HIGHLIGHTS
- Sustained performance in tough Southern African trading environment
- Retail vacancies well contained at 3%
- Rent collection rate of 95%
- Footfall at 86% of prior year
- Like-for-like trading density growth of 1.3%
- Retail retention rate at 92% with reversions contained at -2%
- Spanish portfolio holding up very well
- Vacancies reduced to 1.5%
- Rent collection rate of 90%
- Footfall at 84% of prior year
- Sales at 95% of prior year
- Completed redevelopment projects with 91% of GLA let
- Portfolio WALE of 13.9 years
- Strong balance sheet and well diversified funding base
- Debt reduced by R1.5 billion
- LTV reduced to 44.3% (FY20 46.1%)
- 100% of FY21 maturing debt repaid or extended
- Undrawn debt facilities increased to R2.3 billion
- Interest cover ratio (ICR) of 3.7 times
- Extensive tenant relief provided in Southern Africa and Spain
- Negotiation and administration of COVID-19 lockdown rental relief programmes complete
- In Southern Africa, rental relief of R133 million granted to tenants
- In Spain, rental relief of €15 million granted to tenants
- Primary focus on the health and wellbeing of our customers, tenants and staff