Business overview
Our strategy
Key to implementing our strategy and delivering on our KPIs is the recycling of capital.
Our strategy is implemented through our four key value drivers, after considering risks and opportunities, stakeholders' main discussion points and our operating environment.
Our performance is measured by KPIs. Our remuneration policy, including the performance conditions of our long-term incentive scheme, supports our strategy. These targets have not been reviewed or reported on by our auditor.
Exceptional, sustainable growth

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To be a premier property company, we need to deliver long-term sustainable growth. We continue to identify non-core properties within our South African portfolio as well as non-core investments across the group for disposal. We will redeploy this capital by repaying interest-bearing debt and funding our Waterfall development pipeline. This has become an even greater focus for management with the conversion to a reit, by ensuring capital is appropriately allocated to cash-yielding investments. |
Strategic KPIs | 2017 result |
2018 target |
2018 result |
Success indicator |
2019 target |
2020 target |
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FINANCIAL | |||||||||||
Distributable earnings per share** (cents) | 19.7 | 73.0 | 75.0 | ✓ | 79.6 to 81.0 | 89.9 to 93.2 | |||||
Distribution growth (%) | – | – | – | N/A | 7.5 to 9.5 | 13.0 to 15.0 | |||||
Total return* (%) | 14.2 | 15.0 | 12.4 | x |
* Total annual compounded return over a five-year period.
** Unaudited 2017 result.
We focus on the interest cover ratio as an indicator of the affordability of our debt while striving to keep gearing levels below 35.0%.
Strategic KPIs | 2017 result |
2018 target |
2018 result |
Success indicator |
Medium term |
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FINANCIAL | ||||||||||
Interest cover ratio (times) | >1.1 | >1.3 | 1.6 | ✓ | >2.0 | |||||
Gearing (%) | 37.1 | Below 40.0 | 35.8 | ✓ | Below 35.0 |
Waterfall City and Waterfall Logistics Hub

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Second key value driver: Waterfall development Our key differentiator from other REITs is the development opportunity in our Waterfall precinct, comprising Waterfall City – an integrated city that works, and Waterfall Logistics Hub – Gauteng's logistics hub of choice. We are focused on densifying Waterfall City through quality commercial and residential developments and building a green, smart city. |
Strategic KPI | 2017 result |
2018 target |
2018 result |
Success indicator |
2019 target |
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NON-FINANCIAL | ||||||||||
Waterfall bulk roll out (m2) | 348 962 | 210 000 over a rolling three-year period |
301 653 | ✓ | 172 500 over a rolling three-year period |
Retail and mixed-use precincts

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First key value driver: South African portfolio We are focused on dominating retail and mixed-use precincts in South Africa. Our success is measured by trading density growth as evidence of our quality assets and property management skills. |
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Third key value driver: Investment in MAS We play an investment management role in MAS. MAS achieved its guidance of 30.0% distribution growth for 2018. It has indicated a further 15.0% distribution growth for the 2019 year. |
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Fourth key value driver: Rest of Africa retail investments No further expansion will be made in this portfolio. Management continues to focus on optimising net income and asset value. |
Environment, social and governance

How we manage our natural resources influences the cost of occupancy for our tenants and our impact on the environment.
Our emphasis is on transformation and localisation, giving direction to our company culture. Corporate social investments are made through the Attacq Foundation.
We believe that achieving the highest standards of corporate governance is key to the sustainability of our business, attaining our vision and strategy, as well as creating and sustaining value for all stakeholders in the short, medium and long term.
Strategic KPI | 2017 result |
2018 target |
2018 result |
Success indicator |
Short term |
Medium term |
Long term |
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NON-FINANCIAL | ||||||||||||
Transformation (based on adjusted property charter) | Level 4 (previous property charter) | Level 4 | Level 2 | ✓ | Level 4 | Level 3 | Level 2 |