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INDUSTRIAL RETAIL OFFICE
SA Corporate December 2014 Year End Results Presentation
March 2015
Agenda
• Highlights Rory Mackey
• Financial Performance Antoinette Basson
• Portfolio Review Rory Mackey
• Retail Redevelopments Rory Mackey
• AFHCO Developments Rory Mackey
• Strategy & Prospects Rory Mackey
• Acknowledgments Rory Mackey
• Questions Team
2
HIGHLIGHTSRORY MACKEY
High Level Review• Distribution Themes
• H2 distribution growth of 9.4% vs H2 2013
• Full year distribution growth of 9.0%
• Standing portfolio net property income growth of 8.6%
• Solid Tenant Retentions at 75.9% for SA Corp portfolio
• Significant reduction in retail vacancies
• Investment Strategy
• AFHCO acquisition of R1,086m, effective 1 July 2014
• Acquisition of additional 8 properties for R316.8m
• Contracted acquisitions of R243.6m
• Disposal of 1 property for R20m
• Contracted disposal of 7 properties for R163.3m
• Developments in progress (Retail R887.1m and AFHCO R338.9m)
• Efficient Operations
• Reduction in overall year-on-year vacancies and improvement in collections and arrears
• Capital Structure
• Premium to NAV increased to 25.5%
• Bridging facilities re-financed via R2bn syndicated loan
• Weighted average cost of debt supportive of core income growth at 8.39%
• Adequately hedged with improved tenors
• Alignment of Investor & Management Interests
• Management company internalisation effective from 1 May 2014• Introduction of an investor aligned management incentive scheme• Progress on corporate REIT conversion
4
FINANCIAL PERFORMANCEANTOINETTE BASSON
Dis
tributio
n H
isto
ry
6
14.45
14.24
14.35
15.17
16.28
17.68
13.24
14.18
14.48
14.98
16.47
18.02
27.69
28.42
28.83
30.15
32.75
35.70
-
5
10
15
20
25
30
35
40
45
2009
2010
2011
2012
2013
2014
Inte
rimFin
al
Tota
l
Distribution growth
7
-1.5
%
0.8
%
5.7
%
7.3
%
8.6
%
7.1
%
2.1
%
3.5
%
9.9
%
9.4
%
2.6
%
1.4
%
4.6
%
8.6
%
9.0
%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2010 2011 2012 2013 2014
Interim Final Total
Distribution at a glance
8
Dec 2014Rm
Dec 2013Rm
%Variance
Net Property Income - Standing Portfolio 815.750 751.159 8.6
Net Property Income - AFHCO 36.600 - 100.0
Net Property Income - Other Acquisitions 63.680 9.601 563.3
Net Property Income - Buildings sold 2.512 8.239 (69.5)
Net Property Income 918.542 768.999 19.4
Taxation on distributable earnings - 0.102 (100.0)
Net finance costs (162.795) (73.751) 120.7
Group Expenses (45.793) (55.822) 18.0
Lapsed distribution - 8.823 (100.0)
Distributable earnings 709.954 648.351 9.5
Distribution per unit (cents) 35.70 32.75 9.0
First six months 17.68 16.28 8.6
Second six months 18.02 16.47 9.4
Distribution contributors and detractors
9
32.75
3.07
2.72
1.84
-0.29
-4.46
0.52
-0.45 35.70
0
15
20
25
30
35
40
45
Distribution 31Dec 2013
Increase inNPI - Standing
Portfolio
Increase inNPI - OtherAcquisitions
Increase inNPI - AFHCOAcquisition
Decrease inNPI - SoldBuildings
Increase ininterest paid
Decrease inGroup
Expenses
Decrease inLapsed
distribution
Distribution 31Dec 2014
Group Financial Position
10
Rmillion
7,9
67
183 23
571
768
1,0
03
8,8
65
0
62
515
1,6
26
537
10,5
03
163
118
556
3,1
06
631
0
2,000
4,000
6,000
8,000
10,000
12,000
Investment Properties Properties Held for
sale
Other Non-current
assets
Current Assets Non-current liabilities Current Liabilities
December 2012
December 2013
December 2014
Group debt structure – at 31 Dec (excl. fixes)
11
(1) to 29 April 2015 (2) from 30 April 2015
Maturity and interest rate profile of interest-bearing debt WAR of 7.75%, weighted average maturity - of 3.4 years, and WAM of 1.69%.
Loan type:
7.88% Term Loan (Syndication)
7.74% Term Loan
7.74% Term Loan
8.38% Term Loan
7.58% Term Loan (Syndication)
7.53% Term Loan
8.31% Revolving credit
7.43% Revolving credit
100.7
500.0
1,152.0
200.0
270.0
30.0
848.0
223.0
99.3
0 200 400 600 800 1,000 1,200
December 2015
July 2016
December 2016
December 2017
August 2018
September 2018
September 2018
December 2019
Amount Drawn Available
8.38% (1) / 8.18% (2)
R153m AFD debt at 6.88% amortising debt with a final
maturity of 2024 to be assumed w.e.f. 2015
Group swap profile – at 31 December
12
Tenor and interest rate swaps profile – weighted average tenor – 3.12 years and rate of 6.90% (swap margin 0.78%). 82.5% of effective debt fixed.
7.36%
7.27%
6.80%
6.41%
5.39%240
240
724
705
650
- 200 400 600 800
2015
2016
2017
2018
2019
Swap amount
Group debt structure – at 31 Dec (incl. fixes)
13
(1) From 30 July to 29 April 2015(2) from 30 April 2015
Loan type:
8.52% Term Loan (Syndication)
8.38% Term Loan
8.38% Term Loan
9.02% Term Loan
8.22% Term Loan (Syndication)
8.17% Term Loan
8.95% Revolving credit
8.07% Revolving credit
100.7
500.0
1,152.0
200.0
270.0
30.0
848.0
223.0
99.3
0 200 400 600 800 1,000 1,200
December 2015
July 2016
December 2016
December 2017
August 2018
September 2018
September 2018
December 2019
Amount Drawn Available
9.02% (1) / 8.82% (2)
Maturity and interest rate profile of interest-bearing debt – WAR inclusive of fixes of 8.4%. Current LTV 29.1%
R153m AFD debt at 6.88% amortising debt with a final
maturity of 2024 to be assumed w.e.f. 2015
Gro
up n
et c
ash flo
w
14
311,5
20 6
91,6
69 (1
0,2
81) 9
31,8
45 (1
32,4
10)
(632) (3
16,7
08) (2
97,0
94)
(29,8
47)
19,0
56
11
(25,4
48) (6
76,0
74)
(164,3
92) 3
01,2
15
(900,0
00)
(400,0
00)
100,0
00
600,0
00
1,1
00,0
00
Balance 31 December 2013
Cash generated from operations
Taxation paid
Borrowings drawn
Acquisition of subsidiary
Acquisition of Property, plant andequipment
Acquisition of InvestmentProperty
Improvements to InvestmentProperty
Letting commissions and tenantinstallations
Disposal of investment property
Disposal of property, plant andequipment
Increase in financial assets
Distributions paid
Net finance costs
Balance 31 December 2014
R '0
00
Net Asset Value
15
Cents per unit
368
36
205
-9 -3
-36381
350
360
370
380
390
400
410
420
430
440
Opening NAV1 January
2014
Distributableearnings for
the period
Revaluation ofInvestment
Properties
Gain onacquisition of
Subsidiary
InternalisationFee
Other Non-distributable
incomestatement
items
Distributionattributable to
unitholders
Closing NAV31 December
2014
Trading Volumes and liquidity
16
SAC: closing price v monthly volume traded Value traded as % of market capital
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
0
100
200
300
400
500
600
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-1
4
Jun-1
4
Jul-
14
Aug-1
4
Sep-1
4
Oct-
14
Nov-1
4
Dec-1
4
Volume Traded Closing Price ( c )
FPT
VKE
GRT
RDF
ACP
SAC
HYP
CPL
SYC
EMI
0%
10%
20%
30%
40%
50%
60%
70%
- 10,000 20,000 30,000 40,000 50,000 60,000 70,000
PORTFOLIO REVIEWRORY MACKEY
Overview – Sectoral Analysis
18
166 Properties
Total GLA 1 388 089
Total Portfolio R10.67bn(Dec-13: R8.87bn)
Standing Portfolio:
Weighted Average discount rate 14.3%
Weighted average capitalisation rate 8.8%
Industrial 57%
(Dec-13:61%)
Retail 27%
(Dec-13: 32%)
Commercial6%
(Dec-13: 7%)
AFHCO10%
By GLA
Industrial 40%
(Dec-13: 44%)
Retail 41%
(Dec-13: 44%)
Commercial10%
(Dec-13: 12%)
AFHCO9%
By Market Value
5,202
9,250 9,1036,865
5,362
10,24412,446
7,4255,419
11,58012,984
6,765 7,684
-
5,000
10,000
15,000
Industrial Retail Commercial AFHCO Average
Market Value per m²
December 2012 December 2013 December 2014
Overview – Geographical Analysis
19
Gauteng
56%(Dec-13:
54%)
KwaZulu-
Natal32%
(Dec-13: 37%)
Western
Cape6%
(Dec-13: 7%)
Other
6%(Dec-13:
2%)
By GLA
Gauteng
53%(Dec-13:
50%)
KwaZulu-
Natal38%
(Dec-13: 41%)
Western
Cape6%
(Dec-13: 7%)
Other
3%(Dec-13:
2%)
By Market Value
Overview – Sectoral Analysis (AFHCO)
20
26 Properties
GLA 132 898
Market Value R899.0m
Portfolio excluding properties under development and development bulk:
Weighted average capitalisation rate 10.1%Residential
71%
Retail / Commercial
29%
By GLA
Overview – Tenant Grading by GLA – SAC portfolio
21
“A”: large national tenants, listed tenants, government and large professional firms “B”: national tenants, franchisees, large regional tenants, medium professional firms“C”: other
A60%
B33%
C7%
Total Portfolio
60%62%
58%60%
38%
22% 22%
33%
2%
16%
20%
7%
0%
10%
20%
30%
40%
50%
60%
70%
Industrial Retail Commercial Total
per sector
A B C
Overview – Tenant Grading by GLA – AFHCO
22
“A”: large national tenants, listed tenants, government and large professional firms “B”: national tenants, franchisees, large regional tenants, medium professional firms“C”: other
A20%
B37%
C43%
Retail / Commercial
Portfolio
10 largest properties
23
Sector Area m² Value (Rm)% of total
valueValue growth
on 2013
Musgrave Centre, Musgrave Retail 39,201 768.8 7.2% 6.5%
East Point, Boksburg Retail 38,965 565.9 5.3% 23.2%
World Trade Centre, Sandton Commercial 15,877 376.4 3.5% 0.4%
Pine Crest Shopping Centre, Pinetown
Retail 40,054* 331.3* 3.1% 7.9%
Beryl Street, Jet Park Industrial 27,681 301.8 2.8% 8.6%
57 Sarel Baard Crescent, Centurion
Industrial 34,460 300.5 2.8% 5.6%
Springfield Value Centre, Springfield
Retail 20,393 296.7 2.8% 13.7%
Umlazi Mega City, Umlazi Retail 31,145* 292.4* 2.7% 10.5%
Bluff Shopping Centre, Bluff Retail 21,386 283.6 2.7% 8.6%
112 Yaldwyn Road, Jet Park Industrial 30,299 277.4 2.6% 4.2%
Total 299,461 3,794.8 35.5% 9.1%
* Represents ownership % of valuation, with 100% GLA
5 largest properties - AFHCO
24
Area m² Value (Rm)% of AFHCO
value% of total
value
120 End Street, Doornfontein 33,312 270.0 30.0% 2.5%
Newgate, Newtown 15,823 124.0 13.8% 1.2%
Frank & Hirsch, Johannesburg 10,207 102.0 11.3% 1.0%
Cavendish House, Johannesburg 5,684 65.3 7.3% 0.6%
Maxwell Hall, Johannesburg 6,864 56.0 6.2% 0.5%
Total 71,890 617.3 68.6% 5.8%
Acquisitions
25
Property SectorGLA(m²)
Forward Yield %
Purchase price (R000)
Date of transfer
AFHCO portfolio and associated properties AFHCO 130,206 9.9 1,086,016^ Jul-14
Eveready & Continental Tyres, New Brighton, Port Elizabeth
Industrial 56,412 9.0 124,500 Jan-14
Celtis Ridge Shopping Centre, Centurion Retail 7,245 9.0 106,000 Jan-14
50 Mangosuthu Highway, Umlazi * Retail 3,768 9.0 43,400 Apr-14
Truck World (39 Viewpoint Road), Bardene Industrial 10,204# 11.1 16,000 Dec-14
19 Brunton Circle, Founders View Industrial 2,720 9.0 14,100 Mar-14
16 Friesland Crescent, Longmeadow Industrial 1,622 9.0 9,350 Jul-14
Multi Glass, Johannesburg AFHCO 1,655 8.4 3,282 Nov-14
Normandi Court Flat, Johannesburg AFHCO 38 11 76 Dec-14
Total 213,870 9.6 1,402,724
^ Includes R169m with payment and economic interest deferred to 2015* Under development - income generating from January 2015# site 1.3 hectares in extent
Contracted Acquisitions at period end
26
Property SectorForward Yield %
Purchase price (R000)
Expectedtransfer
Morulat Property Investments 4 portfolio
AFHCO 10.6 243,635 Jan-15*
Total 10.6 243,635
* Transferred in January 2015
Disposals
27
Property SectorGLA(m²)
Exit Yield %
Sales price
(R000)
Status transferred
90 Electron Avenue, Isando Industrial 5,303 5.9 20,000 Oct-14
Total 5,303 5.9 20,000
Contracted Disposals
28
Property SectorGLA(m²)
Exit Yield %
Sales price
(R000)
Expected transfer
date
Stellenbosch Square, Stellenbosch * $ Retail *5,204 7.8 40,000 Feb-15
36 Wierda Road West, Wierda Valley $ Office 3,028 7.5 39,000 Feb-15
The Boulevard, Melville Retail 5,352 7.4 31,200 Mar-15
293 Hebbard Road, Robertville Industrial 7,762 5.5 23,500 Apr-15
Portion of Lebombo Road, Garsfontein # Office # 1,703 6.2 12,000 May-15
3 Remblok Street, Strydom Park Industrial 1,787 8.3 10,700 Mar-15
110 Zastron Road, Bloemfontein ^ Office 1,978 6.8 6,900 Jan-15
Total 26,814 7.2 163,300
* 50% Undivided share
^ Transferred January 2015
$ Transferred February 2015
# Portion sold
Lease renewals - % Rental Reversions
29
0.4%
3.5%
-3.2%
1.7%
16.2%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Industrial Retail Commercial Total (excl AFHCO) AFHCO Retail /Commercial
12 months to December 2014
Industrial Average Rental vs Market
30
Monthly RevenueGLA
(m²)
Rental Income R40,786,172 781,932 (let)
Average Rental R52.16/m²
Normalised Rental / GLA * R26,186,183 591,075
Normalised Average Rental R44.30/m²
Market Rental R44 to R46/m²
* = excludes leasehold properties (Maydon Wharf), motor showrooms, head office properties and properties with surplus yard area and billboards
Contracted rental escalation profile
31
8.1%7.9%
8.1%
9.5%
8.1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Industrial Retail Office AFHCO Retail /Commercial
Total (exclResidential)
Group lease expiry – SAC Portfolio
32
Vacancies Monthly 2015 2016 2017 2018 2019+
% of GLA 4% 4% 19% 15% 23% 15% 20%
Cumulative 4% 8% 27% 42% 65% 80% 100%
4% 4%
19%
15%
23%
15%
20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
5%
10%
15%
20%
25%
% o
f G
LA
Group lease expiry – AFHCO Retail / Commercial
33
Vacancies Monthly 2015 2016 2017 2018 2019+
% of GLA 2% 12% 17% 24% 10% 8% 27%
Cumulative 2% 14% 31% 55% 65% 73% 100%
2%
12%
17%
24%
10%
8%
27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
5%
10%
15%
20%
25%
30%
% o
f G
LA
Group lease expiry – AFHCO Residential
34
Vacancies Monthly 2015
% of GLA 8% 58% 34%
Cumulative 8% 66% 100%
8%
58%
34%
0%
20%
40%
60%
80%
100%
0%
10%
20%
30%
40%
50%
60%
70%
% of GLA
Industrial Lease Expiry Strategy 2015
35
• 199 226m² expiring in 2015
• 145 311m² (73%) expiring in Gauteng
• 52 257m² (26%) expiring in KZN
• 5 658m² (1%) expiring in WC
• Focused strategy of early renewal engagement implemented in Gauteng region
• Early renewal strategy not adopted in stronger performing KZN region
• 66% of total lease expiries agreed and signed
Results of early renewal strategy in Gauteng region
• 75% of renewal lease terms agreed and signed
• 15% of balance of tenants have indicated they will renew and are in advanced discussions
• Renewal reversions up 2% on signed renewals
Vacancy profile - % of gross rental (SAC Portfolio)
36
1.5
%
5.8
%
14
.1%
4.9
%
0.2
%
4.6
%
7.0
%
3.2
%
1.2
%
3.4
%
7.8
%
3.1
%
0%
5%
10%
15%
Industrial Retail Commercial Total
December 2012 December 2013 December 2014
Vacancy profile - % of GLA (SAC Portfolio)
37
1.3
%
10
.6%
19
.2%
5.9
%
0.2
%
8.9
%
11
.8%
4.0
%
1.4
%
5.9
%
12
.7%
3.7
%
0%
5%
10%
15%
20%
25%
Industrial Retail Commercial Total
December 2012 December 2013 December 2014
AFHCO Vacancies
38
7.9%
1.8%
6.1%
8.9%
2.3%
6.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Residential Retail / Commercial Total
Vacancy as % of GLA Vacancy as % of rental income
AFHCO Residential Vacancies trend
39
6.2%6.0% 6.0%
6.5%
8.0% 7.9%
7.4%
4.9%
0%
2%
4%
6%
8%
10%
July 2014 August 2014 September2014
October 2014 November2014
December2014
January 2015 February2015
Residential vacancy %
Office vacancy analysis
40
Office subsector GLAVacant
GLA % Vacancy
Total Office Value (R'000)
% of total Office Market Value
% of Total Market Value
Retail Office 21,229 6,654 31.3% 60,700 5.2% 0.6%
Hospitals 7,265 - 0.0% 135,600 11.6% 1.3%
Stand Alone Office 78,310 6,883 8.8% 975,500 83.2% 9.1%
Total 106,804 13,537 12.7% 1,171,800 100.0% 11.0%
Ratio of gross property expenses to property revenue
41
33.9%35.8% 36.3% 36.5%
35.0%
14.7% 15.4% 14.7% 14.2% 14.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014
Property expense ratio Property expense ratio excluding municipal expenses
Property expense categories
42
Advertising2.3%
Bad Debt 1.8%
Cleaning & Security 11.5%
Municipal
Expenses, 59.1%
Insurance 1.4%
Professional Expenses 1.0%
Letting Expenses4.0%
Maintenance 7.3%
Sundry Expenses6.1%
Property Management Fee 5.4%
Property Arrears and Provisions
43
TENANT DEBTORS AND PROVISIONS (R'000) Dec-14 Dec-13 Dec-12
Total Trade Receivables
Trade receivable before bad debt impairment (Incl. VAT) 36,392 44,558 47,415
Provision for bad debts (21,080) (27,921) (27,229)
Trade Receivable after bad debt impairment
(excluding debtors with credit balances) 15,312 16,637 20,186
Provision for bad debt
Opening balance 27,921 27,229 41,655
Amounts written off during the period (17,218) (13,557) (20,325)
Additional provision recognised 10,377 14,249 5,899
Closing balance 21,080 27,921 27,229
Provision VAT inclusive 24,031 31,830 31,041
Ratios
Provision as a % of total trade receivable 57.9% 62.7% 57.4%
Provision as a percentage of rental income 1.5% 2.3% 2.4%
Trade receivables as a percentage of rental income 2.3% 3.2% 3.9%
RETAIL REDEVELOPMENTSRORY MACKEY
Retail Redevelopments - Update
45
East Point (formerly East Rand Galleria)
Value Additional GLA GLA on completion
R420.1m -4,700 m² 44,574 m²
StartEstimated
CompletionYield
May 2014 June 2016 9.0%
IMPORTANT TENANCIES Pick ‘n Pay, Game, Dischem, Branded Outlet Fashion (Nike, Le Coq Sportif), newFoodcourt, Gym, Burger King / KFC Drive Thru Node
Umlazi Mega City
Value Additional GLA GLA on completion
R331.5m 20,000 m² 54,200 m²
StartEstimated
CompletionYield
November 2014
September 2016 9.2%
IMPORTANT TENANCIES Pick n Pay, Woolworths, Superspar, The Hub, Asmalls, McDonalds, All National Banks,National Fashion, Drive Thru Node
Retail Redevelopments – Update (cont.)
46
Stellenbosch Square
Value Additional GLA GLA on completion
R16.2m 700 m² 10,540 m²
StartEstimated
CompletionYield
November 2014
September 2015 11.1%
IMPORTANT TENANCIES Woolworths, Pick ‘n Pay, Clicks, new lifestylerestaurants
Bluff Towers
Value Additional GLA GLA on completion
R62.9m 3,314 m² 24,743 m²
StartEstimated
CompletionYield
January 2015 October 2015 9.7%
IMPORTANT TENANCIES Dischem, McDonalds, Bingo Mania, Checkers, Edgars, Mr Price, Ocean Basket, Spur, KFC, Steers, John Dory, Fashion Nationals
Retail Redevelopments – Update (cont.)
47
Comaro Crossing
Value Additional GLA GLA on completion
R56.9m - 2,870 m² 14,000 m²
StartEstimated
CompletionYield
March 2015 August 2015 8.0%
IMPORTANT TENANCIES Food Lovers Market, Pick ‘n Pay, Meatworld, KFC, Nandos,new structured parking, new vehicle & pedestrian vertical access& access improvements
AFHCO DEVELOPMENTSRORY MACKEY
AFHCO Developments
49
BuildingName
Retail m²
Resi m²
Total m²
No. of resi units to
be developed
Developmentcost (R’m)
Yield%
Start Date
Estimatedcompletion
% completion
Comments
Pha
se 1
Connaught & Gemdawn 1,555 9,161 10,716 179 43.3 11.0% Sep-14 Aug-15 31%
Re-development of existing residential units and retail. Demolition completed, development commenced
Jeppe Street Mall 850 4,438 5,288 126 36.6 11.0% Sep-14 Sep-15 14%
Re-development of existing residential and ground floor retailDemolition completed, development commenced
Pha
se 2
Stuttafords House 1,381 9,312 12,139 188 65.1 11.0% Feb-15 Mar-16
Conversion of the existing office space to residential units above ground floor
Anchor Towers 0 962 962 14 6.3 11.0% Apr-15 Aug-15
Conversion of the 1st floor from existing office space to 14 residential units
Late
r P
hase
s
Letsema 1,300 4,053 6,343 141 25.3 11.0% May-15 Mar-16Re-development of existing commercial space intoresidential units
Moray House 2,168 3,884 6,052 84 27.0 11.0% Apr-15 Feb-16 Re-development of existing residential units
Station View 3,200 3,200 125 Re-development of ground and 1st floor into commercial space and residential units above
Tollman 764 2,620 3,854 131 Re-development of existing commercial space into residential units
Mantoll Court 295 600 895 13 135.3 11.0% Jul-15 Dec-16 Re-development of existing residential units
End Park 2,596 2,596 58Re-development of existing commercial space into residential units
Doornfontein 964 1,000 3,854 89 New development of ground floor retail and residential units above
Totals 9,277 41,826 55,899 1,107 338.9 11.0%
STRATEGY & PROSPECTSRORY MACKEY
Strategy & Prospects
51
The platform has been set for sustainable growth aligned to the Fund’s strategic objectives of:
• A diversified portfolio that generates stable growing income and capital gains
• Improving the portfolio through:
1. quality acquisitions
2. development of inner-city properties
3. improving industrial properties to meet the operational needs of tenants
4. redevelopment of shopping centres unlocking value in the retail portfolio
• Enhanced returns by managing liquidity and interest rate risk through the effective use of
debt and equity
• Efficient and effective property operations to enhance property fundamentals
• Reducing the business impact on environment and reducing costs through green initiatives
Anticipated distribution growth in excess of inflation for 2015
ACKNOWLEDGEMENTS
QUESTIONS