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Short-form announcement results for the year ended 31 August 2019
REBOSIS PROPERTY FUND LIMITED
(Rebosis or the company)
(Registration number 2010/003468/06)
(Approved as a REIT by the JSE)
JSE share code Rebosis A share: REA
JSE share code Rebosis Ordinary share: REB
Alpha code: REBI
ISIN Rebosis A share: ZAE000240552
ISIN Rebosis Ordinary share: ZAE000201687
SHORT-FORM ANNOUNCEMENT RESULTS
for the year ended 31 August 2019
Net Property Income growth 0.4%
Vacancy Rate growth 6.5%
Retail Footfall growth 2.5%
Tangible NAV B shares R7.78
Total Assets R17.2bn
Portfolio WAULT 3.3years
Retail Trading Density 5.4%
Office Renewals 202 574m2
* The reported tangible NAV attributable to the REB shares is the net
asset value excluding goodwill after netting off market cap of REA
shares
Group
Unaudited Audited
for the for the
year ended year ended
31-Aug-19 31-Aug-18
Revenue (R’000) 1 842 144 2 261 439
Distributable income
per A Share (cents) 265.50 252.86
Distributable income
per B Share (cents) 8.36 92.83
Basic and diluted earnings
per A Share (cents) 265.50 252.86
Basic and diluted earnings
per B Share (cents) (503.29) (163.75)
Basic and diluted headline
earnings per A Share (cents) 265.50 252.86
Basic and diluted headline
earnings per B Share (cents) (14.69) 15.72
Net asset value per A Share (R) 13.65 22.75
Net asset value per B Share (R) 8.29 12.76
INTRODUCTION
Rebosis is a JSE listed real estate investment trust (REIT) with a
high quality diversified portfolio across commercial and retail
assets. The majority of the commercial income enjoys a sovereign
underpin from leases to national government departments accross 36
buildings. Its retail portfolio has a mix of dominant and newly built
shopping centres set to dominate in their nodes in Port Elizabeth
(Baywest Mall) and Centurion (Forest Hill City).
FINANCIAL RESULTS
Distributable income decreased by 71% from R791 million to R226
million for this reporting period of which R250 million was as a
result of once off items. In addition, finance income decreased by
R190 million due to lower income from cross currency swaps as well as
loss of income due to the BBBEE consortium and the Charitable trust.
The increase in bad debt provision of R61 million and tax expense of
R38 million reduced the distributable income further.
"The Board deemed it prudent to deleverage the fund and has therefore
resolved to not declare a full year dividend for the year ending 31
August 2019. Investment property was revalued at year-end by
independent valuers. The value of the property declined by 8.7% to
R16.3 billion. The direct investment in New Frontier Properties and
the loan to the BEE consortium has been written off to Rnil. The
impairment of New Frontier Properties of R2.4 billion together with
the valuation adjustments above, resulted in the loan to value
increasing from 51.6% as at 31 August 2018 to 60.9% as at 31 August
2019."
DECLARATION AND PAYMENT OF CASH DIVIDEND
The Rebosis Board has resolved not to declare a dividend for the
financial year-ended 31 August 2019.
PROSPECTS
The company has achieved good operational efficiencies in a difficult
trading environment including progress on lease renewals and
containing vacancies. It will continue to focus on these key
efficiencies including remaining renewals on expired leases in order
to improve WAULT that would lead to better credit profile especially
in light of expiring debt.
There will be more emphasis to continue the disposal program on the
back of the lease renewals to reduce LTV and the Delta merger
including other measures to unlock value.
SHORT-FORM ANNOUNCEMENT
This short-form announcement has been prepared by
Ms I. King CA (SA), in her capacity as Chief Financial Officer of the
company, and is the responsibility of the directors of Rebosis. The
full announcement ("Full Announcement") was released on SENS on 11
November 2019 and can be found on the company’s website at
http://www.rebosis.co.za/#investor-relations. The full announcement
is also available on the JSE’s website at
https://senspdf.jse.co.za/documents/2019/jse/isse/REB/ye2019.pdf.
The information contained in this short-form announcement is only a
summary of the information in the Full Announcement and does not
contain full or complete details. Any investment decision by
investors and/or shareholders should be based on consideration of the
Full Announcement published on SENS and on the company’s website as a
whole.
A copy of the Full Announcement is available for inspection, and may
be requested, by investors and/or shareholders at the Company’s
registered office, 2nd Floor, Roland Garros Building, The Campus,
Corner Sloane and Main Streets, Bryanston, 2191, Attention: Isabeau
King, and at the offices of the Sponsor (Nedbank Corporate and
Investment Banking, a division of Nedbank Limited, Nedbank 135
Rivonia Campus, 135 Rivonia Road, Sandown, Sandton, 2196, Attention:
Michelle Benade) at no charge, during business hours from 11 November
2019 to 25 November 2019.
The information contained in this short-form announcement has not
been reviewed or reported on by the company’s auditors.
By order of the Board
Monday, 11 November 2019
Equity and Debt Sponsor
Nedbank CIB
Date: 11/11/2019 07:05:00
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