[PDF] - YEAR END RESULTS 31 August 2013 An improving and expanding PDF Document

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YEAR END RESULTS

31 August 2013

Izak Petersen Chief Executjve Offjcer Brigitue De Bruyn Financial Director An improving and expanding portgolio with infmatjon beatjng income growth

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agenda

Overview Izak Petersen Property Portgolio Izak Petersen Financial Results Brigitue De Bruyn Investor Profjle and Share Performance Izak Petersen Prospects Izak Petersen Annexures 1-4

Year End Results 31 August 2013 | 1

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OVERVIEW

PROFILE

A REIT that has been listed since 2011
176 propertjes valued at R3.75bn with a total GLA of 550 656m²
A geographically and sectorally well diversifjed portgolio
74% of portgolio by rentable area is located in Gauteng
Portgolio weighted towards retail at 54% by rental income and 53% by rentable area
One of the highest BEE ratjngs in the sector
A and B unit structure accommodates difgerent risk appetjtes

STRATEGIC INTENT/GOALS

To build a diversifjed and resilient portgolio whilst preserving and delivering sustainable

income growth

To increase the portgolio to R10bn in the next 3-5 years
Short to medium term goals include
Contjnue to acquire portgolio improving assets whilst disposing of underperforming

non-core assets

To do strategic portgolio enhancing revamps & redevelopments
Diversify sources of debt fjnance and reduce our overall funding rate
Improve tradability & liquidity of units and get into the index
Lengthen our lease expiry profjle
Improve and retain the quality of our tenants
Improve property management processes and systems
Improve the energy effjciency of our buildings
Contjnue to keep a close watch on expenses without compromising the quality of

the portgolio 2 | Year End Results 31 August 2013

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INVESTMENT PROPOSITION

Stable management team
Distributjon growth history
Rapidly improving portgolio
Diversifjed portgolio
Size presents opportunity for rapid growth
Relatjve to sector, units are trading at forward yields that indicate potentjal

capital appreciatjon

Low asset management fees at 30bps

HIGHLIGHTS FOR 2013

We are a REIT as from 1 September 2013
Portgolio growth of 54% from R2.4bn to R3.75bn was driven by capital appreciatjon (8.3%)

and acquisitjons (R1.1bn)

Vacancies are under control, reducing by 13% to 9.1% from 10.4%, a reductjon of 24% in

industrial vacancies and 15% in retail vacancies whilst offjces remained unchanged at 15% as a result of tough market conditjons in the sector

Infmatjon beatjng distributjon growth of 7% combined, compared to Dipula’s guidance of

6.5% to 7.5% during the interim period

Market capitalisatjon grew from R1.8bn to R2.8bn
Robust balance sheet with a successful equity capital raising for a total sum of R650m and

new debt facilitjes of R430m

We started making a difgerence in the communitjes we operate in through funding the

Orange Farm Community Trust (OFCT)

OVERVIEW

Year End Results 31 August 2013 | 3

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growth

PROPERTY PORTFOLIO

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SLIDE 9 23% 24% 53% 14% 32% 54% Industrial Office Retail Industrial Office Retail

INVESTED IN THREE SECTORS EXCELLENT GEOGRAPHIC SPREAD

by Rentable area by Rental Income by Rentable area by Rental Income 3% 4% 72% 8% 6% 3% 2% 0% 2% 4% 4% 74% 5% 5% 2% 2% 0% 4% Eastern Cape Free State Gauteng Kwa Zulu Natal Limpopo Mpumalanga North West Northern Cape Western Cape

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PROPERTY PORTFOLIO

Year End Results 31 August 2013 | 7

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PORTFOLIO INCREASE THROUGH ACQUISITIONS AND CAPITAL GROWTH

Sector GLA at 31 August 2012 2013 Acquisitjons GLA Adjustments 2013 Sales GLA GLA at 31 August 2013 Change in Portgolio GLA% Industrial 120 077 12 782 11

4 695

128 175 7% Offjce 97 524 37 671 200

2 794

132 601 36% Retail 243 557 59 670

1 699
11 648

289 880 19% Grand Total 461 158 110 123

1 488
19 137

550 656 19% Sector Value of Portgolio 31 August 2012 2013 Acquisitjons Cost 2013 Sales Value at 31 August 2013 Change in Portgolio Value % Industrial 364 739 000 78 000 000

11 320 000

449 625 000 23.3% Offjce 631 224 000 469 000 000

2 600 000

1 153 905 000 82.8% Retail 1 449 868 000 601 197 000

13 925 000

2 149 714 000 48.3% Grand Total 2 445 831 000 1 148 197 000

27 845 000

3 753 244 000 53.5%

growth

PROPERTY PORTFOLIO

8 | Year End Results 31 August 2013

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A GROWING IMPROVING PORTFOLIO

Per prospectus - August 2011 (actual) Acquisitjons Disposals Post implementatjon of the aquisitjons (antjcipated) Number of propertjes 175 23 17 181 Total GLA (m2) 436 629 244 463 25 908 655 184 Total value (R’000) 2 109 000 2 204 177 59 146 4 254 031 Average property size (m2) 2 495 10 629 1 524 3 620 Average property value (R’000) 12 051 95 834 3 479 23 503 Average value per m2 R4 830 R9 016 R2 283 R6 493

REFURBISHMENTS, EXTENSIONS AND REDEVELOPMENTS

Property Sector Locatjon GLA (m2) Refurbishment/ Extension/ Redevelopment Value (R) Yield Status Kopanong Retail Tembisa, Gauteng 4 024 Refurbishment/ Extension 5 000 000,00 9,40% WIP Score Ivory Park Retail Ivory Park, Gauteng 1 504 Refurbishment/ Extension 4 000 000,00 9,50% WIP 6 Old Pretoria Main Road Retail Midrand, Gauteng 5 760 Redevelopment 23 000 000,00 9,00% Conceptual Belle Ombre Retail Pretoria, Gauteng 7 838 Refurbishment 16 000 000,00 10,00% Conceptual Bochum Plaza Retail Bochum, Limpopo 11 557 Extension 4 000 000,00 10,20% Completed Range Road Blackheath Industrial Kuilsriver, Western Cape 10 979 Extension/ Refurbishment 25 000 000,00 9,00% WIP Crownwood Corner (formerly Metcash) Offjce Ormonde, Gauteng 7 273 Redevelopment/ Refurbishment 20 000 000,00 9,00% Conceptual Total 97 000 000.00 9.26%

PROPERTY PORTFOLIO

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PROPERTY PORTFOLIO

GOOD QUALITY INCOME WITH A & B GRADE TENANTS OCCUPYING 85% OF TOTAL GLA

Tenant Profjle by GLA Industrial Offjce Retail Total GLA % of Total GLA % of Total Tenants A Grade 49 868 89 148 181 581 320 597 66% 34,70% B Grade 52 793 15 092 22 586 90 470 19% 20,70% C Grade 14 007 5 900 53 106 73 013 15% 44,60% 484 080 100% 100,00%

Based on occupied space

Tenant Profjle by Rental Income Industrial Offjce Retail Total Income % of Total Income % of Total Tenants A Grade 2 103 633 7 501 318 12 202 249 21 807 200 69% 34,70% B Grade 1 567 164 1 085 992 1 866 350 4 519 505 14% 20,70% C Grade 483 857 364 295 4 355 602 5 203 754 17% 44,60% 31 530 459 100% 100,00%

Based on projected income

ABOVE INFLATION PORTFOLIO ESCALATIONS

Weighted Average Lease Escalatjons Retail Industrial Offjces Total By Income 7,73% 7,54% 8,35% 7,88% By GLA 7,48% 7,33% 7,57% 7,46% Weighted Average Gross Rental m² Retail Industrial Offjces Total By Income 83,68 39,43 100,84 83,15 By GLA 73,97 37,12 85,77 67,77 10 | Year End Results 31 August 2013

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PROPERTY PORTFOLIO

7% 8% 15% Industrial fices 9% 11% 15% Retail Industrial Offices

31 August 2013 : Overall vacancy 9.1%
31 August 2012 : Overall vacancy 10.4%

76% RETENTION RATE WITH A 10.1% RENTAL INCREASE ON RENEWALS

New deals Retail Industrial Offjces Total Number of leases 61 21 20 102 Value of leases (R) 44 713 479 35 830 833 5 474 162 86 018 474 Weighted average gross rental (R m²) 64,4 32,61 74,05 45,57 Total GLA let (m²) 12 231 23 101 2 416 37 748 Weighted average escalatjon 8,70% 8,20% 6,40% 8,50% Renewals Retail Industrial Offjces Total Number of leases 73 10 33 116 Value of leases 89 269 503 13 053 723 45 766 304 148 089 530 Average gross rental expiry (R m²) 65,79 35,73 65,73 59,38 Average gross rental new (R m²) 72,63 37,75 73,12 65,38 Total GLA let (m²) 28 877 13 896 22 546 65 319 Weighted average escalatjon 8,50% 9,20% 9,30% 8,30% Average increase in renewal rate 10,40% 5,70% 11,20% 10,10%

Overall retentjon rate 76% with the bulk of the vacatjng tenants replaced

as evidenced in the drop in vacancies.

REDUCING VACANCIES UNDER CONTROL

31 August 2013 31 August 2012 Year End Results 31 August 2013 | 11

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PROPERTY PORTFOLIO

LEASE EXPIRY PROFILE BY RENTABLE AREA LEASE EXPIRY PROFILE BY GROSS RENTAL INCOME

20 000

40 000 60 000 80 000 100 000 120 000 140 000 160 000 V a c a n c y M

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1 7 Retail Industrial Offices Total 12 000 000 10 000 000 8 000 000 6 000 000 4 000 000 2 000 000 3 1

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PROPERTY PORTFOLIO

OTHER KEY SALIENT PORTFOLIO FACTS

76% of acquisitjons (R1.7bn) since listjng successfully transferred or in the process of

transferring

Top 20 Propertjes are 48% of the portgolio by value, 32% of letuable space and 37% by

rental income

Top 20 retail propertjes are 61% of retail portgolio by value
Top 20 industrial propertjes are 91% of industrial portgolio by value
Top 20 offjce propertjes are 87% of offjce portgolio by value
Top 20 tenants make up 54% of the total rental income
13 non-core propertjes worth R27m disposed of during the period and a further 16

propertjes worth R112m have been identjfjed for sale Year End Results 31 August 2013 | 13

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income

values

FINANCIAL RESULTS

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PROPERTY PORTFOLIO

INCOME STATEMENT EXTRACTS

31 Aug 2013 (R’000) 31 Aug 2012 (R’000) Change (%) Property portgolio rental income 338 301 300 731 12.5 Property expenses (70 136) (58 080) 20.8 Net property income 268 165 242 651 10.5 Other Income 13 276

Administratjon and corporate costs

(14 244) (11 757) 21.2 Net income afuer admin and corporate costs 267 197 230 894 15.7 Net interest paid (61 822) (65 209) (5.2) Profjt before debenture interest and taxatjon 205 375 165 685 24.0 Distributjon adjustments 9 841 (17 737) 158.7 Distributed income 215 216 147 948 45.5 Core property costs as a % of property income (normalised) 20.7% 19.3%

Annual distributjon per A-linked unit (cents)

83.338 79.370 5.0

Final

41.669 39.685 5.0

Interim

41.669 39.685 5.0 Distributjon per B-linked unit (cents) 66.639 60.821 9.6

Final

36.835 33.080 11.4

Interim

29.804 27.741 7.4

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FINANCIAL RESULTS

Year End Results 31 August 2013 | 17

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PROPERTY PORTFOLIO

values

FINANCIAL RESULTS

SECTORAL PERFORMANCE

Retail (R’000) Industrial (R’000) Offjces (R’000) Total (R’000) Total revenue from property portgolio 182 963 45 893 109 445 338 301 Property expenses

34 567
10 888
24 681
70 136

Net property income 148 396 35 005 84 764 268 165 Investment property value 2 143 464 449 625 1 129 905 3 722 994 Non-current assets held for sale 6 250

24 000

30 250 2 149 714 449 625 1 153 905 3 753 244 Retail Industrial Offjces 55% 13% 32% Net Income by Sector 54% 14% 32% Revenue by Sector 49% 16% 35% Expenses by Sector 18 | Year End Results 31 August 2013

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PROPERTY PORTFOLIO

values

FINANCIAL RESULTS

STATEMENT OF FINANCIAL POSITION EXTRACTS

31 Aug 2013 (R’000) 31 Aug 2012 (R’000) Change (%) Non-current assets 3 779 817 2 441 968 54.8 Current assets 88 071 188 665 Non-current assets held for sale 30 250 54 987 Total assets 3 898 138 2 685 620 45.1 Non-current interest bearing liabilitjes 1 475 371 1 023 770 44.1 Total long-term interest bearing liabilitjes 1 475 371 1 023 770 44.1 Gearing 37.9% 38.1% (0.8) Net asset value per A-linked unit (excl deferred taxatjon)(cents) 785.13 707.98 10.9 Net asset value per B-linked unit (excl deferred taxatjon)(cents) 785.13 707.98 10.9 Net asset value per A-linked unit (cents) 785.13 689.48 13.9 Net asset value per B-linked unit (cents) 785.13 689.48 13.9 Year End Results 31 August 2013 | 19

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PROPERTY PORTFOLIO

values

FINANCIAL RESULTS

DEBT EXPIRY PROFILE

Weighted average maturity is 3.3 years and the blended rate was 7.96% at 31st August 2013 and is currently 8.40% with

74% of debt fjxed. Facility Details Facilitjes in place 1 838 100 Facilitjes utjlised 1 479 100 Weighted average cost of borrowing 7.96% Gearing 37.9% Current level of debt at fjxed rates 74% Length of fjxes 2-5 years

DEBT PROFILE

0% 5% 10% 15% 20% 25% 30% 35% 40% 31-Aug-13 31-Aug-14 31-Aug-15 31-Aug-16 31-Aug-17 31-Aug-18 20 | Year End Results 31 August 2013

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PROPERTY PORTFOLIO

values

FINANCIAL RESULTS

CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2013

31 Aug 2013 (R’000) Opening balance 162 153 Generated by operatjng actjvitjes 272 812 Net interest paid

63 625

Distributjons paid

179 354

Tax paid

28

Investments

1 143 180

Funding raised 1 005 310 Closing cash 54 088 Year End Results 31 August 2013 | 21

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INVESTOR PROFILE AND SHARE PERFORMANCE

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PROPERTY PORTFOLIO

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INVESTOR PROFILE AND SHARE PERFORMANCE

A UNIT HOLDER PROFILE

Major - Benefjcial Shareholders

B UNIT HOLDER PROFILE

Major - Benefjcial Shareholders Benefjcial Shareholder Positjon 30/08/2013 % of ISC 30/08/2013

1. Coronatjon Fund Managers

41,047,584 28.60

2. Old Mutual

19,569,033 13.63 3. Government Employees Pension Fund 11,324,215 7.89

4. STANLIB

9,683,160 6.75

5. Investment Solutjons

9,556,018 6.66

6. Nedbank Group

6,095,513 4.25 7. Municipal Employees Retjrement Funds 4,738,943 3.30

8. Transnet Pension Fund

3,294,088 2.30 9. Mergence Africa Propertjes (Pty) Ltd 2,801,743 1.95

10. PPS

2,467,120 1.72 Cumulatjve Totals 110,577,417 77.04 Benefjcial Shareholder Positjon 30/08/2013 % of ISC 30/08/2013

1. Dipula Trust

50,000,000 34.84

2. Investec

19,682,458 13.71 3. Government Employees Pension Fund 12,566,667 8.76

4. STANLIB

6,977,689 4.86

5. Nedbank Group

6,652,852 4.64

6. Discovery

6,119,998 4.26 7. Transnet Pension Fund 5,553,227 3.87

8. Coronatjon Fund Managers

4,105,488 2.86 9. Mergence Africa Propertjes (Pty) Ltd 2,803,219 1.95 10. Municipal Employees Retjrement Funds (Pty) Ltd 2,780,793 1.94 Cumulatjve Totals 117,424,391 81.69

DIPULA TOTAL RETURNS SINCE LISTING

DIB’s and DIA’s have yielded total returns of 50.27% and 22.26% respectgully since listjng

28.76% by the sector thus outperforming the sector on a combined basis. Total Units Returns DIA : + 22.26% DIB : + 50.27% JSE Real Estate Investment Services: + 28.76%

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10 20 30 40 50 60 70 80 90 100 110 Returns in % Date Year End Results 31 August 2013 | 25

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future

PROSPECTS

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PROPERTY PORTFOLIO

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PROSPECTS

KEY GOALS FOR 2014

Contjnue with our acquisitjve growth strategy
Get a credit ratjng and launch DCM programme
Maintain a solid Balance Sheet
Launch energy saving initjatjves
Implement innovatjve tenant retentjon strategies
Investjgate non GLA income initjatjves
Implementatjon of MDA property management system and asset management

system overlays

Execute our refurbishments and redevelopments
Launch practjcal and impactgul CSI initjatjves

OUTLOOK

Implementatjon of acquisitjons presents income growth opportunitjes
Aggressive leasing of vacant space will lead to income growth upside potentjal
Slow economic growth and high municipal costs are a concern
Management expects distributjon growth of 7% to 8% (excluding Ideas) for 2014

despite challenging tjmes. Year End Results 31 August 2013 | 29

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ANNEXURES

develop

expansion

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PROPERTY PORTFOLIO

annexures

76% OF ALL ACQUISITIONS TRANSFERRED/TRANSFERRING

Post listjng Acquisitjons Sector Locatjon GLA(m2) Announced (R) Transferred/ Transferring (R) Awaitjng transfer(R) Develop- ments(R) Yield Bochum and Blouberg Plaza Retail Limpopo 12 529 117 207 584 117 207 584 9,5% Nquthu Plaza Retail KZN 14 972 136 701 303 136 701 303 9,5% SAPS VIP Offjce Gauteng 21 478 229 860 000 229 860 000 10,0% SAPS IJS Offjce Gauteng 7 699 118 540 000 118 540 000 10,0% Absa Home Loans Offjce Gauteng 5 048 82 600 000 82 600 000 10,0% Orange Farm phase 1 Retail Gauteng 5 600 42 167 000 42 167 000 9,3% Byron Place Offjce Gauteng 3 270 38 000 000 38 000 000 10,0% Sterkolite building Industrial Gauteng 12 782 78 000 000 78 000 000 13,0% UBC and Fairways

n Main

Retail KZN 6 900 57 000 000 57 000 000 9,5% Capital Propertjes Retail Various 54 079 559 030 000 559 030 000 9,5% Tower Mall Retail North West 15 283 156 000 000 156 000 000 9,9% 50 Hamilton Street Offjces Gauteng 4 500 52 643 000 52 643 000 9,3% Plaza Shopping Centre Retail Free State 25 720 179 500 000 179 500 000 9,8% Randfontein Shopping Centre Retail Gauteng 5 935 46 200 000 46 200 000 9,8% Bushbuckridge Shopping Centre Retail Mpumalanga 16 203 104 180 000 104 180 000 9,8% Orange Farm phase 2 (30%) Retail Gauteng 26 524 150 000 000 150 000 000 9,5% Tsakane Corner Shopping Centre Retail Gauteng 5 941 56 548 260 56 548 260 9,3% Total 244 463 2 204 177 147 1 667 748 887 329 880 000 206 548 260 9,8%

6 ANNEXURE 1

Year End Results 31 August 2013 | 33

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PROPERTY PORTFOLIO

annexures

ANNEXURE 2

TOP 20 PROPERTIES BY VALUE ARE 48% OF TOTAL PORTFOLIO

Building Name Region Property Type GLA Value as at 31 Aug 2013 Major Tenants No Tenants SAPS VIP Gauteng Offjce 21 478 248 000 000 Dept Public Works 1 Gezina Galleries Gauteng Retail 16 669 159 330 000 Shoprite Checkers 42 Nquthu Plaza KwaZulu Natal Retail 14 912 149 700 000 Shoprite Checkers, Cashbuild 46 SAPS IJS Gauteng Offjce 7 874 122 000 000 Dept Public Works 2 Ziyabuya Eastern Cape Retail 14 584 116 000 000 Total SA, Shoprite Checkers 38 Bochum Plaza Limpopo Retail 11 558 114 700 000 PnP Retailers, Cashbuild 33 Woodmead Super Value Centre Gauteng Retail 7 169 104 660 000 Moresport 16 ABSA Home Loans Gauteng Offjce 5 048 86 000 000 Absa Bank 1 Sterkolite Building Gauteng Industrial 12 782 79 000 000 Dept Public Works 1 Shoprite Pretoria North Gauteng Retail 6 442 76 640 000 Shoprite Checkers 1 Belle Ombre Gauteng Retail 7 829 73 200 000 Freedom Supermarkets 34 Blackheath Pavilion Gauteng Retail 6 270 70 500 000 Moresport 19 274 Beyers Naude Drive Gauteng Retail 3 784 59 800 000 Summit Auto Holdings (VW South Africa) 1 Boardwalk Place Midrand Gauteng Offjce 6 455 58 900 000 Natjonal Youth Development Agency 2 Palm Court Gauteng Retail 6 284 55 500 000 Spar 32 Welkom High Park Building Free State Retail 7 510 48 300 000 Dept Public Works 14 Orange Farm Phase 1 Gauteng Retail 5 591 43 300 000 PnP Retailers, Cashbuild 3 Finance House Gauteng Offjce 7 631 43 200 000 Victor Air (pty) Ltd., Keypunch propertjes 26 Kopanong Gauteng Retail 3 950 40 600 000 PnP Retailers 19 Nemisa Gauteng Offjce 3 600 40 000 000 Nemisa 1 177 420 1 789 330 000 332 34 | Year End Results 31 August 2013

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PROPERTY PORTFOLIO

annexures

ANNEXURE 3

TOP 10 TENANTS ARE 43% OF RENTAL INCOME

Tenant GLA Department of Public Works 55 668 Shoprite Checkers 26 785 Pick n Pay Retailers 19 371 Absa Bank 16 215 Standard Bank 14 080 Ellerine Furnishers 12 306 Edcon Group 10 767 Cashbuild South Africa 9 105 JD Group 8 505 Ekurhuleni Metropolitan Municipality 8 273 181 074 Top 10 by GLA 181 074 37.4% Top 20 by GLA 245 304 50.7% Top 30 by GLA 283 037 58.5% Top 10 by Rental Income 13 421 910 42.6% Top 20 by Rental Income 16 931 567 53.8% Top 30 by Rental Income 18 650 968 59.2% Tenant Rental Income Department of Public Works Total 5 106 654 Absa Bank 1 770 560 Shoprite Checkers 1 661 965 Pick n Pay Retailers 1 085 069 Standard Bank 950 967 Edcon Group 678 868 Ellerine Furnishers 632 758 Pepkor Retail Limited 587 196 Cashbuild South Africa 479 359 Summit Auto Holdings (VW South Africa) 468 512 13 421 910 Year End Results 31 August 2013 | 35

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PROPERTY PORTFOLIO

annexures

ANNEXURE 4

TOP 10 VACANCIES

Building Name Region Property Type GLA VACANCY (M²) 360 Pretoria Avenue Gauteng Offjce 4 185 4 185 Finance House Gauteng Offjce 7 631 4 038 Range Road Blackheath Western Cape Industrial 10 979 3 479 Perm Kempton Park Gauteng Offjce 3 528 2 771 Cavaleros Malvern Gauteng Industrial 3 750 2 681 Atlas Road Gauteng Retail 3 202 2 677 1 President Street, Germiston Gauteng Retail 2 571 2 571 African Magnet Gauteng Industrial 2 673 2 208 BMW Gauteng Retail 1 847 1 847 Standard Bank Isando Gauteng Retail 1 824 1 824 36 | Year End Results 31 August 2013

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SUSTAINABLE PROPERTY RETURNS

Dipula Income Fund Contacts Izak Petersen Chief Executjve Offjcer Phone +27 11 325 2112 izak@dipula.co.za