Source: iNET BFA, Catalyst Fund Managers, 2022: as at 30 June 2022

As at 30 June 2022, the historical funds available for distribution (FAD) yield for the SAPY was c. 9%.

Source: Catalyst Fund Managers, 30 June 2022

Earnings growth has been negatively impacted for the last two years due to rental discount provisions, higher vacancies, negative reversions, and lower income from offshore investments. For 2022, we expect a modest rebound in earnings growth due to base effects, significantly lower rental discounts and the resumption of dividends from offshore investments.