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 |