2019 results presentation - the vault » edgars and jet stores equate to 3% of rental income prior...

F O R T H E Y E A R E N D E D 3 1 M A R C H

2019 RESULTS

PRESENTATION

2019 THE YEAR IN REVIEW

3

Our vision TobealeadingREITdrivingsustainablegrowthandreturnsabovemarketaveragethroughselec:vepropertyinvestments,therebycrea:ngvalueforallourstakeholders

Our mission Buildingapropertypor@oliowhichoffers:»  Toourinvestors:Investmentsthatdeliverlong

termincomeandcapitalgrowth»  Toourcommuni/es:Socialandenvironmental

sustainability»  Toourtenantsandtheirclients:Highlysought-

aFerspaces»  Toouremployees:Asecure&sustainablefuture

Our values»  Quality:Unlockinganddeliveringhighquality

assets»  Innova/on:Findingopportuni:esinthemarket

throughcrea:vethinking»  Improvement:Makingadifferenceforthe

beMerofourstakeholders»  Integrity:Ac:nghonestly&ethicallyinallwedo

OVERVIEW & STRATEGY

Acquisi/onAcquirenewinvestmentproperty

DevelopmentInvestinvacantlandorpropertywithdevelopmentpoten:al

Op/misa/onGrow&unlockvaluefromexis:ngassets

Activities Theaimistocreatevalueforallourstakeholdersthroughselec:veincome-genera:ngassetsandbyop:misingtheseassetstofullpoten:alOurac:vi:esinclude:

Growaspecialisedpor?olio...withaspecialisedpor@olioofpremiumcommercialpropertyinvestments

Increasesustainableincome...throughtheapplica:onofqualitymanagementwithinourpropertypor@olio

StrengthentheSafaribrand...througharenewed,focusedapproachtoinvestorrela:onsandbrandmarke:ng

Our corporate strategy

4

NKOMO VILLAGE SHOPPING CENTRE (ATTERIDGEVILLE)

Facts:

»  18906m²RentableArea

»  TradingDensity:R24941/m²

»  Safari’sthirdretailcentreinAMeridgeville

»  81%Na:onaltenants

»  95%Occupancy

»  First:merepresenta:onintheAMeridgevillemarket:›  McDonalds

›  BuildersWarehouse

›  FoodLoversMarket

›  BoxerSuperstore

›  TheGymCompany

›  Goldwagen

»  1000m²officespace

»  OpenedNovember2018

»  Fillingsta:onopening2019

5

THORNHILL SHOPPING CENTRE (POLOKWANE)

Performance overview Otherna/onaltenants FoodLoversMarket,Clicks,VirginAc:ve

Gym,CrazyStore,Dros,Roccomammas

Averagegrossrental R145/m²

Averageescala/on 7,25%

Na/onalTenants 92%

Occupancy 98%

Tradingdensity R28403/m²

2009

37

12359m²

R205100000

Superspar

1October2018

Tradingsince

Numberofshops

Rentablearea

Property fairvalue

Anchortenants

Acquisi/ondate

Acquisi/onyield 10%

6

ENHANCINGVALUEOFEXISTINGASSETS

Addingessen:alservicesforsurroundingcommuni:estounlockvalueforinvestors

»  Dayhospitals,fillingsta:ons,healthclubs,wi-fiservicesandsolarinstalla:ons

Rolloutfacili:esonavailableorstateownedlandtoenhanceourassets

»  Privateeduca:onfacili:es,clinics,sportandrecrea:onalfacili:estostrengthenSafarimarketandassets

ORGANICGROWTH:PROSPECTIVENEWPROJECTS

»  RedevelopmentofTheVictorianCentre»  NkomoVillageShoppingCentre(Phase2)

»  ExpansionofDenlynCentrebyapproximately25000m²»  BulkreserveforfutureThabongCentreandNkomoVillageextensions

ACQUISITIONOFQUALITYASSETS

CONSOLIDATIONANDOTHERCORPORATEACTIONPOSSIBILITIES

FUTURE PROSPECTS

7

o  PossibleFairvestfriendlymerger

Ø  Announcementwithinthenextfewdays

o  Othermergeropportuni:esassessed

o  Othercondi:onalcashoffersreceived

o  FurtheraMrac:veop:onsavailablearecon:nuouslyevaluatedtounlockvaluetoshareholders

Ø  ForSafariorMergeCo

CONSOLIDATION AND CORPORATE ACTION

8

THE SAFARI TEAM (BOARD AND EMPLOYEES)

9

THE EXECUTIVE TEAM

DirkobtainedhisBComLawandLLBdegreesfromtheUniversityofPretoriaandsubsequentlycompletedhisar:clesatWeavind&WeavindIncorporatedwhereheremainedasprac:singaMorneyfocusingongeneralli:ga:onun:l2011.During2011,hewasappointedbyG4SSecureSolu:onsasthena:onallegaladvisertaskedwiththegenerallegalandstatutorydu:esandgovernanceofoneofthelargestsecurityfirmsinSouthAfrica.DirkjoinedSafariinJanuary2014asthegroupcompanysecretaryandlegaladviserandwasappointedasanexecu:vedirectorinFebruary2018.On7November2018,Dirkwasappointedaschiefexecu:veofficer.

WillemobtainedaBComAccoun:ngandHonoursdegreeattheUniversityofPretoriain2006andcompletedhisar:clesatDeloiMePretoria.HequalifiedasaCA(SA)in2009.In2010,WillemjoinedCosmosManagementtooverseethebookkeepingandopera:onalfunc:onsofSafariandwasappointedasthefinancialdirectorfortheSafarigroupwitheffectfrom1April2017.

KikiistheCEOofPaceConstruc:onProprietaryLimited(“Pace”).Hehasawealthofexperienceandknowledgeofallfacetsoftheconstruc:onindustryandhasbeeninvolvedintheconstruc:onofshoppingcentres,high-riseresiden:alapartments,highereduca:onalfacili:es,lightandheavyindustrialbuildings,commercialbuildings,foodprocessingplants,recrea:onalfacili:es,fillingsta:ons,hospitalsandlaboratories.KikihasservedontheSafariboardsinceincorpora:onandisoneofthefoundingmembersofSafariInvestments.

DirkEngelbrechtChiefExecu/veOfficer

WillemVenterChiefFinancialOfficer

KikiPashiouChiefOpera/onalOfficer

10

2019 PROPERTY PORTFOLIO HIGHLIGHTS

9 INCOME

PRODUCINGPROPERTIES

2,6% VACANCYRATE

15% GROWTHIN

PROPERTYREVENUE

5,2% ANNUALRENTALESCALATIONACHIEVED

86% NATIONALTENANTS

(Rentablem²)

R144/m² MONTHLYWEIGHTEDAVERAGEGROSS

RENTAL/m²

174 583 m² TOTALRENTABLEAREAOFPROPERTY

PORTFOLIO

7,6% AVERAGE

ANNUALISEDPROPERTYYIELD

R32 396/m² AVERAGE

TRADINGDENSITYFORTHEPORTFOLIO

26% PROPERTYEXPENSESASAPERCENTAGEOFPROPERTYREVENUE

11

2019 FINANCIAL HIGHLIGHTS

48% INTERESTBEARINGDEBTHEDGED

13% TOTALASSET

VALUEINCREASEYEAR-ON-YEAR

74% EXPIRYOFRENTABLEAREA3YRSANDLATER

24% LOANTOVALUE

9,75 PRICE/EARNINGS

ASAT31MARCH2019

R500m NEWDEBTFACILITIES

R7,23 NETASSETVALUE

PERSHARE

8,32% WEIGHTEDAVERAGE

CAPRATE

90:10 REVENUESPLITRSA:NAMIBIA

R3,2 bn VALUATIONOFPROPERTYPORTFOLIO

12

0

500

1000

1500

2000

2500

3000

3500

2011 2012 2013 2014 2015 2016 2017 2018 2019

Denlyn 289823223 375500000 431500000 511700000 530400000 581700000 693800000 788800000 792800000Thabong 164100000 176000000 237900000 265700000 368000000 382100000 488900000 497600000 534500000Atlyn 260000000 274900000 307400000 373100000 395100000 428500000 484400000 527200000 538300000Nkomo 32400000 28330000 44500000 75921982 86248436 188479821 331600000Mnandi 13100000 9150000 117400000 92000000 103500000 107300000 136600000PlatzamMeer 16166139 43000000 67121634 92804651 156900000 412571973 547816479 500790100 436979800Victorian 135000000 142500000 143500000 154600000 166200000 172000000Soweto 28400000 33900000 35506190 39400000Lynnwood 40795247 39200000 39400000 41700000Thornhill 205100000

Millions

Property portfolio – R3,2 billion

PROPERTY PORTFOLIO GROWTH

13

Edcon

»  EdgarsandJetstoresequateto3%ofrentalincomepriortoEdgarsstoreclosures»  Safaripar:cipatedin40,9%rentreduc:onfor24months/noequitytakeninnewEdconstructure»  Op:ontocancelanyJetorEdgarsstoreleasewith3monthsno:ce»  EdgarsAtlyntoclose31July2019,EdgarsDenlyntocloseendof2019»  Edgarsstoreclosuresandreconfigura:ontoresultin+-40%increaseinrent

GeneralRetailEnvironmentinSA

»  Rela:veCPIgaptoturnoverfiguresdivergingagainsinceMarch2019–ClurBenchmark»  IncreasedpressurefromEskomandMunicipalchargesonretailers

»  Strongfocusfromretailersonspaceop:misa:on»  OnlineshoppinghavinganimpactonFashionandElectronics»  RetailgrowthareasincludeHealthandBeautyandAthleisuresectors

EDCON AND THE RETAIL CLIMATE

14

SOUTHERN PALACE (“SP”)

August2017R501,6m/66missuedtoSP/R455mseniorSanlamloanandR50mownequity(bridgingloan)/SafariprovidedainterestandcapitalguaranteeonR455mloan

October201813mSafarisharessoldbySanlamatR4.68/sharetorec:fy default on equityloan

June2019

SafaritoseMleR250mofSanlamseniorloan(note1and2)

March2018SPdefaultonrepaymentofbridgingloan,extensiongrantedtoSeptember2018

January2019Safarientersintonego:a:onswithSPandSanlamonrestructuring

August2020 Remainderoffacility matures(note3)

Notes:1. R250mistreatedasaclaimagainstSP-SecuringSafari’sposi:onwithreversionarypledgeandcessionandSouthernPalaceHoldco

Guarantee2. TheinterestSafaripaysasaresultoftheabove-men:onedwillnega:velyimpactdistributableincomeforthenextfinancialyear3. WithmaturityinAugust2020,SafariexpectstorepayoutstandingSanlamdebt,resul:nginSafariholdingapledgeovertheremaining

53msharesandclaimanyshor@allordamagesfromSouthernPalaceHoldco

15

PLATZ AM MEER LIFESTYLE CENTRE (SWAKOPMUND, NAMIBIA)

Performance overview

Anchorturnovers 3%increaseYoY

Footcount 200000/month


Tenantmixoffering Strengthened-offices,restaurant

Tenancy 90%


September2016

70

21155m²

R283541500

R153400000

85%

Tradingsince

Numberofshops

Rentablearea

Shoppingcentrefairvalue

Apartments(NRV)

Na/onaltenants

Anchortenant Checkers

16

DISTRIBUTION STATEMENT

2019R’000

2018R’000

Revenue(includingrecoveries) 301594 254392

Leasesmoothingeffect (23448) (7650)

Expenses (104323) (70892)

Netinterest (31293) (33985)

Interestincome 5907 3446

Interestexpense (37200) (37431)

Antecedentdividends – 31360

Transac:oncostsexpensed 13246 –

Distributableearnings 155776 173225

Actualnumberofsharessharingindividend 310826016 311185616

Weightednumberofsharesinissue 311128090 265292803

Distributableincomepershare(cents) 50 65

Distribu:onpersharefromcapitalreserves(cents) – 3

Distribu:onpershare(cents) 50 68

PROPERTY PORTFOLIO

18

OUR GEOGRAPHICAL FOOTPRINT

7

1

1 Gauteng

Swakopmund

Limpopo

NAMIBIA

SOUTHAFRICA

Retail | 93%Living | 6%

Medical | 1%

ATLYNAMeridgeville(cnrPhudufufuandKhozaStreets)

DENLYNMamelodi(cnrStormvoëlandMaphallaRoads)

MNANDIAMeridgeville(MaundeStreet)

THABONGSebokeng(MoshoeshoeStreet)

THEVICTORIANHeidelberg(cnrVoortrekkerandJordaanStreets)

PLATZAMMEERSwakopmund,Namibia(cnrAlbatros&TsavoriteStreets)

SOWETODAYHOSPITALSoweto(R558,ProteaGlen)

NKOMOVILLAGEAMeridgeville(49TlouStreet)

THORNHILLPolokwane(cnrVeldspaatandMunnikAvenue)

9 INCOME

GENERATINGASSETS

40 RESIDENTIALUNITS

6 VACANTSTANDS

2 PROJECTSUNDERCONSTRUCTION

19

PORTFOLIO PERFORMANCE SUMMARY

Atlyn Denlyn Mnandi Thabong Victorian PlatzAmMeer Soweto Nkomo

Village Thornhill

Tradingsince 2006 2003 2015 2007 1997 2016 2016 2018 2009

Numberofshops

95 119 30 101 35 70 1 65 37

Totalrentableaream²

31243 34513 8717 34530 11781 21155 1379 18906 12359

Investmentvalue

R538mil R793mil R137mil R535mil R172mil R284mil R39mil R332mil R205mil

CapRate 8,25% 8,50% 8,25% 8,25% 8,25% 8,25% 9,00% 8,25% 8,50%

Annualisedpropertyyield

8,24% 8,07% 9,70% 7,53% 7,24% 5,53% 7,64% 6,74% 9,50%

Tradingdensity(R/m²)

30024 41322 25983 29674 48177 21966 DayHospital 24941 28403

Na:onaltenants 91% 92% 75% 88% 95% 85% 100% 81% 92%

Anchortenant Shoprite Shoprite PicknPay Boxer,PicknPaySuperspar

PicknPay Checkers AdvancedHealth

BoxerPicknPay

Superspar

Occupancylevel 100% 100% 98% 100% 91% 90% 100% 95% 98%

20

TENANT MIX & VACANCY FACTOR

Totaltenantmix

81%

8%

11%

GLA

A=Tenantsofna:onallistedcompaniesandotherna:onals

B=Tenantsofna:onalfranchisesandmediumtolargeprofessionalfirms

C=Localtraders

Vacancyprofilebysectorbyrentablearea

0,0%

0,0%

2,6%

0,0%

0% 1% 2% 3%

Office

Medical

Retail

Living

21

RENTAL & ESCALATION

168

174

143

72

144

0 30 60 90 120 150 180

Office

Medical

Retail

Living

Weightedaveragerental

8,0%

8,0%

5,1%

8,2%

5,2%

0% 2% 4% 6% 8% 10%

Office

Medical

Retail

Living

Averageescala:on

Averagerentalforthepor@oliobyrentalarea(R/m²)

Weightedaverageescala:onforthepor@oliobyrentalarea(R/m²)

22

TRADING DENSITY PER CENTRE COMPARED TO CLUR BENCHMARK

0

10000

20000

30000

40000

50000

60000

Atlyn

Mnandi

Denlyn

Thabong

Victorian

Platzam

Meer

Thornhill

ClurNa:onalAve CentreTradingDensity

AveragetradingdensitycomparedtoClurBenchmark-March2019byaverageannualturnoverpersquaremeter(R/m²)

TradingdensitygrowthcomparedtoClurBenchmark–March2019bypercentage(%)

-10%

-5%

0%

5%

10%

15%

20%

25%

Atlyn

Mnandi

Denlyn

Thabong

Victorian

Platzam

Meer

Thornhill

ClurNa:onalAve TradingDensityGrowth

23

QUALITY INVESTMENTS ENHANCED THROUGH INNOVATION, IMPROVEMENT AND INTEGRITY

Outcome

»  Moreeffec:veandinnova:veopera:onofSafaribusinessfunc:onsthatimprovetheperformanceandul:matelythequalityofourproper:es

»  Communitycohesionandsupport,fosteringrela:onships,loyaltyandtrust

»  Directcommunica:onwiththeshopperstoiden:fycommunityneeds

»  CurrentSolarcapacityof1.7MVWtobeexpandedtofullcapacityin2019

»  Centresequippedwithgenerators

ENHANCINGQUALITYMANAGEMENTTHROUGHTECHNOLOGY

REACHINGOURCOMMUNITYTHROUGHFREEWIFIANDSOCIALMEDIA

FIBREINTERNETACCESSTOTENANTSONOPENACCESSPRINCIPLES

2019 ANNUAL FINANCIAL STATEMENTS

25

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets 2019R’000

2018R’000

Non-currentassets Property,plantandequipment 23 –Investmentproperty 3009004 2638538Fairvalueofinvestmentproperty 3075542 2681628Opera:ngleaseasset (66538) (43090)Loanstoshareholders 45883 45166Opera:ngleaseasset 64322 42350Deferredtax 23743 16908 3142975 2742962Currentassets Inventories 153438 169649Loanstoshareholders 5465 8149Tradeandotherreceivables 9185 15331Opera:ngleaseasset 2215 740Cashandcashequivalents 7233 2948 177536 196817Totalassets 3320511 2939779

26

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Equityandliabili/es 2019R’000

2018R’000

Equity Statedcapital 1828902 2087928Share-basedpaymentreserve – 49800Retainedincome 417245 427053 2246147 2564781Liabili/es Non-currentliabili:es Interest-bearingborrowings 783661 335245Deferredtax 16921 18535 800582 353780Currentliabili/es Tradeandotherpayables 23215 20655Interest-bearingborrowings 567 563Share-basedpaymentliability 250000 – 273782 21218Totalliabili/es 1074364 374998Totalequityandliabili/es 3320511 2939779

27

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

StatedcapitalR’000

Share-basedpayment

reserveR’000

RetainedincomeR’000

TotalequityR’000

Balanceasat1April2017 1187088 – 476453 1663541 Profitfortheyear – – 131343 131343 Othercomprehensiveincome – – – – Totalcomprehensiveincomefortheyear – – 131343 131343 Sharesissuedthroughcapitalisa:ondividend 2853 – – 2853 Privateplacement 152000 – – 152000 Privateplacement 756600 – – 756600 Capitalraisingfeeonsharespaidforandissuedinthecurrentperiod

(10613) – – (10613)

Share-basedpayment – 49800 – (49800) REITdistribu:onpaid – – (180743) (180743) Totalcontribu/onsbyanddistribu/onstoownersofcompanyrecogniseddirectlyinequity

900840 49800 (180743) 769897

Balanceasat1April2018 2087928 49800 427053 2564781 Profitfortheyear – – 123980 123980 Othercomprehensiveincome – – – – Totalcomprehensiveincomefortheyear – – 123980 123980 Share-basedpayment (7356) (49800) 49800 (7356) Sharebuy-back (1670) – – (1670) Share-basedpaymentliability(note14) (250000) – – (250000) REITdistribu:onpaid – – (183587) (183587) Totalcontribu/onsbyanddistribu/onstoownersofcompanyrecogniseddirectlyinequity

(259026) (49800) (133787) (442613)

Balanceasat31March2019 1828902 – 417246 2246147

28

Fairvalueofpropertypor?olio

Trade&otherreceivables

Trade&otherpayables

Retainedincome

Interestbearingborrowings

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2019

8% á 2019: R3,23bn → Investment property: R3,076bn

2018: R2,85bn Inventory (apartments): R153,4m

2019: R9,2m 2018: R15,3m

2019: R23,2m 2018: R20,7m

2% â 2019: R417,2m 2018: R427,1m

134% á 2019: R784,2m 2018: R335,8m

29

Gearingasat31March

Financialriskmanagement

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2019

2019 2018Loan : Value 24% 12% Loan + SP Liability : Value 32%

»  Security SPV finalised »  Hedging Policy in place »  No forex exposure

Weightedaveragecostofcapital

Weightedaveragecostofdebt

»  9.45%

»  9.21%

30

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

2019R’000

2018R’000

Revenue 299427 248649Propertyrevenue 275979 240999Opera:nglease 23448 7650Otherincome 2167 5743Opera:ngexpenses (104323) (70892)Opera:ngprofit 197271 183500Investmentincome 5907 3446Fairvalueadjustments (32077) 15186Grossfairvalueadjustments (8629) 22836Opera:nglease (23448) (7650)Financecosts (37200) (37431)Impairmentofinventory (16210) (5035)Share-basedpaymentexpense – (49800)Fairvaluelossonhedginginstruments (2005) –Profitbeforetaxa:on 115686 109866Taxa:on 8293 21477Profitfortheyear 123979 131343Othercomprehensiveincome – –Totalcomprehensiveincomefortheyear 123979 131343Basicearningspershare(cents) 48 57Dilutedearningspershare(cents) 40 50

31

Propertyrevenue

Totalrevenue

Propertyexpensesas%ofpropertyincome

Fairvalueadjustment

STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDING 31 MARCH 2019

14,5% á 2019: R275.9m 2018: R240.9m

18,5% á 2019: R301.6m 2018: R254.4m

2019: 26% 2018: 25%

â 2019: R8,6m á 2018: R22,8m

32

Opera/ngprofit

Financecost

ImpairmenttoInventory

Profitbeforetax

STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDING 31 MARCH 2019

7,5% á 2019: R197.3m 2018: R183.5m

0,5% â 2019: R37.2m 2018: R37.4m

2019: R16m 2018: R5m

5.2% á 2019: R115.7m 2018: R109.9m* *Includes IFRS2 charge of

R49.8m

EPS HEPS2019: 48c 51c 2018: 57c 47c

33

NAVpershare

FinancialyearVWAPpershare

SAFARI SHARE INFORMATION AS AT 31 MARCH 2019

12% â 2019: 723c 2018: 824c

24% â 2019: 523c 2018: 689c

Discount of 12 month VWAP to NAV per share 28% Total number of shareholders 762 Value of shares traded R140,8m

Sharepriceinforma/on

34

»  Sustainablequalityearnings»  Underpinnedbyhigh-qualityphysicalassetswithrealignedfocusonretailassetsinSA»  Withnodaldominanceinunderdevelopedurbanloca:ons»  Effec:vemanagementofproper:esthroughexperiencedpropertyteamandsolidrela:onshipswithintheindustry

»  Qualityratherthanquan:tyapproachtoallowdisciplinedassetmanagement»  Value-crea:onthroughnewacquisi:onsanddevelopments»  Focusoncon:nuedgrowthofdistributableincometakingprevailingmarketcondi:onsintoaccount»  Goodcorporategovernancebasedonethicalvalues

THE SAFARI INVESTMENT CASE

QUESTIONS THANK YOU

36

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Theinforma:oninthisdocumentdoesnotpurporttobecomprehensiveandhasbeenprovidedbySafari(and,incertaincases,thirdpartysources)andhasnotbeenindependentlyverified.Noreliancemaybeplacedforanypurposeswhatsoeverontheinforma:oncontainedinthisdocumentorrelatedmaterialsorinthecompletenessofsuchinforma:on.

NeitherSafarinoranyofitsdirectors,advisers,representa:ves,officers,agentsoremployeesmakes,orisauthorisedtomakeanyrepresenta:ons,warrantyorundertaking,expressedorimplied,withrespecttotheinforma:onoropinionscontainedinitandnoresponsibilityorliabilityisacceptedbyanyofthemastotheaccuracy,completenessorreasonablenessofsuchinforma:onoropinionsoranyotherwriMenororalinforma:onmadeavailabletoanypartyoritsadvisors.Withoutprejudicetotheforegoing,neitherSafari,noranyofitsdirectors,advisers,representa:ves,officers,agentsoremployeesacceptsanyliabilitywhatsoeverforanylosshowsoeverarising,directlyorindirectly,fromuseofthisdocumentand/orrelatedmaterialsortheircontentsorotherwisearisinginconnec:ontherein.Theinforma:onsetouthereinandinanyrelatedmaterialsissubjecttoupda:ng,comple:on,revision,verifica:onandamendment,andsuchinforma:onmaychangematerially.Safariisundernoobliga:ontoprovidetherecipientwithaccesstoanyaddi:onalinforma:onortoupdatethisdocumentoranyrelatedmaterialsortocorrectanyinaccuraciesinitwhichmaybecomeapparent.Allstatementsofopinionand/orbeliefcontainedinthisdocumentandallviewsexpressedrepresentSafari’sownassessmentandinterpreta:onofinforma:onavailabletoit.

DISCLAIMER

ANNEXURES

38

ATLYN SHOPPING CENTRES (ATTERIDGEVILLE)


Anchorturnovers -5%YoY

Fashionturnovers 4%YoY

Restaurantsturnover 7%YoY




Tenantmix Strengthened–Edgarsreplacement

Tenancy 100%


2006

95

31243m²

R538300000

91%

Tradingsince

Numberofshops

Rentablearea

Property fairvalue

Na/onaltenants

Anchortenant Shoprite

39

MNANDI SHOPPING CENTRE (ATTERIDGEVILLE)


Anchorturnovers 21%up

Footcount n/a



Tenantmix Gym,KitKatExpress

Tenancy 98%


2015

30

8717m²

R136600000

75%

Tradingsince

Numberofshops

RentableArea

Property fairvalue

Na/onaltenants

Anchortenant PicknPay,KitKatExpress

40

THABONG SHOPPING CENTRE (SEBOKENG)



Fashionturnovers 17%up

Restaurantsturnover 26%up




Tenantmix Strengthened–Boxer

Tenancy 100%

Tradingdensity R29674/m²(21%up)

2007

101

34530m²

R534500000m²

88%

Tradingsince

Numberofshops

Rentablearea

Property fairvalue

Na/onaltenants

Anchortenant Superspar,Boxer,PicknPay

41

THE VICTORIAN CENTRE (HEIDELBERG)






Tenantmix Plannedredevelopmentearly2020

Tenancy 91%

Tradingdensity R48177/m²perannum(9%up)

1997

35

11781m²

R172000000

95%

Tradingsince

Numberofshops

Rentablearea

Property fairvalue

Na/onaltenants

Anchortenant PicknPay

42

DENLYN SHOPPING CENTRE (MAMELODI)


Anchorturnovers -7%

Fashionturnovers -12%up





Tenantmix Strengthened–WoolworthsMcDonalds

Tenancy 100%

Tradingdensity R41322/m²(2%up)

2003

119

34513m²

R792800000

92%

Tradingsince

Numberofshops

Rentablearea

Property fairvalue

Na/onaltenants

Anchortenant Shoprite

2019 results presentation - the vault » edgars and jet stores equate to 3% of rental income prior...

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