2022 Highlights

	111.90 cents Total dividend
	7.5% Growth in distributable income per share
	16.5% Total return¹
	15.0% and 16.7% Growth in rental income and net property operating income
	12.3%\| SA 10.0%; UK 21.2% Growth in same-store rental income
	88.1%\| SA 88.1%; UK 88.3% Total occupancy, with same-store occupancy over 90% in SA and the UK
	24 100 m² GLA\| SA 9 700 m²; UK 14 400 m² Increase in portfolio occupancy
	R9.26 billion² \| up 22.4% Net investment property value
	27.9% Loan To Value (LTV) ratio, with net debt effectively hedged at 84.3% for 3.5 years
	R575 million \| Raised in oversubscribed bookbuild Equity capital raise in January 2022
	£21 million \| Seven-year sustainability-linked loan from Aviva Investors Completed restructuring of GBP debt facilities
	14 properties \| Development pipeline Secured four new opportunities (SA 2; UK 2)
	10 properties \| SA development pipeline Representing c. R900 million and 60 800m² GLA
	Nedbank JV Construction commenced at Morningside and Bryanston
	Moorfield JV Construction commenced at Heathrow and Bath
	11 trading properties \| Acquisitions completed Two properties in South Africa and nine in the UK

¹Calculated as distributable income per share for the year plus increase in tangible net asset value (TNAV) per share as a percentage of TNAV at start of the year.
²Net of leasehold obligations and excludes properties held in JVs.

	111.90 cents Total dividend
	7.5% Growth in distributable income per share
	16.5% Total return¹
	15.0% and 16.7% Growth in rental income and net property operating income
	12.3%\| SA 10.0%; UK 21.2% Growth in same-store rental income
	88.1%\| SA 88.1%; UK 88.3% Total occupancy, with same-store occupancy over 90% in SA and the UK
	24 100 m² GLA\| SA 9 700 m²; UK 14 400 m² Increase in portfolio occupancy
	R9.26 billion² \| up 22.4% Net investment property value
	27.9% Loan To Value (LTV) ratio, with net debt effectively hedged at 84.3% for 3.5 years
	R575 million \| Raised in oversubscribed bookbuild Equity capital raise in January 2022
	£21 million \| Seven-year sustainability-linked loan from Aviva Investors Completed restructuring of GBP debt facilities
	14 properties \| Development pipeline Secured four new opportunities (SA 2; UK 2)
	10 properties \| SA development pipeline Representing c. R900 million and 60 800m² GLA
	Nedbank JV Construction commenced at Morningside and Bryanston
	Moorfield JV Construction commenced at Heathrow and Bath
	11 trading properties \| Acquisitions completed Two properties in South Africa and nine in the UK