GROWTHPOINT PROPERTIES LIMITED Results... · 41.7% 3 010 Market 1 850 1 450 6 608 800 2 510 2 000 1 450 6 853 13 818 13 613 R’ million NOMINAL VALUE GOZ debt of R7,0 billion (R8.70/AUD)

GROWTHPOINT PROPERTIES LIMITED

INTERIM RESULTS

PRESENTATION

FOR THE SIX MONTHS ENDED

31 DECEMBER 2012

2

Introduction and Highlights

Financial Review

Capital Management

Operational Overview and Operating Environment

RSA

GOZ

V&A

Acquisitions, Disposals, Developments and Commitments

Revised offer for Fountainhead

Prospects

Annexures

AGENDA

INTRODUCTION AND

HIGHLIGHTS

4

INTRODUCTION TO GROWTHPOINT

Fully integrated internally managed property company employing 457 staff

R13,5 billion

Office

R14,8 billion

R7,5 billion R14,8 billion AUD1,7 billion

Industrial

Australia V&A

Waterfront Office Industrial Retail

The largest listed property company on the JSE with property assets valued at

R55,7 billion including 100% of Growthpoint Properties Australia (“GOZ”) and 50% of

the V&A Waterfront in Cape Town

Market capitalisation of R43,3 billion at 31 Dec 2012 (R24.50 per linked unit)

Diversified property portfolio comprising 390 properties in RSA, 43 properties in

Australia which is 65.3% owned and a 50% interest in the properties of the V&A

Waterfront in Cape Town

R5,1 billion

5

HIGHLIGHTS FOR THE PERIOD UNDER REVIEW

19.4% Return to investors for the 6 months

(annualised)

Capital growth

13.1%

Income yield

6.3%

Distribution per linked unit 7.2% growth 72,7 cents

Market value Dec 2012

R4,9 billion

Total cost Dec 2012

R3,2 billion

R179,4 million additional investment in Growthpoint Properties Australia

Capital growth

19.4%

Income yield

11.7%

31.1% Return on R3,2 billion Australian

investment for the 6 months (annualised)

New equity raised via Distribution Re-Investment Plan (supported by 59.4% of unitholders)

R613,1 million

Average annual growth in interim distributions over last 5 years

7.3%

Unrestricting the working capital of our tenants

UNdeposit

56,3 59,1 63,9 67,8 72,7

58,3 62,1

67,1 71,2

114,6

121,2

131,0

139,0

0

30

60

90

120

150

FY 08 FY 09 FY 10 FY 11 FY 12

6

GROWTH IN DISTRIBUTION PER LINKED UNIT

Final distribution Interim distribution Cents

6.5%

5.0%

8.1%

8.1%

6.1%

6.1%

5.8%

8.1%

6.1%

7.2%

Growth Growth

Growth

Growth

7 GROWTH IN TANGIBLE ASSETS AND MARKET

CAPITALISATION

Cents R’ billion

Tangible assets (R’bn) Market cap (R’bn)

Unit price (cents) NTAV per unit (cents)

0

300

600

900

1200

1500

1800

2100

2400

2700

0

10

20

30

40

50

60

70

80

90

FINANCIAL REVIEW

9

NET PROPERTY INCOME AFTER OPERATING EXPENSES

V&A

RSA

GOZ

R’million

1 587 1 479

1 341

556

382

236

150

140

-

500

1 000

1 500

2 000

2 500

Dec 12 Dec 11 Dec 10

The V&A Waterfront is included in Net Property Income after Operating Expenses in the above graph, although this is

accounted for as finance income. GOZ is included at 100%.

24%

69%

19%

74% 85%

15%

7%

7%

2 293

2 001

1 577

10

SIMPLIFIED CONSOLIDATED INCOME STATEMENT Dec 2012

R’ million

Dec 2011

R’ million

Increase/

(Decrease)

Gross property revenue 2 849 2 480 14.9%

RSA 2 191 2 031 7.9%

GOZ 658 449 46.5%

Property expenses (597) (544) 9.7%

RSA (524) (496) 5.6%

GOZ (73) (48) 52.1%

Net property income 2 252 1 936 16.3%

Other operating expenses (109) (75) 45.3%

RSA (80) (56) 42.9%

GOZ (29) (19) 52.6%

Net property income after operating expenses 2 143 1 861 15.2%

Finance costs (938) (832) 12.7%

RSA (691) (643) 7.5%

GOZ (247) (189) 30.7%

Finance income 205 206 (0.5%)

Investment income from V&A Waterfront 150 140 7.1%

Other finance income 55 66 (16.7%)

Adjustment for NCI, foreign exchange profit & normal taxation (125) (82) 52.4%

Distributable profit before debenture interest 1 285 1 153 11.4%

Distribution for the period 1 285 1 153 11.4%

Average exchange rate at R8.79/AUD (Dec 2011: R7.84/AUD) for GOZ

23.9% 24.3% 24.4%

3.7% 3.1% 2.8%

0%

5%

10%

15%

20%

25%

30%

Dec 12 Jun 12 Dec 11

11.1% 10.4% 10.7%

4.4% 4.7% 4.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


27.2% 26.0% 27.4%

5.6% 6.1% 5.9%

0%

5%

10%

15%

20%

25%

30%

35%


11

EXPENSE TO INCOME RATIOS

Property expense ratio (%)

Operating expense ratio (%)

RSA V&A

GOZ

11





15.5% 15.1% 14.9%

27.6% 27.4% 27.2%

32.8% 32.1% 33.3%

%

%

%

12

CONSOLIDATED BALANCE SHEET (EXTRACTS)

Dec 2012

R’ million

Jun 2012

R’ million

Dec 2011

R’ million

Jun 2012

Dec 2012

Increase

Property portfolio * 50 666 48 106 45 350 5.3%

RSA 35 866 34 988 33 623 2.5%

GOZ *** 14 800 13 118 11 727 12.8%

50% Investment in V&A Waterfront 4 912 4 912 4 950 -

Borrowings ** 20 829 19 731 17 981 5.6%

RSA 13 818 13 613 12 953 1.5%

GOZ *** 7 011 6 118 5 028 14.6%

Linked unitholders’ interest (NAV) 29 650 28 543 27 442 3.9%

* Includes R1 238m of properties reclassified as held for sale (Jun 2012 – R515m, Dec 2011 – R418m)

** Excludes fair value adjustments

*** Closing exchange rate at 31 Dec 2012 - R8.70/AUD (Jun 2012 – R8.35/AUD, Dec 2011 – R8.24/AUD)

13

PROPERTY PORTFOLIO

Annexures

RSA

Dec 2012

R’ million

GOZ

Dec 2012

R’ million

Total

Dec 2012

R’ million

V&A

Dec 2012

R’ million

Balance at 30 Jun 2012 34 988 13 118 48 106 4 950

Acquisitions 3 & 16 13 524 537 -

Disposals 3 (382) - (382) -

Foreign exchange translation - 532 532 -

Developments and capital

expenditure

412

602

1 014

128

Sub-total 35 031 14 776 49 807 5 078

Fair value adjustment* 835 24 859 -

Balance at 31 Dec 2012 35 866 14 800 50 666 5 078

Long-term property assets 35 246 14 182 49 428 5 078

Properties held for sale 4 620 618 1 238 -

* Fair value adjustment represents 1.7% of investment property portfolio

CAPITAL

MANAGEMENT

* Nominal value of interest-bearing borrowings (net of cash), divided by the fair value of property assets, including investment

property held for sale. For RSA the 50% equity investment in V&A Waterfront was included in the fair value of property assets

** Calculated in Rands

33.0% 33.9%

33.1%

2.7 2.8 2.8

0

1

2

3

4

5

6

7

8

0%

10%

20%

30%

40%

50%


46.6% 44.4%

41.6%

2.3 2.2 2.1

0

1

2

3

4

5

6

7

8

0%

10%

20%

30%

40%

50%


15

RSA

LTV (incl V&A) *

Interest cover ratio (incl V&A)

GOZ**

LTV *

Interest cover ratio

times % times %

LOAN TO VALUE & INTEREST COVER RATIO

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

Dec 12 Jun 12

900

16

RSA - DIVERSIFIED BORROWINGS

Unsecured

41.7%

3 010

1 850

1 450

6 608

800

2 510

2 000

1 450

6 853

13 818 13 613

NOMINAL VALUE R’ million

GOZ debt of R7,0 billion (R8.70/AUD) is secured (Jun 2012: secured debt of R6,1 billion at an exchange rate of

R8.35/AUD)

Secured Bank debt

Commercial Paper

Unsecured Bank debt

Corporate Bond

Secured Institutional Financier

Debt Capital

Market

28.3%

Traditional

Bank Debt

71.7% Secured

58.3%

Secured

61.0%

Debt Capital

Market

24.3%

Traditional

Bank Debt

75.7%

Unsecured

39.0%

17

CAPITAL MANAGEMENT Long-term strategy of increasing unsecured debt and reducing the percentage of encumbered assets,

41.7% unsecured at Dec 2012 (Jun 2012: 39.0%)

Long-term strategy to increase exposure to the debt capital market to 50%

R500 million bond issue (GRT06) in Dec 2012 mainly utilised for re-financing of bank debt

Equity of R613,1 million raised through DRIP in Sept 2012 utilised for acquisitions, capital

expenditure and reduction of debt

Dec 2012 pricing on commercial paper reduced to 19 basis points from 24 basis points in Dec 2011

RSA: 85.5% (Jun 2012: 83.1%) of interest rates fixed for a weighted average of 4.7 years (Jun 2012:

4.9 years)

Weighted average interest rate remained at 9.5% from Jun 2012

Weighted average term of the loan book increased from 4.1 years in Jun 2012 to 4.2 years

Unutilised committed facilities of R2,5 billion

Moody’s has maintained Growthpoint’s credit rating, with a stable outlook

Treasury policy guidelines reaffirmed by Board of Directors:

Growthpoint will ensure that cash flows from operations plus available credit facilities will exceed committed

cash outflows and debt maturities over a rolling 12 month period

Growthpoint will fix the interest rate on a minimum of 75% of the total debt

OPERATIONAL

OVERVIEW AND

OPERATING

ENVIRONMENT

13 578 12 180 11 462

14 802 14 282 13 443

7 486 7 161

6 994

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000


581 521 484

690 655

572

396 359

332

-

200

400

600

800

1 000

1 200

1 400

1 600

1 800

Dec 12

1 388

RSA PORTFOLIO OVERVIEW 19

Industrial

Office

Retail

1 667

1 535

Dec 11 Dec 10

R’ million R’ million

35 866 33 623

31 899

NET PROPERTY

INCOME

PROPERTY

PORTFOLIO

Number of Properties 390 412 426

24%

23%

24%

41% 43%

41%

35% 34% 35%

21% 22%

22%

41% 42%

42%

38% 36% 36%

20

NET PROPERTY INCOME ANALYSIS RSA (EXCL V&A)

Dec 2012

R’ million

Dec 2011

R’ million

Increase/

(Decrease)

Gross property revenue 2 191 2 031 7.9%

Retail 803 724 10.9%

Office 891 846 5.3%

Industrial 497 461 7.8%


Retail (222) (203) 9.4%

Office (201) (191) 5.2%

Industrial (101) (102) (1.0%)

Net property income 1 667 1 535 8.6%

Adjustments: (253) (221)

Acquisitions & Developments (119) (70)

Disposals (18) (39)

Investec rent (116) (112)

Adjusted “like for like” net property income 1 414 1 314 7.6%

Retail 538 498 8.0%

Office 512 476 7.6%


21

KEY PERFORMANCE INDICATORS - RSA

Six months

ended

Dec 2012

Year ended

Jun 2012

Six months

ended

Dec 2011

Vacancies (%) 4.1% 4.0% 4.0%

Total arrears (R’million) 48,0 32,6 49,3

Bad debts (R’million) 7,1 7,8 2,6

Average in force escalations (%) 8.0% 8.4% 8.4%

Renewal success rate (%) 71.2% 75.2% 74.9%

Weighted average renewal growth (%) 2.9% 2.7% 1.6%

Weighted average future escalations on renewals (%) 8.3% 8.4% 8.5%

Number of employees 457 457 446

Net Property Income per employee (R) 3 647 953 6 781 181 3 441 704

22

RSA - RETAIL Growth in centre turnovers are slowing down, tracking major

retailer sales performance. However, retailer occupancy cost-

to-turnover ratios remain well within acceptable industry

norms

RSA retailer expansion of international brands within existing

operations (Edcon & Foschini) and interest from European and

Australian international retailers creating demand at prime

centres

Vacancies are at historical average and vacancy level at top 10

centres is below 1.5% if areas under development are excluded

Second tier shopping centre performance under pressure in

terms of tenant retention, renewal rental levels and arrears

Cost containment remains difficult - especially labour intensive

services and administration costs. Implementation of new

municipal valuation roll in 2013 could impact rental

affordability levels

Redevelopments/Refurbishments/Extensions progressing well

with extensions to Brooklyn Mall, Kolonnade, Walmer Park,

Waterfall Mall and Northgate expected to open for trade from

Q3/2013 to Q3/2014

Size of portfolio:

Dec 2012

R’million

Dec 2011

R’million

Net Property Income 581 521

Portfolio Value 13 578 12 180

Vacancy: % %

Total portfolio 2.9 3.6

Top 10 centres 1.9 1.7

Balance of portfolio 4.7 5.2

Arrears: R’million R’million

Total 24,1 26,4

Bad debt provision 6,9 4,9

Renewals: % %

Renewal success rate 80.7 82.4

Renewal rental growth 5.0 7.1

23

RSA - OFFICE The ongoing challenging economic conditions resulted in the

loss of several major tenants in the first half. Vacancies

increased to 7.1% but significantly outperformed the national

average for Q4/2012 of 10.6%

New letting totalled 45 588m² and 70 454m² of leases expiring

in the first half were renewed. The declining renewal success

rate of 65.3% further emphasising the tough market conditions.

The renewal growth rate remains under pressure but is now

positive, a turnaround from (4.4%) reported last year

Arrears have been kept under control through continued

proactive credit control, ending the first half at 6.9% of

collectables. The bad debt provision increased to R7,1 million

due to Government arrears at the end of Dec 2012. These

have subsequently been collected

The second half will remain challenging with vacancies under

pressure. Five new developments and major redevelopments,

totalling 36 067m², of which 20 469m² has been let, will be

completed before Jun 2013. It is anticipated that a further 2

developments will achieve GBCSA certification, bringing the

total to 4

Size of portfolio:

Dec 2012

R’million

Dec 2011

R’million



Vacancy: % %



Total 14,0 14,1


Renewals: % %


Renewal rental growth 0.7 (4.4)

24

RSA - INDUSTRIAL Challenging trading conditions, echoed by negative factory

output data

Continued increases in input costs, specifically electricity, is

negatively affecting the manufacturing sector. Implied

pressure on renewal growth and lease periods

Continued demand for warehousing and distribution facilities

(>10,000m²). Increasing consolidation is evident

Vacancy levels have stabilised. Expected to remain at ±3%

level for the near future

Arrears have remained stable

New development enquiries remain positive

Acquisition growth remains limited due to high demand and

sellers expectations

Strategy:

Key focus areas are vacancies, arrears and renewals

Unlock value from existing portfolio

Pursue new development and acquisition opportunities if

financially viable

Size of portfolio:

Dec 2012

R’million

Dec 2011

R’million



Vacancy: % %



Total 9,9 8,8


Renewals: % %



6 924 4 932

1 289

7 876

6 795

5 406

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000


25

NET PROPERTY

INCOME

PROPERTY

PORTFOLIO

253

121 22

332

280

229

-

100

200

300

400

500

600

700


Industrial

Office


14 800

11 727

6 695

Number of Properties 43 40 33

585

401

251

57%

43%

70%

30%

91%

9%

53%

42%

19%

81%

58%

47%

GOZ PORTFOLIO OVERVIEW

26

KEY PERFORMANCE INDICATORS - GOZ

Six months

ended

Dec 2012

Year ended

Jun 2012

Six months

ended

Dec 2011

Vacancies (%) 0.8% 0.3% -

Total arrears (R’million) - 0,3 4,1

Bad debts (R’million) - - -


Renewal success rate (%) n/a 100.0% 100.0%

Weighted average renewal growth (%) n/a 6.1% 4.2%

Weighted average future escalations on renewals (%) n/a 3.6% 3.5%

Number of employees 10 8 9

Net Property Income per employee (R) 58 500 000 113 250 000 44 555 556

27

OVERVIEW - GOZ

Size of portfolio:

Dec 2012

R’million

Dec 2011

R’million



HY 2013

results in

line with

guidance

Capital

management

Distributable profit: AUD36,8 million; a 47.6% increase from HY2012

9.0 cps distribution; 3.4% above HY2012 (before withholding tax of 0.38 cps

payable by international investors - Growthpoint RSA)

24.1% total return for calendar year to 31 Dec 2012

9.3 cps distribution forecast for 6 months (before withholding tax of 0.39 cps

payable by international investors – Growthpoint RSA) to 30 Jun 2013 taking

total FY2013 distribution to 18.3 cps (4.0% growth)

Distribution declared equates to 95% of distributable profit

Net Tangible Assets (“NTA”) unchanged at AUD1.93

Management Expense Ratio consistent at 0.4%

Small gearing increase (45.6% to 46.9%) but 18.3% rise in Interest Cover Ratio to

2.5 times

28

OVERVIEW – GOZ (CONT’D)

Equity

Quality

investment

property

portfolio

Summary

Two DRIPs raised approximately AUD48,9 million, well above NTA

20.4% per annum total return over 3 year period

Continued significant increase in market capitalisation (close to AUD1 billion)

and free float (AUD300 million)

Diversified property portfolio valued at AUD1,7 billion

Quality tenants with long WALE (7.0 years) and growing rental income

98% occupied with minimal short term lease expiries providing a secure income

GOZ will seek to continue the strong growth it has experienced

2.9% increase in like-for-like property income

0.8% increase in property valuations; after writing off previous acquisition costs

and allowing for straight-line leasing adjustments, a decrease of 0.1%

Completion of two fund through developments during the period

Acquisition of well located and well tenanted, high yielding assets have

improved portfolio

81 80

38 33

16 14

20 19

-

20

40

60

80

100

120

140

160

180

Dec 12 Dec 11

29

NET PROPERTY

INCOME

PROPERTY

PORTFOLIO

Hotel

Fishing & Industrial

Office

Retail

2 772 2 586

887 719

330 280

461 619

628 638

-

1 000

2 000

3 000

4 000

5 000

6 000

Dec 12 Dec 11

Hotel


Office

Retail

Bulk


155 146 5 078

4 842

V&A PORTFOLIO OVERVIEW (50%)

30

KEY PERFORMANCE INDICATORS – V&A (50%)

Six months

ended

Dec 2012

Year ended

Jun 2012

Six months

ended

Dec 2011

Vacancies (%) 0.9% 1.6% 2.1%

Total arrears (R’million) 30,0 38,1 30,1

Bad debts (R’million) 9,6 19,9 13,7


Renewal success rate (%) 71.2% 83.7% 94.7%

Weighted average renewal growth (%) 6.0% 2.7% 6.9%

Weighted average future escalations on renewals (%) 8.0% 7.6% 7.2%

Number of employees 172* 207 218

Net Property Income per employee (R) 901 163 1 473 430 669 725

* Decrease in the number of employees due to parking management being outsourced

31

V&A WATERFRONT (50%) RETAIL

Strong retail sales growth up by 18.4% for the rolling 12 months

Voids at a record low of 1.2% with Victoria Wharf and

Clocktower retail space fully let

Total and trading retail debtors at a level of 12% and 5%

respectively

Footfall continued to grow year on year, despite the impact of

the food court development. Figures peaked in Dec with

footfall figures on 31st Dec reaching 185 000

New openings include Market on the Wharf, Moyo, Bodyworlds

Exhibitions and the redeveloped Food Court which is performing

very well

Shimmy Beach Club with a GLA of 3 555m² opened during Dec

and by all accounts has traded well

OFFICE

Drop in office vacancies to 2.4% with key space being let. Just

over 2 000m² remaining vacant, of which key void space under

offer

Trade debtors at a positive level of 8%

Total debtors are being continually managed while focus

remains on closing off historic legal arrears

Size of portfolio:

Dec 2012

R’million

Dec 2011

R’million



Vacancy: % %



Total 30,0 30,1


Renewals: % %



32

V&A WATERFRONT (50%) (CONT’D) HOTEL

Hotel occupancy levels and revenue per room have marginally

improved year on year and it is believed these have bottomed out

FISHING AND INDUSTRIAL

Fishing and industrial revenue continues to be strong with no

vacancies

Marina activity for the period is high, with the extension of

A-spines in the Marina providing additional berthing facilities

DEVELOPMENT AND LEASING UPDATE

Allan Gray development progressing to plan for completion in

Jul 2013

Development of Portswood Ridge into residential units for rental

will commence in Sep 2013. A small residential development

adjacent to Allan Gray office development to be launched in

Mar 2013

Topshop on track for trading in late Apr 2013

A new mall development to be created between the Link Mall and

Post Office Mall anchored by Edgars to commence in autumn for a

summer opening. This will open up additional retail space within

Victoria Wharf

Development is underway for a new generation, flagship Pick ’n Pay store, expected

to open in Dec 2013. The new store at over 6 000m² will be significantly larger

than the current one at 2 600m² and will offer vastly improved access to parking

ACQUISITIONS,

DISPOSALS,

DEVELOPMENTS &

COMMITMENTS

34

Retail Office Industrial GOZ Total V&A

Purchase price of

acquisitions 13 - - 524 537 -

Selling price of disposals 47 284 51 - 382 -

Developments and capex 65 241 106 602 1 014 128

Commitments 303 656 157 398 1 514 129

Refer to Annexures 3 and 16 for yields on Acquisitions and Disposals

RSA properties (excl V&A) where amounts in excess of R30,0 million were spent on development during

the period include:

Brooklyn/Design Square (75%) Retail R36,9m

Lakeside 3 Office R46,4m

Grand Central Office Park Office R38,6m

Meadowbrook Estate Industrial R37,5m

Growthpoint RSA has capital commitments for various acquisitions and development projects of

R1,1 billion with the major ones being:

Waterfall Mall Retail R215,8m

Menlyn Corner Office R213,0m

Deloitte & Touche Office R113,4m

Hatfield Festival Office R129,7m

GOZ has capital commitments for acquisitions and development projects of R397,5 million with the

major one being:

27 – 49 Lenore Drive Industrial R393,6m

ACQUISITIONS, DISPOSALS, DEVELOPMENTS AND COMMITMENTS

35

DEVELOPMENTS

Waterfall Mall Extension

Current GLA of 49 287 m²

Development GLA of 9 818 m²

Completion Apr 2014

Project value amounting to R216 million

Project yield of 8.5%

Grand Central Office Park:

7 108m² development in Midrand, opposite Gautrain Station

Completion Apr 2013

4 600m² let , including 3 000m² to Gautrain Management Agency

GBCSA certification: application for Four Star Green Star Design Rating



36

DEVELOPMENTS (CONT’D)

Menlyn Corner:

10 047m² development in Menlyn ,Pretoria

Completion early 2013

3 600m² let to Liberty Group

Significant Green components



Lakeside 3:

6 152m² development in Centurion, opposite Gautrain Station

Completion early 2013

Actively marketing space

GBCSA certification: application for Four Star Green Star Design Rating



REVISED OFFER

FOR FOUNTAINHEAD

38

REVISED OFFER FOR FOUNTAINHEAD

Considering the scarcity value of the Fountainhead property portfolio and the fact that

even at the increased offer, the transaction is set to be accretive to Growthpoint

unitholders, the Board undertook to:

Increase the offer by 5,7% from 35 Growthpoint linked units to 37 Growthpoint linked units for

every 100 Fountainhead units in existence at the effective date; and

Introduce a pricing floor, whereby the offer will not be adjusted below 35 Growthpoint linked

units for every 100 Fountainhead units irrespective of the outcome of the due diligence

investigation

39

REVISED OFFER FOR FOUNTAINHEAD (CONT’D)

What does the increased offer mean for Growthpoint & Fountainhead unitholders:

Note: all information provided by I-Net Bridge at market close on 19 February 2013

The increased offer for the Fountainhead Property Trust

Total transaction value (Rm) 13 931

Equity yield (%) 6.0%

Property yield (%) 6.7%

Implied premium to Fountainhead

- closing prices (value) (Rm) 1 270

- closing prices (%) 13%

- 30 day VWAP (%) 10%

- 90 day VWAP (%) 12%

Implied premium to Redefine


- closing prices (value) (Rm) 857

The offer

represents a

21% premium if

one considers

the

Growthpoint

offer of 37

Growthpoint

linked units, as

at 22 Oct 2012

(being the date

prior to the

initial

Growthpoint

offer)

Pricing floor

• Growthpoint has introduced the Minimum Ratio, whereby it

will not adjust below 35 Growthpoint linked units for every 100

Fountainhead units irrespective of the outcome of the due

diligence

• Fountainhead unitholders have opportunity to receive 37

Growthpoint linked units per 100 Fountainhead units if the

distribution per Fountainhead unit is in line with the published

forecast income distribution per unit

• Growthpoint is confident that the risk of the Fountainhead

distributable income falling to the point whereby it would

become dilutive to Growthpoint’s distributable earnings is

negligible

At the pricing floor, Growthpoint’s offer remains:

Implied premium to Fountainhead



Implied premium to Redefine



Even at the

pricing floor,

Growthpoint’s

offer is still

better than

Redefine

40

REVISED OFFER FOR FOUNTAINHEAD (CONT’D)

What is the intended process going forward?

4

0

Threats of litigation:

• Threats of litigation have created uncertainty, and in our view, unduly

influenced the process

• Growthpoint has obtained Senior Counsel legal opinion on the possible

implications to timing resulting from the litigation:

• to stop the implementation of transaction, will require an interim

interdict, temporarily prohibiting the carrying out of the transaction

• an applicant for an interim interdict must establish the existence of a

prima facie right (limited prospect of success in our view)

• process can be concluded, in an urgent case, in a relatively short

period

Current position of the parties:

• Growthpoint has continued discussions with the Trustee,

the FSB, and both Growthpoint & Fountainhead

unitholders

• Trustee has requested information relating to, inter alia,

the threats of litigation

• Fountainhead & Redefine exclusivity was previously

extended to Friday, 22 February 2013, however has since

expired

Understand several

unitholders have

sent letters to

Fountainhead, the

Trustee and the FSB

expressing concerns

around the process

Process set out by Fountainhead:

• Fountainhead SENS announcement invites Redefine,

Growthpoint, the FSB and the Trustee to provide their

views for inclusion in the Fountainhead circular

• Growthpoint’s understanding is that it is intended for

Fountainhead unitholders to be provided with

comparable information relating to both offers to enable

them to compare the offers and determine which offer to

pursue

Request for a due diligence:

• Growthpoint is supportive of process that would see

Fountainhead unitholders consider offers from both

Redefine and Growthpoint and determine which offer to

pursue

• However, process demands that Fountainhead

unitholders be put in a position to compare the offers

equally on a comparable basis

• Can only be done if Growthpoint is allowed the opportunity

to complete a due diligence investigation and to finalise

the terms of an agreement

The fact that

Growthpoint has

been denied

access to a due

diligence is

directly

attributable to

the threats of

litigation

Growthpoint’s view remains:

• Manco has no right to share in the income generated by

the Fountainhead Property Trust assets

• Manco has no form of proprietary right in the assets or

their proceeds

• Manco has no valid basis for a damages claim against

either Growthpoint or Fountainhead, and will not be

entitled to interdict the transaction

Process going forward:

• Fountainhead & Redefine exclusivity expired on Friday, 22

February 2013

• Growthpoint to open discussions with Fountainhead with a

view to commencing due diligence; clearly in the best

interests of Fountainhead unitholders that Growthpoint

be allowed the opportunity to conduct a due diligence

investigation

“We reiterate our

preference for the

Growthpoint offer, and

maintain that

unitholders should be

given a fair

opportunity to vote on

both offers.”

- Naeem Tilly, Avior

Research, 20 Feb 2013

PROSPECTS

42

PROSPECTS

RSA

SA economy remains sluggish, negatively impacted by labour unrest and job losses

Consumer spending coming under pressure, impacting retail sales

Demand for office space remains weak

Property fundamentals however remain stable

o Overall vacancies at 4.1%

o Total arrears at similar levels to December 2011 with negligible bad debt write-offs

o Property expense ratio at 23.9%

Access to capital, debt and equity remains good

Interest rates projected to remain at current low levels for the next 12 to 18 months

Good investment opportunities are hard to find

REIT legislation now promulgated, with PLS’s able to convert on or after 1 April 2013.

Growthpoint intends to convert to a REIT effective 1 July 2013 and will adopt a new MOI

Distribution growth of between 7.0% and 7.5% projected for the year to 30 June 2013

43

PROSPECTS (CONT’D)

GOZ

Australian economy still showing good growth

Demand in the office sector has slowed down, however the industrial sector and demand for

quality industrial space remains robust

Investment demand, particularly from international investors, remains very strong

Property fundamentals remain excellent

o Negligible vacancies and arrears

Distribution of 18.3 cents per stapled security confirmed for the year ending 30 Jun 2013

representing a payout ratio of 95%

V&A

Ongoing improvements being made to the development masterplan

Significant improvements in letting of major vacancies

Exciting new redevelopment opportunities in the Victoria Wharf Shopping Centre

Allan Gray on target for completion in Jul 2013 and lease commencement in Sep 2013

V&A on target to deliver budgeted distribution growth of circa 7%

THANK YOU

ANNEXURES

46

CONTENT

Annexure 1 – Growthpoint’s Property Portfolio

Annexure 2 – Split of RSA Property Portfolio (Excl V&A)

Annexure 3 – Acquisitions and Disposals RSA (Excl V&A)

Annexure 4 – Non-Current Assets Held for Sale

Annexure 5 – Top 12 RSA Retail Properties by Value (Excl V&A)

Annexure 6 – Top 12 RSA Office Properties by Value (Excl V&A)

Annexure 7 – Top 12 RSA Industrial Properties by Value (Excl V&A)

Annexure 8 – GLA and Vacancy Reconciliation RSA (Excl V&A)

Annexure 9 – Lease Expiry by Sector RSA (% of GLA)

Annexure 10 – Lease Expiry by Sector RSA (% of Gross Monthly Rental)

Annexure 11 – Linked Units Issued and Unitholders Holding > 2% at Dec 2012

Annexure 12 – Detailed Borrowings

47

CONTENT (CONT’D)

Annexure 13 – Debt Expiry Profile RSA

Annexure 14 – Fixed Interest Rate Expiry Profile for RSA Borrowings

Annexure 15 – Split of GOZ Property Portfolio

Annexure 16 – Acquisitions – GOZ

Annexure 17 – Top 12 GOZ Properties by Value

Annexure 18 – Net Property Income Analysis GOZ

Annexure 19 - GLA and Vacancy reconciliation GOZ

Annexure 20 - Lease expiry by sector GOZ

Annexure 21 – Split of V&A Property Portfolio

Annexure 22 – Net property income analysis V&A (50%)

Annexure 23 – GLA and Vacancy Reconciliation V&A (50%)

Annexure 24 – Lease expiry by sector V&A

48

ANNEXURE 1 - GROWTHPOINT’S PROPERTY PORTFOLIO

Retail

Office

Industrial

RSA

Total

GOZ*

V&A*

Number of properties 45 121 224 390 43 1

GLA (m²) 969 926 1 140 535 2 201 990 4 312 451 929 801 195 562

Vacancy (m²) 28 411 81 071 68 050 177 532 7 070 1 675

Vacancy (%) 2.9% 7.1% 3.1% 4.1% 0.8% 0.9%

Valuation (R’m) 13 578 14 802 7 486 35 866 14 800 5 078

Value per m² (excl bulk) 13 985 12 761 3 354 8 233 15 917 22 753

Average gross rental (per m²/month) R129 R120 R37 R79 AUD 160** R152

Forward yield 8.6% 9.2% 10.7% 9.3% 8.4% 6.8%

Average in force escalations 7.7% 8.2% 8.3% 8.0% 3.2% 8.5%

Weighted average lease period (years):

- By gross rental 3.2 4.4 3.2 3.7 7.0 3.5***

- Excluding Investec n/a 3.2 n/a 3.2 n/a n/a

Renewal success rate 80.7% 65.3% 70.5% 71.2% n/a 71.2%

Weighted average renewal growth 5.0% 0.7% 2.7% 2.9% n/a 6.0%

Weighted average future escalations on

renewals 7.6% 8.9% 8.8% 8.3% n/a 8.0%

* V&A is included reflecting Growthpoint’s 50% interest, GOZ is reflected at 100%

** Based on net rental per annum

*** Various leases in the V&A Waterfront were excluded in the average lease period calculation, mainly relating to the fishing industry. When

the leases are included the average lease period increases to 7.5 years

49 ANNEXURE 2 - SPLIT OF RSA PROPERTY PORTFOLIO

(EXCL V&A)

Value

GLA

Value

GLA

Retail

Office

Industrial Eastern Cape

Other

Greater JHB

Western Cape

Pretoria

KwaZulu-Natal

North West

38%

41%

21%

23%

26%

51% 54%

19%

8%

13% 3%

1% 2%

50%

20%

12%

9% 4%

3% 2%

50 ANNEXURE 3 - ACQUISITIONS AND DISPOSALS RSA

(EXCL V&A)

Acquisitions

Purchase

Price

R’ million Sector

Pick ’n Pay Walmer* 12,7 Retail

* Consolidated into Walmer Park Shopping Centre

Disposals

Selling

price

R’ million Sector

Profit on

cost

Profit/

(loss) on

book

value Yield

Northcliff Square Shopping Centre 40,2 Retail 0,2 0,2 9.3%

ABSA Midrand 114,0 Office 29,9 (5,4) 8.9%

115 Paul Kruger Street 40,4 Office 26,5 0,3 10.4%

ABSA Cash Centre, Westway 30,3 Office 5,8 0,1 10.2%

La Rocca 28,4 Office 8,4 (0,3) 10.5%

Amalgam South 44,4 Industrial 32,9 0,1 9.9%

Other properties below R20,0 million 84,1 Various 24,8 (0,1) 9.1%

Total 381,8 128,5 (5,1)

51

ANNEXURE 4 – NON-CURRENT ASSETS HELD FOR SALE

Properties held for sale

Sector

Fair value

Dec 2012

R’ million

Heritage Market Retail 75,0

Atlas Mall Shopping Centre Retail 57,4

5 & 7 Sturdee Avenue Office 100,3

Metropark Office 78,0

Sunset Boulevard Office 73,0

Cowey Park Office 67,0

174 Visagie Street Office 47,6

The Boulevard Office 35,5

Ilnov Industrial 34,3

Fitzmaurice* Industrial 26,0

Italcraft Props Industrial 13,6

Burghers Industrial 12,7

Total 620,4

134 Lilkar Road Australia – Industrial 618,0

Total 1 238,4 * Only a portion being sold

52 ANNEXURE 5 - TOP 12 RSA RETAIL PROPERTIES BY

VALUE (EXCL V&A)

Value

GLA

Top 12 Properties

Balance of Retail Properties

Top 12 Properties

Balance of Retail Properties

71.3%

28.7%

54.3%

45.7%

Building Fair value R’ million

GLA m²

1 Brooklyn/Design Square (75%), Brooklyn, Pretoria 1 646 55 670*

2 Waterfall Mall, Rustenburg 1 068 49 287

3 Lakeside Mall, Benoni 1 004 67 498

4 La Lucia Mall, La Lucia, Durban 908 36 423

5 Kolonnade (50%), Montana Park, Pretoria 731 37 111*

6 Walmer Park Shopping Centre, Walmer Park, Port Elizabeth 682 38 310

7 Alberton City, Alberton 671 49 344

8 The Constantia Village, Constantia, Cape Town 670 20 396

9 Woodmead Retail Park, Woodmead, Johannesburg 659 54 890

10 Northgate (50%), Randburg 655 45 294*

11 River Square Shopping Centre, Three Rivers, Vereeniging 529 38 899

12 Golden Acre, CBD Cape Town 452 33 685

Subtotal 9 675 526 807

33 Balance of the sector 3 903 443 119

45 Total for the RSA sector 13 578 969 926

* GLA reflected is the % undivided share held by Growthpoint

53 ANNEXURE 6 - TOP 12 RSA OFFICE PROPERTIES BY

VALUE (EXCL V&A)

Value

GLA

Top 12 Properties

Balance of Office Properties

Top 12 Properties

Balance of Office Properties

44.4%

55.6%

36.8%

63.2%


GLA m²

1 Investec, Sandton 1 930 70 945

2 The Place, Sandton 836 33 979

3 Constantia Office Park, Roodepoort 803 71 753

4 Montclare Place, Claremont, Cape Town 492 29 446

5 Growthpoint Business Park, Midrand 448 63 463

6 Investec, CBD Cape Town 345 12 836

7 Central Park, Midrand 327 34 185

8 Hatfield Gardens, Hatfield, Pretoria 320 25 553

9 N1 City Hospital, Goodwood, Cape Town 317 14 022

10 Sunnyside Ridge Office Park, Parktown, Johannesburg 276 29 602

11 The District, Woodstock, Cape Town 239 18 423

12 Fredman Towers, Sandton 239 15 066

Subtotal 6 572 419 273


121 Total for the RSA sector 14 802 1 140 535

54 ANNEXURE 7 - TOP 12 RSA INDUSTRIAL PROPERTIES

BY VALUE (EXCL V&A)


GLA m²

1 Growthpoint Industrial Estate, Meadowdale, Germiston 361 59 166

2 Hilltop Industrial Estate, Elandsfontein 180 69 571

3 Adcock Ingram, Midrand 176 21 536

4 Central Park, Elsiesriver, Cape Town 124 49 135

5 Grenville, Epping, Cape Town 123 16 220

6 Omni Park, Aeroton, Johannesburg 117 40 527

7 Pine Industrial Park, New Germany 113 39 150

8 226 Brakpan Road, Boksburg 102 40 300

9 Nestle, Belville, Cape Town 100 16 255

10 Kulingile Building, Isando, Kempton Park 98 49 000

11 Midas Meadowdale, Germiston 94 18 981

12 Greenbushes, Port Elizabeth 92 13 539

Subtotal 1 680 433 380

212 Balance of the sector 5 806 1 768 610

224 Total for the RSA sector 7 486 2 201 990

Value

GLA

Top 12 Properties

Balance of Industrial Properties

Top 12 Properties

Balance of Industrial Properties

22.4%

77.6%

19.7%

80.3%

55 ANNEXURE 8 – GLA AND VACANCY RECONCILIATION

RSA (EXCL V&A)

Total GLA

(m²)

Vacant

area

(m²)

Vacancy

Balance at 1 Jul 2012 4 352 098 172 761 4.0%

GLA adjustments (3 989) 806

Disposals (54 189) (6 460)

Developments and extensions 18 531 6 376

Leases expired in the period * 461 197

Renewals of expired leases ** (328 435)

New letting of vacant space (176 495)

Leases terminated 47 782

Balance at 31 Dec 2012 4 312 451 177 532 4.1%

* 10.6% of opening balance GLA expired during the period under review

** Retention % of 71.2% compared to 74.9% for the period to Dec 2011

56 ANNEXURE 9 – LEASE EXPIRY BY SECTOR RSA (% OF GLA)

RETAIL OFFICE INDUSTRIAL

%

17.1

9.0

9.8

16.3

19.9

19.6

5.4

2.9

16.6

8.0

10.6

20.6

14.5

19.3

3.3

7.1

10.8

11.2

14.3

15.9

20.3

22.9

1.5

3.1

TOTAL 13.8

TOTAL 9.8

TOTAL 12.3

TOTAL 17.2

TOTAL 18.7

TOTAL 21.2

TOTAL 2.9

TOTAL 4.1

2018 & beyond

By Dec 17

By Dec 16

By Dec 15

By Dec 14

By Dec 13

Monthly

Vacant

57 ANNEXURE 10 – LEASE EXPIRY BY SECTOR RSA

(% OF GROSS MONTHLY RENTAL)

%

RETAIL OFFICE INDUSTRIAL

11.0

10.5

9.4

18.6

20.7

22.5

4.5

2.8

24.3

7.7

9.4

19.8

12.8

18.1

2.8

5.1

13.3

8.2

12.4

17.0

19.7

24.4

1.9

3.1

TOTAL 17.1

TOTAL 8.8

TOTAL 10.2

TOTAL 18.7

TOTAL 17.2

TOTAL 21.1

TOTAL 3.1

TOTAL 3.8

2018 & beyond

By Dec 17

By Dec 16

By Dec 15

By Dec 14

By Dec 13

Monthly

Vacant

58

Linked units

Opening balance 1 Jul 2012 1 743 080 918

Distribution reinvestment (Sep 2012) 24 522 641

Closing balance 31 Dec 2012 1 767 603 559

Name

Units held

Holding

Public Investment Corporation 419 078 813 23.7%

BEE Consortia 122 000 000 6.9%

Stanlib 101 356 867 5.7%

Old Mutual Group 84 655 897 4.8%

Investec 64 303 491 3.6%

Eskom Pension & Provident Fund 55 511 012 3.1%

Vanguard 46 302 470 2.6%

Investment Solutions 41 424 531 2.3%

Momentum 36 938 562 2.1%

Total unitholders holding >2% 971 571 643 55.0%

Other 796 031 916 45.0%

Total 1 767 603 559 100.0%

Foreign unitholding 16.1%

ANNEXURE 11 – LINKED UNITS ISSUED AND UNITHOLDERS

HOLDING >2% AT DEC 2012

59

ANNEXURE 12 – DETAILED BORROWINGS

RSA

Secured/

Unsecured

Refinance

Date

Dec 2012

R’ million

Jun 2012

R’ million

Commercial paper – 3 months (R400m and R500m) Unsecured Jan/Feb 2013 900 800

Nedbank Unsecured Sep 2013 1 000 2 000

Standard Bank/Sanlam Secured Dec 2013 850 1 000

Standard Bank Secured Feb 2014 800 800

China Construction Bank Secured Aug 2014 250 250

ABSA Secured Nov 2014 600 695

Corporate Bond – GRT 01 Unsecured Dec 2014 500 500

Corporate Bond – GRT 05 Unsecured Jan 2015 750 750

ABSA – Paramount Secured Feb 2015 740 740

RMB Secured Jun 2015 500 500

Corporate Bond – GRT 03 Unsecured Oct 2015 500 500

Corporate Bond – GRT 02 Unsecured May 2016 500 500

Corporate Bond – GRT 04 Unsecured Sep 2016 260 260

RMB Secured Jun 2017 1 000 1 000

Corporate Bond – GRT 06 Unsecured Dec 2017 500 -

RMB Secured Feb 2018 675 675

RMB – Paramount Secured Apr 2018 740 740

Nedbank Unsecured Dec 2018 850 -

OMSFIN Secured May 2021 1 200 1 200

Investec Secured Feb 2024 703 703

Total 13 818 13 613

GOZ *

Westpac, NAB, ANZ (weighted average interest rate of

7.0%) Secured

Dec 2014 –

Dec 2016 7 011* 6 118*

Total RSA and GOZ 20 829 19 731

* Includes a cumulative foreign exchange difference of R1,4 billion (Jun 2012: R1,1 million)

60

ANNEXURE 13 – DEBT EXPIRY PROFILE RSA

Debt expiry at 31 Dec 2012 per 12 month period

%

20%

16%

18%

5%

11%

16%

9%

5%

0%

5%

10%

15%

20%

25%

Fixed interest rate expiry % at 31 Dec 2012 per 12 month period

61 ANNEXURE 14 – FIXED INTEREST RATE EXPIRY PROFILE

FOR RSA BORROWINGS

%

14%

7%

9% 9%

10% 10%

12%

6%

7%

11%

5%

0%

2%

4%

6%

8%

10%

12%

14%

62

ANNEXURE 15 - SPLIT OF GOZ PROPERTY PORTFOLIO

GLA Net property

income

Industrial

Office

Value Value

Western Australia

Tasmania

Queensland

Victoria

South Australia

New South Wales

ACT

Industrial

Office

39%

29%

9%

10%

7%

4% 2%

53% 47%

57%

43%

84%

16%

63

ANNEXURE 16 – ACQUISITIONS - GOZ

Acquisitions Sector R’ million AUD’ million Yield

51 – 65 Lenore Drive, Erskine Park, NSW Industrial 201,8 22,5 8.0%

6 – 7 John Mrorphett Place, Erskine Park, NSW Industrial 322,5 36,0 8.2%

524,3 58,5

33 A

nne S

treet,

Bri

sbane,

QLD

CB1 &

CB2,

SW

1 S

outh

Bri

sbane

219-2

47 P

acif

ic H

ighw

ay A

rtarm

on

10-1

2 M

ort

Str

eet,

Canberr

a

64

Building Sector Fair value R’ million

GLA m²

1 70 Distribution Street, Larapinta, QLD Industrial 1 410 75 425

2 2 Horrie Miller Drive, Perth Airport, WA Industrial 988 80 374

3 333 Ann Street, Brisbane, QLD Office 966 16 554

4 219 – 247 Pacific Highway, NSW Office 746 14 496

5 1231-1241 Sandgate Road, QLD Office 710 12 994

6 572-576 Swan Street, Richmond, VIC Office 653 14 660

7 134 Lillkar Road, Goulburn, NSW Industrial 622 42 826

8 28 Bilston Drive, Wodonga, VIC Industrial 618 57 440

9 22 Cordelia Street, South Brisbane, QLD Office 566 11 560

10 120 Northcorp Boulevard, Broadmeadows, VIC Industrial 566 58 320

11 32 Cordelia Street, South Brisbane, QLD Office 557 10 125

12 52 Merivale Street , QLD Office 553 9 456

Subtotal 8 955 404 230


43 Total for the GOZ sector 14 800 929 801

Value

GLA

ANNEXURE 17 – TOP 12 GOZ PROPERTIES BY VALUE

Top 12 Properties

Balance of GOZ Properties

Top 12 Properties

Balance of GOZ Properties

60.5%

39.5%

43.5%

56.5%

65

ANNEXURE 18 – NET PROPERTY INCOME ANALYSIS GOZ

70 Distribution Street, Larapinta, QLD

Dec 2012

R’ million

Dec 2011

R’ million

Increase

Gross property revenue 658 449 46.5%


Net property income 585 401 45.9%

Adjustments: (169) (2)

Foreign exchange impact (81) -

Acquisitions and Developments (88) -

Disposals - (2)

Adjusted “like for like” net property income 416 399 4.3%

Office 130 122 6.6%


Average exchange rate R8.79/AUD (Dec 2011: R7.84/AUD) for GOZ

66

Total

GLA

(m²)

Vacant

(m²) Vacancy

Balance at 1 Jul 2012 900 676 2 291 0.3%

GLA adjustments 524 -

Acquisitions, developments and extensions 28 601 -

Leases expired in the period - 4 779

Balance at 31 Dec 2012 929 801 7 070 0.8%

ANNEXURE 19 – GLA AND VACANCY RECONCILIATION GOZ

572-576 Swan St, Richmond, VIC 33-39 Richmond Road, Keswick, SA

67

ANNEXURE 20 – LEASE EXPIRY BY SECTOR GOZ

% of GLA % of gross monthly rental

Office

Industrial

3 6 6

10 7

17

51

1 5

2

11

81

0

10

20

30

40

50

60

70

80

90

100

3 5

8

14

8

16

46

1 4

1

9

85

0

10

20

30

40

50

60

70

80

90

100

% %

68

ANNEXURE 21 - SPLIT OF V&A PROPERTY PORTFOLIO

Property portfolio

by value

Property portfolio

by GLA

Developed vs

undeveloped by value Net property

income

Developed

Undeveloped

Bulk

Retail

Office


Hotel

Retail

Office


Hotel

55%

17%

7%

9%

12%

88%

12%

22%

25% 31%

22%

52%

25%

10%

13%

69 ANNEXURE 22 – NET PROPERTY INCOME ANALYSIS V&A (50%)

Dec 2012

R’ million

Dec 2011

R’ million

Increase/

(Decrease)

Gross property revenue 213 201 6.0%

Property expenses (58) (55) (5.5%)

Net property income 155 146 6.2%

The distribution received from the V&A Waterfront is R150m (Dec 2011: R140m), which is the net property income of R155m (Dec 2011: R146m),

after the operating expenses of R12m (Dec 2011: R12m), net finance income of R8m (Dec 2011: R7m) and taxation of R1m (Dec 2011: R1m).

70 ANNEXURE 23 – GLA AND VACANCY RECONCILIATION V&A (50%)

GLA

(m²)

Vacant

(m²) Vacancy

Balance at 1 Jul 2012 192 085 3 088 1.6%

GLA adjustments 1 699 (79)

Developments and extensions 1 778 -

Leases expired in the period * 3 612

Renewals of expired leases ** (2 572)

New letting of vacant space (3 019)

Leases terminated 645

Balance at 31 Dec 2012 195 562 1 675 0.9%

* 1.9% of opening balance GLA expired during the period under review

** Retention of 71.2% for the period to Dec 2012

71

ANNEXURE 24 – LEASE EXPIRY BY SECTOR V&A

% of GLA % of gross monthly rental

Retail

Office


Hotel

% %

1

19 17

13 12

17

22

2

24

11

6

13

6

38

1

15

84

100

0

10

20

30

40

50

60

70

80

90

100

18 16 15 15 16

20 19

5 2

9

4

61

2 1

34

64

100

0

10

20

30

40

50

60

70

80

90

100

Documents

GROWTHPOINT PROPERTIES LIMITED Results... · 41.7% 3 010 Market 1 850 1 450 6 608 800 2 510 2 000 1 450 6 853 13 818 13 613 R’ million NOMINAL VALUE GOZ debt of R7,0 billion (R8.70/AUD)