| Tue 31 Aug 2021, 8:00 | | SPEAR REIT LIMITED - Pre-Close Investor Presentation and Trading Update |
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Pre-Close Investor Presentation and Trading Update
SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)
PRE-CLOSE INVESTOR PRESENTATION AND TRADING UPDATE
Shareholders are referred to the announcement published on SENS on 17 August 2021,
advising that Spear’s pre-close investor presentation and trading update in relation to the six-
month period ended 30 August 2021, will be held at 12h00 SAST today, Tuesday, 31 August
2021, via a virtual presentation.
Shareholders are reminded that the presentation details are as follows:
- View and listen mode
- Link: https://youtu.be/RAnja0QJN_g
- Presentation slides will be made available on Spear’s website shortly before the
broadcast of the presentation under investor relations / financial results / presentations,
at the following link: https://spearprop.co.za/investor-relations/
- Questions may be e-mailed during the presentation to: info@spearprop.co.za
Salient details included in the pre-close investor presentation and trading update are as
follows:
• Amidst tough trading conditions the portfolio has navigated the interim period with
forecast aligned collections and occupancy rates. Portoflio performance has been
sound in the light of the ongoing Covid-19 operating environment;
• 95.06% of revenue billed has been collected (94.15% compared to budget);
• Spear has R150 million of cash availablity, no going concern risks, solvency &
liquidity tests have been passed;
• Average cost of debt reduced by 18 bps during the interim period to 7.08% and R280
million of debt was refinanced during the interim period;
• a 94% tenant retention rate on lease renewals during interim period on circa
79 826m2 of space that came up for renewal;
• Year-to-date July 2021, rental reversion achieved a combined negative 5.79% across
all sectors, excluding hospitality.
• New fixed lease at 15 on Orange commenced 15 August 2021 with a positive rental
reversion of 221.24%;
• Total Potrfolio rental reversion positive 24.52% (Office, Industrial, Retail &
Hospitality);
• TNAV as at the end of July 2021 is R11.86, being a 3.13% increase from prior year
end;
• Loan to Value (“LTV”) as at the end of July 2021 is 46.26% and no significant total
portfolio fair value decrease is expected at interim period end;
• Interest cover as end July 2021 is 2.15x from 2.11x at prior year end;
• A interim distribution will be made and announced in October 2021 interim results
announcement; and
• Payout ratio to be within a range of 80% to 95% of distributable income per share
(DIPS).
Cape Town
31 August 2021
Sponsor
PSG Capital
Date: 31-08-2021 08:00:00
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