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Integrated Report 2018 Front Cover: Premier FMCG, Equites Park Lords View, Gauteng Inside Cover: Tekstiel Road, Parow Industria, Cape Town

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Integrated Report 2018 Front Cover: Premier FMCG, Equites Park Lords View, Gauteng Inside Cover: Tekstiel Road, Parow Industria, Cape Town Integrated Report 2018 Front cover: Premier FMCG, Equites Park Lords View, Gauteng Inside cover: Tekstiel Road, Parow Industria, Cape Town. Equites Property Fund Limited Integrated Report 2018 1 About this report Report scope and Boundary provides an overview of the group’s performance, strategy, Report Approval and Independent Assurance The board of directors (the “board”) of Equites Property Fund risks and governance. The report focuses on both the The board has approved this Integrated Report and believes Limited (“Equites”, or the “group”, or the “company”) are group’s operations in South Africa (“SA”) and in the United that it has been prepared in accordance with best practice pleased to present this fourth Integrated Report for the year Kingdom (“UK”). and addresses all material aspects of the group. Independent ended 28 February 2018. The report has been compiled in assurance has been provided over all financial and certain accordance with International Financial Reporting Standards Materiality non-financial information presented in this report. (“IFRS”), the requirements of the Companies Act of South Equites identifies the concept of materiality to represent any PricewaterhouseCoopers Inc., as our external auditors, have Africa, 2008 (the “Companies Act”), the JSE Listings item that could substantively affect the group’s ability to issued an unqualified audit opinion on our consolidated and Requirements, and the King Report on Corporate create value and influence the decisions of stakeholders. All separate financial statements. Governance for South Africa (“King IV”). This report covers items identified as being material by the board have been financial and non-financial performance of the group and disclosed in this report. Historical overview Our business Governance Contents Historical overview Governance About Equites 2 Social and Ethics Committee Report 24 How to navigate this report Historic timeline 4 Sustainability Report 28 Inputs Organisational Highlights Corporate Governance Report 31 Property maps 6 Board of Directors 34 Financial capital Operational and financial highlights 8 Risk Management Report 36 Remuneration Report 40 Manufactured capital Annual financial statements Our business Annual financial statements Human capital Value Creation Social and relationship capital Capital review 10 Annual financial statements 46 Total Return 12 Intellectual capital Four-year review 13 Annual General Meeting Natural capital Stakeholder engagement 14 Chairman’s Report 16 Notice of Annual General Meeting 111 Chief Executive Officer’s Report 18 Form of Proxy 119 As referenced in the King IV report Annual general meeting Annual general Q&A with the Chief Financial Officer 22 Glossary Inside back cover Refer to report within this Integrated Report Equites Property Fund Limited 2 Integrated Report 2018 About Equites Who we are Equites is the only specialist logistics property fund on the JSE. The company is a Real Estate Investment Trust (“REIT”) with both the property and asset management functions managed internally. The company listed on the JSE on 18 June 2014 with a portfolio value of R1 billion and has grown to a portfolio value of over R8 billion at 28 February 2018. The company aims to provide investors with Our portfolio During the current year, the group made the pure exposure to high quality logistics The majority of the company’s assets are following changes to its investment property properties let to investment grade tenants both situated in proven logistics nodes near large portfolio: in SA and the UK. The company has a proven population centres and major transport links – Acquired one completed distribution ability to identify and acquire well located and have predictable patterns of strong rental centre in the UK; logistics assets that meet the requirements of growth. The company focuses on premium – Completed three developments, two in large, institutional tenants. In SA, this is “big-box” distribution centres, let to investment SA and one in the UK; complemented with the in-house grade tenants on long-dated “triple net” leases, – Concluded two development funding development of modern logistics facilities, built to institutional specifications. The agreements relating to properties in the UK; enabled by strategic land holdings. locations of preference are Cape Town, – Commenced development on five Durban and Gauteng in SA and the central distribution centres in SA; Midlands and “last-mile” fulfilment centres – Acquired 21.7 hectares of strategic vacant near major conurbations in the UK. land; and Top left: Amazon, Stoke-on-Trent, United Kingdom – Completed the disposal of four non-core Bottom left: Puma sports distributors, Equites Park Atlantic Hills, The company controls 49.5 hectares of prime commercial properties. Cape Town Top right: Geberit, Meadowview, Gauteng industrial land in Gauteng and Cape Town Bottom right: DSV Healthcare, Meadowview, Gauteng which is being actively marketed. Equites Property Fund Limited Integrated Report 2018 3 Our team Equites had a staff compliment of 8 people upon listing in 2014 with a single head office in Cape Town managing 20 properties situated exclusively in Cape Town. Today, Equites has a largely transformed workforce of 20 employees, 15 of which are Cape Town based and 5 are Johannesburg based. The team manages a total of 50 properties situated in Cape Town, Johannesburg and the UK. Historical overview Our business Cape Town team Johannesburg team Back: Nasreen Mukuddem, Monique Karating, Hilda Grove, Riaan Gous, Andrea Taverna-Turisan, Bram Goossens, Back: Jeremy Cooper, Mphilo Ntuli, Gary Masombuka. Melanie Brown, Laila Razack, Belinda Ortman-Lebona. Front: Nomkululeko Ranala, Mmatebogo Magopane. Front: Chris Guattari-Stafford, Juan Knoesen, Olivia Velem, Sharon Daka, Gustav Fichardt, Wouter Hanekom. Absent: Akua Koranteng Governance Below: Kuehne + Nagel, Coventry, United Kingdom Annual financial statements Annual general meeting Annual general Equites Property Fund Limited 4 Integrated Report 2018 Historic timeline July 2015 June Intaprop 2014 acquisition Listed on the JSE Triton Express, Meadowview, Gauteng. November 2015 Capital raise Premier, Meadowview, Gauteng. Property portfolio and NAV growth 9 000 000 8 000 000 7 000 000 6 000 000 5 000 000 4 000 000 R’000 3 000 000 2 000 000 1 000 000 Feb Feb 0 2015 2016 Jul-16 Jul-17 Jul-14 Jul-15 Jan-17 Jan-18 Jan-16 Jan-15 Jun-14 Jun-15 Apr-16 Apr-17 Apr-15 Oct-16 Oct-17 Oct-15 Oct-14 Oct-14 Aug-16 Aug-17 Aug-15 Mar-17 Mar-16 Mar-15 Dec-16 Dec-17 Dec-15 Dec-14 Nov-16 Nov-17 Nov-15 Nov-14 Sept-16 Sept-17 Sept-15 Sept-14 May-16 May-17 May-15 June-16 June-17 M Investment property M Net asset value April 2016 Completion of first development TFG, Equites Park Lords View, Gauteng. Equites Property Fund Limited Integrated Report 2018 5 February June 2017 2017 Disposal of Inclusion commercial in SAPY20 properties Capital raise Historical overview Tesco, Hinckley, UK. June November March December 2016 2016 2017 2017 First UK Capital Inclusion First UK acquisition raise in ALSI development funding Completion agreement Our business of Equites Gauteng office 9 000 000 8 000 000 7 000 000 6 000 000 5 000 000 Governance 4 000 000 R’000 3 000 000 2 000 000 1 000 000 Feb Feb 0 2017 2018 Jul-16 Jul-17 Jul-14 Jul-15 Jan-17 Jan-18 Jan-16 Jan-15 Jun-14 Jun-15 Apr-16 Apr-17 Apr-15 Oct-16 Oct-17 Oct-15 Oct-14 Oct-14 Aug-16 Aug-17 Aug-15 Mar-17 Mar-16 Mar-15 Dec-16 Dec-17 Dec-15 Dec-14 Nov-16 Nov-17 Nov-15 Nov-14 Sept-16 Sept-17 Sept-15 Sept-14 May-16 May-17 May-15 June-16 June-17 Annual financial statements Equites Gauteng office July 2016 Attacq venture Annual general meeting Annual general Top left: Medtronic, Waterfall, Gauteng. Top right: Servest, Waterfall, Gauteng. Equites Gauteng office, Meadowview, Gauteng. Bottom left: Hilti, Waterfall, Gauteng. Borrom right: Stryker, Waterfall, Gauteng. Equites Property Fund Limited 6 Integrated Report 2018 Our SA Portfolio1 8 9 5 3 2 7 1 4 6 10 1 2 3 4 5 DSV Healthcare Nestlé Longmeadow, Röhlig-Grindrod Pick n Pay Retailers The Foschini Group Meadowview, Johannesburg Meadowview, New Germany, Lord’s View, Johannesburg Johannesburg Durban Johannesburg 6 7 8 9 10 Puma Atlantic Hills, Imperial Logistics Medtronic Midrand, Cummins Midrand, Simba Parow, Cape Town Meadowview, Johannesburg Johannesburg Cape Town Johannesburg 6.6 R5.8bn 7.9% WALE of SA portfolio SA portfolio value Weighted average (in years to expiry) SA lease escalation 1 Tenants listed above are a subset of our portfolio and includes subsequent events. Equites Property Fund Limited Integrated Report 2018 7 Our UK Portfolio1 3 2 7 1 6 4 5 Historical overview Our business 1 2 3 4 Tesco Hinckley, Amazon UK DSV Solutions Kuehne + Nagel Coventry, East Midlands Stoke-on-Trent, Stoke-on-Trent, West Midlands West Midlands West Midlands Governance 5 6 7 DHL International Reading, DSV Solutions Peterborough, Coloplast Peterborough, South East England East of England East of England Annual financial statements 10.9 £143m 5.5% WALE of UK portfolio UK portfolio value Weighted (in years to expiry) average UK acquisition yield Annual general meeting Annual general Equites Property Fund Limited 8 Integrated Report 2018 2018 Financial highlights 123.86 9.0% R549m Distribution Like-for-like Cash generated per share (cents) net rental growth from operations +12.2% +46.2% Distribution per share 61.26 96.60 110.37 123.86 70 60.98 62.88 60 R8.1bn 54.44 55.93 51.18 50 Portfolio value 45.42 40.89 40 +30.1% 30 Cents per share 20.37 20 10 0 FY15
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