SA REIT ratios
for the six months ended 30 September 2021

SA REIT FUNDS FROM OPERATIONS (SA REIT FFO)
Group  30 September  2021 
Rm 		 30 September  2020 
Rm 		 31 March 
2021 
Rm 
Profit/(loss) per IFRS statement of comprehensive income attributable to the parent  843  (206) 584 
Adjusted for:       
Accounting/specific:       
Fair value adjustments to:  (270) 889  1 079 
  Investment property  (154) 482  854 
  Debt and equity instruments held at fair value through profit or loss  (197) —  (289)
  Depreciation and amortisation of intangible assets  3  2  4 
  Asset impairments (excluding goodwill) and reversals of impairment  —  9  13 
  Impact of asset reclassifications and asset transfers on profit or loss  —  314  314 
  Deferred tax movement recognised in profit or loss  14  (1) 18 
  Straight-lining operating lease adjustment  (12) 29  67 
  Adjustments to dividends from equity interests held  76  54  98 
Adjustments arising from investing: 
Gains or losses on disposal of:  (1) 54  46 
  Investment property and property, plant and equipment  (1) 6  (2)
  Debt and equity instruments  —  48  48 
Foreign exchange and hedging items:  186  (215) (251)
  Fair value adjustments on derivative financial instruments employed solely for hedging purposes  54  (9) 49 
  Reclassified foreign currency translation reserve upon disposal of a foreign operation  —  (330) (330)
  Adjustments to amounts recognised in profit or loss relating to derivative financial instruments  132  133  39 
  Foreign exchange gains or losses relating to capital items – realised and unrealised  —  (9) (9)
Other adjustments:  8  (75) (216)
  Non-controlling interests in respect of the above adjustments  8  (75) (216)
SA REIT FFO  766  447  1 242 
Number of shares outstanding (net of treasury shares) 956 226 628  956 226 628  956 226 628 
SA REIT FFO cents per share  80.11  46.75  129.89 
Company-specific adjustments  (3) (1) (22)
  Depreciation  (3) (2) (4)
  Deferred tax  —  1  (18)
Distributable income  763  446  1 220 
Distributable income per share (cents) 79.79  46.63  127.58 
SA REIT NAV
   30 September 
2021
Rm 		 30 September 
2020
Rm 		 31 March 
2021
Rm 
Reported NAV attributable to the parent  17 265  16 485  17 361 
Adjustments:       
Dividend declared  —  —  (966)
Fair value of derivative financial instruments  58  381  28 
Goodwill and intangible assets  (2) (4) (3)
SA REIT NAV  17 321  16 862  16 420 
Shares outstanding       
Number of shares in issue (net of treasury shares) 956 226 628  956 226 628  956 226 628 
SA REIT NAV per share  18.11  17.63  17.17 
SA REIT COST-TO-INCOME RATIO
Southern Africa portfolio  30 September 2021 
Rm 		 30 September 2020 
Rm 		 31 March 
2021 
Rm 
Expenses       
Operating expenses per IFRS income statement (includes municipal expenses) 450  434  870 
Administrative expenses per IFRS income statement  85  84  154 
Excluding:          
Depreciation expense in relation to property, plant and equipment of an administrative nature and amortisation expense in respect of intangible assets  (3) (2) (5)
Operating costs  532  516  1 019 
Rental income       
Contractual rental income per IFRS income statement (excluding straight-lining) 815  690  1 501 
Utility and operating recoveries per IFRS income statement  312  278  598 
Gross rental income  1 127  968  2 099 
SA REIT cost-to-income ratio(1) (%) 47.2  53.3  48.5 


Spain portfolio  30 September 2021 
Rm 		 30 September 
2020 
Rm 		 31 March 
2021 
Rm 
Expenses       
Operating expenses per IFRS income statement (includes municipal expenses) 157  212  384 
Administrative expenses per IFRS income statement  67  70  132 
Operating costs  224  282  516 
Rental income       
Contractual rental income per IFRS income statement (excluding straight-lining) 489  307  740 
Utility and operating recoveries per IFRS income statement  126  145  278 
Gross rental income  615  452  1 018 
SA REIT cost-to-income ratio(1) (%) 36.4  62.4  50.7 
(1)   The SA REIT cost-to-income ratio includes the impact of rent concessions granted to tenants (in Southern Africa and Spain) primarily impacting the September 2020 and March 2021 ratios. 
SA REIT ADMINISTRATIVE COST-TO-INCOME RATIO
Southern Africa portfolio  30 September 2021 
Rm 		 30 September 
2020 
Rm 		 31 March 
2021 
Rm 
Administrative costs       
Administrative expenses as per IFRS income statement  85  84  154 
Rental income       
Contractual rental income per IFRS income statement (excluding straight-lining) 815  690  1 501 
Utility and operating recoveries per IFRS income statement  312  278  598 
Gross rental income  1 127  968  2 099 
SA REIT administrative cost-to-income ratio (%) 7.5  8.7  7.3 
Spain portfolio  30 September 
2021 
Rm 		 30 September 
2020 
Rm 		 31 March 
2021 
Rm 
Administrative costs       
Administrative expenses as per IFRS income statement  67  70  132 
Rental income       
Contractual rental income per IFRS income statement (excluding straight-lining) 489  307  740 
Utility and operating recoveries per IFRS income statement  126  145  278 
Gross rental income  615  452  1 018 
SA REIT administrative cost-to-income ratio (%) 10.9  15.5  13.0 
SA REIT GLA VACANCY – SOUTHERN AFRICA
   30 September 
2021 
m2 		 30 September 
2020 
m2 		 31 March
2021 
m2 
GLA of vacant space  32 908  34 704  38 123 
GLA of total property portfolio  917 613  1 010 662  958 001 
SA REIT GLA vacancy rate (%) 3.6  3.4  4.0 
SA REIT GLA VACANCY – SPAIN
   30 September 
2021 
m2 		 30 September 
2020 
m2 		 31 March 
2021 
m2 
GLA of vacant space  10 223  5 286  6 186 
GLA of total property portfolio  350 271  328 501  329 118 
SA REIT GLA vacancy rate (%) 2.9  1.6  1.9 
SA REIT COST OF DEBT
30 September 2021  ZAR
% 		 EUR
% 
Variable interest rate borrowings     
Floating reference rate plus weighted average margin  5.6  0.5 
Fixed interest rate borrowings     
Weighted average fixed rate  —  1.2 
Pre-adjusted weighted average cost of debt  5.6  1.7 
Adjustments:     
Impact of interest rate derivatives  1.5  0.2 
Amortised transaction costs imputed into the effective interest rate  0.1  0.4 
SA REIT all-in weighted average cost of debt  7.2  2.3 
30 September 2020   ZAR
%		 EUR
%
Variable interest rate borrowings
Floating reference rate plus weighted average margin   5.3 0.8
Fixed interest rate borrowings
Weighted average fixed rate   — 0.9
Pre-adjusted weighted average cost of debt   5.3 1.7
Adjustments:
Impact of interest rate derivatives   2.6 0.2
Amortised transaction costs imputed into the effective interest rate   0.3 0.2
SA REIT all-in weighted average cost of debt   8.2 2.1

31 March 2021   ZAR
%		 EUR
%
Variable interest rate borrowings
Floating reference rate plus weighted average margin   5.6 0.8
Fixed interest rate borrowings
Weighted average fixed rate   — 0.9
Pre-adjusted weighted average cost of debt   5.6 1.7
Adjustments:
Impact of interest rate derivatives   2.6 0.2
Amortised transaction costs imputed into the effective interest rate   0.1 0.4
SA REIT all-in weighted average cost of debt   8.3 2.3

Excludes impact of CCIRS.

SA REIT LTV
      30 September
2021
Rm 		 30 September
2020
Rm 		 31 March
2021
Rm 
Gross debt     15 594  17 019  15 404 
Less:         
Cash and cash equivalents     (1 254) (1 354) (987)
Cash and cash equivalents balance sheet     (1 254) (1 354) (1 003)
Less restricted cash     —  —  16 
Add/less:         
Net derivative financial instruments liability/(asset)    113  1 051  365 
Forward exchange contracts     (129) 27  (212)
CCIRS     80  718  337 
Interest rate swaps     162  306  240 
Net debt     14 453  16 716  14 782 
Total assets – per statement of financial position     36 057  38 131  35 992 
Less:         
Cash and cash equivalents     (1 254) (1 354) (1 003)
Derivative financial assets:     (184) (13) (214)
Forward exchange contracts     (181) (3) (212)
Interest rate swaps     (3) (10) (2)
Goodwill and intangible assets     (2) (4) (3)
Trade and other receivables     (485) (395) (391)
Carrying amount of property-related assets     34 132  36 365  34 381 
SA REIT LTV %     42.3  46.0  43.0