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Photo: The Crossing Shopping Centre, Mahikeng
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Futuregrowth Community
Property Fund
Quarterly report
December 2020
Futuregrowth
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Community
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Property Fund
Introduction
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typically tenanted by supermarkets, clothing, banking and In this report, we showcase:
The Futuregrowth Community Property Fund (the Fund) furniture retailers.
specialises in the acquisition of new and existing 1. A summary of the Fund’s capacity for resilience during
shopping centres that cater to the needs of Futuregrowth Asset Management (Pty) Ltd is the Fund the COVID-19 pandemic;
underserviced communities in rural areas and townships Manager. The property and asset management component,
2. The Crossing Shopping Centre located in Mahikeng in
throughout South Africa. The Fund forms part of such as the leasing, marketing, refurbishment and expansion
North West Province, together with the planned
Futuregrowth’s suite of developmental investments. The of the properties, is managed by Capital Land Asset
expansion of the centre; and
targeted return is CPI + 4%. Current assets under Management (Pty) Ltd.
3. The Right to Care ePharmacy, an exciting initiative now
management in the Fund total R4.5 billion. The objectives of the Fund are both commercial and social.
in three provinces.
Properties are selected for their potential for strong income
The Fund has purchased and developed 34 shopping centres growth. The community surrounding the Fund’s shopping
over the past 20 years, providing services to a target market centres benefits through increased employment
of approximately 10 million people in the low to middle opportunities and access to a wide range of quality shopping
income market. There are currently 20 shopping centres in facilities and commercial services. Each shopping centre is a
the portfolio, which are located in eight of the nine provinces catalyst for the development of municipal infrastructure in
and vary in size between 1 700m2 and 40 000m2. These are the area and the enhancement of transport infrastructure.
The Crossing Shopping Centre
31 December 2020 2
Futuregrowth
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Community
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Property Fund
Fund
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The Crossing Shopping Centre
Asset class Unlisted shopping centres in townships and rural areas (can include listed properties)
Return target CPI + 4%
Max 50% per province (market value)
Asset exposure limits
Max 25% per single asset (market value)
Min 90% of Fund in property or property related instruments (market value)
Liquidity
Max 10% in cash or units in a money market fund
Approval process Board of Directors and Property Committee
31 December 2020 3
Click to editCommunity
Futuregrowth Master title style Fund
Property
Current
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The Crossing Alexandra Plaza Moutse Mall Heidelberg Mall
The Crossing Shopping Centre is the featured Shopping Centre 21 576m2 13 621m2 34 165m2
18 621m2 Thulamahashe Plaza
property in this report. 21 821m2
Diepsloot Mall
Please visit www.communitypropertyfund.co.za for 11 521m2 Mkhuhlu Plaza
information on the other properties in the portfolio. 10 787m2
Sontonga Mall
11 238m2
Kabokweni Plaza
Gateway Mall 15 236m2
Township/Rural/Urban exposure 9 080m2
Kanyamazane Centre
Eyethu Orange
Farm Mall 13 842m2
26 818m2
19.0%
Nkomazi Plaza
Township 19 676m2
46.0%
Rural Kamaqhekeza Plaza
14 724m2
Urban
35.0%
Maxwell Centre
6 651m2
Bridge City
39 265m2
Setsing IV
8 743m2
Kuyasa Centre
10 038m2
Opera Place Motherwell Shopping
2 246m2 Centre
17 587m2
31 December 2020 4
Futuregrowth
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Community
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Property Fund
South
Click African
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marketstyle
review: Weakness of REITs exposed
Fund forecast
The Crossing Shopping Centre For the Fund, the level of uncertainty regarding the impact of the current COVID-19
pandemic on property valuations has reduced, with new leases being signed throughout
2020 and more market data becoming available to the independent valuer. Convenience
and neighbourhood shopping centres have remained resilient throughout the year as
consumers switched to convenience over larger shopping centres.
Early indications, based on our budget forecasts for the 2021 period, are that there will be
an improvement in the running yield of the portfolio compared to the prior year in the
absence of any severe lockdown restrictions. We are in the final stages of concluding a new
property acquisition that will further enhance the portfolio yield. This property is expected
to transfer around March/April 2021. More detailed information will be provided once the
announcement is made public, as the transaction involves a REIT listed on the JSE.
The Crossing Shopping Centre
The South African property market continues to face headwinds, with an economic
recovery far on the horizon. In order for property values to grow organically over the
long term, GDP growth is a critical contributor. It is evident that COVID-19 has exposed
the weakness of many SA REITs’ balance sheets over the 2020 period, whilst the
Fund’s balance sheet remained strong due to its prudent management and having no
gearing in the Fund. 2021 will likely see more balance sheet cleaning up exercises
being conducted by management teams in the SA REIT sector and therefore income
growth is expected to remain poor. Loan to value ratios will be a key focus, and
lowering these will come at a cost, with a further reduction in income to SA REIT
investors as distributions are cut to facilitate repayment of loans.
SA REITs rose 22.2% over the quarter with a high degree of volatility and achieved a
negative return of 34.5% over the 12 months ending December 2020, as negative news
flow around a drop in distributable income and a rise in vacancies continued to hurt share
prices and the sentiment towards the sector.
31 December 2020 5
Futuregrowth
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Community
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Property Fund
Pandemic
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resilience:
Master Key
subtitle
mitigating
style features of the Fund
The Fund has 10 key mitigating
features that ensures that long
term sustainable returns are
achieved.
1. Defensive sector
2. Focus on essential goods and
services
3. High barriers to entry
4. Lack of competition
5. High quality tenants
6. Convenient transport
infrastructure
7. High foot traffic
8. Delivers tangible social impact
9. Creates employment
10. Community involvement
initiatives
Lap desks sponsored by The Crossing Shopping Centre (pre-lockdown)
31 December 2020 6
Futuregrowth
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Community
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Property Fund
Pandemic resilience:
Click to edit Master Defensive portfolio with strong tenant turnover
subtitle style
Average anchor turnover density (R/m2) The graph below compares the combined footfall for the 12-month period ending December
Updated: 31 December 2020 2020, with the preceding twelve months. Foot counters are installed at the Bridge City,
Diepsloot, Eyethu, Gateway, Heidelberg, Motherwell and Thulamahashe centres. The foot traffic
9000 count dropped off significantly in April when lockdown level 5 was imposed by government. It
improved in subsequent months, with some shopping centres reaching pre-COVID-19 levels.
8000 Two properties, Eyethu Orange Farm Mall and Bridge City Shopping Centre, are the main
reason for the average not reaching pre-COVID-19 levels, as both have railway stations built
7000 onto the properties. The number of trains and passengers were significantly reduced to enforce
social distancing. It is important to note that despite lower foot traffic, the turnover figures
6000 remain strong, as consumers have been purchasing more, with less frequent visits.
5000
Combined footfall
Updated: 31 December 2020
4000
6000 000
3000
2000 5000 000
1000 4000 000
0
3000 000
2000 000
Poor Average Good
1000 000
The portfolio is quite defensive, and has strong anchor turnover trading densities. The anchor
turnover trading density has averaged R4 000 per m2 across the portfolio pre- and post- -
COVID-19. Anchor turnover has generally been unaffected by COVID-19 and online retail. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Current Prior
31 December 2020 7
Futuregrowth
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Community
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Property Fund
Pandemic
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resilience:
Master Advantages
subtitle styleof the focus on essential goods and services
Tenant exposure Percentage of tenants that could trade during each lockdown level
Updated: 31 December 2020 Updated: 31 December 2020
14%
12%
Rental: R17 268 774 (44%)
12% Level Gross Leasable Area (GLA): This diagram represents
5 142 613m2 (48%) how much rental the Fund
was entitled to legally
collect under each
9%
10%
9%
9%
lockdown restriction level
8%
during 2020. Importantly, it
Rental: R38 279 228 (97%) demonstrates the resilience
Level
6%
GLA: 287 993m2 (98%) of our centres, should
6% 4 another pandemic arise in
future.
4%
4%
4%
4%
Due to a large focus on
3%
3%
4%
3%
3%
essential good and services,
2%
2%
2%
2%
2%
2%
2%
2%
Rental: R38 939 797 (99%) and a high concentration of
2%
2%
Level
2%
2%
1%
1%
1%
1%
1%
2%
GLA: 292 915 m2 (99%) national blue chip tenants,
3 the Fund had quite a strong
0% collections rate over 2020.
We believe that it is unlikely
that government will shift
Futuregrowth
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Community
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Property Fund
Pandemic
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resilience:
Master Strong
subtitlerental
style collections process & healthy tenant exposure
YTD% of amount receipted versus billed At the end of March 2020 and for the whole month of April 2020, lockdown level 5
Updated: 31 December 2020 was implemented by government through an act of law, which only allowed
essential retailers to trade. April 2020 was the weakest month over the period,
140% with all landlords across South Africa experiencing the same impact.
Despite our projection of only being able to collect on 42%, we were able to
120% collect on 62% of rentals as we reached agreement with non-essential retailers to
cover 20% of their basic rental and cover utility and common area charges in full.
100% Independent retailers that were deemed as non-essential were given 100% rent
relief for the months of April and May 2020. Independent retailers are dependent
on foot traffic at the malls and we ensured that, by providing rent relief and rental
80% deferments in line with foot traffic improvements, we would be able to ensure their
survival. Many of these independents were long-standing tenants who had
supported the properties for a number of years.
60%
40%
20%
0%
Jan Feb Mar Apr May June July Áug Sept Oct Nov Dec
2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020
31 December 2020 9
Futuregrowth
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Property Fund
Fund
Clickperformance:
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Minimal
subtitlecapital
style impact
16.00%
The Fund delivered a total return of 1.97% for the quarter, which consisted of
capital appreciation of 0.08% and income return of 1.89%. The total return for the
13.53%
13.22%
13.14%
13.13%
12-month period ending December 2020 was 6.51%, which comprised a capital
12.93%
14.00% loss of 0.52% for the year and an income return of 7.03%.
11.83%
Independent valuations were conducted on the property portfolio in December
12.00%
2020, resulting in a capital write down. The property valuations are done on a 10-
9.67%
9.54%
9.47%
year Discounted Cash Flow basis and are done conservatively, with a long-term
9.34%
9.08%
8.81%
8.62%
10.00% view.
7.97%
7.18%
The Fund’s valuations per square metre are 11% to 25% lower than comparable
6.51%
8.00%
REITs on the JSE with similar sized assets.
We believe that due to all our properties being externally and independently
4.51%
6.00%
4.32%
4.06%
valued, this mitigates the risk of management applying its own valuations, which
3.68%
3.26%
may contain biases. This long-term conservative and fully independent approach
2.75%
4.00%
since inception of the Fund has resulted in minimal capital impact on the Fund’s
1.97%
properties.
1.40%
1.37%
0.57%
2.00%
-0.67%
As at 31 December 2020
Since inception date (GIPS Performance): January 2000; Fund start date: June 1996
0.00% Source: Futuregrowth/ *Annualised/ It is important to note that these are ungeared direct
property returns.
-2.00%
3 Months 1 Year 3 Years * 5 Years * 7 Years * 10 Years * 15 Years * 20 Years * Since
Inception
*
Community Property Composite Benchmark performance (CPI + 4%) Outperformance
31 December 2020 10Futuregrowth
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Community
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Property Fund
Portfolio
Click tostatistics:
edit MasterVacancies
subtitle and
styletenant profile
Large, listed, national and franchise tenants occupy 85.4%. These are well known
Total vacancy trend
tenants such as Shoprite, Pep, Ackermans, Capitec Bank, Spar, Boxer, Pick n Pay and
12.0% Cashbuild, which have a large number of stores and a footprint across South Africa.
The current tenant profile of the Fund ensures that the income stream is of a high
10.0% quality.
8.0%
Tenant profile by GLA
4.9%
6.0%
4.0%
15%
2.0% 4.6%
Large & listed tenants
0.0%
18% National tenants & franchises
Nov 2016
Mar 2015
Aug 2015
Dec 2018
May 2019
Mar 2020
Aug 2020
Oct 2014
Jan 2016
Sept 2017
Oct 2019
Jun 2016
Future
April 2017
Feb 2018
Jul 2018
Other
67%
The total portfolio vacancy is 4.9%. If we factor in tenants that have signed leases but not
yet taken occupation, then the portfolio vacancy reduces to 4.6%.
Vacancies are expected to rise, due to the impact of COVID-19 on the profitability of
retailers.
31 December 2020 11Futuregrowth
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Community
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Property Fund
Featured
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The
subtitle
Crossing
style
Shopping Centre
ACCESS
The Crossing is easily accessible via four main entrances situated on Nelson Mandela
Drive, Sekame Street and Bessemer Street, as well as on foot through three pedestrian
access points.
TENANT MIX
National tenants account for approximately 88% of the occupied gross lettable area. The
centre is dual anchored by Pick n Pay and Woolworths. Other national tenants include
Spur, Nandos, Ocean Basket, KFC, Pep, Clicks, Foschini, Tekkie Town, Crazy Store, Jam
Clothing, Sleepmasters, ABSA Bank, Capitec Bank, Hi-Fi Corp, Mc Donalds, Wimpy,
Fishaways, Debonairs, Romans Pizza, Pick n Pay, Donna, Sportscene, PostNet, PnA,
American Swiss and The South African Post Office.
CSI PROJECTS
The following CSI milestones have been achieved in the Mahikeng Community:
- 1 009 pairs of Barefoot No More school shoes donated to scholars.
- 22 academic prizes awarded through the Academic Prize Programme.
- 264 handprints collected through the Helping Hand Project.
LOCATION - 100 Memeza personal alarms donated to the vulnerable.
- 958 visits by patients to the Unjani Clinic.
The Crossing is located in Mahikeng, the capital city of North West Province. The centre is
situated on the corner of Nelson Mandela Drive and Sekame Street, within 5km of the
(See the Glossary for further information on these projects.)
Mahikeng CBD area on the busiest transport route in Mahikeng.
DESIGN
The Crossing is a single storey U-shaped shopping centre. A KFC, a Spur and an Ocean
Basket are situated on the east side of the property facing Nelson Mandela Drive.
31 December 2020 12Futuregrowth
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Featured
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continued:
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The Crossing Shopping Centre
Tenant analysis by GLA (m2) Vacancy rate (retail as % of retail GLA) Centre layout
12% Large & listed 7%
tenants
Occupied
National tenants
32%
56% & franchises Vacant
Other
93%
Key facts Highlights
Classification Community centre
Region North West - Highly visible centre located on a busy
transport node through Mahikeng.
LSM 3-6
- Easily accessible via four main vehicular
Total GLA 18 621m2 entrances and on foot from three
pedestrian access points.
Occupancy 93%
Anchor tenants Pick n Pay, Woolworths
31 December 2020 13Futuregrowth
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The
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Crossing
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Centre:style
Planned expansion
The expansion to The Crossing
Shopping Centre, planned to
start in 2021, will increase the
centre’s total gross lettable area
by 6 450m² to 25 071m².
It will introduce two
additional anchors to the
centre - Boxer and Roots
Butchery - complementing the
existing Pick ‘n Pay and
Woolworths.
The expansion will create a
designated retail node
comprising of four anchors
servicing a broad income
target demographic.
The expansion will also include
13 line shops, a 255m² Burger
King Drive-Thru and a taxi rank.
The proposed design will
encourage the flow of
commuter traffic from the
taxi rank to the two new
anchors, as well as into the
existing centre.
31 December 2020 14Futuregrowth
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Community Impact:
Click to edit MasterRight to Care
subtitle style ePharmacy – a growing initiative
A pharmacist from Right ePharmacy’s Head Office provides
In 2018, the Fund’s Alexandra Plaza was selected as a pilot
support to patients and is available for an online discussion via
site for an automated Pharmacy Dispensing Unit (PDU™)
the screen of the dispensing unit.
which was developed by Right to Care and Right ePharmacy
in collaboration with the Gauteng Department of Health.
Smart lockers
Right ePharmacy’s most recent innovation to assist with
The innovative PDU™ allows registered patients to instantly dispensing of medication and thereby reduce pressure on
collect their chronic medication by scanning their ID book, ID public health facilities is the Collect & Go Smart Locker™ which
card or pharmacy card at the dispensing unit, which resembles is used to safely store pre-dispensed medicine parcels and to
an ATM. facilitate collection by patients. Patients access their
medication by entering an one-time pin to open the locker in
In a community where over 30 000 patients are reliant on which their medication has been placed.
chronic medication, there is a significant benefit for patients to
be able to access their medication from Alexandra Plaza. The To date, Right ePharmacy has rolled out 40 lockers across
centre is easily accessible via the main road and public Gauteng, 11 lockers across Mpumalanga and 13 lockers across
transport, it is open seven days a week, and the time it takes the Free State.
for patients to collect their medication from a PDU™ is
significantly less than from actual healthcare clinics.
Since the launch of the PDU™ at Alexandra Plaza, four
additional PDU™ sites have opened at shopping centres
located in Diepsloot, Soweto and Bloemfontein, bringing the
total number of PDU’s™ nationally to five.
The Alexandra Plaza PDU™ averages 5 000 patient visits per
month. Patients receive medication sufficient for two months,
which amounts to an average of 10 000 dispenses/
prescriptions per month.
31 December 2020 15Futuregrowth
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Community
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Property Fund
Fund
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The Fund aims to outperform the CPI by 4% per annum before the deduction of
The Futuregrowth Community Property Fund specialises in the acquisition of
taxes and fees and with income reinvested over a rolling 3-year period. It seeks to
new and existing shopping centres which cater to the needs of underserviced
Fund description Investment objective provide investors with a low cost, high value property investment that focuses
communities throughout South Africa and forms part of Futuregrowth’s suite
on emerging market retail property growth in underserviced rural communities
of developmental investments.
and high density urban centres.
Specifically focused on providing retail facilities to previously disadvantaged
communities, especially in areas characterised by a lack of infrastructure and
The Fund has purchased and developed 34 shopping centres located in rural services.
and township areas countrywide over the past 20 years. These centres are Targets a niche market of low to middle income groups.
located in 7 of the 9 provinces, providing retail services and products to a Creates jobs during the construction phase, employing artisans and labourers from
Composition primary target market of approximately 10 million people. The centres deliver Key benefits the local area.
retail services to low- to middle-income groups. They vary in size between Creates permanent/long-term jobs during the life cycle of the centre.
1700m² and 40 000m² and are typically tenanted by supermarkets, clothing, Provides access to retail stores and services for local communities which has major
banking and furniture retailers. health, time and social implications.
Offers a wider range of choice to consumers with higher quality and lower prices
than previously available.
Asset & property
Fund manager Futuregrowth Asset Management Capital Land Asset Management
manager
Return target CPI + 4% Risk profile Moderate (long term returns, predictable cash flows, illiquid)
Number of properties Number of properties
20 34
owned currently funded to date
Current geographic
8 provinces Property type Retail
spread
Structure Pooled and Segregated Market segment Low to middle income bracket (township & rural)
Inception date 1 June 1996 Total net asset value R4.5 billion
Minimum investment Pooled - R25 million (at manager’s discretion) Termination period 1 calendar month up to a maximum of 3 years (size dependent)
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31 December 2020 16Futuregrowth
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Community
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Property Fund
Glossary
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This prize is awarded annually to the top academic student in Grade 6 for junior schools The Helping Hand Project is a community focused initiative which invites members of
Academic Prize and Grade 11 for high schools in the local area. The prize consists of a floating merit Helping Hand the community surrounding a selected shopping centre to make a difference in their
Programme board which is engraved with the prize winner’s name, a gift voucher from a selected Project community by simply visiting the centre and donating their handprint. For every
shop at the Fund’s shopping mall, and fully paid school fees for the next academic year. handprint that is received, R5 will be donated towards items for a local home or charity.
Lap desks provide a portable solution for children who don’t have desks at their schools
This is a return over a period of greater than one year that has been converted into an or homes. The desk sits on the child’s lap, providing a sturdy surface to write on,
Lap Desk
Annualised return average annual return. This facilitates an easier comparison between returns over whether sitting on a chair or on the floor – at school or at home. They are branded with
Project
different periods. the Fund’s shopping centre name, and include academic information appropriate to the
age group of the recipient learners.
Barefoot No More has developed a unique school shoe which is the perfect solution for
children located in rural areas. Most of these children have not had the opportunity to
Barefoot No More own a pair of new shoes, let alone have the resources to maintain them. Donations Liquid holding Cash in the Fund held in bank accounts, call accounts and money market investments.
through this programme consist of individually sized shoes, book bags branded with the
Fund’s shopping centre name, and stationery sets for each child.
Capitalisation rate: is a measure of value and risk of a building and is calculated by
Living Standards Measure: a means of grouping the population according to their living
Cap rate dividing the net returns on rental for one year by the purchase price or market value of LSM
standards from 10 (highest) to 1 (lowest).
a building.
Consumer Price Index - used as a measure of inflation: measures the average change
Is calculated by taking into account comparable market rentals as well as the demand
CPI over time in the price of a basket of consumer goods and services purchased by Market rental
for and availability of space in the centre concerned.
households.
Discounted Cash Flow valuation methodology is carried out by estimating the total value This is a measure of performance in retailing. It is the revenue generated for a given
DCF valuation Trading
of all future cash flows (both inflowing and outflowing), and then discounting them by area of sales space, and is presented as a monetary value per square metre. The
methodology densities
the cost of capital to find a present value of that cash. higher the figure, the more efficiently the floor space is being used.
Ungeared This refers to a return that has been generated without the use of debt funding on the
GLA Gross Leasable Area
return properties.
This is a measure of the total inflation within an economy, including commodities such When tenants enter into a lease, the rate at which their rental increases annually is the
Weighted
Headline inflation as food and energy prices, which tend to be more volatile and prone to inflationary escalation rate. The weighted escalation rate is an average of all lease escalation rates
escalations
spikes. across the portfolio weighted by the rental amount.
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31 December 2020 17Futuregrowth
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Property Fund
Contact
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Futuregrowth Asset Management
Smital Rambhai Disclaimers
3rd Floor, Great Westerford, 240 Main Road, FAIS disclaimer: Futuregrowth Asset Management (Pty) Ltd (“Futuregrowth”) is a licensed discretionary financial services
Rondebosch, 7700 provider, FSP 520, approved by the Registrar of the Financial Sector Conduct Authority to provide intermediary services and
Tel + 27 21 659 5300 advice in terms of the Financial Advisory and Intermediary Services Act 37 of 2002. The fund values may be market linked or
Fax + 27 21 659 5337 policy based. Market fluctuations and changes in exchange rates may have an impact on fund values, prices and income and
srambhai@futuregrowth.co.za these are therefore not guaranteed. Past performance is not necessarily a guide to future performance. Futuregrowth has
comprehensive crime and professional indemnity in place. Performance figures are sourced from Futuregrowth and IRESS.
www.futuregrowth.co.za/
GIPS disclaimer: Futuregrowth a subsidiary of Old Mutual Investment Group Holdings (Pty) Limited is a specialist investment
Capital Land Asset Management company which manages the full range of interest bearing and developmental investments in an ethical and sustainable way.
Anton Raubenheimer Futuregrowth claims compliance with the Global Investment Performance Standards (GIPS®). Contact Futuregrowth at +27 21
Block F, The Terraces, Steenberg Office Park, Tokai, 659 5300 to obtain a list of composite descriptions and/or a presentation that complies with the GIPS® standards. The
investment returns reflected are supplemental information as they are not calendar year returns and are gross-of-fees.
Cape Town, 7945 Currency: ZAR
Tel +27 21 673 3300
Fax +27 21 673 3321 This document is for information purposes only and is not intended as an offer or recommendation to buy or sell or a solicitation
araubenheimer@capland.co.za of an offer to buy or sell a financial product or security. The recipient is advised to assess the information with the assistance of
www.capland.co.za an advisor if necessary, with regard to its compatibility with his/her own circumstances in view of any legal, regulatory, tax and
other implications.
Please see www.communitypropertyfund.co.za for Personal trading by staff is restricted to ensure that there is no conflict of interest. All employees of Futuregrowth are
further information. remunerated with salaries and standard short and long-term incentives. No commission or incentives are paid by Futuregrowth
to any persons. All inter-group transactions are done on an arm’s length basis. Futuregrowth has comprehensive crime and
professional indemnity insurance.
Futuregrowth prepared this document in good faith. Although the information in this document is based on sources considered to
be reliable, Futuregrowth makes no representation or warranty, express or implied, as to the accuracy or completeness of this
document, nor does it accept any liability which might arise from making use of this information.
31 December 2020 18Click to edit Master title style
Click to edit Master subtitle style
3rd Floor, Great Westerford
240 Main Road, Rondebosch
7700, South Africa
Private Bag X6, Newlands, 7725, South Africa
Tel: +27 21 659 5300 Fax: +27 21 659 5400
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