Slides
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GROUP ANNUAL RESULTS PRESENTATION 2025 for the year ended 30 June
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AGENDA » G r o w t h p o i n t P r o p e r t i e s A u s t r a l i a – G O Z » C a p i t a l & R e g i o n a l – C & R & N e w R i v e r R E I T ( N R R ) » G l o b a l w o r t h – GWI » L a n g o» R S A » V & A W a t e r f r o n t F i n a n c i a l r e s u l t s I n t e r n a t i o n a l i n v e s t m e n t s R S A p o r t f o l i o G r o w t h p o i n t I n v e s t m e n t Pa r t n e r s ( G I P ) C a p i t a l m a n a g e m e n t C o n c l u s i o n A n n e x u r e s G r o u p h i g h l i g h t s S t ra t e g y i n a c t i o n 02 03 04 05 06 07 08 09 10 G r o w t h p o i n t p o r t f o l i o c o m p o s i t i o n01
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01 GROWTHPOINT PORTFOLIO COMPOSITION Midrand Central, Midrand, Johannesburg
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4 GROWTHPOINT PORTFOLIO COMPOSITION Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion South Africa R66.7bn directly held portfolio: »Retail »Office »Logistics and Industrial »Trading & Development (T&D) V&A Waterfront 50% investment: » 50% property value R13.3bn OFFSHORE INVESTMENTS SOUTH AFRICAN PORTFOLIO THIRD PARTY FUND MANAGEMENT BUSINESS GOZ »63.6% investment in GOZ at a cost of R9.6bn vs. R13.0bn market value GWI »29.6% investment in GWI at a cost of R9.3bn vs. R4.2bn market value C&R and NRR »14.2% investment in NRR acquired as part of the C&R disposal at a cost of R1.2bn vs. R1.2bn market value Lango »15.7% investment in Lango at a cost of R1.3bn vs. R0.8bn market value GIP R8.6bn Assets Under Management (AUM) across two funds: »Growthpoint Healthcare Property Holdings (GHPH) − R4.2bn healthcare assets in SA »Growthpoint Student Accommodation Holdings (GSAH) − R4.4bn student accommodation assets in SA 12.2% of total assets by book value 5.1% contribution to DIPS 50.1% of total assets by book value 51.2% contribution to DIPS 0.9% of total assets by book value 3.0% contribution to DIPS 1.7% of total assets by book value 0.2% contribution to DIPS 23.2% of total assets by book value 20.4% contribution to DIPS 10.0% of total assets by book value 16.3% contribution to DIPS 1.8% of total assets by book value 3.8% contribution to DIPS 12.2% GWI GOZ SA 50.1% 23.2% C&R & NRR 0.9% V&A 10% GIP1.8% 1.7% LANGO
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02 GROUP HIGHLIGHTS Nuleaf Brands, Saligna Boksburg
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66 GROUP HIGHLIGHTS 100 Skyring Terrace, Newstead, Queensland, Brisbane Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion DIPS 146.3 cps 3.1% increase from FY24 DPS 124.3 cps 6.1% increase from FY24 Payout ratio increased from 82.5% at FY24 to 85.0% Group LTV 40.1% improved from 42.3% at FY24 Group property assets R155.8bn 6.3% decrease from FY24 NAV cents per share 1 988 cps 1.6% decrease from FY24 Group ICR 2.5x improved from 2.4x at FY24 SA ICR 2.9x improved from 2.8x at FY24
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03 STRATEGY IN ACTION Botanicca Corporate Park, Melbourne
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88 Clear and consistent messaging of Growthpoint’s strategy to: »Improve the quality of its RSA portfolio, as evidenced by non-core disposals and targeted development expenditure »Optimisation of international investments, as evidenced by the disposal of C&R and NRR »Constructive discussions amongst the shareholders in respect of the future strategy of GWI REVISITING INVESTOR CONCERNS Investor concerns: Themes Arterial Industrial, Blackheath, Cape Town Identification of core vs non-core investments and action taken or planned: »Disposal of C&R and NRR »Internalisation of Lango Manco »Work towards further simplifying the capital structure and equity story Strategy in action Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion Equity story Capital allocation framework and execution: »Strategy to optimise international investments »Disposal of C&R and NRR »R3.5bn target of non-core SA disposals in FY26 »Disciplined and targeted investment in the domestic portfolio »Increased investment in the Western Cape and Logistics & Industrial sector Capital allocation Strategic direction Group net debt levels decreased to R59.1bn from R67.8bn at FY24, driven by: »Disposal of C&R for c.R1.2bn (cash portion) and deconsolidation of net debt of R3.6b »SA Disposals of R2.5bn »Group LTV reduced from 42.3% at FY24 to 40.1% Debt levels & LTV ratios Strong, skilled and stable leadership: »Robust succession planning outcomes that ensure continuity and preparedness for the next phase of strategic deliveries »Combination of stability and refreshing our talent pool Uncertainty on future leadership
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99 GROWTHPOINT EQUITY STORY SIMPLIFIED AND ENHANCED Parramatta, New South Wales, Sydney Looking back Looking forward Growthpoint South Africa »Long tail of non- core properties »Underperforming V&A »Strong growth prospects Lango »Non-core and too small »No dividends GOZ »Capital constrained »Questionable growth prospects C&R »Non-core and too small »DRIP funding GWI »Like CEE as a region »Shareholder impasse GIP »Alternative asset classes »Diversified income streams Growthpoint South Africa »High quality core SA portfolio GWI »Restructured »Shareholder impasse resolved GOZ »Good growth prospects in funds management V&A »Strong growth prospects and development pipeline Longkloof Studios, Gardens, Cape Town Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion GIP »Good growth prospects for GSAH & GHPH »GHPH mandate expanded to include aged care and doctors consulting rooms linked to hospitals Lango »Internalisation of Lango Manco »Redomiciliation was completed December 2024
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1010 STRATEGY IN ACTION V&A Waterfront, Cape Town * LTV refers to the SA REIT definition of LTV Improving the quality of the SA portfolio We remain focused on strategic initiatives that will preserve our liquidity and strengthen our balance sheet in the long term 40.1% group LTV* decreased from 42.3% at FY24 due to the disposal of C&R and SA properties 39.5% GOZ SA REIT LTV* decreased from 39.8% at FY24 due to strategic capital recycling activity 34.5% RSA SA REIT LTV* decreased from 35.4% at FY24 (excluding GIP) R4.7bn (FY24: R6.2bn) unutilised committed facilities for RSA (excluding GIP) R0.9bn (FY24: R0.2bn) cash on our RSA balance sheet (excluding GIP) 85.0% increased the dividend payout ratio for FY25, thereby retaining R744.6m (FY24: R842.3m) before tax H1 of FY25: 82.5% H2 of FY25: 87.5% Optimising our international investment Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion Union Castle, V&A Waterfront, Cape Town
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1111 STRATEGY IN ACTION Oxford Corner, Rosebank 1. R2.7bn including R120.0m for Fountains View sold to GSAH. 25 properties sold for R2.5bn (including T&D)1, at R37.9m profit to book value R1.6bn of development & capex spend, including the redevelopment of Bayside Mall, Table View for R161.4m, 36 Hans Strijdom, Foreshore, Cape Town R176.2m and The Hilton Canopy Hotel, Longkloof Studios, Gardens for R207.3m in line with our strategy to increase our geographic weighting to the Western Cape Ongoing portfolio optimisation focused on improving quality and investing in our core portfolio to protect and enhance its value through active asset management initiatives, including developing new high-quality assets, refurbishing assets, disposing of non-core assets and enhancing ESG initiatives across all three sectors Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion Improving the quality of the SA portfolio Optimising our international investment
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12 12 46% 39% 15% STRATEGY IN ACTION Discovery, Sandhurst, Johannesburg 40% 39% 20%1% 186 properties sold for R14.9bn since 1 July 2016 Total number of properties decreased from 471 to 328 & GLA reduced by 18.9% Reweighting of domestic portfolio by value with office reducing and logistics & industrial increasing 40 office properties sold for R5.5bn Strategy to dispose of mainly B & C-grade office assets and properties deemed high risk or in deteriorating business nodes 29 retail properties sold for R3.9bn Disposing assets that are below our optimum size or are in deteriorating central business districts. All shopping centres deemed a long-term hold have either undergone an extensive refurbishment or are scheduled for strategic intervention over the next three years 104 industrial & manufacturing properties sold for R3.8bn In line with our strategy to decrease exposure to old manufacturing assets in deteriorating nodes & increasing the weighting to modern logistics warehouses 13 trading & development properties sold for R1.7bn In line with our strategy to earn trading profits & development fees Retail Office Logistics & Industrial Trading & Development R Value FY15 R Value FY25 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion Improving the quality of the SA portfolio Optimising our international investment
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1313 STRATEGY IN ACTION Parramatta, New South Wales, Sydney C&R – disposal of C&R investment, acquisition of 14.2% investment in NRR which was sold post FY25 GOZ – remains a core investment GWI – continue to support management at a shareholder level with value unlock initiatives GWI €15.3m / R301.9m June 2024 and December 2024 dividend reinvested in FY25 €4.3m / R122.6m June 2025 resumption of cash dividend to be received in FY26 C&R R57.0m FFO included in HY25 Distributable income for the period 1 Jul 2024 - 10 Dec 2024 NRR £3.6m / R86.7m Net dividend declared for the year Rand-equivalent foreign currency income, via cash and scrip dividend alternatives of R1.4bn FY25 vs. R1.6bn FY24 38.0% of property assets by book value located offshore 28.7% of DIPS is earned offshore Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion Ask V&A for pic Desalination Plant, V&A Waterfront, Cape Town 5 Dock Road, V&A Waterfront, Cape Town Improving the quality of the SA portfolio Optimising our international investment
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04 FINANCIAL RESULTS Centralpoint, Midrand Canopy by Hilton Cape Town Longkloof
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15 R151m INCREASE IN DISTRIBUTABLE INCOME FY25 Rm Comment Major moving parts 151 South Africa 236 Gross property income increased R276.0m, whilst property expenses increased R6.0m, with net property income up R270.0m, mainl y due to an improved contribution from the three SA sectors, including lower negative rent reversions, reduced vacancies and im proved expense efficiencies and recoveries. Other operating expenses increased by R40.0m. RSA net finance costs 23 RSA finance costs decreased by R49.0m due to lower average borrowings compared to FY24 and a lower weighted average cost of debt in FY25 of 8.9% (FY24: 9.6%). Finance income decreased by R26.0m. Income from V&A 35 Strong operational performance as a result of new operational businesses in the hotel sector, full year trading of existing operational businesses, strong cruise season and the completion of the Union Castle building. Distribution from GOZ (48) Despite the increase in payout ratio from 80.7% at FY24 to 87.0%, the A$ distribution decreased from 19.3 cps for FY24 to 18. 2 cps for FY25. An additional 2.1 cps was distributed to compensate for the additional dividend withholding tax (DWT) as a result of disposals, which increased from 10.8% at FY24 to 15.0% at FY25. R1 011.3m net distribution received vs. R1 059.4m at FY24. Dividend from C&R/ NRR (30) Acquisition of 14.2% of NRR on 10 December 2024 as part of the disposal of C&R. NRR declared a dividend of 6.5 pps (R86.7m) for FY25 vs. 5.8 pps (R173.9m) C&R dividend for FY24. Growthpoint’s share of FFO from 1 July 2024 until 10 December 2024 was R57.0m, which is included in distributable income. Dividend from GWI (52) € dividend of 14.0 cps (R251.6m) received for FY25 vs. 21.0 cps (R304.0m) for FY24. Negatively impacted by higher interest rates on their Eurobond refinance and a one-off income tax charge of €5.9m. Dividend from Lango 11 Due to the internalisation of Lango Manco into Lango Fund, Lango is no longer included under GIP. The change is effective from 31 December 2024. R11.1m dividend income for FY25. R23.7m was included in GIP in FY24. GIP (14) R119.8m dividends received vs. R122.7m for FY24. R98.7m management fees received vs. R108.0m for FY24 which includes Lango Manco fee income of R23.7m. Profit on disposal of 2.9% share in GSAH Partnership R7.5m to Stevedore. Other operating expenses R38.5m vs. R26.6m for FY24. Income from Trading & Development (10) No trading and development fee income earned in FY25 vs. R10.0m in FY24. R64.1m trading profits on disposal of properties in FY25 vs. R42.2m in FY24. R3.1m net property income in FY25 vs. R25.4m in FY24. T&D other operating expenses R56.0m vs. R55.0m in FY24. Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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16 DISTRIBUTABLE INCOME & SA REIT FFO FY25 Rm FY24 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Gross property income 13 949 14 530 (581) (4.0) RSA 8 236 7 960 276 3.5 GOZ 3 781 3 830 (49) (1.3) C&R¹ 644 1 511 (867) (57.4) GIP 1 024 874 150 17.2 Trading & Development 264 355 (91) (25.6) Property expenses (4 281) (4 573) 292 (6.4) RSA (2 540) (2 534) (6) 0.2 GOZ (832) (688) (144) 20.9 C&R¹ (367) (818) 451 (55.1) GIP (322) (252) (70) 27.8 Trading & Development (220) (281) 61 (21.7) Net property income 9 668 9 957 (289) (2.9) Other operating expenses (1 055) (1 127) 72 (6.4) RSA (434) (394) (40) 10.2 GOZ (427) (424) (3) 0.7 C&R¹ (74) (203) 129 (63.5) GIP (64) (55) (9) 16.4 Trading & Development (56) (51) (5) 9.8 Net property income after operating expenses 8 613 8 830 (217) (2.5) Average exchange rate at R11.76/A$ (FY24: R12.26/A$) for GOZ, R23.51/£ (FY24: R23.56/£) for C&R and R19.76/€ (FY24: R20.23/€) for GWI and R18.17/$ (FY24: R18.71/$) for Lango. 1) C&R consolidated until 10 December 2024. Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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17 DISTRIBUTABLE INCOME & SA REIT FFO | CONTINUED FY25 Rm FY24 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Net property income after operating expenses 8 613 8 830 (217) (2.5) Finance costs (4 200) (4 394) 194 (4.4) RSA (2 823) (2 872) 49 (1.7) GOZ (1 061) (1 125) 64 (5.7) C&R¹ (110) (231) 121 (52.4) GIP (206) (166) (40) 24.1 Finance and other income 1 329 1 354 (25) (1.8) RSA 92 118 (26) (22.0) GOZ 32 99 (67) (67.7) C&R1 115 16 99 >100.0 GIP 17 42 (25) (59.5) Investment income from Lango 11 - 11 >100.0 Investment income from V&A Waterfront 810 775 35 4.5 Investment income from GWI 252 304 (52) (17.1) Adjustment for NCI, foreign exchange loss, antecedent dividends and normal taxation2 (778) (977) 199 (20.4) Distributable income 4 964 4 813 151 3.1 Average exchange rate at R11.76/A$ (FY24: R12.26/A$) for GOZ, R23.51/£ (FY24: R23.56/£) for C&R and R19.76/€ (FY24: R20.23/€) for GWI and R18.17/$ (FY24: R18.71/$) for Lango. 1) C&R consolidated until 10 December 2024. 2) Refer to annexure 9 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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18 DISTRIBUTABLE INCOME & SA REIT FFO | CONTINUED FY25 Rm FY24 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Distributable income 4 964 4 813 151 3.1 Company specific adjustments (528) (359) (169) Decrease in staff incentive scheme cost (11) (25) 14 Trading profits and development fees earned (69) (51) (18) Profit on sale of GSAH Partnership (8) - (8) Amortisation of tenant incentive add back (GOZ FFO) (507) (488) (19) Distributable income from GOZ retained (including NCI portion) 269 425 (156) Distributable income from C&R retained (including NCI portion) - 12 (12) Distributable income from GIP retained (including NCI portion) 12 (26) 38 Tax on distributable income retained (214) (206) (8) SA REIT FFO 4 436 4 454 (18) (0.4) SA REIT FFO per share 131.0 131.5 (0.4) Distributable income per share (DIPS) 146.3 141.9 3.1 Dividend per share (DPS) – payout ratio 85.0% (FY24: 82.5%) 124.3 117.1 6.1 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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19 CONSOLIDATED BALANCE SHEET | EXTRACTS FY25 Rm FY24 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Property portfolio 123 760 137 749 (13 989) (10.2) RSA 66 702 66 250 452 0.7 GIP 8 579 7 612 967 12.7 GOZ 48 478 54 697 (6 219) (11.4) C&R3 - 9 190 (9 190) >100.0 Equity-accounted investments 18 354 16 381 1 973 12.0 Investment in V&A Waterfront (50.0%) 8 221 7 494 727 9.7 Investment in GWI (29.5%) 9 426 8 841 585 6.6 Investment in Lango Manco4 326 10 316 >100.0 Investment in Growthpoint Australia Logistics Partnership (GALP) (20%) & Canberra Office Trust 314 - 314 >100.0 Other Investments (Ferguson Place, Fortius Central Park Trust) 67 36 31 86.1 Loans granted1 2 943 3 113 (170) (5.5) Listed investments (GOZ’s 15.5% investment in DXI – disposed October 2024) - 1 661 (1 661) >100.0 Listed investment (NRR 14.2%) 1 212 - 1 212 >100.0 Unlisted investment (Lango Fund 15.8%)4 779 957 (178) (18.6) Unlisted investments (SA SME Fund, Workshop17, Redimension Capital & GOZ’s Co-investments in property funds) 166 122 44 36.1 Nominal borrowings2 61 271 69 952 (8 681) (12.0) RSA 39 067 40 395 (1 328) (3.3) GIP 1 988 1 548 440 47.9 GOZ 20 216 23 432 (3 216) (13.7) C&R3 - 4 577 (4 577) >100.0 Shareholder’s interest (SA REIT NAV) 67 717 68 900 (1 209) (1.7) Closing exchange rate R11.66/A$ (FY24: R12.14) for GOZ, R24.38/£ for C&R (FY24: R23.01/£) and R20.88/€ for GWI (FY24: R19.5/€). 1) Includes fair value adjustments of R20m (FY24: R176m), mainly due to a loan granted to the V&A Waterfront of R2.9bn (FY24: R2.9bn). 2) Excludes fair value adjustments. 3) C&R deconsolidated 10 December 2024. 4) Internalisation of Lango Manco into Lango. Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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05 INTERNATIONAL INVESTMENTS Globalworth Tower, Bucharest
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2121 GOZ GSO, Dandenong 1. Gearing calculation method has been revised to exclude impact of FX movements relating to USPP. The comparative period has been updated to reflect these changes GLA (100%) 975 378m² # Directly held properties 50 Value (100%) R48.5bn PERFORMANCE » 2.5% decline in FFO: A$23.3 cps for FY25 vs. A$23.9 cps for FY24 » 5.2% decrease in DPS: A$18.2 cps (FY24: 19.3cps) received for FY25 which exclude of A$2.1 cps to compensate for the additional DWT due to the sale of industrial assets to Growthpoint Australia Logistics Partnership (GALP) » R1 011.3m net distribution received vs. R1 059.4m at FY24 » Payout ratio: 87.0% for FY25 vs. 80.7% for FY24. Payout ratio of 78.0% excluding the once-off distribution STRONG BALANCE SHEET » Generated $335m of cash proceeds from asset recycling and reduced GOZ disclosed gearing to 39.7%1 (FY24: 40.2%) despite decline in asset values, within the target range of 35% - 45% » Renegotiated $645m of bank debt, $320m converted to Sustainability Linked Loans, average tenor of five years » A$244m undrawn debt facilities » 10.4% decline in NTA to A$3.09(FY24: A$3.45) per share primarily driven by lower office property valuations, which decreased by A$204m or 7.4% on a like-for-like basis since June 2024 » 84.8% fixed debt for 2.4 years at 3.2% » Weighted average debt maturity of 3.9 years » 5.0% weighted average cost of debt vs. 4.8% at FY24 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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2222 GOZ | CONTINUED 5 Viola Place, Brisbane 1. Includes the impact of six assets transferred into the GALP portfolio. Like-for-like reduction was $147 million. 2. Excludes GOZ’s co-investment of $37m. 3. By number of visitors PORTFOLIO UPDATE » Portfolio value of A$4.1bn¹ at FY25 (FY24: A$4.4bn) » c.32% of income derived from Government tenants and 49% from listed corporates » Portfolio occupancy 94% (Expected Rental Value method) and96% (GLA method) » 6.7% weighted average cap rate » 5.6 years WALE » 123 145m² of leasing completed » Six properties sold to GALP with net proceeds of $181m, sold 3 Millennium Court in Knoxfield, Victoria for $22m, and entire stake in Dexus Industria REIT (DXI) sold for $132m » Like-for-like Property FFO up 3.2% (excluding lease surrender payments and divestments), Office 2.0%, Industrial 6.0% Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion FUNDS MANAGEMENT UPDATE » $1.4bn assets under management (AUM), down from A$1.6bn at FY24 » 7 Retail, 2 Office and 7 Industrial properties » A$328m of new AUM created during FY25, established GALP with capital partner TPG Angelo Gordon, with six industrial assets of A$198m, expanded with $40m Stapylton acquisition and established the A$90m Growthpoint Canberra Office Trust » Raised $170m in gross equity2 » Increased fund management revenue by 20.0% on FY24 » Over 45% new investors3 to GOZ’s funds management platform over FY25
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2323 C&R The Mall Wood Green, London DISPOSAL » Growthpoint undertook a group-wide strategic and capital allocation review with the aim of simplifying its business, identifying assets that are deemed to be non-core and directing its focus to its core assets, thereby agreeing to the disposal of its entire shareholding in C&R » Effective date: 10 December 2024 » Transaction proceeds: Total of 62.5 pps with 31.25 pps (R1.16bn) cash and 31.25 pps (R1.2bn) NRR shares (based on an exchange ratio of 0.419 and a share price of 74.5 pps) » R1.22bn/ 14.2% investment in NRR: 67 385 444 shares at an effective date price of 79.2 pps » Cash proceeds used to settle debt » NRR declared a dividend of 6.5 pps translating to a net dividend of R86.7m for Growthpoint for the year ended 30 June 2025 » R57m FFO from C&R for the period 1 July 2024 – 10 December 2024 included in distributable income » Sold 14.2% investment in NRR (67.4m shares), post FY25, at a price of 75.0 pps, raising gross sales proceeds of £50.5m. NRR acquired 47.7m shares in terms of a share buy back and 19.7m shares were placed in the market by means of an Accelerated Book Build Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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2424 GWI Warsaw Trade Tower, Warsaw GLA (100%) 1 011 600m² # Properties 56 Value (100%) R16.3bn PERFORMANCE » 33.3% decrease in € dividend per share, 14.0 cps for FY25 vs. 21.0 cps for FY24 – reinvested the December 2024 dividend during FY25 and the June 2025 dividend will be received in cash in FY26 » Dividend per share negatively impacted by scrip dividends being issued at significant discounts to EPRA NAV , increased finance costs on the Eurobond refinance and a one-off income tax charge of €5.9m » Like-for-like net operating income growth of 6.0% (EBITDA – 4.0%) despite challenges affecting office demand globally and regionally STRONG BALANCE SHEET » €325.5m of cash available and €115.0m in undrawn debt facilities at June 2025 » Negative property revaluations of €50.8m, resulting from higher yields during the year ended 30 June 2025 » Successfully refinanced €100.0m facility maturing in April 2025 to March 2030 » Gearing at 38.0%, average cost of debt 4.8% and 4.7 years average maturity of debt at June 2025 » Next relevant debt maturity of €62m in February 2027 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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2525 GWI | CONTINUED Globalworth Campus, Bucharest DISPOSALS AND DEVELOPMENTS Romania » Disposal of 50% share in joint venture industrial portfolio in July 2024 » Delivery of c. 5 900m² of Craiova Logistic Hub in August 2024 with a 20-year lease to Returo SGR Poland » Renoma, a mixed-use property of 48 300m² is under refurbishment, expected completion date 30 September 2025 » Land bank available for future development 300 000m² PORTFOLIO UPDATE » 0.8% portfolio value increase compared to FY24 to €2.6bn » 36 standing assets in Poland and 20 standing assets in Romania » 137 300m² of space let in FY25 (FY24: 226 600m2) » 4.4 years Weighted average lease length » 14.1% vacancy (FY24: 13.8%) » Total revenue of €228.9m (FY24: €246.4m) Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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2626 LANGO Achimota Mall, Accra GLA (100%) 241 051m² # Properties 15 Value (15.7%) R2.3bn PORTFOLIO » GRT owns 15.7% and has invested a total of R1.3bn valued at R778.8m » Acquisition of c. $200m of assets from Hyprop Investments Limited and Attacq Limited in FY25 » The Manco Internalisation was completed on 31 December 2024, recognising an accounting gain and increasing our Investment in associate with R331.4m » The redomiciliation was completed on 24 December 2024 and Growthpoint is now a shareholder in Lango UK » Lango excluded from GIP from 31 December 2024 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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06 RSA PORTFOLIO 144 Oxford Road, Rosebank
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2828 RSA HIGHLIGHTS* Honeywell, Midrand • Excluding GIP 1) R2.7bn including R120.0m for Fountains View sold to GSAH. 1 013 534m² of space let in FY25 (FY24: 1 202 259m²) 8.2% Vacancies FY24: 8.7% -0.9% Renewal growth FY24: -6.0% 68.2% Renewal success rate FY24: 76.3% 36.1% Total expense ratio (incl. group overhead) FY24: 36.7% Arrears decreased to R68.8m FY24: R85.2m Provision for bad debts per the balance sheet decreased to R34.9m FY24: R51.1m R2.8bn RSA finance costs FY24: R2.9bn 34.5% SA LTV (excl. GIP) FY24: 35.4% R1.4bn / 2.2% Increase in RSA property values FY24: R1.0bn / 1.5% increase R1.6bn Development & capex spend FY24: R2.1bn R1.2bn Commitments FY24: R1.5bn R2.5bn1 Asset sales FY24: R1.2bn 5.9% Like-for- like net property income growth FY24: 1.8% R317.4m Assets held for Sale FY24: R580.3m Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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2929 RENEWALS » Renewal growth has entered positive territory with 59.2% of renewals by GLA either flat or positive » Average positive renewal growth rate significantly improved to 3.6% (FY24: 2.9%) » 40.9% (FY24: 35.7%) of renewals reflect an improved negative renewal growth rate of -3.2% (FY24: -6.2%) » Renewal success rate exceeds our target range of 70% – 80% VACANCIES » Reduction in vacancies as a result of disposals and letting of new speculative developments at Central Point and Arterial Industrial Estate Phase 1 in Cape Town which where both completed in FY24 » Speculative developments, in line with our strategy to increase our RSA exposure to modern logistics and warehousing properties, added 21 831m² of GLA with 12 850m² vacant at FY25 at Arterial Industrial Estate Phase 2 in Cape Town » Largest vacancy of 24 000m² is at Cempark in Boksburg, which was let post FY25 and is in the process of being sold LOGISTICS & INDUSTRIAL 5.7% 3.3% 0.5% Gauteng Cape Town Durban 48.7% 10.5% 40.9% Positive renewal growth (average 3.6%) Flat renewals (no growth: 0%) Negative reversion (average -3.2%) Renewal reversion by GLA (%) Vacancy % per region 149 leases 83 leases10 leases 56 leases 4.1% GLA 1 776 551m² # Properties 143 Value (100%) R13.2bn 4.1% FY24: 5.2% TO LET ESCALATIONS On renewal 7.5% FY24: 7.4% Success rate 87.2% FY24: 78.3% Renewal growth 0.4% FY24: (3.3%) ARREARS 7.3% of total collectables In-force 7.5% FY24: 7.4% R15.1m FY24: R21.8m Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3030 LOGISTICS & INDUSTRIAL | CONTINUED LFL NPI GROWTH » Improvement in overall sector dynamics, with consistent letting, improved renewal growth and improved solar recoveries » Total recoveries slightly decreased from 92.6% at FY24 to 91.2% VALUATIONS » R395m increase in portfolio value for the period including the addition of high-quality speculative developments 5.5% FY24: 2.6% 3.1% FY24: 3.5% PORTFOLIO OPTIMISATION Disposals: » 14 disposals of R968m, 4 properties of R277m held for sale and 11 other properties of c. R868m in various stages of disposal post FY25 Logistics developments: » Logistics & warehousing is c. 52% of the sector’s GLA » 6 spec units totalling 21 831m² at Arterial Industrial Estate Phase 2 was completed March 2025 with 2 units unlet at FY25 » Strong pipeline of speculative developments across the regions Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3131 RENEWALS » Continual improvement in renewal growth which is trending towards positive with 75.9% of renewals by GLA in flat to positive territory » 55.5% (FY24: 43.4%) of renewals reflect a positive renewal growth rate of 3.8% (FY24: 3.7%) » 24.1% (FY24: 20.2%) of renewals reflect an improved negative renewal growth rate of -4.1% (FY24: -5.8%) » Renewal success rate within our target of at least 80% VACANCIES » Core vacancy, excluding offices and redevelopments is 4.4% » Reduction in vacancies, as a result of strategic disposals and redevelopment projects » Alberton City has the largest vacancy at 11 735m² due to Game and House & Home vacating and Edgars reducing space » Vacancies at Brooklyn Mall due to the closure of Game, adding to the existing stubborn office and cinema Nouveua vacancies, but reduced marginally from June 2024 RETAIL 6.9% 2.4% 4.0% Gauteng Cape Town Durban 55.5%20.4% 24.1% Positive renewal growth (average 3.8%) Flat renewals (no growth: 0%) Negative reversion (average -4.1%) Renewal reversion by GLA (%) Vacancy % per region GLA 1 062 676m² # Properties 32 Value (100%) R25.8bn 5.3% FY24: 5.5% TO LET ESCALATIONS On renewal 6.3% FY24: 6.4% Success rate 80.3% FY24: 86.4% Renewal growth (0.3%) FY24: (2.1%) ARREARS 5.8% of collectables In-force 6.2% FY24: 6.1% R23.9m FY24: R26.0m 5.3% 622 leases 377 leases 123 leases 122 leases Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3232 RETAIL | CONTINUED LFL NPI GROWTH » Positive like-for-like growth indicative of consistent letting, improved renewal growth rate and improved solar recoveries » Total recoveries increased from 65.9% at FY24 to 68.5% » Cost-to-income ratio improved from 32.3% at FY24 to 31.0%, driven mainly by improved recoveries and a focus on cost reduction VALUATIONS » R550m increase in portfolio value for the period 5.3% FY24: 4.1% 2.2% FY24: 0.9% PORTFOLIO OPTIMISATION Disposals: » 5 disposals of R947m and 4 properties of c. R740m in various stages of disposal post FY25 Developments: » Northgate: new 2 800m² Shoprite opened in April 2025 » La Lucia: new 2 800m² Checkers under development » Longbeach Mall: new 2 496m² Builders Express under development and redevelopment of Food Lovers Market 3 974m² » Watercrest Mall: New Shoprite and relocated Checkers completed November 2024 » Beacon Bay: R113m redevelopment for Builders Express, 2 500m², and an aesthetic upgrade completed June 2025 » R248m spend on solar installations at 10 centres adding 25.7MWp Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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33 33 RETAIL | CONTINUED 8.5% 7.9% 7.7% 7.7% 7.7% 7.0% 7.5% 8.0% 8.5% 9.0% FY21 FY22 FY23 FY24 FY25 30 395 32 292 33 840 35 017 36 684 0 10 000 20 000 30 000 40 000 FY21 FY22 FY23 FY24 FY25 -3% -1% 2% 4% 6% 8% FY21 FY22 FY23 FY24 FY25 Regional Small Regional Community All Centres Annualised Trading Density Growth Rolling 12 Months Annualised Trading Density R/m² (All Centres) Rolling 12 Months Annualised Gross Rent : Sales % (All Centres) Retail trends Trading density growth » 4.8% (FY24:4.1%) » Higher than the Clur Index: All centres June 2025 4.4% » Annualised trading densities are R36 684/m², with growth mainly from community centres (7.6%) and the Western Cape (5.3%), with non- discretionary food spend (8.2%), department stores (6.8%) and homeware, furniture and interior (7.0%) performing well Rent to turnover » Rent to turnover ratio is 7.7% (FY24: 7.7%) » Slightly higher than the Clur Index: All Centres for March 2025 of 7.5% » KZN (5.8%) and Western Cape (6.3%) Foot traffic » Foot traffic is growing year-on-year at 2.7% Gross rent/m² as at 30 June » Gross rental increasing by 5.2% to R245.3/m² (FY24: R233.2/m²) » Highest gross rent achieved in the North-West province and Western Cape Retail sales contribution » Mainly driven by contribution from grocery/supermarkets at 23.6% (FY24: 22.7%) » Gauteng contributing 46.0% and Western Cape 25.7% Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3434 RENEWALS » Renewal growth significantly improved » 51% of leases renewed are flat to positive vs. FY24: 24.1% » Average positive renewal growth rate of 3.9% (FY24: 1.4%) » Gauteng office remain under pressure due to over supply » Renewal success rate was impacted by 4 large vacates¹ » Target renewal success rate between 60.0% - 70.0% VACANCIES » Vacancies continue to improve with new letting and disposals » Gauteng represents 72.6% of the portfolio by GLA, with vacancies at 18.5% (FY24: 19.3%) of which Sandton is 22.0% of the total portfolio with vacancies at 16.0% (FY24: 20.1%), well below the peak of 28.7% at FY23 OFFICE Renewal reversion by GLA (%) Vacancy % per region GLA 1 596 232m² # Properties 146 Value (100%) R27.0bn 14.6% FY24: 15.1% TO LET ESCALATIONS On renewal 7.5% FY24: 7.2% Success rate 57.5% FY24: 62.1% Renewal growth (3.2%) FY24: (14.8%) ARREARS 6.4% of total collectables In-force 7.1% FY24: 7.1% R29.8m FY24: R35.1m 18.5% 5.4% 0.7% Gauteng Cape Town Durban 14.6% 48.0% 3.0% 49.0% Positive renewal growth (average 3.9%) Flat renewals (no growth: 0%) Negative reversion (average -7.1%) 208 leases 10 leases 108 leases 90 leases Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion 1. MTN moved out at Constantia Park and into their own building, RCS vacated at Golf Park, Civil Aviation vacated at Waterfall park, Cartrack vacated at Grosvenor Corner and Intelligent Debt vacated 11 Adderley which has been sold
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3535 OFFICE | CONTINUED LFL NPI GROWTH » Positive like-for-like growth indicative of consistent letting, improved renewal growth rate, improved recoveries and focus on cost savings » Total recoveries increased from 86.3% at FY24 to 94.5% VALUATIONS » R505m increase in valuations for the period 6.8% FY24: (1.0%) 1.9% FY24: 1.2% PORTFOLIO OPTIMISATION Disposals: » 5 disposals of R432m and 1 property of R40m held for sale » 12 other properties worth c. R968m in various stages of disposal post FY25 » Strategy to reduce office exposure in non-performing nodes in Gauteng & dispose of B and C grade assets » Considering all usage options including redevelopment and repurposing Developments: » Completed the 154 room Hilton Canopy Hotel in our Longkloof mixed-use precinct in line with demand for hotels in the Western Cape » Net-zero carbon redevelopment at 36 Hans Strydom in Cape Town for Ninety One on the back of a 15-year lease, scheduled for construction completion end of October 2025 » Construction on The Bridge linking 1 Sandton Drive to Sandton City has begun, scheduled for completion December 2025 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3636 Our T&D division develops for third parties, GIP and our own balance sheet Third party trading & development projects: » 7 of the 16 units at Devro Park, Pinetown were sold and 18 of the 20 units at Palm River, Pinetown were sold for R65.0m realising a total profit of R17.2m included in distributable income » Riverwoods, office to residential conversion in Bedfordview, 61% sold for R131.4m realising a profit of R18.0m GSAH projects: » Completed 871 beds at The Crescent Studios (previously known as The Podium) and 476 beds at Arteria Parktown (previously known as 33 Princess of Wales) » Transfer of Fountains View from T&D to GSAH for R120.0m Balance sheet activity: » Residential development in high-demand nodes is enhancing both land and long-term precinct value. We have recently launched the Olympus Sandton residential development within our Sandton Summit precinct, which has attracted high presale demand with 399 of the 506 units sold for c. R1.2bn Other operating expenses: » T&D other operating expenses increased to R56.0m vs. R55.0m in FY24 TRADING & DEVELOPMENT R51.6m (FY24: R42.2m) Trading profits No develop- ment fees earned (FY24: R9.8m) R3.1m (FY24: R25.4m) Net property income Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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37 37 Thriving environment Thriving people and communities ESG Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion R58m total CSR spend in FY25 PPA signed for 195GWh, 32% of FY23’s energy consumption (First project (Boston Hydro) to start wheeling energy to Growthpoint buildings in October 2025) 7 316 total number of direct beneficiaries supported 122 Green building certifications R19m spent on flagship educational programs in FY25 An innovative solution that brings renewable electricity at fixed escalations directly to our tenants (10 Buildings identified for e-CO2 initiative) 216 jobs sustained through Property Point in FY25 Water and waste focus • 89.4 ML projected water savings over 3 years • 43% waste diversion rate (targeting 50% in FY26) • 40 registered bore holes and 162 water backup facilities with a total storage capacity of 9 854kl Level 1 B-BBEE scoreR1bn cumulative spend on solar with 80 plants and 61.2MWP solar power installed
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3838 V&A WATERFRONT V&A Waterfront, Cape Town GLA (100%) 506 860m² # Properties 1 Value (50%) R13.3bn HIGHLIGHTS & FINANCIAL METRICS » Net property income was 10.4% higher than FY24, driven by new operational businesses in the hotel sector , full year trading of existing operational businesses, strong cruise season and the completion of the Union Castle building. The increase includes the impact of the Lux Mall (-1%) and Table Bay (-6%) which are both under redevelopment » Net property income from operating businesses where the V&A enjoys both the rewards and risks of the operating business, vs. pure rental, increased to 16% of net property income earned from 10% in FY24 » Like-for-like NPI increased by 12.7% and 24% growth in turnover rental due to increased tourism across hotels, attractions and retail » Vacancies are at 0.3% across the precinct (FY24: 0.3% vacant) » Visitor numbers in excess of 24 million » International visitor arrivals at Cape Town International Airport grew 6.0% for FY25 » The desalination plant was successfully commissioned in March 2025 » The construction of the 5 Dock Road residential apartments commenced in the year , with completion expected in December 2025 Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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3939 V&A WATERFRONT | CONTINUED V&A Waterfront, Cape Town FUNDING » Total debt (including revolving credit facilities of R290m) of R3.3bn (FY24:R1.8bn), including R2.8bn variable debt (FY24: R1.3bn) » 64% (FY24: 63%) of variable debt or R1.8bn (R850m) hedged (excluding revolving credit facilities) » R192m (FY24: R239m) is at a fixed rate » Undrawn facilities of R0.6bn (FY24: R0.4bn) » Average variable interest rate of 8.7% (FY24: 9.38%) » R219m (FY24: R119m) interest expense and R53.0m (FY24: R35.0m) capitalised interest » R250m RCF expiring in September 2025 to be refinanced and a further R1.5bn of debt to be raised increasing the total 3rd party debt facilities to R5.4bn Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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4040 V&A WATERFRONT | CONTINUED V&A Waterfront, Cape Town Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management ConclusionGrowthpoint simplified OFFICE » Net property income increased by 17.0% and like-for-like by 10.0% » Strong demand for office at the V&A, resulting in a vacancy of 0.4% » 10.1% of the portfolio renewed at 0.5% rental growth » Renewal success rate of 93% and letting success rate of 99.6% RETAIL » Retail sales increased by 5.8% and are now over R10.0bn despite the impact of the 3 759m² Lux Mall development with expected completion in December 2025 with phased occupation thereafter » V&A trading densities of R9 048/m² are more than double the MSCI super-regional shopping centre benchmark of R4 134/m² » Retail rental renewal growth of 6.0% in respect of 27 025m² of the retail portfolio, representing 27% of retail GLA » Successfully opened the Union Castle Building in December 2024 MARINE & INDUSTRIAL » 83 Cruise vessel visits for the season (FY24: 69), 170 000 visitors through the terminal, with a growth of over 16.0% on the 2023/2024 season » Casual berthing of touring yachts, commissioning vessels and charter boats remained strong » Charter boats performance for a rolling 12 months increased by 15.0%
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4141 V&A WATERFRONT | CONTINUED V&A Waterfront, Cape Town Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management ConclusionGrowthpoint simplified HOTELS, RESIDENTIAL & LEISURE » Net property income increased by 10.0%, despite the closure of Table Bay with like-for-like growth of 27.0% » Average daily rates for the V&A hotels increased by 23.8%, occupancies remained flat and overall revenue per available room increased by 21.8% » The V&A now owns 3 hotels (587 keys) operating under management agreements » The Table Bay Hotel closed at the end of February 2025 for a major refurbishment and conversion. The Intercontinental Table Bay is scheduled for a phased opening starting in December 2025. The hotel is owned by the V&A and will operate under a franchise agreement with IHG and will be managed by Sun International under a separate hotel management agreement » New luxury hotel with branded residences set to open mid-2026 » Residential vacancies remain low at 1.0% with a renewal success rate at 80% and an average escalation of 10.0% » Strong growth from leisure, off the back of the newly refurbished helistop facility, with trading 30.0% up for the year
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07 GROWTHPOINT INVESTMENT PARTNERS Johannesburg Eye Hospital, Northcliff
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4343 GSAH » GRT owns 17.9% and has invested a total of R490m since inception » R425m capital raised during FY25 » Dividends received R29.2m (FY24: R17.8m) mainly due to new developments » Asset management fee income received R52.3m (FY24: R41.8m) » GSAH's LTV decreased to 27.5% (FY24: 29.7%) mainly due to new developments » Acquisition of Fountains View from T&D and Feenstra for R240m, adding 896 beds » Two new developments, 871 beds at The Crescent Studios and 476 beds at Arteria Parktown » Development of Howard college, Durban, 2 400 beds for R790.0m to be completed for the 2027 academic year » All properties marketed under the brand “Thrive Student Living” GIP Fountains View, Pretoria Paardevlei Hospital, Cape Town GHPH » GRT owns 39.1% and has invested a total of R762.2m » Dividends received R90.7m (FY24: R104.9m), impacted by bad debts provision and negative rental reversions » Asset management fee income received R46.4m (FY24: R42.5m) » GHPH's LTV increased marginally to 18.4% (FY24: 16.8%) # Properties 25 Value (100%) R8.5bn GLA (100%) 125 051m² # Properties 10 Value (100%) R4.2bn Beds 10 280 # Properties 15 Value (100%) R4.4bn Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion The Crescent Studios, Braamfontein
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08 CAPITAL MANAGEMENT Richefont Circle, Umhlanga, Durban
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4545 RSA CAPITAL MANAGEMENT (EXCLUDING GIP) Centralpoint, Midrand REDUCTION IN TOTAL NOMINAL DEBT TO R39.1bn (FY24: R40.4bn) » Weighted average interest rate of 8.9% (FY24: 9.6%) or 6.9% (FY24: 7.2%) incl. CCIRS and foreign denominated debt » Weighted average term of debt at 3.8 years (FY24: 4 years) » 58.4% is unsecured vs. 41.6% secured (FY24: 56.2% unsecured vs 43.8% secured) GOOD LIQUIDITY » R4.7bn unutilised committed facilities and R878.8m of cash PROACTIVE INTEREST RATE HEDGING » 72.7% of debt is fixed for a weighted average term of 1.6 years » 69.7% of foreign synthetic debt is fixed for a weighted average term of 1.6 years Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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09 CONCLUSION Union Castle, V&A Waterfront, Cape Town
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4747 CONCLUSION Longbeach Mall, Cape Town » The RSA portfolio has entered a growth phase, supported by consistent improvements in the majority of property KPI’s across all 3 sectors » RSA NPI will be impacted by disposals, targeting c. R3.5bn in FY26 which is in line with our capital recycling strategy to sell non-core properties and reinvest into higher yielding opportunities » Significant office leases that renewed post year end saw negative reversions that will have an impact on the sectors FY26 renewal growth rate » The V&A anticipates achieving double digit growth for FY26, with residential sales offsetting the income loss resulting from the redevelopment of the Table Bay Hotel and Lux Mall » GOZ FY26 FFO guidance range of A$22.8cps to A$23.6cps and distribution guidance of A$18.4cps » GWI continues to maintain a prudent financial position with moderate leverage and high levels of liquidity and has a high-quality portfolio with multinational tenancies. Progress is being made with fruitful discussions amongst the shareholders in respect of the future strategy for the company » International expansion is constrained by our high cost of capital, both domestically and offshore, particularly as we are committed to balance sheet strength » We expect stable asset management fees from GIP , dividend income will most likely remain flat due to a mixed performance from the underlying funds Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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4848 GUIDANCE Longkloof, Cape Town We believe that LTV ratios, linked to valuations, have stabilised. We will continue to focus on strategic initiatives to preserve liquidity and balance sheet strength in the long term. Our diversified portfolio and income streams position us favourably for FY26. Our domestic portfolio’s improving performance driven by strengthening property fundamentals, continued outperformance by the V&A, GOZ’s strong operational fundamentals and reduced interest rates indicate that the property cycle has entered a growth phase. We expect DIPS for FY26 to grow by between 3.0% and 5.0% notwithstanding ongoing interest rate uncertainty and DPS growth of between 6.0% and 8.0%, with a further increase in the payout ratio to 87.5% for FY26. Growthpoint portfolio composition Group highlights Strategy in action Financial results International investments RSA portfolio GIP Capital management Conclusion
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THANK YOU Alice Lane Precinct, Sandton
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10 ANNEXURES Mill Road Industrial Park, Cape Town
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51 ANNEXURE CONTENTS 01 Company highlights 02 3.1% Increase in distributable income 03 NAV and market capitalisation 04 DIPS vs. DPS (cps) 05 RSA portfolio overview 06 GIP portfolio overview 07 Group investments portfolio overview 08 Property investment activities 09 Adjustment for NCI, foreign exchange loss & normal tax 10 Sum of components FY25 11 Sum of components FY24 12 Revenue per segment FY25 13 Property expense per segment FY25 14 Offshore contribution 15 Expense to income ratios per sector (IFRS) 16 Expense to income ratios per sector (Gross) 17 RSA diversified borrowings – nominal value 18 RSA debt facilities 19 Funding & Hedging activity (excluding GIP) 20 Funding of foreign investments 21 Loan-to-value and interest cover ratios 22 Group look through LTV 23 Loan exposure per financier RSA 24 Debt expiry profile RSA 25 Loan book fixed interest rate expiry profile RSA 26 ZAR fixed interest rate expiry profile 27 EUR fixed IRS expiry profile 28 ZAR/ AUD CCIRS expiry profile 29 ZAR/ USD CCIRS expiry profile 30 USD/ZAR CCIRS expiry profile 31 Shares issued & benef. s/holders holding >2% at FY25 32 Key performance indicators RSA 33 Portfolio overview RSA (excl. V&A) 34 Split of RSA property portfolio 35 Like-for-like net property income analysis RSA 36 Disposals RSA 37 Acquisitions & non-current assets held for sale RSA 38 Developments & capital expenditure RSA 39 Commitments RSA 40 Retail overview RSA 41 Office overview RSA 42 Logistics & Industrial overview RSA 43 GLA & vacancy reconciliation RSA 44 Key performance indicators V&A Waterfront (50%) 45 Portfolio overview V&A Waterfront (50%) 46 Split of V&A Waterfront property portfolio (50%) 47 Developments & capital expenditure V&A Waterfront (50%) 48 Commitments V&A Waterfront (50%) 49 Income statement overview V&A 50 Distributable income analysis V&A Waterfront (50%) 51 Net property income analysis V&A Waterfront (50%) 52 V&A Waterfront overview 53 GLA & vacancy reconciliation V&A Waterfront (50%) 54 Portfolio overview GIP 55 Net property income analysis GIP 56 Acquisitions, developments & capital expenditure GIP 57 Commitments GIP 58 GHPH overview 59 GSAH overview 60 Key performance indicators GOZ 61 Directly held portfolio overview GOZ 62 Split of GOZ property portfolio 63 Developments & commitments GOZ 64 Disposals GOZ 65 FFO analysis GOZ 66 GOZ overview 67 GLA & vacancy reconciliation GOZ
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52 COMPANY HIGHLIGHTS Highlights » Largest South African primary listed REIT » 40th largest company in the FTSE/JSE Top 40 Index » Gross market capitalisation R45.9bn (at R13.39 per share) » Liquid and tradable with R3.1bn average value of shares traded per month » 16th year inclusion in FTSE/JSE Responsible Index » 9th year inclusion in the FTSE4Good Emerging Index » Constituent of FTSE EPRA/NAREIT Emerging Index Investment proposition » Attractive dividend yield » Largest South African-listed REIT » Diversified across international geographies, sectors and income stream » Quality of earnings, underpinned by high-quality property assets » Stabilisation and continued improvement of SA portfolio key performance indicators (KPIs) » Stabilisation and improvement in property valuations positively impacting gearing which is low » Uninterrupted track record of paying dividends with dividend growth achieved a year earlier than anticipated » Dynamic and proven management track record » Management execution of strategic thrusts demonstrated with the disposal of C&R and NRR with a clear pathway to simplifying the business » Best practice corporate governance » Transparent reporting » Level 1 B-BBEE contributor » Attractive ESG investment » Investment grade SA domestic debt rating 01
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53 2.8 2.6 1.2 0.6 3.1 (0.2) (0.6) (1.5) (1.8) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 CapeReg RSA GIP V&A T&D GWI Lango GOZ Total % 3.1% INCREASE IN DISTRIBUTABLE INCOME¹ 02 1) RSA interest cost has been allocated to our various investments.
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54 1 339 1 988 0 500 1 000 1 500 2 000 2 500 3 000 3 500 0 20 40 60 80 100 120 140 160 180 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Tangible assets (Rbn) Market cap (Rbn) Share price (cents) NAV per share (cents) NAV AND MARKET CAPITALISATION 03 centsRm
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55 73.1 76.9 77.9 71.2 74.0 58.5 61.5 64.3 58.8 61.0 75.0 78.7 79.7 70.7 72.3 60.0 66.9 65.8 58.3 63.3 FY21 FY22 FY23 FY24 FY25 Interim DIPS Interim DPS Final DIPS Final DPS DIPS VS. DPS (CENTS PER SHARE) 04 Total DIPS 148.1 Total DPS 118.5 DPS Payout ratio 80.0% Total DIPS 157.6 Total DPS 130.1 DPS Payout ratio 82.5% Total DIPS 155.6 Total DPS 128.4 DPS Payout ratio 82.5% Total DIPS 141.9 Total DPS 117.1 DPS Payout ratio 82.5% Total DIPS 146.3 Total DPS 124.3 DPS Payout ratio 85.0%
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56 Retail Office Logistics & Industrial Trading & development RSA total Number of properties 32 146 143 7 328 GLA (m²) 1 062 676 1 596 233 1 776 551 - 4 435 460 Vacancy (m²) 56 081 233 297 73 419 - 362 797 Vacancy (%) 5.3 14.6 4.1 - 8.2 Valuation (Rm) 25 837 27 024 13 232 609 66 702 Value per m² (excl. bulk) (R) 24 123 16 105 7 062 n/a 14 542 Average gross rental (per m²/month) (R) 241.6 165.9 74.0 n/a 144.6 Average annualised yield (%) 8.5 8.2 9.0 n/a 8.4 Average in force escalations (%) 6.2 7.1 - 7.5 n/a 6.8 - Weighted average lease period (years) 2.7 3.5 2.8 n/a 3.0 Renewal success rate (%) 86.6 57.5 64.7 n/a 68.2 Weighted average renewal lease period (years) 4.5 3.0 3.0 n/a 3.5 Weighted average renewal growth (%) (0.3) (3.2) 0.4 n/a (0.9) Weighted average future escalations on renewals (%) 6.3 7.5 7.5 n/a 6.9 - Total letting success rate (%) 80.3 54.9 87.2 n/a 73.6 Tenant retention (%) 86.6 59.0 65.5 n/a 68.9 Arrears (Rm) 23.9 29.8 15.1 1.4 70.2 Provision for bad debts (B/S) (Rm) 8.3 17.9 8.4 0.3 34.9 Provision for bad debts (I/S) (Rm) (4.3) (4.1) (7.2) (0.1) (15.7) Bad debts written off and recovered (I/S) (Rm) 1.8 10.9 (2.0) 0.6 11.3 Arrows indicate increase/ decrease from FY24 to FY25. RSA PORTFOLIO OVERVIEW 05
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57 GHPH GSAH Number of properties 10 15 GLA (m²)/ number of beds 125 051 10 469 Vacancy (m²) - - - Vacancy (%) 0.0 - 3.0 Valuation (Rm) 4 227 4 352 Value per m² (excl. bulk) (R) 33 606 404 690¹ Average gross rental (per m²/month) (R) 304.3 6 550² Average annualised yield (%) 9.4 8.6 Average in force escalations (%) 6.9 n/a Weighted average lease period (years) 14.3 n/a Renewal success rate (%) 100.0 n/a Weighted average renewal lease period (years) 6.9 n/a Weighted average renewal growth (%) (7.9) n/a Weighted average future escalations on renewals (%) 8.0 n/a Total letting success rate (%) 100.0 n/a Arrears (Rm) 42.4 21.0 Provision for bad debts (B/S) (Rm) 32.3 - Provision for bad debts (I/S) (Rm) 31.4 2.5 - Bad debts written off and recovered (I/S) (Rm) - (1.6) Arrows indicate increase/ decrease from FY24 to FY25. 1) Value per bed with a total of 10 280 beds. 2) Gross rental per bed. GIP PORTFOLIO OVERVIEW 06
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58 V&A¹ GOZ¹² Number of properties 1 50 GLA (m²) 220 090 975 378 PPE Buildings V&A GLA (m²) 33 340 - Vacancy (m²) 657 41 709 Vacancy (%) 0.3 - 6.1 Valuation (Rm) 13 346 48 478 Value per m² (excl. bulk) R50 823 A$4 154 Average gross rental per m² R489.0 A$368.03 Average annualised yield (%) 7.9 6.7 Average in force escalations (%) 6.8 3.3 Weighted average lease period (years) 21.1 5.6 Renewal success rate (%) 94.5 64.0 Weighted average renewal lease period (years) 4.7 - 8.5 Weighted average renewal growth (%) 5.1 14.2l Weighted average future escalations on renewals (%) 7.3 2.7 Total letting success rate (%) 98.7 53.5 Arrears (Rm) 34.0 57.1 Provision for bad debts B/S (Rm) 7.4 1.4 Bad debts (I/S) (Rm) (0.6) - Arrows indicate increase/ decrease from FY24 to FY25. 1) V&A Waterfront is included reflecting Growthpoint's 50% interest and GOZ are reflected at 100%. 2) Measurements and ratios are based on income and not GLA (when compared to RSA). 3) Per annum. GROUP INVESTMENTS PORTFOLIO OVERVIEW 07
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59 Annexures Retail Rm Office Rm Logistics & Industrial Rm Trading & develop- ment Rm RSA total (excl GIP) Rm GHPH Rm GSAH Rm RSA total (incl GIP) Rm GOZ ¹ Rm C&R ¹ Rm Total Group Rm V&A investment properties ¹ Rm V&A operational properties ¹ Rm Opening balance: 1 July 2024 25 473 25 971 13 412 697 65 553 4 037 3 559 73 149 52 689 8 672 134 510 11 432 670 Purchase price of acquisitions 37,56 - - 14 - 14 5 120 139 - - 139 - - Transferred - (26) - (79) (105) - 105 - - - - (508) 452 Deconsolidation - - - - - - - - - (8 455) (8 455) - - Selling price of disposals 36,64 (947) (406) (968) (226) (2 547) - - (2 547) (2 486) - (5 033) - - Developments and capex 38,47,56,63 640 484 322 179 1 625 11 438 2 074 640 8 2 722 496 135 Development profit - - - 38 38 - - 38 - - 38 - - Fair value adjustment 550 505 395 - 1 450 158 130 1 738 (2 647) (143) (1 052) 560 41 Foreign currency translation - - - - - - - - (2 145) (82) (2 227) - - Subtotal 25 716 26 528 13 175 609 66 028 4 211 4 352 74 592 46 051 - 120 643 11 980 1 298 Long-term property assets 25 716 26 488 12 898 609 65 711 4 211 4 352 74 275 46 051 - 120 326 11 980 1 298 Classified as held for sale 37 - 40 277 - 317 - - 317 - - 317 - - Right-of-use assets 30 2 12 - 44 - - 44 1 277 - 1 321 68 - Tenant incentives 91 494 45 - 630 16 - 646 1 149 - 1 795 - - Closing balance: 30 June 2025 25 837 27 024 13 232 609 66 702 4 227 4 352 75 282 48 477 - 123 759 12 048 1 298 Commitments 39,48,57,63 299 13 735 115 1 162 41 43 1 246 469 - 1 715 1 214 - 1) V&A Waterfront is reflected at Growthpoint's 50% interest, GHPH, GSAH and GOZ are reflected at 100%. PROPERTY INVESTMENT ACTIVITIES 08
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60 FY25 Rm FY24 Rm Increase/ (Decrease) Adjustment for NCI, foreign exchange loss and normal taxation (778) (977) (20.4) NCI GOZ distribution (Jun 24 & Dec 24 distribution paid to NCI in the current period) (652) (648) NCI C&R dividend (Jun 24 dividend paid to NCI in the current period) (47) (86) NCI GIP dividend (Jun 24 & Dec 24 dividend paid to NCI in the current period) (256) (270) Amortisation of incentive add back (GOZ FFO) 507 488 Realised foreign exchange gain 81 38 Trading profits and development fees 24 3 Profit on disposal of a 2.9% share in the GSAH Partnership 8 - Current normal taxation GOZ (144) (88) Current normal taxation C&R (18) (3) Distributable income from GOZ (retained) (including NCI portion) (269) (425) Distributable income from C&R (retained) (including NCI portion) - (12) Distributable income from GIP over distributed/(retained) (including NCI portion) (12) 26 ADJUSTMENT FOR NCI, FOREIGN EXCHANGE LOSS AND NORMAL TAXATION 09
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61 RSA Net RSA interest cost V&A GWI GOZ C&R NRR Lango GIP T&D Total Revenue 8 236 3 781 644 1 024 264 13 949 Property expenses (2 540) (832) (367) (322) (220) (4 281) Other operating expenses (434) (427) (74) (64) (56) (1 055) Finance cost (2 823) (1 061) (110) (206) (4 200) Dividend from equity accounted investment 810 252 6 11 - 1 079 Finance and other income 92 26 11 104 17 250 NCI GOZ (652) (652) NCI C&R (47) (47) NCI GIP (256) (256) Amortisation of incentives add back (GOZ FFO) 507 507 Realised foreign exchange gain 76 5 81 Trading profits and development fees earned 24 24 Profit on disposal of GSAH Partnership shares to Stevedore 8 8 Current normal taxation – GOZ (144) (144) Current normal taxation - C&R (18) (18) Distributable income from GOZ retained (incl. NCI's portion) (269) (269) Distributable income from GIP retained (incl. NCI's portion) (12) (12) Total distributable income 5 262 (2 731) 810 252 1 011 62 86 11 189 12 4 964 SUM OF COMPONENTS FY25 10
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62 RSA Net RSA interest cost V&A GWI GOZ C&R GIP T&D Total Revenue 7 960 3 830 1 511 874 355 14 530 Property expenses (2 534) (688) (818) (252) (281) (4 573) Other operating expenses (394) (424) (203) (51) (55) (1 127) Finance cost (2 872) (1 125) (231) (166) (4 394) Dividend from equity accounted investment 775 304 24 1 103 Finance and other income 118 99 16 18 251 NCI GOZ (648) (648) NCI C&R (86) (86) NCI GIP (270) (270) Amortisation of incentives add back (GOZ FFO) 488 488 Realised foreign exchange gain 38 38 Trading profits and development fees earned 3 3 Current normal taxation – GOZ (88) (88) Current normal taxation - C&R (3) (3) Distributable income from GOZ retained (incl. NCI's portion) (425) (425) Distributable income from C&R retained (incl. NCI's portion) (12) (12) Distributable income from GIP retained (incl. NCI's portion) 26 26 Total distributable income 5 032 (2 754) 775 304 1 059 174 204 22 4 813 SUM OF COMPONENTS FY24 11
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63 Retail Rm Office Rm Logistics & Industrial Rm T&D Rm GIP Rm GOZ Rm Consolidation Rm Total Rm Discontinued operation Revenue from contracts with tenants Total contracted rental income 2 696 2 324 1 308 16 939 2 960 - 10 243 456 Assessment rates recovered 330 372 177 1 53 - - 933 - Contracted operating cost recoveries 32 433 108 1 - 617 - 1 191 56 Electricity related recoveries 76 9 36 - 1 - - 122 - Turnover rental 46 2 - - - - - 48 10 Non-contractual revenue - Casual parking 41 8 - - - - - 49 71 Development fees earned - - - 6 - - - 6 - Disposals of properties held for trading & development - - - 240 - - - 240 - Investment management fee income - - - - 98 116 (98) 116 - Other income 84 86 31 - 31 88 - 320 40 Property management income 15 18 4 - - - - 37 11 Total 3 320 3 252 1 664 264 1 122 3 781 (98) 13 305 644 REVENUE PER SEGMENT FY25 12
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64 Retail Rm Office Rm Logistics & Industrial Rm T&D Rm GIP Rm GOZ Rm Consolidation Rm Total Rm Discontinued operation Electricity, water & other recoverable charges (19) 20 - 5 56 252 - 314 14 Cost 739 708 453 8 141 252 - 2 301 14 Recovery (758) (688) (453) (3) (85) - - (1 987) - Assessment rates 439 460 202 6 68 145 - 1 320 20 Bad debts written off, recovered and ECL expense (3) 7 (9) 1 32 - - 28 (12) Cleaning 93 68 4 - 15 59 - 239 12 Consulting fees - - - - - 12 12 - Development costs incurred - - - 200 - - - 200 - Insurance 25 28 19 - 7 - - 79 6 Asset management fee expense - - - - 98 - (98) - - Letting commissions - - - - 2 - - 2 - Other property expenses 57 84 17 5 25 165 - 353 269 Property management expenses 40 27 8 1 65 48 - 189 - Repairs and maintenance 90 118 49 - 18 133 - 408 22 Salaries, bonuses & other employee-related costs 182 158 82 - 21 - - 443 27 Security 128 124 42 2 13 18 - 327 9 Total 1 032 1 094 414 220 420 832 (98) 3 914 367 PROPERTY EXPENSE PER SEGMENT FY25 13
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65 1) RSA (including 39.1% of GHPH, 17.9% of GSAH), 50% of V&A Waterfront, 63.6% of GOZ, 29.6% of GWI, 68.9% of C&R and 18.4% of Lango. 45.7% 64 092 49.8% 66 250 50.2% 66 702 28.1% 39 334 26.2% 34 821 23.2% 30 860 12.4% 17 432 11.3% 15 070 12.2%, 16 298 7.2% 10 064 8.6% 11 470 10.0% 13 346 3.8% 5 330 4.8% 6 336 0.9% 1 212 1.3% 1 821 1.7% 2 327 1.8% 2 430 1.5% 2 114 1.4% 1 914 1.7% 2 286 FY23 FY24 FY25 RSA GOZ GWI V&A C&R/NRR GIP Local GIP Offshore Book value of property assets (Rm)¹ OFFSHORE CONTRIBUTION 14 54.1% 2 902 46.3% 2 300 51.2% 2 543 19.7% 1 056 21.3% 1 057 20.4% 1 011 7.4% 395 6.1% 304 5.1% 252 12.8% 688 15.6% 775 16.3% 810 1.9% 104 3.5% 174 3.0% 148 3.6% 194 3.6% 179 3.8% 189 0.4% 24 0.5% 24 0.2% 11 FY23 FY24 FY25 RSA GOZ GWI V&A C&R/NRR GIP Local GIP Offshore DIPS (Rm)¹ 28.7% Offshore 38.0% Offshore 140 187 138 189 133 135 5 363 4 813 4 964
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66 EXPENSE TO INCOME RATIOS PER SECTOR (GROSS)* 15 44.0% 44.6% 43.9% 44.0% 44.6% 43.9% FY23 FY24 FY25 Retail 44.3% 45.4% 45.2% 44.3% 45.4% 45.2% FY23 FY24 FY25 40.7% 40.8% 41.0% 40.7% 40.8% 41.0% FY23 FY24 FY25 43.4% 44.1% 43.8% 3.7% 4.1% 4.3% 47.1% 48.2% 48.1% FY23 FY24 FY25 31.3% 34.3% 36.7% 4.3% 5.4% 5.8% 35.6% 39.7% 42.5% FY23 FY24 FY25 17.2% 18.0% 22.0% 10.7% 11.1% 11.3% 27.9% 29.1% 33.3% FY23 FY24 FY25 50.5% 54.1% 57.0% 8.9% 13.4% 11.5% 59.4% 67.5% 68.5% FY23 FY24 FY25 36.7% 38.3% 38.7% 6.0% 7.0% 6.7% 42.7% 45.3% 45.4% FY23 FY24 FY25 42.4% 43.3% 43.2% 4.0% 4.7% 4.9% 46.4% 48.0% 48.1% FY23 FY24 FY25 Office Logistics & Industrial Total RSA GIP GOZ C&R Group Total RSA incl. GIP Property expense ratio Other operating expense ratio * This ratio is presented where expense recoveries have been reclassified as revenue as per SA REIT Association Best Practice guidance (second edition November 2019).
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67 EXPENSE TO INCOME RATIOS PER SECTOR (IFRS) 16 32.0% 32.3% 31.1% 32.0% 32.3% 31.1% FY23 FY24 FY25 Retail 34.3% 35.0% 33.6% 34.3% 35.0% 33.6% FY23 FY24 FY25 25.1% 24.7% 24.9% 25.1% 24.7% 24.9% FY23 FY24 FY25 31.5% 31.8% 30.8% 4.4% 4.9% 5.3% 35.9% 36.7% 36.1% FY23 FY24 FY25 26.4% 28.8% 31.4% 4.6% 5.8% 6.3% 31.0% 34.6% 37.7% FY23 FY24 FY25 17.2% 18.0% 22.0% 10.7% 11.1% 11.3% 27.9% 29.1% 33.3% FY23 FY24 FY25 50.5% 54.1% 57.0% 8.9% 13.4% 11.5% 59.4% 67.5% 68.5% FY23 FY24 FY25 28.7% 30.3% 29.8% 6.8% 7.9% 7.7% 35.5% 38.2% 37.5% FY23 FY24 FY25 31.0% 31.6% 31.1% 4.8% 5.6% 6.0% 35.8% 37.2% 37.1% FY23 FY24 FY25 Office Logistics & Industrial Total RSA GIP GOZ C&R Group Total RSA incl. GIP Property expense ratio Other operating expense ratio
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68 1) Excluding GIP 12 915 12 415 11 520 3 684 2 832 2 118 3 294 2 437 2 610 2 842 2 100 2 496 3 417 3 919 4 197 13 737 16 692 16 126 39 889 40 395 39 067 FY23 FY24 FY25 Secured bank debt Secured other financier Secured Euro denominated bank debt Unsecured bank debt and institutional financier Unsecured Euro denominated bank debt Corporate bonds Eurobonds RSA DIVERSIFIED BORROWINGS — NOMINAL VALUE¹ 17 Secured 49.9% Traditional bank debt 65.6% Debt capital market 34.4% Unsecured 50.1% Secured 41.6% Traditional bank debt 58.7% Debt capital market 41.3% Unsecured 58.4% Secured 43.8% Traditional bank debt 58.7% Debt capital market 41.3% Unsecured 56.2%
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69 FY25 FY24 Unutilised committed facilities (Rbn) 4.7 6.2 Weighted average term of liabilities (years) 3.8 4.0 Weighted average term of fixed interest rate profile (Incl. FX instruments) (years) 1.6 1.8 Weighted average interest rate (%) 8.9 9.6 Weighted average interest rate (Incl. FX instruments) (%) 6.9 7.2 % debt at fixed interest rate (excl CCIRS) 72.7 78.9 Unencumbered direct properties (Rbn) 21.6 21.8 Unencumbered equity-accounted investments (Rbn) 18.4 16.4 Unencumbered shareholding (at market value, consolidated investments) (Rbn) 13.0 14.9 Unsecured debt (Rbn) 22.8 22.7 * Excludes GIP RSA DEBT FACILITIES* 18
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70 FUNDING & HEDGING ACTIVITY (EXCLUDING GIP) FUNDING ACTIVITY » R2.8bn of debt matured and was settled » R340m of institutional debt was early settled » USD20m was repaid to the IFC. This loan originally raised from the IFC for developing qualifying healthcare assets was refinanced by GHPH from local banks onto its own balance sheet » Private placement of a 10-year bond of R750m was issued at 3-month jibar +1.83% » R5.2bn in debt was refinanced for a weighted average term of 5.7 years, R1.3bn of which was via a 5-year private placement of 3-month JIBAR + 1.2% » R500m undrawn committed facility matured and was not extended and R1.6bn in committed facilities was refinanced for a weighted average term of 5.2 years » R996m in facilities was utilised at year end, R700m of which was repaid in July 2025 » R5.5bn of debt maturing in FY26 HEDGING ACTIVITY ZAR INTEREST RATE SWAPS (IRS) » R5.3bn matured at a weighted average interest rate of 7.1% » R3.5bn of new IRS’s entered into, at a weighted average interest rate of 7.2% » R4.4bn at a weighted average interest rate of 6.8%, will mature during FY26 19
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71 FUNDING & HEDGING ACTIVITY (EXCLUDING GIP)| CONTINUED HEDGING ACTIVITY EUR INTEREST RATE SWAPS (IRS) » €50m IRS at a fixed rate of 0.6% matured and was re-hedged at a fixed rate of 2.1% » No maturities in FY26 CROSS CURRENCY INTEREST RATE SWAPS (CCIRS) » A$314m (R3.6bn) of CCIRS’s matured at a weighted average interest rate of 1.2%. A$139.5m was re-hedged at a weighted average fixed interest rate of 3.1% and A$174.2m was re-hedged at an average floating interest rate of 4.5%. Additional rand liquidity of R151m was required » A$150m of CCIRS matured on post FY25. These were re-hedged at a weighted average floating rate of 4.0% and additional Rand liquidity of R53m. A further A$50m at a weighted average fixed rate of 0.8% will mature in March 2026. Assuming an exchange rate of R11.66, additional Rand liquidity of R53m will be required » $30m of ZARUSD CCIRS’s matured at a weighted average interest rate of 5.7% (incl margin). This was re-hedged at a weighted average fixed interest rate of 3.84% (no margin). Additional Rand liquidity of R18m was required » R294m of USDZAR swaps at a weighted average interest rate of 9.5% (incl margin), relating to the IFC funding for GHPH, matured in August 2025. These swaps were re-hedged for a short-term period pending the outcome of the conversion to equity in GHPH » No ZARGBP CCIRS’s were due for contractual maturity. These swaps were terminated after the disposal of NRR post FY25 19
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72 Investment Currency Assets at NAV (m) Market value of investment (m) Total cost of investment (m) FX Debt (m) CCIRS (m) FX LTV based on NAV Interest rate FX Interest cover % FY26 dividends hedged Average Income FX hedge rate GOZ AUD A$1 530 A$1 118 A$1 087 - A$970 63% 5.2% 2.1 72.0% 12.28 GWI EUR €451 €204 €586 €326 - 72% 4.2% 0.9 ¹ n/a 2 n/a Lango USD $62 n/a $80 - $60 97% 5.4% - 3 n/a ² n/a 1) Potential scrip dividend, no income hedges required. 2) No FEC’s taken out as of 30 June 2025. 3) Dividend not hedged due to uncertainty regarding timing of receipt. FUNDING OF FOREIGN INVESTMENTS 20
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73 1) All LTVs calculated according to the 2nd edition of the SA REIT BPR. 2) GOZ disclosed gearing is 39.7%. 3) C&R was sold during FY25 4) South Africa excluding GIP 34.5% (FY24: 35.4%). LOAN-TO-VALUE AND INTEREST COVER RATIOS 21 32.9% 34.6% 33.6% 3.3x 2.8x 2.9x FY23 FY24 FY25 LTV¹ Interest cover ratio 36.1% 39.8% 39.5% 3.1x 2.6x 2.4x FY23 FY24 FY25 LTV¹ Interest cover ratio 37.0% 39.1% 2.2x 2.3x FY23 FY24 FY25 LTV¹ Interest cover ratio 40.1% 42.3% 40.1% 2.9x 2.4x 2.5x FY23 FY24 FY25 LTV¹ Interest cover ratio South Africa (incl GIP)⁴ GOZ² C&R³ Group
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74 Value SA REIT BPR LTV (100% RSA A&L, 100% GOZ A&L, 50% V&A NAV, 29.6% GWI NAV) Total property-related assets R147 532m Total debt (net of cash) R59 136m LTV 40.1% LTV (100% RSA A&L, 63.6% GOZ NAV, 50% V&A NAV and 29.6% GWI NAV) Total property-related assets R116 197m Total debt (net of cash) R39 729m LTV 34.2% LTV (100% RSA A&L, 63.6% GOZ A&L, 50% V&A A&L, 29.6% GWI A&L) Total property-related assets R144 261m Total debt (net of cash) R59 888m LTV 41.5% LTV (100% RSA A&L, 100% GOZ A&L,100% V&A A&L, 100% GWI A&L less the V&A and GWI equity-accounted investments) Total property-related assets R219 278m Total debt (net of cash) R81 539m LTV 37.2% GROUP LOOK THROUGH LTV 22
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75 JSE 41% Nedbank 12% RMB 13% ABSA 12% Standard Bank 11% Old Mutual 5% Liberty 3% IFC 1% Standard Chartered 2% LOAN EXPOSURE PER FINANCIER RSA 23
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76 1 880 1 756 2 525 4 466 1 530 1 351 500 650 1 150 750 3 629 2 711 5 014 2 390 2 596 2 400 900 800 2 070 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 H1 H2 DEBT EXPIRY PROFILE RSA 24 Rm
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77 2 150 2 250 1 700 1 300 2 500 1 000 950 906 2 464 940 1 044 1 424 1 361 2 082 3 463 2 297 528 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 H1 FY26 H2 FY26 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 ZAR swaps ZAR caps EUR swaps CCIRS floating receipt » 72.7% of the loan book is hedged with IRS, Caps and variable rate received on CCIRS » 27.3% of the loan book is unhedged LOAN BOOK FIXED INTEREST RATE EXPIRY PROFILE RSA 25 2 250 3 9684 524 8 427 4 237 1 5723 382Rm
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78 2 150 2 250 1 700 1 300 2 500 1 000 950 7.49 6.06 6.77 7.38 7.18 7.33 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 500 1 000 1 500 2 000 2 500 3 000 3 500 H1 FY26 H2 FY26 H1 FY27 H2 FY27 H1 FY28 H2 FY28 ZAR IRS swaps ZAR caps Weighted average fixed interest rate (excl caps) » These are ZAR fixed for floating IRS, they all exclude credit margins » Caps have an average strike rate of 8.0% ZAR FIXED INTEREST RATE EXPIRY PROFILE 26 Rm Rate
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79 43 - 118 45 50 0.98 - 1.92 3.05 1.08 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0 20 40 60 80 100 120 140 H1 FY27 H2 FY27 H1 FY28 H2 FY28 H1 FY29 EUR IRS's Weighted average fixed interest rate » 78.7% of EUR debt hedged » These are EUR fixed for floating IRS’s, they all exclude credit margins » IRS’s are required to hedge the floating interest rate debt raised for the investment in GWI EUR FIXED IRS EXPIRY PROFILE 27 €m Rate
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80 90 50 150 206 90 50 60 174 100 1.59 0.82 4.85 4.23 4.06 1.45 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 50 100 150 200 250 300 H1 FY26 H2 FY26 H1 FY27 H2 FY27 H1 FY28 H2 FY28 Fixed AUD Floating AUD Weighted average fixed interest rate (excl floating rate). » 65.6% of total AUD exposure hedged » These CCIRS’s are used to fund our investment in GOZ » The majority of the CCIRS’s exclude a credit margin » A$150m was re-hedged post FY25 with additional Rand liquidity of R53m. Assuming A$50 of remaining FY26 maturing hedges are re-hedged at an exchange rate of R11.66, additional Rand liquidity of R53m will be required ZAR/AUD CCIRS EXPIRY PROFILE 28 A$m Rate
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81 15 15 30 5.29 5.18 3.84 - 1.00 2.00 3.00 4.00 5.00 6.00 0 5 10 15 20 25 30 35 H1 FY27 H2 FY27 H1 FY28 H2 FY28 ZAR/USD CCIRS Weighted average fixed interest rate » 100% of total USD exposure hedged » These CCIRS’s are used to fund our investment in Lango » The new $30m CCIRS entered in FY25 is the only CCIRS without a credit margin » No liquidity requirement for FY26 as there are no maturities ZAR/USD CCIRS EXPIRY PROFILE 29 US$m Rate
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82 15 5 9.12 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 5 10 15 20 25 H1 FY26 ZAR fixed ZAR floating Weighted average fixed interest rate » These CCIRS’s are used to convert the IFC USD 20m loan to ZAR » Each of the USD receipt legs is floating to match the IFC loan floating rate USD/ZAR CCIRS EXPIRY PROFILE 30 US$m Rate
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83 Shares Opening balance 1 July 2024 3 430 787 066 New shares issued - Dividend reinvestment - Closing balance 30 June 2025 3 430 787 066 Treasury shares held for staff share scheme & BEE deal (52 755 942) Shares in issue (net of treasury shares) 3 378 031 124 % holding Shares held Public Investment Corporation (SOC) Ltd 19.4 664 311 472 Sesfikile Capital (Pty) Ltd 5.5 189 402 815 Meago Asset Managers (Pty) Ltd 4.7 162 280 147 Ninety One SA Pty Ltd 4.4 151 549 447 The Vanguard Group Inc 4.2 145 701 015 Old Mutual Investment Group (South Africa) (Pty) Ltd 3.3 112 036 236 Laurium Capital (Pty) Ltd 2.8 97 484 627 Sanlam Investment Management (Pty) Ltd 2.7 93 086 694 Catalyst Fund Managers (Pty) Ltd 2.4 82 994 704 BlackRock Institutional Trust Company N.A. 2.2 74 024 326 Eskom Pension and Provident Fund 2.1 72 873 077 Total shareholders holding >2% 53.7 1 845 744 560 Other 46.3 1 585 042 506 Total 100.0 3 430 787 066 SHARES ISSUED & BENEFICIAL SHAREHOLDERS HOLDING >2% AT FY25 31 Foreign shareholding 21% (FY24: 15%) of institutional ownership and 18% (FY24: 13%) of total shares outstanding
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84 FY25 FY24 Vacancies (%) 8.2 8.7 Total arrears (Rm) 70.2 85.2 Provision for bad debts (B/S) (Rm) 34.9 51.1 Bad debts provision, written off and recovered (I/S) (Rm) (4.4) (4.8) Average in force escalations (%) 6.8 6.8 Renewal success rate (%) 68.2 76.3 Total letting success rate (%) 73.6 74.6 Weighted average renewal growth (%) (0.9) (6.0) Weighted average future escalations on renewals (%) 6.9 6.9 Number of employees 622 635 Net property income per employee (R) 9 228 296 8 661 417 1) Excluding GIP. KEY PERFORMANCE INDICATORS RSA¹ 32
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85 Net property income (Rm) PORTFOLIO OVERVIEW RSA (EXCL. V&A) 33 40% 40% 40% 37% 37% 37% 21% 22% 22% 2% 1% 1% FY23 FY24 FY25 11% 10% 10% 42% 43% 44% 45% 44% 44% 2% 3% 2% FY23 FY24 FY25 39% 39% 39% 40% 40% 41% 20% 20% 20% 1% 1% 1% FY23 FY24 FY25 Number of properties Property portfolio value (Rm) Retail Office Logistics & Industrial Trading & Development 5 528 5 500 5 740 369 354 328 64 092 66 250 66 702
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86 SPLIT OF RSA PROPERTY PORTFOLIO 34 40% 39% 20% 1% 36% 24% 40% 47% 29% 9% 7% 5% 3% 55% 25% 11% 5% 3% 1% Value by sector GLA by sector Value by region GLA by region Greater JHB Western Cape KwaZulu-Natal Pretoria Eastern Cape North-West RetailOffice Logistics & Industrial Trading & Development
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87 FY25 Rm FY24 Rm Increase/ (Decrease) Rm Increase/ (Decrease) % Gross property revenue 8 500 8 315 185 2.2 Retail 3 320 3 237 83 2.6 Office 3 252 3 125 127 4.1 Logistics & Industrial 1 664 1 598 66 4.1 Trading & development 264 355 (91) Property expenses (2 760) (2 815) 55 (2.0) Retail (1 032) (1 046) 14 (1.3) Office (1 094) (1 094) - 0.0 Logistics & Industrial (414) (394) (20) 5.1 Trading & development (220) (281) 61 Net property income 5 740 5 500 240 4.4 Adjustments (451) (507) 56 Acquisitions and developments (257) (182) (75) Disposals (150) (251) 101 Trading & development (44) (74) 30 Adjusted ‘like-for-like’ gross property income 7 580 7 281 299 4.1 Retail 3 048 2 937 111 3.8 Office 3 104 2 987 117 3.9 Logistics & Industrial 1 428 1 357 71 5.2 Adjusted ‘like-for-like’ property expenses (2 291) (2 288) (3) 0.1 Retail (931) (926) (5) 0.5 Office (1 020) (1 036) 16 (1.5) Logistics & Industrial (340) (326) (14) 4.3 Adjusted ‘like-for-like’ net property income 5 289 4 993 296 5.9 Retail 2 117 2 011 106 5.3 Office 2 084 1 951 133 6.8 Logistics & Industrial 1 088 1 031 57 5.5 LIKE-FOR-LIKE NET PROPERTY INCOME ANALYSIS RSA 35
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88 Disposals Sector Date Selling price FY25 Rm² Profit/(loss) on book value FY25 Rm Profit/(loss) on cost & capex FY25 Rm Yield % 11 Adderley, CBD, Cape Town Office Jun 2025 265.2 2.8 3.1 7.1 151 on 5th, Sandton, Johannesburg Office Jul 2024 78.0 (0.3) (78.0) N/A Boundary Place, Ilovo, Johannesburg Office Mar 2025 39.5 5.6 5.1 (0.8) Pavilion Office Park, Rivonia, Sandton Office Various 26.3 8.7 (2.4) N/A Lumley House, Parktown North, Johannesburg Office Apr 2025 23.3 0.0 1.5 10.3 Golden Acre, CBD, Cape Town Retail Jun 2025 384.5 (4.9) 1.8 8.7 Mark Park Shopping Centre, Vereeniging Retail Sep 2024 253.9 0.0 166.2 11.4% Grand Parade Centre, CBD, Cape Town Retail Jun 2025 131.8 1.8 30.0 8.2 Nissan & Toyota (Portion of Woodmead Retail Park), Woodmead, Johannesburg Retail May 2025 126.0 28.2 74.4 11.2 Sportsmans Warehouse Tygerval, Bellville, Cape Town Retail Dec 2024 49.3 (1.7) 16.9 10.5 River House, Three Rivers, Vereeniging Retail Oct 2024 1.2 (0.1) (2.6) N/A Growthpoint Business Park, Midrand, Johannesburg Logistics & Industrial Feb 2025 468.5 (42.5) 95.9 10.9 Lascelles, Meadowbrook, Germiston Logistics & Industrial May 2025 130.0 (0.2) (5.7) 4.9 Penraz, Industria, Johannesburg Logistics & Industrial May 2025 80.0 0.2 15.0 15.1 DCD Boksburg, Boksburg, Johannesburg Logistics & Industrial Dec 2024 55.0 (5.9) 16.9 18.8 City Deep industrial Park, City Deep, Johannesburg Logistics & Industrial May 2025 50.0 (1.1) 28.5 12.6 Ellenby 50%, Hatfield, Pretoria Logistics & Industrial Nov 2024 44.0 (1.1) (0.1) 11.6 Racetrack, Kyalami Park, Midrand Logistics & Industrial Nov 2024 41.5 6.4 1.6 5.1 Romatile, Jet Park, Boksburg Logistics & Industrial Apr 2025 24.0 0.0 13.8 11.0 Janhope, Duncanville, Vereeniging Logistics & Industrial Jan 2025 23.5 (0.2) 8.4 23.3 DISPOSALS RSA 36
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89 Disposals Sector Date Selling price FY25 Rm² Profit/(loss) on book value FY25 Rm Profit/(loss) on cost & capex FY25 Rm Yield % Altergen, Wadeville, Germiston Logistics & Industrial Oct 2024 19.0 (0.6) 7.3 11.5 Flemming, Meadowdale, Germiston Logistics & Industrial Apr 2025 11.7 3.3 3.1 5.3 Isando 103, Isando, Kempton Park Logistics & Industrial Sep 2024 8.1 (0.1) 0.6 12.6 Belgor, Spartan, Kempton Park Logistics & Industrial Nov 2024 6.8 1.2 0.6 10.3 Airport View, Spartan, Kempton Park Logistics & Industrial Nov 2024 6.3 0.9 1.6 10.3 Riverwoods, Bedfordview, Johannesburg T&D Various 131.4 18.0 5.4 16.0¹ Palm River, Pinetown, Durban T&D Various 55.0 15.9 10.7 32.0¹ Devro Park, Pinetown, Durban T&D Various 10.0 1.2 1.0 19.0¹ 319 Helderberg Village, Somerset West, Cape Town T&D May 2025 3.4 2.4 2.2 N/A Total 2 547.2 37.9 422.8 1) Profit, not yield. 2) R2.7bn including R120.0m for Fountains View sold to GSAH. DISPOSALS RSA | CONTINUED 36
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90 Acquisitions Sector Date Purchase price FY25 Rm Land - not disclosed Logistics & Industrial Jul 2024 10.7 Telecommunication assets Logistics & Industrial Various 2.9 Total 13.6 ACQUISITIONS & NON-CURRENT ASSETS HELD FOR SALE RSA 37 Non-current assets held for sale Sector FY25 Rm 70 Grayston, Sandton, Johannesburg Office 40.0 10 Richard Carte Road, Mobeni, Durban Logistics & Industrial 155.0 Midway Industrial Park, Randjespark, Midrand Logistics & Industrial 64.0 Kinghall 1, Epping, Cape Town Logistics & Industrial 29.2 Kinghall 2, Epping, Cape Town Logistics & Industrial 29.2 Total 317.4
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91 Income producing vs. defensive capital expenditure Total cost Rm Completion date FY25 Rm Retail Bayside Mall, Table View, Cape Town Defensive but income producing 414.8 Nov 2024 161.4 Beacon Bay Retail Park, Beacon Bay, East London Defensive but Income producing 113.4 Apr 2025 81.6 Greenacres, Greenacres, Port Elizabeth Income producing 52.2 Apr 2025 44.4 Walmer Park Shopping Centre ,Walmer, Port Elizabeth (Solar PV) Defensive but Income producing 36.5 Mar 2025 43.4 Other, below R30m 321.3 639.7 Office Longkloof Studios, Gardens, Cape Town (Hilton Canopy hotel) Income producing 640.8 Jan 2025 207.3 Other, below R30m 276.8 484.1 Logistics & Industrial Arterial Industrial Phase 2, Blackheath, Bellville Income producing 219.6 May 2025 151.1 Other, below R30m 170.9 322.0 Trading & development 36 Hans Strijdom, CBD, Cape Town Income producing 535.2 Oct 2025 176.2 Trading & development 2.6 178.8 TOTAL 1 624.6 Development expenditure 1 043.9 Capital expenditure 580.7 DEVELOPMENTS & CAPITAL EXPENDITURE RSA¹ 38 1) The average initial yield for developments is 8.5% - 9.5% on a fully let basis.
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92 Sector Estimated Completion date Approved development costs Rm Outstanding commitments FY25 Rm Total commitments 1 975.4 1 162.6 Longbeach Mall, Noordhoek, Cape Town Retail Oct 2025 107.6 102.2 N1 City Mall, Goodwood, Cape Town Retail Dec 2026 80.4 80.4 La Lucia Mall, La Lucia, Durban Retail Oct 2025 44.8 42.7 Alberton City, Alberton, Johannesburg Retail Nov 2025 41.4 41.4 Beacon Bay Retail Park ,Beacon Bay, East London Retail Jun 2025 113.4 32.7 Sandton drive link bridge, Sandton Office Dec 2025 26.3 12.9 Cornubia, Pinetown, Durban Logistics & Industrial Dec 2026 391.8 391.8 Noka Park B1, Riverfields, Johannesburg Logistics & Industrial Oct 2026 198.7 198.7 Industrial – name not disclosed Logistics & Industrial Not disclosed 244.5 140.8 Arterial Industrial Estate Phase 2, Blackheath, Bellville Logistics & Industrial May 2025 191.3 3.8 36 Hans Strijdom, CBD, Cape Town Trading & Development Oct 2025 535.2 115.2 COMMITMENTS RSA 39
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93 Top 10 properties by value Fair value² Rm GLA m² Waterfall Mall, Rustenburg Not disclosed 50 795 N1 City Mall, Goodwood, Cape Town Not disclosed 63 382 Vaal Mall (66.6%), Vanderbijlpark, Johannesburg Not disclosed 44 039 Festival Mall, Kempton Park, Johannesburg Not disclosed 79 178 Brooklyn Mall and Design Square (75%), Brooklyn, Pretoria Not disclosed 55 370 Greenacres, Greenacres, Port Elizabeth Not disclosed 47 971 Lakeside Mall, Benoni Not disclosed 63 475 Paarl Mall, Paarl Not disclosed 41 412 The Constantia Village, Constantia, Cape Town Not disclosed 20 426 Kolonnade (50%), Montana Park, Pretoria Not disclosed 37 719 Sub total 14 728 503 767 Balance of the sector 10 988 558 909 Total for the sector 25 716 1 062 676 Top 10 tenants GLA¹ m² The Foschini Group Ltd 76 495 Pepkor Holdings Ltd 65 291 Mr Price Group Ltd 57 276 Pick n Pay Stores Ltd 110 301 Shoprite Holdings Ltd 87 950 Woolworths Holdings Ltd 80 229 Truworths International Ltd 28 979 Retailability (Pty) Ltd 49 768 Clicks Group Ltd 22 729 ABSA Bank Ltd 12 482 Sub total 591 500 Balance of the sector 415 096 Total for the sector (excluding vacancies) 1 006 596 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 13.3 11.7 16.0 15.5 15.6 18.6 4.0 5.3 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of GLA) 8.9 10.3 14.8 17.9 18.9 20.8 5.0 3.4 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of gross monthly rental) RETAIL OVERVIEW RSA 40
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94 Top 10 properties by value2 Fair value Rm GLA m² Discovery 1 & 2 (55%), Sandton, Johannesburg Not disclosed 64 127 Woodlands Office Park, Woodmead, Johannesburg Not disclosed 115 019 144 Oxford Road, Rosebank, Johannesburg Not disclosed 37 515 Longkloof Studios, Gardens, Cape Town Not disclosed 18 412 Constantia Office Park, Roodepoort, Johannesburg Not disclosed 75 455 MontClare Place, Claremont, Cape Town Not disclosed 29 680 Exxaro, Lakeside 2, Centurion Not disclosed 21 708 Inanda Greens, Wierda Valley, Sandton, Johannesburg Not disclosed 43 380 Golf Park, Bellville, Cape Town Not disclosed 32 251 The Place, Sandton, Johannesburg Not disclosed 35 682 Sub total 10 832 473 229 Balance of the sector 15 696 1 123 004 Total for the sector 26 528 1 596 233 Top 10 tenants GLA¹ m² Discovery Holdings Ltd (55%) 67 001 Anglo Corporate Services South Africa (Pty) Ltd 34 200 Allied Electronics Corporation Ltd 38 725 Exxaro Resources Ltd 21 708 Absa Bank Ltd 27 658 The Western Cape Government 18 540 Transnet SOC Ltd 21 977 Nestle South Africa (Pty) Ltd 12 458 Virgin Active South Africa (Pty) Ltd 11 867 NTT Group Ltd 15 086 Sub total 269 220 Balance of the sector 1 093 712 Total for the sector (excluding vacancies) 1 362 932 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 12.5 12.0 12.3 13.3 14.9 17.9 2.5 14.6 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of GLA) 16.1 12.6 12.7 12.4 14.7 18.4 2.4 10.7 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of gross monthly rental) OFFICE OVERVIEW RSA 41
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95 Top 10 properties by value Fair value² Rm GLA m² Montague Business Park (25%), Montague Gardens, Cape Town Not disclosed 48 325 Trade Park, Mount Edgecombe, Durban Not disclosed 41 911 Arterial Industrial Estate, Blackheath, Bellville Not disclosed 41 572 Hilltop Industrial Estate, Elandsfontein, Johannesburg Not disclosed 76 283 Mill Road Industrial Park, Eikenbosch, Cape Town Not disclosed 39 042 Wadestone Industrial Park, Germiston, Johannesburg Not disclosed 26 929 Central Park, Elsiesrivier, Cape Town Not disclosed 49 135 Monteer, Isando, Kempton Park Not disclosed 30 080 Omni Park, Aeroton, Johannesburg Not disclosed 41 136 Sterling Industrial, Midrand, Johannesburg Not disclosed 27 652 Sub total 3 501 422 065 Balance of the sector 9 674 1 354 486 Total for the sector 13 175 1 776 551 Top 10 tenants GLA¹ m² Anchor Logistics 38 844 The Bidvest Group Ltd 27 078 GZ Industries (Pty) Ltd 21 543 Edward Snell & Company (Pty) Ltd 28 539 Booksite (Pty) Ltd 24 273 Nebula Logistics Africa (Pty) Ltd 17 406 Takealot Online (Pty) Ltd 13 706 Nu Leaf Brands (Pty) Ltd 16 246 PGS South Africa (Pty) Ltd 20 530 Global roofing Solutions (Pty) Ltd 29 457 Sub total 237 622 Balance of the sector 1 465 510 Total for the sector (excluding vacancies) 1 703 132 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of fair value. 10.4 6.5 16.8 19.6 19.2 22.4 1.0 4.1 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of GLA) 11.5 6.6 18.3 18.4 19.5 21.2 0.8 3.7 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of gross monthly rental) LOGISTICS & INDUSTRIAL OVERVIEW RSA 42
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96 Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2024 4 706 352 408 998 8.7 GLA adjustments 3 340 8 010 Disposals/ reallocation (308 641) (36 941) Developments and extensions 34 409 34 409 Leases expired in the period ¹ 856 262 Renewals of expired leases ² (584 135) New letting of vacant space (429 399) Leases terminated 105 593 Balance as at 30 June 2025 4 435 460 362 797 8.2 1) 18.2% of opening balance GLA expired during the year under review (FY24: 21.1%). 2) Retention of 68.2% for the year under review (FY24: 76.3%). GLA & VACANCY RECONCILIATION RSA 43
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97 FY25 FY24 Vacancies (%) 0.3 0.3 Total arrears (Rm) 34.0 45.5 Provision for bad debts (B/S) (Rm) 7.4 10.0 Bad debts (I/S) (Rm) (0.6) (15.4) Average in force escalations (%) 6.8 7.0 Renewal success rate (%) 94.5 84.2 Total letting success rate (%) 98.7 98.9 Weighted average renewal growth (%) 5.1 3.0 Weighted average future escalations on renewals (%) 7.3 7.4 Number of employees (100%) 256 247 Net property income per employee (R) (100%) 6 257 813 6 259 109 KEY PERFORMANCE INDICATORS V&A WATERFRONT (50%) 44
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98 1) FY24 was restated to correctly reflect the direct cost relating to the operating business in property expenses instead of other operating expenses 2) FY24 was restated to include properties classified as property & equipment (operational properties) 41.6% 40.4% 39.3% 27.5% 25.0% 26.5% 21.6% 26.1% 26.1% 9.3% 8.5% 8.1% FY23 FY24 FY25 Retail Office Hotel, Residential & Leisure Marine & Industrial Net property income (Rm) PORTFOLIO OVERVIEW V&A WATERFRONT (50%) 45 48.3% 46.1% 45.4% 26.3% 23.2% 21.5% 12.2% 18.8% 20.1% 8.9% 8.4% 8.4% 1.1% 4.3% 3.6% 3.5% FY23 FY24 FY25 Retail Office Hotel, Residential & Leisure Marine & Industrial Infrastructure Bulk Property portfolio value (Rm) 731 859 948 10 064 12 140 13 346
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99 SPLIT OF V&A WATERFRONT PROPERTY PORTFOLIO (50%) 46 46% 22% 20% 8% 1% 3% 20% 34% 26% 19% 1% 40% 26% 26% 8% 97% 3% Portfolio by value Portfolio by GLA Net property income Developed vs. undeveloped by value Developed UndevelopedRetail Office Hotel, Residential & Leisure Marine & industrial Bulk Infrastructure
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100 Sector Approved cost Rm Estimated completion date FY25 Rm Developments & capital expenditure¹ Cruise Terminal Phase 3B Parking/Office 108.3 Mar 2025 15.8 Lux Mall Retail 207.8 Dec 2025 35.9 Union Castle Building Retail 134.0 Dec 2024 27.9 Quay 7 Hotel & Apartments Hotel 1 353.6 Mar 2026 166.9 Table Bay Hotel 901.4 Mar 2026 102.1 Canal residential Residential 706.4 Nov 2025 120.0 Granger Bay Phase 1-A Basement Infrastructure 121.0 Dec 2025 43.3 Granger Bay Phase Zero A Enablement Infrastructure 53.3 Jun 2025 20.9 Granger Bay Phase Zero B Marine Works Infrastructure 50.6 Mar 2026 12.6 Other below R10m Various Various 229.6 Total2 3 636.4 775.0 1) The yields for developments are at a weighted average of 13.2% (excluding canal residential) 2) Investment property R496m, PPE R135m and Inventory R144m DEVELOPMENTS & CAPITAL EXPENDITURE V&A WATERFRONT (50%) 47
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101 Sector Approved cost Rm Estimated completion date FY25 Rm Commitments Lux Mall Retail 207.8 Dec 2025 68.8 Quay 7 Hotel & Apartments Hotel 1 353.6 Mar 2026 439.5 Table Bay Hotel 901.4 Mar 2026 343.4 Canal residential Residential 706.4 Nov 2025 173.1 Granger Bay phase 1 – Basement Infrastructure 121.0 Oct 2025 60.2 Sea Water Cooling Plant Infrastructure 153.7 Oct 2025 41.4 Granger Bay Phase Zero - D Infrastrcucture Infrastructure 85.6 Dec 2025 40.0 Two Oceans Aquarium Refurbishment Infrastructure 60.0 Dec 2025 27.7 Other below R10m Various - Various 19.4 Total 3 589.5 1 213.5 1) The yields for developments are at a weighted average of 12.5% (excluding canal residential). COMMITMENTS V&A WATERFRONT (50%) 48
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102 INCOME STATEMENT OVERVIEW V&A WATERFRONT (50%) 49 FY25 FY24 Property related business Corporate Operating businesses Total Property related business Corporate Operating businesses Total Revenue, excluding straight-line lease income 1 155 - 423 1 578 1 105 - 254 1 359 Straight-line lease income (18) - - (18) (20) - - (20) Property expenses (354) - (276) (630) (332) - (168) (500) Net property income 783 - 147 930 753 - 86 839 Other operating expenses (53) - - (53) (49) - - (49) Operating profit 730 - 147 877 704 - 86 790 Equity accounted investment profit – net of tax 12 - - 12 12 - - 12 Equity-accounted profit 3 - - 3 4 - 4 Dividend and interest 9 - - 9 8 - - 8 Finance income - 12 3 15 - 15 - 15 Finance costs - (110) - (110) - (59) - (59) Capitalised interest - 27 - 27 - 17 - 17 Capital items 8 - 2 10l 8 - (12) (4) Fair value adjustments 599 - - 599 1 168 - - 1 168 Adjustment: Tenant loan (26) - - (26) (15) - - (15) Profit before debenture interest & taxation 1 323 (71) 152 1 404 1 877 (27) 74 1 924 Distribution - - - (810) - - - (775) Interest on shareholders' loans - - - (279) - - - (399) Debenture interest - - - (531) - - - (376) Profit / (loss) before taxation 1 323 (71) 152 594 1 877 (27) 74 1 149 Current tax - - - - - - (1) (1) Deferred tax - (168) - (168) - (275) - (275) Profit / (loss) after taxation 1 323 (239) 152 426 1 877 (302) 73 873 Revaluation of PPE (OCI) - - 32 32 - - 145 145 Net profit and other comprehensive income for the year 1 323 (239) 184 458 1 877 (302) 218 1 018 Property expense ratio 30.6% - 65.2% 39.9% 30.0% - 66.1% 36.8% Other operating expense ratio 4.6% - 0.0% 3.4% 4.4% - 0.0% 3.6% Total cost to income ratio 35.2% - 65.2% 43.3% 34.4% - 66.1% 40.4%
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103 FY25 Rm FY241 Rm Increase/ (Decrease) Gross property revenue 1 578 1 359 16.1% Property related business 1 155 1 105 4.5% Operating businesses 423 254 66.5% Property expenses (630) (500) 26.0% Property related business (354) (332) 6.6% Operating businesses (276) (168) 64.3% Net property income 948 859 10.4% Other operating expenses (53) (49) 8.2% Finance & dividend income 24 23 4.3% Finance expense (110) (59) 86.4% Capitalised interest 27 17 58.8% Adjustments for tenant loan (26) (15) 73.3% Normal taxation - (1) >100.0% Distributable income 810 775 4.5% Adjustments (131) (134) Developments (81) (96) Municipal rebate - (5) Desalination (1) - Portswood & Commodore (49) (33) Adjusted ‘like-for-like’ distributable income 679 641 5.9% 1) FY24 was restated to correctly reflect the direct cost relating to the operating business in property expenses instead of other operating expenses DISTRIBUTABLE INCOME ANALYSIS V&A WATERFRONT (50%) 50
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104 FY25 Rm FY241 Rm Increase/ (Decrease) Gross property revenue 1 578 1 359 16.1% Property related business 1 155 1 105 4.5% Operating businesses 423 254 66.5% Property expenses (630) (500) 26.0% Property related business (354) (332) 6.6% Operating businesses (276) (168) 64.3% Net property income 948 859 10.4% Adjustments (131) (134) Developments (81) (96) Municipal rebate - (5) Desalination (1) - Portswood & Commodore (49) (33) Adjusted ‘like-for-like’ net property income 817 725 12.7% 1) FY24 was restated to correctly reflect the direct cost relating to the operating business in property expenses instead of other operating expenses NET PROPERTY INCOME ANALYSIS V&A WATERFRONT (50%) 51
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105 Top 10 tenants GLA¹ m² Allan Gray (Pty) Ltd 20 347 Nedbank Group Ltd 25 619 Woolworths 10 645 Newmark Hotels 7 532 Tourvest Group 2 971 Government 17 323 Foshini Group Ltd 3 134 PwC 9 650 Deloitte & Touche 9 062 Investec Bank Limited 10 236 Sub total 116 519 Balance of V&A 322 347 Total for V&A Waterfront (excluding vacancies) (100%) 438 866 1) Ranked in terms of gross monthly rental. 50.0 11.3 6.6 15.0 11.9 4.4 0.5 0.3 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Development Vacant Lease expiry (% of GLA) 37.0 12.1 9.1 17.4 18.1 6.3 0.0 0.0 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Development Vacant Lease expiry (% of gross monthly rental) V&A WATERFRONT OVERVIEW 52
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106 Investment property Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2024 224 884 576 0.3 Transfer to PPE (14 000) - GLA adjustments 9 154 1 720 Developments and extensions 52 78 Leases expired in the period ¹ 49 873 Renewals of expired leases ² (47 134) New letting of vacant space (4 607) Leases terminated 151 Balance as at 30 June 2025 220 090 657 0.3 22.2% of opening balance GLA expired during the year under review (FY24:21.3%). Retention of 94.5% for the year under review (FY24:84.2%). GLA & VACANCY RECONCILIATION V&A WATERFRONT (50%) 53 Property, plant and equipment Total GLA m² Vacant area m² Vacancy % Balance as at 1 July 2024 17 456 - - Transfer from investment property 14 000 Developments and extensions 1 884 - - Balance as at 30 June 2025 33 340 - -
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107 Net property income (Rm) PORTFOLIO OVERVIEW GIP 54 61% 63% 52% 39% 37% 48% FY23 FY24 FY25 42% 39% 40% 58% 61% 60% FY23 FY24 FY25 57% 53% 49% 43% 47% 51% FY23 FY24 FY25 Number of properties Property portfolio value (Rm) GHPH GSAH 611 622 702 19 23 25 6 385 7 612 8 579
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108 FY25 Rm FY24 Rm Increase/ (Decrease) Gross property revenue 1 024 874 17.2% GHPH 466 465 0.2% GSAH 558 409 36.4% Property expenses (322) (252) 27.8% GHPH (100) (72) 38.9% GSAH (222) (180) 23.3% Net property income 702 622 12.9% Adjustments (145) (61) Acquisitions and developments GHPH (37) (22) Acquisitions and developments GSAH (108) (39) Adjusted ‘like-for-like’ net property income 557 561 (0.7%) GHPH 329 371 (11.3%) GSAH 228 190 20.0% NET PROPERTY INCOME ANALYSIS GIP 55
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109 Income producing developments & capital expenditure Total cost Rm Completion date FY25 Rm GHPH Other, below R30m 11.4 11.4 GSAH The Crescent Studios (Previously known as The Podium, Braamfontein, Johannesburg (land)) 303.0 Jan 2025 157.8 Arteria Parktown (Previously known as 33 Princess of Wales, Parktown, Johannesburg (redevelopment)) 210.0 Dec 2024 140.0 Howard College, Glenwood, Durban 790.0 Oct 2026 86.3 Other, below R30m 54.0 438.1 TOTAL 449.5 Development expenditure 432.6 Capital expenditure 16.9 Acquisitions Sector Date Purchase price FY25 Rm Fountain View, CBD, Pretoria (50% from Feenstra) GSAH Dec 2024 120.0 Fountain View, CBD, Pretoria (50% transfer from Trading & Development) – which was revalued to R120.0m at HY25 GSAH Dec 2024 105.0 Epione Health Village, Melrose GHPH Apr 2025 5.2 Total 230.2 ACQUISITIONS, DEVELOPMENTS & CAPITAL EXPENDITURE GIP 56
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110 Sector Estimated Completion date Approved development costs Rm FY25 Rm Developments 1 103.5 960.4 Howard College, Glenwood, Durban GSAH Dec 2026 790.0 674.6 Gateway Private Hospital, Umhlanga Ridge, Durban GHPH Feb 2026 143.4 143.4 Epione Health Villages, Melrose Estate, Johannesburg GHPH Dec 2025 97.1 75.9 Hillcrest Private Hospital, Hillcrest, Durban (Expansion Phase 4) GHPH Apr 2026 73.0 66.5 COMMITMENTS GIP 57
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111 Properties by value Fair value² Rm GLA m² Hillcrest Private Hospital, Hillcrest, Durban Not disclosed 20 445 Gateway Private Hospital, Umhlanga Ridge, Durban Not disclosed 22 609 Cintocare, Menlyn, Pretoria Not disclosed 17 926 Louis Leipoldt Hospital, Bellville, Cape Town Not disclosed 15 075 N1 Hospital, Goodwood, Cape Town Not disclosed 14 636 Paardevlei Hospital, Somerset West, Cape Town Not disclosed 12 417 Adcock Ingram 50%, Midrand, Johannesburg Not disclosed 11 228 N1 Medical Chambers, Goodwood, Cape Town Not disclosed 4 597 Johannesburg Eye Hospital, Randburg, Johannesburg Not disclosed 6 118 Epione Health Village, Melrose - development Not disclosed - Total for the sector 4 211 125 051 Tenants GLA¹ m² Busamed Holdings Ltd 55 471 Cintocare (Pty) Ltd 17 926 Netcare Limited 18 684 Mediclinic Ltd 15 075 Adcock Ingram Ltd 11 228 Johannesburg Eye Hospital and Institute (Pty) Ltd 5 910 Sub total 124 294 Balance of the sector 757 Total for the sector (excluding vacancies) 125 051 1) Ranked in terms of gross monthly rental. 2) Ranked in terms of value. 99.3 0.1 0.2 0.1 0.1 0.2 0.0 0.0 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of GLA) 99.4 0.1 0.1 0.1 0.1 0.2 0.0 0.0 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of gross monthly rental) GHPH OVERVIEW 58
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112 Properties by value Fair value¹ Rm Beds Hatfield Studios, Hatfield, Pretoria Not disclosed 965 Brooklyn Studios, Brooklyn, Pretoria Not disclosed 714 Studios @ Burnett, Hatfield, Pretoria Not disclosed 1 000 Varsity Studios, Hatfield, Pretoria Not disclosed 1 052 The Crescent Studios (Previously known as The Podium, Braamfontein, Johannesburg) Not disclosed 871 Apex Studios, Braamfontein, Johannesburg Not disclosed 901 Peak Studios, Observatory, Cape Town Not disclosed 563 Horizon Heights, Twickenham Road, Auckland Park, Johannesburg Not disclosed 795 Fountains View, CBD, Pretoria Not disclosed 896 Kingsway Place, Auckland Park, Johannesburg Not disclosed 665 Arteria, Parktown (Previously known as 33 Princess of Wales, Parktown, Johannesburg) Not disclosed 481 Festival Edge, Hatfield, Pretoria Not disclosed 601 Richmond Central, Auckland Park, Johannesburg Not disclosed 388 The Richmond, Auckland Park, Johannesburg Not disclosed 388 Howard College, Glenwood, Durban (Land under development) Not disclosed - Total for the sector 4 352 10 280 GSAH OVERVIEW 59 1) Ranked in terms of value.
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113 FY25 FY24 Vacancies (%) 6.1 5.2 Total arrears (Rm) 57.1 67.5 Provision for bad debts (B/S) (Rm) 1.4 1.1 Renewal success rate (%) 64.0 63.4 Total letting success rate (%) 53.5 54.0 Weighted average renewal growth (%) 14.2 44.8 Weighted average future escalations on renewals (%) 2.7 3.7 Number of employees 61 59 Net property income per employee (R) 48 344 262 53 254 237 KEY PERFORMANCE INDICATORS GOZ 60
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114 DIRECTLY HELD PORTFOLIO OVERVIEW GOZ Net property income (Rm) 61 69.9% 67.8% 67.9% 30.1% 32.2% 32.1% 1 298 1 665 1 563 11.95 12.26 11.76 FY23 FY24 FY25 65.0% 62.8% 63.4% 35.0% 37.2% 36.6% 60 524 61 760 58 677 12.55 12.14 11.66 FY23 FY24 FY25 27 27 27 31 30 23 58 57 57 FY23 FY24 FY25 Property portfolio value (Rm) Number of properties Office Industrial Average exchange rate (A$/ZAR) Office Industrial Closing exchange rate (A$/ZAR) Office Industrial 3 179 3 142 2 949 61 760 54 697 48 478 58 57 50
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115 SPLIT OF GOZ PROPERTY PORTFOLIO 62 63% 37% 36% 64% 33% 21% 24% 10% 7% 5% 41% 18% 11% 13% 13% 4% Portfolio by value GLA Value by region (A$) GLA by region Victoria Queensland New South Wales South Australia Western Australia ACT Office Industrial
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116 Sector FY25 Rm FY25 A$m Development & capital expenditure 20 Colquhoun Road, Perth Airport, WA Industrial 172.2 14.7 100 Melbourne Street, South Brisbane, QLD Office 82.3 7.3 75 Dorcas Street, South Melborne, VIC Office 64.2 5.7 5 Murray Rose Avenue, Sydney Olympic Park, NSW Office 64.2 5.7 104 Melbourne Street, South Brisbane, QLD Office 50.7 4.5 570 Swan Street, Building 3, Richmond, VIC Office 40.6 3.6 109 Burwood Road, Hawthorn, VIC Office 21.4 1.9 100 Skyring Terrace, Newstead, QLD Office 20.3 1.8 70 Distribution Street, Larapinta, QLD Industrial 12.7 1.1 20 Colquhoun Road, Perth Airport, WA Industrial 12.2 1.1 15 Green Square Close, Fortitude Valley, QLD Office 12.4 1.1 4 Broadcast Way, Artarmon, NSW Office 12.3 1.1 141 Camberwell Road, Hawthorn East, VIC Office 11.8 1.1 Building C, 211 Wellington Road, Mulgrave, VIC Office 12.4 1.1 Other Various 62.2 5.4 Total 639.7 56.1 Commitments 20 Colquhoun Rd, Perth Airport, Western Australia Industrial 425.4 36.5 1 Charles Street, Parramatta, NSW ¹ Office 43.1 3.7 Total 468.5 40.2 1) In respect of tenant incentives. DEVELOPMENTS & COMMITMENTS GOZ 63
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117 Sector FY25 Rm FY25 A$m Disposal 3 Millennium Court, Knoxfield, VIC Industrial 249.1 22.0 81 Derby Street, Silverwater, NSW Industrial 373.7 33.0 6-7 John Morphett Place, Erskine Park, NSW Industrial 951.1 84.0 13 Business Street, Yatala, QLD Industrial 215.1 19.0 20 Southern Court, Keysborough, VIC Industrial 310.9 28.2 6 Kingston Park Court, Knoxfield, VIC Industrial 218.7 18.7 19 Southern Court, Keysborough, VIC Industrial 167.4 15.1 Total 2 486.0 220.0 DISPOSALS GOZ 64
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118 FY25 A$m FY24 A$m Increase/ (Decrease) Gross property revenue 313.2 311.6 0.5% Property expenses (72.9) (61.9) 17.8% Net property income 240.3 249.7 (3.8%) Equity accounted investments FFO 0.9 - >100.0% Amortisation of incentives 43.1 40.1 7.8% Total FFO 284.3 289.8 (1.9%) Adjustments (8.2) (18.4) Distributions (2.2) (8.1) Disposals (5.1) (10.3) Equity accounted investments FFO (0.9) - Adjusted ‘like-for-like’ FFO 276.1 271.4 1.7% Office 194.4 194.4 0.0% Industrial 81.7 77.0 6.0% Like-for-like FFO 3.2% (excluding lease surrender payments and divestments), office 2.0% and industrial 6.0%. FFO ANALYSIS GOZ 65
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119 Top 10 properties by value Fair value Rm GLA m² 1 Charles Street, Parramatta, NSW Office 5 361 32 356 70 Distribution Street, Larapinta, QLD Industrial 3 059 76 109 20 Colquhoun Road, Perth Airport, WA Industrial 2 972 80 374 75 Dorcas Street, South Melbourne, VIC Office 2 483 28 220 599 Main North Road, Gepps Cross, SA Industrial 2 261 91 686 100 Skyring Terrace, Newstead, QLD Office 2 025 24 665 570 Swan Street, Building 3, Richmond, VIC Office 1 643 19 286 27-49 Lenore Drive, Erskine Park, NSW Industrial 1 471 29 476 15 Green Square Close, Fortitude Valley, QLD Office 1 369 16 498 165-169 Thomas Street, Dandenong, VIC Office 1 340 15 071 Sub total 23 984 413 741 Balance of GOZ 24 494 561 637 Total for GOZ 48 478 975 378 Top 10 tenants GLA¹ m² Woolworths 248 169 Commonwealth of Australia 43 539 NSW Police Force 32 356 Country Road Group 23 156 VIC Government 14 583 Bunnings Warehouse 13 886 Linfox 33 196 Bank of Queensland 8 909 ANZ Banking Group 10 648 Samsung Electronics 13 423 Sub total 441 865 Balance of GOZ 491 804 Total for GOZ (excluding vacancies) 933 669 1) Ranked in terms of gross monthly rental. 44 13 5 6 15 11 6 After FY30 By FY30 By FY29 By FY28 By FY27 By FY26 Monthly Vacant Lease expiry (% of income) GOZ OVERVIEW 66
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120 Total GLA m² Vacancy m² Vacancy ¹ % Balance as at 1 July 2024 1 051 940 26 755 5.2% GLA adjustments (1 059) (916) Disposals (75 503) Leases expired in the period 120 692 Renewals of expired leases (98 115) New letting of vacant space (14 255) Leases terminated 7 548 Balance as at 30 June 2025 975 378 41 709 6.1% 1) Vacancy ratio is based on income and not GLA (when compared to RSA). GLA & VACANCY RECONCILIATION GOZ 67