Spear Reit Ltd. · JSE:SEA
Spear Reit — Investor Presentation (February 2025)
17 slides from Spear Reit's investor presentation, Feb 28, 2025
Slide 1: FY2025 Pre-Close Investor Presentation
FY2025 FOR THE PERIOD ENDED 28 FEBRUARY 2025 PRE-CLOSE INVESTOR PRESENTATION: 28 FEBRUARY 2025 PRESENTATION CREDIBLE PREDICTABLE CONSISTENT
Slide 2: Table of Contents
Table of CONTENTS NO. 1 WATERHOUSE, CENTURY CITY PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 2
Slide 3: FY2025 Environmental & Operational Update
01 FY2025 ENVIRONMENTAL & OPERATIONAL UPDATE THE VIEW, TYGERVALLEY PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 3
Slide 4: FY2025 Operating Environment
01. FY2025 Environmental & Operational Update | THE MISSION FY2025 OPERATING ENVIRONMENT To be the leading Western Cape-focused REIT and to consistently grow our distribution per share and to operate within the top quartile of our peer group. YEAR TO DATE WHAT’S KEPT US UP PORTFOLIO RENTAL AT NIGHT
Slide 5: FY2025 Operating Environment
01. FY2025 Environmental & Operational Update | FY2025 OPERATING ENVIRONMENT ACQUISITIVE RECEIVABLES LTV & HEDGING CAPITAL RECYCLING SUSTAINABILITY GROWTH • Collection YTD of 96.78% • LTV: 28.97% • Emira R1.15 billion portfolio • Sale of Liberty Life Building • 1 new and 2 site expansions • Hedge ra
Slide 6: FY2025 Operating Environment: Development Growth
01. FY2025 Environmental & Operational Update | FY2025 OPERATING ENVIRONMENT DEVELOPMENT GROWTH Industrial: GTX Park, George Industrial: Bravo Park, Blackheath Mixed Use: Marine Drive, Paarden • Civils 1: internal roads and services • Expansion of industrial park Phase Eiland completed 2: ± 7 000m2
Slide 7: FY2025 Salient Details
02 FY2025 SALIENT DETAILS YTD JANUARY 2025 VIKING BUSINESS PARK, EPPING PROVISIONAL SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS / YEAR ENDED 28 FEBRUARY 2023 7 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 7
Slide 8: Portfolio Snapshot
02. FY 2025 Salient Details | YTD January 2025 PORTFOLIO SNAPSHOT 39 7.34% 96.78% ASSETS AVERAGE IN-FORCE YTD JAN 2025 ESCALATIONS CASH COLLECTIONS R5.26BN 486 890M2 98% PORTFOLIO VALUE GLA INDUSTRIAL 13.58%* 96.00% 95% PORTFOLIO VALUE INCREASE FY2024 OCCUPANCY COMMERCIAL R133M 24 MONTHS 96% AVERAG
Slide 9: Financial Snapshot
02. FY2025 Salient Details | YTD January 2025 FINANCIAL SNAPSHOT 95% R11.30 28.97% PROPOSED FINAL TANGIBLE NET LTV (SA REIT) PAYOUT RATIO ASSET VALUE (TNAV) 44.31% (4.16%)* 76.18% SA REIT COST-TO- DECREASE FROM FIXED DEBT RATIO INCOME RATIO FY2024 24 MONTHS WEIGHTED AVERAGE 6.58% R11.79 DEBT EXPIRY
Slide 10: Letting Activity
02. FY 2025 Salient Details | YTD January 2025 LETTING ACTIVITY Expiries and Gross rental Average gross Renewals/ Gross Average gross Rental vacated at expiry expiry rental New lets new rental new rental reversion GLAm² R'000 R/m² GLAm² R'000 R/m² % Commercial 34 606 5 613 162.19 39 770 6 183 155.4
Slide 11: Balance Sheet and Funding Update
02. FY2025 Salient Details | YTD January 2025 BALANCE SHEET AND FUNDING UPDATE JANUARY 2025 FY2024 YTD COVENANTS WEIGHTED AVERAGE JANUARY 2025 24.57 24.67 EXPIRY months months WEIGHTED AVERAGE 20.93 20.39 LT V 50% 28.97% FIXED EXPIRY months months JANUARY 2025 FY2024 WEIGHTED AVERAGE INTEREST RATE 9
Slide 12: FY2025 Sectoral Performance
03 FY2025 SECTORAL PERFORMANCE YTD JANUARY 2025 7 HEWITT AVENUE, EPPING PROVISIONAL SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS / YEAR ENDED 28 FEBRUARY 2023 12 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 12
Slide 13: Operating Environment Remains Tough Amid Macroeconomic Headwinds
03. FY2025 Sectoral Performance | YTD January 2025 OPERATING ENVIRONMENT REMAINS TOUGH AMID MACROECONOMIC HEADWINDS RETAIL COMMERCIAL INDUSTRIAL 56 117M2 GLA 126 991M2 GLA 303 782M2 GLA Occupancy = 97.30% Occupancy = 93.05% Occupancy = 97.02% Collections = 96% Collections = 95% Collections = 98% Rev
Slide 14: General Business and Portfolio Update
03. FY2025 Sectoral Performance | YTD January 2025 GENERAL BUSINESS AND PORTFOLIO UPDATE Despite a challenging operating environment trading conditions have continued to show signs of improvement, creating positive momentum across Spear’s operating business GNU has been good for business all round T
Slide 15: Conclusion
04 CONCLUSION NO. 1 WATERHOUSE, CENTURY CITY PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 15
Slide 16: Conclusion
04. Conclusion | CONCLUSION Spear’s operational and financial strategies for FY2025 have aligned during the year. The new assets have been successfully integrated into the core portfolio and are already making positive contributions to overall portfolio health and performance. A clear sense of optim
Slide 17: Thank You
THANK YOU Questions? Email questions to INFO@SPEARPROP.CO.ZA Live Q&A after presentation spearreitlimited Spear REIT Limited Spear REIT Limited @SpearREIT PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDED 28 FEBRUARY 2025 17