Overview of offshore property portfolio

    GOZ   C&R   GWI  
    2020   2019      2020   2019       2018      
Asset value (Rm)   51 845   38 705      14 764   58 553       42 871      
Number of properties   58   57      7   62       60      
Gross lettable area (GLA)(m2)   1 042 929   1 026 466      328 512   1 213 700***   1 042 000***  
Value per m2   AUD4 049   AUD3 881      GBP1 861   EUR2 474       EUR2 568      
Capital expenditure (Rm)   1 057   858      1 714   2 725***   9 213***  
Gross property revenue (Rm)   3 024   2 761      715   4 027       3 501      
Property expenses (Rm)   (487)   (424)    (335)   (1 267)      (1 102)     
Property expense ratio (%)   16.1   15.4     46.9   31.5       31.5      
Net property income (Rm)   2 537   2 337     380   2 760       2 399      
Vacancies (%)   6.8   2.0**   5.0   5.3***   4.9***  
Arrears (Rm)   20.5   6.2     300.0   280.8***   225.1***  
Bad debt (I/S) (Rm)   3.0   –     93.5   92.7***   –      
Average gross rental (per m2/month )   AUD290.3   AUD260.0     GBP14.8   –*      –*     
Average annualised yield (%)   5.7   6.3     7.2   –*      –*     
Average in-force escalations (%)   3.3   3.3     –*   –*      –*     
Weighted average lease period (years)   6.2   5.1     5.9   4.6***   5.3***  
Letting success rate (%)   83.2   66.5     –*   –*      –*     
Weighted average renewal growth (%)   (4)   (8.6)    (27.7)   –*      –*     
Weighted average future escalations on renewals (%)   3.4   3.2     –*   –*      –*     
Weighted average renewal lease period (years)   13.9   4.8     –*   –*      –*     
Number of employees   28   24     100   240***   205***  
*     C&R/GWI do not report on these indicators.
**   Measurements and ratios are based on income and not GLA (when compared to RSA).
*** These indicators are provided as at 31 December 2019.
Note: C&R and GWI have December financial year ends.