MONTHLY CHART BOOK JANUARY 2019€¦ · Monthly value of SA REIT units traded ..... 19 MONTHLY CHART BOOK JANUARY 2019. Period SA REITs1 All Share 2All Bond 2008 Q1-11.0% 2.9% -1.9%

Performance table: SA REITs, Equities and Bonds ................................... 2

Total return indexes .................................................................................................. 3

SA REITs Index (price only) ....................................................................... 4

Comparative Total Return Investment Correlation ..................................................... 5

SA REITs quarterly return components .................................................. 6

Monthly performance .............................................................................................. 7

3 month performance ................................................................................................. 8

Year-to-date performance ....................................................................................... 9

12 month performance ........................................................................................... 10

3 year performance .................................................................................................... 11

5 year performance .............................................................................................. 12

10 year performance ............................................................................................. 13

SA REIT yields vs Long Bond yields ........................................................ 14

Yield differential and average yield differential ....................................................... 15

Distribution growth ........................................................................................................16

Market capitalisation ………….............................................................................. 17

Market capitalisation (publicly traded SA REITs) .................................................... 18

Monthly value of SA REIT units traded ..................................................... 19

MONTHLY CHART BOOK JANUARY 2019

Period SA REITs1 All Share2 All Bond2

2008

Q1 -11.0% 2.9% -1.9%

Q2 -19.4% 3.4% -4.9%

Q3 23.2% -20.6% 12.6%

Q4 7.9% -9.2% 11.3%

Year -4.6% -23.2% 17.0%

2009

Q1 -1.1% -4.2% -5.1%

Q2 -0.8% 8.6% 0.3%

Q3 12.9% 13.9% 3.0%

Q4 4.2% 11.4% 1.1%

Year 15.4% 32.1% -1.0%

2010

Q1 9.8% 4.5% 4.4%

Q2 1.1% -8.2% 1.1%

Q3 13.5% 13.3% 8.0%

Q4 3.2% 9.5% 0.7%

Year 29.9% 19.0% 15.0%

2011

Q1 -2.0% 1.1% -1.6%

Q2 4.9% -0.6% 3.9%

Q3 2.3% -5.8% 2.8%

Q4 3.3% 8.4% 3.5%

Year 8.6% 2.6% 8.8%

2012

Q1 8.1% 6.0% 2.4%

Q2 10.1% 1.0% 5.2%

Q3 11.3% 7.3% 5.0%

Q4 2.9% 10.3% 2.6%

Year 36.3% 26.7% 16.0%

2013

Q1 8.5% 2.5% 0.9%

Q2 -0.2% -0.2% -2.3%

Q3 -2.1% 12.5% 1.9%

Q4 1.0% 5.5% 0.1%

Year 7.2% 21.4% 0.6%

2014

Q1 1.5% 4.3% 0.9%

Q2 5.1% 7.2% 2.5%

Q3 6.3% -2.1% 2.2%

Q4 12.6% 1.4% 4.2%

Year 27.7% 10.9% 10.1%

2015

Q1 14.6% 5.8% 3.0%

Q2 -6.7% -0.2% -1.4%

Q3 4.6% -2.1% 1.1%

Q4 -5.9% 1.7% -6.4%

Year 5.2% 5.1% -3.9%

2016

Q1 10.3% 3.9% 6.6%

Q2 1.5% 0.4% 4.4%

Q3 0.4% 0.5% 3.4%

Q4 2.1% -2.1% 0.3%

Year 14.7% 2.6% 15.4%

2017

Q1 3.8% 3.8% 2.5%

Q2 -1.3% -0.4% 1.5%

Q3 3.8% 8.9% 3.7%

Q4 6.7% 7.4% 2.2%

Year 13.5% 21.0% 10.2%

2018

Q1 -14.5% -6.0% 8.1%

Q2 -3.0% 4.5% -3.8%

Q3 -2.1% -2.2% 0.8%

Q4 -2.9% -4.9% 2.8%

Year -21.1% -8.5% 7.7%

2019

January 9.1% 2.8% 2.9%

Year-to-date 9.1% 2.8% 2.9%

1) Source = Bridge Fund Managers (index excludes property developers and non-SA REITs)

2) Source = IRESS

PERFORMANCE

Page 2 of 19

Page 3 of 19

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Total return indexes

SA REITs All Share All Bond

Source: IRESS & Bridge Fund Managers

Page 4 of 19

0

200

400

600

800

1,000

1,200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SA REIT Index (price only)


SA REITs FTSE/JSE: All Share All Bond FTSE/JSE: Financials FTSE/JSE: Industrials FTSE/JSE: Top 40 FTSE/JSE: Small Cap

SA REITs 1.00 0.28 0.58 0.55 0.42 0.19 0.49

FTSE/JSE: All Share 0.43 1.00 0.14 0.65 0.58 0.92 0.58

All Bond 0.45 0.05 1.00 0.43 0.41 0.09 0.33

FTSE/JSE: Financials 0.64 0.59 0.39 1.00 0.79 0.69 0.71

FTSE/JSE: Industrials 0.52 0.50 0.46 0.79 1.00 0.64 0.70

FTSE/JSE: Top 40 0.31 0.90 0.01 0.63 0.58 1.00 0.56

FTSE/JSE: Small Cap 0.58 0.50 0.33 0.66 0.56 0.42 1.00

Source: Bridge Fund Managers

Data period for upper right : January 2009 - January 2019

Comparative Total Return Investment Correlation

Data period for lower left : January 2014 - January 2019

Page 5 of 19

Page 6 of 19

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SA REITs - quarterly return components

Income Price appreciation


Page 7 of 19

19.1%

13.2%

-5.1%

9.5%

-0.4%

6.8%

5.9%

-3.2%

6.1%

7.0%

-0.2%

-0.2%

11.5%

8.6%

10.4%

3.6%

12.7%

6.7%

16.2%

3.7%

9.1%

13.4%

11.6%

9.8%

0.0%

6.0%

4.4%

3.1%

5.3%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

Monthly performance - January 2019


Page 8 of 19

1.6%

-7.9%

-21.7%

4.5%

1.1%

6.0%

2.4%

3.4%

14.4%

7.8%

-0.9%

0.6%

14.7%

4.7%

-0.3%

-3.5%

9.8%

1.0%

8.4%

-51.2%

15.7%

8.0%

-5.5%

4.0%

1.7%

12.4%

11.1%

3.1%

7.6%

-60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

3 month performance to 31 January 2019


Page 9 of 19

19.1%

13.2%

-5.1%

9.5%

-0.4%

6.8%

5.9%

-3.2%

6.1%

7.0%

-0.2%

-0.2%

11.5%

8.6%

10.4%

3.6%

12.7%

6.7%

16.2%

3.7%

9.1%

13.4%

11.6%

9.8%

0.0%

6.0%

4.4%

3.1%

5.3%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

Year-to-date performance to 31 January 2019


Page 10 of 19

-18.4%

-21.1%

-18.5%

12.1%

-21.5%

17.3%

5.8%

15.6%

19.4%

-42.1%

9.8%

2.7%

1.3%

-6.8%

-16.4%

-9.2%

1.0%

-8.4%

19.3%

-67.8%

7.0%

-36.0%

-17.4%

-18.2%

12.6%

9.3%

-6.4%

4.7%

11.0%

-80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

12 month performance to 31 January 2019


Page 11 of 19

-1.5%

-6.2%

1.0%

11.9%

10.6%

11.5%

26.2%

20.5%

19.4%

-18.0%

2.2%

5.0%

12.7%

3.3%

2.3%

-2.0%

14.5%

7.8%

-24.6%

12.9%

-11.7%

3.9%

-5.6%

21.9%

-5.7%

0.2%

20.9%

-30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Stor-Age

Texton

Tower

Vukile

3 year annualised performance to 31 January 2019


Page 12 of 19

4.3%

3.1%

0.2%

11.2%

10.7%

14.4%

21.2%

15.3%

13.0%

8.4%

7.0%

11.1%

-8.0%

10.6%

11.6%

11.1%

-14.5%

12.4%

11.3%

9.1%

-0.9%

5.0%

16.0%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Accelerate

Arrowhead

Delta Prop

Dipula A

Dipula B

Emira

Fairvest

Fortress A

Fortress B

Gemgrow A

Gemgrow B

Growthpoint

Hospitality

Hyprop

Investec Prop

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Texton

Tower

Vukile

5 year annualised performance 31 January 2019


Page 13 of 19

13.9%

19.1%

13.9%

-15.8%

15.2%

12.7%

13.7%

18.3%

13.0%

18.5%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Emira

Fairvest

Growthpoint

Hospitality

Hyprop

Octodec

Redefine

Resilient

SA Corporate

Vukile

10 year annualised performance to 31 January 2019


Page 14 of 19

0.00

5.00

10.00

15.00

20.00

25.00

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Per

cen

tage

SA REIT Yields versus Bond Yields

SA Listed Property Long bondSource: IRESS & Bridge Fund Managers

Page 15 of 19

-400

-300

-200

-100

0

100

200

300

400

500

600

700

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Bas

is P

oin

tsYield Differential

SA REIT Yield minus Long Bond Yield


AVERAGE = -15 bps

Page 16 of 19

2.0%

0.4%0.1%

-0.2%-1.2%

-1.2%

1.3%0.9%

3.6%

5.3%

7.0%

8.0%

7.2%7.2%

9.2%

6.2%

7.9%

10.6%

9.3%

13.7%

14.5%

12.2%

14.7%

14.4%

19.5%

17.0%

12.9%

11.6%

9.4%

7.4%6.9%

7.7%

5.9%

8.1%7.5%

5.8%6.3%

6.3%6.0%

6.8%

6.6%

5.0%5.3%

4.8%

6.3%

8.3%

9.5%

10.4%

11.2%

11.1%

12.2%

13.0%

12.2%

15.6%

18.5%

17.6%18.0%

20.1%

12.9%13.5%

9.5%9.3%

7.0%7.1%

5.6%5.4%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SA REITsDistribution Growth - Rolling 12 months1

Source: Bridge Fund Managers1. Weighted by equity market capitalisation at the end of the period to limit distortions created by significant equity issuance by individual companies

Page 17 of 19

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

R 'm

illio

ns

Market Capitalisation


Page 18 of 19

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

R 'm

illio

ns

Market Capitalisation - Publicly Traded SA REITsJanuary 2019


Page 19 of 19

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

R 'm

illio

ns

Monthly value of SA REIT units traded

Source: IRESS and Bridge Fund Managers

Documents

MONTHLY CHART BOOK JANUARY 2019€¦ · Monthly value of SA REIT units traded ..... 19 MONTHLY CHART BOOK JANUARY 2019. Period SA REITs1 All Share 2All Bond 2008 Q1-11.0% 2.9% -1.9%