MONTHLY CHART BOOK MAY 2020 - prowly-uploads.s3.eu-west … · Page 3 of 19-200 400 600 800 1,000...

Performance table: SA REITs, Equities and Bonds ................................... 2

Total return indexes .................................................................................................. 3

SA REITs Index (price only) ....................................................................... 4

Comparative Total Return Investment Correlation ..................................................... 5

SA REITs quarterly return components .................................................. 6

Monthly performance .............................................................................................. 7

3 month performance ................................................................................................. 8

Year-to-date performance ....................................................................................... 9

12 month performance ........................................................................................... 10

3 year performance .................................................................................................... 11

5 year performance .............................................................................................. 12

10 year performance ............................................................................................. 13

SA REIT yields vs Long Bond yields ........................................................ 14

Yield differential and average yield differential ....................................................... 15

Distribution growth ........................................................................................................16

Market capitalisation ………….............................................................................. 17

Market capitalisation (publicly traded SA REITs) .................................................... 18

Monthly value of SA REIT units traded ..................................................... 19

MONTHLY CHART BOOK MAY 2020

Period SA REITs1 All Share2 All Bond2

2009

Q1 -1.1% -4.2% -5.1%

Q2 -0.8% 8.6% 0.3%

Q3 12.9% 13.9% 3.0%

Q4 4.2% 11.4% 1.1%

Year 15.4% 32.1% -1.0%

2010

Q1 9.8% 4.5% 4.4%

Q2 1.1% -8.2% 1.1%

Q3 13.5% 13.3% 8.0%

Q4 3.2% 9.5% 0.7%

Year 29.9% 19.0% 15.0%

2011

Q1 -2.0% 1.1% -1.6%

Q2 4.9% -0.6% 3.9%

Q3 2.3% -5.8% 2.8%

Q4 3.3% 8.4% 3.5%

Year 8.6% 2.6% 8.8%

2012

Q1 8.1% 6.0% 2.4%

Q2 10.1% 1.0% 5.2%

Q3 11.3% 7.3% 5.0%

Q4 2.9% 10.3% 2.6%

Year 36.3% 26.7% 16.0%

2013

Q1 8.5% 2.5% 0.9%

Q2 -0.2% -0.2% -2.3%

Q3 -2.1% 12.5% 1.9%

Q4 1.0% 5.5% 0.1%

Year 7.2% 21.4% 0.6%

2014

Q1 1.5% 4.3% 0.9%

Q2 5.1% 7.2% 2.5%

Q3 6.3% -2.1% 2.2%

Q4 12.6% 1.4% 4.2%

Year 27.7% 10.9% 10.1%

2015

Q1 14.6% 5.8% 3.0%

Q2 -6.7% -0.2% -1.4%

Q3 4.6% -2.1% 1.1%

Q4 -5.9% 1.7% -6.4%

Year 5.2% 5.1% -3.9%

2016

Q1 10.3% 3.9% 6.6%

Q2 1.5% 0.4% 4.4%

Q3 0.4% 0.5% 3.4%

Q4 2.1% -2.1% 0.3%

Year 14.7% 2.6% 15.4%

2017

Q1 3.8% 3.8% 2.5%

Q2 -1.3% -0.4% 1.5%

Q3 3.8% 8.9% 3.7%

Q4 6.7% 7.4% 2.2%

Year 13.5% 21.0% 10.2%

2018

Q1 -14.5% -6.0% 8.1%

Q2 -3.0% 4.5% -3.8%

Q3 -1.7% -2.2% 0.8%

Q4 -2.9% -4.9% 2.8%

Year -20.8% -8.5% 7.7%

2019

Q1 -0.3% 8.0% 3.8%

Q2 3.6% 3.9% 3.7%

Q3 -6.4% -4.6% 0.8%

Q4 0.7% 4.6% 1.7%

Year -2.6% 12.0% 10.3%

2020

January -4.2% -1.7% 1.2%

February -17.6% -9.0% -0.1%

March -37.0% -12.1% -9.7%

April 6.6% 14.0% 3.9%

May -3.9% 0.3% 7.0%

Year-to-date -49.1% -10.1% 1.5%

1) Source = Bridge Fund Managers (index excludes property developers and non-SA REITs)

2) Source = IRESS

PERFORMANCE

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-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total return indexes

SA REITs All Share All Bond

Source: IRESS & Bridge Fund Managers

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0

200

400

600

800

1,000

1,200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SA REIT Index (price only)


SA REITs FTSE/JSE: All Share All Bond FTSE/JSE: Financials FTSE/JSE: Industrials FTSE/JSE: Top 40 FTSE/JSE: Small Cap

SA REITs 1.00 0.45 0.60 0.75 0.66 0.40 0.75

FTSE/JSE: All Share 0.61 1.00 0.26 0.70 0.68 0.93 0.65

All Bond 0.56 0.30 1.00 0.53 0.51 0.25 0.44

FTSE/JSE: Financials 0.82 0.73 0.59 1.00 0.88 0.75 0.84

FTSE/JSE: Industrials 0.78 0.68 0.58 0.91 1.00 0.72 0.80

FTSE/JSE: Top 40 0.57 0.94 0.32 0.78 0.73 1.00 0.65

FTSE/JSE: Small Cap 0.84 0.68 0.51 0.87 0.81 0.68 1.00

Source: Bridge Fund Managers

Data period for upper right : May 2010 - May 2020

Comparative Total Return Investment Correlation

Data period for lower left : May 2015 - May 2020

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-60.00%

-50.00%

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

SA REITs - quarterly return components

Income Price appreciationSource: Bridge Fund Managers

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13.8%

-25.0%

-9.4%

5.0%

0.6%

15.4%

-13.6%

3.6%

3.2%

9.7%

-2.1%

-10.4%

-35.4%

-10.3%

-5.9%

5.8%

-3.7%

-10.3%

29.6%

-15.4%

3.5%

-17.5%

20.3%

15.1%

2.8%

-7.0%

11.6%

14.0%

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

Monthly performance - May 2020


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-37.8%

-40.3%

-54.5%

0.0%

-39.3%

-4.9%

-49.2%

-1.3%

-20.3%

-26.4%

-34.6%

-22.6%

-49.2%

-61.8%

-29.4%

-24.4%

8.8%

-54.3%

12.9%

-64.6%

-32.1%

-52.4%

-14.6%

-29.8%

0.8%

-45.5%

-31.8%

-57.9%

-70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

3 month performance to 31 May 2020


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-53.2%

-40.3%

-64.5%

-40.8%

-46.3%

-44.3%

-54.7%

-14.8%

-28.9%

-38.3%

-59.1%

-38.4%

-62.5%

-69.6%

-38.5%

-40.7%

-12.3%

-63.2%

9.4%

-74.6%

-42.7%

-67.6%

-5.7%

-35.8%

-12.0%

-56.4%

-48.0%

-68.2%

-80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

Year-to-date performance to 31 May 2020


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-72.4%

-34.8%

-69.3%

-73.6%

-45.7%

-66.5%

-53.8%

-12.6%

-24.2%

-38.3%

-70.2%

-40.8%

-69.7%

-74.4%

-52.6%

-38.4%

-12.3%

-66.3%

-60.7%

-77.6%

-30.9%

-63.9%

-15.5%

-32.5%

1.3%

-68.1%

-53.2%

-67.3%

-90.0% -80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

12 month performance to 31 May 2020


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-44.7%

-7.1%

-35.7%

-55.9%

-11.7%

-37.2%

-17.4%

5.3%

-4.6%

-5.1%

-50.1%

-12.5%

-35.6%

-43.7%

-31.8%

-10.5%

-10.2%

-31.7%

-66.3%

-38.4%

-24.1%

-38.4%

-12.8%

-8.3%

12.6%

-39.2%

-22.6%

-24.7%

-80.0% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Indluplace

Investec Prop

Liberty2D

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Spear

Stor-Age

Texton

Tower

Vukile

3 year annualised performance to 31 May 2020


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-28.1%

-4.1%

-21.3%

-36.7%

-5.8%

-20.8%

-10.9%

13.2%

4.7%

1.5%

-29.5%

-5.4%

-10.9%

-27.2%

-4.2%

-18.3%

-45.5%

-22.8%

-8.7%

-20.2%

-8.8%

-26.0%

-14.7%

-12.3%

-50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0%

Accelerate

Arrowhead A

Arrowhead B

Delta Prop

Dipula A

Dipula B

Emira

Equites

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Investec Prop

Octodec

Rebosis

Redefine

Resilient

SA Corporate

Safari

Texton

Tower

Vukile

5 year annualised performance 31 May 2020


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1.6%

11.9%

9.6%

10.8%

5.9%

-20.8%

-4.4%

-1.3%

-4.9%

10.6%

-2.0%

1.6%

-25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

Emira

Fairvest

Fortress A

Fortress B

Growthpoint

Hospitality

Hyprop

Octodec

Redefine

Resilient

SA Corporate

Vukile

10 year annualised performance to 31 May 2020


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0.00

5.00

10.00

15.00

20.00

25.00

30.00

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Per

cen

tage

SA REIT Yields versus Bond Yields

SA Listed Property Long bondSource: IRESS & Bridge Fund Managers

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-400

-200

0

200

400

600

800

1000

1200

1400

1600

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Bas

is P

oin

tsYield Differential

SA REIT Yield minus Long Bond Yield


AVERAGE = 7 bps

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2.0%

0.4%0.1%

-0.2%-1.2%

-1.2%

1.3%0.9%

3.6%

5.3%

7.0%

8.0%

7.2%7.2%

9.2%

6.2%

7.9%

10.6%

9.3%

13.7%

14.5%

12.2%

14.7%

14.4%

19.5%

17.0%

12.9%

11.6%

9.4%

7.4%6.9%

7.7%

5.9%

8.1%7.5%

5.8%6.3%

6.3%6.0%

6.8%

6.6%

5.0%5.3%

4.8%

6.3%

8.3%

9.5%

10.4%

11.2%

11.1%

12.2%

13.0%

12.2%

15.6%

18.5%

17.6%18.0%

20.1%

12.9%13.5%

9.5%9.3%

7.0%7.1%

5.1%4.9%

2.7%

1.7%1.6%

0.7%

2.2%

-5%

0%

5%

10%

15%

20%

25%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SA REITsDistribution Growth - Rolling 12 months1

Source: Bridge Fund Managers1. Weighted by equity market capitalisation at the end of the period to limit distortions created by significant equity issuance by individual companies

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0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

R 'm

illio

ns

Market Capitalisation


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0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

R 'm

illio

ns

Market Capitalisation - Publicly Traded SA REITsMay 2020


of 19

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

R 'm

illio

ns

Monthly value of SA REIT units traded

Source: IRESS and Bridge Fund Managers

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