Vukile Property Fund Limited · JSE:VKE

Vukile Property Fund — H1 2008 Earnings Presentation

23 slides from Vukile Property Fund's earnings presentation, November 2007

  1. Slide 1: 2007 Interim results

    2007 Interim results for the six months ended 30 September 2007

  2. Slide 2: Highlights

    Highlights  Distribution for 6 months up 12.6% compared to comparable period  Value of portfolio exceeds R4 billion  Reduction of vacancies from 2.9% six months ago to 2.5%  NAV per linked unit up 25.6% to 892 cents per linked unit  Successful completion of upgrade projects at Dobsonville and E

  3. Slide 3: Condensed group income statement for 6 months ended 30 September

    Condensed group income statement for 6 months ended … 30/9/07 30/9/06 % (cents per linked unit) movement Group net rental income 65.1 66.9 (2.7) Net finance costs (18.6) (25.2) 26.2 Other (including taxation) (2.7) (4.7) 42.6 Headline earnings 43.8 37.0 18.4 Available for distribution 124.4 98.9 25.

  4. Slide 4: Group debt structure

    Group debt structure VUKILE PROPERTY FUND LIMITED

  5. Slide 5: Group balance sheet – as at 30 September

    Group balance sheet – as at 30 September VUKILE PROPERTY FUND LIMITED

  6. Slide 6: Group net cash flow

    Group net cash flow VUKILE PROPERTY FUND LIMITED

  7. Slide 7: NAV Bridge

    NAV Bridge VUKILE PROPERTY FUND LIMITED

  8. Slide 8: Components of growth in income and distribution

    Components of growth in income and distribution VUKILE PROPERTY FUND LIMITED

  9. Slide 9: Linked unit price performance

    Linked unit price performance VUKILE PROPERTY FUND LIMITED

  10. Slide 10: Distribution history

    Distribution history VUKILE PROPERTY FUND LIMITED

  11. Slide 11: Trading volumes

    Trading volumes Average = R31.6m per month VUKILE PROPERTY FUND LIMITED

  12. Slide 12: The property portfolio

    The property portfolio  Number of properties 73 (71 on 31/3/07)  GLA 918 331 m² (898 351 m²)  Valuation Directors’ valuation R4.35 billion – up 12.6% from 31/3/07 (increase 8.9% on like-for-like basis) External valuationR2 129.8 million compared to directors’ valuation for same properties of R2 0

  13. Slide 13: The property portfolio – largest properties (> R120 million)

    The property portfolio – largest properties (> R120 million) Area Value % of (m²) (R’m) total Durban Phoenix 24 134 379.6 8.7 Randburg Square 51 370 218.9 5.0 Durban Embassy 32 376 203.1 4.7 Pinecrest (50%) 40 249 179.9 4.1 Belville Louis Leipoldt 20 479 162.3 3.7 Dobsonville Centre 23 124 146.9 3.4

  14. Slide 14: Acquisitions, developments and upgrades

    Acquisitions, developments and upgrades Value Yield (R’m) (%) Acquisition of BPI House Windhoek 113.0 9.1 Acquisition of West Street Houghton 33.9 9.2 Development of Moratiwa Crossing 61.6 9.5 Development of Allandale Mini’s 21.0 9.4 Upgrade of Dobsonville Centre 10.0 - Upgrade of Eva Park, Blackhea

  15. Slide 15: Sectoral profile - % of gross rentals

    Sectoral profile - % of gross rentals VUKILE PROPERTY FUND LIMITED

  16. Slide 16: Vacancy profile - % of gross rentals

    Vacancy profile - % of gross rentals VUKILE PROPERTY FUND LIMITED

  17. Slide 17: Lease expiry profile

    Lease expiry profile VUKILE PROPERTY FUND LIMITED

  18. Slide 18: New leases and renewals

    New leases and renewals New leases and renewals for 6 months ended 30 September 2007  Total area 69 486 m²  Total contract value R217.1 million Gross Contract rental (R/m²) value (R’m) Arivia.kom Midrand 64.80 34.3 Supra Hino Linbro Park 45.00 21.2 Embassy Durban (Wesbank) 48.10 20.5 Barlow Place

  19. Slide 19: Growth in rentals

    Growth in rentals Contracts expired during 6 months ended 30 September 2007 Average Average Growth rental on renewal in rental expiry rental (%) Industrial * 15.01 18.39 22.5 Retail 75.90 86.42 13.9 Commercial 58.88 67.71 15.0 * We have excluded the renewal of the Supra Hino contract at Linbro Park

  20. Slide 20: Cautionary announcement

    Cautionary announcement Announcement will be made shortly VUKILE PROPERTY FUND LIMITED

  21. Slide 21: Strategic priorities

    Strategic priorities  Growth New acquisitions Further expansions/revamps/upgrades (Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall)  Cost cutting Procurement New property management contracts  BEE Leverage existing shareholders Further initiatives re Code of Good Practice on Black Econo

  22. Slide 22: Prospects

    Prospects Budget for growth for full year broadly in line with growth of previous year VUKILE PROPERTY FUND LIMITED

  23. Slide 23: Questions

    Questions ? VUKILE PROPERTY FUND LIMITED

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