INVESTOR AND ANALYST FEEDBACK
|
|
- Winfred Washington
- 5 years ago
- Views:
Transcription
1 INVESTOR AND ANALYST FEEDBACK
2 Presentation overview 1 Investor and Analyst feedback 2 Motivation for this transaction 2
3 1 INVESTOR AND ANALYST FEEDBACK BT NGEBS CITY - MTHATHA 3
4 Key themes for discussion 1 Rebosis paper oversupply Independence of the process Market concerns Malls (Baywest and Forest Hill) ManCo and PropCo savings and income contribution Hedging cost and Risk of 9.5% assumed floating rate DPW policy and impact Annualised trading densities for subsequent months Billion debt assumption Valuations and trading densities 4
5 1. Rebosis paper oversupply Rebosis is in a position to sell R1.5bn of commercial assets with due consideration to quality and value. This transaction will further support the strategic intent of being a retail biased fund If executed, the transaction consummation will be planned to coincide with the Billion acquisition timeline These disposals will assist reducing Rebosis LTV position post the Billion acquisition (with assumed growth dilution reducing to 6.6%) Management continues to negotiate with vendors in terms of the cash versus equity settlement to improve the overall economics for the shareholder. (Possible c.r340m reduction) Success in achieving the above will enable Rebosis to avoid a capital raise other than the initial claw back offer (underwritten by Billion at 1130cps which translates to a R165m price discount) with revised LTVs to less than 40% 5
6 2. Independence of the process Published agreed valuations are based on independent valuations performed on all three assets (LDM) Rebosis has already appointed it s existing valuers who are in the process of performing further independent valuations as required by the JSE for inclusion into the circular (Mills Fitchett) Rebosis has appointed independent experts (Mazars) to provide a fairness opinion on the value for the service businesses (Billion Asset Managers and Billion Property Services) Rebosis has appointed reporting accountants (Grant Thornton) to provide an opinion on the historical and forecasted financial information to be included in the circular submitted to the JSE Java as Rebosis corporate sponsors have reviewed the financial information for submission to independent parties Rebosis board comprising of independent members reviewed the merits 6
7 3. Market concerns Malls (Baywest) The survey below indicates the drive time to the three shopping centres in Port Elizabeth from Bluewater Bay and Summerstand. The drive time to Baywest is very similar when compared to the other competitive centers in Port Elizabeth 7
8 3. Market concerns Malls (Baywest) continued 3 Independent market research companies confirmed huge retail undersupply In 2013, primary catchment area of 263,333m 2 and Secondary catchment of 779,919m 2 excluding existing retail (Fernridge) Urban Studies conducted a study in February / March 2016 Socio-economic profile: Household income of R33k pm, LSM % weekly support from primary trade area (84% monthly support) 24% monthly support from secondary trade area 22% monthly support from tertiary trade area % Regional retail space vs income level (AA+) % Regional retail space vs number of households Johannesburg Tshwane Durban Ekurhuleni PE Bloemfontein 5,0% 3,3% 3,1% 4,0% 2,3% 5,6% 100% 83% 45% 61% 39% 90% Urban Econ
9 3. Market concerns Malls (Baywest) continued Port Elizabeth growth is westwards which allows Baywest to capture all new urban growth. It enjoys the best visibility, access and ease of travel across PE Future growth will result in increased retail demand within the primary catchment area of Baywest Multiple private residential developments (c. 21,000 units) within the primary catchment area of Baywest Mall Multiple high density residential apartments (c. 8,970 units), townhouses, office blocks to be developed in the immediate vicinity of Baywest mall 9 Fenridge market research
10 3. Market concerns Malls (Forest Hill) continued BACKGROUND Mall of Africa opened 28/04/2016 Easter moved out of April into March in 2016 March & April 2016 and 2015 need to be combined to make sense of the impact on turnover and foot count stats FOOT COUNT Easter weekend from Friday to Monday 2016 was 9.4% up on 2015 First 4 days of Mall of Africa trading foot count was down 13% Last weekend of April was up 5.5 % on the previous weekend Total April % June to date (12/06): +8.3% CAR COUNT April 2016 v April 2015: + 32% May 2016 v May 2015: + 22% Little or no impact from Mall of Africa on any of the key ratios 10
11 4. BAM and BPS savings and income contribution Businesses Value Valuation method Investment yield Billion Asset Management (BAM) R360m 7.0 x 0.3% 11.4% Billion Property Services (BPS) R229m 5-year NPV 12.1% Total value R589m NOI of BAM is R31.6m; NOI of BPS is R18.9m BAM includes revenue to be earned from the Billion portfolio on the 3 assets (post acquisition) Important to note that the EV shifted materially in FY2015 and continues to grow which results in a higher base. This excludes the now inclusion of the Billion assets Enterprise Value c. R7.2bn c. R9.3bn c. R10.4bn Sept 2014 Aug 2015 March 2015 BPS property management revenue is based on 2.5% of all collectable income. Revenue is generated from the Rebosis, Ascension and Billion portfolios Management of BPS and BAM are integrated with potential upside in synergies downstream due to a single entity reporting 11
12 5. Hedging cost & Risk of 9.5% assumed floating rate Recent Rebosis debt taken out as well as restructured has been financed at an average cost of 9.1% Benefit of existing hedges on debt of assets to be sold will be utilised Taking the above into account, we are comfortable on all in costs of fixed and floating debt of 9.5% Hedging policy will remain consistent with that currently in place of cover of 75% on total debt Costs for hedging is expected to remain consistent (if not decrease) based on recent pricing indicated 12
13 6. DPW policy and impact Significant progress has been made in refining a new transformation policy at the Department of Public Works. This includes listed REITs transformation recognition Agreement has been reached that a new policy (which is close to completion) will support Rebosis in internalising the management company without any implication to incumbent leases within the portfolio DPW are fully supportive in this regard REBOSIS DPW 13
14 7. Annual trading densities Billion Group Trading Densities for the three malls as at April 2016 R/m² 27,500 Mar % 26.3% Apr 16 25,000 22,500 25, , months trading * 23, months trading * 20,000 Forest Hill City Baywest City BT Ngebs City First year trading density feasibility R Source: Fenridge 14 * Annualised
15 8. Billion debt assumption The transaction value of R6.0bn is to be settled through: Equity R1.74bn Equity will be settled to the following vendors: Nedbank Abacus Billion Staff Share Incentive Billion Group R845m is Billion equity including deferred tax and it s initial projects equity. This includes R165m discount on clawback pricing (net R680m) Deferred equity of R700m will be shared amongst these vendors over a 2 year period AND Cash R4.27bn Management are seeking optimal ways for cash settlement and are considering the following: Cash raised through disposal of non-core assets Debt funding from other banks that expressed huge interest Additional secured DMTN program Equity raise (if share price value supports original assumptions) Management are in negotiation to reduce the cash component to R3.9bn through replacement of equity settlement for the difference with vendors which will be underwritten by Billion and pegged at R11.30 per share minimum price 15
16 9. Valuations and trading densities Key considerations Comparison has been performed regardless of locality national tenancy profile and trading performance are key comparables to value Trading densities are based on monthly turnover reports provided by tenants over their trading area that get audited annually (Nationals) New center growth is much higher than existing old centers a key ingredient to driving down rent to sales and providing higher upside downstream Two independent valuations are being used to confirm true market value from different valuation angles Rebosis valuation reports will be included into the circular 16
17 9. Valuations and trading densities (Baywest) Income yield is the best comparison method, we analyse below based on both yield and valuation per m 2 in line with analysts methodology GLA m² 12 month forward NPI Sep 2016 Annualised Trading Density per m² Baywest Mall R R R ,6% 7,8% R R Clearwater Mall* R R ** R * As per published Hyprop Dec 2015 HY results ** As per Hyprop June 2015 (FY) results Price / Independent Valuation Acquisition Yields Independent Valuation incl. Bulk excl. Bulk incl. Bulk excl. Bulk per m² * -44,0% -28,9% Note: Baywest Valuation is 9 months later Rental/m 2 provided in the SENS was the base lease rents before other income and recoveries. A unitised NOI/NPI per m 2 would be the correct metric to determine valuation yields 17
18 9. Valuations and trading densities (Forest Hill City) Income yield is the best comparison method, we analyse below based on both yield and valuation per m 2 in line with analysts methodology GLA m² 12 month forward NPI Sep 2016 Price / Independent Valuation Acquisition Yields Independent Valuation incl. Bulk excl. Bulk incl. Bulk excl. Bulk per m² Annualised Trading Density per m² ** Forest Hill City R R R ,1% 7,3% R R * * Woodlands Mall R R ** R * As per published Hyprop Dec 2015 HY results ** As per Hyprop June 2015 (FY) results -8,3% -13,0% Note: Forest Hill Valuation is 9 months later Rental/m 2 provided in the SENS was the base lease rents before other income and recoveries. A unitised NOI/NPI per m 2 would be the correct metric to determine valuation yields 18
19 9. Valuations and trading densities (BT Ngebs City) Income yield is the best comparison method, we analyse below based on both yield and valuation per m 2 in line with analysts methodology GLA m² 12 month forward NPI Sep 2016 Price / Independent Valuation Acquisition Yields incl. Bulk excl. Bulk incl. Bulk excl. Bulk Independent Valuation per m² Annualised Trading Density per m² BT Ngebs City R R R ,6% 7,2% R R * East Rand Mall R R R ,5% -22,0% * As published on Vukile website BT Ngebs future expansion bulk has an existing built up structure Rental/m 2 provided in the SENS was the base lease rents before other income and recoveries. A unitised NOI/NPI per m 2 would be the correct metric to determine valuation yields 19
20 9. Recent property transaction yields 8.0% 7.6% Baywest Mall Jubilee Mall Design Quarter Mall 7.2% Forest Hill City Zevenwacht Mall 6.8% East Rand Mall Somerset Mall BT Ngebs City Newcastle Mall 6.4% 6.0% GLA 87,707 73,952 66,317 62,446 60,163 52,577 39,956 29,360 25,743 20
21 9. Property Cap rates versus Prime rates Average quarterly cap rates Vs Prime rate Cap Rates are driven by demand and supply of assets and less of prime rates movement 21 Cap Rate Prime Interest Rate Source: Nedbank Corporate
22 2 BOARD CONSIDERATION FOR THIS TRANSACTION ** ** FOREST HILL CITY - CENTURION 22
23 Rebosis Board strategic consideration bn Comparative R 100 doldrums Debt 8,7% Intu Prop; 4.8% Growthpoint; 8.1% trade winds Redefine; 8.3% NEPI; 4.1% Resilient; 4.2% Fortress B; 4.5% Rockcastle; 4.2% Hyprop; 5.7% Fortress A; 9.0% R 10 SACR; 9.2% Vukile; 9.8% Investec Prop; 8.9% Arrowhead; 10.9% Rebosis; 12.4% Accelerate; 10.6% Delta Prop Fund; 15.2% SAPY 4,9bn vortex Dipula A; 10.7% Dipula B; 10.7% docked R % 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 23
24 Rebosis rank in the SAPY index W I T H I N S A P Y I N D E X Rank Counter Mkt Cap (bn) LTV 1 year Fwd Yield 1 Growthpoint Property R % 8.1% 2 Redefine Properties R % 8.3% 3 New Europe Prop Inv R % 4.1% 4 Resilient REIT Limit R % 4.2% 5 Fortress Inc Fund B s R % 4.5% 6 Rockcastle Global R % 4.2% 7 Hyprop Investments Ltd R % 5.7% 8 Fortress Income Fund A s R % 9.0% 9 Attacq Limited R % 10 SA Corp Real Estate R % 9.2% 11 Vukile Property Fund R % 9.8% 12 Investec Property Fund R % 8.9% 13 Arrowhead Properties R % 10.9% 14 Emira Property Fund R % 10.2% 15 Stenprop Limited R % 6.3% 16 MAS Real Estate Inc. R % 3.8% 17 TRADEHOLD LTD R % 0.2% 18 OCTODEC INVEST LTD R % 9.8% 19 The Pivotal Fund Ltd R % 20 Rebosis Property Fund R % 12.4% 21 Accelerate Prop Fund R % 10.6% 22 Delta Property Fund R % 15.2% 23 Investec Australia Property Fund R % 7.7% 24 Balwin Properties Ltd R % 4.2% 25 Dipula Income Fund A R % 26 Dipula Income Fund B R % 27 Intu Properties Plc R % 24 As at June 2016
25 Way Forward First submission of circular to the JSE Site visit for investors to see all three assets: 30 June 1 July Publishing of circular to shareholders: July Notice of GM: July Voting: August 25
26 Disclaimer FORWARD-LOOKING STATEMENTS Certain statements made in this document constitute forward-looking statements. Forward-looking statements can be identified by the use of words such as may, will, should, predict, assurance, aim, hope, risk, expect, intend, estimate, anticipate, believe, plan, seek, continue or other similar expressions that are predictive or indicative of future events. All statements other than statements of historical facts included in this document, including, without limitation, those regarding the Company s expectations, intentions and beliefs concerning, amongst other things, the Company s results of operations, financial position, growth strategy, prospects, dividend policy and the industries in which the Company operates, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and its Directors, which may cause the actual results, performance, achievements, cash flows, dividends of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. As such, forward-looking statements are no guarantee of future performance. Such forward-looking statements are based on numerous assumptions regarding the Company s present and future business strategies and the environment in which the Company will operate in the future. Among the important factors that could cause the Company s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, economic conditions in the relevant markets of the world, market position of the Company or its subsidiaries, earnings, financial position, cash flows, return on capital and operating margins, political uncertainty, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation, changing business or other market conditions and general economic conditions. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. GENERAL NOTICE This document is for your information only. Nothing contained in this document is intended to constitute investment, legal, tax, accounting or other professional advice. You should consult with an appropriate professional for specific advice rendered on the basis of your situation. 26
M A R K E T U P D A T E AUGUST. Baywest Mall, Port Elizabeth, Eastern Cape
M A R K E T U P D A T E AUGUST 2018 Baywest Mall, Port Elizabeth, Eastern Cape Investment community feedback Disposal programme Cross currency swap New Frontier strategy and risk Cash flow disparity Earnings
More informationproperties CEO Andile Mazwai Director: Retail Director: Head of Human Resources Director: Marketing
properties people ANNUAL FINANCIAL RESULTS values 12 MONTHS ENDED 31 AUGUST 2017 Forest Hill City - Centurion - Gauteng EXECUTIVE COMMITTEE CEO Andile Mazwai CFO Marelise de Lange Director: Facilities
More informationListed Property Report
18 February 2019 Asset Class Yield (in %) Total Return (% chg) 15 Feb 1 Week YTD SA Listed Property 8.6% -2.8% 4.4% SA Bonds 9.6% -0.6% 1.1% SA Cash 9.6% 0.0% 0.6% UK Listed Property 4.6% 0.0% 10.6% US
More informationSUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW. Canal Walk (Cape Town, Western Cape)
SUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW Canal Walk (Cape Town, Western Cape) 1 STRATEGY & OVERVIEW South African REIT Focused on emerging markets
More informationSTANLIB LISTED PROPERTY. Quorum Presentation by Keillen Ndlovu October 2012
STANLIB LISTED PROPERTY Quorum Presentation by Keillen Ndlovu October 2012 The STANLIB Listed Property Team Keillen Ndlovu Ndabezinhle Mkhize Riaan Gerber Craig Smith Head: Listed Property Funds Portfolio
More informationSA Property ETF. The Listed Property Experience in SA. Lessons and Opportunities. Stephen E. Delport Managing Director
SA Property ETF The Listed Property Experience in SA Lessons and Opportunities Stephen E. Delport Managing Director Listed Property Accepted as a Core Asset They re a better inflation hedge than utility
More informationPROVISIONAL REVIEWED CONDENSED CONSOLIDATED RESULTS for the year ended 31 August 2017
REBOSIS PROPERTY FUND LIMITED ("Rebosis" or the "company" or the "group") Registration number 2010/003468/06 (Approved as a REIT by the JSE) JSE share code: REA - ISIN: ZAE000240552 JSE share code: REB
More informationUNAUDITED RESULTS for the six months ended 28 February 2017 INVESTMENT HIGHLIGHTS
REBOSIS PROPERTY FUND LIMITED ( Rebosis or the company or the group ) Registration number 2010/003468/06 (Approved as a REIT by the JSE) JSE share code: REA - ISIN: ZAE000240552 JSE share code: REB - ISIN:
More informationREBOSIS PROPERTY FUND
REBOSIS PROPERTY FUND 31 July 2012 JSE SHOWCASE 1 REBOSIS SNAPSHOT KEY SNAPSHOT Listing date 17 May 2011 JSE classification JSE code Real Estate Holdings & Development REB (ZAE000156147) Linked units in
More informationListed property June 2016
Listed property June 2016 Equity sales note by SBG Securities (Proprietary) Limited Greg Brady 30 June 2016 securities@standardbank.co.za Please refer to the disclaimer at the end of this document This
More informationOur conversation GROUP OVERVIEW AND STRATEGY PORTFOLIO OVERVIEW CAPITAL STRUCTURE AND DEBT. Section DMTN PROGRAMME UPDATE
STRATEGY AND KEY OUTCOMES PROPERTY ASSET PLATFORM FINANCIAL REVIEW WRAP UP Our conversation Section 01 GROUP OVERVIEW AND STRATEGY Section 02 Section 03 Section 04 GROUP OVERVIEW AND STRATEGY Section 01
More informationANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST Presentation overview
ANNUAL RESULTS Presentation overview Rebosis highlights Sisa Ngebulana New Frontier results Mike Riley Ascension results Kameel Keshav Rebosis results Sisa Ngebulana 02 1 Key Rebosis Highlights Distribution
More informationTypes of ETFs for your investment appetite 13:00 13:45. Insert Topic
Types of ETFs for your investment appetite 13:00 13:45 Insert Topic Three investment themes in which to invest for the future Technology The industry of the future Emerging markets The economy of the
More informationGrowth Potential of the J-REIT Market
Growth Potential of the J-REIT Market Japan Securities Summit March 11, 2010, Singapore F. Imanishi Mitsubishi Corp. - UBS Realty, Inc. The opinions expressed in the materials are solely the personal opinions
More informationNEDGROUP INVESTMENTS PROPERTY FUND. Quarter 2, 2018
NEDGROUP INVESTMENTS PROPERTY FUND Quarter 2, 2018 For the period ended 30 June 2018 MARKET COMMENTARY The FTSE/JSE SA Listed Property (SAPY) index declined by 2.2% in the second quarter of 2018. Since
More informationWhy and How to Invest in Exchange Traded Products (ETPs)
Why and How to Invest in Exchange Traded Products (ETPs) Presentation at: JSE / etfsa / Grindrod Bank Education Seminar, JSE 6 th May 2013 Mike Brown Managing Director etfsa.co.za Agenda What are Exchange
More informationDiscovery Flexible Property Fund update
Discovery Flexible Property Fund update Avoiding the pitfalls of investing in a more uncertain environment November 2017 will mark the 10 th anniversary of the Discovery Flexible Property Fund managing
More informationUnaudited condensed consolidated interim results. for the six months ended 28 February 2018
Unaudited condensed consolidated interim results for the six months ended 28 February 2018 Highlights Post-period acquisitions R1.42 billion (yield in excess of 11%) Post-period capital raise of R790 million
More informationINTERIM FINANCIAL RESULTS
INTERIM FINANCIAL RESULTS Six months ended 31 December 2009 AGENDA Introduction & Highlights Financial Review Operational Overview Acquisitions, Developments and Disposals Growthpoint Properties Australia
More informationNot Rated Thiam Chiann Wen ext:1664
MENARA TA ONE, 22 JALAN P. RAMLEE, 50250 KUALA LUMPUR, MALAYSIA TEL: +603-20721277 / FAX: +603-20325048 IPO Monday, 3 September 2012 FBM KLCI: 1,646.11 Sector: REIT IGB Real Estate Investment Trust Fair
More informationCondensed consolidated interim results for the six months ended 31 December 2016 PROPERTY INVESTMENT EXCELLENCE
Condensed consolidated interim results PROPERTY INVESTMENT EXCELLENCE HIGHLIGHTS Dividend up 16,6% Acquired Skopje City Mall, Skopje, Macedonia Sale of Willowbridge South R460 million Developments of R260
More informationUNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS. to R194.2 million. to cents per share. to cents per share
DISTRIBUTABLE EARNINGS 9,5% to R194.2 million COMBINED DIVIDENDS PER SHARE 6,3% A-SHARE DIVIDEND 5% to 50.64892 cents per share B-SHARE DIVIDEND 7,9% to 41.83993 cents per share INTEREST RATE HEDGING IN
More informationInterim Results 31 March 2018
Interim Results 31 March 2018 Green shoots Green shoots starting to show Portfolio surprised on the upside Letting vacant space but with greater incentives Benefits in 2019 Remains tough environment 2
More informationListed Property. Keillen Ndlovu Head of Listed Property May 2018
Listed Property Keillen Ndlovu Head of Listed Property May 2018 Global Property STANLIB Global Property Fund Objective Portfolio Characteristics The Fund invests in the global property market. Aims to
More informationAbout ETFs. Mike Brown Managing Director etfsa.co.za. Proptrax & etfsa.co.za JSE. Retail Investment Seminar. 19 th July 2012
About ETFs Mike Brown Managing Director etfsa.co.za Retail Investment Seminar Proptrax & etfsa.co.za JSE 19 th July 2012 Agenda What are ETFs? Where to get information. How to use and access them. Why
More informationBank credit risk: Making sense of the current credit cycle and outlook
Bank credit risk: Making sense of the current credit cycle and outlook Investec seminar Cape Town 18 March 2009 Gert Kruger, FirstRand Banking Group Contents Features of the current credit cycle: Three
More informationNEDGROUP INVESTMENTS PROPERTY FUND. Quarter One, 2018
NEDGROUP INVESTMENTS PROPERTY FUND Quarter One, 2018 For the period ended 31 March 2018 NEDGROUP INVESTMENTS PROPERTY FUND PERFORMANCE Performance to 31 March 2018 Nedgroup Investments Property Fund 1
More informationFoxtons Interim results presentation For the period ended 30 June 2018
Foxtons Interim results presentation For the period ended 30 June 2018 Important information This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking
More informationannual financial results for the 12 months ended 31 August 2017
Octodec Head Office Sharon s Place One On Mutual 012 Steyn s Place Creating value beyond financial return annual financial results for the 12 months ended 31 August 2017 agenda 1 about us 03 2 overview
More informationFinancial results presentation For six months ended 30 September 2018
Financial results presentation For six months ended 30 September 2018 Transition Plan to 31 March 2020 Targets Progress Sales and Purchases MLI to comprise 65% of total portfolio Manage timings of acquisitions
More informationOFFSHORE PROPERTY COMPANIES SOME ARE MORE EQUAL THAN OTHERS
MACROSOLUTIONS OFFSHORE PROPERTY COMPANIES SOME ARE MORE EQUAL THAN OTHERS EVAN ROBINS PORTFOLIO MANAGER MARCH 2016 The South African listed property sector is rapidly transforming from a domestic sector
More informationSTANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds Financial Statements
STANLIB Namibia Unit Trust Management Company Limited and Standard Bank Namibia Funds Financial Statements Annual Financial Statements for the year ended 31 December 2012 Registration number: 98/043 Contents
More informationEuropean Property Tour. September 2013
European Property Tour September 2013 Contents Page The journey to date 03 Income focused property investment 04 Relative positioning in UK & SA markets 05 11 Addressing market perceptions 12 Corporate
More informationUnited States Europe Hong Kong. Local. Japan 13 OCTOBER 2016 DAILY INVESTMENT UPDATE
13 DAILY INVESTMENT UPDATE United States Europe Hong Kong The S&P 500 and the Dow Jones ended Wednesday's session with small gains as expectations for timing on a rate hike were largely unchanged after
More informationCHOICE PROPERTIES AND CANADIAN REAL ESTATE INVESTMENT TRUST COMBINE TO FORM CANADA S LARGEST REIT IN A $6.0 BILLION TRANSACTION
CHOICE PROPERTIES AND CANADIAN REAL ESTATE INVESTMENT TRUST COMBINE TO FORM CANADA S LARGEST REIT IN A $6.0 BILLION TRANSACTION Transformational combination creates the preeminent diversified REIT in Canada
More informationREVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS
REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2018 REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS HIGHLIGHTS Property portfolio increase to R8.6
More informationThe Standard Bank of South Africa Limited. Fact Sheet. September 2012
The Standard Bank of South Africa Limited Fact Sheet September 2012 Contact details Libby King SBSA Chief Financial Officer Arno Daehnke Head: Treasury and Capital Management Tel: +27 11 636 1167 Tel:
More informationFINANCIAL RESULTS For First Quarter ended 31 March 2015
FINANCIAL RESULTS For First Quarter ended 31 March 2015 AGENDA Q1 Highlights Financial Performance Portfolio Performance AEI Updates Looking Ahead Unit Performance 2 Q1 HIGHLIGHTS Q1 HIGHLIGHTS FINANCIAL
More information1H FY 04/05 Results and Proposed Equity Raising Presentation
1H FY 04/05 Results and Presentation Thursday, 14 October 2004 This Presentation is focused on comparing actual results versus forecasts outlined in the A-REIT Circular of 18 February 2004 and actual results
More informationNewFunds Risk Premia ETFs
NewFunds Risk Premia ETFs NewFunds Value Equity ETF NewFunds Low Volatility ETF NewFunds Equity Momentum ETF Mike Brown Managing Director etfsa.co.za NewFunds Value Equity Exchange Traded Fund (NF Value)
More informationAldermore Banking as it should be UK Challenger Bank Day
Aldermore Banking as it should be UK Challenger Bank Day 09 June 2015 Banking as it should be SME focused bank Customer loans 1 22% Asset Finance Track record of accelerating profitability Invoice Finance
More informationResults Presentation. Half Year Results ending 28 February 2013
Results Presentation Half Year Results ending 28 February 2013 Contents Page Introduction 03 06 Financial Results 07 11 Operations 12 19 Asset Management 20 26 Looking Forward 27 28 Additional Information
More informationAventus Retail Property Fund
AUSTRALIA AVN AU Price (at 06:10, 29 Apr 2016 GMT) A$2.16 Volatility Index Low GICS sector Real Estate Market cap A$m 741 30-day avg turnover A$m 0.7 Number shares on issue m 343.2 Investment fundamentals
More informationInvestor Presentation 4Q16
Investor Presentation 4Q16 1 Who we are? Largest mall company in Latin America The only shopping mall company in Brazil with nationwide presence Portfolio with 44 regional malls, almost 8% of the total
More informationRESULTS PRESENTATION FOR THE YEAR ENDED 31 MARCH
2018 RESULTS PRESENTATION FOR THE YEAR ENDED 31 MARCH 2018 OVERVIEW The year in review 2018 HIGHLIGHTS 7 INCOME PRODUCING PROPERTIES 2% VACANCY RATE 3% DIVIDEND GROWTH 7% ANNUAL RENTAL ESCALATION ACHIEVED
More informationThe South African Consulting Engineering Industry
The South African Consulting Engineering Industry Presenting and interpretation of latest survey results Presented by Elsie Snyman CESA Infrastructure Indaba 2016 7 8 November 2016 Bi-annual Economic and
More informationPROPERTY FUND. Unaudited condensed consolidated interim results for the six months ended 31 August 2018
PROPERTY FUND Unaudited condensed consolidated interim results for the six months 31 August Performance Interim distribution of 39.40 cents per share Renewed and concluded 62 035m 2 of leases Loan to value
More informationrhipe Limited (ASX code RHP) FY16 Full Year Results Presentation & FY 2017 Outlook
rhipe Limited (ASX code RHP) FY16 Full Year Results Presentation & FY 2017 Outlook Dominic O Hanlon, CEO & Managing Director Mike Hill, Executive Chairman 1 This presentation has been prepared by rhipe
More informationPhillips Edison Grocery Center REIT II ( REIT II ) to Merge with Phillips Edison & Company ( PECO ) July 18, 2018
Phillips Edison Grocery Center REIT II ( REIT II ) to Merge with Phillips Edison & Company ( PECO ) July 18, 2018 2 FORWARD-LOOKING STATEMENT DISCLOSURE Certain statements contained in this presentation
More informationFOURTH QUARTER 2012 FINANCIAL RESULTS PRESENTATION 5 FEBRUARY 2013 HEKTAR ASSET MANAGEMENT SDN BHD
FOURTH QUARTER 2012 FINANCIAL RESULTS PRESENTATION 5 FEBRUARY 2013 HEKTAR ASSET MANAGEMENT SDN BHD Disclaimer 2 The material that follows is a presentation of general background information about the activities
More informationUpdate of the CoreShares Global ETFs January 2017
Update of the CoreShares Global ETFs January 2017 CoreShares S&P Global Property ETF CoreShares S&P Global Property ETF Quick Facts Currency (JSE) ZAR NAV 1 (JSE) R 33.84 Index Benchmark S&P Global Property
More informationCSL. CANADIAN STUDENT LIVING GROUP INC. Investor Presentation
CSL CANADIAN STUDENT LIVING GROUP INC. Investor Presentation August 2016 Disclaimer This presentation is not a solicitation of an offer to purchase securities. This presentation is not, and in no circumstances
More informationFoxtons Preliminary results presentation For the year ended December 2018
Foxtons Preliminary results presentation For the year ended December 2018 Important information This presentation includes statements that are, or may be deemed to be, forward-looking statements. These
More informationInterim Results. Six months ended 31 August 2016
Interim Results Six months ended 31 August 2016 Stefanutti Stocks City A multi-disciplinary construction group (Vision) (Mission) 2 www.stefanuttistocks.com y 2 Agenda Six month overview Operational Overview
More informationStandard Bank Namibia Funds Financial Statements
Standard Bank Namibia Funds Financial Statements Registration number: STANLIB Namibia Unit Trust Management Company Limited Reg. No. 98/043 Annual Financial Statements For The Year Ended 31 December Contents
More informationCore Purpose, Vision and Values
Core Purpose, Vision and Values The History of Brait 1 1991 Launch of Brait Private Equity Fund I. 1995 Launch of Brait Private Equity Fund II. 1998 The Brait Group established from the merger of the merchant
More informationInvestor pre-close briefing. 15 September
Investor pre-close briefing 15 September Proviso Please note that matters discussed in today s presentation may contain forward looking statements which are subject to various risks and uncertainties and
More informationKey market performance drivers
Key market performance drivers Monthly charts September 2017 1 Market returns concentration One-year returns ending: September-17 August-17 July-17 NASPERS NASPERS NASPERS ANGLO ANGLO ANGLO STANDARD BANK
More informationCIRCULAR TO REBOSIS SHAREHOLDERS
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION The definitions and interpretations commencing on page 4 of this circular have, where appropriate, been used on this cover page. This circular
More informationPreliminary Results Announcement
Preliminary Results Announcement JIM SUTCLIFFE Chief Executive Introduction 23 rd February Day s agenda UK 09:00 10:00 10:30 11:00 12:00 12:45 SA 11:00 12:00 12:30 13:00 14:00 14:45 OM analyst presentation
More informationAscott Residence Trust. Divestment of Somerset Grand Cairnhill Singapore and Acquisi:on of 3 Target Proper:es
Ascott Residence Trust Divestment of Somerset Grand Cairnhill Singapore and Acquisi:on of 3 Target Proper:es Extraordinary General Mee:ng 27 July 2012 Disclaimer IMPORTANT NOTICE The value of units in
More informationINVESTOR PRESENTATION
INVESTOR PRESENTATION Table of Contents Introduction to SEGRO 3 Market drivers 10 High quality development pipeline 15 Balance sheet and financing 21 Operating performance 26 Portfolio overview 30 APP
More informationCAPITAL RAISE ROAD SHOW. May 2016
CAPITAL RAISE ROAD SHOW May 2016 1 PRESENTATION OUTLINE 1. Disclaimer 2. Tower History 3. Offer Summary 4. Executive Summary 5. Strategy 6. Management Team 7. Major Properties 8. Tower Post Konzum 9. Croatian
More informationAN OVERVIEW OF SA REIT TAX LEGISLATION BRAM GOOSSENS EQUITES PROPERTY FUND
AN OVERVIEW OF SA REIT TAX LEGISLATION BRAM GOOSSENS EQUITES PROPERTY FUND Contents A brief history of REITs Status of SA REIT legislation Burning tax issues The way forward A brief history of REITs Introduction
More informationIndexation at the Core
Indexation at the Core Behind the name change: Core and Satellite Approach to Portfolio Construction Active approach Core-Satellite approach Index approach Combines best of both worlds Seeks to outperform
More informationMarch 2007 Interim Results Reviewed. 15 May 2007
March 2007 Interim Results Reviewed 15 May 2007 Agenda Financial highlights Overview of company Financial results Business review Other Retail Institutional CFM International UK & Ireland NAM - Namibia
More informationCreating sustained value for all stakeholders. Redefine Group results for the year ended 31 August 2017
1 Creating sustained value for all stakeholders Our conversation Section 01 COMPANY OVERVIEW Section 02 STRATEGIC FOCUS Section 03 PORTFOLIO OVERVIEW Section 04 CAPITAL STRUCTURE Section 05 FINANCIAL INSIGHTS
More informationK-REIT Asia s Distributable Income for First Half 2012 (1H 2012) Grew by 94.6% Year-on-Year
PRESS RELEASE K-REIT Asia Unaudited Results for the Second Quarter and Half Year Ended 30 June 2012 16 July 2012 The Directors of K-REIT Asia Management Limited, as manager of K-REIT Asia, announce the
More informationFoxtons Interim results presentation For the period ended June 2017
Foxtons Interim results presentation For the period ended June 2017 Important information This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking
More informationchoose the life you want to live income funds Simon Pearse
income funds Simon Pearse various types of income funds Income Funds Balanced Equity Funds Income Yield Money Market Income Var Specialist Income Funds Bond Property NCD s, 12% Cash, 12% Term deposits,
More informationACQUISITION OF INTEREST IN A COMPANY OWNING 4 SHOPPING CENTRES IN SPAIN
VUKILE PROPERTY FUND LIMITED (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE NSX share code: VKN ISIN: ZAE000180865 Debt company code: VKEI (Granted
More informationSUMMARY GROUP RESULTS AND FINAL CASH DIVIDEND DECLARATION FOR THE 52 WEEKS ENDED 31 MARCH 2018
MR PRICE GROUP LIMITED Registration number 1933/004418/06 Incorporated in the Republic of South Africa ISIN: ZAE 000200457 JSE share code: MRP ( Mr Price or the Company or the Group ) MR PRICE GROUP LIMITED
More informationFor personal use only
ASX/MEDIA RELEASE 29 May 2012 MARKET & INVESTOR UPDATE Centro Retail Australia ( CRF ) announces an update on a number of recent corporate and strategic activities and releases the attached investor presentation.
More informationMarch 2010 Reviewed Interim Results. 6 May 2010
March 2010 Reviewed Interim Results 6 May 2010 Agenda Financial highlights Overview of company Financial results Business review Retail Institutional International Transformation Other Market movements
More informationResults for the Second Quarter ended 30 June July 2008
Results for the Second Quarter ended 30 June 2008 18 July 2008 Disclaimer This Presentation is focused on comparing results for the three months ended 30 June 2008 versus results achieved in the three
More informationREITs Symposium May 2018
REITs Symposium 2018 19 May 2018 Important Notice This presentation shall be read in conjunction with OUE Commercial REIT s Financial Results announcement for 1Q 2018 dated 10 May 2018. This presentation
More informationSGREIT achieves DPU of 1.18 cents for 4Q FY16/17
Media release by: YTL Starhill Global REIT Management Limited (YTL Starhill Global) Manager of: Starhill Global Real Estate Investment Trust (SGREIT) SGREIT achieves DPU of 1.18 cents for 4Q FY16/17 HIGHLIGHTS
More informationAcquisition of Altamira Creating the undisputed leader in NPL and REO servicing in Southern Europe. January 8, 2019
Acquisition of Altamira Creating the undisputed leader in NPL and REO servicing in Southern Europe January 8, 2019 Strategic Highlights of a Landmark Acquisition for dobank Altamira Asset Management Leading
More informationInterest Rates, Cap Rates, and the Real Estate Cycle
Interest Rates, Cap Rates, and the Real Estate Cycle Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property
More informationLocal and Offshore Local Listed Property. Update. Keillen Ndlovu Head of Listed Property. October 2018
Local and Offshore Local Listed Property Update Keillen Ndlovu Head of Listed Property October 2018 Local Listed Property Jan 2018 Jan 2018 Jan 2018 Jan 2018 Jan 2018 Feb 2018 Feb 2018 Feb 2018 Feb 2018
More informationAir Berlin PLC 11 th November 2015 Analyst Conference 3rd Quarter 2015
Air Berlin PLC 11 th November 2015 Analyst Conference 3rd Quarter 2015 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied,
More informationLiving our values. Netcare Limited Audited Group Results. for the year ended 30 September 2008 CARE DIGNITY PARTICIPATION TRUTH PASSION
CARE DIGNITY PARTICIPATION TRUTH PASSION Netcare Limited Audited Group Results for the year ended tember 2008 CARE DIGNITY PARTICIPATION TRUTH PASSION Note regarding forward looking statements The Company
More informationOSK DMG ASEAN & Hong Kong Corporate Day June 2012
OSK DMG ASEAN & Hong Kong Corporate Day 26-28 June 2012 2 Important Notice This material shall be read in conjunction with CIT s financial statements for the financial period ended 31 March 2012. The value
More informationQ3 operational update
Q3 operational update 9 may 2013 Q3 key outcomes n FY13 operating guidance of 10.7 to 10.8cpss maintained n MPT continues to deliver strong metrics: 98.2% occupancy 1 5.3 year WALE 2 Strong MAT growth
More informationATTERBURY ACQUISITIONS (ATTACQ)
1 October 2013 ATTERBURY ACQUISITIONS (ATTACQ) HIGH QUALITY PROPERTY FUND TO LIST ON 14 OCTOBER 2013 Indicative listing price R15.00 Company update; Peter Armitage One of SA s most successful property
More informationNiël Pretorius Chief Executive Officer. Riaan Davel Chief Financial Officer
Niël Pretorius Chief Executive Officer Riaan Davel Chief Financial Officer PAGE 2 DISCLAIMER Many factors could cause the actual results, performance or achievements to be materially different from any
More informationCAPITAMALLS MALAYSIA TRUST
CAPITAMALLS MALAYSIA TRUST Malaysia s Largest Pure-Play Shopping Mall REIT 4Q 2010 Financial Results 21 January 2011 Disclaimer The information in this presentation is qualified in its entirety by, and
More information2017 Results. 27 February 2018
2017 Results 27 February 2018 FY17 Financial Performance 37.8p EPS 1 +29% 192.1m Stat profit 2 +37% RoTE of 14% up from 12.4% in FY16 13.8% CET1 Ratio 6.0p Total dividend +18% 297p TNAV +9% Note: (1) Basic
More informationANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2017
ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2017 PRESENTATION OUTLINE Review of the year Financial results Trading performance Outlook Questions 2 REVIEW OF THE YEAR DAVID KNEALE REVIEW OF THE YEAR Strong
More informationPROPERTY JOURNAL 1ST EDITION MAY 2017
PROPERTY JOURNAL 1ST EDITION MAY 2017 Contents 1. 2. 3. 4. 5. 6. 7. 8. Introduction by Guest Editor Nick Wilson... Message from the Chairman of SA REIT Association, Laurence Rapp... What next for SA REITS?...
More informationUNAUDITED INTERIM GROUP RESULTS FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2018, CASH DIVIDEND DECLARATION
MR PRICE GROUP LIMITED Registration number 1933/004418/06 Incorporated in the Republic of South Africa ISIN: ZAE 000200457 JSE share code: MRP ( Mr Price or the Company or the Group ) UNAUDITED INTERIM
More informationFY18 Results Presentation 31 July Thomas Beregi, CEO Michael Eadie, CFO
FY18 Results Presentation 31 July 2018 Thomas Beregi, CEO Michael Eadie, CFO Leadership in the credit impaired consumer segment ANALYTICS & DISCIPLINE OPERATIONAL EXCELLENCE SUSTAINABILITY & COMPLIANCE
More informationBuy. Morning Call. Bank Al-Falah Limited (BAFL) IFC Capital Injection; EPS Accretive; Revised Earnings, BUY. November 10, 2014
Morning Call November 10, 2014 Bank Al-Falah Limited (BAFL) Banks IFC Capital Injection; EPS Accretive; Revised Earnings, BUY Buy Target Price 38.3 Last Closing Upside 22.3% KSE Code Bloomberg Code Market
More information9M 2018 RESULTS 09 NOVEMBER 2018 TLG IMMOBILIEN AG 9M 2018 RESULTS
TLG IMMOBILIEN AG 9M 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationTable of Contents. Page 1-3 Page 4-5 Page 6 Page 7 Page 8-10 Page 11
Table of Contents 1. Consolidated Financial Results 2. Growth in Productive Assets 3. Group Return on Assets Analysis 4. Group Profitability Analysis 5. Divisional Performance Indicators 6. Glossary Page
More informationAshmore Group plc. Results for six months ending 31 December February
Ashmore Group plc Results for six months ending 31 December 2017 8 February 2018 www.ashmoregroup.com Overview Accelerating growth and outperformance across Emerging Markets GDP growth driven by exports,
More informationInvestor presentation 9M 2012 results
Investor presentation 9M 2012 results Key results: stabilising in Q3 Direct result p/s: 3.05 (-17.6% yoy) Q3: + 0.01 vs Q2 Revaluation portfolio: -4.75% Q3: -0.25% NAV p/s: 63.72 (-12.9% yoy) Q3: +0.4%
More informationCharter Real Estate Investment Trust
Charter Real Estate Investment Trust Annual General Meeting June 6, 2008 Ari Silverberg President & Chief Operating Officer Floriana Cipollone Chief Financial Officer Forward-looking information This management
More informationACQUISITION OF PLAZA SINGAPURA
ACQUISITION OF PLAZA SINGAPURA Extraordinary General Meeting 8 July 2004 Insert pic of Plaza Sing Important Notice This material or our presentation is for informational purposes only and should be read
More information