Asset management

Overview of RSA property portfolio

  Retail   Office   Industrial  
  2020 2019   2020 2019   2020 2019  
Asset value (Rm) 26 759 29 845   29 793 31 696   13 307 13 682  
Number of properties 47 49   168 172   215 219  
Gross lettable area (GLA) (m2) 1 365 391 1 381 997   1 672 090 1 675 560   2 308 913 2 262 328  
GLA as a % of RSA portfolio 24.9 25.5   30.4 30.9   42.0 41.7  
Value per m2 (excluding bulk) (R) 19 479 21 523   17 201 17 661   5 475 5 676  
Capital expenditure (Rm) 393.6 509   706.7 1 250   380.2 608  
Gross property revenue (Rm) 3 108 3 341   3 342 3 510   1 515 1 461  
Property expenses (Rm) (994) (905)   (965) (949)   (401) (327)  
Property expense ratio (%) 32.0 27.1   28.9 27   26.5 22.4  
Net property income (Rm) 2 114 2 436   2 377 2 561   1 114 1 134  
Net property income as a % of RSA portfolio 36.1 38   40.6 39.9   19.0 17.7  
Vacancies (%) 5.1 3.9   15.4 10.4   7.1 6.2  
Arrears (Rm) 207.6 30.8   161.2 18.3   116.3 28.6  
Bad debt provisions (Rm) 96 8.7   88 9.9   64 18.2  
Average gross rental (per m2/month) (R) 204 197   163 159   58 55  
Average annualised yield (%) 8.5 8.3   8.4 8.5   9.4 9.1  
Average in-force escalations (%) 6.8 6.9   7.7 8.1   8.1 8.2  
Weighted average renewal lease period (years) 4.0 4.8   3.8 3.7   3.5 3.3  
Weighted average lease period (years) 3.0 3.1   3.7 3.8   3.5 3.5  
Renewal success rate (%) 78.8 82.7   51.5 63.5   69.4 68  
Weighted average renewal growth (%) (6.2) (5.3)   (8.9) (8.6)   (4.7) 0.3  
Weighted average future escalations on renewals (%) 6.3 6.5   7.6 8.1   7.5 8.1  
Number of employees                  

 

  Healthcare   Trading and development   Total   V&A
  2020 2019   2020 2019   2020 2019   2020 2019  
Asset value (Rm) 2 645 2 626   900 455   73 404 78 304   9 447 9 567  
Number of properties 5 5   5 5   440 450   1 1  
Gross lettable area (GLA) (m2) 77 219 72 121   70 200 32 724   5 493 733 5 424 730   227 415 225 490  
GLA as a % of RSA portfolio 1.4 1.3   1.3 0.6   100 100        
Value per m2 (excluding bulk) (R) 33 512 35 917   12 821   12 871 13 866   39 568 40 512  
Capital expenditure (Rm) 56.2 17   444.7 336   1 981.4 2 720   251.7 191  
Gross property revenue (Rm) 263 240   41 75   8 269 8 627   920 920  
Property expenses (Rm) (41) (30)   (11)   (2 412) (2 211)   (326) (263)  
Property expense ratio (%) 15.6 13   26.8   29.2 25.6   35.4 29  
Net property income (Rm) 222 210   30 75   5 857 6 416   594 657  
Net property income as a % of RSA portfolio 3.8 3.3   0.5 1.1   100 100        
Vacancies (%) 0 0.0   46.8   9.5 6.8   1.5 1.2  
Arrears (R million) 25.1   0.8   511.0 77.7   120.5 37.4  
Bad debt provisions (Rm) 6     254 18.9   67.4 0.2  
Average gross rental (per m2/month) (R) 296 273     130 127   190 260  
Average annualised yield (%) 9.6 8.7     8.6 8.5   8.5 7.5  
Average in-force escalations (%) 7.9 7.9     7.5 7.7   7.5 7.5  
Weighted average renewal lease period (years) 5.0 3.9     3.7 3.8   5.0 6.3  
Weighted average lease period (years) 7.3 8.2     3.5 3.6   5.8 5.4  
Renewal success rate (%) 100 100     66.4 70.1   85.3 79.4  
Weighted average renewal growth (%) 5.3 7.7     (6.7) (5.3)   7.6 4  
Weighted average future escalations on renewals (%) 8.0 8.4     7.0 7.4   7.5 7.8  
Number of employees             623 601   213 205