annual results - dipula income fund annual results - 31 aug 2014 - final 2.pdf8 annual results...

1

ANNUAL RESULTS Year ended 31 August 2014

2 ANNUAL RESULTS PRESENTATION – 31 August 2014

AGENDA

01 02 03 04 05 06

OVERVIEW HIGHLIGHTS GROWTH

STRATEGY PORTFOLIO

FINANCIAL

REVIEW

LOOKING

AHEAD

2


OVERVIEW

IZAK PETERSEN (CEO) 01


DIPULA AT A GLANCE

JSE Sector Real Estate Investment and Services: Diversified REITS

Date listed 17 August 2011

Closing price (31 Aug 14) DIA R10,35

DIB R7,90

Market capitalisation (31 Aug 14) R2,8bn

Asset manager & annual fee Dipula Asset Management Trust 30bps

Property managers & annual fees Broll R3,3m JHI R10,5m McCormick R1,2m

Date of REIT conversion 1 September 2013

Unitholding A & B (different risk appetites)

BEE Level 3

3


OUR PORTFOLIO AT 31 AUGUST 2014

4% 4%

71%

5%

2%

4% 4%

6% Eastern Cape

Free State

Gauteng

Limpopo

Mpumalanga

North West

Northern Cape

Western Cape

KwaZulu Natal

Geographic split by GLA Sectoral split by GLA

Total GLA Average

property size

R4,2bn 583 511m² 3 224m² R23m

181 properties Above-inflation

average rental

escalation

8.1%

Sectoral split by revenue

9%

40%

51%

22%

23%

55%

Industrial

Office

Retail


HIGHLIGHTS 02

4


Revamps completed

R42m at

11% yield

R507m

Debt successfully restructured

Portfolio growth 12%

Acquisitions 9%

Capital appreciation 4%

Disposals -1%

R103m

Disposals New acquisitions concluded

R5,4bn R987m

Total portfolio (incl. new acquisitions)

PORTFOLIO AND FINANCIAL HIGHLIGHTS

Vacancies 9% 23% from interim

Industrial 44% y-o-y Office 25% y-o-y Retail 7% y-o-y

R76m

Average asset acquired


› Orange Farm

› Jouberton

Additional

staff

Additional

member

BBB

WEALTH CREATION

SUSTAINABILITY AND CORPORATE GOVERNANCE

ROI since listing

Community Manco

Distributable income

16%

DIA 50%

DIB 80%

Board Credit rating

Actual combined: 7.2%

Distribution growth

DIA 5%; DIB 10%

6%-7% expected

5


GROWTH STRATEGY 03


STRATEGY SCORECARD FY14

FY15

Future

FY14

Actual*

FY14

Target

At

Listing

Market capitalisation (R) R4bn R2.8bn R3,0bn R1.5bn

Average portfolio value (R) R43m R30m R28m R12m

Average property size (m²) 5 000 3 900 3 620 2 495

Legacy portfolio as a % of total portfolio 20% 31% 35% 66%

Portfolio size R7,0bn R5,4bn R5,0bn R2,1bn

Rentable area (m²) 832 000 695 061 680 000 436 600

Number of properties 160 180 N/A 175

LTV 40% 40% 40% 40%

Vacancy 7% 9% 9% 9%

* Includes acquisitions and disposals yet to transfer

6


| Contracted acquisitions of

R987m since September 2013

| Disposed of 17 non-core assets

| Distribution growth:

DIA 5%

DIB 10%

| Completed revamps at

average yield of 11%

STRATEGY IN PROGRESS

Investment

| Acquire portfolio enhancing

assets

| Dispose of non-core assets

| Maintain geographically and

sectorally diversified portfolio

| Grow income consistently

above inflation

| Strategic portfolio enhancing

revamps & redevelopments

| Take transfer of all acquired

properties

| Complete strategic revamps

worth R33m

| Complete Gillwell development

| Acquire assets to the value of

R1bn - R1,5bn

| Dispose of non-core properties

identified for sale worth R200m

GOALS PROGRESS FY14 TARGET FY15


STRATEGY IN PROGRESS (CONTINUED)

Operations

| Continue to strengthen asset

management team

| Lengthen lease expiry profile

| Improve mix and retain quality

tenants

| Improve property management

processes and systems

| Improve energy efficiency of

buildings

| Maintain competitive

cost : income ratio

| Looking to appoint more people

to Manco

| Continue lengthening lease expiry

profile as in FY14

| Continue other initiatives as per

FY14

Tenant profile

Property management

processes

Greener buildings

Costs


| Two additional people appointed

to Manco

| Leases expiring beyond 2015

by 240 000m² or R21,3m per month in gross income terms

since FY13

| Tenant retention at 74%

| MDA implementation completed

| Investigating intelligent metering

solutions

| Cost : income ratio sustained at

±20%

7



Balance sheet

| Diversify sources of funding

| Improve liquidity and tradability of

units

| Enter DCM market as necessary

and subject to pricing

| Continue to improve liquidity and

tradability of units


| Appointed Nedbank and Standard

Bank for DCM

| Achieved BBB rating from GCR

| New buyers of DIAs and DIBs

| Successfully renegotiated

R507m expiring facility



Sustainability

| Attract and retain key people

| Technology in centres

| Improve BEE rating

| CSI initiatives

| Launch long-term incentive

scheme

| Investigate WiFi options and foot

traffic counters

| Improve IT and communication

systems at corporate level as well

as implement asset management

models

| Implement programmes for

improvement of BEE rating

| Rollout new CSI initiatives in

addition to existing

GOALS TARGET FY15

| Ongoing CSI initiatives

to support communities

PROGRESS FY14

8


Tenant quality

KEY EARNINGS DRIVERS

61%

27%

12% A Grade

B Grade

C Grade

Efficient cost : income ratio

FY15 onwards

| Value-adding redevelopments and

retail extensions where additional bulk

(particularly in new acquisitions in

Soweto and Hammanskraal)

| Strategic acquisitions

| Income opportunity in vacancies

| Cost efficiencies

| Disposal of non-core assets

Profile by GLA

Cost structure

Unlocking value

Acquisitions

Positive rental renewals

Leasing of vacant space


PORTFOLIO 04

LEASING ACQUISITIONS REVAMPS DISPOSALS DEVELOPMENTS

9


LEASE ACTIVITY - 1 Sep 2013 - 31 Aug 2014 Renewals

New leases

Retail Industrial Office Total

Number of leases 74 14 24 112

Value of leases 80 652 723 8 109 246 44 788 378 133 550 347

Average gross rental expiry (R/m²) 100.12 30.99 85.56 89.30

Average gross rental new (R/m²) 109.75 34.43 94.11 98.12

Total GLA renewed (m²) 22 483 8 433 18 209 49 125

Weighted average escalations 7.9% 8.4% 8.7% 8.3%

Average increase in renewal rate 9.6% 11.1% 10.0% 9.9%

Retail Industrial Office Total

Number of leases 83 31 39 153

Value of leases 72 529 347 73 941 405 27 674 423 174 145 175

Weighted average gross rental (R/m²) 57.33 41.98 74.81 54.75

Total GLA let (m²) 25 351 23 576 9 588 58 515

Weighted average escalations 8.97% 8.33% 8.15% 8.60%


LEASE ACTIVITY (CONTINUED)

45.8%

17.2%

37.1%

Total GLA renewed: 49 125m²

Retail

Industrial

Office

54.2%

20.3%

25.5%

Number of new leases: 153

43.3%

40.3%

16.4%

Total new GLA let: 58 515m²

Renewals

New leases

| High tenant turnover

in industrial parks

| Office market in specific

nodes tough with tenant

poaching prevalent

| Tenant retention rate 74% | Retail 80%

| Industrial 64%

| Offices 66%

66.1% 12.5%

21.4%

Number of leases renewed: 112

10


WEIGHTED AVERAGE ESCALATIONS & RENTALS

Gross rentals (R/m²)

Office Retail Industrial Portfolio

By Income 117.10 94.57 47.57 94.49

By GLA 99.27 82.53 42.85 76.75

Escalations

Office Retail Industrial Portfolio

By Income 8.48% 7.68% 7.89% 7.91%

By GLA 8.73% 7.81% 8.31% 8.12%


VACANCIES

11%

15%

9%

10%

8%

15%

7%

9%

5%

19%

7%

9%

0%

5%

10%

15%

20%

Industrial Office Retail Overall Vacancy

2012 2013 2014

| Office problem nodes - Bruma and Midrand

| Bruma being upgraded by City of Johannesburg

| In-principle agreement with specialist manager for Bruma

| Leasing incentives for tenants and brokers to remain in place

11


4.6% 4.8%

18.9% 25.3%

15.5%

30.9%

-

40 000

80 000

120 000

Industrial

LEASE EXPIRY PROFILE

9.1% 7.4%

19.8% 21.5%

15.9%

26.4%

-

40 000

80 000

120 000

160 000

Vacant

Expiring before 31 Aug 2015




Expiring after 31 Aug 2018

GLA m²

18.8% 12.5%

31.4% 22.2%

5.7% 9.4%

Office

6.8% 6.3%

15.2%

19.6% 20.4%

31.7%

Retail

Total portfolio

GLA m²


PORTFOLIO 04


12


Retail Industrial Mixed use

OUR ACQUISITIONS

| Dominant neighbourhood and community centres

| In under-serviced areas

| Long anchor leases (4 years +)

| Predominantly occupied by national tenants

| Re-tenanting and development of additional bulk opportunities

| Strategically located

| Excellent lease covenants (blue-chip international tenants)

| Positive renewal prospects due to quality of property

| Strong lease covenants

| Government tenants

| Retail fully occupied by national tenants

| Offices occupied by Government

To be funded with

combination of debt and

equity

Sectorally diverse ± R1 billion worth of

acquisitions in line with

strategy


Total GLA 38 250m²

Total cost R425m

Average rental per m² R106

Average cost per m² R11 100

Cap rate 10%

Additional bulk available for expansion

RETAIL ACQUISITIONS*

Dobson Point Shopping Centre Kudube Centre - Hammanskraal

Kudube Kopanong Centre - Hammanskraal

Pimville Square - Soweto

Meadow Point Shopping Centre - Soweto

Protea Point Shopping Centre - Soweto

* Refer to annexure for details per property

13


Pls provide new pics

Sector Office / Retail

GLA 7 998m²

Purchase price R50,5m


Cost per m² R6 313

Cap rate 12%

Effective date Oct 2014

Sector Industrial

GLA 23 437m²

Purchase price R140m


Cost per m² R5 973

Land area 61 014m²

Cap rate 10%

Effective date Feb 2015


MIXED USE AND INDUSTRIAL ACQUISITIONS* Govan Mbeki Place - Port Elizabeth UTI Distribution Centre, New Brighton



PORTFOLIO 04


14


Pls provide new pics

GLA 5 941m²

Purchase price R57m


Cap rate 9.3%

Effective date Nov 2014

COMPLETED RETAIL DEVELOPMENTS* Eyethu Orange Farm Mall Tsakane Corner, Gauteng


GLA 27 000m²

Purchase price (30%) R150m


Cap rate 9%

Effective date Jan 2015



PORTFOLIO 04

LEASING ACQUISITIONS COMPLETED

REVAMPS DISPOSALS DEVELOPMENTS

15


COMPLETED REVAMPS* Shoprite - Pretoria

North, Gauteng

Atlas Road - Phase 1

Boksburg, Gauteng


Range Road - Phase 1

Blackheath, W. Cape

Sector Retail

Current GLA 6 442m²

Value pre-revamp R76,7m

Value post-revamp R77,4m

Development yield 8.7%

Capex R12m

Sector Mixed use




Development yield 17%

Capex R8,1m

Sector Industrial




Development yield 9.4%

Capex R22m


PORTFOLIO 04

LEASING ACQUISITIONS FUTURE

REVAMPS DISPOSALS DEVELOPMENTS

16


FUTURE REVAMPS*


Selbourne House - Bloemfontein

Vosloorus Shopping Centre - Gauteng

Atlas Road - Boksburg, Gauteng (Phase 2)

Nemisa - Parktown, Gauteng

6 Old Pretoria Main Road - Midrand

Gezina Galleries Pretoria

| Nemisa and Selbourne

House to be extended and

upgraded

| 6 Old Pretoria Main Road -

change of use from mixed

to industrial

| All properties well located

| Target yield of between

9.5% - 12%

| Tenant driven

| Expected in next 12 - 18

months

| Other potential revamps

include Crownwood and

Range Road extensions



PORTFOLIO 04

17


OUR DISPOSALS

Office Region GLA

m²

Vacancy

m²

Sale Price

Rm

Sale Price

R/m²

Alcom House

Gauteng

1 350 - 16,5 12 222

Perm Kempton Park 3 528 2 771 4,8 1 375

Hazelwood Place, Pretoria 895 - 7,5 8 380

Nedbank Isando 1 125 958 3,8 3 378

Agency 1, Sunninghill 2 596 - 26,0 10 015

96 Cambridge Road Free State 539 344 1,6 2 876

10 033 4 073 60,2 6 000

Retail Perm Plaza Newcastle

KwaZulu-Natal

2 501 661 11,4 4 558

Standard Bank Newcastle 1 713 1 114 6,2 3 619

Volksrust Ackermans 500 - 2,8 5 600

Town Talk Mkuze 1 050 120 2,9 2 762

Mauriso Court

Gauteng

598 432 1,9 3 177

Score Tsakane 1 050 1 050 4,5 4 286

Standard Bank Isando 1 824 1 824 3,5 1 919

Zeolite Park 2 017 - 1,8 868

Nedbank Germiston 1 046 168 4,8 4 591

Standard Bank Secunda Mpumalanga

863 863 1,6 1 854

Metro Malaita 1 700 1 700 1,3 765

14 862 7 932 42,7 2 873

Total 24 895 12 005 102,9 4 133


FINANCIAL REVIEW

BRIGITTE DE BRUYN (CFO) 05

18


STATEMENT OF COMPREHENSIVE INCOME (EXTRACTS)

31 Aug 2014

(R’000)

31 Aug 2013

(R’000)

Change

(%)

Property portfolio rental income 461 036 338 301 36.3%

Property expenses -92 017 -70 136 31.2%

Net property income 369 019 268 165 37.6%

Other Income 5 579 13 276 -58.0%

Administration and corporate costs -18 327 -14 244 28.7%

Net income after admin and corporate costs 356 271 267 197 33.3%

Net interest paid -117 911 -75 389 56.4%

Profit before debenture Interest and taxation 238 360 191 808 24.3%

Distribution adjustments 10 761 23 408 -54.0%

Distributed income 249 121 215 216 15.8%

Core property costs as a % of property income 20.0% 20.70% -

Annual distribution per A-linked unit (cents) 87.504 83.338 5.0%

- Final 43.752 41.669 5.0%

- Interim 43.752 41.669 5.0%

Distribution per B-linked unit (cents) 73.333 66.639 10.0%

- Final 40.995 36.835 11.3%

- Interim 32.338 29.804 8.5%


SECTORAL PERFORMANCE

51%

9%

40%

Revenue

48%

11%

41%

Expenses

Retail Industrial Offices

52%

9%

39%

Net Income

19


STATEMENT OF FINANCIAL POSITION (EXTRACTS)

31 Aug 2014

(R’000)

31 Aug 2013

(R’000)

Change

(%)

Non-current assets 4 165 368 3 779 817 10.2%

Current assets 128 916 88 071 46.4%

Non-current assets held for sale 74 800 30 250 147.3%

Total assets 4 369 084 3 898 138 12.1%

Non-current Interest bearing liabilities 1 118 609 1 475 371 -24.2%

Current interest-bearing liabilities 506 667 - 100%

Gearing 37.20% 37.90% -1.8%

Net asset value per A-linked unit 815.13 785.13 3.8%

Net asset value per B-linked unit 815.13 785.13 3.8%


CASH FLOW

60 774

338 237

-346 312

-230 079

-108 862

353 702

54 088

-400 000 -300 000 -200 000 -100 000 0 100 000 200 000 300 000 400 000

Closing balance

Funding raised

Investments

Distributions paid

Net interest paid

Cash generated by operating activities

Opening balance

(R’000)

20


CAPITAL MANAGEMENT Property expenses

2014 2013 2012

* = 1% or less

68%

7%

6%

4%

3%

2% 2%

2% 2%

66% 7%

6%

5%

3%

2%

2% 2%

2% 2%

Municipal expenses

Property management fees

Security

Repairs and maintenance

Levies

Provision for bad debts

Cleaning costs

Tenant installation amortisation

Letting commission amortisation

Insurance

Air-conditioning and lift contracts*

Legal*

Garden maintenance*

Meter reading fees*

63% 8%

5%

6%

2% 6%

3%

2%


VALUE CREATED

0

200

400

600

800

1000

Aug-11 Aug-12 Aug-13 Aug-14

DIA 651.19 689.48 785.13 815.13

DIB 651.19 689.48 785.13 815.13

-20

-10

0

10

20

30

40

50

60

70

80

90

100

16

-Au

g-1

1

16

-Oct-

11

16

-Dec-1

1

16

-Fe

b-1

2

16

-Ap

r-1

2

16

-Ju

n-1

2

16

-Au

g-1

2

16

-Oct-

12

16

-Dec-1

2

16

-Fe

b-1

3

16

-Ap

r-1

3

16

-Ju

n-1

3

16

-Au

g-1

3

16

-Oct-

13

16

-Dec-1

3

16

-Fe

b-1

4

16

-Ap

r-1

4

16

-Ju

n-1

4

16

-Au

g-1

4

16

-Oct-

14

DIA : + 22.84%

DIB : + 43.11%

JSE Real Estate Investment Services : + 44.16%

NAV history Share price returns since listing

% Return

21


THREE YEAR REVIEW

42.7% 57.3% 100%

56.6%

43.4%

100%

55.6%

44.4%

100%

54.5%

45.5%

100%

0

50

100

150

200

DIA DIB Total

Aug 2011 Aug 2012 Aug 2013 Aug 2014

Distribution growth

cents


1 Sep 13 - 31 Aug 14 (Rm)

4 395

2 554

-2 830

5 934

-4000 -2000 0 2000 4000 6000 8000

Closing balance

New provisions

Write offs

Opening Balance

RECONCILIATION OF BAD DEBTS

22


DEBT PROFILE

31.09%

24.85%

7.67%

26.72%

8.98%

0% 0% 0.68%

Aug 2015 Aug 2016 Aug 2017 Aug 2018 Aug 2019 Aug 2020 Aug 2021 Aug 2027

| 76% of debt fixed (67% at 31 Aug 2014)

| Average length of fixes 3.3 years

| Average blended rate 8.51% at year end and currently 8.67%

| Facility of R507m, extended to the end of 2017

| Dropped margin by 25% from 2.2% to 1.65%

| Facility fixed at 8.75% effective 1 December 2014


LOOKING AHEAD

IZAK PETERSEN (CEO) 06

23


Real GDP CPI

2014 2015 2016 2014 2015 2016

Latin America 1.20 2.26 2.99 9.44 9.57 8.94

E. Europe & Africa 1.57 2.00 2.56 5.74 5.41 4.79

Asia 6.35 6.13 6.26 2.45 3.28 3.41

G-10 1.72 2.17 2.18 1.49 1.67 1.93

South Africa 1.50 2.50 3.00 6.20 5.70 5.50

USA 2.20 3.00 2.90 1.80 2.00 2.25

Japan 1.00 1.10 0.85 2.80 1.90 1.95

Euro 0.80 1.20 1.50 0.50 1.00 1.40

China 7.40 7.00 7.00 2.20 2.50 2.80

United Kingdom 3.00 2.60 2.30 1.70 1.90 2.00

LOOKING AHEAD

Economic forecasts

(year-on-year %)

Source: Bloomberg


0.000

0.500

1.000

1.500

2.000

2.500

3.000

0.000

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

1 Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years

South African Rand Swap Curve

US Dollar Swap Rates Curve

Euro Swap Curve

LOOKING AHEAD

Swap curves

Source: Bloomberg

24


Peaked: Inflation and Low Oil price

Encouraging:

Minister of Co-operative Governance and Traditional Affairs

LOOKING AHEAD Challenges presenting opportunities

Objectives

R1bn ‒ R1,5bn

Grow portfolio by

±R200m

Dispose of non-core assets of tenant

retention

Leasing and

refurbs

Successful execution of

7% ‒ 8%

FY15

Distribution growth of

Continuing

electricity supply constraints

slowdown in SA economy

Concern: Risk:

interest rate increase

Positive:

Fiscal policy and Minister of Finance / SARB

Stats: Informal economy

SA Corporates: Strong Balance Sheets


QUESTIONS

& ANSWERS 07

25


ANNEXURES 08


PORTFOLIO 08A

26


TOP 10 PROPERTIES BY VALUE

Building name Region Property Type

GLA m²

Value as at 31 Aug 2014

(Rm)

% total portfolio

Cumulative %

SAPS VIP Gauteng Office 21 478 262,0 6.2% 6.2%

Gezina Galleries Gauteng Retail 16 670 160,6 3.8% 10.1%

Nquthu Plaza KwaZulu-Natal Retail 14 912 157,8 3.8% 13.8%

Tower Mall North West Retail 15 433 153,2 3.7% 17.5%

SAPS IJS Gauteng Office 7 874 132,0 3.1% 20.6%

Bochum Plaza Limpopo Retail 12 081 130,0 3.1% 23.7%

Ziyabuya Shopping Centre Eastern Cape Retail 14 584 120,9 2.9% 26.6%

Woodmead Super Value Mall Gauteng Retail 7 169 101,0 2.4% 29.0%

Absa Home Loans Gauteng Office 5 048 92,0 2.2% 31.2%

Belle Ombre Shopping Centre Gauteng Retail 7 829 81,3 1.9% 33.2%


TOP 10 TENANTS

-

1 000 000

2 000 000

3 000 000

4 000 000

5 000 000

6 000 000

Departmentof PublicWorks

ShopriteCheckers

ABSA Bank Pick n Pay StandardBank

Edcon PepkorRetail

Cashbuild EkurhuleniMetropolitanMunicipality

ElectroInductiveIndustries

Monthly rental income

27


UNITHOLDERS 08B


UNITHOLDER PROFILE - DIA

Top 10 = 78.5%*

* As at 31 Aug 2014

-

10

20

30

40

50

60

CoronationFund

Managers

Old Mutual GovernmentEmployees

PensionFund

InvestmentSolutions

Stanlib NedbankGroup

MunicipalEmployeesRetirement

Funds

TransnetPension

Fund

MergenceAfrica

Properties(Pty) Ltd

Sanlam

Millions

31.9% % of ICS

13.9%

6.5% 6.4% 5.9% 5.3%

3.1% 2.3% 1.8% 1.4%

28


* As at 31 Aug 2014

-

10

20

30

40

50

60

Dipula Trust ArrowheadProperties

Ltd

GovernmentEmployees

PensionFund

NedbankGroup

STANLIB MunicipalEmployeesRetirement

Funds

CoronationFund

Managers

MergenceAfrica

Properties(Pty) Ltd

DijaloPropertyServices(Pty) Ltd

MinesPension

Fund

32.0% % of ICS

24.5%

6.8%

4.6%

2.0% 1.9% 1.8% 1.4% 1.4%

UNITHOLDER PROFILE - DIB

Top 10 = 84.9%*

Millions

8.5%


ACQUISITIONS 08C

29


Eyethu Orange Farm Mall - Orange Farm

Sector Retail

GLA 27 000m²

Purchase price ±R150m

(30%)

Average rental

per m² R128

Cap rate 9%


Additional bulk available

for expansion

ACQUISITIONS


Dobson Point Shopping Centre - Soweto

Sector Retail

GLA 3 562m²


Average rental

per m² R104

Cost per m² R11 347

Cap rate 10%



for expansion

ACQUISITIONS

30


Kudube Centre - Hammanskraal

Sector Retail

GLA 11 286m²


Average rental

per m² R87

Cost per m² R9 446

Cap rate 10%


ACQUISITIONS


Kudube Kopanong Centre - Hammanskraal

Sector Retail

GLA 10 739m²


Average rental

per m² R141


Cap rate 10%



for expansion

ACQUISITIONS

31


Meadow Point Shopping Centre - Soweto

Sector Retail

GLA 4 558m²


Average rental

per m² R103


Cap rate 10%



for expansion

ACQUISITIONS


Pimville Square - Soweto

Sector Retail

GLA 4 290m²


Average rental

per m² R77

Cost per m² R8 388

Cap rate 10%



for expansion

ACQUISITIONS

32


Protea Point Shopping Centre - Soweto

Sector Retail

GLA 3 876m²


Average rental

per m² R105

Cost per m² R9 576

Cap rate 10%



for expansion

ACQUISITIONS


Govan Mbeki Place - Port Elizabeth

Sector Mixed use

GLA 7 998m²


Average rental

per m² R63

Cost per m² R6 313

Cap rate 12%

Effective date Oct 2014

ACQUISITIONS

33


UTI Distribution Centre, New Brighton - Port Elizabeth

Sector Industrial

GLA 23 437m²

Purchase price R140m

Average rental

per m² R43

Cost per m² R5 973

Land area 61 014m²

Cap rate 10%

Expected date

of transfer Feb 2015


for expansion

ACQUISITIONS


COMPLETED REVAMPS 08D

34


COMPLETED REVAMPS Shoprite - Pretoria North

Sector

Retail

Current GLA

6 442m²

Value

Pre R76,7m

Post R77,4m

Development

yield

8.7%

Capex

R12m


COMPLETED REVAMPS Atlas Road - Phase 1 - Boksburg, Gauteng

Sector

Mixed use

Current GLA

3 213m²

Value

Pre R19,5m

Post R23,7m

Development

yield

17%

Capex

R8.1m

Before After After After

35


COMPLETED REVAMPS Range Road - Phase 1, Blackheath, W. Cape

Before

Before After

Sector

Industrial

Current GLA

10 979m²

Value

Pre R26,7m

Post R47,5m

Development

yield

9.4%

Capex

R22m


FUTURE REVAMPS 08E

36


FUTURE REVAMPS Gezina Galleries - Pretoria

Sector

Retail

Current

GLA

16 670m²

Additional

GLA

150m²

Value

Pre R160,6m

Post R164,3m

Development

yield

12.2%

Capex

R3,6m


FUTURE REVAMPS

Vosloorus Shopping Centre - Gauteng

Before

Before

After

Sector

Retail

Current

GLA

3 600m²

Additional

GLA

955m²

Value

Pre R30,0m

Post R42,9m

Development

yield

12.1%

Capex

R13,0m

37


FUTURE REVAMPS

Atlas Road - Phase 2 - Boksburg, Gauteng

Before

Before After

Sector

mixed

use

Current

GLA

3 213m²

Additional

GLA

319m²

Value

Pre R23,7m

Post R31,9m

Development

yield

11.7%

Capex

R8,2m


FUTURE REVAMPS

Selbourne House - Bloemfontein

Before

Before

After

Sector

Offices

Current

GLA

1 188m²

Additional

GLA

162m²

Value

Pre R8,0m

Post R16,5m

Development

yield

10.8%

Capex

R8,5m

38


FUTURE REVAMPS

Nemisa - Parktown, Gauteng

Before

Before

After

Sector

Offices

Current

GLA

3 600m²

Additional

GLA

1 724m²

Current value

R43m

Development

yield

9% - 11%


Current

GLA

5 760m²

FUTURE REVAMPS

Before

Before

After

6 Old Pretoria Main Road - Midrand

Sector

Retail

Future use

Industrial

Current value

R11,7m

Development

yield

9% - 11%

annual results - dipula income fund annual results - 31 aug 2014 - final 2.pdf8 annual results...

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