interim results presentation results booklet .pdf · 2014-06-17 · 13 interim results presentation...
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INTERIM RESULTS PRESENTATION 28 February 2014
Interim results 28 February 2013 1
1 INTERIM RESULTS PRESENTATION – 28 February 2014
INTERIM RESULTS PRESENTATION 28 FEBRUARY 2014
Izak Petersen Chief Executive Officer
Brigitte de Bruyn Financial Director
Notes:
2 INTERIM RESULTS PRESENTATION – 28 February 2014
COMPANY PROFILE
| A REIT that has been listed since 2011
| 179 properties valued at R4bn with a total GLA of 577 164m²
| A geographically and sectorally well diversified portfolio
| 71 % of portfolio by rentable area is located in Gauteng
| Portfolio weighted towards retail at 61% by rental income and 55% by rentable area
| A and B unit structure accommodates different risk appetites
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Interim results 28 February 20132
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3 INTERIM RESULTS PRESENTATION – 28 February 2014
AGENDA
| Highlights Izak Petersen
| Strategic Overview Izak Petersen
| Property Portfolio Izak Petersen
| Financial Results Brigitte de Bruyn
| Prospects Izak Petersen
| Questions
4 INTERIM RESULTS PRESENTATION – 28 February 2014
HIGHLIGHTS 01
Interim results 28 February 2013 3
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5 INTERIM RESULTS PRESENTATION – 28 February 2014
HIGHLIGHTS 28 FEBRUARY 2014
| Portfolio value increased from R3.7bn to R4bn between September 2013 and February 2014 | Concluded leases of approximately R231m in value and 82 652m² of lettable area between
1 September 2013 and 23 May 2014 | Leases expiring beyond 2015 increased by 80 000m² or R7.4m per month | Acquisitions totalling R267m transferred to Dipula | New acquisitions worth R366m announced | Lease renewals done at 11.8% better than expiring rentals on average | DCM program underway | Key revamps completed with long leases in place | Average property size now at R23m in value and 3 200m² in size
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6 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW 02
Interim results 28 February 20134
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7 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW INVESTMENT FOCUS
| To sustainably grow our distributions by more than inflation whilst preserving long term total returns
| To improve the quality of our portfolio in the next 3 to 5 years, through the prudent acquisition of larger better quality properties and well timed disposals and in the process reducing the number of properties
| To hold a geographically and sectorally diversified portfolio
8 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW HISTORIC PERSPECTIVE AND SIGNIFICANT MILESTONES
400 700 800
2 100 2 500
3 750 4 000
2006 2008 2010 2011 2012 2013 2014
Acquired initial portfolio from Redefine and other vendors
R400m
Acquired a portfolio
from ApexHi R300m
Organic growth R100m
Merger, acquisitions and listing
R1.3bn
McCormick acquisition + growth R400m
Various acquisitions
+ growth R1.25bn
Various acquisitions - disposals
R266m
Avg size (m²): 3 224 Avg value (R’000): 22 342 Avg value (m²): R6 929 Avg size (m²): 2 495
Avg value (R’000): 12 051 Avg value (m²): R4 830
Interim results 28 February 2013 5
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9 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW STRATEGIC PROGRESS
Goals Progress INVESTMENT | Acquire portfolio improving assets | Dispose of non-core assets | Strategic portfolio enhancing revamps & redevelopments
INVESTMENT | Contracted acquisitions still to transfer R750m, Acquired R2.6bn since listing
(R1.8bn transferred/ring) | Disposed of 21 non-core assets since 2011 | Transferred R266m of assets since FY13 | Atlas Rd (revamp complete, 5 year SARS lease), Range Rd (revamp
underway, 10 year lease), Bochum (revamp complete, 10 year new leases with Boxer and Cashbuild), Finance House (internal face lift completed)
OPERATIONS | Focussed asset management | Lengthen lease expiry profile | Improve and retain quality tenants | Improve property management processes and systems | Improve energy efficiency of buildings | A competitive expense to income ratio
OPERATIONS | Additional people appointed by MANCO | Leases expiring beyond 2015 increased by 80 000m² or R7.4m per
month in gross income terms since FY13 | Tenant retention at 60% from 76% (room for improvement) | MDA implementation completed | Investigating intelligent metering solutions | Cost to income ratio sustained at approximately 20%
BALANCE SHEET | Diversify sources of funding | Improve liquidity and tradability of units
BALANCE SHEET | Appointed Nedbank and Standard Bank for DCM
10 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW CHALLENGES IN THE PERIOD UNDER REVIEW
| Difficult legacy office portfolio in certain nodes worsened by tough economic times resulted in a lower tenant retention rate
| The re-letting of Crownwood Corner is taking longer than expected
| Competitive office market due to over supply and changing user patterns
| Newcastle assets were affected by new competing centres and thus contributing to temporary vacancies
| Temporary increase in vacancies from 9.1% to 11.8% due to redevelopments, unexpected lower retention rate and strategic tenant recycling
| The above factors will have an impact on the second half performance of Dipula
Interim results 28 February 20136
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11 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW SUCCESS FACTORS
| Doubled portfolio value since listing with acquisition of quality assets
| All new assets performing in line or better than expected
| New assets have quality tenants and are much larger on average (refer to slide 8)
| Traded out of 21 non performing assets since 2011
| New leasing deals worth R148m (49 578m²) concluded from 1 September 2013 to 23 May 2014
| A further 10 000m² of deals are currently under negotiation
| Retained the cost income ratio which has been consistent at approximately 20%
12 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW THE NEXT 6 TO 18 MONTHS
| Improvement of property management
| Implementation of a centrally controlled leasing function with additional resources
| Broker incentives are in place and yielding results as evidenced in leasing activity in the period under review
| Implement income enhancing and property improving revamps (see slide 13)
| We will remain acquisitive, current pipeline is R3bn including R750m of concluded deals
| We will be disposing of underperforming assets
| DCM programme is expected to reduce debt financing costs
Interim results 28 February 2013 7
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13 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW NEXT 6 TO 18 MONTHS FEATURED DEVELOPMENT – EYETHU ORANGE FARM MALL
EXPECTED TO TRANSFER MID-NOVEMBER 2014 Size: 27 000m² to 35 000m² Population size: 400 000/110 000 households Major tenants: Shoprite, Pick n Pay, Truworths, Edcon, Foshini Group
14 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW THE NEXT 6 TO 18 MONTHS
REFURBISHMENTS, EXTENSIONS AND REDEVELOPMENTS
Property Sector Location GLA (m²)
Refurbishment/extension/ redevelopment Value (R) Target yield Status
Kopanong Retail Tembisa, Gauteng 4 024 Refurbishment/extension 5 000 000 10% Municipal approvals
Score Ivory Park Retail Ivory Park, Gauteng 1 504 Refurbishment/extension 4 000 000 10% Municipal approvals
6 Old Pretoria Main Road Retail Midrand, Gauteng 5 760 Redevelopment 23 000 000 10% Marketing
Pick n Pay Vosloorus Retail Vosloorus, Gauteng 3 600 Extension 15 000 000 10.5% Leasing
Range Road Blackheath Industrial Kuilsriver, Western Cape 10 979 Refurbishment/extension 18 000 000 10% WIP
NEMISA Office Parktown, Gauteng 3 600 Refurbishment/extension 15 000 000 10% Design
Selbourne House Office Bloemfontein, Free State 1 188 Refurbishment 2 000 000 10% Marketing
360 Pretoria Road Office Randburg, Gauteng 4 200 Conversion TBC TBC Conceptual
Crownwood Corner Office Ormonde, Gauteng 7 273 Redevelopment/refurbishment TBC TBC Conceptual
Interim results 28 February 20138
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15 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW NEXT 6 TO 18 MONTHS FEATURED REVAMP - ATLAS ROAD
Anchor tenant: SARS Lease term: 5 years Commencement: 1 April 2014
16 INTERIM RESULTS PRESENTATION – 28 February 2014
STRATEGIC OVERVIEW THE NEXT 6 TO 18 MONTHS DISTRIBUTION POTENTIAL FROM LETTING VACANCIES
Growth in distributions is sensitive to letting vacancies and thus this will be a focus area
Letting-up % Current
vacancy (m²) New vacancy
% Space let (m²) Average gross Assumed expense ratio
Net Annual Income realised from letting
Impact on DIBs (cents)
0% 66 900 11.8% 67.73 25.0% - -
20% 53 520 9.5% 13 380 67.73 25.0% 8 155 970 5.24
30% 46 830 8.3% 20 070 67.73 25.0% 12 233 955 7.86
40% 40 140 7.1% 26 760 67.73 25.0% 16 311 940 10.48
50% 33 450 5.9% 33 450 67.73 25.0% 20 389 925 13.10
60% 26 760 4.7% 40 140 67.73 25.0% 24 467 909 15.72
Interim results 28 February 2013 9
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17 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO 03
18 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO RECONCILIATION FROM 31 AUGUST 2013 TO 28 FEBRUARY 2014
Portfolio
Portfolio value as at 31 August
2013 Sold Acquired Upgrades/Revamps Portfolio value
as at 28 February 2014
Industrial 449 625 000 - - - 449 625 000
Office 1 153 905 000 21 350 000 57 643 000 - 1 190 198 000
Retail 2 149 714 000 - 209 713 025 1 690 975 2 361 118 025
Grand total 3 753 244 000 21 350 000 267 356 025 1 690 975 4 000 941 025
Portfolio Portfolio size
as at 31 August 2013 Sold Acquired Adjustments Portfolio value
as at 28 February 2014
Industrial 128 175 - - -243 127 932
Office 132 601 4 878 6 394 - 134 117
Retail 289 880 - 24 972 262 315 115
Grand total 550 656 4 878 31 366 19 577 164
Interim results 28 February 201310
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19 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO GEOGRAPHIC SPREAD
4%
4%
71%
5% 2% 4% 0% 4% 6%
Rentable area
Eastern Cape
Free State
Gauteng
Limpopo
Mpumalanga
North West
Northern Cape
Western Cape
KwaZulu Natal
5%
3%
73%
5% 2% 3% 0% 2% 7%
Rental income
20 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO SECTORAL SPREAD
55%
22%
23%
Rentable area
Retail
Industrial
Office
61%
12%
27%
Rental income
Interim results 28 February 2013 11
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21 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO LEASING STATISTICS
Retail Industrial Office Total New deals commencing 1 Sep 2013 to 28 Feb 2014 Number of leases 30 14 17 61 Value of leases (R) 29 057 444 7 645 871 17 624 198 54 327 514 Weighted average gross rental (Rm²) 53.98 33.09 66.73 50.88 Total GLA let (m²) 10 897 6 775 5 467 23 140 Weighted average escalation 9.1% 8.9% 7.5% 8.6% New deals commencing 1 Mar 2014 to 23 May 2014 Number of leases 20 12 13 45 Value of leases (R) 19 560 324 69 016 194 4 888 922 93 465 441 Weighted average gross rental (R m²) 52.04 34.30 72.04 42.92 Total GLA let (m²) 7 600 16 369 2 469 26 438 Weighted average escalation 9.1% 8.1% 8.9% 9.1% Renewals Number of leases 42 11 18 71 Value of leases 38 567 006 4 288 485 39 905 673 82 761 165 Average gross rental expiry (R m²) 109.16 36.43 90.63 91.29 Average gross rental new (R m²) 126.74 35.64 99.63 102.09 Total GLA let (m²) 7 766 10 034 15 274 33 074 Weighted average escalation 8.0% 8.0% 8.9% 8.4% Average increase in renewal rate 16.1% -2.2% 9.9% 11.8%
22 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO PORTFOLIO ESCALATIONS
Weighted average escalations Retail Industrial Office Total
By income 8.55% 7.62% 8.45% 8.41%
By GLA 7.43% 7.67% 7.85% 7.58%
Weighted average gross rental m² Retail Industrial Office Total
By Income 87.88 43.37 101.60 86.01
By GLA 72.10 39.37 85.13 67.73
Interim results 28 February 201312
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23 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO LEASE EXPIRY PROFILE
0
3
6
9
12
0
40
80
120
160
Vacant Unlettable areas Expiring before31 Aug 2014
Expiring before31 August 2015
Expiring before31 August 2016
Expiring before31 August 2017
Expiring after31 August 2017
Mon
thly
Inco
me
(Rm
)
GLA
(000
m²)
Total portfolio: lease expiry profile
GLA Average monthly gross income
24 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO LEASE EXPIRY PROFILE
0
2
4
6
8
0
25
50
75
100
Vacant Unlettable areas Expiring before31 Aug 2014
Expiring before31 August 2015
Expiring before31 August 2016
Expiring before31 August 2017
Expiring after31 August 2017
Mon
thly
Inco
me
(Rm
)
GLA
(000
m²)
Retail: lease expiry profile
GLA Average monthly gross income
Interim results 28 February 2013 13
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25 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO LEASE EXPIRY PROFILE
0
0.3
0.6
0.9
1.2
1.5
1.8
0
10
20
30
40
Vacant Unlettable areas Expiring before31 Aug 2014
Expiring before31 August 2015
Expiring before31 August 2016
Expiring before31 August 2017
Expiring after31 August 2017
Mon
thly
Inco
me
(Rm
)
GLA
(000
m²)
Industrial: lease expiry profile
GLA Average monthly gross income
26 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO LEASE EXPIRY PROFILE
0
1
2
3
4
5
0
10
20
30
40
50
60
Vacant Unlettable areas Expiring before31 Aug 2014
Expiring before31 August 2015
Expiring before31 August 2016
Expiring before31 August 2017
Expiring after31 August 2017
Mon
thly
Inco
me
(Rm
)
GLA
(000
m²)
Office: lease expiry profile
GLA Average monthly gross income
Interim results 28 February 201314
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27 INTERIM RESULTS PRESENTATION – 28 February 2014
5.9%
6.7%
18.7%
Current
PROPERTY PORTFOLIO VACANCY PROFILE
23 May 2014: overall vacancy 9.02% 28 February 2014: overall vacancy 11.83% 31 August 2013: overall vacancy 9.1%
7.6%
16.0%
17.8%
28 February 2014
Retail Industrial Office
7.3%
8.1%
15.1%
31 August 2013
28 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO TOP 10 VACANCIES
Building name Region Property type GLA (m²) Vacancy (m²) Subsequently let (m²)
Range Road Blackheath Western Cape Industrial 10 979 10 979 10 979
Finance House Gauteng Office 7 631 4 428 788
360 Pretoria Avenue Gauteng Office 4 185 4 185 -
Atlas Road Gauteng Retail 3 213 2 688 1 200
Cavaleros Malvern Gauteng Industrial 3 750 2 681 -
6 Old Pretoria Road Gauteng Retail 5 088 2 638 707
1 President Street Germiston Gauteng Retail 2 571 2 571 2 571
African Magnet Gauteng Industrial 2 522 2 046 2 046
Waterview Corner Gauteng Office 2 460 2 460 -
295 Kent Avenue Gauteng Office 3 145 2 342 603
Interim results 28 February 2013 15
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29 INTERIM RESULTS PRESENTATION – 28 February 2014
PROPERTY PORTFOLIO TOP 10 EXPIRIES IN THE NEXT 6 MONTHS
Building name Tenant Region Property type GLA (m²) Status
Crownwood Corner Metcash Gauteng Office 7 263 Vacated
233 Bram Fischer Drive McCarthy Limited Gauteng Retail 2 958 Vacating
ABSA Horizon Park ABSA Bank Limited Gauteng Office 2 427 Negotiating
ABSA Centre Krugersdorp Absa Bank Ltd Gauteng Retail 1 525 Negotiating
Score Evaton Score Supermarkets Trading (Pty) Ltd Gauteng Retail 1 500 Negotiating
Humcor Eskom Holdings SOC Limited Gauteng Industrial 1 358 Renewed
Humcor S.A.F. Holland South Africa (Pty) Ltd Gauteng Industrial 1 300 Replacement tenant
Eastgate Mini Solid State Power (Pty) Ltd Gauteng Industrial 1 300 Renewing
Montrose Place Department of Public Works Gauteng Office 1 285 Negotiating
Standard Bank Doornfontein The Standard Bank of South Africa (Pty) Ltd Gauteng Retail 1 144 Negotiating
30 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS 04
Interim results 28 February 201316
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31 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS FINANCIAL HIGHLIGHTS
| Revenue increased by 45.2% to R223m | Net property income increased by 40.7% to R178m | Cost to income ratio maintained at 20.3% | Distributable earnings increased by 14.9% to R117.8m | 1H distribution growth for DIA’s of 5% and 1H distribution growth for DIB’s of 8.5% year on year
32 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS INCOME STATEMENT EXTRACTS
R’000 28 February 2014 28 February 2013 Change (%)
Property portfolio rental income 223 175 153 649 45.2
Property expenses (45 303) (27 218) 66.4
Net property income 177 872 126 431 40.7
Administration and corporate costs (8 803) (6 590) 33.6
Net income after admin and corporate costs 169 069 119 841 41.1
Net interest paid (49 968) (19 669) 154.0
Profit before debenture Interest and taxation 119 101 100 172 18.9
Distribution adjustments (1 294) 2 391 (154)
Distributed income 117 807 102 563 14.9
Core property costs as a % of property income (normalised) 20.3% 21.9% -
Interim results 28 February 2013 17
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33 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS SECTORAL PERFORMANCE
R’000 Retail Industrial Office Total
Total revenue from property portfolio 134 988 27 706 60 481 223 175
Property expenses (26 558) (6 411) (12 334) (45 303)
Net property income 108 430 21 295 48 147 177 872
Investment property 2 366 698 450 585 1 183 658 4 000 941
Non-current assets held for sale 1 400 - 7 500 8 900
59%
14%
27%
% expenses by sector
Retail Industrial Offices
60%
12%
27%
% revenue by sector
61%
12%
27%
% net income by sector
34 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS PROPERTY EXPENSE BREAKDOWN
63%
7%
7%
6% 3% 3% 2% 2% 2% 1% 1% 1% 1% 1%
Municipal expensesSecurityRepairs and maintenanceProperty managementBad debtsLeviesInsuranceLetting commissionsCleaningOtherTenant installationsLegalAir-conditioning and lift contractsGarden maintenance
Interim results 28 February 201318
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35 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS STATEMENT OF FINANCIAL POSITION EXTRACTS
* Balance as at August 2013
R’000 28 February 2014 28 February 2013 Change (%)
Non-current assets 4 058 221 2 935 127 38.3%
Current assets 153 294 242 517 (36.8%)
Non-current assets held for sale 8 900 28 850 (69.2%)
Total assets 4 220 415 3 206 494 31.6%
Non-current interest bearing liabilities 1 606 163 964 123 66.6%
Total long-term interest bearing liabilities 1 606 163 964 123 66.6%
Gearing 38.1% 37.9% (0.5%)
Net asset value per A-linked unit (cents) 791.70 719.13 10.1%
Net asset value per B-linked unit (cents) 791.70 719.13 10.1%
Debtors 19 791 23 316*
Reconciliation of bad debts 1 September 2013 to 29 February 2014
Opening balance 5 934
Write offs (2 830)
New provisions 2 554
Closing balance 4 395
36 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS CASH FLOWS FOR THE PERIOD ENDED 28 FEBRUARY 2014
28 February 2014 (R’000)
Opening balance 54 088
Generated by operating activities 160 594
Net interest paid (53 749)
Distributions paid (112 652)
Investments (265 938)
Funding raised 320 025
Closing cash 102 368
651.19 646.31 689.48
719.13
785.13 791.7
Aug 2011 Feb 2012 Aug 2012 Feb 2013 Aug 2013 Feb 2014
HISTORIC NAV
Interim results 28 February 2013 19
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37 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS DEBT PROFILE
Facility details
Facilities in place (R’000) 2 014 700
Facilities utilised (R’000) 1 609 000
Weighted average cost of borrowing 8.42%
Gearing 38.1%
Current level of debt at fixed rates 67.0%
Length of fixes 1-4 years
31.5% 25.5%
7.8%
28.9%
5.7% 0.0% 0.0% 0.7%
August 2015 August 2016 August 2017 August 2018 August 2019 August 2020 August 2021 August 2027
38 INTERIM RESULTS PRESENTATION – 28 February 2014
FINANCIAL RESULTS DISTRIBUTIONS
R’000 28 February 2014 28 February 2013 Change (%)
Interim distribution per A-linked unit (cents) 43 753 41 669 5.0
Interim distribution per B-linked unit (cents) 32 338 29 804 8.5
0
40
80
120
160
August2011
February2012
August2012
February2013
August2013
February2014
Historic distributions
DIA DIB Total
0% 5% 10% 15% 20%
August 2012
February 2013
August 2013
February 2014
Historic growth in distributions
DIA DIB
Interim results 28 February 201320
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39 INTERIM RESULTS PRESENTATION – 28 February 2014
PROSPECTS 05
40 INTERIM RESULTS PRESENTATION – 28 February 2014
PROSPECTS GOING FORWARD
| Deteriorating economic environment coupled with the possibility of increasing interest rates presents a challenge
| We will focus on filling our buildings and retaining tenants
| The transferring of acquired properties whilst prudently executing the acquisition pipeline
| We expect full year distributions to increase by 6-7% on a combined basis for 2014 but better performance in 2015 and beyond
Interim results 28 February 2013 21
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41 INTERIM RESULTS PRESENTATION – 28 February 2014
QUESTIONS & ANSWERS 06
42 INTERIM RESULTS PRESENTATION – 28 February 2014
ANNEXURES 07
Interim results 28 February 201322
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43 INTERIM RESULTS PRESENTATION – 28 February 2014
ANNEXURE A STATUS OF TRANSFERS
Post listing acquisitions Sector Location GLA(m2) Announced (R) Transferred/
transferring (R) Awaiting
transfer(R) Developments
(R) Bochum and Blouberg Plaza Retail Limpopo 12 529 117 207 584 117 207 584 Nquthu Plaza Retail KZN 14 972 136 701 303 136 701 303 SAPS VIP Office Gauteng 21 478 229 860 000 229 860 000 SAPS IJS Office Gauteng 7 699 118 540 000 118 540 000 Absa Home Loans Office Gauteng 5 048 82 600 000 82 600 000 Orange Farm phase 1 Retail Gauteng 5 600 42 167 000 42 167 000 Byron Place Office Gauteng 3 270 38 000 000 38 000 000 Sterkolite building Industrial Gauteng 12 782 78 000 000 78 000 000 UBC and Fairways on Main Retail KZN 6 900 57 000 000 57 000 000 Capital Properties Retail Various 54 079 559 030 000 559 030 000 Tower Mall Retail North West 15 283 156 000 000 156 000 000 50 Hamilton Street Offices Gauteng 4 500 52 643 000 52 643 000 Randfontein Shopping Centre Retail Gauteng 5 935 46 200 000 46 200 000 Tsakane Corner Shopping Centre Retail Gauteng 5 941 56 548 260 56 548 260 51 Govan Mbeki Mixed use Eastern Cape 2 913 50 000 000 50 000 000 Plaza Shopping Centre Retail Free State 25 720 179 500 000 179 500 000 Bushbuckridge Shopping Centre Retail Mpumalanga 16 203 104 180 000 104 180 000 Orange Farm phase 2 (30%) Retail Gauteng 26 524 150 000 000 150 000 000 Gillwell Taxi Retail Park Development Retail Eastern Cape 21 521 316 000 000 316 000 000 Total 268 897 2 570 177 147 1 820 497 147 283 680 000 466 000 000
Interim results 28 February 2013 23
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Interim results 28 February 201326
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