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1
Redefine Properties | Fixed income investor presentation – July 2019
2
Redefine Properties | Fixed income investor presentation – July 2019
Our conversation
Section Group overview and strategy
Section Portfolio overview
Section Capital structure and debt
Section DMTN update and funding strategy
1
2
3
4
3
Redefine Properties | Fixed income investor presentation – July 2019
Group overview and strategy
1Section
Group overview and strategy
4
Redefine Properties | Fixed income investor presentation – July 2019
Company overview
We’re not landlords. We’re people.
Redefine is a leading South African based
Real Estate Investment Trust (REIT) comprising of
R92.0 billion internally managed property assets
including a diversified local property portfolio valued
at R72.9 billion and international real estate
investments valued at R19.1 billion
Our purpose is to create and manage
spaces in a way the changes lives
Our vision is to be the
best South African REIT
Our mission is to create sustained value
for all our stakeholders
Our primary goal is to grow and improve
cash flow
Group overview and strategy
Source: 2019 Interim Results
5
Redefine Properties | Fixed income investor presentation – July 2019
Strategic approach
It’s not about what we do – it is a matter of being different at what we do
Our strategy which has been tweaked for opportunities and risks remains largely unchanged
There is however a key shift in stakeholder emphasis as we recalibrate to a new normal to be
A source of sustained growth in total returns for investors and funders
− Improving the quality of earnings delivered organically
− Reducing the LTV ratio to levels in keeping with our operating context
An employer of choice for employees
− Adopting a self-disruption approach by focusing on skills and roles to meet new challenges
− Entrenching accountability to ensure everyone delivers to their best potential
A differentiated provider of relevant space to tenants
− Consistently upholding our brand promise to every tenant
− Introducing a tenant experience management programme
A preferred business partner for brokers and suppliers
− Ensuring our spaces remain relevant to users’ needs
− Demanding that all suppliers (including all our business partners) are aligned with our values
A responsible community participant
− Having a collective responsibility to ensure impactful and meaningful contributions to communities
− Adding value sustainably to each community through meaningful engagement
Group overview and strategy
Source: 2019 Interim Results
6
Redefine Properties | Fixed income investor presentation – July 2019
Portfolio overview
2Section
Portfolio overview
7
Redefine Properties | Fixed income investor presentation – July 2019
Rm
Property portfolio 100.0% R68.5bn
Retail R28.0bn
Office R26.0bn
Industrial R13.7bn
Specialised R0.8bn
Loans receivable 100.0% R1.9bn
Student accommodation R2.5bn
R72.9bn
33
50
80
830
1 017
2 250
55 Empire Road
JD Rosslyn (50%)
Torre Modderfontein
Working capital
EPP shares
Development activities and capex
24%
20%
17%
17%
12%
5%5%
European Logistics Platform
Retail
Office
AUS student accommodation
Industrial
Local student accommodation
Residential
Redefine’s diversified property asset platform
Portfolio valued at R92.0 billion
Direct local property portfolio Direct international properties International listed securities
EPP N.V. 44.4% R7.5bn
RDI REIT PLC 29.4% R3.4bn
Cromwell Property Group 2.7% R0.7bn
GRIT Real Estate Income Group 3.6% R0.2bn
R11.8bn
Europe Logistic platform 95.0% R4.1bn
Journal Student Accommodation Fund 90.0% R1.6bn
Chariot Top Group BV 25.0% R1.0bn
Oando Wings Development Limited 39.9% R0.6bn
R7.3bn
Capital deployed of R4.3 billion Capital allocated to developments and capex
79%
2%
1%
4%
14%
South Africa
Australia
Africa
UK
Poland
Geographic spread by value
Carried at fair value
Equity accounted
Rm
Respublica 53.6% R1.3bn
Directly held R1.2bn
Portfolio overview
Source: 2019 Interim Results
8
Redefine Properties | Fixed income investor presentation – July 2019
Local portfolio profile
Carrying value
R72.9bn(FY18 | R72.4bn)
73% located
in Gauteng(FY18 | 73%)
18% located in
Western Cape (FY18 | 17%)
Retail 39%(FY18 | 40%)
Office 37%
(FY18 | 37%)
Industrial 19%(FY18 | 19%)
Portfolio overview
Source: 2019 Interim Results
10 903 10 093 11 09612 870
14 382 15 581 270
333312 327 315 314
0
50
100
150
200
250
300
350
0
5 000
10 000
15 000
20 000
FY14 FY15 FY16 FY17 FY18 HY19
Impact of portfolio restructure
Average value per m² (R) Number of properties (#)
#R
9
Redefine Properties | Fixed income investor presentation – July 2019
Local portfolio highlights
Active portfolio capital
growth of 2.1%
(FY18 | 5.5%)
Developments in
progress total R944m
Disposals totaling
R548m at yield of 9.8%
(FY18 | R2.7bn at 8.4%)
Total letting at
456 717m2
(FY18 | 493 995m2)
Avg. value per property
of R226m
(FY18 | R222m)
Completed new
developments totaling
R1.7bn
Total active vacancy of
5.7%(FY18 | 4.5%)
Tenant retention by GLA
96.6%(FY18 | 90.4%)
3% 4%
13% 13%15%
8%
37%
7%
0%
10%
20%
30%
40%
Monthly 2019 2020 2021 2022 2023 Beyond2023
Vacancy
Lease expiry profile by GLA
8.6%
8.6%
9.2%
9.6%
11.0%
0% 5% 10% 15%
Retail
Office
Industrial
Specialised
Student accommodation
Exit cap rate per sector
Portfolio overview
Source: 2019 Interim Results
10
Redefine Properties | Fixed income investor presentation – July 2019
Retail portfolio
Value
R28.0bn
(FY18 | 27.8bn)
Tenant retention by GLA
96.7%
(FY18 | 90/7%)
Sales growth
4.5%
(FY18 | 3.7%)
Rent to turnover
8%
(FY18 | 7.9%)
GLA
1.4million m2
(FY18 | 1.4 million m2)
Completed new
developments of R117m
at yield of 11.0%
Trading density of
1.6%
(FY18 | 3.3%)
Footfall
4.1%*
(FY18 | -2.0%)
Portfolio overview
Source: 2019 Interim Results
*Based on the 19 top shopping centres
Market → Continued pressure on total cost of occupation driving down rent and escalations
→ Retailers continue to focus on ‘right sizing’
→ Excess retail space impacting centre footfall and sales
→ Fashion retailers appearing in convenience centres
→ Entertainment and food are key drivers of footfall and spend
Activity → No acquisitions during period
→ Disposals R315 million at 10.0% yield
→ Concluded development of Centurion Lifestyle Walk and Park Meadows Builders Express
→ Increased food and restaurant offering at larger malls
→ Edcon exposure contained:
− Equity contribution R54.6 million
− Rental from profitable stores totalling 56 788 m² to be received in full
− Rental reduction on expiring leases or where Redefine has right to take back space total 21
972 m²
− Rental reduction over two-year period amounts to R14 million
Priorities → Occupancy management
→ Completion of Centurion Mall (July) and Leroy Merlin, Little Falls (August)
→ Extension to Maponya Mall - 10 000 m²
→ Conclusion of agreements and further reduction of space with Edcon
→ Driving sales growth to support rental levels
→ Portfolio negotiations with national retailers and focus on underperforming stores
→ Continued focus on underperforming assets
− Kyalami Corner: increased fashion offering and introduction of Dis-Chem
− Matlosana Mall: completion of N12 link road and reduction of vacancy
− Cradlestone Mall: free parking and renewal of fashion tenant leases
11
Redefine Properties | Fixed income investor presentation – July 2019
Office portfolio
Value
R26.0bn
(FY18 | 25.9bn)
Completed new
development of R1.4bn
at yield of 8.3%
Disposals R75m
at yield of 9.0%
Renewal reversion
-5.5%
(FY18 | -3.1%)
GLA
1.3 million m2
(FY18 | 1.3 million m2)
Redevelopment in
progress of R247m
at yield of 6.4%
Active vacancy of
12.1%
(FY18 | 9.5%)
Tenant retention by GLA
95.8%(FY18 | 87.7%)
Portfolio overview
Source: 2019 Interim Results
Market → Lack of confidence impacting leasing decisions
→ Continued increase in vacancy levels compounded by nodal development
→ Continued pressure on rentals and escalations
→ Increases in rates and cost of electricity
→ Demand is driven by consolidation, densification, public transport and parking
→ Lease break clauses are more prevalent
→ Back-up power supply more important than ever
→ Flexible work trend driving expansion of coworking accommodation
Activity → Completed development of Rosebank Link and The Advocates
→ Conclusion of two leases with WeWork over 23 000 m²
→ Renewed leases over 79 044 m² with rent reversion of -5.5%
→ Rejuvenation of Bryanston and Midrand properties
→ Continued focus on deepening tenant and broker relationships
→ Consistent customer service
Priorities → Tenant retention and reducing vacancies
→ Constant trade-off between renewal rentals and longer leases
→ Sale of nine government tenanted properties for R1.16 billion at 12.6% yield
→ Sale of Durban office portfolio for R100 million at 14.8% yield
→ Completion of 155 West street redevelopment
→ Continued refreshing of properties for best and highest use
→ Management and potential expansion of coworking business
→ Remodel accommodation to allow greater densification and building efficiency
→ Optimise parking particularly for coworking businesses
→ Management of operating costs
→ Sustainability initiatives such as water efficiency and waste management
12
Redefine Properties | Fixed income investor presentation – July 2019
Industrial portfolio
Value
R13.7bn
(FY18 | 13.1bn)
Completed new
development of R209m
at yield of 8.7%
Active vacancy of
1.8%
(FY18 | 1.0%)
Renewal reversion
-17.3%
(FY18 | 2.9%)
GLA
1.8 million m2
(FY18 | 1.8 million m2)
New developments in
progress of R173m
at yield of 9.4%
Acquisitions of R130m
at an average yield
of 9.4%
Tenant retention by GLA
96.9%(FY18 | 91.8%)
Portfolio overview
Source: 2019 Interim Results
Market → Logistics (especially third party) tenants demanding shorter leases linked to their service contract
duration
→ Eskom load-shedding a major concern
→ Rental growth remains under pressure notwithstanding low vacancy
→ Local authority infrastructure deterioration affecting established nodes
→ Development yields under pressure due to competitive deal terms
→ Lease negotiations taking longer to conclude
→ Floor to eave height minimum 13 metres
Activity → Portfolio vacancy increased to 1.8% - still below national average of 3.3%
→ Proceeds of land sales amount to R90 million
→ Hirt & Carter development completed at Cornubia at 8.5% initial yield
→ Constant trade-off between renewal rentals and longer leases
→ Continued refreshing of properties for best use
→ Leases renewed over 60 417 m² (3.4% of portfolio) with rental reversion of -17.3%
Priorities → Tenant retention
→ Sale of Atlantic Hills land
→ National retailer development at Brackengate 2 over 52 500 m²
→ S&J Industrial Estate development (speculative building 18 568 m²) and land sales
→ Selective acquisitions to improve the quality of the portfolio
→ Management of operating costs
→ Disposal of non-core properties
13
Redefine Properties | Fixed income investor presentation – July 2019
International portfolio profile
18%
13%66%
3%Geographic spread by value
United Kingdom
Australia
Poland
Africa
59%
17%
14%
4%
6%Sectoral spread
Retail
Offices
Industrial
Student accommodation
Hotels
*Including Redefine’s foreign borrowings
**Including local assets and borrowings net of cash
Carrying value
R19.1bn(FY18 | R18,9bn)
Proportional share of
assets R35.5bn(FY18 | R32.6bn)
Proportional share of
debt* R32.5bn(FY18 | R29.9bn)
Listed securities
R11.8bn
(FY18 | R11.9bn)
Direct properties
R7.3bn
(FY18 | R7.0bn)
Redefine see-through
LTV** 50%
(FY18 | 46.1%)
Portfolio overview
Source: 2019 Interim Results
14
Redefine Properties | Fixed income investor presentation – July 2019
International portfolio highlights
Market → The UK commercial market continues to experience shocks and headwinds→ Demand for student accommodation in Melbourne massively outstrips
supply→ Continued growth in consumer spending in Poland sustains retail sales
growth→ Poland’s strategic location in central Europe, supply chain reconfiguration,
e-commerce and an expanding manufacturing sector poses opportunities for logistics in Poland
Activity → Leicester street occupancy at 78% for first semester
→ Value uplift post development of Leicester street amounts to AUD51 million
→ Europe Logistics Platform activity and priorities covered separately
Priorities → Provide ongoing strategic and financial support to our local partners
→ Options to stem value destruction by RDI being explored
→ Establish Leicester street as premier student accommodation facility
→ Complete Swanston street development for second semester 2020
→ Bring equity investor on board to expand logistics platform in Poland
Invested R1.5bn
into Poland
Acquired 44.3m EPP
shares for EUR64.9m
Chariot portfolio
underpinned by Metro
AG lease to 2024
RDI impaired by
R194.0m
Expansion of logistics
through 221 337m²
development
EPP NAV per share
EUR1.35
Leicester street
occupancy at 78%
EUR150m
exchangeable bond
refinance
Portfolio overview
Source: 2019 Interim Results
15
Redefine Properties | Fixed income investor presentation – July 2019
European Logistics Platform
Activity → Completed developments: Strykow→ Developments in progress:
→ Bielsko Biala Phase I→ Lublin II Phase I
→ Land acquired for development: Warsaw Airport VI
Priorities → Tenant retention
→ Filling vacancies on new developments
→ Replacing the vacating tenant at Lodz III
→ Increasing weighted average lease expiry profile
→ Improving portfolio quality through new developments
→ Completing the developments of Bielsko Biala Phase I, Lublin II Phase I andWarsaw Airport VI Phase I
→ Increasing weighting of the portfolio in primary logistics nodes
Value of income
producing assets
EUR232m
GLA under construction
143 664m2
Weighted average
unexpired lease term
3.9 years
Under constriction
EUR98.8m
at yield of 6.8%
Active GLA
391 184m2
Active vacancy
6.8%
Completed new
development of
EUR35.6m
at yield of 6.3%
Portfolio overview
Source: 2019 Interim Results
41%
12%
15%
4%
17%
4%
7%Tenant type by GLA
Retail distribution
Automtive
Third party logistics
Logistics services
e-commerce
Other
Vacant
16
Redefine Properties | Fixed income investor presentation – July 2019
Financial highlights
52.8 56.268.7 72.4 72.8
11.016.5
15.418.9 19.2
19.3 18.7 23.6 20.8 21.6
4.2 9.311.1 15.7 17.3
0
20
40
60
80
100
120
Local property assets
Local debt (net of cash)
International property assets
International debt
2015 2016 2017 2018 2019
LTV%
Rbn63.8
23.5
72.7
28.0
84.1
34.7
91.3
36.5
92.0
39.3
Analysis of property assets and debt
36.8% 36.5% 41.1% 40.0% 42.3%
H1 distribution up 4% to
49.2 cents
(HY18 | 5.5%bn)
Distributable income up
by 4.8% to R2.7bn(HY18 | 8.6%)
Operating margin
maintained at
82.2%
Total assets now
R99.2bn up R500m (FY18 | R98.7bn)
International income
contribution of 25.4%(FY18 | 25.3%)
Moody’s investment
grade rating
reaffirmed
Interest rates on 78.2%
of debt hedged(FY18 | 81.2%)
Market capitalisation at
R57bn(FY18 | R56.2bn)
Portfolio overview
Source: 2019 Interim Results
17
Redefine Properties | Fixed income investor presentation – July 2019
Simplified distributable income statement
HY 2019Rm
Hy 2018Rm
change%
NOI from investment properties 2 561 2 532 1.1%
Sundry income 39 19 105.3%
Total South African income 2 600 2 551 1.9%
Administration costs (133) (113) 17.7%
Net operating profit 2 467 2 438 1.2%
Net finance charges (484) (542) -10.7%
South African distributable income 1 983 1 896 4.6%
International distributable income 675 640 5.5%
Distributable income 2 658 2 536 4.8%
RmCents per
ShareY-O-Y
Change %
2018 H1 distributable income 2 536 47.3
Less H1 2018 non-recurring income (116) (2.2)
2018 H1 recurring distributable income 2 420 45.1
Less dilution arising from new shares (0.4)
Organic growth 124 2.3
2019 H1 recurring distributable income 2 544 47.1 4.4%
Add 2019 H1 non-recurring income 114 2.1
2019 H1 distributable income 2 658 49.2 4.0%
Portfolio overview
Source: 2019 Interim Results
18
Redefine Properties | Fixed income investor presentation – July 2019
Local active portfolio revenue growth Portfolio overview
Source: 2019 Interim Results
Office Retail Industrial Specialised Total
Active portfolio average rental escalation 7.6% 6.9% 7.7% 9.0% 7.3%
Renewal plus new lets net of expiries -2.1% -2.7% -1.0% -0.1% -2.1%
Growth in rental income 5.5% 4.2% 6.7% 8.9% 5.2%
Growth in other income -0.2% -0.2% 0.2% 0.0% -0.1%
Growth in 2019 property revenue 5.3% 4.0% 6.9% 8.9% 5.1%
Active portfolio NOI growth 3.8% 3.2% 5.2% 9.0% 3.9%
Total vacancy August 2018 % 16.0% 5.8% 1.2% 3.0% 6.9%
Total vacancy February 2019 % 15.6% 4.6% 1.8% 6.4% 6.6%
Vacant properties under redevelopment 1.9% 0.0% 0.0% 0.0% 0.5%
Vacant properties held-for-sale 1.6% 0.0% 0.0% 0.0% 0.4%
Active vacancy February 2019 12.1% 4.6% 1.8% 6.4% 5.7%
Net letting activity post February 2019 -1.6% -0.5% 0.0% 0.0% -0.4%
Current vacancy 10.5% 4.1% 1.8% 6.4% 5.3%
19
Redefine Properties | Fixed income investor presentation – July 2019
Capital structure and debt
3Section
Capital structure and debt
20
Redefine Properties | Fixed income investor presentation – July 2019
R’000Feb 2019
UnauditedFeb 2018
UnauditedAug 2018Audited
ASSETS
Non-current assets 95 994 497 87 288 727 95 843 287
Investment properties 75 614 607 65 910 557 74 395 956
- Fair value of investment properties 68 734 414 59 514 237 66 271 904
- Straight-line rental income accrual 2 351 720 1 944 111 2 197 947
- Properties under development 4 528 473 4 452 209 5 926 105
Listed securities 1 284 349 1 196 341 1 935 843
Goodwill and intangible assets 5 714 777 5 777 633 5 746 203
Investment in associates and joint ventures 11 307 432 11 429 435 11 508 630
Derivative assets 109 095 126 373 34 754
Loans receivable 1 430 437 2 638 095 1 930 342
Other financial assets 318 844 131 059 218 890
Property, plant and equipment 214 956 79 234 72 669
Current assets 2 721 249 1 816 024 2 300 847
Properties held-for-trading 523 759 122 294 28 943
Trade and other receivables 879 886 949 881 1 076 079
Loans receivable 891 539 41 711 767 806
Other financial assets - 253 875 -
Derivative assets 44 162 124 822 6 041
Taxation receivable 1 311 - -
Cash and cash equivalents 380 592 323 441 421 978
Non-current assets held-for-sale 455 408 4 304 959 549 089
Total assets 99 171 154 93 409 710 98 693 223
Balance sheet view
Source: 2019 Interim Results
R’000Feb 2019
UnauditedFeb 2018
UnauditedAug 2018Audited
EQUITY AND LIABILITIES
Equity 56 900 378 55 684 140 58 149 200
Shareholders' interest 56 404 502 55 265 885 57 677 363
Stated capital 44 329 101 43 411 827 44 329 101
Accumulated profit 12 293 025 13 328 202 12 617 787
Other reserves (217 624) (1 474 144) 730 475
Non-controlling interests 495 876 418 255 471 837
Non-current liabilities 35 599 730 26 094 697 35 513 831
Interest-bearing borrowings 31 716 141 22 930 662 31 151 253
Interest-bearing borrowings at fair value 2 355 961 2 079 117 2 502 753
Derivative liabilities 627 306 272 059 907 687
Other financial liabilities 82 492 11 638 86 167
Deferred taxation 817 830 801 221 865 971
Current liabilities 6 671 046 11 630 873 5 030 192
Trade and other payables 1 550 764 1 300 759 2 278 322
Interest-bearing borrowings 4 806 572 9 673 156 2 469 899
Interest accrual on interest-bearing borrowings 270 251 382 800 262 081
Derivative liabilities 31 149 19 112 13 852
Other financial liabilities 12 310 253 875 -
Taxation payable - 1 171 6 038
Total equity and liabilities 99 171 154 93 409 710 98 693 223
Number of shares in issue ^ ('000) 5 404 403 5 321 701 5 404 403
Net asset value per share¹ 1 058.81 1 053.56 1 083.25
Net tangible asset value per share² 953 944.99 976.93
^ Net of 361 396 896 (HY18 and FY18: 361 396 896) treasury shares
1 (excluding deferred tax and NCI) (cents)
2 (excluding deferred tax, NCI and goodwill and intangible assets) (cents)
Capital structure and debt
21
Redefine Properties | Fixed income investor presentation – July 2019
Accessing capital
Funding snapshot
HY2019
Rbn
FY2018
Rbn
Bank borrowings 13.2 12.4
Listed bonds and commercial paper 7.1 5.5
Foreign-listed bonds 2.4 2.5
Unlisted bonds 16.2 15.7
Total debt 38.9 36.1
Loan-to-value ratio 42.2% 40.00%
Average term of debt 3.5 years 3.6 years
% of debt secured 67.1% 70.40%
% of asset secured 67.7% 67.20%
Weighted average cost of ZAR debt 9.2% 9.3%
Weighted average cost of FX debt 1.6% 2.30%
Weighted average cost of total debt 6.2% 6.3%
% of ZAR debt hedged 79.2% 81.9%
% of FX debt hedged 76.5% 79.8%
% of total debt hedged 78.2% 81.2%
Average term of hedges 2.9 years 2.8 years
Undrawn facilities (Rbn) 6.2 3.8
Interest cover ratio 4.6x 4.3x
381
558
3 321
0 1 000 2 000 3 000 4 000
Vendor loan repaid
Recycling of capital
Debt raised
Sources of capital of R4.3 billion
Rm
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
Ma
y 1
8
Jun
18
Jul 1
8
Au
g 1
8
Sep 1
8
Oct 1
8
No
v 1
8
De
c 1
8
Jan
19
Fe
b 1
9
Ma
r 1
9
Ap
r 1
9
Ma
y 1
9
Drivers of the cost of capital
Redefine forward yield R186 yield 5 year swap rate
Capital structure and debt
Source: 2019 Interim Results
22
Redefine Properties | Fixed income investor presentation – July 2019
Debt funding profile
0
2
4
6
8
10
2019 2020 2021 2022 2023 2024 2025 2026
Maturity of South African debt
Debt Hedges
0
1
2
3
4
5
2020 2021 2022 2023 2024 2025
Maturity of foreign debt
Debt Hedges
Rbn
73% 71%
58%
68% 70% 67%68%60%
53%
63%67% 68%
0%
20%
40%
60%
80%
Aug 2014 Aug 2015 Aug 2016 Aug 2017 Aug 2018 Feb 2019
Secured debt / secured assets
Secured debt Secured assets
%
36.6
47.1
56.460.4
65.9 66.5
0
10
20
30
40
50
60
70
Aug2014
Aug2015
Aug2016
Aug2017
Aug2018
Feb2019
Equity headroom for the unsecured lender
27%33% 35% 36% 35%
43%
0%
10%
20%
30%
40%
50%
Aug2014
Aug2015
Aug2016
Aug2017
Aug2018
Feb2019
Unsecured debt / unencumbered assets
%
Rbn
Rbn
7%
2%
4%
5%
3%
6%
6%
0%
12%
8%
12%
35%
6%
2%
3%
3%
4%
5%
5%
5%
8%
11%
15%
33%
Others
Liberty
ING Bank
Nedbank
Investec
Exchangeable bond
Standard Chartered
Standard bank IOM
Standard Bank
Absa
Listed bonds
Unlisted bonds
Sources of debt (%)
HY19
FY18
Capital structure and debt
Source: 2019 Interim Results
23
Redefine Properties | Fixed income investor presentation – July 2019
Currency analysis of property assets and borrowings
* Net of cash and cash deposits on cross currency swaps
** The over exposure to GBP debt is due to the impairment of RDI
The debt has no recourse to the GBP assets, therefore it does not create liquidity risk but only NAV risk
HY 2019 FY 2018
Currency
Property assetsRbn
DebtRbn
LTV%
Weighted average cost %
Property assetsRbn
DebtRbn
LTV%
Weighted average cost %
Net ZAR* 72.9 21.5 29.5% 9.2% 72.4 20.9 28.9% 9.3%
AUD 2.3 1.8 78.3% 4.4% 2.1 1.4 66.7% 4.1%
EUR 12.6 10.9 86.5% 1.6% 11.9 9.4 79.0% 1.6%
GBP** 3.4 4.1 120.6% 3.1% 4.0 4.2 105.0% 3.0%
USD 0.8 0.6 75.0% 4.9% 0.9 0.6 66.7% 4.1%
Total 92.0 38.9 42.3% 6.2% 91.3 36.5 40.0% 6.3%
Capital structure and debt
Source: 2019 Interim Results
24
Redefine Properties | Fixed income investor presentation – July 2019
DMTN update and funding strategy
4Section
DMTN update and funding strategy
25
Redefine Properties | Fixed income investor presentation – July 2019
Funding strategy
Issuance and roadshow update
DMTN update and funding strategy
Source: DMTN Program Memorandum, H1 Interim Results
37% 37% 39% 41% 40% 42%
50% 50% 50% 50% 50% 50%
0%
10%
20%
30%
40%
50%
60%
70%
0%
10%
20%
30%
40%
50%
60%
70%
FY14 FY15 FY16 FY17 FY18 HY19
Redefine covenant performance
LTV (%) LTV Covenant (%)
100
200
100
700
501
284
500 500 500
0
100
200
300
400
500
600
700
800
Jul '19 Aug '19 Sept '19 Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 Mar '20 Apr '20
Issuance update (Rmn)
CP Bonds New Issuances
Closed
period
Closed
period
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Redefine Properties | Fixed income investor presentation – July 2019
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