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Semi-Annual Report and Unaudited Condensed Financial Statements As at 30 June 2018

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Semi-Annual Report and Unaudited Condensed Financial Statements As at 30 June 2018 SEMI-ANNUAL REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS AS AT 30 JUNE 2018 TABLE OF CONTENTS 1. INTRODUCTION .................................................................................................................................... 5 2. APPROVAL OF THE REIT MANAGER’S SEMI-ANNUAL REPORT AND UNAUDITED INTERIM FINANCIAL STATEMENTS ................................................................................................................................................ 5 3. REPORT OF THE TRUSTEE ..................................................................................................................... 6 4. REIT MANAGER’S COMPLIANCE REPORT ............................................................................................. 6 5. NATURE OF BUSINESS & DURATION OF THE SCHEME......................................................................... 6 6. SCHEME’S OBJECTIVES AS AT THE DATE OF THE REPORT AND ANY CHANGES SINCE LAST REPORT .. 6 7. DIRECTORS OF THE REIT MANAGER .................................................................................................... 6 8. ACQUISITIONS ...................................................................................................................................... 7 9. CONSTRUCTION ARRANGEMENTS ....................................................................................................... 9 10. DETAILS OF ANY MATERIAL LITIGATION AND POTENTIAL IMPACT ................................................. 9 11. BORROWINGS .................................................................................................................................. 9 12. BUSINESS REVIEW ............................................................................................................................ 9 13. DISTRIBUTION ................................................................................................................................ 10 14. GOING CONCERN ........................................................................................................................... 11 15. AUDITORS ....................................................................................................................................... 11 16. ONGOING REQUIREMENT FOR REIT AUTHORIZATION .................................................................. 11 17. REIT MANAGER’S OPERATIONAL REVIEW ...................................................................................... 11 18. KEY PERFORMANCE INDICATORS – 30 JUNE 2018 ........................................................................ 13 18.1 Debtors Age Analysis.................................................................................................................. 13 18.2 Lease Expiry Profile by GLA ........................................................................................................ 13 18.3 Portfolio Tenancy Mix ................................................................................................................ 14 18.4 Vacancies ................................................................................................................................... 14 19. ASSETS UNDER MANAGEMENT ..................................................................................................... 15 20. CASH AND NEAR CASH ASSETS (KShs) ........................................................................................... 15 21. NET ASSET VALUE ........................................................................................................................... 16 21.1 Movement in Net Asset Value (KShs) ........................................................................................ 16 21.2 Net Asset Value Prior and Post Distribution of earnings ........................................................... 16 2 22. FUND RETURNS .............................................................................................................................. 17 22.1 Property returns (annualised) .................................................................................................... 17 22.2 Interest income return (annualised) (%) .................................................................................... 17 22.3 Total portfolio return ................................................................................................................. 17 22.4 Management Expense Ratio ...................................................................................................... 18 23. DETAILED ANALYSIS OF UNITHOLDINGS ........................................................................................ 18 24. CLOSING PRICE HISTORY ................................................................................................................ 21 25. CONNECTED PARTY TRANSACTIONS .............................................................................................. 21 26. INVESTMENTS IN ANY WHOLLY OWNED AND CONTROLLED COMPANY CARRYING OUT REAL ESTATE RELATED ACTIVITIES ...................................................................................................................... 23 27. FEES PAID BY THE REIT AS PER REGULATIONS ............................................................................... 23 28. PROPERTIES DETAILED REPORT ..................................................................................................... 24 29. SUMMARY OF RECENT VALUATIONS ............................................................................................. 27 30. PROPERTY MARKET UPDATE ......................................................................................................... 27 31. REGULATORY LIMITS ...................................................................................................................... 31 32. PROSPECT STATEMENT & PIPELINE ............................................................................................... 31 33. ASSET HOLDINGS VERSUS PRESCRIBED LIMITS.............................................................................. 32 34. MEETINGS OF REIT SECURITIES HOLDERS ...................................................................................... 35 35. UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS ...................................................... 36 36. NOTES TO THE INTERIM FINANCIAL STATEMENTS ........................................................................ 40 37. COMMENTARY ON THE INTERIM FINANCIAL STATEMENTS .......................................................... 40 ANNEXURE A: REPORT OF THE TRUSTEE ................................................................................................... 43 ANNEXURE B: REIT MANAGER’S COMPLIANCE REPORT ........................................................................... 47 ANNEXURE C: DETAILS OF THE PARTIES - ORGANOGRAM ........................................................................ 49 ANNEXURE D: PROFILES OF THE DIRECTORS OF THE REIT MANAGER ...................................................... 50 ANNEXURE E: REIT MANAGER STAFF AND SUPPORT PERSONNEL ............................................................ 53 ANNEXURE F: DETAILS OF SERVICE PROVIDERS ........................................................................................ 55 ANNEXURE G: INVESTMENT GUIDELINES .................................................................................................. 57 ANNEXURE H: KEY RISKS ............................................................................................................................ 60 3 ANNEXURE I: GLOSSARY............................................................................................................................. 65 4 1. INTRODUCTION The REIT Manager submits its interim report together with the unaudited condensed financial statements for the six-month period ended 30 June 2018, which show the state of affairs of STANLIB Fahari I-REIT (“the REIT”). 2. APPROVAL OF THE REIT MANAGER’S SEMI-ANNUAL REPORT AND UNAUDITED INTERIM FINANCIAL STATEMENTS The REIT Manager’s semi-annual report and unaudited condensed financial statements of STANLIB Fahari I-REIT for the interim period ended 30 June 2018 have been prepared in accordance with the requirements of International Financial Reporting Standard (IFRS), IAS 34: Interim Reporting, the Nairobi Securities Exchange and the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013. These were approved by the Board of the REIT Manager and by the REIT Trustee on 26 July 2018 and are signed on their behalf by: ________________________________ _______________________________ John Sturgeon Patrick Mamathuba Acting Chairman, STANLIB Kenya Limited Director, STANLIB Kenya Limited ________________________________ Henry Karanja Trustee Compliance Officer The Co-operative Bank of Kenya Limited 5 3. REPORT OF THE TRUSTEE Please refer to Annexure A. 4. REIT MANAGER’S COMPLIANCE REPORT Please refer to Annexure B. 5. NATURE OF BUSINESS & DURATION OF THE SCHEME The STANLIB Fahari I-REIT is a real estate investment trust licenced under the REITs Regulations. The REIT was authorised by the Capital Markets Authority on 30 September 2015 and became the first REIT in East Africa. It later became listed on the Nairobi Securities Exchange on 26 November 2015, raising capital of KShs. 3.6 billion. The REIT's duration is a maximum 80 years subject to the Trust Deed. The REIT Scheme is a closed ended Scheme and trades as FAHR on
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