HIGHLIGHTS for the financial year

  • Sustained performance in Southern Africa with improvements in key operating metrics
  • Footfall trending towards pre-COVID-19 levels
  • Like-for-like trading density growth up 1.7%
  • Rent collection rate improved to 98%
  • Retail vacancies well contained at 3.2%
  • Retail retention rate at 90% with reversions contained at -3.3%.
  • Spanish portfolio continues to deliver strong operating performance
  • Vacancies contained at 1.7%
  • Rent collection rate >95%
  • Sales at 98% vs Mar 2020, 80% vs Mar 2019
  • Completed redevelopment projects with 91% of GLA let; 95% of projected MGR
  • Portfolio WALE of 13.4 years.
  • Strong balance sheet with well diversified funding base
  • Debt reduced by R3.1bn
  • LTV reduced to 42.8% (FY20 46.1%)
  • 76% of FY22 maturing debt repaid or extended (44% was concluded after year-end)
  • Undrawn debt facilities increased to R1.9bn (increased by a further R1.6bn to R3.5bn after year-end)
  • To date, 90% of Vukile EUR debt has been converted to ZAR
  • Interest cover ratio (ICR) of 3.3 times.
  • Further simplified business model
  • Exited Atlantic Leaf in August 2020, sales proceeds of R1.1bn
  • Sale of R231 million of non-core assets, a further R48.8 million in sales transferred after year-end
  • Awaiting transfer of further assets totalling R513 million subject only to Competition Commission approval
  • Supportive of proposed Fairvest/Arrowhead transaction
  • Good progress in building capacity for customer-centric strategy.
  • Cash dividend of 101.04 cents per share to be paid in July 2021
  • Pay-out ratio of 79% of total group FFO.