REBOSIS PROPERTY FUND

Transcription

1 REBOSIS PROPERTY FUND 31 July 2012 JSE SHOWCASE 1

2 REBOSIS SNAPSHOT KEY SNAPSHOT Listing date 17 May 2011 JSE classification JSE code Real Estate Holdings & Development REB (ZAE ) Linked units in issue Market capitalization Share price (close) Asset manager Asset management fee (external) R 2.9 bn 1168 cents per unit Billion Asset Managers (Pty) Limited 0,3% pa (capped) Gearing 37,9% Average interest on debt facilities 8,9% 2 HEMINGWAYS MALL

3 ENTREPRENEURIAL MANAGEMENT WITH STRONG LISTED CO EXPERIENCE SISA NGEBULANA Chief Executive Officer BJuris, LLB, LLM Founder of Billion Property Group Admitted attorney of the High Court of South Africa 18 years property experience JANYS FINN Chief Financial Officer BCom, BAcc, CA (SA) Former CFO of Metboard, Madison Property and Redefine 6 years property experience MIKE RODEL Chief Operating Officer BSc (Civil Engineering) Previously at Liberty Life Properties (8 yrs) and Old Mutual Properties (9 yrs) Previous director of Vunani Property Fund and Hyprop s CEO 22 years property experience 3

4 DEFENSIVE PORTFOLIO WITH HIGH GROWTH POTENTIAL Property GLA Valuation* m² R000 Retail portfolio Office portfolio Total Portfolio * Valuation as at 28 February 2012, includes acquisitions 48% Net property income 52% 55% GLA 45% Office Retail 4 LIBERTY BUILDING

5 ATTRACTIVE AND ROBUST INCOME STREAM 5 HEMINGWAYS MALL Supported by strong fundamentals Office buildings well located in nodes attractive to government tenants Sovereign underpin shields Rebosis from private sector risks of tenant insolvency and default Retail properties in underserved, growing catchments with high percentage national tenants Portfolio split between retail and commercial - 53:47 by value FY 2012 distribution forecast at 85,0 to 88,3 cpu 10% distribution growth per unit forecast for 2013 following acquisitions Significant upside potential on retail property: relative newer age of centres provides opportunity for income growth from sundry revenue streams

6 HIGHLIGHTS INTERIMS (28 FEB 2012) Effective distribution growth of 12,7% to 43,0 cpu* NAV excl deferred taxation R10,53 per unit Occupancy levels 97,4% Average turnover growth of 16% in retail properties Cost to income ratio 21,8% Average interest rate on debt facilities 8,9% Agreements concluded for acquisition of four commercial properties valued at R543 million 6 HEMINGWAYS MALL * Compared to the distribution of 22,25 cpu for 17 May 2011 (date of listing) to 31 August 2011

7 LEASE EXPIRY PROFILE 100% 97% 80% 60% 40% 53% 48% 45% 40% 31% 31% 20% 0% 12% 9% 6% 7% 3% 3% 2% 3% 3% 3% 0% 0% 2% 2% 0% 1% 0% Hemingways Mdantsane Bloed Street Offices Long-term government lease sovereign underpin 3 and 5 year renewals for predominantly retail national tenants in short-term 7

8 LEASE EXPOSURE BY GLA 40% 38% 30% 20% 10% 0% 4% 4% 3% 3% 3% 3% 2% 2% 2% Secure underpin from commercial government leases Resilient and defensive retail tenant mix 8

9 BILLION GROUP DEVELOPMENT PIPELINE Rebosis enjoys right of first refusal on attractive Billion Group pipeline Multi-city pipeline provides better geographic diversity R4.5 billion likely to be completed in 2014 ground breaking in second half of 2012 (calendar year) Opportunity to improve overall Rebosis portfolio and enhance critical mass.if acquired Name Location Value (R million) Completion GLA (m²) Bay West City Port Elizabeth Forest Hill City Pretoria Mthatha Precinct Mthatha TOTAL

10 FINANCIAL VIABILITY STUDY #10.0 [ABRIDGE] 24 October 2011 NCIAL VIABILITY STUDY #10.0 [ABRIDGE] WEST MALL, PORT ELIZABETH WEST CITY DEVELOPMENT COMPANY (PTY) LTD BAY WEST CITY The only super regional mall in Port Elizabeth Offers m 2 in one-stop lifestyle shopping convenience Strategically located at the centre of the merging N2 and R102 (Cape Road) metropolitan routes with great visibility and access 10 km from the CBD and airport Project value R1.75 billion Infrastructure funding provided by DBSA and SANRAL households envisaged for the primary catchment area 80% national tenants with average lease escalation of 6,5% - 7,5% Key tenants: Pick n Pay, Checkers, Edgars, Truworths, Foschini, Game, Mr Price, Dischem, Ster Kinekor Breaking ground: September Commissioning date: October 2014

11 2012 OUTLOOK Well positioned for SOLID future growth - Shopping centres trading well and still maturing - Confidence in the sustainability of government leases - Empowerment credentials provide opportunity for acquisition of government-tenanted buildings Future exposure to quality regional centres and sovereign underpin exposure through Billion Group pipeline Rental guarantee in place to 24 November 2012 for Bloed Street Mall Continued drive to achieve improved cost efficiencies Pursue yield-enhancing acquisition opportunities HEMINGWAYS MALL 2012 distribution forecast unchanged at 85,0 to 88,3 cpu 11

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