 2015 to 30 September 2016 Price Volume 20,00 35 0 00 0 00 19,00 30 0 00 0 00 25 0 00 0 00 18,00 20 0 00 0 00 17,00 15 0 00 0 00 16,00 10 0 00 0 00 15,00 5 0 00 0 00 14,00 0 Oct Nov Dec Jan Feb Mar Apr May Ju
Slide 20: Property Portfolio Performance and Overview
PROPERTY PORTFOLIO PERFORMANCE AND OVERVIEW Ina Lopion www.vukile.co.za 20
Slide 21: Valuation Parameters
VALUATION PARAMETERS Total property assets of R15.9 billion Total property assets R15.9 b illion Listed Portfolio R1.0 b illion • Atlantic Leaf R0.6 b illion • Fairvest R0.4 b illion Direct Property Portfolio R14.9 b illion Vukile Synergy § Valuation R12.4 billion R2.5 billion 44% of portfolio valu
Slide 22: Leasing and Tenant Exposure
LEASING AND TENANT EXPOSURE For the 6 months ended 30 September 2016 leases were concluded with: § Total contract value R693 million § Total rentable area 156,639m² Lease renewals 72% of leases were renewed or are in the process of being renewed. Tenant exposure: (% o f GLA) Sep-‐16 Vukile Synerg
Slide 23: Tenant Exposure Top 10 Tenants
TENANT EXPOSURE TOP 10 TENANTS Top ten tenants account for 36% of GLA % of % of % of Total Vukile Synergy Portfolio Portfolio Portfolio GLA GLA GLA Shoprite 6.2 6.4 5.3 Steinhoff 4.8 4.3 7.6 Edcon 4.4 4.4 4.0 Other; Top 10 Pick n Pay 4.2 4.6 1.9 64% Tenants; Spar 3.8 1.1 18.6 36% Massmart 3.1 2.4 6.
Slide 24: Sectoral Profile
SECTORAL PROFILE 73% exposure (based on value) to Retail sector Value: R14 828m GLA: 1 270 734m² Portfolio including Synergy Portfolio including Synergy % of Total Portfolio % of Total Portfolio Retail 73 Retail 60 Offices 14 Offices 16 Industrial 9 Industrial 21 Hospital & Residential 3 Hospital &
Slide 25: 10 Largest Retail Properties
10 LARGEST RETAIL PROPERTIES Dobsonville Shopping East Rand Mall Phoenix Plaza Gugulethu Square Nonesi Mall Centre Value # R 1 2 58m 50% share (8.5%) R 761m (5.1%) R 437m (2.9%) R 413m (2.8%) R 397m (2.7%) Region Gauteng KwaZulu-‐Natal Western Cape Synergy Gauteng Eastern Cape Gross lettable area 6
Slide 26: 10 Largest Retail Properties
10 LARGEST RETAIL PROPERTIES Pine Crest Moruleng Mall Randburg Square Oshakati Shopping Centre Durban Workshop Value # R 389m 50% share (2.6%) R 378m 80% share (2.5%) R 378m (2.5%) R 358m (2.4%) R 350m (2.4%) Region KwaZulu-‐Natal Northwest Gauteng Namibia KwaZulu-‐Natal Gross lettable area 40 1 1
Slide 27: Vacancy Profile
VACANCY PROFILE Vacancies well contained Vacancy [% of GLA] 10,4 5,0 4,8 4,5 5,0 4,4 4,3 4,2 3,9 3,7 3,2 Retail Vukile Retail Offices Industrial Sovereign Total Synergy Vacancy [% of Rent] 9,6 9,1 6,3 5,8 5,3 5,0 4,9 5,0 4,0 3,6 3,5 Mar-‐1 6 Sept-‐1 6 Retail Vukile Retail Offices Industrial Sovere
Slide 28: Individual Properties Vacancy Profile
INDIVIDUAL PROPERTIES VACANCY PROFILE (% OF GLA) Vacancy > 1 000m² RETAIL : VUKILE (3.7%, up from 3 .2%) Roodepoort Hillfox Power Centre (9.2%) Randburg S quare (5.6%) Vereeniging Bedworth Centre (7.8%) Bloemfontein Plaza (5.6%) Letlhabile Mall (8%) Soweto Dobsonville S hopping Centre (5.4%) Mbombel
Slide 29: Expiry Profile: Total Portfolio
EXPIRY PROFILE Total portfolio (43% expiring in 2020 and beyond) % of GLA 85 100 78 67 100 47 72 80 32 57 5,0 37 19 18 20 15 20 3,9 8 14 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond Mar-‐2 1 % of Contractual Rent 88 100 80 69 100 46 81 71 29 55 33 22 14 19 16 19 10 Vacant Mar-‐1
Slide 30: Expiry Profile: Retail Portfolio
EXPIRY PROFILE Retail portfolio (46% expiring in 2020 and beyond) % of GLA 83 100 75 63 100 42 77 26 54 68 3,5 32 23 16 14 9 3,9 16 22 12 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond Mar-‐2 1 % of Contractual Rent 83 89 100 74 100 53 84 35 74 61 37 16 19 24 13 10 18 Vacant Mar-‐
Slide 31: Lease Renewals and New Leases Concluded
LEASE RENEWALS AND NEW LEASES CONCLUDED Continued positive retail reversions Lease renewals -‐ % escalation on expiry rentals 6,7 5,6 4,1 (0,5) 0,4 Retail Vukile Retail Synergy Offices Industrial Average New leases concluded -‐ (Ratio of rental concluded against budget) 101,8 105,5 91,2 91,3 96,8
Slide 32: Contracted Rental Escalation Profile
CONTRACTED RENTAL ESCALATION PROFILE Rental escalations still ahead of inflation Escalation % 7,9 7,9 7,9 8,1 7,8 7,8 7,6 7,5 7,5 7,5 7,5 7,6 7,5 7,5 7,5 7,1 7,0 7,0 7,2 7,0 Retail Vukile Retail Synergy Offices Industrial Hospital Motor Related Total Mar-‐1 6 Sep-‐1 6 Recent New Leases and Renewal
Slide 33: Weighted Average Base Rentals R/m²
WEIGHTED AVERAGE BASE RENTALS R/m² Excluding recoveries 2,5% (0,1%) 3,1% 6,9% 121,91 121,83 2,1% 119,06 116,11 113,90 113,73 1,6% 110,35 106,55 98,74 96,71 96,04 94,56 1,5% 45,33 44,65 Retail Vukile Retail Synergy Offices Industrial Hospital Motor Total Related Mar-‐1 6 Sep-‐1 6 33
Slide 34: Ratio of Net Cost to Property Revenue
RATIO OF NET COST TO PROPERTY REVENUE Improvement in cost ratios 19,3 20,0 18,3 18,9 18,0 17,3 18,3 17,6 16,9 16,5 16,5 16,9 15,7 15,0 15,0 13,6 Mar-‐10 Mar-‐11 Mar-‐12 Mar-‐13 Mar-‐14 Mar-‐15 Mar-‐16 Sep-‐16 Stable portfolio excluding recent acquisitions and sales All expenses All expenses
Slide 35: Recurring Expenses
RECURRING EXPENSES 80% of costs from top four categories; 62% of costs from Government Services and Rates & Taxes with full recovery during the previous six months Total % of Recurring expenses Portfolio Vukile Synergy Government Services 45 44 47 Rates & Taxes 17 17 17 Cleaning & security 12 11 12
Slide 36: Refurbishments and Extensions: The Workshop
REFURBISHMENTS AND EXTENSIONS Durban : The Workshop § The upgrade to the Workshop in Durban at a cost of R75 million has been completed in June 2016 § Variety of new brands added to tenant mix i.e. Pepcor Group, Edgars Connect, Spec Savers, Ginger I nternational, FNB, Le Coq Sportif and Bidvest §
Slide 37: Refurbishments and Extensions: Phoenix Plaza
REFURBISHMENTS AND EXTENSIONS Durban : Phoenix Plaza § Phoenix Plaza, with a GLA of 24 363m² and a monthly foot count of more than 800 000, is being upgraded at a cost of R24.5 million § Anchored by Shoprite, the centre is dominant in its primary catchment area and offers a large variety of nation
Slide 38: Refurbishments and Extensions: Barons VW Building
REFURBISHMENTS AND EXTENSIONS Bellville: Barons VW building § The Barons VW building is strategically situated at the Durban Road intersection with the N1 highway in Bellville § A 10-‐year lease has been concluded with Barloworld Auto for the development of a Ford dealership and workshop in the c
Slide 39: Planned Refurbishments and Extensions
PLANNED REFURBISHMENTS AND EXTENSIONS Setsing Crescent : (Synergy Portfolio) § Setsing Crescent in Phuthadjithaba, with a GLA of 22 250m², will be extended and upgraded at a cost of about R330 million with an expected net yield in excess of 9.0% § The centre is currently anchored by Super Spar, Ga
Slide 40: Conversion: Randburg Square Residential
CONVERSION Randburg Square Residential § The conversion of the B grade office building into 180 quality affordable apartments was completed on 31 October 2016 § The Apartments comprise a mix of Studios, 1 bed 1 bath and 2 bed 1 bath units § The total capex for the conversion amounted to R78 milli
Slide 41: Energy Management Achievements
ENERGY MANAGEMENT-‐ ACHIEVEMENTS Achievements to date: (2015-‐01 to 2016-‐11) § Achieved savings: 2.74 Million kWh relating to R 3 million electricity cost savings § Billing and metering optimisation: R 3.5 million § Renewable energy (PV): 400 000 kWh § PV installed capacity of 1.35 MW § Ove
Slide 42: 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. L OYALTY PROGRAM 1. Local marketing support 1. Roadside Billboards 1. Fiber Installations 1. Customer L oyalty 2. Way finders (Electronic) 2. Parking
Slide 43: Vukile Post the GemGrow Transaction
VUKILE POST THE GEMGROW TRANSACTION* Direct Property R 14.2 billion Indirect Property R1,7 b illion R375 million 20% 14% R826 million R 1.8 Other 45% Billion R637 million; 35% R 12.4 Billion R10,7 b illion 86% Retail *Transaction still subject to Competition Commission approval
Slide 44: Valuation Parameters: A Specialist SA Retail Portfolio
VALUATION PARAMETERS A specialist SA Retail portfolio Direct Property Portfolio Portfolio Prior Portfolio Post Retail Post GemGrow GemGrow GemGrow Transaction Transaction Transaction § Valuation R14.9 billion R12.4 b illion R10.7 billion § Average value per property R151m R180m R244m § Average di
Slide 45: Sectoral Profile
SECTORAL PROFILE Retail sector exposure increased from 73% to 86% Market Value GLA Prior GemGrow Transaction R14.8bn Prior GemGrow Transaction 1 270 734m² % of Total Portfolio % of Total Portfolio Prior Post Prior Post Retail 73 86 Retail 60 82 Offices 14 5 Post GemGrow Transaction 931 963m² Offices
Slide 46: Tenant Exposure
TENANT EXPOSURE Prior GemGrow Post GemGrow Large national and l isted tenants and major franchises transaction transaction 24 33 National and l isted tenants, franchised and medium to l arge professional firms 57 65 11 10 Other Top 10 tenants : % of Total Portfolio GLA Prior Post GemGrow GemGrow Pri
Slide 47: Expiry Profile: Post GemGrow Total Portfolio
EXPIRY PROFILE Post GemGrow total portfolio (46% expiring in 2020 and beyond) % of GLA 100 80 72 100 57 67 75 37 54 4,9 19 34 25 18 16 20 13 5,0 8 13 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond Mar-‐2 1 % of Contractual Rent 100 81 71 55 100 80 70 33 56 14 33 23 20 14 19 14 10 V
Slide 48: The Way Forward
THE WAY FORWARD § Primary focus is now clearly on retail assets in South Africa § Remaining non-‐retail assets will be recycled when the time is right § Heavy focus on adding value to existing assets § Better yields than buying new assets § Lower risk as we know the assets and market § Create
Slide 49: Acquisitions, Disposals and Developments
ACQUISITIONS, DISPOSALS AND DEVELOPMENTS Sedise Moseneke www.vukile.co.za 49
Slide 50: Disposals: Properties Transferred
DISPOSALS Properties transferred – R1 181.3 million In line with the group’s strategy to focus on retail assets, the following properties were disposed of during the year: Sales p rice Yield R000 % Dates o f sale Bloemfontein Fedsure House 89 700 8.6 31 August 2016 Pretoria Arcadia Suncardia 265 600
Slide 51: Disposals: Further Sales Concluded
DISPOSALS Further sales concluded – R443.9 million In support of the retail strategy, further sale agreements to the value of R443.9 million have been concluded with reputable purchasers for the sale of the following properties. The transactions have progressed to the levels as indicated below: Sale
Slide 52: Development in Progress: Springs Mall
DEVELOPMENT IN PROGRESS Springs Mall -‐ Johannesburg § Springs Mall will be a dominant regional mall measuring 48 227m² 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
Slide 53: Development in Progress: Thavhani Mall
DEVELOPMENT IN PROGRESS Thavhani Mall -‐ Thohoyandou Limpopo § Thavhani Mall will be a dominant regional mall measuring 50 373m² § 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 ha
Slide 54: Corporate Activity and Strategy
CORPORATE ACTIVITY AND STRATEGY Laurence Rapp www.vukile.co.za 54
Slide 55: Key Strategic Pillars
KEY STRATEGIC PILLARS Delivering on our promises § Restructure the direct portfolio to become a specialist retail fund § Vukile/Synergy/Arrowhead transaction § Sovereign portfolio sale § Retail developments coming on stream § Conservative balance sheet management § Keep gearing around 30% and
Slide 56: Vukile Post the GemGrow Transaction: Indirect Portfolio
VUKILE POST THE GEMGROW TRANSACTION* Indirect Portfolio Direct Property R 14.2 billion Indirect Property R1,7 b illion R375 million 20% 14% R826 million R 1.8 Other 45% Billion R637 million; 35% R 12.4 Billion R10,7 b illion 86% Retail *Transaction still subject to Competition Commission approval
Slide 57: Fairvest
FAIRVEST Core strategic holding of around 30% § Evaluated various options and have concluded that the best way forward is to remain as a strategic shareholder § Not looking to take over the company § Completely aligned with Vukile’s core retail strategy § Cost effective way to get exposure to sa
Slide 58: GemGrow
GEMGROW Tactical holding of c.29%* § High growth, high yield fund making use of the scarce A/B share structure § Backing the expertise of the Arrowhead team in this market segment § Expect significant deal activity § Not planning to invest further capital hence expect to dilute shareholding perc
Slide 59: Atlantic Leaf
ATLANTIC LEAF 29.59% holding, platform into the United Kingdom § Total Value of Investment of £45 million in Atlantic Leaf accounting for a 29.59% stake § Increased investment by £10.7 million, funded through offshore funding ( 100% hedged at 3.25%) § Atlantic Leaf I nvestment continues to delive
Slide 60: Atlantic Leaf Key Property Portfolio Stats
ATLANTIC LEAF Key property portfolio stats (as at 26 October 2016) (48 properties) AUM WAULT £283 million 11.9 years Average yield LTV 7.7% 51.5% Ave. cost of debt Portion of debt fixed 3.20% 74% GLA 13 tenants 383 600m² 60
Slide 61: International Strategy
INTERNATIONAL STRATEGY Buying into a Property Strategy vs Buying into a Property Portfolio § Exploring opportunities in developed markets – Western Europe, United Kingdom and North America § Will consider investments across all sectors § Strategy is to p artner with local real estate companies wi
Slide 62: Operational Focus
OPERATIONAL FOCUS § Strong Operational focus to continue § Vacancies § Energy m anagement § Alternative income m anagement ( AIM), non-‐GLA revenue § Bad debt and arrears m anagement § New I T System implementation § Asset m anagement, MIS and strategic analysis tools § Implemented by Decem
Slide 63: Prospects
PROSPECTS § Upbeat around the platform we have created § Local retail focus § Available resources in excess of R1.5 billion without having to access the market for new equity § Very difficult SA operating environment with : § Limited local growth § High levels of volatility § Adopt a conserva
Slide 64: Acknowledgements
ACKNOWLEDGEMENTS § Board § Property managers § Service providers § Brokers and developers § Tenants § Investors § Funders § Colleagues 64
Slide 65: Questions and Answers
YU KILE QUESTIONS AND ANSWERS
Slide 66: Appendix
TLE APPENDIX
Slide 67: Valuation Parameters
VALUATION PARAMETERS Number of properties (98) Retail total 4 5 31 28 20 14 2 2 1 Retail Vukile Retail Offices Industrial Hospital Motor Residential Synergy Related Value per m² (R11 669/m²) Retail total 1 4 0 76 17 153 16 324 14 588 12 573 10 267 4 959 Retail Vukile Retail Synergy Offices Industria
Slide 68: Geographical Profile (GLA m²)
GEOGRAPHICAL PROFILE (GLA m²) Vukile 2 3 4 3 Synergy 12 13 5 9 6 11 22 8 55 14 6 27 Retail 4 5 Offices 5 6 15 Vukile 7 42 9 11 80 16 % of Portfolio Gauteng 49 KwaZulu-‐Natal 15 Western Cape 10 Industrial Hospital and 7 9 Namibia 5 Motor Related Northwest 5 21 Free State 5 Limpopo 4 72 Mpumalanga 4
Slide 69: Expiry Profile: Office Portfolio
EXPIRY PROFILE Office portfolio (45% expiring in 2020 and beyond) % of GLA 85 100 73 65 100 52 34 79 55 65 5,0 21 40 21 10,4 19 15 10 14 11 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond March 2 021 % of Contractual Rent 90 100 77 67 100 53 81 32 65 51 35 16 14 16 19 13 22 Vacant Ma
Slide 70: Expiry Profile: Industrial Portfolio
EXPIRY PROFILE Industrial portfolio (32% expiring in 2020 and beyond) % of GLA 93 95 100 79 67 94 100 48 92 68 49 24 4,8 24 19 4,3 19 25 2 6 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond March 2 021 % of Contractual Rent 92 94 100 79 66 93 95 100 46 68 48 20 25 21 27 2 5 Vacant Mar
Slide 71: Expiry Profile: Hospital and Motor Related Portfolios
EXPIRY PROFILE Hospital and motor related portfolios (84% expiring in 2020 and beyond) 100 % of GLA 100 16 16 16 16 16 -‐ 16 16 16 16 Vacant Mar-‐1 7 Mar-‐1 8 Mar-‐1 9 Mar-‐2 0 Mar-‐2 1 Beyond March 2 021 % of Contractual Rent 100 100 12 13 13 13 13 88 12 12 12 12 Vacant Mar-‐1 7 Mar-‐1 8 Ma
Slide 72: Weighted Average Base Rentals: Retail Vukile Portfolio
WEIGHTED AVERAGE BASE RENTALS R/m² (excluding recoveries) Retail Vukile portfolio Boksburg East Rand Mall (50%) Durban Phoenix Plaza Durban Workshop Windhoek 269 Independence Avenue Mbombela Truworths Centre Pinetown Pine Crest (50%) Oshikango Spar Centre Daveyton Shopping Centre Soweto Dobsonville
Slide 73: Weighted Average Base Rentals: Retail Synergy Portfolio
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 Centr KwaMashu S hopping Centr
Slide 74: Weighted Average Base Rentals: Office Portfolio
WEIGHTED AVERAGE BASE RENTALS R/m² (excluding recoveries) Office portfolio Jhb Houghton Estate O xford Terrace Pretoria Lynnwood Sanlynn Jhb Houghton 1 West Street Sandton Hyde Park 50 S ixth Road Sandton Sunninghill Sunhill Park Cape Town Bellville Suntyger East London Vincent Office Park Cape Town
Slide 75: Weighted Average Base Rentals: Industrial Portfolio
WEIGHTED AVERAGE BASE RENTALS R/m² (excluding recoveries) Industrial portfolio Sandton Linbro 7 On Mastiff B usiness Park Midrand S anitary City Pretoria S ilverton 22 Axle S treet Pretoria S ilverton 301 B attery S treet Pinetown R ichmond Industrial Park Midrand Allandale Industrial Park Pinetown
Slide 76: Weighted Average Base Rentals: Other
WEIGHTED AVERAGE BASE RENTALS R/m² (excluding recoveries) Other Cape Town Parow De Tijger Day Clinic Hospital Cape Town B ellville Louis Leipoldt Cape Town B ellville B arons Motor R elated Sandton Linbro Galaxy Drive S howroom -‐ 20 40 60 80 100 120 140 160 180 200 76
Slide 77: www.vukile.co.za
www.vukile.co.za 77