Redefine Properties:
Current Share Price: 776
Percent change: -0.39
Closing Price: 779

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Space to Let

Leasing

In the year to 31 August 2010, Redefine concluded 1 561 leases with a gross monthly rental of approximately R44,6 million. Of the total number of leasing deals, 877 were renewals with a gross monthly rental of approximately R31,2 million and 684 leases with a gross monthly rental of approximately R13,4 million were concluded with new tenants for vacant space. Leases in excess of 1,1 million square metres were concluded last year.

Rental growth

In the year to 31 August 2010, rentals on renewal increased by 9,77%. An average of R62,40/m2 was achieved for new leases, compared to the portfolio average of R61,75/m2. The average portfolio rental increased by 11,8% to R61,75/m2 (2009: R55,23/m2).

Average rental escalations at 31 August 2010

Office 8%
Retail 7%
Industrial 7%

LEASE EXPIRY PROFILE

Lease expiry profile by let area
Year to Office      
 Retail      
 Industrial     
 Total       
31 August m2 % m2 % m2 % m2 %
2011 370 727 31 190 435 17 206 532 21 767 694 23
2012 211 127 18 211 939 19 188 234 19 611 300 19
2013 230 213 19 216 311 20 253 468 26 6999 992 21
Beyond 373 423 32 491 414 44 326 781 34 1 191 618 37
Total 1 185 490 100 1 110 099 100 975 015 100 3 270 604 100
graph

Lease expiry by average gross monthly rental/m2

  Office Retall Industrial Total
Year to 31 August R/m2 R/m2 R/m2 R/m2
2011 67,22 81,86 36,02 62,45
2012 93,35 82,53 32,77 70,95
2013 93,08 90,20 33,71 70,70
Beyond 113,44 89,89 40,66 83,77