ANNUAL RESULTS - dipula.co.za · 8/31/2017 · Real Estate Investment and Services: Diversified REITS Date listed 17 August 2011 Closing price (31 Aug 2017) DIA R9.95 | DIB R10.25

1 ANNUAL RESULTS – FOR THE YEAR ENDED 31 AUGUST 2017

ANNUAL RESULTS

FOR THE YEAR ENDED 31 AUGUST 2017


AGENDA

01

02

03

04

BUSINESS OVERVIEW

FINANCIAL OVERVIEW

LOOKING AHEAD

QUESTIONS & ANSWERS


JSE sectorReal Estate Investment and Services: Diversified REITS

Date listed 17 August 2011

Closing price (31 Aug 2017) DIA R9.95 | DIB R10.25

Market capitalisation (31 Aug 2017) R4.4 billion

Asset manager Dipula Asset Management Trust

Lead property managers Broll | DPM | McCormick | Moolman Group

Shareholding A & B shares (different risk appetites)

Credit rating BBB (ZA) long term, A3 (ZA) short term

DIPULA AT A GLANCE

South African focused well DIVERSIFIED REIT that invests in retail, office and industrial property. Dipula is managed by an external MANCO

and management holds a sizable stake in the fund, thus ensuring goal alignment with all shareholders.


DIPULA AT A GLANCE

Retail

Office

Industrial

Western Cape

Northern Cape

Limpopo

KwaZulu-Natal

Gauteng

Free State

Eastern Cape

North West

Mpumalanga

16 3

4 2

6

4 2 1

5 1

1 2

2

6

68 27 24

7

6

119

19

66

2

3

6

Sectoral split by province (174 properties)

112

31

31

BUSINESS OVERVIEW IZAK PETERSEN (CEO)

TRADING ENVIRONMENTHIGHLIGHTS STRATEGY PORTFOLIO

01


R428m

Distributable

earnings

Up 11,3%

HIGHLIGHTS

Up 5,8%

Combined dividends

per share

R1.5 bn

In progress

Acquisitions

R335m

Non-core disposals

28

including post year end

R265m

Planned revamps

90%

Interest rate

hedging of


TRADING ENVIRONMENT STRATEGY PORTFOLIOHIGHLIGHTS

01


ECONOMIC FUNDAMENTALS

HISTORIC - SOUTH AFRICAN GDP GROWTH RATE

Indicator 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Economic activity

Real GDP (YoY%) 3.0 3.3 2.2 2.5 1.7 1.4 0.3 0.7 1.2 1.5

CPI (YoY%) 4.3 5.0 5.6 5.8 6.1 4.6 6.3 5.3 5.1 5.4

Unemployment (%) 24.9 24.9 25.0 24.7 25.1 25.4 26.7 27.5 27.9 28.0

External balance

Current Acct. (% of GDP) -1.5 -2.2 -5.1 -5.9 -5.3 -4.4 -3.3 -2.6 -3.2 -3.4

Fiscal balance

Budget (% of GDP)* -5.3 -4.2 -5.2 -4.9 -4.7 -3.8 -4.1

Interest rates

Central bank rate (%) 5.50 5.50 5.00 5.00 5.75 6.25 7.00 6.65 6.35

3-Month rate (%) 5.55 5.60 5.13 5.22 6.13 6.63 7.36 6.89 6.59

2006 2008 2010 2012 2014 2016 2018

8%

4%

0%

-4%

-8%

Source: Statistics SA, Bloomberg * Fiscal year

FORECASTSOUTH AFRICAN ECONOMY - ACTUALS


ECONOMIC FUNDAMENTALS (CONTINUED)

SA GDP PER CAPITA HISTORIC GROWTH RATE (US$)

1969 1980 1991 2002 2013

6 500

6 000

5 500

5 000

4 500

8 000

7 500

7 000

4500

5000

5500

6000

6500

7000

7500

8000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

SA GDP PER CAPITA FORECAST GROWTH RATE (US$)

Source: Statistics SA


RETAIL FUNDAMENTALS

IPD TRADING DENSITY INDEX, CURRENT PRICE TERMS (YoY)

2006 2008 2010 2012 2014 2016 2018

Source: MSCI Real estate, Statistics SA

12%

10%

8%

6%

4%

2%

0%

10.3%

-1.2%

0.3%

-4%

-6%

-8%

-2%

Historic - SA GDP growth rate

Annualised trading density growth


6.1%

3.8%

3.1%

2.2%

4.1%

0% 2% 4% 6% 8%

Neighbourhood

Community

Small regional

Regional

Super regional

RETAIL VACANCY RATE PER SEGMENT

Source: MSCI Real estate

NeighbourhoodCommunitySmall regionalRegionalSuper regional

2

1

0

-1

-2

-3

-4

2015 2016 2016 2017

-5

1,833

0,195

-2,235

-2,555

-4,484

VACANCY CHANGE RATE SINCE MID 2015 CURRENT VACANCY RATE - JUNE 2017


20%

12.6%11.7%

10.6%

6.8% 6.5%

0%

5%

10%

15%

City of Joburg eThekwini Municipality City of Tshwane City of Cape Town Nelson Mandela BayMunicipality

OFFICE FUNDAMENTALS

VACANCY RATE - AS AT SEPTEMBER 2017

20%

10%

1993

2.7%

10%

1998 2003 2008 2013 2018

11.2%5.5%

0%

Vacancy rate

Asking rental growth

Source: SAPOA office vacancy survey

LONG TERM TREND


OFFICE DEVELOPMENT ACTIVITY - BY NODE - SEPTEMBER 2017

2.4%

2.4%

2.6%

2.7%

3.4%

3.5%

5.9%

14.7%

16.3%

37.1%

0% 5% 10% 15% 20% 25% 30% 35% 40%

All other nodes

Lynnwood / Menlo Park /Persequor Park / Hazelwood

Epsom Downs

Century City

Centurion CBD

Midrand

Cape Town

Umhlanga / La Lucia

Rosebank

Waterfall

Sandton

% of total development GLA

3,5% 5,0%



3.6%4.3%

4.8%4.1% 4.1%

2.9%

4.1% 3.9%

3.1%

2.3%2.0%

2.7%2.2%

2.6%

3.7%

4.9%

3.5%

0%

1%

2%

3%

4%

5%

6%

Jun2009

Dec2009

Jun2010

Dec2010

Jun2011

Dec2011

Jun2012

Dec2012

Jun2013

Dec2013

Jun2014

Dec2014

Jun2015

Dec2015

Jun2016

Dec2016

Jun2017

INDUSTRIAL FUNDAMENTALSINDUSTRIAL VACANCY RATE

INDUSTRIAL BASE RENTAL GROWTH - ANNUAL % GROWTH Y/Y

14%

12%

10%

8%

6%

4%

Jan

2010

Jan

2011

Jan

2012

Jan

2013

Jan

2014

Jan

2015

Jan

2016

Jan

2017

Jun

2017

13.9%

2.9%



5.8%

4.3%

2.7%

3.7%3.3%

0%

1%

2%

3%

4%

5%

6%

7%

0 - 2 500m² 2 500m² - 5 000m² 5 000m² - 10 000m² 10 000m² - 25 000m² >25 000m²

INDUSTRIAL VACANCY RATE BY BOX SIZE - AS AT JUNE 2017ALL INDUSTRIAL

BASE RENTAL GROWTH BY BOX SIZE - AS AT JUNE 2017

4.2% 3.9%2.9%

7.4%

3.5%

8.7%

3.2%

5.0%

2.1%

0%

2%

4%

6%

8%

10%

June 2017

All industrial 2 500m² - 5 000m² 5 000m² - 10 000m² 10 000m² - 25 000m² >25 000m²

June 2017 June 2016 June 2017 June 2016 June 2017 June 2016 June 2017 June 2016



STRATEGYTRADING ENVIRONMENT PORTFOLIOHIGHLIGHTS

01


STRATEGY

Office

• Offices in well serviced

preferred nodes

• A-grade or higher

• Long WALE’s

• Preferably multi-tenanted

• Sell or convert lower

grade offices

Residential

• Affordable rentals

• Family oriented

• Conversion of

existing stock

• Good amenities

SECONDARY SECONDARY

Sell strip centres & stand-alone retail

(<5 000m²)

Optimal size and tenant mix a key to

success

Approach rural retail with caution

› Focus on quality tenants

› Improve existing stock • Retail:

Community & Neighbourhood

Centres (5 000m² - 25 000m²)

CORE FOCUS

• Industrial:

Multi-use industrial parks & stand-

alone (2 500m² - 25 000m²)


SURVIVAL TOOLKIT FOR A SLOW ECONOMY

› Avoid the ostrich effect

› Focus on building a solid core through selective buying, strategic disposals

and revamps

› Focus on the tenant experience

› Tactical leasing

› Maintain a sense of urgency & initiative

› Retain our talented people

› Focus on long term value creation for investors


TRADING ENVIRONMENT STRATEGYHIGHLIGHTS PORTFOLIO

01


59%

16%

25%

Retail

Office

Industrial

OUR PORTFOLIO AT 31 AUGUST 2017

Geographic split by GLA Sectoral split by GLA

757 363m²

Total

GLA

R40m

Average

property value

R6.9 bn

Average value

per m² by GLA

4 353m²

Average

property size

R9 106174 properties

7,7%

Average

escalation

Portfolio

value

60%13%

10%

6%

3%3%

2%2%1%Gauteng

Limpopo

Eastern Cape

KwaZulu-Natal

North West

Free State

Mpumalanga

Western Cape

Northern Cape


Property Rent/turnover SAPOA average Trading density YoY trading

density growth

Nquthu Plaza 4,3% 5,6% 2 419 3,0%

Seshego Circle 3,5% 5,6% 3 062 1,6%

Phangami Mall 3,0% 5,4% 3 613 -1,0%

Gillwell Mall 8,0% 7,3% 1 242 14,0%

Gezina Galleries 5,1% 5,6% 2 057 16,0%

Bochum Plaza 3,0% 5,6% 3 017 9,0%

Kopanong Kudube Centre 5,0% 5,4% 2 610 -4,0%

Ziyabuya Centre 5,0% 5,6% 1 826 1,0%

Hammanskraal Centre 4,0% 5,4% 1 436 7,0%

Woodmead Super Value Mart 3,0% 5,4% 2 718 7,0%

Eyethu Orange Farm Mall 5,8% 7,3% 2 388 14,0%

Tower Mall* 2,9% 5,6% 2 832 9,0%

RETAIL TRADING UPDATE

MAJOR RETAIL PROPERTIES TRADING STATS

* Only anchor tenant


31

71 92

54 46

142 7

10

8

5

14

- 2 4 6 8 10 12 14 16

-

50

100

150

200

250

Total portfolio

63

180 160

88 72

182

14 16

10

7

16

-3

-

3

6

9

12

15

18

-

50

100

150

200

250

LEASE EXPIRY PROFILE

Average monthly gross income

Vacant

Expiring before 31 Aug 2018




Expiring after 31 Aug 2021

GLA (000m²) Rm

GLA (000m²) Rm GLA (000m²) RmGLA (000m²) Rm

Retail Office Industrial

22 28 40 15 6 7

2.3

4.2

1.5

0.7 0.6

-1

-

1

2

3

4

5

-

50

100

150

200

250

10

81

28 18 20 33

3.9

1.30.7

1.6 1.4

-2

-

2

4

6

-

50

100

150

200

250


Retail Office Industrial Total

Number of leases 137 30 17 184

Value of leases 109 795 560 45 737 902 53 794 314 209 327 776

Weighted average gross rental (R/m²) 66,41 107,04 39,47 69,65

Total GLA let (m²) 32 379 10 343 12 661 55 384

Weighted average escalations 8,9% 8,1% 8,2% 8,6%

LEASE ACTIVITY - 1 Sep 2016 to 31 Aug 2017

New leases

Retail Office Industrial Total

Number of leases 199 34 26 259

Value of leases 329 023 800 86 685 181 51 534 566 467 243 547

Average gross rental expiry (R/m²) 94,78 113,09 48,39 91,20

Average gross rental new (R/m²) 99,71 118,12 49,75 95,41

Total GLA renewed (m²) 69 231 51 827 32 263 153 322

Weighted average escalations 7,3% 8,0% 7,6% 7,4%

Average increase in renewal rate 5,2% 4,4% 2,8% 4,6%

Renewals


LEASE ACTIVITY (CONTINUED)

Renewals

New leases

› Overall 80%

› Retail 79%

› Offices 83%

› Industrial 79%

Tenant retention rate

75%

16%

9%

58%19%

23%

77%

13%

10%

45%

34%

21%

Total new GLA let: 55 384m²Number of new leases: 184

Number of leases renewed: 259 Total GLA renewed: 153 322m²


VACANCIES

Retail 7.1%

Office 18.7%

Industrial 5.4%

(31 Aug 2016: 8.5%)

(31 Aug 2016: 12.8%)

(31 Aug 2016: 5.9%)

Vacancies 8.5% (31 Aug 2016: 8.5%)


WEIGHTED AVERAGE ESCALATIONS & RENTALS

Gross rentals (R/m²)

Retail Office Industrial Portfolio

By income 122.73 117.52 55.02 111.90

By GLA 106.71 109.22 50.37 92.12

Escalations

Retail Office Industrial Portfolio

By income 7.3% 8.8% 7.8% 7.6%

By GLA 7.4% 8.9% 7.9% 7.7%


28 properties for

Total of

R335m

DISPOSALS

10%

Average yield

50 472m²

Total GLA sold

1 803m²

Average size

R12m

Average value Capital recycled into

redevelopments and

payment of debt


Industrial

REDEVELOPMENTS & REVAMPS

Retail Office

Property Description

Capex

amount

(Rm)

Units /

GLA

Anticipated

completion

Nemisa Existing office re-development 50 5 042 Completed

Various Retail redevelopment / revamp 128 91 504 2018

Various Residential conversions 116 646 2018

Range Road Industrial addition 21 12 905 2018

Total 315

Residential


ACQUISITIONS

Acquisition price R1,5 bn

Blended yield 11,4%

Price per m² 5 784

WALE 4.5

Total bulk acquired 35 093

GEOGRAPHIC SPLIT

BY GLA

46%

42%

12%18%

27%55%

OVERALL SUMMARY ACQUISITION VALUEACQUISITION GLA

R14 605

R13 558

R3 995

AVERAGE PRICE

PER m²

GEOGRAPHIC SPLIT

BY VALUE*

53%

20%

6%3%

18%

Western Cape

North West

GautengKwaZulu-Natal

Other

72%

8%

4%

12%4%

Gauteng

Western Cape

North West

KwaZulu-Natal

Other

* The geographic split by income is similar to the split by value


ACQUISITION: CHILLI LANE

Sunninghill - Gauteng

Retail sector

Purchase price (Rm) 281

GLA (m²) 13 391

Weighted average net rental

per m² (R)164,41

Cost per m² 20 967

Anchor tenants

Average lease period 4 years

Trading density (R / m² / month) 3 933

Woolworths, PnP


ACQUISITION: CHILLI ON TOP

Sunninghill - Gauteng

Retail sector


GLA (m²) 5 042

Weighted average net rental per

m² (R)146,08

Cost per m² 17 199

Anchor tenants


Trading density (R / m² / month) 4 414

Food Lovers, DisChem


ACQUISITION: HARDING CORNER (50%)

Harding - Southern KwaZulu-Natal

Retail sector


GLA (m²) 9 105

Weighted average net rental per

m² (R)103

Cost per m² 12 081

Anchor tenants


Trading density (R / m² / month) 2 508*

Shoprite

* Only anchor tenants


ACQUISITION: FIRESTATION ROSEBANK

Rosebank - Gauteng

Office sector


GLA (m²) 4 272


per m² (R)210,00

Cost per m² 28 490


ACQUISITION: AVANTI

Durbanville - Western Cape

Office sector


GLA (m²) 8 369


per m² (R)156,22

Cost per m² 20 569



ACQUISITION: CARNATION PLACE

Constantia Kloof - Gauteng

Office sector


GLA (m²) 4 440


per m² (R)183,77

Cost per m² 22 801



ACQUISITION: 55 HYDE PARK

Hyde Park - Gauteng

Office sector


GLA (m²) 2 167


per m² (R)118,00

Cost per m² 17 943



ACQUISITION: DETNET

Modderfontein - Gauteng

Office sector


GLA (m²) 913


per m² (R)171,43

Cost per m² 25 192



ACQUISITION: VALLEY VIEW OFFICE PARK

Constantia Kloof - Gauteng

Office sector


GLA (m²) 6 793


per m² (R)87,35

Cost per m² 16 070



FUTURE DEVELOPMENTS: HATFIELD 1 & 2

Hatfield - Gauteng

Mixed-use


Bulk (m²) 16 093

FINANCIAL REVIEW RIDWAAN ASMAL (CFO)02


FINANCIAL HIGHLIGHTS

Distribution growth

per share

80,7%

Property operating

margin (net)

R134m

Acquired remaining

20% of Moolman portfolio

R10,13

Net asset value

per share

38,9%

Loan to value

Combined 5.8%

DIA 5.0%

DIB 6.7%

R1,0 bn

Debt refinanced


DISTRIBUTION GROWTH

cps

79.37 83.34 87.50 91.88

96.47 101.30

60.82 66.64

73.34 80.30

89.49 95.50

140.19 149.98

160.84

172.18

185.97

196.80

0

50

100

150

200

250

Aug 2012 Aug 2013 Aug 2014 Aug 2015 Aug 2016 Aug 2017

A- share B- share Total

5.0%

9.6%

7.0%

5.0%

10.0%

7.2%

5.0%

9.5%

7.1%

5.0%11.5%

8.0%

5.0%6.7%

5.8%


COMBINED MARKET PRICE TO NAVcents

1065 1069 1035

1172 1142

995

1000

650750 790

1114

900

1025

1050

500

800

1 100

1 400

Aug 2012 Aug 2013 Aug 2014 Aug 2015 Aug 2016 Aug 2017 Current

DIA DIB

cents

17151819

1825

22862042 2020 2050

14161570 1630

1868

2092 2026 2026

21%

16%

12%

22%

-2%0% 1%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

0

500

1000

1500

2000

2500

Aug 2012 Aug 2013 Aug 2014 Aug 2015 Aug 2016 Aug 2017 Current*

Market price NAV Premium / Discount


SHARE PRICE APPRECIATION (CENTS)

200

400

600

800

1000

1200

1400

1600

Aug

-11

Oct-

11

De

c-1

1

Fe

b-1

2

Apr-

12

Ju

n-1

2

Aug

-12

Oct-

12

Dec-1

2

Fe

b-1

3

Apr-

13

Ju

n-1

3

Aug

-13

Oct-

13

Dec-1

3

Fe

b-1

4

Apr-

14

Ju

n-1

4

Aug

-14

Oct-

14

Dec-1

4

Fe

b-1

5

Apr-

15

Ju

n-1

5

Aug

-15

Oct-

15

Dec-1

5

Fe

b-1

6

Apr-

16

Ju

n-1

6

Aug

-16

Oct-

16

Dec-1

6

Fe

b-1

7

Apr-

17

Ju

n-1

7

Aug

-17

Oct-

17

Dec-1

7

DIA DIB


STATEMENT OF COMPREHENSIVE INCOME (EXTRACTS)

31 Aug 2017

R 000

31 Aug 2016

R 000 Variance

Revenue 1 052 517 1 023 475 2,8%

Property expenses (353 463) (349 646) 1,1%

Net property income 699 054 673 829 3,7%

Administration and corporate costs (31 887) (32 013) (0,4%)

Net operating profit 667 167 641 816 3,9%

Net finance cost (243 632) (242 002) 0,7%

Antecedent dividend 10 991 2 492 341,1%

Non-controlling interests (6 367) (17 670) (64,0%)

Distribution 428 159 384 636 11,3%

Distribution per A-share 101,29784 96,47414 5,0%

Distribution per B-share 95,49834 89.49361 6,7%

Combined distribution 196,79618 185.96775 5,8%

Gross property cost to income ratio 34% 34%

Net property cost to income ratio 19% 17%

Total cost to income ratio 23% 21%


70%

16%

14%

70%

18%

12%

70%

16%

14%

SECTORAL PERFORMANCE (Aug 2017 v. 2016)

Net property incomeProperty expensesRevenue

70%

17%

13%

73%

17%

10%

69%

17%

14%

Aug 2016

Aug 2017


STATEMENT OF FINANCIAL POSITION (EXTRACTS)

31 Aug 17

(R 000's)

31 Aug 16

(R 000's)

Variance

(%)

Non-current assets 6 989 754 7 017 087 (0,4%)

Current assets 374 260 206 704 81%

Vendor on sale of property 89 936 - 100%

Cash and cash equivalents 130 226 58 732 122%

Other 154 098 147 972 4%

Non-current assets held for sale 42 942 93 850 (54%)

Total assets 7 406 956 7 317 641 1%

Interest-bearing liabilities 2 822 065 2 886 664 (2%)

Derivative liability 35 082 - 100%

Other liabilities 125 336 105 373 19%

Total liabilities 2 982 483 2 992 037 (0,3%)

Net assets 4 424 473 4 325 604 2%

Loan to Value (LTV) 38,9 40,1%


130

(67)

239

(134)

112

(111)

(413)

(245)

691

59

(1 500)(1 000) (500) 0 500 1 000

59

845

286

128

61

(1 283)

(376)

(242)

577

63

(1 500)(1 000) (500) 0 500 1 000

CASH FLOW - Rm

Opening balance

Cash generated from operations

Net finance cost

Distribution paid

Acquisitions and capex

Equity raised

Closing balance

Disposals

Debt funding raised

Non-controlling interest

31 Aug 2017 31 Aug 2016


DEBT PROFILE

18.6%

31.8%

24.8%

18.1%

6.7%

11.0%

38.3%

25.2%

11.7%

3.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

Debt expiry Hedge expiry

› 90% of debt hedged for average 2.2 years (61% at 31 Aug 2016)

› Weighted average cost of debt 9.17%

› Weighted average length of facilities 2.7 years

LOOKING AHEAD IZAK PETERSEN (CEO)03


LOOKING AHEAD – 2018 PRIORITIES

› Challenging year expected

› Finalise acquisitions

› Increase number of in-house managed properties

› Implement Manco internalisation

› Guidance 5% - 5.5%

QUESTIONS & ANSWERS04

ANNEXURES05


67%

15%

18%

A B C

70%

12%

18%

TENANT PROFILE

By GLA By rental income

Shoprite Group 9%

Department of Public Works 7%

Pick 'n Pay Group 5%

Pepkor Group 3%

Local Government 3%

Masscash 3%

Cashbuild 2%

Edcon Group 2%

Spar Group 2%

Electro Inductor Industries 2%

Top 10 tenants by let GLA


10%

90%

Single tenanted

Multi tenanted

60%

40%

Single tenanted

Multi tenanted

37%

63%

Single tenanted

Multi tenanted

BUILDING AND TENANT PROFILE

74%

19%

7%Urban

Small Town

Rural

46%54%

0%

A Grade

B Grade

C Grade

Retail by GLA

Office grading Retail GLASpace exposure

25%

75%

Single

Multi

*

* Including urban townships

Office by GLA Industrial by GLA


TOP TEN PROPERTIES

29.2% of total portfolio by value

Building Name Region

Aug 2017

GLA m²

Value as at

31 August 2017

Rm

1 Gillwell Taxi Retail Park Eastern Cape 22 090 310,8

2 SAPS VIP Gauteng 21 478 300,0

3 Umzimkhulu Mall KwaZulu-Natal 15 741 216,1

4 Nquthu Plaza KwaZulu-Natal 14 912 195,8

5 Gezina Galleries Gauteng 16 670 188,3

6 Kopanong Kudube Shopping Centre Gauteng 10 755 176,6

7 Corporate Park II Limpopo 28 058 171,6

8 Bochum Plaza Limpopo 12 081 166,2

9 Tower Mall North West 15 436 156,3

10 Seshego (50% share) Limpopo 15 168 133,4

Total top ten properties 172 388 2 015,1

Retail Office Industrial


TOP TEN RETAIL PROPERTIES

38.5% of retail portfolio by value


Aug 2017

GLA m²

Value as at

31 August 2017

Rm

1 Gillwell Taxi Retail Park Eastern Cape 22 090 310,8

2 Umzimkhulu Mall KwaZulu-Natal 15 741 216,1

3 Nquthu Plaza KwaZulu-Natal 14 912 195,8

4 Gezina Galleries Gauteng 16 670 188,3

5 Kopanong Kudube Shopping Centre Gauteng 10 755 176,6

6 Bochum Plaza Limpopo 12 081 166,2

7 Tower Mall North West 15 436 156,3

8 Seshego (50% share) Limpopo 15 168 133,4

9 EOFM Gauteng 7 448 129,5

10 Woodmead Super Value Mall Gauteng 7 169 127,5

Total top ten retail properties 137 469 1 800,5


TOP TEN OFFICE PROPERTIES

70% of office portfolio by value


Aug 2017

GLA m²

Value as at

31 August 2017

Rm

1 SAPS VIP Gauteng 21 478 300,0

2 SAPS IJS Gauteng 7 874 112,2

3 Nemisa Office Building Gauteng 4 762 80,0

4 Boardwalk Place Gauteng 6 455 79,9

5 Steve Biko Corner Gauteng 5 048 71,9

6 50 Hamiton Street Gauteng 4 500 52,3

7 Finance House Gauteng 8 451 44,5

8 Sanburn Building Gauteng 6 757 41,6

9 Montrose Place Gauteng 3 922 37,0

10 Bruma Boulevard Gauteng 4 623 36,1

Total top ten office properties 73 870 855,5


TOP TEN INDUSTRIAL PROPERTIES

69.5% of industrial portfolio by value


Aug 2017

GLA m²

Value as at

31 August 2017

Rm

1 Corporate Park II Limpopo 28 058 171,6

2 New Brighton Eastern Cape 23 099 130,0

3 Renaissance Park Gauteng 10 680 79,0

4 Sterkolite Building Gauteng 12 782 78,1

5 Range Road Blackheath Western Cape 10 980 60,0

6 Tedstone Park Gauteng 6 940 42,6

7 Vana Road Gauteng 8 195 38,0

8 SIFON Park Gauteng 9 300 37,2

9 Bernie Street Gauteng 6 342 30,0

10 Jasco Building Gauteng 5 014 29,2

Total top ten industrial properties 121 390 695,7

Documents

ANNUAL RESULTS - dipula.co.za · 8/31/2017 · Real Estate Investment and Services: Diversified REITS Date listed 17 August 2011 Closing price (31 Aug 2017) DIA R9.95 | DIB R10.25