Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — H1 FY23 Earnings Presentation
112 slides from Vukile Property Fund's earnings presentation, November 2022
Slide 1: Interim Financial Results H1 FY23
INTERIM FINANCIAL RESULTS Six months ended 30 September 2022 H1 FY23
Slide 2: Agenda
AGENDA INTRODUCTION 1 Laurence Rapp SOUTH AFRICAN RETAIL PORTFOLIO OVERVIEW AND 2 TRADING UPDATE Itumeleng Mothibeli 3 CASTELLANA PROPERTIES OVERVIEW AND TRADING UPDATE Alfonso Brunet 4 FINANCIAL PERFORMANCE, DEBT AND TREASURY Laurence Cohen 5 STRATEGY AND TRANSACTION UPDATE Laurence Rapp PROSPECTS
Slide 3: Introduction
1 INTRODUCTION Laurence Rapp 3
Slide 4: Profile
INTRODUCTION / INTERIM RESULTS 30 SEPTEMBER 2022 1 PROFILE WHO WE ARE High-quality, low-risk, retail REIT operating in South Africa and Spain Significant geographic diversification with 56% of assets located in Spain Strong operational focus with a core competence in active asset management Focus on
Slide 5: Robust operating results and defensive financial position
INTRODUCTION / INTERIM RESULTS 30 SEPTEMBER 2022 1 ROBUST OPERATING RESULTS AND DEFENSIVE FINANCIAL POSITION SOUTH AFRICAN PORTFOLIO CONTINUES TO OUTPERFORM WITH POSITIVE TRADING METRICS AND OPERATIONAL RESULTS Like-for-like Like-for-like retail Vacancies reduced Rental reversion cycle turned Annual
Slide 6: Group overview – property assets of R35 billion
INTRODUCTION / INTERIM RESULTS 30 SEPTEMBER 2022 1 GROUP OVERVIEW – PROPERTY ASSETS OF R35 BILLION FOCUSSED RETAIL REIT WITH A BLUE CHIP TENANT MIX PROVIDING WELL DIVERSIFIED EXPOSURE ACROSS MACRO-ECONOMIC DRIVERS SPAIN SOUTH AFRICA Total property assets €1 105m R19.6bn 56% R15.3bn 44% Direct proper
Slide 7: South African Retail Portfolio Overview and Trading Update
2 SOUTH AFRICAN RETAIL PORTFOLIO OVERVIEW AND TRADING UPDATE Itumeleng Mothibeli 7
Slide 8: Direct South African retail portfolio
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 DIRECT SOUTH AFRICAN RETAIL PORTFOLIO KEY RETAIL PORTFOLIO METRICS PV installed Portfolio Value Total number GLA Operational KEY FACTS 17 plants of assets Capex 12.7MW R14.0bn 34 760 708m2 R56m 9% of energy consumption Like-for-lik
Slide 9: South African retail portfolio metrics
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 PORTFOLIO METRICS CONSISTENTLY SOUND METRICS OVER TIME RETAIL VACANCY PROFILE BY GLA RETAIL AVERAGE BASE RENTALS R/M² (EXCL. RECOVERIES) 3.9% 152.69 156.08 141.43 146.40 3.2% 130.44 134.78 3.0% 2.9% 2.6% 2.3% 2018 2019 2020 2021 20
Slide 10: Retail portfolio composition
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 RETAIL PORTFOLIO COMPOSITION WELL POSITIONED DEFENSIVE PORTFOLIO FOCUSSED ON TOWNSHIP AND RURAL MARKETS PROVIDING PROFITABLE LOCATIONS FOR OUR TENANTS Township Rural Value Centre Urban Commuter Value R4.2bn R3.2bn R1.9bn R3.5bn R1.
Slide 11: Retail tenant exposure
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 RETAIL TENANT EXPOSURE CATEGORY SPACE ABSORPTION - MOVEMENT DURING LAST FIVE YEARS Over the past five years, the portfolio has decreased its GLA Sep 2017 exposure to discretionary spend categories such as GLA Sep 2022 Increased GLA
Slide 12: Retail tenant exposure – strong tenant demand
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 RETAIL TENANT EXPOSURE – STRONG TENANT DEMAND TOP 10 TENANT EXPOSURE MOVEMENT DURING LAST FIVE YEARS During the last 12 months, 40 new stores were opened by six of the top 10 tenants, with SEP 2022 SEP 2017 Foschini, Mr Price and P
Slide 13: Retail category performance
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 RETAIL CATEGORY PERFORMANCE TRADING DENSITIES GREW BY 7.0% WITH ANNUAL TURNOVER GROWTH OF 7.8% Fashion and grocery categories (45% of GLA), Bottle Stores delivered improved trading density growth of 6.8% Density 29.1% Turnover 40.0
Slide 14: Retail portfolio performance and trading environment
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 RETAIL PORTFOLIO PERFORMANCE AND TRADING ENVIRONMENT IMPROVED FOOTFALL AND SALES Year-to-date portfolio sales up 8.3% and continue to grow across all major categories Sales 108.3% Footfall Portfolio trading density growth of 7.0% (
Slide 15: Impact of loadshedding on portfolio
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 IMPACT OF LOADSHEDDING ON PORTFOLIO LIMITED IMPACT ON FOOTFALL AND TRADE, BUT INCREASED TOTAL COST OF OCCUPANCY National loadshedding active from April to October 2022 (48 days total in 2021) 1 754hours / 73 days Average trading ti
Slide 16: Energy and water management
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 ENERGY AND WATER MANAGEMENT INCREASING BACKUP ENERGY AND WATER SUPPLY ENERGY MANAGEMENT WATER MANAGEMENT 12.7MW of Solar PV installed over the past five years – equating to 9% of portfolio Water risk analysis conducted across the p
Slide 17: Net cost to property revenue
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 NET COST TO PROPERTY REVENUE DRIVING OPERATIONAL EFFICIENCIES TO MANAGE COST PRESSURE COST REDUCTION INITIATIVES NET EXPENSES Average annual escalation since 2013 Net Continued energy management through solar PV, meter optimisation
Slide 18: Valuations: retail portfolio valued at R14.0bn
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 VALUATIONS: RETAIL PORTFOLIO - 34 PROPERTIES VALUED AT R14.0BN 3.0% INCREASE WITH A CONSERVATIVE VALUE DENSITY OF R18 379/m² 13 579 466 (56) (63) 55 13 981 R’m (0.4%) (0.5%) 0.4% 3.4% Value Organic growth Effect of income profile E
Slide 19: Acquisitions update
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 ACQUISITIONS UPDATE PROPOSED ACQUISITION OF TWO STRONG RETAIL SHOPPING CENTRES IN SOUTH AFRICA Pan Africa Shopping Centre located in Alexandra, Johannesburg We have agreed to a purchase price of c.R421 million for phase 1 and c.R25
Slide 20: Portfolio disposals
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 PORTFOLIO DISPOSALS Sales price Sector Yield (R’m) Total 279.4 10.5% Monsterlus Moratiwa Crossing (94.50%) Retail 165.0 10.0% Transferred 19 September 2022 Mbombela Truworths Retail 23.4 11.5% Transferred 18 May 2022 Midrand Alland
Slide 21: Vukile Retail Academy
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 VUKILE RETAIL ACADEMY INNOVATIVE AND UNIQUELY SOUTH AFRICAN RETAIL INCUBATION PROGRAMME The objective is to create greater diversity in tenant and category mix within our malls An incubation programme to help the next wave of indep
Slide 22: Short-term focus areas
SOUTH AFRICAN RETAIL PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2 SHORT-TERM FOCUS AREAS CONTINUED TIGHT OPERATIONAL FOCUS Continue to be a partner of choice through providing well managed and safe shopping environments for our retailers to thrive in TENANT Be the home of innovation lowering barr
Slide 23: Castellana Properties Overview and Trading Update
3 CASTELLANA PROPERTIES OVERVIEW AND TRADING UPDATE Alfonso Brunet 23
Slide 24: Economic update: Spain
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 ECONOMIC UPDATE: SPAIN Spain’s GDP growth for 2022 has been revised upwards (+4.4%) and it is expected to decelerate in 2023 (+1.0%) compared to previous forecast. However, Spanish GDP growth is expected to outperform that of Euro area aver
Slide 25: Euro area growth expected to pick up beyond near term
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 BEYOND THE NEAR TERM, GROWTH IS EXPECTED TO PICK UP IN THE EURO AREA IN H2 FY23 EURO AREA ECONOMIC OUTLOOK EURO AREA REAL GDP GROWTH AND INFLATION 110 While we are witnessing a strong tourism sector coupled with a further easing of supply b
Slide 26: Spanish portfolio
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 SPANISH PORTFOLIO KEY PORTFOLIO METRICS GAV Portfolio value GLA Normalised NOI KEY FACTS €1 012b +1.1% (2) Like-for-like growth €1 105b (1) +1.3% (3) 350 085m² +7.5% (4) Average asset Average Average exit Total number VALUATIONS value disco
Slide 27: Footfall and sales
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 FOOTFALL AND SALES FOOTFALL AND SALES CONTINUE TO OUTPERFORM NATIONAL BENCHMARKS AND EXCEED 2019 LEVELS FOOTFALL & SALES RECOVERY 2021 & 2020 vs 2019 (1) TOTAL PORTFOLIO SALES GROWTH 12.1% vs 2019 Clear positive trend with seasonal effects
Slide 28: Sales performance per tenant category
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 SALES PERFORMANCE PER TENANT CATEGORY (1) (2) MAJORITY OF CATEGORIES ARE SIGNIFICANTLY OUTPERFORMING 2019 LEVELS SALES VARIATION FY23 YTD APR - SEP 2022 vs FY20 YTD APR - SEP 2019 € MILLION 70 70 0 00 000 1.0% FY23 YTD (Apr - Sep 2022) vs F
Slide 29: Sales performance per tenant category continued
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 SALES PERFORMANCE PER TENANT CATEGORY CONTINUED KEY PORTFOLIO CATEGORIES OUTPERFORMING INDEX DESPITE MACRO CHALLENGES. DIY (4%) (1) PETS (3%) (1) 200% 220% 209.6% 202.2% 190% 186.0% 180.8% 194.3% 198.3% 200% 180% 171.1% 165.8% 167.7% 163.7%
Slide 30: Leasing activity H1 FY23
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 LEASING ACTIVITY H1 FY23 CONTINUED STRONG COMMERCIAL PERFORMANCE MAIN BUSINESS KPI´S 105 €4.6m PORTFOLIO OCCUPANCY LEASES SIGNED NEW RENT SIGNED 30 SEPTEMBER 2022 98.4% 31 MARCH 2022 98.4% 56 49 €2.7m €1.9m RENEWALS NEW CONTRACTS RENEWALS N
Slide 31: Business remains well positioned to face macro-economic challenges
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 BUSINESS REMAINS WELL POSITIONED TO FACE POTENTIAL MACRO-ECONOMIC CHALLENGES OPERATIONAL PERFORMANCE FINANCIAL AND CORPORATE Providing our tenants with nodally dominant shopping centres with very Portfolio demonstrates its high quality and
Slide 32: GRI bridge and breakdown
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 GRI BRIDGE AND BREAKDOWN GRI GROWTH OF 7.6% LIKE-FOR-LIKE VERSUS H1 FY22 SHOPPING CENTRES €45m 70% RETAIL PARKS €19m 30% LfL €m GROWTH 64 < 7.6%(3) 28.3 3.3 31.2 (0.4) GRI GRI Asset Asset Like-for-Like GRI GRI Annualised Annualised H1H1FY22
Slide 33: GAV bridge and breakdown
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 GAV BRIDGE AND BREAKDOWN PORTFOLIO REVALUATION UP +1.1% DESPITE +50BPS INCREASE IN DISCOUNT RATES (IRR) HIGHER PROPERTY NOI AND CONSOLIDATION OF INCOME FROM COMPLETED VALUE-ADDED PROJECTS MAIN DRIVER OF GROWTH Revaluation Total GAV investme
Slide 34: Repositioning projects accomplishments and awards
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 REPOSITIONING PROJECTS ACCOMPLISHMENTS AND AWARDS SUCCESSFUL ASSET REPOSITIONING AND ENHANCEMENT TO BOOST VALUE CREATION AND RECURRENT RENT GENERATION PROJECTS AWARDED BY THE SPANISH SHOPPING CENTRE ASSOCIATION (AECC) IN JUNE 2022 Award for
Slide 35: Value-added projects – Los Arcos office building phase II
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 VALUE-ADDED PROJECTS ‒ LOS ARCOS OFFICE BUILDING (PHASE II) SOLIDIFYING THE LEADING POSITION OF LOS ARCOS, ENSURING THE MOST ATTRACTIVE LEISURE AND FOOD AREA IN TOWN BEFORE AFTER €18.3m Capex Investment €1.1m Additional NOI generated Q4 202
Slide 36: Value-added projects – Vallsur first floor repositioning
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 VALUE-ADDED PROJECTS ‒ VALLSUR 1 FLOOR REPOSITIONING ST RE-ENVISIONING THE FIRST FLOOR TO REINFORCE EXPERIENCIAL LEISURE AND F&B OFFERING BEFORE AFTER €16.7m Capex Investment €1.0m Additional NOI generated Q1 2024 Works expected completion
Slide 37: Increasing stake in LAR España to 25.7%
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 CASTELLANA TAKES ADVANTAGE OF PREVAILING DISCOUNT TO NTA TO INCREASE ITS STAKE IN LAR ESPAÑA TO 25.7% GOOD SET OF OPERATIONAL AND FINANCIAL RESULTS BY LAR ESPAÑA CONFIRM THE RECOVERY OF THE RETAIL SECTOR FROM THE PANDEMIC AND OUR INVESTMENT
Slide 38: Innovation and digitalisation: customer centricity
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 INNOVATION AND DIGITALISATION: CUSTOMER CENTRICITY IMPROVING SHOPPING EXPERIENCE BASED ON OUR CUSTOMER REQUIREMENTS GOOGLE MY BUSINESS PLATFORM MANAGEMENT SENTIMENT ANALYSIS Customer service 24 hours a day, using a response protocol by typo
Slide 39: Key focus areas going forward
CASTELLANA PROPERTIES / INTERIM RESULTS 30 SEPTEMBER 2022 3 KEY FOCUS AREAS GOING FORWARD Continue to focus on growing income through active asset management, improving our service offering through OPERATIONAL customer centricity and improved decision-making by leveraging our deep data insights. EXC
Slide 40: Financial Performance, Debt and Treasury
4 FINANCIAL PERFORMANCE, DEBT AND TREASURY Laurence Cohen 40
Slide 41: Comparison of H1 FY23 to H1 FY22
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 COMPARISON OF H1 FY23 TO H1 FY22 16.8% increase in dividend per share in H1 FY23 30 September 2022 30 September 2021 Variance Rm Rm % FFO 791 763 3.7 FFO per share (cents) 80.8 79.8 1.3 Dividend 464 388 19.6 Dividend per
Slide 42: Simplified income statement
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 SIMPLIFIED INCOME STATEMENT 30 September 2022 30 September 2021 Variance Rm Rm % Revenue 1 328 1 304 Stable portfolio (1) 1 314 1 160 13.3 Sold properties 14 144 Property Expenses (net of recoveries) (178) (169) 5.3 Net p
Slide 43: Simplified income statement (continued)
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 SIMPLIFIED INCOME STATEMENT (CONTINUED) 30 September 2022 30 September 2021 Variance Rm Rm % Profit for the period 664 810 (18.0) Non controlling interests (1) (36) (50) (28.0) Attributable to Vukile 628 760 (17.4) Non-IF
Slide 44: Cash flow bridge
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 CASH FLOW BRIDGE (Rm) ACTIVE CASH MANAGEMENT TO INVEST IN CORE STRATEGY 126 (672) 419 965 (291) Payment of (126) final dividend (111) for FY22 (14) Acquisition of LAR España, 861 offset by sale 565 of Fairvest 44
Slide 45: NAV bridge
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 NAV BRIDGE (R) NAV PER SHARE INCREASED BY 6.6% to R19.10 PER SHARE 0.90 (0.43) (0.65) 0.49 (0.26) 1.25 (0.12) Weakening of ZAR Includes final 19.10 exchange rate Includes to the Euro dividend for FY22 LAR España 17.92 fro
Slide 46: Debt and balance sheet overview
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 DEBT AND BALANCE SHEET OVERVIEW 88% (R1.0bn) of FY23 maturing debt has already been repaid, refinanced or renegotiated LIQUIDITY AND Undrawn debt facilities of R3.6bn at 30 September 2022 (R3.1bn at 31 March 2022) EXPIRY
Slide 47: Key treasury metrics
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 KEY TREASURY METRICS LOW RISK BALANCE SHEET AND CREDIT METRICS SUPPORTING INVESTMENT GRADE CREDIT RATING 30 September 31 March 30 September 2022 2022 2021 Interest cover ratio 2.9 times 3.4 times 4.4 times Loan-to-value r
Slide 48: Analysis of group loan expiry profile
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 ANALYSIS OF GROUP LOAN EXPIRY PROFILE LOW RISK EXPIRY PROFILE 88% of debt expiries relating to FY23 of R1.0bn have already been repaid, refinanced or renegotiated; R767m of unsecured corporate bonds were issued through a
Slide 49: Group loan-to-value bridge
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 GROUP LOAN-TO-VALUE BRIDGE LTV HELD CONSTANT WITH A KEY DRIVER BEING LAR ESPAÑA SHARE PRICE MOVEMENT +0.2% +0.3% +0.4% +0.4% +1.9% -0.5% LAR España share price An addition Property movement of -0.9% 3.4m LAR sales of -13%
Slide 50: Group NAV and LTV sensitivity to LAR España share price
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 GROUP NAV AND LOAN-TO-VALUE SENSITIVITY TO LAR ESPAÑA SHARE PRICE AT 30 SEPTEMBER 2022 SENSITIVITIES FY22 (31 MARCH 2022 SHARE PRICE) Impact on Vukile LAR España NAV LAR ESPAÑA SHARE PRICE STRENGTHENING TO €4.95 share pri
Slide 51: Key treasury focus areas going forward
FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 4 KEY TREASURY FOCUS AREAS GOING FORWARD Continue to proactively manage debt expiry by maintaining strong relationships across all major SA banks LIQUIDITY AND Increasing debt maturity profile by refinancing debt into new 3
Slide 52: Transaction Update and Strategy
5 TRANSACTION UPDATE AND STRATEGY Laurence Rapp 52
Slide 53: Strategy
TRANSACTION UPDATE AND STRATEGY / INTERIM RESULTS 30 SEPTEMBER 2022 5 STRATEGY A CLEAR AND CONSISTENT RETAIL-FOCUSED STRATEGY Group Balance Sheet South African 3rd Party Asset portfolio Management Operational excellence South Africa - Reimagine Pan Africa Mall Namibia LAR España Spain (under evaluat
Slide 54: Investment in REimagine Social Impact Retail Fund
TRANSACTION UPDATE AND STRATEGY / INTERIM RESULTS 31 MARCH 2022 5 INVESTMENT IN REIMAGINE SOCIAL IMPACT RETAIL FUND GROWING EXPOSURE TO 3RD PARTY RETAIL ASSET MANAGEMENT TRANSACTION SALIENT TERMS INVESTMENT THESIS Acquisition of a 33% stake in ALT Capital Partners (a private equity real Exposure to
Slide 55: Investment in LAR España
TRANSACTION UPDATE AND STRATEGY / INTERIM RESULTS 30 SEPTEMBER 2022 5 INVESTMENT IN LAR ESPAÑA INCREASED STAKE to 25.7% - INCREASED OPTIONALITY AND A SOURCE OF VALUE CREATION FOR VUKILE INVESTMENT THESIS Highly attractive acquisition price at c. 50% discount to EPRA NTA. This investment takes advant
Slide 56: Significant deliverables on ESG during H1 FY23
TRANSACTION UPDATE AND STRATEGY / INTERIM RESULTS 30 SEPTEMBER 2022 5 SIGNIFICANT DELIVERABLES ON ESG DURING H1 FY23 Performance metric Achievements for H1 FY23 Aligned with UN SDGs Optimisation of energy mix Further 800 KW of PV installed in SA. With a further 1,7MW substantially completed. Substit
Slide 57: Strategic focus areas
TRANSACTION UPDATE AND STRATEGY / INTERIM RESULTS 30 SEPTEMBER 2022 5 STRATEGIC FOCUS AREAS CUSTOMERS DRIVE VALUE OUR Continued drive to embed a singular culture within Vukile and Castellana Ensuring the group remains an employer of choice PEOPLE People leadership and management will be a key differ
Slide 58: Prospects and Guidance
6 PROSPECTS AND GUIDANCE Laurence Rapp 58
Slide 59: Prospects for the group
PROSPECTS AND GUIDANCE / INTERIM RESULTS 30 SEPTEMBER 2022 6 PROSPECTS FOR THE GROUP Against a worsening global macro backdrop, Vukile continues to perform very well both in South Africa and Spain, demonstrating the strength and defensive nature of its assets. Our internal focus on driving operation
Slide 60: Why Vukile?
PROSPECTS AND GUIDANCE / INTERIM RESULTS 30 SEPTEMBER 2022 6 WHY VUKILE? A UNIQUE PROPERTY COMPANY INNOVATION AND SPECIALISTS HIGH QUALITY ROBUST FINANCIAL ACTIVE HIGHEST GOVERNANCE CUSTOMER CENTRICITY STRONG INCOME & IN RETAIL PORTFOLIO METRICS MANAGEMENT STANDARDS GROWTH PROSPECTS AS PART OF OUR D
Slide 61: Acknowledgements
PROSPECTS AND GUIDANCE / INTERIM RESULTS 30 SEPTEMBER 2022 6 ACKNOWLEDGEMENTS Board Property managers Service providers Brokers and developers Tenants Investors Funders Colleagues 61
Slide 62: Questions and Answers
QUESTIONS AND ANSWERS VUKILE PROPERTY FUND REAL ESTATE. REAL GROWTH. 62
Slide 63: Appendix 1A Retail Portfolio
Appendix 1A RETAIL PORTFOLIO South African Portfolio 63
Slide 64: South Africa retail footprint
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A SOUTH AFRICA RETAIL FOOTPRINT RETAIL PORTFOLIO PROFILE - TOP 15 PROPERTIES ACCOUNT FOR 72% OF RETAIL PORTFOLIO BY VALUE 13 7% 1 Pine Crest 9 Daveyton Mall 2 2 East Rand Mall 10 Mdantsane City 12 6
Slide 65: High quality retail assets
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS PINE CREST EAST RAND PHOENIX MALUTI KOLONNADE MALL PLAZA CRESCENT RETAIL PARK GAV R1 134m R1 132m R 868m R 858m R 714m Region KwaZulu-Natal Gauteng KwaZulu-
Slide 66: High quality retail assets (cont.)
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS (CONT.) DOBSONVILLE GUGULETHU NONESI DAVEYTON MDANTSANE MALL SQUARE MALL MALL CITY GAV R 655m R 651m R 584m R 554m R 554m Region Gauteng Western Cape Easter
Slide 67: High quality retail assets (cont.)
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS (CONT.) MEADOWDALE MORULENG THAVHANI ATLANTIS HILLFOX MALL MALL MALL SHOPPING CENTRE VALUE CENTRE GAV R 534m R 489m R 481m R 474m R 426m Region Gauteng Nort
Slide 68: Retail category exposure
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A RETAIL CATEGORY EXPOSURE WELL DIVERSIFIED MIX OF TENANT CATEGORIES CATEGORY PROFILE BY RENT CATEGORY PROFILE BY GLA 27% Fashion 23% 14% Grocery/ Supermarket 22% 8% Home Furnishings/ Décor 10% 8% Ba
Slide 69: Retail tenant exposure
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A RETAIL TENANT EXPOSURE HIGH QUALITY CASHFLOWS FROM A WELL DIVERSIFIED BLUE-CHIP TENANT MIX 33% OF RENT FROM ESSENTIAL SERVICES 58% OF RENT FROM TOP 20 TENANTS Foschini - 8% Pepkor - 7% Essential Gr
Slide 70: Retail tenant exposure
Appendix RETAIL PORTFOLIO COMPOSITION / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1A RETAIL TENANT EXPOSURE DIRECT SOUTH AFRICAN RETAIL PORTFOLIO TENANT PROFILE - BY CONTRACTUAL RENT TOP 10 TENANTS - BY CONTRACTUAL RENT Largest brand exposure 7.6 Other 2.1 1.1 17% 7.4 2.3 2.0 7.1 2
Slide 71: Appendix 1B Retail Portfolio Performance Metrics
Appendix 1B RETAIL PORTFOLIO PERFORMANCE METRICS South African Portfolio 71
Slide 72: Trading densities
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B TRADING DENSITIES 12 OUT OF 14 CATEGORIES SHOWING POSITIVE TRADING DENSITY GROWTH March 2022 AVERAGE ANNUAL TRADING DENSITY ANNUAL TRADING DENSITY GROWTH RENT-TO-SALES September 2022 R31 07
Slide 73: Retail portfolio trading statistics for top 15 properties
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B RETAIL PORTFOLIO TRADING STATISTICS FOR TOP 15 PROPERTIES CONTINUING TO PROVIDE VERY PROFITABLE CENTRES FOR OUR TENANTS TRADING DENSITY GROWTH (LIKE-FOR-LIKE) 23.3% 7.3% 6.7% 12.6% 9.7% 12.
Slide 74: Rent-to-sales ratio by top 15 properties
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B RENT-TO-SALES RATIO BY TOP 15 PROPERTIES CONTINUING TO PROVIDE VERY PROFITABLE CENTRES FOR OUR TENANTS 10.5% 8.0% 6.6% 6.1% 5.9% 6.0% 5.7% 5.7% 5.7% 5.4% 5.3% 5.2% 4.8% 4.7% 4.6% 4.5% East
Slide 75: Tenant affordability
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B TENANT AFFORDABILITY RENT-TO-SALES HOLDING STEADY ACROSS THE PORTFOLIO THROUGH TOUGH MARKET CONDITIONS Average annual rent-to-sales ratio 12.9% 13.1% 11.7% 9.0% 8.2% 7.9% 6.1% 6.0% 5.9% 6.3
Slide 76: Retail tenant expiry profile
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B RETAIL TENANT EXPIRY PROFILE 35% OF CONTRACTUAL RENT EXPIRING IN FY26 AND BEYOND (WALE 2.7 YEARS) 100 76 65 46 28 24 18 19 11 18 March 2023 March 2024 March 2025 March 2026 Beyond March 202
Slide 77: Retail vacancies
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B RETAIL VACANCIES 30 PROPERTIES FULLY LET OR WITH VACANCIES LOWER THAN 1 000m² Fully Let Ga-Kgapane Modjadji Plaza Germiston Meadowdale Mall Giyani Plaza Hammarsdale Junction Moruleng Mall P
Slide 78: Retail vacancy movement
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B RETAIL VACANCY MOVEMENT 21 847m² OF VACANT SPACE HAS BEEN LET WHEN CONTRASTED WITH 17 731m² OF VACATED SPACE Vacated New leasing Fashion 3 543m² 4 600m² Home Furnishings / Décor 2 405m² 3 7
Slide 79: Weighted average base rentals R/m²
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B WEIGHTED AVERAGE BASE RENTALS R/m² (EXCLUDING RECOVERIES) SOUTH AFRICAN RETAIL PORTFOLIO Durban Phoenix Plaza Boksburg East Rand Mall Durban Workshop Daveyton Shopping Centre Pinetown Pine
Slide 80: Collections
Appendix RETAIL PORTFOLIO PERFORMANCE METRICS / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1B COLLECTIONS COLLECTED R1.113 BILLION OF R1.121 BILLION BILLED 69% of 10% of 20% of 1% of billings billings billings billings National Mid-tier SMME's Government tenants tenants 100% 131% 99
Slide 81: Appendix 1C Total Portfolio
Appendix 1C TOTAL PORTFOLIO South African Portfolio 81
Slide 82: South African total portfolio composition
Appendix TOTAL PORTFOLIO / SOUTH AFRICAN PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 1C SOUTH AFRICAN TOTAL PORTFOLIO COMPOSITION 41 PROPERTIES VALUED AT R14.6 BILLION COVERING 811 536m² SECTORAL PROFILE - BY VALUE SECTORAL PROFILE - BY GLA Number of By Value properties By GLA Top 15 96% Retail 34
Slide 83: Appendix 2A Social & Economic Update
Appendix 2A SOCIAL & ECONOMIC UPDATE Spanish Portfolio 83
Slide 84: Impact on Spanish economy
Appendix SOCIAL & ECONOMIC UPDATE / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2A IMPACT ON SPANISH ECONOMY RISING BOND YIELDS DUE TO INCREASED UNCERTAINTY AND INFLATION 10-YEAR GOVERNMENT BONDS (YIELD %) BID YIELD (%) OCTOBER 2022 18% 9.5 8.91 16% 8.39 14% 8.5 12% 7.5 10% 6.5 8% 5.5 6% 4
Slide 85: Unemployment rate and consumer confidence
Appendix SOCIAL & ECONOMIC UPDATE / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2A IMPACT ON SPANISH ECONOMY UNEMPLOYMENT RATE AND CONSUMER CONFIDENCE CONSUMER CONFIDENCE (CIS) UNEMPLOYMENT(1) IN SPAIN BY ECONOMIC SECTOR 120 5 500 000 5 000 000 100 4 500 000 4 000 000 80 3 500 000 3 000 00
Slide 86: Appendix 2B Portfolio Overview
Appendix 2B PORTFOLIO OVERVIEW Spanish Portfolio 86
Slide 87: Our portfolio
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B OUR PORTFOLIO WELL DIVERSIFIED ACROSS SPAIN 9 4% 1 El Faro 9 Parque Principado 5 10% 2 Bahía Sur 10 Marismas de Polvorín 3 Los Arcos 11 La Heredad 8 4% 16 4 Granaita 12 La Serena 15 21% 5 Vallsur 13 Pinatar Park 1
Slide 88: Spanish portfolio overview
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS EL FARO BAHÍA SUR LOS ARCOS GRANAITA (1) HABANERAS GAV €172.8m €149.9m €139.2m €106.8m €88.3m Province Badajoz Cádiz Seville Granada Alicante Catchment Area (Inhabitants) 5
Slide 89: Spanish portfolio overview
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS VALLSUR PUERTA PARQUE PARQUE MARISMAS DEL EUROPA OESTE (1) PRINCIPADO POLVORÍN GAV €80.8m €74.4m €52.3m €38.1m €28.6m Province Valladolid Cádiz Madrid Oviedo Huelva Catchme
Slide 90: Tenant mix
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B TENANT MIX HIGHLY DIVERSIFIED RETAIL MIX LEADING TO SUSTAINABLE, HIGH QUALITY AND LOW RISK INCOME STREAMS ASSETS GLA WALE (1) OCCUPANCY 16 350 085m² 12.1 years 98.4% CATEGORY PROFILE BY RENT TOP 10 TENANTS BY RENT
Slide 91: Spanish total portfolio composition
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B SPANISH TOTAL PORTFOLIO COMPOSITION SECTORAL PROFILE - BY VALUE SECTORAL PROFILE - BY GLA Development potential 1% Retail Parks 30% Retail Parks Top 10 Top 10 45% properties properties Shopping 91% 84% Centres Sho
Slide 92: Retail tenant exposure
Appendix PORTFOLIO OVERVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2B RETAIL TENANT EXPOSURE 94% INTERNATIONAL AND NATIONAL TENANT PROFILE BUILDING A ROBUST AND DEFENSIVE PORTFOLIO TOP 10 TENANT GROUPS BY RENT TENANT GROUP PROFILE - BY CONTRACTUAL RENT INDITEX 11.4% ZARA 3.1% LEFTIE
Slide 93: Appendix 2C H1 FY23 Operational Review
Appendix 2C H1 FY23 OPERATIONAL REVIEW Spanish Portfolio 93
Slide 94: Spanish vacancy profile
Appendix OPERATIONAL REVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2C SPANISH VACANCY PROFILE PORTFOLIO VACANCY OF 1.6% OF GLA 4.7% SHOPPING CENTRES Vallsur (35,212m²) 3.9% El Faro (40,618m²) 0.7% 1.1% Puerta Europa (29,783m²) 0.1% 0.6% Bahía Sur (35,297m²) 0.7% 0.8% (1) Los Arcos (
Slide 95: Lease expiry profile
Appendix OPERATIONAL REVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2C LEASE EXPIRY PROFILE 57% OF CONTRACTUAL RENT EXPIRING IN FY32 AND BEYOND (WALE 10.3 YEARS TO EXPIRY AND 2.4 YEARS TO BREAK) EXPIRY PROFILE (% RENT) 100 53 43 47 36 39 26 31 17 22 4 10 4 6 7 5 4 5 5 4 4 3 Mar/23 Ma
Slide 96: Lease expiry profile
Appendix OPERATIONAL REVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2C LEASE EXPIRY PROFILE 65% OF CONTRACTUAL GLA EXPIRING IN FY32 AND BEYOND (WALE 12.1 YEARS TO EXPIRY AND 2.5 YEARS TO BREAK) EXPIRY PROFILE (% GLA) 100 63 29 32 35 37 17 19 21 25 8 12 1 7 4 5 2 2 4 4 3 3 2 1 Vacant
Slide 97: Customer centricity
Appendix OPERATIONAL REVIEW / SPANISH PORTFOLIO / INTERIM RESULTS 30 SEPTEMBER 2022 2C CUSTOMER CENTRICITY CASTELLANA PROPERTIES ENGAGES ITS CUSTOMERS AND POSITIONS ITS SHOPPING CENTRES AS SOCIAL HUBS WITH INNOVATIVE ROADSHOWS HALLOWEEN ACTIVITIES CARRIED OUT FROM 28TH OCTOBER TO 1ST NOVEMBER Hallow
Slide 98: Financial Performance, Debt and Treasury
Appendix 3 FINANCIAL PERFORMANCE, DEBT AND TREASURY 98
Slide 99: FFO and dividends
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 FFO AND DIVIDENDS RECOVERY IN FFO PER SHARE – IMPACT OF COVID-19 MOST ACUTE IN FY21 0% 51% 59% 230 100% 88.53 79.29 76.32 81.52 180 76.06 65.07 76.29 46.63 80.75 54.99 66.05 79.79 130 80 847 791 763 714 579 526 4
Slide 100: Geographical segment analysis
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 GEOGRAPHICAL SEGMENT ANALYSIS SPANISH PORTFOLIO RECOVERS POST PANDEMIC PERIOD ENDING 30 SEPTEMBER 2021 PERIOD ENDING 30 SEPTEMBER 2022 38% 43% REVENUE REVENUE 57% 62% 40% 44% NET NET 56% PROPERTY 60% PROPERTY INC
Slide 101: Castellana FFO H1 FY23
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 CASTELLANA FFO H1 FY23 Reconciliation of Castellana’s published FFO for H1 FY23 to Vukile group FFO R’000 €’000 Castellana results - Spanish GAAP (Consolidated) 226 986 13 455 Investment property amortisation 94
Slide 102: Composition of group balance sheet
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 COMPOSITION OF GROUP BALANCE SHEET MATCHING DEBT WITH PROPERTY ASSETS - BY GEOGRAPHY AND CURRENCY VUKILE COMPANY CASTELLANA (non-recourse to Vukile) Total Company Assets (R25.9bn) to Debt (R7.1bn) Ratio 3.7x EUR
Slide 103: Cost of funding
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 COST OF FUNDING MARGINAL INCREASE IN GROUP COST OF FINANCE ANTICIPATED DUE TO AN INCREASE IN BOTH ZAR AND EUR BASE RATES GROUP DEBT BY CURRENCY 7.05% 7.22% 7.53% 2.86% 3.06% 2.70% 4.51% 4.93% 4.86% R15.594bn R15.
Slide 104: Group loan repayment and hedging expiry profile
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 ANALYSIS OF GROUP LOAN REPAYMENT AND HEDGING EXPIRY PROFILE WELL HEDGED WITH LOW RISK EXPIRY PROFILE GROUP LOAN AND HEDGING (SWAP & FIXED DEBT) EXPIRY PROFILE 44.8% 47.1% R3.6bn OF AVAILABLE UNDRAWN BANK FACILITI
Slide 105: South African loan repayment and hedging expiry profile
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 ANALYSIS OF SOUTH AFRICAN LOAN REPAYMENT AND HEDGING EXPIRY PROFILE WELL HEDGED WITH LOW RISK EXPIRY PROFILE SOUTH AFRICAN LOAN AND HEDGING (SWAP & FIXED DEBT) EXPIRY PROFILE 76% OF INTEREST-BEARING DEBT HEDGED 1
Slide 106: Castellana loan repayment and hedging expiry profile
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 ANALYSIS OF CASTELLANA LOAN REPAYMENT AND HEDGING EXPIRY PROFILE VERY LOW REFINANCE RISK OVER THE NEXT FOUR YEARS CASTELLANA LOAN AND HEDGING (SWAP & FIXED DEBT) EXPIRY PROFILE 59.3% 96% OF INTEREST-BEARING DEBT
Slide 107: EUR foreign exchange hedging
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 EUR FOREIGN EXCHANGE HEDGING MAINTAINING SUSTAINABLE PREDICTABLE DIVIDENDS WHILE REDUCING CURRENCY VOLATILITY FY23 FY24 FY25 FY26 FY27 Dividend Date Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26
Slide 108: Forecast LTV sensitivity to valuation and FX movements
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 FORECAST LTV SENSITIVITY TO VALUATION AND FOREIGN EXCHANGE MOVEMENTS AT 30 SEPTEMBER 2022 5% ZAR STRENGTHENING TO 3% INCREASE IN -1.2% DECREASE IN EXAMPLE: 16.85 PROPERTY VALUATION GROUP LTV TO 42% EUR/ZAR Proper
Slide 109: Corporate bond issuances
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 CORPORATE BOND ISSUANCES COMPOSITION OF UNSECURED DEBT AND COVENANT EXCLUSIVE DEBT Corporate Bonds Security Amount Reference Rate Margin Maturity Date Initial Term VKE11 Unsecured R175m 3M JIBAR 1.75% 20 April 20
Slide 110: Overview of unencumbered assets
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 OVERVIEW OF UNENCUMBERED ASSETS Total Unencumbered Unencumbered Number GLA unencumbered direct listed of assets property shares properties R10 705m (A) R924m R9 781m 6 61 821m² Average property Retail rent from C
Slide 111: See-through loan-to-value ratio
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 “SEE-THROUGH” LOAN-TO-VALUE RATIO Interest-bearing Property debt assets Cash LTV Shareholding Rm Rm Rm Vukile Company, MICC, Namibia, 7 705 14 966 570 43.5% 100.0% Dream and 100% of Clidet No. 1011 Castellana 8 8
Slide 112: SA REIT ratios
Appendix FINANCIAL PERFORMANCE, DEBT AND TREASURY / INTERIM RESULTS 30 SEPTEMBER 2022 3 SA REIT RATIOS 30 September 30 September 31 March 2022 2021 2022 SA REIT funds from operations R793m R766m R1,34bn SA REIT funds from operations per share 80.90c 80.11c 136.91c SA REIT net asset value (1) R18,1bn