SPEAR REIT LIMITED - Trading Update

Trading Update

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
Approved as a REIT by the JSE
(“Spear” or “the Company”)

TRADING UPDATE

Spear wishes to advise shareholders that amidst tougher trading conditions Spear remains
operationally sound and performance remains in line with the published guidance of 6-8%
growth in distribution per share for the 2020 financial year.

In addition, Spear wishes to provide the following updates in relation to leasing:

No.2 Estuaries, Century City:

The entire office block consisting of 4 199m2 of GLA, has been fully let on a long-term lease
to a leading legal services provider, as of 1st December 2019, in line with management’s
forecast.

No.1 Waterhouse, Century City:

Whilst the final redevelopment work to parts of the building are nearing completion, of the
10 500m2 of GLA approximately 50% has been let to high quality corporate tenants in line with
management’s forecast. A significant amount of lettable space is under advanced negotiations
with a high prospect of finalisation in line with management’s forecast. The rental guarantee
on any vacant space in this property remains in place until June 2020.

Portfolio occupancy rates remain at 98%, as a result of Spear’s hands on asset management
approach.

The forecast confirmation in this trading update has not been reviewed and reported on by the
Company’s auditors.

Cape Town
12 September 2019

Sponsor
PSG Capital

Date: 12/09/2019 11:45:00
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