Attacq Limited · JSE:ATT
Attacq — FY2021 Earnings Presentation
71 slides from Attacq's earnings presentation, September 2021
Slide 1: Annual Results Presentation for the year ended 30 June 2021
ANNUAL RESULTS PRESENTATION for the year ended 30 June 2021
Slide 2: Agenda
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 1 AGENDA 2 PERFORMANCE SUMMARY FY21 6 SOUTH AFRICAN PORTFOLIO 18 WATERFALL CITY 25 OTHER INVESTMENTS 28 FINANCIAL RESULTS 38 STRATEGIC UPDATE 41 QUESTIONS AND ANSWERS Novartis, Waterfall City
Slide 3: Performance Summary FY21
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 2 PERFORMANCE SUMMARY FY21 1. Improved capital structure 2. Strong operational performance 3. Embrace business disruptions Precinct focused South African real estate portfolio, offering smart, safe and sustaina
Slide 4: Client Value Proposition
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 3 CLIENT VALUE PROPOSITION attracting good talent zoom belonging remo symbiotic relationships scalability client facing space flexibility collaboration space destination working services teams convenience hybri
Slide 5: Strategic Focus
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 4 STRATEGIC FOCUS We are purposed to create safe sustainable community spaces providing remarkable experiences in our managed precincts Our vision is to create sustainable value for all stakeholders through our
Slide 6: Attacq's Focus Areas
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 5 ATTACQ’S FOCUS AREAS DIPS (cps) VALUE OF PORTFOLIO (Rbn) 71.1% 63.0% 35.9% 31.3% (7.0%) R1.3bn 5.6% (3.3)cps VALUE OF DIPS PORTFOLIO 33.3cps 46.8cps R22.6bn (2020: 73.1cps) (2020: R24.6bn) R7.1bn R14.2bn 16.8
Slide 7: South African Portfolio
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 6 SOUTH AFRICAN PORTFOLIO Waterfall City and Rest of South Africa completed portfolio Lynnwood Bridge precinct, Pretoria MooiRivier Mall, Potchefstroom Waterfall City, Johannesburg Eikestad Mall, Stellenbosch G
Slide 8: Asset Management Focus
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 7 ASSET MANAGEMENT FOCUS Our precinct hubs are smart, safe and sustainable community spaces Malls are being transformed into experiential community spaces, referred to as retail-experience hubs Office spaces mu
Slide 9: South African Portfolio
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 8 SOUTH AFRICAN PORTFOLIO 01 02 03 04 Collections Client retention rate^ Occupancy WALE* 101.5% 85.0% 95.2% 5.6 years Jun 2020: 92.5% Jun 2020: 81.7% Jun 2020: 93.6% Jun 2020: 5.8 years Total portfolio Like-for
Slide 10: South African Portfolio Occupancy Report
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 9 SOUTH AFRICAN PORTFOLIO OCCUPANCY REPORT JUN 2021 JUN 2020 Rest of Rest of Waterfall South Occupied Waterfall South Occupied OCCUPANCY – SECTOR City % Africa % Total % GLA m² City % Africa % Total % GLA m² Re
Slide 11: South African Portfolio Space Management
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 10 SOUTH AFRICAN PORTFOLIO SPACE MANAGEMENT Reversion Expired GLA Client retention rate Gross reversion rate* >18 month renewal* Escalation rate* RENEWALS – SECTOR m² % % % % Retail-experience hubs 76 116 91.7
Slide 12: South African Portfolio Collections
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 11 SOUTH AFRICAN PORTFOLIO COLLECTIONS Jun 2021 Jun 2021 Jun 2021 Jun 2020 R’000 Total Retail-experience hubs Rest of portfolio Total Discounts 75 965 71 156 4 809 102 949 Deferrals 9 030 1 909 7 121 10 910 Tot
Slide 13: South African Portfolio Retail-Experience Hubs
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 12 SOUTH AFRICAN PORTFOLIO RETAIL-EXPERIENCE HUBS 01 02 03 04 Client retention rate^ Occupancy WALE* Trading density 91.7% 95.5% 3.9 years 0.4% decline Jun 2020: 68.4% Jun 2020: 97.1% Jun 2020: 3.5 years Jun 20
Slide 14: Mall of Africa
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 13 MALL OF AFRICA Occupancy movement during the year 100% 96,8% (6,1%) 3,9% 97,3% 2,7% 93,4% 90% 80% 70% 60% Occupancy: Clients New clients Occupancy: New clients Occupancy rate 1 July 2020 not renewing 30 June
Slide 15: South African Portfolio Turnover
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 14 SOUTH AFRICAN PORTFOLIO TURNOVER (%) 120% 100% 80% 60% 40% 20% 0% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2020 Pre-COVID-19 lockdown Level 5 lockdown Level 4 Level 3 26 Mar-30 Apr 1-31 May 1 Jun - 17
Slide 16: Turnover Report
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 15 TURNOVER REPORT 12-MONTH AVERAGE TRADING DENSITY* 12-MONTH AVERAGE RENT TO TURNOVER# Jun 2021 Jun 2020 Growth Jun 2021 Jun 2020 Change CENTRE R/m² R/m² % % % % Super-regional 3 047 2 975 2.4 Mall of Africa 3
Slide 17: South African Portfolio Collaboration Hubs
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 16 SOUTH AFRICAN PORTFOLIO COLLABORATION HUBS 01 02 03 04 Average portfolio age Client retention rate^ Occupancy WALE* 6.5 years 57.8% 91.7% 5.7 years Jun 2020: 5.8 years Jun 2020: 90.9% Jun 2020: 86.2% Jun 202
Slide 18: South African Portfolio Logistics Hubs and Hotel
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 17 SOUTH AFRICAN PORTFOLIO LOGISTICS HUBS AND HOTEL LOGISTICS HUBS 01 02 03 Rental escalations Occupancy WALE* Total sector value: R1.6bn % of SA portfolio: 9.2% 6.9% 100.0% 8.0 years 9.3% Jun 2020: 6.8% Jun 20
Slide 19: Waterfall City
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 18 WATERFALL CITY Developing the Waterfall City precinct Waterfall City, Johannesburg Corporate Campus, Waterfall City
Slide 20: Waterfall City: A Smart, Safe and Sustainable City
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 19 WATERFALL CITY A SMART, SAFE AND SUSTAINABLE CITY The greater Waterfall City precinct • Waterfall City is 2 200ha, including developments completed by other developers • Current total market value between R5
Slide 21: Developments at Waterfall City
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 20 DEVELOPMENTS AT WATERFALL CITY 01 02 Effective GLA Effective GLA 28,2 completed under construction Waterfall City 22 325m² 38 087m² 48,4 (%) Completed - held BULK: 907 403m2 9,3 Jun 2020: 42 751m² Jun 2020:
Slide 22: Completed Developments
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 21 COMPLETED DEVELOPMENTS Maxwell Office Park, Waterfall City Waterfall City Nexus Waterfall Corporate Campus Ellipse Waterfall Midi warehouse 4 Total Effective % let/ Practical GLA m² GLA m² % pre-sold complet
Slide 23: Developments Under Construction
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 22 DEVELOPMENTS UNDER CONSTRUCTION Developments at Waterfall City Waterfall City Nexus Waterfall Corporate Campus Vantage data centre Cotton On Total Effective % let/ Practical GLA m² GLA m² % pre-sold completi
Slide 24: Pipeline Developments
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 23 PIPELINE DEVELOPMENTS Land Parcel 22 Waterfall City The Mix Ellipse Distribution centre Waterfall and head office Total Effective % let/ Indicative GLA** m² GLA** m² % pre-sold completion date Waterfall City
Slide 25: Waterfall City Residential
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 24 WATERFALL CITY RESIDENTIAL The Mix Waterfall, Waterfall City Where living works • First 196 Ellipse units transferred to owners • Launched sales of Ellipse phase 2, Cassini tower (180 units) • Launched sales
Slide 26: Other Investments
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 25 OTHER INVESTMENTS Investment in MAS and Rest of Africa retail investments Dambovita Mall, Romania
Slide 27: Investment in MAS Real Estate Inc Update
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 26 INVESTMENT IN MAS REAL ESTATE INC UPDATE Discussion points • Shareholding reduced to 6.5% following R1.4 billion in disposals over last six months • Proceeds used to settle EUR debt and reduce rand debt • Ba
Slide 28: Rest of Africa Retail Investments Breakdown
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 27 REST OF AFRICA RETAIL INVESTMENTS BREAKDOWN Jun Jun R’000 2021 % 2020 % Attacq offshore cash on hand 35 808 8.2 68 849 14.2 AttAfrica Limited 224 895 51.7 211 598 43.6 Ikeja City Mall, Gruppo Investment Limi
Slide 29: Financial Results
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 28 FINANCIAL RESULTS Eikestad Mall, Stellenbosch
Slide 30: Financial Overview
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 29 FINANCIAL OVERVIEW 01 02 03 04 DIPS Interest cover ratio Gearing Debt expiry profile 35.9% decline 1.41 times 43.3% 3.9 years Jun 2020: 10.5% decline Jun 2020: 1.68 times Jun 2020: 45.7% Jun 2020: 3.2 years
Slide 31: Recycling of Capital
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 30 RECYCLING OF CAPITAL Carrying value Transaction value ASSET Transaction status R’000 R’000 2 Eglin Road, Sunninghill Proceeds received during the year 75 626 76 626 MAS shares Proceeds received during the ye
Slide 32: Distributable Income per Focus Area
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 31 DISTRIBUTABLE INCOME PER FOCUS AREA R’000 Jun 2021 Jun 2020 % change Increase rental due to completion of newly completed developments and lower rental Waterfall City 234 768 179 772 30.6 discounts compared
Slide 33: Rental Relief Impact on Distributable Income
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 32 RENTAL RELIEF IMPACT ON DISTRIBUTABLE INCOME Jun 2021 Jun 2020 Total Retail Non-retail Total IMPACT ON DISTRIBUTABLE INCOME R’000 R’000 R’000 R’000 Discounts (75 965) (71 156) (4 809) (102 949) Bad debt writ
Slide 34: Balance Sheet per Focus Area
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 33 BALANCE SHEET PER FOCUS AREA Jun 2021 Jun 2020 R’000 R’000 R’000 % change Negative fair value adjustments on Cell C and Allandale building, net of newly Waterfall City 13 572 605 14 182 880 (4.3) completed b
Slide 35: Investment Properties Movement
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 34 INVESTMENT PROPERTIES MOVEMENT R’million 22 000 112.8 19.1 (1 719.2) 667.9 288.5 20 081.5 20 000 322.7 2.7 (61.8) (1 470.8) (3.1) (75.6) 2.5 19 374.4 3.4 (1 178.8) 18 000 16 991.8 16 000 Jun 2019 Additions C
Slide 36: Interest-Bearing Debt
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 35 INTEREST-BEARING DEBT Jun 2021 Jun 2020 Funding mix (%) Gross interest-bearing debt (R’000) 10 183 029 11 424 268 ZAR debt (R’000) 9 844 510 9 988 722 22.9 EUR debt (R’000) 338 519 1 435 546 3.1 6.5 Weighted
Slide 37: Debt Maturity
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 36 DEBT MATURITY Debt and hedge maturity (R’million) Liquidity (R million) 4 000 448 34.8% 310 Jun 2021 3 000 29.0% R1.7bn 33.1% 19.5% 991 2 000 15.8%15.8% 16.5%16.5% 14.4% 13.6% 17.5% 16.3% 16.8% Unrestricted
Slide 38: Dividend and REIT Status Update
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 37 DIVIDEND AND REIT STATUS UPDATE Lynnwood Bridge - Retail • Consistent with Attacq’s strategic objectives, the board resolved not to pay a dividend for the current financial year (2020: 45.0cps) • In complian
Slide 39: Strategic Update
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 38 STRATEGIC UPDATE Garden Route Mall, George
Slide 40: Attacq ESG Update
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 39 ATTACQ ESG UPDATE Environment Our people Our communities Governance Annually improve To purposefully embed Contribute Act to protect our carbon emissions our company culture meaningfully to the the interest
Slide 41: Attacq Looking Ahead
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 40 ATTACQ LOOKING AHEAD Precinct focused South African portfolio, Manage and optimise a sustainable Innovation offering sustainable community spaces capital structure • Pursue growth opportunities aligned in es
Slide 42: Questions and Answers
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 41 QUESTIONS AND ANSWERS MooiRivier Mall, Potchefstroom
Slide 43: Appendices
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 42 APPENDICES Artist impression of The Mix’s rooftop view, Waterfall City
Slide 44: South African Portfolio Building Profile
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 43 SOUTH AFRICAN PORTFOLIO BUILDING PROFILE Geographical profile by GLA and gross monthly rental (GMR) Sectoral profile by GLA Sectoral profile by GMR 40,0 21,2 36,1 9,7 11,9 11,8 GLA GMR GLA 2,6 GMR 3,7 81,5 8
Slide 45: South African Portfolio Building Profile
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 44 SOUTH AFRICAN PORTFOLIO BUILDING PROFILE Geographical profile by GLA and gross monthly rental (GMR) Sectoral profile by GLA Sectoral profile by GMR 34,4 31,6 26,2 27,7 Waterfall Waterfall City City 32,4 15,5
Slide 46: South African Portfolio Client Profile
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 45 SOUTH AFRICAN PORTFOLIO CLIENT PROFILE • Clients are graded A, B or C • The credit quality of clients 7.1 in our portfolio is reflected in the 9.6 high percentage of A-grade clients • A-grade: large internat
Slide 47: Trading Density Report
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 46 TRADING DENSITY REPORT MONTHLY TRADING DENSITY* Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul CENTRE 2021 2021 2021 2021 2021 2021 2020 2020 2020 2020 2020 2020 Super-regional Mall of Africa 2 961 3 424 3
Slide 48: South African Portfolio Retail per Sector
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 47 SOUTH AFRICAN PORTFOLIO RETAIL PER SECTOR RETAIL CATEGORY % of area % of total turnover % trading density growth Accessories, jewellery and watches 1.0 2.0 (4.0) Apparel 24.3 19.8 2.9 Books, cards and statio
Slide 49: Super- and Regional Mall Foot Counts
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 48 SUPER- AND REGIONAL MALL FOOT COUNTS Total – 2021 vs 2020 (%) Mall of Africa – 2021 vs 2020 (%) Garden Route Mall – 2021 vs 2020 (%) 353,5 236,9 289,3 85,4 67,7 49,0 24,6 22,1 2,5 6,5 16,1 5,3 (37,7) (33,4)
Slide 50: South African Portfolio Sectoral Profile
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 49 SOUTH AFRICAN PORTFOLIO SECTORAL PROFILE 11,2 8,4 15,0 7,8 17,2 13,8 8,8 7,5 GLA GMR 5,9 % % 6,3 5,6 5,1 4,4 4,5 2,8 35,4 38,0 2,3 Other Fashion Financial services Food Government DIY Cellular Corporate bran
Slide 51: South African Portfolio Lease Expiry Profile
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 50 SOUTH AFRICAN PORTFOLIO LEASE EXPIRY PROFILE Lease expiry profile - GLA (m2) 400 000 47.4% 300 000 200 000 15.5% 11.3% 7.8% 10.2% 100 000 4.8% 1.7% 1.3% 0 Vacant Monthly 2022 2023 2024 2025 2026 2027+ Hotel
Slide 52: South African Portfolio Top 5 Tenants per Sector
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 51 SOUTH AFRICAN PORTFOLIO TOP 5 TENANTS PER SECTOR Attributable gross rental Attributable GLA as a % of total gross rent as a % of total GLA TOP 5 TENANTS % TOP 5 TENANTS % Retail-experience hubs Retail-experi
Slide 53: South African Portfolio Property Expense Analysis
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 52 SOUTH AFRICAN PORTFOLIO PROPERTY EXPENSE ANALYSIS 5,1 5,0 4,3 4,7 2,8 3,1 1,6 4,9 Jun 2021 1,1 Jun 2020 1,6 66,8 3,0 R757.0m 5,4 66,0 R768.7m 3,5 0,9 5,2 1,5 2,3 2,3 6,0 4,4 Municipal charges Property manage
Slide 54: South African Portfolio Net Operating Income
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 53 SOUTH AFRICAN PORTFOLIO NET OPERATING INCOME R’million 1 600 97.9 (19.9) 27.0 (27.0) 31.3 (28.6) (60.5) 1 440.5 (11.4) 1 449.3 1 400 1 200 1 000 800 Jun 2020 Plus: Plus: Less: Less: Less: Plus: Less: Vacanci
Slide 55: South African Portfolio Overview
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 54 SOUTH AFRICAN PORTFOLIO OVERVIEW Waterfall City - Retail-experience hubs GLA Valuation Value PROPERTY NAME Key tenants m² R’000 R/m² Mall of Africa** Checkers Hyper, Edgars, Game, Pick n Pay, Woolworths 103
Slide 56: South African Portfolio Overview | Continued
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 55 SOUTH AFRICAN PORTFOLIO OVERVIEW | CONTINUED Waterfall City - Collaboration hubs GLA Valuation Value PROPERTY NAME Key tenants m² R’000 R/m² Allandale building Wisetech Global 15 476 306 535 19 807 Cell C Ca
Slide 57: South African Portfolio Overview | Continued
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 56 SOUTH AFRICAN PORTFOLIO OVERVIEW | CONTINUED Rest of South Africa - Collaboration hubs GLA Valuation Value PROPERTY NAME Location Key tenants m² R’000 R/m² Brooklyn Bridge Office Park Pretoria Circle Chamber
Slide 58: South African Portfolio Overview | Continued
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 57 SOUTH AFRICAN PORTFOLIO OVERVIEW | CONTINUED Waterfall City - Logistics hub GLA Valuation Value PROPERTY NAME Tenants m² R’000 R/m² Amrod Amrod 37 937 399 328 10 526 BMW Group SA Regional Distribution Centre
Slide 59: South African Portfolio Overview
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 58 SOUTH AFRICAN PORTFOLIO OVERVIEW Waterfall City - Hotel portfolio GLA Valuation Value PROPERTY NAME Key tenants m² R’000 R/m² City Lodge Hotel, Waterfall City City Lodge 5 744 105 940 18 444 Nexus Waterfall,
Slide 60: Leasehold Land
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 59 LEASEHOLD LAND Percentages based on 907 403m² Remaining undeveloped bulk approved Waterfall City bulk, Waterfall Junction excluded Retail 52 692m² 28,2 WATERFALL Residential 60 473m² CITY Waterfall Office 58
Slide 61: Leasehold Land | Continued
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 60 LEASEHOLD LAND | CONTINUED Jun 2021 Jun 2020 LAND PARCEL NUMBER m² % m² % Waterfall City LP 8 Distribution Campus (Industrial) 24 905 2.7 24 905 2.7 LP 9 Logistics Precinct (Industrial) 106 577 11.8 128 365
Slide 62: Developments Under Construction Overview
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 61 DEVELOPMENTS UNDER CONSTRUCTION OVERVIEW Developments under construction Effective Estimated Estimated value Book value % completed Estimated practical GLA# % Pre-let capital cost on completion at Jun 2021 P
Slide 63: Direct Method Distributable Income
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 62 DIRECT METHOD DISTRIBUTABLE INCOME R’000 Total Waterfall City Rest of South Africa Other investments Rental income 2 245 790 1 394 293 851 496 - Per the income statement 2 206 357 1 427 731 778 626 - Less: N
Slide 64: Net Asset Value per Segment
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 63 NET ASSET VALUE PER SEGMENT R’000 Jun 2021 Jun 2020 % change Waterfall City 13 120 615 13 707 821 (4.3) Rest of South Africa 6 604 637 7 193 538 (8.2) Head office - South Africa (9 547 662) (10 268 813) (7.0
Slide 65: Distributable Income Reconciliation
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 64 DISTRIBUTABLE INCOME RECONCILIATION R’000 Jun 2021 Jun 2020 Net cash generated from operating activities 340 070 574 526 Working capital movements 17 697 153 427 Trade and other receivables (57 502) 51 386 T
Slide 66: Waterfall City
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 65 WATERFALL CITY Waterfall City Completed developments Developments under construction Pipeline developments Future pipeline
Slide 67: Waterfall City - Logistics Hub
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 66 WATERFALL CITY - LOGISTICS HUB Waterfall Logistics Hub - LP8 and LP9 Completed developments - Held Completed developments - Sold Developments under construction Pipeline developments
Slide 68: Waterfall City - Logistics Hub
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 67 WATERFALL CITY - LOGISTICS HUB Waterfall Logistics Hub - LP22 Completed developments - Held Completed developments - Sold Pipeline developments
Slide 69: Waterfall Master Plan
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 68 WATERFALL MASTER PLAN
Slide 70: Disclaimer
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 69 DISCLAIMER This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements beliefs or opinions including statements with respect to the com
Slide 71: Corporate Information
A T T A C Q | A N N U A L R E S U L T S F O R T H E Y E A R E N D E D 3 0 J U N E 2 0 2 1 70 CORPORATE INFORMATION 01 02 03 Independent non-executive directors Executive directors Company secretary P Tredoux TP Leeuw JR van Niekerk (CEO) A Matwa (Chairperson) IN Mkhari R Nana (CFO) anda@attacq.co.za