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Additional Disclosure Of Group Property Portfolio Information And Segmental Information
REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/003468/06)
JSE share code: REB ISIN: ZAE000201687
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company”)
ADDITIONAL DISCLOSURE OF GROUP PROPERTY PORTFOLIO INFORMATION AND SEGMENTAL
INFORMATION
Shareholders are advised that the company’s audited financial statements for the year ended 31 August 2015 (“AFS”)
and the interim results for the period ended 28 February 2015 (“interim results announcement”) were selected for
review as part of the JSE Limited’s (“JSE”) pro-active monitoring process. Following the review process, the JSE has
requested an announcement to disclose the group information in respect of certain disclosures relating to the property
portfolio.
Shareholders are referred to the annual financial statements for the year ended 31 August 2015, dispatched to
shareholders on Monday, 29 February 2016 (the “August 2015 AFS”) and are advised that the information in respect
of the property portfolio disclosed therein included information for the Company only, and not the Group. The
respective subsidiary companies of Rebosis which include Ascension Properties Limited (Ascension”)
(59% ownership) and New Frontier Limited (“New Frontier”) (62% ownership) released their own full set of financial
statements for the same financial year.
The additional information in respect of the property portfolio for the Group (in accordance with section 13.18 of the
JSE Listings Requirements) is disclosed below.
GROUP PROPERTY PORTFOLIO INFORMATION
UNAUDITED
For the year ended 31 August 2015
Kwa-
a) GEOGRAPHICAL Eastern Zulu North Western
PROFILE % Cape Gauteng Natal West Mpumalanga Cape UK
By GLA 11% 45% 2% 1% 2% 14% 25%
By value 14% 46% 2% 1% 1% 11% 25%
By net property income 21% 61% 3% 3% -* -* 12%
By revenue 26% 52% 3% 3% -* -* 16%
* These geographic areas consist of the Ascension property portfolio. The effective date of acquisition of the Ascension property portfolio was
31 August 2015. As of this date no income relating to Ascension was included in the group for the year ended 31 August 2015.
b) SECTORAL
PROFILE % Retail Office Industrial
By GLA 42% 54% 4%
By value 47% 52% 1%
By net property income 47% 51% 2%
By revenue 44% 55% 1%
c) TENANT PROFILE %
Rebosis’ policy is to grade tenants on the following basis:
A = National and provincial government, large metro municipalities, national retailers and large blue chip
companies
B = Medium sized companies and franchisees
C = Other small tenants
The Group’s tenant profile at 31 August 2015 was as follows:
Rebosis Property Ascension Property New Frontier
Portfolio Portfolio Property Portfolio
Gross Gross Gross
monthly monthly monthly
rental GLA rental GLA rental GLA
A Retail 32% 29% - - 83% 79%
Office 54% 52% 66% 66% - -
Industrial 2% 4% - - - -
Total A grade 88% 85% 66% 66% 83% 79%
B Retail 6% 5% - - 2% 1%
Office - - 7% 6% - -
Industrial - - - - - -
Total B grade 6% 5% 7% 6% 2% 1%
C Retail 4% 5% - - 15% 16%
Office 2% 2% 24% 17% - -
Industrial - - 3% 5% - -
Total C grade 6% 7% 27% 22% 15% 16%
Total portfolio excluding vacancies 100% 97% 100% 94% 100% 96%
Vacancy Retail - 1% - - - 4%
Office - 2% - 5% - -
Industrial - - - 1% - -
Total vacancy - 3% - 6% - 4%
Total portfolio 100% 100% 100% 100% 100% 100%
Total number of tenants in C grade 65 65 449 449 76 76
d) VACANCY PROFILE Rebosis Property Ascension Property New Frontier
By sector by rentable area Portfolio Portfolio Property Portfolio
% % %
Retail 41% - 100%
Office 59% 93% -
Industrial - 7% -
Total 100% 100% 100%
e) LEASE EXPIRY PROFILE
REBOSIS PROPERTY By revenue
% By GLA %
PORTFOLIO
Retail Office Ind. Total Retail Office Ind. Total
Vacant - - - - 3% 3% - 3%
Monthly - - - - - - - -
31 August 2016 18% 8% - 12% 13% 7% - 9%
31 August 2017 12% 20% - 16% 9% 20% - 15%
31 August 2018 17% 20% - 18% 18% 21% - 19%
31 August 2019 16% 9% 100% 15% 15% 8% 100% 15%
After 31 August 2019 37% 43% - 39% 42% 41% - 39%
Total 100% 100% 100% 100% 100% 100% 100% 100%
ASCENSION PROPERTY By Revenue By GLA
% %
PORTFOLIO
Retail Office Ind. Total Retail Office Ind. Total
Vacant - - - - - 6% 1% 6%
Monthly - - - - - 1% 1% 1%
31 August 2016 - 26% 40% 23% - 30% 40% 29%
31 August 2017 - 5% 5% 6% - 4% 8% 5%
31 August 2018 - 15% 18% 16% - 21% 9% 20%
31 August 2019 - 26% 4% 22% - 16% 4% 14%
After 31 August 2019 - 28% 33% 33% - 22% 37% 25%
Total - 100% 100% 100% - 100% 100% 100%
NEW FRONTIER PROPERTY By revenue By GLA
% %
PORTFOLIO
Retail Office Ind. Total Retail Office Ind. Total
Vacant - - - - 4% - - 4%
Monthly - - - - - - - -
31 August 2016 13% - - 13% 12% - - 12%
31 August 2017 24% - - 24% 23% - - 23%
31 August 2018 9% - - 9% 9% - - 9%
31 August 2019 5% - - 5% 5% - - 5%
After 31 August 2019 49% - - 49% 47% - - 47%
Total 100% - - 100% 100% - - 100%
f) WEIGHTED AVERAGE
RENTAL PER M2 Rebosis Property Ascension Property New Frontier
By rentable area per sector Portfolio Portfolio Property Portfolio
Retail R128,1 - £181.9
Office R94,5 R102,0 -
Industrial R62,0 R47,4 -
Total R106,1 R99,1 £181.9
g) WEIGHTED AVERAGE
RENTAL ESCALATION Rebosis Property Ascension Property New Frontier
PROFILE Portfolio Portfolio Property Portfolio
By sector and rentable area % % %
Retail 7,4% - N/A**
Office 8,6% 8,8% -
Industrial 7,0% 7,6% -
Total GLA 8,0% 8,6% N/A
** Rentals are not escalated as the UK properties are in a low inflationary environment.
h) AVERAGE ANNUALISED Rebosis Property Ascension Property New Frontier
PROPERTY YIELD Portfolio Portfolio Property Portfolio
% % %
Total 8,5% 9,8% 6,6%
Shareholders are also referred to the unaudited results for the six months ended 29 February 2016, released on SENS
on Wednesday, 14 April 2016 (the “interim results announcement”) and are advised that the information in respect
of the property portfolio disclosed therein included information for the Company only, and not the Group. In addition,
the interim results announcement did not disclose details of the group operating segments as required by IFRS.
The additional information in respect of the property portfolio for the Group (in accordance with section 13.18 of the
JSE Listings Requirements) and the operating segments information is disclosed below.
GROUP PROPERTY PORTFOLIO INFORMATION
UNAUDITED
For the six months ended 29 February 2016
GEOGRAPHICAL Eastern Kwa-Zulu North Western
SPREAD % Cape Gauteng Natal West Mpumalanga Cape UK
By GLA 10% 42% 2% 1% 2% 12% 31%
By value 13% 41% 1% 1% 1% 9% 34%
By net income 11% 47% 2% 1% 2% 10% 27%
By revenue 15% 46% 2% 1% 1% 9% 26%
SECTORAL
SPREAD % Retail Office Industrial
By GLA 47% 49% 4%
By value 55% 44% 1%
By net income 45% 53% 2%
By revenue 48% 50% 2%
OPERATING SEGMENTS DISCLOSURE
UNAUDITED
For six months ended 29 February 2016
Property portfolio Admin and
corporate
Retail Office Industrial Total costs Total
2016 R000 R000 R000 R000 R000 R000
Property portfolio 404 932 412 580 15 180 832 692 46 832 738
Contractual rental income 411 120 421 944 12 776 845 840 - 845 840
Listed property securities
income - - - - 46 46
Straight line rental income
accrual (6 188) (9 364) 2 404 (13 148) - (13 148)
Net income from facilities
management - 10 577 - 10 577 - 10 577
Management fees received - - - - 9 191 9 191
Sundry income 573 8 - 581 128 709
Total revenue 405 505 423 165 15 180 843 850 9 365 853 215
Operating costs (98 695) (62 276) (1 608) (162 579) - (162 579)
Administration and corporate
costs - - - - (108 217) (108 217)
Changes in fair values 517 972 620 900 16 072 1 154 944 (69 946) 1 084 998
Finance charges - - - - (279 210) (279 210)
Segment profit before
taxation 824 782 981 789 29 644 1 836 215 (448 008) 1 388 207
Investment property 9 844 961 8 253 200 235 000 18 333 161 - 18 333 161
Other assets 5 467 97 973 - 103 440 513 253 616 693
Total assets 9 850 428 8 351 173 235 000 18 436 601 513 253 18 949 854
Total liabilitie 16 903 30 668 - 47 571 9 566 911 9 614 482
All other information contained in the August 2015 AFS and interim results announcement remains unchanged.
27 September 2016
Sponsor
Java Capital
Date: 27/09/2016 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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