Wrap Text
Investor update for the nine months ended 31 March 2021 - GRTI
Growthpoint Properties Limited”
(Incorporated with limited liability in the Republic of South Africa under registration number
1987/004988/06
(Bond issuer code: GRTI)
(“Growthpoint” or the “company”)
INVESTOR UPDATE FOR THE NINE MONTHS ENDED 31 MARCH 2021
We are pleased to present you with the FY21 nine-month trading update for the period 1 July 2020 to 31 March 2021.
We continue to focus on reinforcing our strong balance sheet in the short term, which will enable Growthpoint to continue
pursuing our three stated strategic priorities in future - internationalisation, streamlining and optimising our RSA
portfolio, and new income streams from funds management and third-party trading and development.
The R4.3bn equity raised in November last year, together with the R577m proceeds from the December 2020 Distribution
Reinvestment Plan (Drip), the R827m retained for FY20 and R499m retained for HY21 as a result of reducing the payout
ratio to 80%, have all contributed to bolstering our balance sheet and decreasing our group loan-to-value ratio (LTV) to
40.7% as at 31 December 2020. Property development activity has also been scaled back in the current environment and
there have been no material changes to the activity in our Trading and Development division from our HY21 results. We
continue to approximately match the value of capital and development expenditure (R533m at HY21) with assets sales
(R497.7m at HY21) thereby reducing the need for further debt.
Growthpoint is in a strong position despite continuing uncertainty in our operating environment, pressures on net
operating income resulting from deteriorating key performance indicators (KPIs) for the South African portfolio and the
knock-on effect to domestic property valuations.
Our international businesses, Growthpoint Properties Australia (GOZ), Globalworth Real Estate Investments (GWI) and
Capital & Regional (C&R), are all listed separately and have published their most recent market updates and, as such,
we refer you to these publications. However, the reduced dividends being paid by these entities continue to negatively
impact our earnings.
The effects of the COVID-19 pandemic on our business and our tenants have been significant. There was a dramatic
increase in tenant business rescue and liquidation cases from 2019 to 2020. The 13 cases in 2019 had a R6.7m impact on
arrears, most of which has been written off, compared with 39 cases in 2020 that have had a R124.4m impact on arrears.
Edcon, Ster-Kinekor and Consolidated Steel are the most significant examples. There have only been a few thus far in
2021, but more are likely to emerge once delays in processes and practitioner appointments are cleared. It will take
some time before the full impact of the pandemic and the restrictive and protective measures imposed to curb the
spread thereof can be accurately quantified.
Post HY21, Growthpoint provided a further R54.5m in discounts to tenants as well as an additional R5.3m in deferrals,
while R16.9m of deferrals previously provided have been recovered. Arrears decreased to R437.9m at end-March 2021
from R494.2m at end-December 2020 and R512m at FY20 with R80.9m written off during the nine-month period. An
additional R24.9m was provided for in the period bringing the total bad debt provision to R277.1m at end-March 2021.
RSA portfolio update
The South African macroeconomic challenges have been persistent, and the onset of the COVID-19 pandemic has set the
economy back by many years. It will likely take years for absolute GDP to return to pre-COVID-19 levels which ultimately
means that all property fundamentals and KPIs in our South African business will remain under pressure for the next 12
to 24 months.
We are, however, starting to see some green shoots. The May 2021 Business Confidence Index increased to 97.0 - the
highest in three years. The country’s Q1 current account surplus came in at 5% of GDP, and retail and car sales were
better than expected. South African corporates showed signs of recovery, with some solid results recently reported. The
sale of South African Airways is likely to alleviate further debt burden for the government.
KPI’s as of 31 March 2021
Retail Office Industrial GHPH T&D Total HY21 FY20
Vacancy 5.90% 19.50% 8.00% - - 11.00% 10.30% 9.50%
Renewal success rate for the nine-months ended 31 March 2021 88.60% 53.50% 62.20% - - 66.00% 68.00% 66.40%
Rolling 12-month renewal growth to 31 March 2021 -14.10% -14.40% -10.00% - - -13.40%
Quarterly build-up of weighted average renewal growth for the nine
-15.20% -15.10% -11.70% - - -14.50% -13.90% -6.70%
months to 31 March 2021
Weighted average renewal growth rate: 1 July 2020 - 30 September
-11.60% -13.20% -13.30% - - -12.90%
2020
Weighted average renewal growth rate: 1 October 2020 - 31 December
-16.00% -19.00% -8.20% - - -15.60%
2020
Weighted average renewal growth rate: 1 January 2021 - 31 March 2021 -16.30% -17.60% -11.70% - - -16.10%
Weighted average renewal lease period 3.9 years 4.7 years 3.0 years - - 3.7 years 4.0 years 3.7 years
Weighted average future escalations on renewals 6.20% 7.30% 7.40% - - 6.80% 7.10% 7.00%
Total arrears 177,145,192 100,651,663 123,541,074 27,562,964 9,026,610 437,927,502 494,195,506 510,967,503
Arrears 173,316,443 92,783,494 116,744,187 1,595,014 6,193,278 390,632,416 435,294,468 369,565,181
Deferrals not yet recovered 3,828,749 7,868,169 6,796,886 25,967,950 2,833,332 47,295,086 58,901,038 141,402,322
Collections for the month of March 2021 102.20% 102.10% 97.50% 100.00% 70.1%** 100.60% 99% 112%*
Collections: January 2020 - March 2020 100.00% 99.90% 98.60% 100.00% 97.40% 99.70%
Billings: January 2020 - March 2020 1,186,465,549 1,199,060,327 558,135,941 85,245,082 29,930,695 3,058,837,594
Collections: April 2020 - June 2020 81.40% 94.70% 91.90% 99.90% 104.70% 89.50%
Billings: April 2020 - June 2020 885,133,344 1,021,067,873 466,909,941 48,124,551 15,164,693 2,436,400,402
Collections: July 2020 - September 2020 93.60% 96.70% 95.00% 99.90% 98.80% 95.30%
Billings: July 2020 - September 2020 1,055,214,609 1,060,894,549 559,642,522 67,219,890 16,424,821 2,759,396,391
Collections: October 2020 - December 2020 99.35% 101.40% 97.73% 98.30% 99.92% 99.80%
Billings: October 2020 - December 2020 1,032,606,996 1,123,956,724 578,601,151 93,995,237 16,678,520 2,845,838,628
Collections: January 2021 - March 2021 103.28% 101.06% 98.61% 100.14% 82.19% 101.20%
Billings: January 2021 - March 2021 1,077,859,615 1,139,567,658 555,063,592 92,419,869 28,996,732 2,893,907,465
COVID-19 rental discounts granted: 1 July 2020 - 31 March 2021 103,758,075 24,959,241 12,034,607 - 4,753,235 145,505,158 90,965,367 277,994,083
COVID-19 net rental deferrals: 1 July 2020 - 31 March 2021 -280,808 -58,656,522 -39,214,148 1,210,910 2,833,332 -94,107,236 -82,501,284 141,402,322
COVID-19 rental deferrals granted: 1 July 2020 - 31 March 2021 3,919,829 7,593,711 11,140,821 4,122,063 3,529,013 30,305,437 25,007,693 158,793,447
COVID-19 rental deferrals recovered: 1 July 2020 - 31 March 2021*** -4,200,638 -66,250,233 -50,354,969 -2,911,153 -695,681 -124,412,673 -107,508,977 -17,391,125
*84% per FY20 results presentation.
** Arrears relate to deposit negotiations at the Cintocare Hospital.
***Deferral recoveries exceed deferrals granted due to large deferrals granted in prior periods.
Office sector
Many tenants want to return to their offices but are yet to do so in light of South Africa’s delayed Covid-19 vaccine roll-
out and the arrival of the third wave of the pandemic locally. Given the uncertainties around their future office
requirements, businesses remain cautious about committing, resulting in low new letting levels of 131 225m² in the first
nine months of FY21. Generally, tenants continue to look at options to downsize. They are however willing to make
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longer lease commitments in exchange for early renewals and are prepared to pay lease cancellation fees. While both
are welcome solutions, they invariably contribute to increased vacancies because theses early renewals are often in
respect of less space.
Vacancies increased to 19.5%. Tenants have many options when looking at new premises , including sub-let space from
other downsizing businesses that is fitted out and often furnished. Our most significant concentration of offices is in
Sandton, where 21.1% of the total office gross lettable area (GLA) is located. It is also where we have our biggest vacancy
exposure at around 84 000m² or 25.4% of total office vacancies. In Gauteng, vacancies are pervasive. The region is under
significantly more pressure than KwaZulu-Natal and the Western Cape, where vacancies are concentrated in one or two
buildings. Non-renewals added 119 371m² of vacant space, of which some 20 000m² relate to renewals with reduced
space requirements. Leases were terminated in relation to 42 827m² of space.
Although significantly reduced, we are still receiving requests for relief from tenants whose businesses are under
pressure. However, our collection of rental deferrals previously provided has been better than expected.
Arrears of R92.8m at 31 March 2021 equates to 19.4% of collectables, down from R106m at HY21, with many of the
persistent and larger arrears provided for.
We achieved a renewal success rate of 53.5%, and the average renewal lease term has increased to 4.7 years largely as
a result of the signing of a significant lease with Absa in Sandton. Longer lease periods are still being attained at the
expense of renewal rental growth, which at end-March 2021 was -15.1%. With an oversupply of space in the market and
pressure on occupancy levels, rental renewal growth will inevitably face continued downward pressure across the entire
sector.
Five non-core assets are in various stages of disposal for approximately R340m.
Retail sector
Some retail categories such as supermarkets, pharmaceutical, homeware, general value and value fashion are recovering
faster than others, but most of our tenants are still trading below pre-Covid-19 levels. Consumers remain under pressure,
with rampant unemployment, low consumer confidence and high debt to disposable income ratios.
Centre categories have also performed differently, with community centres outpacing all others to show trading density
growth.
For many years rental escalations have outpaced turnover growth, as have administered costs recovered from tenants,
and this has led to retailers’ cost of occupation and affordability levels deteriorating. We continue to assist retailers in
the restaurant, fast food, entertainment, travel and personal care categories through discounts , deferrals or
restructuring leases to more sustainable rentals. We provided relief of R103.8m in discounts and R3.9m in deferrals, with
R4.2m of prior deferrals recovered in the nine months. Pressure again mounted at the beginning of the 2021 calendar
year after increased restrictions were introduced during the second wave in December 2020. Further relief requests are
anticipated as we enter the third wave.
The 88.6% renewal success rate was achieved by renewing leases over 178 302m² of the 201 231m² that expired in the
period. Renewals were concluded at a weighted average renewal growth of -15.2% in a highly competitive and challenging
market, clouded by uncertainty. Retailers are focusing on cost containment and are negotiating reduced rentals and
escalations to achieve this. This has resulted in downward pressure on rental levels at lease expiry and, in a few extreme
cases, mid-lease. Consequently, the weighted average rental renewal growth on expiry continued to regress.
Arrears have reduced to R173.3m and represent 31.8% of collectables as of 31 March 2021, down from R219.9m as of 31
December 2020. Edcon arrears have been written off. Ster-Kinekor and CNA, which are both in business rescue, are our
largest arrears and account for 14% of total arrears.
We have nine leases each with Ster-Kinekor and CNA representing 21 020m² and 3 491m², respectively.
Vacancies edged up to 5.9% from December’s 5.4%, and the core vacancy (excluding offices and space under
development) is 5.3%.
Six non-core shopping centres are in various stages of disposal for around R500m. Edgars Bloemfontein transferred in
HY21.
Industrial sector
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As the preferred asset class in the current environment, industrial property is not immune to pressures on vacancy rates,
rental growth, asset values and increased bad debts. Generally, tenants are consolidating and not expanding. Lease
lengths remain short, linked to uncertainty and a lack of business confidence. Economic pressures resulted in industrial
vacancies across South Africa spiking, leading to a drop in average market rentals. Industrial businesses are striving to
capitalise on more favourable lease terms in tenant-friendly market conditions, and landlords are acquiescing to minimise
their property holding costs.
The initial surge in tenant requests for rental deferments and discounts has significantly abated due to the recent uptick
in the economy and the associated increased retail sales from the low base of the second half of 2020. This growth trend
could continue, albeit at a slower pace, depending on the consequences of the third wave of COVID-19. Our tenants in
the events, leisure, and associated industries are still under significant pressure with strict social gathering restrictions.
We remain focused on retaining tenants, thereby protecting income and occupancies. However, an oversupply of space
means tenants are spoilt for choice, and this has impacted vacancy rates. Escalations at rates in excess of inflation has
resulted in in-force rentals exceeding market rentals, placing pressure on rental reversions and resultant valuations.
Leases over 353 000m² of industrial space expired in the nine months, of which 220 050m², or 62.2%, was renewed with
a weighted average renewal growth rate of -11.7%.
Industrial vacancies moved to 8.0% from 7.1% at the half-year. The lowest vacancy levels are in Durban at 3.8%, followed
by Johannesburg at 8.8%, and then Cape Town at 10.0% as a consequence of completing our new Mill Road development
in Cape Town shortly before the COVID-19 lockdown of which 14 000m² remains unlet.
Arrears of R116.2m at 31 March 2021 equates to 25.3% of collectables, increasing from R109m at HY21. Many of the
major and stubborn arrears relate to increased business rescue and liquidation processes.
We remain focused on building a premium industrial portfolio of modern logistics and warehouse facilities and have had
success in selling many non-core properties given the demand for assets in this sector, with 20 assets of R640.9m in
various stages of transfer at 31 March 2021.
V&A Waterfront
The initial lockdown and subsequent halt of international tourism, events and business travel has materially impacted
the number of visitors to the V&A Waterfront and caused footfall for the nine months to end-March 2021 to drop to 10.3
million visitors, 50% lower than the nine months to end-March 2020. However, there has been a steady increase in
visitors, and current footfall levels are at 70% to 75% of the 2019 comparative period. The temporary lack of international
tourism accounts for approximately 30% of the shortfall, severely impacting the hospitality and tourism sector with
substantial implications for the V&A’s hotels, jewellers, restaurants, tourism and leisure-focused retail attractions.
The robust office sector at the V&A Waterfront advantageously includes a high percentage of blue-chip tenants. However,
employees' slow return to the office means lower footfalls during the week.
Gross revenue was 35% below the same period in March 2020, driven by a 45% and 51% drop in the retail and hospitality
sectors, respectively. This resulted in a 51% reduction in earnings before interest and tax (EBIT) to R471m for the nine
months to 31 March 2021 of which 50% accrues to Growthpoint. Although vacancies increased slightly to 2.9%, this remains
well below the industry average. Arrears increased to R196m, of which R94m is provided for.
Developments
The V&A Waterfront obtained approval from the City of Cape Town to allocate approximately 100 000m2 of its existing
bulk rights to expand the 10.5-hectare Canal District. The estimated R3.9bn pipeline of developments will include
projects on either side of Dock Road and around the Battery Park development. The Canal District is the first point of
contact for visitors entering the V&A Waterfront from the city and creates a seamless link to Dock Road in the
Waterfront from the CBD.
In December 2020, the new 9 350m² office for Deloitte was completed and received a 6-Star green star design rating,
signifying world-leading sustainability performance. Makers Landing, a 3 300m² kitchen incubator supporting early-
stage businesses and entrepreneurs in the food industry, created around 130 jobs when it opened in December 2020,
with R20m in funding received from the Jobs Fund.
Retail
- Vacancy levels, excluding premises under development, are 1.6% of gross lettable area.
- Arrears amount to R78m, of which R53m is provided for.
- R198m of discounts have been processed for the nine-months to 31 March 2021.
- A new banking mall has opened in the old Ster-Kinekor space.
- New leases signed include Sportsmans Warehouse, Mr Price Sport, Factorie, ARC, BoConcept and Molteni and the
first Faithful to Nature bricks and mortar store in the country has also opened.
- The reconfiguration of the ex-Edgars space is underway and progressing well. It includes the extension of Zara,
which will become the brand’s flagship store in the Western Cape.
- Retail sales of R377m for March 2021 were 7.4% higher than sales in March 2020 but 34.4% lower than in March
2019 due to reduced jewellery, curio and restaurant trade.
- Weekly footfalls in May 2021 averaged nearly 70% of those in May 2019.
Offices
- The robust office portfolio has been resilient, with blue-chip tenants comprising approximately 64% of GLA.
- Vacancies remain relatively low at 2.3% of GLA.
- Arrears amount to R19m, of which R9m has been provided for.
- The portfolio remains stable, with rental relief limited mainly to ancillary retail tenants in office buildings.
Discounts of R20m have been processed.
- No major leases are up for renewal in the next 12 months. However, where leases are up for renewal, downward
pressure on renewal rentals is expected.
Hotels and residential
- Hotels opened in a phased fashion between October and December 2020 except for the Cape Grace and
Commodore Hotels, which remain closed.
- 5 and 6-star hotels in the V&A generate 70% to 75% of revenue from international tourists and are materially
affected while the country remains temporarily deprived of foreign travellers.
- The average occupancy rate increased to 29.6% during December, then reduced to 12.7% in January after the
announcement of further lockdown restrictions just before the new year, and is currently at 28%. The average
daily occupancy rate in Q3 of FY21 was 89.7% of that in Q3 of FY20.
- The V&A is assisting its hotels with rental discounts and deferrals.
- Arrears amount to R87m, which includes R65m of rental deferments. Provisions amounting to R28m have been
raised against these arrears, and discounts amounting to R32m have been processed.
- Notwithstanding a significant oversupply of residential units in the catchment area, V&A residential vacancies
are gradually improving and rental collections remain stable at the 93% mark.
Marine and industrial
- The fishing industry traded as normal throughout the lockdown period and continued to pay rent.
- Attractions such as the Two Oceans Aquarium, Zeitz MOCAA, boat and helicopter charter businesses rely on local
and foreign tourism and have been severely impacted. The Covid -19 related restrictions on capacity have had a
further effect on these businesses.
- The cruise terminal remains closed, with no clear indication of when activity will resume.
- Casual shipping, superyachts and yachting sectors have remained strong with the support of the export yacht
building businesses.
- Arrears amount to R12m, of which R4m is provided for, and discounts amounting to R13m have been processed.
Funds management
Growthpoint Healthcare Property Holdings (GHPH)
The healthcare fund continues to build a promising pipeline of development and acquisition projects.
All tenants are paying rent as per lease arrangements. Deferrals provided last year have mostly been collected. Only
three months of the 12-month rent deferment provided to one hospital will remain due after FY21.
The fund concluded the acquisition of 51% of the Busamed Paardevlei Hospital property in Somerset West for R98.7m.
Busamed will use part of the proceeds to pay the COVID-19 rental deferment arrangements GHPH provided to the
Busamed Hillcrest and Gateway Hospitals.
Transfer of the Cintocare Hospital, developed by the Growthpoint trading and development division, is imminent. We
are hoping that it will transfer before 30 June 2021.
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The transaction with the IFC for a US$80m equity and convertible debt package is nearing closure. The funds should flow
in early FY22. A bridging facility has been arranged with a local bank to fund both the Busamed Paardevlei and Cintocare
acquisitions in the interim.
GHPH continues to engage with development finance institutions (DFIs), institutional investors, asset consultants and
pension funds regarding a further equity raise.
Lango Real Estate Limited (Lango)
Lango (previously Growthpoint Investec African Properties) continued to deliver robust performance despite challenging
markets. In terms of acquisition activity, it acquired the remaining minority shareholdings in the Wings Office Complex
in Lagos, Nigeria, in January 2021 and the Stanbic Heights office building in Accra, Ghana.
Having deployed all its initial equity raised and having achieved significant further growth, Lango recently announced a
second fundraising period, which commenced on 1 May 2021 and will run for six months to 31 October 2021. The
fundraising process will enable existing investors to follow pre-emptive rights and allow potential new investors to
subscribe for shares.
Lango budgeted for rental concessions and deferrals in the 2021 financial year of US$2.8m to support small business
tenants through the COVID-19 crisis, and smaller retail tenants in particular. The provision of additional support post the
2021 financial year is currently not envisaged. The various markets in Africa in which Lango is invested continue to show
signs of recovery and are re-gaining ground to pre-Covid levels of trade. Consequently, Lango continues to see a steady
improvement in footfall and turnover metrics at its retail centres.
Following the unrest in Nigeria in late 2020, which resulted in property damage to Circle Mall, a complete reinstatement
project is underway, with completion anticipated in late 2021 or early 2022. In the interim, the property’s income is
protected by comprehensive insurance cover.
Lango’s asset portfolio value is expected to be adjusted marginally downwards by around 3% following an independent
annual valuation of its assets, which considers current market conditions. Any valuation adjustments are expected to be
significantly offset by the accretive nature of Lango’s various transactions concluded during the year, including the
minority transactions mentioned above. While the underlying operational performance of the assets remains robust,
certain markets are challenging. Currency liquidity and convertibility issues, particularly in Nigeria, are complicating
Lango’s ability to externalise income generated in that country. This process is more straightforward for assets in Ghana
and Zambia, highlighting the value of diversification. Nonetheless, Lango expects to announce a final dividend for its
2021 financial year shortly. This dividend will follow its maiden distribution, which was declared and paid to shareholders
in December 2020.
Lango’s LTV remains relatively stable and the business recently completed a full restructure of its entire debt portfolio.
The US$300 million debt restructure, reported to be the largest real estate finance transaction to be concluded in Africa
(ex-South Africa), has resulted in a lowered cost of funding for the Lango group, as well as enhancing its operational
activities through a simplified debt structure and a set of risk covenants which have been harmonised across the business.
Lango’s management company is also in active discussions to introduce a B-BBEE partner in 2021.
International investment update
Our Australian investment is a standout performer given that GOZ has no exposure to retail assets, and that the country
and company have been relatively unaffected by the pandemic. It’s mainly single-tenanted, fringe/ suburban located
office properties have also fared well in this environment, compared with CBD offices. Preliminary external valuations
indicate a 5.4% uplift from 30 December 2020 for the office portfolio and an increase of 10.9% for the industrial portfolio.
The significant rerating of industrial assets across the sector was demonstrated by several large direct property
transactions, driven by substantial international and domestic demand for high-quality industrial assets. These valuations
are subject to finalisation and audit and could be revised upward or downward. GOZ has a healthy balance sheet with
plenty of debt headroom and no near-term debt expiries. It has a quality portfolio with strong tenancies, low vacancies
and long weighted average lease expiry.
GWI’s retail exposure is also negligible, and it benefits from very strong tenancies and a high-quality portfolio. Our
investment in GWI is currently under Offer, and the Growthpoint Board has advised that it agrees with the GWI
Independent Committee’s belief that the offer significantly undervalues the company, its assets and prospects, and has
confirmed that we do not intend to accept the offer. The Offer has been extended and will remain open for acceptance
until 30 June 2020, the next closing date. As such, Growthpoint shareholders are advised to continue to exercise
caution when dealing in Growthpoint securities until a further announcement is made in this regard.
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C&R, our pure retail investment in the United Kingdom, has been severely impacted by COVID-19 and the extensive
lockdown measures in the United Kingdom. The easing of these measures and reopening of the economy has seen 95% of
tenants trading and footfall rapidly returning to strong levels. On the balance sheet side, further waivers for debt
covenants have been obtained.
Treasury and capital management
Total nominal debt at the end of March 2021 was R37.9bn. Our R750m bond auction in April 2021 was three times
oversubscribed. We successfully placed R249m of three-year paper at 155bps over the Johannesburg Interbank Average
Rate (Jibar) and R498m of five-year paper at 199bps over Jibar. The proceeds were used mainly to repay maturing bonds:
R594m in May 2021 and R100m in June 2021.
In line with our objective to decrease the Company's exposure to offshore funding in respect of our offshore investments,
we settled a ZAR/EUR cross-currency interest rate swap (CCIRS) of EUR43m.
At the end of March, unutilised committed facilities totalled R5.0bn, and the surplus cash balance was R2.0 billion.
The weighted average term of all liabilities was 3.0 years at the close of the third quarter. Growthpoint’s weighted
average interest rate was 8.1% (8.2% FY20). Including CCIRSs and foreign-denominated loans, it decreases to 5.9% (5.9%
FY20). A total of 85.8% of our interest rate book was hedged for a weighted average term of 2.9 years.
The quantum of dividends we expect to receive from GWI is less than initially anticipated due to the impact of COVID-
19 and GWI now paying a more sustainable level of dividends. Due to this decrease, the Euro dividend currency exposure
is over hedged. Anticipated FY21 dividends from Lango and GOZ are well hedged.
We are considering various alternatives for our USD425m Eurobond, which matures in May 2023.
Conclusion
Notwithstanding the tough conditions facing the South African business, with a further deterioration in all property KPIs
expected, the diversified nature of our business and the sectors and geographies in which we operate continue to make
Growthpoint a defensive investment.
We remain focused on further bolstering our balance sheet in the short term to enable us to execute our strategies
effectively. We intend to continue to pay dividends twice a year of at least 75% of distributable income, to preserve our
REIT status.
Growthpoint will release its FY21 results on Wednesday, 15 September 2021.
This information is the responsibility of the Directors and has not been reviewed by our external auditors.
Management call
A Q&A call with management will be hosted by Investec Securities at 16:00 South African time on 24 June 2020, please
email sadiya.petersen@investec.co.za to register.
Johannesburg
24 June 2021
Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division
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Date: 24-06-2021 09:59:00
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