Investor Presentation AVIOR JUNE 2016
Proceedings Introduction Highlights Transfer of assets Financial Performance Pipeline Management Team Mozambique Update Investment Criteria Partners Shareholder Profile Anfa Place Proposed Redevelopment Anadarko/Gas Industry Update Prospects Annexure A: Existing Portfolio Anadarko Building, Mozambique 2
INTRODUCTION
Introduction to Mara Delta In A pan-African property income fund underpinned by US Dollar denominated long-term leases with high quality tenants delivering strong sustainable income First African (excluding South Africa) focused property fund listed on the JSE and SEM Offers investors exposure to USD-yield investment Average property value – US$36.0 million* Management team with over 45 years (of Africa) experience and relationships In-country asset and property management teams Property portfolio (current and pipeline) underpinned by long term leases with strong counterparties Strategic anchor shareholders * Including assets under transfer MISSION STATEMENT: Within the next 5 years, become the leading real estate owner on the African continent outside of South Africa, focusing on income producing assets with extremely strong counterparties to ensure consistent growth of shareholder value 4
HIGHLIGHTS
Highlights (for the nine months ended 31 March 2016) H1 2016 distribution – US$6.17 cents per share (01 July 2015 – 31 December 2015) Distribution forecast (June 2016) – 3- 6% growth on the previous year’s full year distribution of US$11.28 cents per share Total investment property – US$280.6 million (US$467.4 million incl. assets under transfer) Morocco: US$102.4 million Mozambique: US$123.2 million Mauritius: US$14.4 million Zambia: US$40.6 million Total capital raised to date – US$169.3 million US$130.7 million (FY2015) and US$38.6 million (FY2016 to date) NAV of US$184.77 cents per share excluding FCTR (US$161.04 cents per share including FCTR) WACD – 5.79% (from March 2016 onwards) 6
TRANSFER OF ASSETS
Transfer of f Assets Mara Delta has signed 9 new acquisition deals during FY2016 , thereby increasing the Fund’s : Property portfolio size from US$210.4 million to US$467.4 million (122% growth*) Property portfolio GLA from 59 053m 2 to 131 419m 2 (123% growth ) TRANSFER OF ASSETS TIMELINE ASSET NAME JURISDICTION ASSET VALUE October 2015 Zimpeto Square Mozambique US$11.1 million Kafubu Mall Zambia US$ 40.3 million December 2015 Mukuba Mall Zambia (combined) March 2016 Barclays House Mauritius US$14.0 million Buffalo Mall Kenya US$ 6.1 million May 2016 Bollore Warehouse Mozambique US$ 8.6 million Vale Compound Mozambique US$35.8 million July 2016 Cosmopolitan Mall Zambia US$37.2 million September 2016 Wings Office Towers Nigeria US$109.1 million 8 * Includes the impact of property re-valuations
FINANCIAL PERFORMANCE
Fin inancial Overv rview 9 months to 12 months to 31 Mar 2016 30 Jun 2015 Dividend per share (USD cents) 6.17 1 11.28 Cost to income ratio 18% 25.0% Property LTV 49.2% 2 48.3% NAV per share (USD cents) 161.04 3 168.91 Weighted average rental/m² US$24.20 US$27.00 Average rental escalation 4.9% 3.4% 1 H1 Dividend 2 49.2% as of 9 April 2016 3 Decline in NAV due to the dividend of 6.17US$ cents paid in March 2016 and 4.64 US$ cents paid in September 2015 10
Dis istributable In Income Statement 9 months to 12 months to 31 Mar 2016 30 Jun 2015 USD ’000 USD ’000 Net property income 13 925 10 440 Rental income 16 991 13 918 Property operating expenses (3 066) (3 478) Other income and income from associates 2 554 384 Administrative expenses (3 093) (1 711) Net finance costs (6 640) (3 549) Realised foreign currency gain 938 552 Taxation (498) 446 Retained distributable income - (175) Distributable income for the period 7 186 6 387 Number of shares in issue 90 608 537 79 780 817 Dividend per share (USD cents) 6.17 11.28 Cost to income % 18% 25.0% 11
Statement of f Fin inancial Position 31 Mar 2016 30 June 2015 USD ‘000 USD ‘000 Assets Non-Current assets 285 308 210 698 Investment property/associates 284 694 210 391 Other non-current assets 614 307 Current assets 43 206 25 343 Total assets 328 514 236 041 Equity and liabilities Total Equity 145 917 124 413 Interest-bearing liabilities - Properties 130 781 101 657 Interest-bearing liabilities – Equity bridge 40 161 - Other Non-current liabilities 1 718 807 Current liabilities 9 937 9 164 Total equity and liabilities 328 514 236 041 Net asset value per share (cents) 161.04 168.91 12
PIPELINE
Completed Assets Pip ipeline Acacia Estate EY Building Maputo, Maputo, Location: Location: Mozambique Mozambique US Embassy and Anchor tenant: Ernst & Young Anchor tenants: Anadarko Sector: Office Sector: Corp Residential Land title: Leasehold Land title: Leasehold GLA: 2 000m 2 No. of units: 76 Anchor lease term: 12 years Anchor lease term: 7 years & 8 years Purchase price: US$ 8.0 million Purchase price: US$ 62.5 million Japanese Embassy Mall de Tete (50% ownership) Maputo, Location: Tete, Mozambique Location: Mozambique Shoprite, Anchor tenant: Anchor tenant: Japanese Embassy Choppies, Jet Sector: Retail Sector: Office Land title: Leasehold Land title: Leasehold 11 000m 2 1500 m 2 GLA: GLA: Anchor lease term: 10 years Anchor lease term: 10 years Purchase price: US$ 8.8 million Purchase price: US$ 14.0 million 14
Completed Assets Pip ipeline Mauritian Hotel Anadarko Phase II Maputo, Bel Ombre, Location: Location: Mozambique Mauritius Anadarko Anchor tenant: Anchor tenant: Confidential Petroleum Corp. Sector: Office Sector: Hospitality Land title: Leasehold Land title: Leasehold GLA: 3 234m 2 No. of Rooms: 200+ Anchor lease term: 10 years Anchor lease term: 10 years Purchase price: US$ 22.0 million Purchase price: US$ 40.0 million Beachcomber (3 hotels) Location: Mauritius Anchor tenant: Beachcomber Sector: Hospitality Land title: Leasehold No. of Rooms: 815 Anchor lease term: 15 years Purchase price: US$ 45.4 million 15
MANAGEMENT TEAM
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