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2023 Highlights

118.14 cents | up 5.6% y-o-y
Total dividend

17.3% and 15.3%
Growth in rental income and net property operating income

9.8% | SA 9.8%; UK 8.9%
Growth in same-store rental income

SA 91.0%; UK 84.2%
Total occupancy, with same-store occupancy over 90% in SA

21 200 m2 GLA| SA 19 200 m2; UK 2 000 m2
Increase in portfolio occupancy

R10.4 billion1 | up 12.2%
Net investment property value

Loan To Value (LTV) ratio, with net debt effectively hedged at 83.5%

13 properties | (SA 9; UK 4)
Development pipeline

6 Developments
Scheduled for completion in FY24 (SA 3; UK 3)

Nedbank JV
First development completed at Morningside

Moorfield JV
First development completed at Bath

Nuveen JV
Entered into a JV with Nuveen and acquired four-store Easistore portfolio in south east England

1Net of leasehold obligations and excludes properties held in JVs.