Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — Investor Presentation (December 2023)
14 slides from Sa Corporate Real Estate's investor presentation, Dec 14, 2023
Slide 1: SA Corporate 2023 Year-End Pre-Close Update Presentation
SA Corporate 2023 Year-End Pre-Close Update Presentation 14 December 2023
Slide 2: Agenda
01 LFL NPI Portfolio Performance AGENDA 02 Retail Portfolio Performance 03 Retail Leasing Update 04 Industrial & Commercial Performance 05 Afhco / Indluplace Portfolio Performance 06 Zambia Portfolio Performance 07 Financial Sustainability 08 Unlisted Residential Fund Update 09 Debt Restructure For
Slide 3: LFL NPI Portfolio Performance
LFL NPI PORTFOLIO PERFORMANCE Forecast YE’23 vs YE’22 Sector Commentary LFL NPI Growth Vacancy take-up at 32 Yaldwyn and 18 Covora, together with annual Industrial > 5.0% escalations on long term leases at 57 Sarel Baard, 112 & 37 Yaldwyn and Beryl Street. The net effect of loadshedding, being unrec
Slide 4: Retail Portfolio Performance
RETAIL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 30-Jun-23 31-Oct-23 31-Dec-23 Reduction in vacancy from October 2023 is due to 720m2 Retail 3.1% 3.1% < 3.0% being let at Umlazi Mega City and 348m2 at Forest Road. Trading Density Trading Density Growth Growth Sector C
Slide 5: Retail Leasing Update
RETAIL LEASING UPDATE Strategic Focus Convenience Orientated Retail portfolio 31-Dec-22 31-Oct-23 NEW LEASING – TOTAL GLA of 9,939m2 Largest New Leases 3.2% 3.1% VACANCY Morning Glen Blueberry Beacon 1,234m2 VACANCY Morning Glen Golden Tee 888m2 Coachmans Woolworths 784m2 Crossing Springfield Value
Slide 6: Industrial & Commercial Portfolio Performance
INDUSTRIAL & COMMERCIAL PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy Sector Comments 30-Jun-23 31-Oct-23 31-Dec-23 Industrial 0.0% 0.0% 0.2% Minor vacancy of 810m2 at 11 Wankel Street. Largely due to 3,192m2 vacancy at Musgrave Centre of which 2,400m2 is in the final stage of award in a
Slide 7: Industrial Leasing Update
INDUSTRIAL LEASING UPDATE Strategic Focus Quality Industrial Property Portfolio Lease Renewals Renewal Renewal Expiry 2023 YTD 31 Oct 2023 2023 YE Forecast % of % Portfolio % Renewed Reversion Reversion Comments Extent Renewed GLA Total 56,444 14.0% 82.7% 1.7% 82.7% -1.1% Negative reversions in H2’2
Slide 8: Afhco / Indluplace ("ILU") Portfolio Performance
AFHCO / INDLUPLACE (“ILU”) PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy 31- Sector Comments 30-Jun-23 31-Oct-23 Dec-23 Residential - Occupancy levels decline at year end due to seasonal movements 3.1% 2.7% ~ 4.0% Afhco typical at this time of year. Vacancy excludes students. Including s
Slide 9: Zambia Portfolio Performance
ZAMBIA PORTFOLIO PERFORMANCE Vacancy Vacancy Anticipated Vacancy 31- Sector Comments 30-Jun-23 31-Oct-23 Dec-23 Vacancy reduced to less than 1.0% due to 485m2 of space let to an East Park Mall 1.6% 0.9% < 1.0% apparel retailer and airline operator. Acacia Office Park 5.8% 2.4% 2.4% 318m2 of space le
Slide 10: Financial Sustainability
FINANCIAL SUSTAINABILITY Strategic Focus Financial Sustainability Disposals Update 2023 Disposals Pipeline R1.2 billion Contracted Prior to 2023 R855.6 million Transferred R802.3 million Unconditional R17.0 million Conditional R36.3 million Newly Contracted in 20231 R299.8 million Transferred R204.5
Slide 11: Unlisted Residential Fund Update
UNLISTED RESIDENTIAL FUND UPDATE SA Corporate New Real Estate Investors Investors Appetite Progress Anticipated Afhco commitment Property NewCo Investor 1 R1.0bn Due diligence completed. Jan’24 Management Asset & To be considered at 1st IC in (Pty) Ltd Property 2024. Management Investor 2 R1.3bn+ De
Slide 12: Debt Restructure for Unlisted Residential Fund
DEBT RESTRUCTURE FOR UNLISTED RESIDENTIAL FUND • Equity to be raised of R1bn in the Unlisted Residential Fund • R783m new Unlisted Residential Fund Debt (non-recourse to SAC) to be raised • Debt across the Group to be settled of R1.783bn • Targeted to be completed by 31 January 2024 • WACD targeted
Slide 13: Distribution Guidance (including ILU)
DISTRIBUTION GUIDANCE (including ILU) 2023 YE: • 3 to 5% < 2022 YE 2024 FORECAST: • At least inflationary growth 13
Slide 14: SA CORPORATE ff REAL ESTATE ft —
SA CORPORATE 14 ff REAL ESTATE ft —
SA Corporate Real Estate — Investor Presentation (December 2023) on 6ix