IPD South Africa Annual Green Property Index

Results for the year to December 31, 2016

14.0

12.0

10.0

8.0

6.0 Capital Growth

IN ASSOCIATION
Income Return WITH
4.0
Total Return
2.0

0.0 The IPD South Africa Annual Green Property Index tracks the
performance of Green Star Certified Prime & Grade A Office properties to
-2.0 the rest of the IPD Prime & Grade A Office Universe and in the year to
December 2016 produced a total return of
-4.0 11.8%
Green Star Certified: Prime & A-grade Offices Non-Green Certified: Prime & A-grade Offices
Note: Usage data has been normalised for vacancy

IPD South Africa Annual Green Property Index

Electricity Usage kWh Water Usage m3 Total Return Capital Growth Income Return Capex as a % of Capital Capital Value Net Income Vacancy Rate Discount Rate Cap Rate
psqm psqm Value Rand psqm Growth
1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year 1 Year
Green Star Certified: Prime & A-grade Offices 170.7 0.7 11.8 3.4 8.1 0.9 21847.6 5.9 5.8 14.0 8.2
Non-Green Certified: Prime & A-grade Offices 186.8 1.0 5.9 -2.7 8.9 0.9 17655.8 3.8 7.7 14.2 8.6
Balance of measured sample

Electricity Usage Water Usage Net Income Growth Vacancy Rate Capital Expenditure
kWh per annum m3 per annum % of Capital Value
186.8 7.7
170.7 5.9 0.9
1.0 0.9

0.7
3.8
5.8

Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Non-Green
Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Certified: Prime & Certified: Prime &
Offices Offices Offices Offices Offices Offices Offices Offices A-grade Offices A-grade Offices

Capital Value Discount Rate Gross cost to Income Net Income

per square meter Capitalisation Rate psqm per month
21,848
14.2 136
14.0 8.6 30.9 132
17,656

8.2 29.8

Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified: Green Star Certified: Non-Green Certified:
Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade Prime & A-grade
Offices Offices Offices Offices Offices Offices Offices Offices Offices Offices

IPD South Africa Annual Green Property Index - Database Profile

Capital Value (Rm) Capital Value (% of total) Number of Properties Number of Funds Gross Lettable Area

m2
Green Star Certified: Prime & A-grade Offices 13,145 27.5 49 5 601,686
Non-Green Certified: Prime & A-grade Offices 34,683 72.5 192 12 1,963,203

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IPD South Africa Annual Green Property Index - Usage Benchmarks
Usage data for the year ending December 2016
Electricity and water consumption has been normalised for vacancy and is based on the South African All Property Universe for December 2016

Annual consumption per m2 Annual consumption per m2

Electricity Usage kWh Water Usage m 3 Electricity Usage kWh Water Usage m 3

Overall Retail usage by Province

All Property 211.4 1.1 Gauteng 322.8 1.4
Western Cape 346.6 1.3
Province Kwazulu-Natal 393.6 2.0
Gauteng 194.8 1.0
Western Cape 219.2 0.9 Office usage by Province
Kwazulu-Natal 253.0 1.3 Gauteng 171.2 0.9
Eastern Cape 270.9 1.4 Western Cape 189.3 0.9
Kwazulu-Natal 207.4 1.0

Sector Industrial usage by Province

Retail 335.9 1.5 Gauteng 60.8 0.5
Office 175.1 0.9 Western Cape 52.1 0.4
Industrial 56.0 0.5 Kwazulu-Natal 41.2 0.4

Segment Single let & Multi Tenanted

Super Regional Centres 370.1 1.7 Retail
Regional Centres 332.5 1.2 Single tenanted 491.1 1.6
Small Regional Centres 334.5 1.5 Multi tenanted 335.4 1.5
Community Shopping Centres 307.3 1.5 Office
Neighbourhood Shopping Centres 306.0 1.6 Single tenanted 171.9 0.8
Other Retail 236.8 1.0 Multi tenanted 174.8 0.9
Inner City Offices - - Industrial
City Decentralised Offices 177.5 0.9 Single tenanted 54.5 0.4
Provincial Offices - - Multi tenanted 56.5 0.5
Warehousing 46.1 0.4
High Tech Industrials 79.7 0.5
Light Manufacturing 68.0 0.5
Standard units 51.5 0.5
Other - -

Contributors
Attacq Ltd, Community Property Fund, Delta Property Fund, Emira Property Fund, Growthpoint Properties Limited, Hyprop Investments,Metropolitan Life Properties Ltd, Momentum Property Ltd, Old Mutual Property, Pareto Ltd, SA Corporate Real Estate Fund, Stanlib

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