Slide 1: HY2025 Pre-Close Investor Presentation
HY2025 FOR THE PERIOD ENDING 31 AUGUST 2024 PRE-CLOSE INVESTOR PRESENTATION: 30 AUGUST 2024 PRESENTATION CREDIBLE PREDICTABLE CONSISTENT
Slide 2: Table of Contents
Table of CONTENTS VIRGIN PADEL, THE ISLAND, PAARDEN EILAND PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2024 2
Slide 3: Environmental & Operational Update
01 ENVIRONMENTAL & OPERATIONAL UPDATE MEGA PARK, BELLVILLE PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2024 3
Slide 4: HY2025 Operating Environment
01. Environmental & Operational Update | THE MISSION HY2025 OPERATING ENVIRONMENT To be the leading Western Cape-focused REIT and to consistently grow our distribution per share ahead of inflation and to operate within the top quartile of our peer group. • HY2025 trading conditions remain OPERATING
Slide 5: HY2025 Operating Environment: Capital Recycling, Growth, LTV, Sustainability
01. Environmental & Operational Update | HY2025 OPERATING ENVIRONMENT ACQUISITIVE DEVELOPMENT CAPITAL RECYCLING LTV & HEDGING SUSTAINABILITY GROWTH GROWTH • Sale of Liberty Life Building • July 2024 LTV: 25.69% • 1 new and 2 site expansions • Emira asset acquisition concluded in Q1 FY2025 completed
Slide 6: HY2025 Salient Details
02 HY2025 SALIENT DETAILS YTD JULY 2024 BRAVO PARK, BLACKHEATH PROVISIONAL SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS / YEAR ENDED 28 FEBRUARY 2023 6 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2024 6
Slide 7: Portfolio Snapshot
02. HY 2025 Salient Details | YTD July 2024 PORTFOLIO SNAPSHOT 27 7.47% 95.17% ASSETS AVERAGE IN-FORCE HY2025 CASH ESCALATIONS COLLECTIONS R4.19BN 405 709M2 94.19% PORTFOLIO VALUE GLA INDUSTRIAL (9.41%)* 95.00% 96.28% PORTFOLIO VALUE DECREASE OCCUPANCY COMMERCIAL FY2024 26 MONTHS 92.93% R152.8M WAL
Slide 8: Financial Snapshot
02. HY2025 Salient Details | YTD July 2024 FINANCIAL SNAPSHOT 95% R11.66 25.69% PROPOSED TANGIBLE NET LTV (SA REIT) INTERIM ASSET VALUE PAYOUT RATIO (TNAV) 45.65% (1.10%) 84.62% SA REIT COST-TO- DECREASE FROM FIXED DEBT RATIO INCOME RATIO FY2024 25.45 MONTHS WEIGHTED AVERAGE 6.02% R11.79 DEBT EXPIRY
Slide 9: Letting Activity
02. HY 2025 Salient Details | YTD July 2024 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 20 551 3 213 156.37 24 627 3 804 154.46 (
Slide 10: Balance Sheet and Funding Update
02. HY2025 Salient Details | YTD July 2024 BALANCE SHEET AND FUNDING UPDATE JULY 2024 FY2024 YTD COVENANTS WEIGHTED AVERAGE JULY 2024 25.45 24.67 EXPIRY months months WEIGHTED AVERAGE 21.47 20.39 LT V 50% 25.69% FIXED EXPIRY months months YTD JULY FY2024 WEIGHTED AVERAGE INTEREST RATE 9.45% 9.48% 2.
Slide 11: HY2025 Sectoral Performance
03 HY2025 SECTORAL PERFORMANCE YTD JULY 2024 NORTHGATE PARK, BROOKLYN PROVISIONAL SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS / YEAR ENDED 28 FEBRUARY 2023 11 PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2024 11
Slide 12: Operating Environment Remains Tough Amid Macroeconomic Headwinds
03. HY2025 Sectoral Performance | YTD July 2024 OPERATING ENVIRONMENT REMAINS TOUGH AMID MACROECONOMIC HEADWINDS RETAIL COMMERCIAL INDUSTRIAL 47 425M2 GLA 105 343M2 GLA 252 941M2 GLA Occupancy = 96.81% Occupancy = 90.24% Occupancy = 96.64% Collections = 92.93% Collections = 96.28% Collections = 94.1
Slide 13: General Business and Portfolio Update
03. HY2025 Sectoral Performance | YTD July 2024 GENERAL BUSINESS AND PORTFOLIO UPDATE Operating environments remain challenging but with signs of improvement GNU has been good for business all round The core portfolio is trading well with key operational milestones being achieved Office portfolio le
Slide 14: Outlook
04 OUTLOOK BOUNDARY TERRACES, NEWLANDS PRE-CLOSE INVESTOR PRESENTATION / FOR THE PERIOD ENDING 31 AUGUST 2024 14
Slide 15: Outlook
04. Outlook | OUTLOOK We remain optimistic about Spear’s FY2025 outlook and prospects as trading and macro-economic conditions continue to improve. Markets are challenging and there is no getting away from that, however, green shoots have emerged during HY2025 and can be summarised as follows: Succe
Slide 16: 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 ENDING 31 AUGUST 2024 16