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Mara Delta Property Holdings
Investor Presentation
2016
Disclaimer
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Disclaimer (continued)
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Proceedings
Introduction
Mission Statement
Introduction to Mara Delta
Mara Delta at a Glance
Strategy
Company Structure
Management Structure
Corporate Structure
Shareholder Profile
Financial Overview
Portfolio Overview
Potential Acquisition Portfolio
Key Investment Points
Q&A
Annexure A: Directors & Management
Annexure B: Existing PortfolioAnadarko Building, Mozambique
Vodacom Building & KPMG / Hollard Building, Mozambique
Introduction
Mission Statement
“To be the leading real estate owner on the African continent, outside of South Africa, within the next five years and to create
significant value for our shareholders, ensuring consistent growth by creating strong partnerships, while making a real and
meaningful impact in the countries we operate in”
Introduction to Mara Delta
First Pan-African focused real estate fund, listed on both the JSE and SEM
Mara Delta is promoted by Pivotal, Delta, Mara, Carlisle and Abland. Each provide an unrivalled blend ofcommercial experience and expertise in SSA:
Pivotal and Delta are JSE listed property funds with market caps of $425m and $300m respectively. Both have aproven track record of acquiring and managing commercial real estate assets
Mara is a pan-African investment group with multi-sector operational experience across 25 countries in Africa
Abland is one of the largest property development and management companies in South Africa
Carlisle is a property development company with extensive retail design, development and leasing experience
Offers investors access to a Rand/Rupee hedge USD yielding investment
Asset base of US$ 400-$500m
Mara Delta will invest in real estate assets across sub-Saharan Africa
Strong pipeline of quality assets identified and under negotiation in Morocco, Mozambique, Nigeria, Kenya,Uganda and Tanzania, amongst others
Management team with over 45 years combined African experience and relationships
In-country asset and property management teams
Property portfolio (current and pipeline) underpinned by long term leases with strong counterparties
Tax efficient structures that are well positioned for capturing ongoing growth
Mara Delta at a Glance
Pre Pivotal Investment Post Pivotal Investment
Market capitalisation US$ 218.9 million US$ 276.9 million
No. of properties 10 12
Location of properties Morocco; Mozambique; Zambia; MauritiusMorocco; Mozambique; Zambia; Mauritius; Kenya;
Nigeria
Independent valuation of the
property portfolioUS$ 317.0 million US$ 433.5 million
Gross lettable area* 126,298m2 (67,264m2 added) 160,026m2 (33,728 m2 added)
Sectoral profile (by value)Office: 34.7%; Retail: 52.3%; Light Industrial: 2.7%;
Corp Accomm: 10.3%
Office: 50.8%; Retail: 39.7%; Light Industrial: 2.0%;
Corp Accomm: 7.5%
Occupancy rate* 98% 98%
LTV ratio + 50.0% + 50.0%
Anfa Place, Morocco
Strategy
Strategy
Targeted total return in excess of 15% in USD
Leverage on existing knowledge base and experience in Mozambique and Morocco
Immediate REIT conversion in Morocco – REIT legislation expected Q1 2016
Asset acquisitions in Mauritius (focus on properties with strong counter party tenants)
Grow portfolio based on quality leases and strong counterparties in USD based
economies
Strategic partnerships in existing jurisdictions that will secure and strengthen
in-country resources
Countries with existing REIT structures will be prioritised
Grow shareholder value and returns
First wave countries: Morocco; Mozambique; Zambia; Kenya; Tanzania; Uganda
Second wave countries: Mauritius; Nigeria; Botswana; Ghana
Company Structure
Management StructureBRONWYN
CORBETTCEO
TREVOR MATTHEWS
SENIOR OPERATIONS ASSET MANAGER
OJONG NSO
OPERATIONS ASSET MANAGER
BENYAMIN BELHAJ
OPERATIONS ASSET MANAGER - MOROCCO
COO
PAUL SIMPSON
COUNTRY EXECUTIVE -MOROCCO
KAREN BRAMLEY
COUNTRY EXECUTIVE-EAST AFRICA
JEREMY COOPERHEAD OF INVESTMENTS
MIKE SEWELLINVESTMENT
MANAGER
KAI MARINI
JUNIOR INVESTMENT MANAGER
GREG PEARSON
HEAD OF DEVELOPMENTS
LEON VAN DE MOORTELE
CFO
ASHWIN METURJEET
FINANCE MANAGER -MAURIITIUS
MOHAMED BOUIBAOUNE
FINANCIAL ACCOUNTANT - MOROCCO
EDSON NEVES
FINANCIAL ACCOUNTANT- MOZAMBIQUE
KIRSTEN LEWIS
OFFICE MANAGER/ EXECUTIVE ASSISTANT
Corporate Structure
Freedom Property
Fund SARL
(Morocco)
Anfa Place
Shopping Centre
Casablanca,
Morocco
Commotor Limitada
(Mozambique)
Delta International
Bahrain
(Bahrain)
100%100%
S&C Immobiliaria
Limitada
(Mozambique)
Hollard Building
Vodacom Building
Maputo,
Mozambique
Anadarko Building
Maputo,
Mozambique
HM & K Properties
Limited
(Mauritius)
SAL Investment
Holdings Limited
(Mauritius)
100%
3%
5%
95% 97%100%
Delta Africa Property Holdings Limited(Mauritius)
(SEM and JSE Listed)
Delta International Mauritius Limited(Mauritius)
DIF 1 Limited
(Mauritius)
100%
Zimpeto Investment
Holdings Limited
(Mauritius)
Zimpeto
Immobiliaria
Limitada
(Mozambique)
Zimpeto Square
Maputo,
Mozambique
100%
97%
100%
3%
BH Property
Investments
Limited
(Mauritius)
100%
Barclays House
Ebene,
Mauritius
Shareholder Profile
As at 22 September 2015 Units held Holding
Delta Property Fund 23 405 584 31.78%
Government Employees Pension Fund 19 054 810 25.87%
Stanlib 6 639 793 9.01%
Bowwood and Main* 5 746 061 7.80%
Anchor Capital 3 365 318 4.57%
Subtotal 58 211 566 79.03%
Other 15 444 880 20.97%
Total 73 656 446 100.00%
* Management Team
Anadarko Building, Mozambique
Financial Overview
Financial Overview
Full Year30 June 2015
Quarterly30 Sept 2015
Dividend per share (USD cents) 11.28 -
Cost to income ratio 24.5% 15.3%
LTV 48.7% 47.8%
NAV per share (excl. deferred tax) (USD cents) 168.91 164.69
Weighted average rental/m² US$27 -
Statement of Financial Position (extract)30 June 2015
USD ‘00030 Sept 2015
USD ‘000
Assets
Non-Current assets 210 698 222 682
Investment property 210 391 222 545
Other non-current assets 307 137
Current assets 25 343 33 666
Total assets 236 041 256 348
Equity and liabilities
Total Equity 124 413 121 302
Deferred taxation 807 930
Derivative instruments - 479
Interest-bearing liabilities 101 657 122 753
Current liabilities 9 164 10 884
Total equity and liabilities 236 041 256 348
Net asset value per share (cents) 168.91 164.69
Property Portfolio
Portfolio Overview (Pre-pipeline and Pivotal)
20%
11%
9%
6%5%4%
4%3%
2%2%
34%
VodacomAnadarkoAlhokairAlshayaLabel VieSamarcande GroupSal & Calderia AdvogadosDVHBPKPMGOther
Modern retail and office assets with attractive tenant mix located in African countries with strong fundamentals
1. Based on purchase price excl. acquisition costs
2. Pre-tax cap rate. Calculated as a weighted average of property operating income divided by market value of property
3. Vacant space relates to street retail component of Anfa Place with the shopping centre itself being 100% occupied .
Top 10 Tenants (by income)
52,6%47,4%
Mozambique Morocco
Portfolio Summary by Geography (Asset Value)
Portfolio Metrics Retail Office Total
Number of Properties 2 3 5
Acquisition Cost (US$m) 121 97 218
Independent Property Value ($m) 115 105 220
Weighted Average Acquisition Yield1 8.6% 8.8% 8.7%
Weighted Average Capitalisation Rate2 8.4% 8.6% 8.5%
WALE (years by income) 6.9 years 7.0 years 7.1 years
GLA (sqm) 35,643 23,410 59,053
Occupancy (by GLA) 93.3%3 100.0% 96.0%
KPMG / Hollard Building, Mozambique
Geographic Spread
Mozambique
Population (million) 25.8
GDP (USDbn) 15.3
Real GDP growth rate (%) 7.1
GDP / Capita (USD) 592.5
CPI (%) 4.2
Credit rating B
Current presence
Sources: EIU, Standard & Poor’sNote: 1. 2013 information; 2. Credit rating based on Standard & Poor’s local currency rating
Mauritius
Population (million) 1.3
GDP (USDbn) 12.6
Real GDP growth rate (%) 3.2
GDP / Capita (USD) 54 629
CPI (%) 7.16
Credit rating Baa1
Morocco
Population (million) 33.0
GDP (USDbn) 104.1
Real GDP growth rate (%) 4.4
GDP / Capita (USD) 3 155.2
CPI (%) 1.9
Credit rating BBB-
Target jurisdictions
Nigeria
Population (million) 179.0
GDP (USDbn) 569.0
Real GDP growth rate (%) 9.19
GDP / Capita (USD) 1 092
CPI 9.3
Credit rating B+
Kenya
Population (million) 45.6
GDP (USDbn) 60.94
Real GDP growth rate (%) 3.8
GDP / Capita (USD) 649.0
CPI (%) 6.72
Credit rating B+
Zambia
Population (million) 15.2
GDP (USDbn) 27.07
Real GDP growth rate (%) 7.1
GDP / Capita (USD) 1 081
CPI (%) 1.54
Credit rating B
Acquisition Portfolio
Vale Compound (Transfer January 2016)
Location: Tete, Mozambique
Anchor tenants: Vale and Barloworld
Sector: Commercial / Residential
Land title: Leasehold (50 + 50 years)
GLA:83 x 3 bed villas40 x 2 bed apartments
Anchor lease term: 7 years Vale, 3 years Barloworld
Anchor tenant lease expiry: 2023 and 2019
Average escalation: 3% p.a.
Vacancies: 0%
Valuation: US$33.4 million
Acquisition yield: 9.80% (7.80% in Mauritius)
Equity requirement: US$17.6 million
Debt requirement: US$16.7 million (refinance)
Vendor: VDE Limitada
Type of purchase: Purchase of Mauritius SPV
Bollore Warehouse (Transfer January 2016)
Location: Pemba, Mozambique
Anchor tenants: Bollore Africa Logistics
Sector: Light industrial
Land title: Leasehold
GLA: 6 400m2
Parking bays: 10
Anchor lease term: 4.5 years
Anchor tenant lease expiry: March 2020
Average escalation: 0%
Vacancies: 0%
Valuation: US$8.0 million
Equity requirement: US$4.3 million
Acquisition yield: 10.90% (7.60% in Mauritius)
Debt requirement: US$4.0 million
Vendor: HodariProp
Type of purchase: Subject to negotiation
Kafubu Mall (Transferred)
Location: Ndola, Zambia
Anchor tenants: Shoprite
Sector: Retail
Land title: Leasehold
GLA: 11 964m2
Anchor lease term: 8.5 years
Anchor tenant lease expiry: April 2024
Average escalation: USD CPI p.a.
Valuation: US$24.8 million (100%)
Acquisition yield: 7.75% (7.20% in Mauritius)
Equity requirement: US$5.6 million
Debt requirement: US$7.1 million (refinance)
Vendor: Rockcastle Global Real Estate
Type of purchase: 50% Purchase of Mauritius SPV
Mukuba Mall (Transferred)
Location: Kitwe, Zambia
Anchor tenants: Shoprite, Game, Pick n Pay
Sector: Retail
Land title: Freehold
GLA: 28 235m2
Anchor lease term: 4.5 years
Anchor tenant lease expiry: March 2020
Average escalation: USD CPI p.a.
Valuation: US$68.7 million
Acquisition yield: 7.75% (7.20% in Mauritius)
Equity requirement: US$17.8 million
Debt requirement: US$17.4 million (refinance)
Vendor: Rockcastle Global Real Estate
Type of purchase: 50% Purchase of Mauritius SPV
Barclays House (Transfer January 2016)
Location: Ebene, Mauritius
Anchor tenant: Barclays Bank
Sector: Office
Land title: Leasehold
GLA: 7 700m2
Parking bays: 150
Anchor lease term: 12 years
Anchor tenant lease expiry: 2028
Average escalation: CPI
Vacancies: 0%
Valuation: US$13.4 million
Equity requirement: US$8.2 million
Acquisition yield: 8.30% (7.40% in Mauritius)
Debt requirement: US$6.7 million
Vendor: Jade Group
Type of purchase: Purchase of building
Cosmopolitan Mall (Transfer April 2016)
Location: Lusaka, Zambia
Anchor tenants: Shoprite, Game
Sector: Retail
Land title: Freehold
GLA: 25 900m2
Parking bays: 1 300
Anchor lease term: 10.0 years
Anchor tenant lease expiry: 2026
Average escalation: US CPI p.a.
Vacancies: 0%
Valuation: US$80.0 million (100%)
Equity requirement:US$6.3 million (mezz. facility)Balance on completion of asset
Acquisition yield: 7.75% (7.2% in Mauritius)
Debt requirement:US$6.0 million (mezz. facility)Balance on completion of asset
Vendor: Rockcastle Global Real Estate
Type of purchase: 50% Purchase of Mauritian SPV
Buffalo Mall (Transfer March 2016)
Location: Naivasha, Kenya
Ownership interest: 50.0%
Anchor tenant: Tuskys
Sector: Retail
Land title: Leasehold
GLA: 5 300m2
Parking bays: 250
Anchor lease term: 15.0 years
Anchor tenant lease expiry: 2030
Average escalation: 3% p.a.
Vacancies (GLA): 1.9%
Valuation: US$10,4 million (100%)
Equity requirement: US$3.6 million
Acquisition yield: 6.4% (2.5% in Mauritius)
Debt requirement: US$3.4 million
Vendor: Pivotal Fund Limited
Type of purchase: Share Purchase. Mauritian holdco
Wings Office Towers (completion & transfer September 2016)
Location: Lagos, Nigeria
Ownership Interest: 37.1%
Anchor tenant: Oando PLC
Sector: Office
Land title: Leasehold
GLA: 27 000m2
Parking bays: 700
Anchor lease term: 10.0 years
Anchor tenant lease expiry: 2026
Average escalation: 3% p.a. (4.5% p.a. from year 4 onwards)
Vacancies (GLA): 41.3%
Valuation: US$280.0 million (100%)
Equity requirement: US$55.1 million
Acquisition yield: 9.4% (6.9% in Mauritius)
Debt requirement: US$53.2 million
Vendor: Pivotal Fund Limited
Type of purchase: Share purchase. Mauritian holdco
Anfa Place, Morocco
Key Investment Points
Positive asset management activities to drive NAV growth
› Letting of retail vacancies in Morocco› Planned CAPEX/Expansion projects› Pre-let development pipeline
Yield enhancing acquisitions to increase distributions
› Pipeline of developed assets to bulk up core portfolio› Deliberate and selective diversification of assets to increase earnings
Cost management to optimise return on assets
› Active and controlled property management› Emphasis on achieving lower cost to income ratios through economies of scale› On the ground management in place
Managed approach to funding
› Diversification (currency and jurisdiction) of funding sources to obtain lowest rates› Optimal usage of assets provided as security› Strategy of fixing 70% of rates at favourable levels› Access to debt capital markets
Thank You
Q & A
Annexure A – Directors and Management
Directors and Management
Sandile NomveteChairman
Exec Dep. & Prop Dev. Prog
Sandile is the founder and CEO of Delta Property Fund, a REIT listed on the JSE with a portfolio of assets valued at ~US$700m.Sandile serves as a director on a number of other boards and has more than a decade of experience in executive and nonexecutive positions.
Bronwyn Anne CorbettChief Executive Officer
BCom (Acc) (Univ. of Natal, PMB), CA(SA)
Bronwyn is a Chartered Accountant and CEO of Mara Delta (previously Delta Africa). She has more than 10 years of experiencein the property sector with a specific focus on property ownership and financing structures. Bronwyn was a co-founder of DeltaProperty Fund which has built its property portfolio from R2 billion to in excess of R10 billion. Bronwyn was instrumental inboth the listing of Delta Property Fund and Delta Africa (now Mara Delta) and has extensive experience in raising capital.
Leon van de MoorteleChief Finance Officer
Bcompt (Hons), CA(SA)
After completing articles with PwC, Leon moved to the Global Risk Management Services within PwC, where he become theSenior Manager in charge of Data Management. In 2004, he moved to Solenta Aviation where he became Group FinanceDirector within 18 months. During his tenure as Group Finance Director, the group expanded from 12 aircraft to 48 aircraft,operating in 8 African countries (including South Africa, Mozambique, Algeria, Ghana, Gabon, Kenya, Tanzania and Coted’Ivoire.
Greg PearsonExecutive Director
MCMI, Elec Eng
Greg is a graduate of Kingston University in London where he studied Business Management and Project Management. Prior tojoining Delta, Greg was an executive with AECOM and was responsible for expanding their African footprint (ex- SA) resulting inhis involvement in a vast array of major projects across Africa.
Directors and Management (continued)
Paul David SimpsonChief Operating Officer
RIBA1
Paul has had close involvement in providing architectural input on three hundred new shopping centres across South Africa, Africa andthe Middle East. Paul’s experience ranges from major tenant input through to mall plan design of large regional centres such asClearwater Mall, Maponya Mall and Irene Mall. Paul also served as construction director of Group Five Building in the Western Cape aswell as 2 decades at Woolworths heading up the real estate division.
Peter ToddLead Independent Director
Peter was appointed as an Independent Non-Executive Director with effect from 14 August 2014.
Peter is a qualified attorney and began his career as the senior tax manager at Arthur Anderson and Associates in Johannesburg. Hejoined TWS Rubin Ferguson in 1993 as a tax partner and was instrumental in listing six companies on the JSE.
In 2000, Peter established Osiris International Trustees Limited in the British Virgin Islands (“BVI”) to provide international trust andcorporate administrative services to global clients, as well as Drake Fund Advisors which assists with the setup and administration ofhedge funds in the BVI and Cayman Islands.
He held a Non-Executive Director position at Redefine International Limited from the initial listing for some 9 years and has beeninvolved in the property industry for many years.
Maheshwar DoorgakantNon-Executive Director
Maheshwar is a fellow of the Institute of Chartered Accountants of England and Wales. He holds the position of Managing Director ofApex Fund Services (Mauritius) Limited, which forms part of the Apex Group. He holds a number of directorships on numerous boardsin both India and Africa for various funds and companies through which he has acquired extensive experience and knowledge on keyindustries in India and its principal capital markets as well as Africa. Mahesh is also the President of the Executive Committee of theAssociation of Trust and Management Companies of Mauritius.
Chandra Kumar GujadhurNon-Executive Director
Chandra is the Chairman and co-founder of Apex Fund Services (Mauritius) Limited. He is also a member of the Institute of Charteredof Accountants in England and Wales and an associate member of the Society of Trust and Estate Practitioners, has long standingexperience in the auditing of offshore funds, fund structuring and tax planning.
He was previously a member of the Accounting and Auditing task team of the Corporate Governance Committee of Mauritius and theChairman and member of the Consultative Sub-Committee on the drawing up of the New Listing Rules of the Stock Exchange ofMauritius. He retired as a senior partner with Deloitte at the end of September 2006, after 18 years, to assume the responsibility ofManaging Director at Apex Mauritius. As a board member of numerous India focused funds and companies he has gained extensiveexperience and knowledge on key industries in India and its principal capital markets.
Directors and Management (continued)
Ian McleodNon-Executive Director
Ian holds a BCom (Honours) in Real Estate Investment, Valuation and Development and has over 41 years of experience with financialinstitutions, including Standard Bank of South Africa and Nedbank with a specific focus on Real Estate Credit Risk. He has extensiveknowledge of the real estate sector’s key role players, business sector and geographic nodes. Ian has managed portfolios in excess ofR40 billion during changing economic cycles and managing problematic properties in economic downturns. It is Ian’s expertise andknowledge that have seen him previously hold the position of Head of Credit for Real Estate.
Trevor MatthewsOperations Manager
Certificated in Shopping Centre Management
Trevor has over 30 years industry experience beginning his career in 1979 as a property assistant, a position he held for six years, inwhich he established the building blocks to a long and successful career in the sector. By 1985, he joined BanKorp Properties as amanager of collections. Following this, Trevor joined Liberty Group Properties as the Leasing Manager. In 2001, he managed a R1.5billion portfolio for Allan Gray Shopping centres, thereafter progressing to Canal Walk Management as the Leasing Manager. He wasthe Retail Asset Manager of the Fountainhead Property Trust where he was responsible for the full asset management of a retailportfolio of 10 shopping centres.
Jackie Van NiekerkNon-Executive Director
(Pivotal)
Jackie is the CEO of The Pivotal Fund Limited. Jackie studied BCom Accounting at the University of Pretoria and has 10 years of property experience in all property industries and disciplines. Jackie joined Pivotal in 2009 as an asset manager, where she gained experience in property management, investment and development in all property sectors. She was elected to the board and appointed as managing director in June 2013.
Ashish J ThakkarNon-Executive Director
(Mara)
Ashish J. Thakkar is the Executive Chairman of Mara Sokoni, an African e-commerce platform with a focus on B2C marketplace for general merchandise. He is also the Founder of Mara Group and Mara Foundation. Ashish has driven the growth of the Mara Groupfrom a small IT business in Uganda to the globally recognized multi-sector investment group that exists today. Through its investments, Mara Group now employs over 11,000 people across 25 African countries in sectors spanning technology, banking, real estate and infrastructure. Ashish serves as Chair of the United Nations Foundation, Global Entrepreneurship Council and is the author of The Lion Awakes: Adventures in Africa’s Economic Miracle.
Directors and Management (continued)
Dave SavageNon-Executive Director
(Pivotal)
Dave is an Executive Director of The Pivotal Fund Limited. Dave has 27 years’ experience in the property industry, 25 years of whichhave been dedicated to the growth of the Abcon Group. Dave has been involved in all aspects of Abland becoming a national propertydevelopment company active in all industry sectors. He was also integrally involved in the formation and listing of Pivotal. Davecurrently serves as Group CEO for the various companies. In addition, he serves on the board of Fountainhead Property Trust.
Ian ChambersIndependent Non-Executive Director
Ian Chambers is an Independent Non-Executive Director residing in Mauritius. His company, Ian Chambers Consulting Limited, provides: tax advice to expatriates considering using Mauritius for future business; exchange control advice to South Africans considering relocating or emigrating to Mauritius; tax structuring advice to companies considering the utilisation of Mauritius; and structuring advice to South African companies in general.
Annexure B - Existing Portfolio
Anfa Place Shopping Centre
Location: Casablanca, Morocco
Anchor tenants:
Carrefour, M&S, H&M, Virgin Megastore, McDonalds, Starbucks, Burger King
Sector: Retail
Land title: Freehold
GLA: 30 879m2
Parking bays: 1148
Anchor lease term: 3 + 3 + 3 years
Anchor tenant lease expiry: 2021
Average escalation: 10.0% every 3 years
Vacancies:0.31% in shopping mall7.33% in street mall
Valuation: US$104.7 million
Anadarko Building
Location: Maputo, Mozambique
Anchor tenant: Anadarko Petroleum
Sector: Office
Land title: Leasehold (50+50 years)
GLA: 7 805m2 (plus 4 000m2 second phase)
Parking bays: 185
Anchor lease term: 15 years
Anchor tenant lease expiry: May 2028
Weighted average escalation: PPI + 2.5%
Vacancies: 0%
Valuation: US$ 41.2 million
KPMG / Hollard Building
Location: Maputo, Mozambique
Anchor tenant: KPMG, Hollard & BP
Sector: Office
Land title: Leasehold (50+50 years)
GLA: 4 945m2
Parking bays: 99
Anchor lease term: 3.5 years
Anchor tenant lease expiry: Feb 2018
Weighted average escalation: 4.1%
Vacancies: 0%
Valuation: US$ 18.6 million
Vodacom Building
Location: Maputo, Mozambique
Anchor tenant: Vodacom
Sector: Office
Land title: Leasehold (50+50 years)
GLA: 10 660m2
Parking bays: 336
Anchor lease term: 10 years
Anchor tenant lease expiry: Dec 2020 / 5.9 years
Weighted average escalation: 5.0%
Vacancies: 0%
Valuation: US$ 43.4 million
Zimpeto Square
Location: Maputo, Mozambique
Anchor tenant: Retail Masters, Edcon
Sector: Retail
Land title: Leasehold (50+50 years)
GLA: 4,764m2
Parking bays: 136
Anchor lease term: 10 years
Anchor tenant lease expiry: May 2024 / 6.5 years
Weighted average escalation: 4.2%
Vacancies: 0%
Valuation: US$ 10.6 million