Sa Corporate Real Estate Ltd. · JSE:SAC
Sa Corporate Real Estate — Corporate Update (June 2022)
15 slides from Sa Corporate Real Estate's corporate update, Jun 24, 2022
Slide 1: SA Corporate Pre close Update Presentation
SA Corporate Pre close Update Presentation 24 June 2022
Slide 2: Agenda
AGENDA • LFL NPI Portfolio Performance • Traditional Portfolio Performance • Industrial Expiries • Afhco Portfolio Performance • Afhco Residential Leasing Performance • Zambian Portfolio Performance • Debt Refinancing & Hedging • Strategy Update: ‒ Financial Sustainability ‒ Convenience Oriented Ret
Slide 3: LFL NPI Portfolio Performance Forecast
LFL NPI Portfolio Performance Forecast Anticipated Sector H1 22 LFL Commentary NPI Growth 4 000m2 went vacant during period, but re-let before Industrial Flat 30 June 2022. R5.7 million electricity expense credit and R3.7 million Retail 2.5% rates credit in H1-2021. Excluding this base effect, the R
Slide 4: Traditional Portfolio Performance Forecast
Traditional Portfolio Performance Forecast Vacancy Anticipated Vacancy Sector Comments 31-Dec-21 30-Jun-22 Industrial 0.7% 0.7% Proactive leasing to retain tenants. Retail 4.6% 3.5% Vacancy reduced at Umlazi Mega City, Bluff Towers and Hayfields Mall. Office 18.9% 22.8% Increased vacancy at Green Pa
Slide 5: Industrial Expiries
Industrial Expiries Renewal Progress Renewal Progress Expiry 2022 H1 YTD 2022 H1 Forecast % of % % Portfolio Reversion Reversion Extent Renewed Renewed GLA 2 Total 31 439m 7.08% 70.49% -5.15% 100.00% -5.38% 2 Gauteng 16 239m 5.10% 77.99% -8.35% 100.00% -8.35% Kwa-Zulu 2 15 200m 12.11% 62.47% 0.0% 10
Slide 6: Afhco Portfolio Performance Forecast
Afhco Portfolio Performance Forecast Vacancy Anticipated Vacancy Sector Comments 31-Dec-21 30-Jun-22 Targeted occupancy achieved supported by marketing and promotional Residential 8.5% 4.8% efforts in an improving market. Retail 5.8% 5.4% Marginal improvement attributed to strong demand for quality
Slide 7: Afhco Residential Leasing Performance
Afhco Residential Leasing Performance 7
Slide 8: Zambia Portfolio Performance Forecast
Zambia Portfolio Performance Forecast Vacancy Anticipated Vacancy Sector Comments 31-Dec-21 30-Jun-22 East Park Vacancy reduced as a result of 1 125m2 space let to a multi-national 9.4% 3.6% Mall fashion retailer. Newly built Phase 5 and 6 of the mall are > 95% tenanted. Acacia 14.8% 14.8% In negoti
Slide 9: Debt Refinancing & Hedging
Debt Refinancing & Hedging R3.8 billion Debt Refinancing ▪ Offer to refinance oversubscribed. ▪ Indicative pricing: 3 Year: 3-month JIBAR + 165bps to 175bps 4 Year: 3-month JIBAR + 175bps to 185bps 5 Year: 3-month JIBAR + 185bps to 195bps ▪ Circa R1.5 billion sustainability linked with solar PV and
Slide 10: Strategy Update: Financial Sustainability
Strategy Update Strategic Focus Financial Sustainability • YTD collections: Retail: 96.3%; Industrial: 94.1%; Commercial: 89.7%; Afhco(excl. Student Accommodation): 99.5% • SASRIA Claim: Received to date = R183.1 million with confirmation received of a further R43.4 million to be paid. Anticipated f
Slide 11: Strategy Update: Convenience Oriented Retail Portfolio
Strategy Update Strategic Focus Convenience Oriented Retail Portfolio 2022 H1 Leasing 36 891m2 Renewals 26 833m2 Vacancy 10 058m2 Major Leasing Categories 28 421m2 Grocers 9 937m2 Apparel & Shoes 9 432m2 Homeware, Furniture & Interior 2 704m2 Hardware 2 373m2 Food Specialty 2 320m2 Pharmacy 1 655m2
Slide 12: Strategy Update: Quality Industrial Property Portfolio
Strategy Update Strategic Focus Quality Industrial Property Portfolio Portfolio Refinement Through Disposals • 18 051m2 warehouse in Denver sold due to crime in node and high renewal risk. • Filling station in Jet Park with low litreage. Strengthening Tenant Covenant • Early 5-year renewal (>6-year
Slide 13: Strategy Update: Quality Residential Portfolio
Strategy Update Strategic Focus Quality Residential Portfolio Reinstating Robust Tenant Base • Vacancy reduced to 4.8%. • 688 tenants in distress vacated since 1 January 2021. Refining Portfolio Through Disposals • First tranche of Firstmile SPA transactions implementation imminent. • 86 apartment s
Slide 14: Strategy Update: Divesting from Commercial
Strategy Update Strategic Focus Divesting from Commercial • Sale of 31 Allen Drive, Belville, contracted. • Partial repurposing of Nobel Street, Bloemfontein, for Storage design being finalised. • Preparing Green Park Corner for sale. ‒ Enhanced amenities being planned and costed. ‒ 1 182m2 renewed
Slide 15: SA Corporate Real Estate
15 SA CORPORATE REAL ESTATE t AFHCO
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