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Value creation snapshot

In a year characterised by change as we continue with our transition from a capital growth fund to a premier South African-based real estate investment trust (REIT), we focused on the allocation of our capital to deliver sustainable income and capital growth. Specific goals included growing our distributable earnings, recycling capital and improving our interest cover ratio.


94.4 cents

2018: 80.7 cents


81.5 cents

2018: 74.0 cents

DPS growth


Guidance: 7.5% to 9.5%

Waterfall bulk roll out*

27 701m2

2018: 103 541 m2

Interest cover ratio

1.85 times

2018: 1.78 times



2018: 33.5%

Trading density growth


2018: 5.1%

FTSE/JSE Responsible Investment Top 30 Index

4.1 rating

2018: 3.5 rating

* PGLA based on effective ownership.
Comparative figures have been restated – please refer to AFS.

Chairperson and chief executive officer's review

In the face of significant local headwinds, Attacq has delivered good results and management has made progress in transforming the company from a capital growth company to a REIT.

Read review

Melt Hamman and Pierre Tredoux

Our value-creation process

Our value-creation process reflects the IIRC model shown below, where the flow of inputs (capitals or resources) is transformed by our business activities into outputs (what we use and produce) and outcomes (benefits or impacts for our stakeholders), all within an external environment that influences our decisions. This is a complex interplay, and our overarching objective is to generate positive outcomes for stakeholders, or at least mitigate negative impacts.

Our strategy

Our strategy is implemented through our key drivers, after considering risks and opportunities, stakeholders’ main requirements and our operating environment. Our performance is measured by KPIs.

Our remuneration policy, which includes our short-term incentive (STI) scheme and the performance conditions of our long-term incentive (LTI) scheme, supports our strategy. We design and calibrate the KPI targets of our STI and LTI schemes to ensure alignment with short-term and long-term value creation respectively, in line with our strategy. These targets have not been reviewed or reported on by our auditor.

Strategic matters

Achieving the discrete objectives under each strategic matter supports one or more of our key drivers. These are in turn all influenced by the availability, quality and affordability of our capitals. Our aim is to balance our use of the capitals, that is, to optimally allocate capital and where and when required, recycle capital, to achieve our objectives en route to our ultimate goal of sustainable income and capital growth.

Our strategic objectives span one to five years, setting out Attacq’s key short to medium-term goals.