interim results - dipula.co.za · interim results for the six months ended 29 february 2020...

S u s t a i n a b l e P r o p e r t y R e t u r n s

INTERIM RESULTSFOR THE SIX MONTHS ENDED

29 FEBRUARY 2020

I N T E R I M R E S U L T S

F O R T H E S I X M O N T H S EN D ED 2 9 F EBR U A R Y 2 0 2 0

DISCLAIMER

Certain statements contained in this document constitute forward-looking information. Forward-looking information may relate to Dipula Income Fund Limited (“the Company”)

future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures,

financial results, taxes, plans and objectives of or involving the Company. Statements regarding future, performance, achievements, prospects or opportunities for the Company

or the real estate industry are forward-looking statements. The Company has based these forward-looking statements on factors and assumptions about future events and

financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs, including that the South African economy will remain

stable over the next 12 months, that inflation will remain relatively low, that interest rates will remain stable, that tax laws remain unchanged, that conditions within the real estate

market, including competition for acquisitions, will be consistent with the current climate, that the South African capital markets will provide the Company with access to equity

and/or debt at reasonable rate when required.

Although the forward-looking statements contained in this document are based upon assumptions that management of the Company beliefs are reasonable based on information

currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements

necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, that may cause the Company’s or the industry’s actual

results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. The

forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this document. The Company

undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which

the statements are made or to reflect the occurrence of unanticipated events.

These forward-looking statements are made as of 18 May 2020 and Dipula Income Fund Limited assumes no obligation to update or revise them to reflect new events or

circumstances, except as required by law.

02



AGENDA

03

01R E V I E W 03F O R W A R D02R E V I E W

F INANCIAL WAYBUSINESS



JSE sector Real Estate Investment and Services: Diversified REITS

Date listed 17 August 2011

Closing price (29 Feb 2020) DIA R8.85 | DIB R2.05

KEY CORPORATE INFORMATION

R10.18

NAV per share

79%

Interest rate hedge level

R2.9 billion

Market capitalisation

9.24%

Weighted average interest rate

R8.9 billion

Portfolio size

In-house

Asset & property management

40%

Gearing

A & B shares (different risk appetites)

Equity capital structure

R3.6 billion

Debt

BBB (ZA) long term

A3 (ZA) short term

Credit rating

04



GEOGRAPHIC SPREAD BY SECTOR

Western Cape

Northern Cape

Limpopo

KwaZulu-Natal

Gauteng

Eastern Cape

North West

Mpumalanga

15 3

3 2

5

3 2 1

5 4

63 29 33

6

9

125

18

78

1

4

12

Retail 103

Office 34

Industrial 53 7 1

1

Free State

1 1 2

7

2

TOTAL OF 190 PROPERTIES

05

FY 2020 P R O G R E S S P O R T F O L I O L I QUIDI TY & V A L U A T I O N C O V I D - 1 9

01REVIEW

IZAK PETERSEN

CEO

BUSINESS



Distributable

earnings substantially

in line with objectives

▪ Work in progress

▪ Negatively impacted

by SA negative

economic growth

and COVID-19

▪ Additional staff

employed

▪ Improved asset

management systems

Growth in dividends

per share

Improvement of

share liquiditySolidify management SAPY inclusion

Gearing improved

to 40%

Maintain gearing

at FY2019 levels

▪ Work in progress

▪ Setbacks due to

prevailing market

conditions

FY 2020 PROGRESS

Objective:

Progress:

07

01REVIEW

IZAK PETERSEN

CEO


BUSINESS



TOTAL PORTFOLIO ‒ KEY INDICATORS

SECTORAL SPLIT BY GROSS INCOME

* Excluding NCI and land

Average

property size

916 593m²

Total GLA

R8.5 bn *

Portfolio

value

2019: R8.3bn 2019: 928 580m² 2019: 4 666m²

R45m

Average

property value

Average value

per m² by GLA

R9 311

Weighted average

escalation by GLA /

income

2019: R42m 2019: R8 946 2019: 7.4% / 7.5%

Vacancy

5.8%80%R95.14 /

R137.69

Weighted average

gross rental by GLA

(R/m²) / income

2019: R131.38 /

R90.90

2019: 82% 2019: 8%

4 824m²

28%

Tenant retention

3.5 / 2.9

years

WALE by

GLA / income

09

Retail

Office

Industrial

Gauteng 64%

Limpopo 10%

Eastern Cape 9%

KwaZulu-Natal 8%

North West 3%

Western Cape 3%

Mpumalanga 2%

Free State 1%

Northern Cape <1%

GEOGRAPHIC SPLIT BY GROSS INCOME 7.4% /

7.4%

2019: 3.8 years by GLA

66%

20%

14%

Feb

2019

Feb

2019

Feb

2020

Feb

2020

65%

20%

15%

Gauteng 64%

Limpopo 10%

Eastern Cape 8%

KwaZulu-Natal 8%

North West 3%

Western Cape 3%

Mpumalanga 2%

Free State 2%

Northern Cape <1%



NEW LEASES

TOTAL PORTFOLIO ‒ LEASING

Number of leases 78

Value of leases R94m

Total GLA (m²) 20 822

Weighted average gross rental (R/m²) 93.49

Weighted average escalation 7.4%

WALE 3.3 years

Number of leases 112



Weighted average expiry gross rental (R/m²) 88.18

Weighted average renewal gross rental (R/m²) 87.42


Average renewal rate decrease -0.9%

WALE 2.8 years

LEASE ACTIVITY (1 SEP 2019 – 29 Feb 2020)

RENEWALS

LEASE EXPIRY PROFILE

GLA (000 m²) Rental (Rm)

GLA (000 m²) Average monthly gross rental (Rm)

010

52

103

148 167

89

349

11

17 18

10

25

-10

0

10

20

30

-

100

200

300

400

Vacant 2020 2021 2022 2023 After 2023



RETAIL PORTFOLIO ‒ KEY INDICATORS

* Excluding NCI and land 11

7.2%

Weighted average escalation

by GLA

2019: 7.3%

130.28

Weighted average gross rental

by GLA (R/m²)

2019: 123.77

Vacancy

7.6%

2019: 8.0%

7.4%

Weighted average escalations by income

2019: 7.5%

154.35

Weighted average gross rentals

by income (R/m²)

2019: 145.31

Tenant retention

2019: 84%

74%

2019: 4 163m²

4 359m²

Average property size

448 946m²

2019: 462 048m²

Total GLA

R5.5 bn

2019: R5.4bn

Portfolio value*

R53m

Averageproperty value

2019: R48m

Average valueper m² by GLA

R12 154

2019: R11 621

3.0 / 2.9

years

WALE byGLA / income




34 50

77 89

60

132

6 10 11

7

18

-20

-10

0

10

20

-

50

100

150

200

Vacant 2020 2021 2022 2023 After 2023

RETAIL PORTFOLIO ‒ LEASING

Number of leases 66





WALE 3.5 years

Number of leases 90






Average renewal rate increase 2.2%

WALE 3.2 years

LEASE ACTIVITY (1 SEP 2019 – 29 FEB 2020)LEASE EXPIRY PROFILE

NEW LEASES

RENEWALS


12




OFFICE PORTFOLIO ‒ KEY INDICATORS

* Excluding NCI and land 13

129 245m²

Total GLA

2019: 131 010m²


R14 102

2019: R13 110

7.4%


by GLA

2019: 7.4%


2019: 3 743m²

Tenant retention

2019: 89%

3 801m²

147.44


by income (R/m²)

2019: 140.37

92%

R1.8 bn

Portfolio value*

2019: R1.7bn

R54m


2019: R49m

7.4%


2019: 7.3%

134.40


by GLA (R/m²)

2019: 126.75

Vacancy

7.2%

2019: 7.9%

2.0 / 2.1

years

WALE by GLA /income




9

22

30 35

18 14

3 4

5

2 2

-6

-4

-2

0

2

4

6

-

10

20

30

40

50

60

Vacant 2020 2021 2022 2023 After 2023

OFFICE PORTFOLIO ‒ LEASING

Number of leases 9

Value of leases R8m




WALE 2.5 years

Number of leases 12






Average renewal rate decrease -5.0%

WALE 2.5 years

NEW LEASES

RENEWALS




14



INDUSTRIAL PORTFOLIO ‒ KEY INDICATORS


338 401m²

Total GLA

R1.3 bn

Portfolio value

2019: R1.2bn 2019: 335 522m² 2019: 6 331m²


R3 710

2019: R3 636

7.6%


by GLA

2019: 7.5%

Tenant retention

37.36


by GLA (R/m²)

2019: 34.98

2019: 70%

6 385m²

Vacancy

2.8%

2019: 8.0%

7.5%


2019: 7.7%

53.79


by income (R/m²)

2019: 52.06

82%


R24m

2019: R23m

4.7 / 3.5

years

WALE by GLA / income

2019: 4 years by GLA

15



10 32 41 43 11

202 2 3

2 1

5

-4

-2

0

2

4

6

-

50

100

150

200

250

Vacant 2020 2021 2022 2023 After 2023

INDUSTRIAL PORTFOLIO ‒ LEASING

Number of leases 3

Value of leases R6m




WALE 2.5 years

Number of leases 10






Average renewal rate increase 0.3%

WALE 1.8 years


NEW LEASES

RENEWALS


16




RESIDENTIAL PORTFOLIO

Update on turnkey development

17

COSMO CITY

▪ 428 units

▪ Substantially let

▪ 12-month rental guarantee

▪ Transfer expected in July 2020

▪ Well located with strong

leasing fundamentals


01REVIEW

IZAK PETERSEN

CEO

BUSINESS



LIQUIDITY ANALYSIS

%

Decrease

Decrease

Rm

Value

Rm

Debt

Rm LTV

Borrowing

Capacity

Rm

Assumed

NOI

Rm Yield

NOI

Decrease

Rm

Yield

sensitivity

Current 8 952 3 600 40% 429 895 10% 10.0%

-2.0% -179 8 773 3 600 41% 348 877 10% 18 10.2%

-5.5% -492 8 459 3 600 43% 207 846 10% 49 10.6%

-8.0% -716 8 236 3 600 44% 106 824 10% 72 10.9%

-10.6% -949 8 003 3 600 45% - 800 10% 95 11.2%

3 600 4 028 4 476 4 923

429 876 1 32430 68

113

0

1 000

2 000

3 000

4 000

5 000

40% 45% 50% 55% 45% 50% 55%

Debt Capacity (Rm) Additional Interest p.a (Rm)

7.0%7.7%

8.5%

Rm

LTV

Assumed interest rate

19

DEBT CAPACITY

VALUATION STRESS TEST: IMPACT ON LTV

ICR

Net income reduction of R220 million for ICR to drop to 2 times



VALUATION BENCHMARKING

12 060

20 593 21 596

11 990 13 00316 887 16 890 15 529

0

40 590

13 551

41 819

21 245

10,2%7,5% 8,2% 9,2%

0

8,9% 7,7% 8,2% 7,0%

0%

11,4%6,8% 8,3%

-10%

-5%

0%

5%

10%

15%

-

10 000

20 000

30 000

40 000

50 000

Dipula 1 2 3 4 5 6 7 8 9 10 11 Average

Avg Value R/m²

Yield

14 280 20 335 18 917

13 003

20 762 15 292

9 959

30 439

13 189

41 819

20 413

9,2%7,6% 8,1%

0

11,3%

6,5%

10,8%7,8%

0%

10,7% 6,8% 8,7%

-10%

-5%

0%

5%

10%

15%

-

10 000

20 000

30 000

40 000

50 000

Dipula 1 2 3 4 5 6 7 8 9 10 Average

Avg Value R/m²

Yield

4 339

7 5796 048

4 120

5 6435 093

6 5175 833

9,6%8,1% 8,3% 9,6% 9,5% 8,5%

10,1% 9,0%

-10%

-5%

0%

5%

10%

15%

-

2 000

4 000

6 000

8 000

10 000

Dipula 1 2 3 4 5 6 Average

Avg Value R/m²

Yield

RETAIL

OFFICE

INDUSTRIAL

20

R/m²

R/m²

R/m²

Company

Company

Average

Average

Average

Source: Company AFS

Dipula

Dipula

Dipula



PRICE TO NAV ANALYSIS

Decrease in property valuation required

for market comparable NAV discount

-16%

Combined

forward yield

27%

Forward yield

DIA

22%

Forward yield

DIB

40%

* Share price at 12 May 2020

** Source: Catalyst, 12 May 2020

Combined share price

(cents)

729.00*

DIA share price

(cents)

530.00*

DIB share price

(cents)

199.00*

Current discount / NAV

SAPY

-49.93%**


Combined

-64%


DIA

-48%


DIB

-80%


ALPI

-50.58%**

21

IZAK PETERSEN

CEO

1


01REVIEWBUSINESS



COVID-19 RENTAL EXPOSURE ANALYSIS

44%

4%

20%

12%

8%

12%

Essential

SOE/Government

Non-essential Large

Non-essential medium

SMME highly impacted

SMME medium impacted

47% 48%

5%

Government

Other A and B grade tenants

C grade tenants

94%

6%

A and B grade tenants

C grade tenants

RETAIL OFFICE INDUSTRIAL TOTAL

Portfolio annualised annual gross rental exposure (Rm) 668 209 167 1 044

Base case losses by gross rental (Rm) 24 1 5 30

Moderate case losses by gross rental (Rm) 33 2 9 44

Worst case losses by gross rental (Rm) 55 4 15 74

Base case incremental vacancy by GLA 3.9% 0.6% 2.8% 3.3%

Moderate case incremental vacancy by GLA 4.3% 1.2% 3.4% 3.5%

Worst case incremental vacancy by GLA 8.7% 2.3% 4.3% 6.2%

Current vacancy GLA 7.6% 7.2% 2.8% 5.8%

Base case post Covid-19 vacancy by GLA 11.5% 7.8% 5.7% 9.1%

Moderate case post Covid-19 vacancy by GLA 11.9% 8.4% 6.2% 9.3%

Worst case post Covid-19 vacancy by GLA 16.3% 9.5% 7.2% 12.0%

COVID-19 SCENARIO ANALYSIS

RETAIL BY GROSS RENTAL OFFICE BY GROSS RENTAL INDUSTRIAL BY GROSS RENTAL

23* All amounts based on annualised April 2020 billing excluding recoveries.



OPERATIONS

24

Full access to IT systems

Operational staff all on duty

No significant savings expected in operating expenditure

due to additional compliance burden

Continuously updating operation procedures in-line

with regulations

Smooth remote operating platform

Collected 66% for May to date

Collected 73% rental for April

Community-based CSI activities ongoing

SMME business viability biggest concern

No municipal relief to date



TENANT RENT REMISSIONS

25

Property Industry Group facilitating dialogue

No deal yet following many proposals and counter proposals

Tenants split into categories based on size and whether essential or non-essential

Office and Industrial tenants excluded

Legal position complex for both landlord and tenant



Ongoing discussions

Good co-operation between the parties

Key discussion points involve Valuations, Covenants and Cashflow

Framework for bilateral discussions between parties

BANKERS

26

Dipula Bankers

BASA Feedback



REIT REGULATION RELAXATION

27

All submissions to be processed on a case by case basis

JSE not to grant blanket dispensation

Compliance with LR to be observed

Good cooperation from JSE

National Treasury feedback awaited

JSE indicated that solvency and liquidity are the

ultimate tests for Directors to apply in making dividend

declaration decisions

JSE is still to canvas the attitude of asset managers

Deviations to be published on SENS

RIDWAAN ASMAL

CFO

02FINANCIALREVIEW



FINANCIAL HIGHLIGHTS

LTV 40%

ICR 2.74

Maturing debt refinanced

and covenants within

acceptable levels

21.1%

Net cost to income

ratio maintained at

29

DISTRIBUTABLE EARNINGS PER SHARE

Due to the current market conditions as a result of the COVID-19 pandemic, the Company

has deferred its decision regarding whether or not to declare a dividend in respect of the

interim six month period ended 29 February 2020 (“interim dividend”).

A decision on whether or not to declare an interim dividend and, if one is declared, the

quantum of the interim dividend, will be made no later than the time of publication of the

financial results for the year ending 31 August 2020.

Combined

(1.4%)

DIA

4.6%

DIB

(9.1%)



48,24 50,65 52,67 54,83 57,36

38,78 41,84 44,08 42,50

38,61

87,02 92,49

96,75 97,33 95,97

0

20

40

60

80

100

120

Feb 2016 Feb 2017 Feb 2018 Feb 2019 Feb 2020

A- share B- share Total

DISTRIBUTABLE EARNINGS PER SHARE HISTORY

cps

30

5.0%

7.9%

6.3%

4.0%

5.4%

4.6%

4.6%4.1%

(9.2%)

(1.4%)

(3.6%)

0.6%



5-YEAR COMBINED MARKET PRICE TO NAV

cents

1 792

2 245

2 090

1 921

1 090

713

1 8822 014 2 024 1 976

2 036 2 036

-5%12% 3% -3%

-47%-65%

-550%

-450%

-350%

-250%

-150%

-50%

50%

500

1 000

1 500

2 000

2 500

3 000

Feb 2016 Feb 2017 Feb 2018 Feb 2019 Feb 2020 Current15 May 2020

Market price NAV Premium / Discount

31



5-YEAR MARKET PRICE

32

cents

1002

10501020

1112

885

513

790

1195

1070

809

205 200

0

200

400

600

800

1000

1200

1400

Feb2016

Feb2017

Feb2018

Feb2019

Feb2020

Current15 May 2020

DIA DIB



STATEMENT OF COMPREHENSIVE INCOME (EXTRACTS)

29 Feb 2020

R 000

28 Feb 2019

R 000 Variance

Revenue 661 404 652 397 1.4%

Property expenses (219 096) (210 988) 3.8%

Net property income 442 308 441 391 0.2%

Administration and corporate costs (21 322) (18 805) 13.4%

Net operating profit 420 986 422 586 -0.4%

Net finance cost (153 456) (152 619) 0.5%

Non-controlling interests (13 551) (12 372) 9.5%

Distributable earnings 253 979 257 595 -1.4%

Distributable earnings per A-share (cents) 57.36 54.83 4.6%

Distributable earnings per B-share (cents) 38.61 42.50 -9.2%

Combined distributable earnings (cents) 95.97 97.33 -1.4%

Property cost to income ratio (gross basis) 33.1% 32.3% 2.4%

Property cost to income ratio (net basis) 17.1% 17.5% -2.4%

Total cost to income (gross basis) 36.3% 35.2% 3.2%

Total cost to income (net basis) 21.1% 21.1% -0.1%

33



SECTORAL PERFORMANCE

FEB 2019FEB 2020

66%

19%

15%

RENTAL INCOME & RECOVERIES PROPERTY EXPENSES NET PROPERTY INCOME

72%

19%

9%

FEB 2020

62%

19%

18%

FEB 2020FEB 2019 FEB 2019

67%

19%

14%

72%

19%

9%

65%

20%

15%

34Retail Office Industrial



STATEMENT OF FINANCIAL POSITION (EXTRACTS)

29 Feb 2020

R 000

28 Feb 2019

R 000Variance

Investment property and held-for-sale 8 953 135 8 665 421 3.3%

Trade and other receivables 169 578 202 164 -16.1%

Loan receivable 204 356 195 290 4.6%

Goodwill / Intangible assets 56 250 93 750 -40.0%

Cash and cash equivalents 69 580 49 631 40.2%

Other assets 70 132 8 409 734.0%

Total assets 9 523 031 9 214 665 3.3%

Interest-bearing liabilities 3 599 602 3 585 504 0.4%

Non-controlling interest and related loans 234 057 206 803 13.2%

Trade and other payables 165 636 159 829 3.6%

Lease liability (IFRS) 86 566 - 100%

Bank overdraft - 20 000 100%

Derivative liability 48 184 10 403 363.2%

Total liabilities 4 134 045 3 982 539 3.8%

Net assets 5 388 986 5 232 126 3.0%

Loan to Value (LTV) 40.0% 41.6% -3.8%

Net Asset Value (NAV) per A-share R 10.18 R 9.89 2.9%

Net Asset Value (NAV) per B-share R 10.18 R 9.89 2.9%

35



CASH FLOW ‒ Rm

Opening balance

Cash generated from operations

Net finance cost

Dividend paid

Acquisitions and capex

Repayment of lease liability

Closing balance

Disposals

Debt funding (repaid) / raised

Non-controlling interest

Repayments of loans advanced

1 SEPTEMBER 2019 TO 29 FEBRUARY 2020 1 SEPTEMBER 2018 TO 28 FEBRUARY 2019

70

- 57

- 3

- 3

-0.04

49

- 34

- 266

- 153

419

119

-400 -300 -200 -100 0 100 200 300 400 500

36

30

63

- 1

-0.1

8

- 80

- 300

- 153

424

69

-400 -300 -200 -100 0 100 200 300 400 500



DEBT PROFILE

3,0%

26,0%

20,5%

25,2% 25,3%

9,9%

22,0%

19,3%

8,3%

19,9%

0%

10%

20%

30%

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Debt expiry

Hedge expiry

79%

Interest hedged

Feb 2019: 80%

9.24%

Weighted average

cost of debt

Feb 2019: 9.24% All-in rate

Weighted average

debt expiry

2.3 years

Feb 2019: 2.9 years

2.0 years

Weighted average

hedge expiry

Feb 2019: 2.2 years

37

03WAYFORWARD

IZAK PETERSEN

CEO



WAY FORWARD

39

Adapt business to post-COVID-19 environment

(e-commerce, flexible space - Residential & Office)

Enhance defensive nature of portfolio

(improved by 3%, A&B tenants now 89% of income)

Balance sheet strength critical for long-term sustainability

Survive COVID-19

04QUESTIONS& ANSWERS

IZAK PETERSEN

CEO

05A N N E X U R E S



SA

focused

▪ Geographically diversified

▪ Economically active locations

▪ Sectorally diversified

Diversified

▪ Predominantly retail (convenience, rural & township)

▪ Increase industrial exposure

▪ Selective office

▪ Affordable residential rental

Portfolio

optimisation

▪ Non-core disposals

▪ Capital recycling

▪ Acquisitions, developments, redevelopments and

conversions

Tenant

centric

▪ Credit quality

▪ Manage concentration risk

▪ Enhance tenant experience

Human

capital

▪ Value our people

▪ Talent attraction and retention

▪ Teamwork above all

▪ Resourcefulness

Sustainability

▪ Compliance

▪ Efficiency

▪ CSI & BEE

▪ Social, economic & environmental

STRATEGY

SHAREHOLDER VALUE CREATIONManaging

brilliantly

Remaining

disciplined

Buying

well

42

R

OUR VALUE PROPOSITION

▪ A diversified REIT that is growing, improving and

de-risking its portfolio through employing a range of value-add

strategies including leasing, conversions, extensions,

redevelopments, partnerships and development.

▪ We are focused on our chosen property market segments

and continuously reposition our portfolio in-line with changing

market dynamics.

OUR TOOLS

Research and

analysis

Good capital

allocation

Balance sheet

manage-ment

FocusA

competentcore team



STRATEGIC CAPITAL ALLOCATION TO DE-RISK PORTFOLIO

43

▪ Allocation of capital into areas of core competency ▪ Build capacity for operational excellence ▪ Tactically going underweight offices▪ Increasing retail and industrial exposure▪ Chosen retail segment defensive and resilient through different cycles▪ Industrial assets that are relevant to market needs▪ Entering affordable residential rental market▪ Residential portfolio to be capped at 20%▪ Shift towards well-located residential in response to demand driven by

a changing SA culture, low savings, falling disposable income, upfront acquisition cost and urbanisation

▪ Strategic value-add revamps and expansions mainly funded through recycled capital

▪ Portfolio significantly de-risked in terms of:• Tenant quality• Quality of assets• Quality management• Portfolio & asset size

AT LISTING CURRENT FUTURE

54%

29%

17%

65%

20%

15%

60%

10%

20%

10%

Retail

Office

Industrial

Residential

Reduce cost of capital

By income By income By income

Build strong human capital capacity

Continuous portfolio improvement

STRATEGIC GROWTH DRIVERS

SA economic rebound

Sensible corporate action and strategic tie-ups



C O N S I S T E N T

D I S C I P L I N E D

S T A B L E

D I V E R S I F I E D

R E S O U R C E F U L

HUMAN CAPITAL: • LEAD • CO-OPERATE • WIN

Total no. of

employees at

head office

and in the

regions

Internships

6

students

Multi-skilled

individuals

make a

stronger team

Ongoing

training and

development

of staff

Exceptional

tenant

service

Asset

managers

with

entrepre-

neurial flair

Deal

making

skills

Focus

on

operational

competence

Teamwork

above

all

Our

service

is our

differentiator

84

S U S T A I N A B L E

44



GEOGRAPHIC PROFILE – TOTAL PORTFOLIO

GLA m²

No of

Properties

Average Value

Rm

Value

Rm

Gauteng 523 877 125 43 5 351

Limpopo 92 845 18 49 886

Eastern Cape 105 985 9 82 740

KwaZulu-Natal 84 497 12 56 674

Western Cape 27 033 4 77 308

North West 31 561 8 33 261

Mpumalanga 28 791 7 26 180

Free State 19 906 6 21 127

Northern Cape 2 097 1 8 8

Total 916 593 190 45 8 534

45



GEOGRAPHIC PROFILE – RETAIL

GLA m²

No of

Properties

Average Value

Rm

Value

Rm

Gauteng 244 479 63 50 3 134

Limpopo 58 478 15 44 662


Eastern Cape 48 509 5 112 561

North West 26 155 7 36 253

Mpumalanga 11 175 3 43 129

Free State 13 164 3 31 92

Western Cape 2 685 1 22 22

Northern Cape 2 097 1 8 8

Total 448 946 103 53 5 457

46



GEOGRAPHIC PROFILE – OFFICE

GLA m²

No of

Properties

Average Value

Rm

Value

Rm

Gauteng 112 756 29 55 1 594

Western Cape 8 370 1 174 174

Mpumalanga 4 244 2 16 31

Free State 3 875 2 12 23

Total 129 245 34 54 1 822

47



GEOGRAPHIC PROFILE – INDUSTRIAL

GLA m²

No of

Properties

Average Value

Rm

Value

Rm

Gauteng 166 641 33 19 624

Limpopo 34 368 3 75 224

Eastern Cape 57 476 4 45 178

Western Cape 15 978 2 56 112


Mpumalanga 13 372 2 10 20

Free State 2 866 1 12 12

North West 5 407 1 7 7

Total 338 401 53 24 1 256

48



TOP TEN PROPERTIES

Retail Office Industrial

Building name Region GLA m²

Value

Rm

Value

R/m²

SAPS VIP Gauteng 21 478 385.0 17 925

Gillwell Taxi Retail Park Eastern Cape 22 090 339.5 15 369

Chilli Lane Gauteng 13 607 285.6 20 989

Umzimkhulu Mall KwaZulu-Natal 15 865 235.0 14 812

Woolworths Johannesburg Gauteng 9 147 231.8 25 342

Nquthu Plaza KwaZulu-Natal 14 912 222.8 14 941

Gezina Galleries Gauteng 16 707 217.5 13 047

Kopanong Kudube Shopping Centre Gauteng 10 737 208.8 19 393

Corporate Park II Polokwane Limpopo 28 058 190.2 6 778

Bochum Plaza Limpopo 12 081 190.0 15 728

Top Ten Properties 164 682 2 506.2 15 218

Total Portfolio 916 593 8 534.0 9 311

Percentage of Total Portfolio 18% 29%

49



TOP TEN RETAIL PROPERTIES


Value

Rm

Value

R/m²

Gillwell Taxi Retail Park Eastern Cape 22 090 339.5 15 369

Chilli Lane Gauteng 13 607 285.6 20 989

Umzimkhulu Mall KwaZulu-Natal 15 866 235.0 14 812

Woolworths Johannesburg Gauteng 9 147 231.8 25 342

Nquthu Plaza KwaZulu-Natal 14 912 222.8 14 941

Gezina Galleries Gauteng 16 707 217.5 13 047

Kopanong Kudube Shopping Centre Gauteng 10 737 208.8 19 393

Bochum Plaza Limpopo 12 081 190.0 15 728

Woodmead Super Value Mall Gauteng 7 200 143.1 19 875

Tower Mall North West 15 425 139.9 9 059

Top Ten Retail 137 772 2 214.0 16 070

Total Retail Portfolio 448 946 5 456.0 12 154

Percentage of Total Retail Portfolio 31% 41%

50



TOP TEN OFFICE PROPERTIES


Value

Rm

Value

R/m²

SAPS VIP Gauteng 21 478 385.0 17 925

Avanti Office Park Western Cape 8 370 174.3 20 824

SAPS IJS Gauteng 7 874 133.7 16 980

Firestation Rosebank Gauteng 4 259 123.4 28 974

Carnation Place Gauteng 4 541 105.8 23 299

Valley View Office Park Gauteng 6 793 103.4 15 222

Steve Biko Corner Gauteng 5 048 83.0 16 442

Nemisa Office Building Gauteng 5 085 77.4 15 222

50 Hamilton Street Gauteng 4 500 59.1 13 142

Sanburn Building Benoni Gauteng 6 757 51.6 7 642

Top Ten Office 74 705 1 296.7 17 359

Total Office Portfolio 129 245 1 822.6 14 102

Percentage of Total Office Portfolio 58% 71%

51



TOP TEN INDUSTRIAL PROPERTIES


Value

Rm

Value

R/m²

Corporate Park II Polokwane Limpopo 28 058 190.2 6 778

New Brighton PE Eastern Cape 24 516 129.4 5 278

Range Road Blackheath Western Cape 12 905 96.1 7 447

Renaissance Park (Crownwood Place) Gauteng 10 680 66.7 6 245

Sterkolite Building Gauteng 12 782 65.7 5 140

Tedstone Park Wadeville Gauteng 6 940 48.3 6 967

Vana Road Germiston Gauteng 8 195 44.9 5 479

SIFON Park Gauteng 9 298 36.0 3 872

Jasco Eastgate Ext. Sandton Gauteng 5 014 30.6 6 103

Bernie Street Gauteng 6 342 29.7 4 683

Top Ten Industrial 124 730 737.6 5 914

Total Industrial Portfolio 338 401 1 255.3 3 710

Percentage of Total Industrial Portfolio 37% 59%

52



TOP 10 TENANTS BY INCOMETENANT GRADING

TENANT PROFILE

By incomeBy GLA

69%

20%

11%

A B C

70%

17%

13%

DPW and Government 9%

Shoprite Group 8%

Woolworths 4%

Pepkor Group 4%

Local Government 3%

Reclamation Holdings 3%

Pick 'n Pay 2%

Massmart 2%

Cashbuild 2%

Spar Group 1%

Total 38%

53

interim results - dipula.co.za · interim results for the six months ended 29 february 2020...

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