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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 MAY 2020
Period SA REITs1 All Share2 All Bond2
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 -1.7% -2.2% 0.8%
Q4 -2.9% -4.9% 2.8%
Year -20.8% -8.5% 7.7%
2019
Q1 -0.3% 8.0% 3.8%
Q2 3.6% 3.9% 3.7%
Q3 -6.4% -4.6% 0.8%
Q4 0.7% 4.6% 1.7%
Year -2.6% 12.0% 10.3%
2020
January -4.2% -1.7% 1.2%
February -17.6% -9.0% -0.1%
March -37.0% -12.1% -9.7%
April 6.6% 14.0% 3.9%
May -3.9% 0.3% 7.0%
Year-to-date -49.1% -10.1% 1.5%
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 2019
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 2019
SA REIT Index (price only)
Source: IRESS & Bridge Fund Managers
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 0.45 0.60 0.75 0.66 0.40 0.75
FTSE/JSE: All Share 0.61 1.00 0.26 0.70 0.68 0.93 0.65
All Bond 0.56 0.30 1.00 0.53 0.51 0.25 0.44
FTSE/JSE: Financials 0.82 0.73 0.59 1.00 0.88 0.75 0.84
FTSE/JSE: Industrials 0.78 0.68 0.58 0.91 1.00 0.72 0.80
FTSE/JSE: Top 40 0.57 0.94 0.32 0.78 0.73 1.00 0.65
FTSE/JSE: Small Cap 0.84 0.68 0.51 0.87 0.81 0.68 1.00
Source: Bridge Fund Managers
Data period for upper right : May 2010 - May 2020
Comparative Total Return Investment Correlation
Data period for lower left : May 2015 - May 2020
Page 5 of 19
Page 6 of 19
-60.00%
-50.00%
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
SA REITs - quarterly return components
Income Price appreciationSource: Bridge Fund Managers
Page 7 of 19
13.8%
-25.0%
-9.4%
5.0%
0.6%
15.4%
-13.6%
3.6%
3.2%
9.7%
-2.1%
-10.4%
-35.4%
-10.3%
-5.9%
5.8%
-3.7%
-10.3%
29.6%
-15.4%
3.5%
-17.5%
20.3%
15.1%
2.8%
-7.0%
11.6%
14.0%
-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress B
Growthpoint
Hospitality
Hyprop
Indluplace
Investec Prop
Liberty2D
Octodec
Rebosis
Redefine
Resilient
SA Corporate
Safari
Spear
Stor-Age
Texton
Tower
Vukile
Monthly performance - May 2020
Source: Bridge Fund Managers
Page 8 of 19
-37.8%
-40.3%
-54.5%
0.0%
-39.3%
-4.9%
-49.2%
-1.3%
-20.3%
-26.4%
-34.6%
-22.6%
-49.2%
-61.8%
-29.4%
-24.4%
8.8%
-54.3%
12.9%
-64.6%
-32.1%
-52.4%
-14.6%
-29.8%
0.8%
-45.5%
-31.8%
-57.9%
-70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress 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 May 2020
Source: Bridge Fund Managers
Page 9 of 19
-53.2%
-40.3%
-64.5%
-40.8%
-46.3%
-44.3%
-54.7%
-14.8%
-28.9%
-38.3%
-59.1%
-38.4%
-62.5%
-69.6%
-38.5%
-40.7%
-12.3%
-63.2%
9.4%
-74.6%
-42.7%
-67.6%
-5.7%
-35.8%
-12.0%
-56.4%
-48.0%
-68.2%
-80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress 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 May 2020
Source: Bridge Fund Managers
Page 10 of 19
-72.4%
-34.8%
-69.3%
-73.6%
-45.7%
-66.5%
-53.8%
-12.6%
-24.2%
-38.3%
-70.2%
-40.8%
-69.7%
-74.4%
-52.6%
-38.4%
-12.3%
-66.3%
-60.7%
-77.6%
-30.9%
-63.9%
-15.5%
-32.5%
1.3%
-68.1%
-53.2%
-67.3%
-90.0% -80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress 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 May 2020
Source: Bridge Fund Managers
Page 11 of 19
-44.7%
-7.1%
-35.7%
-55.9%
-11.7%
-37.2%
-17.4%
5.3%
-4.6%
-5.1%
-50.1%
-12.5%
-35.6%
-43.7%
-31.8%
-10.5%
-10.2%
-31.7%
-66.3%
-38.4%
-24.1%
-38.4%
-12.8%
-8.3%
12.6%
-39.2%
-22.6%
-24.7%
-80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress B
Growthpoint
Hospitality
Hyprop
Indluplace
Investec Prop
Liberty2D
Octodec
Rebosis
Redefine
Resilient
SA Corporate
Safari
Spear
Stor-Age
Texton
Tower
Vukile
3 year annualised performance to 31 May 2020
Source: Bridge Fund Managers
Page 12 of 19
-28.1%
-4.1%
-21.3%
-36.7%
-5.8%
-20.8%
-10.9%
13.2%
4.7%
1.5%
-29.5%
-5.4%
-10.9%
-27.2%
-4.2%
-18.3%
-45.5%
-22.8%
-8.7%
-20.2%
-8.8%
-26.0%
-14.7%
-12.3%
-50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%
Accelerate
Arrowhead A
Arrowhead B
Delta Prop
Dipula A
Dipula B
Emira
Equites
Fairvest
Fortress A
Fortress B
Growthpoint
Hospitality
Hyprop
Investec Prop
Octodec
Rebosis
Redefine
Resilient
SA Corporate
Safari
Texton
Tower
Vukile
5 year annualised performance 31 May 2020
Source: Bridge Fund Managers
Page 13 of 19
1.6%
11.9%
9.6%
10.8%
5.9%
-20.8%
-4.4%
-1.3%
-4.9%
10.6%
-2.0%
1.6%
-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%
Emira
Fairvest
Fortress A
Fortress B
Growthpoint
Hospitality
Hyprop
Octodec
Redefine
Resilient
SA Corporate
Vukile
10 year annualised performance to 31 May 2020
Source: Bridge Fund Managers
Page 14 of 19
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Per
cen
tage
SA REIT Yields versus Bond Yields
SA Listed Property Long bondSource: IRESS & Bridge Fund Managers
Page 15 of 19
-400
-200
0
200
400
600
800
1000
1200
1400
1600
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Bas
is P
oin
tsYield Differential
SA REIT Yield minus Long Bond Yield
Source: IRESS & Bridge Fund Managers
AVERAGE = 7 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%
5.1%4.9%
2.7%
1.7%1.6%
0.7%
2.2%
-5%
0%
5%
10%
15%
20%
25%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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 2019
R 'm
illio
ns
Market Capitalisation
Source: Bridge Fund Managers
Page 18 of 19
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
R 'm
illio
ns
Market Capitalisation - Publicly Traded SA REITsMay 2020
Source: Bridge Fund Managers
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 2019
R 'm
illio
ns
Monthly value of SA REIT units traded
Source: IRESS and Bridge Fund Managers