Integrated
Report

2019

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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.

DEPS

94.4 cents

2018: 80.7 cents

DPS

81.5 cents

2018: 74.0 cents

DPS growth

10.1%

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

Gearing

37.7%

2018: 33.5%

Trading density growth

6.8%

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.