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CONTINUED STRONG OPERATING RESULTS AND FINANCIAL POSITION LAY THE PLATFORM FOR FUTURE GROWTH

STRONG PERFORMANCE WITH INCREASED COMPETITION FOR SPACE IN SOUTH AFRICA

  • Normalised like-for-like NOI growth of 3.9%
  • Retail vacancies reduced to 2.6%
  • Like-for-like trading density growth up by 6.1%
  • Retention rate improved to 93% with a 100% collection rate
  • Like-for-like retail valuation increase of 4.6%

MARKET LEADING PERFORMANCE FROM CASTELLANA

  • Positive reversions of 3.12%
  • Vacancies reduced to 1.6%
  • Rent collection rate at 98.7%
  • Portfolio WALE of 13.2 years
  • Retail sales ahead of 2019 levels
  • Successful completion of redevelopment projects with a 10% cash-on-cash return

CASH DIVIDENDS

  • Total FFO of 136.3 cents per share, up 6.8% on prior year
  • Total dividend of 105.8 cents per share, with final dividend of 65.3 cents per share to be paid in July 2022

STRONG BALANCE SHEET WITH WELL‑DIVERSIFIED FUNDING BASE

  • Interest cover ratio (ICR) of 3.4 times highlights a strong cash flow
  • LTV ratio maintained at 43%
  • 66% of debt expiring in FY23 has already been repaid or extended
  • Undrawn debt facilities increased to R3.1 billion

ACTIVE ASSET ROTATION

  • Sale of non-core direct property assets of R798 million in South Africa and €26,5 million in Spain
  • Sale of 64% shareholding in the Namibian portfolio generating c.R700 million in cash
  • Sale of Fairvest shares for R504 million
  • Castellana acquired 21.7% shareholding in Lar Espa€a for c.€100 million

Vukile Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE ISIN: ZAE000056370 NSX share code: VKN Debt company code: VKEI (Granted REIT Status with the JSE) (Vukile or the group or the company)

COMMENTARY

PORTFOLIO REVIEW – SPAIN

The Spanish portfolio demonstrated its high quality and resilience. With over 94% of its GLA let to international and national tenants, the business continues to show its strength, nodal dominance and long-term sustainability.

At 31 March 2022 the Spanish portfolio consisted of 16 properties externally valued at €1 001 million, with a GLA of 350 271m2, and an average value of €63 million per property. Total property-related assets are valued at €1 091 million, including the 21.7% stake in Lar España acquired during the period.

COMMENTARY