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Business Update
TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2016/277183/06
JSE Code: TPF ISIN: ZAE000227765
(Approved as a REIT by the JSE)
(“Transcend” or “the Company”)
BUSINESS UPDATE
Further to the announcement published on SENS on 6 April 2020, the Company wishes to provide
Shareholders with an update on the impact of the COVID-19 pandemic (“the Pandemic”) on the
Company’s business and operations to date.
COVID-19 environment
The safety and well-being of Transcend’s employees, tenants and stakeholders remain the priority
of the Company’s board of directors in its response to the Pandemic, particularly as lockdown
regulations are relaxed.
Business update
Liquidity management
Transcend continues to focus its efforts on maintaining sound financial and liquidity positions and
is currently able to meet all of its debt obligations. The business continues to generate strong
cashflows at a property level. Monthly and quarterly rental collections and occupancies remain
relatively uninterrupted to date, proving residential property as a defensive asset class.
Operational update
Transcend is in constant communication with tenants, staff and key service providers to keep
abreast of their circumstances as they respond to their own challenges brought about by the
Pandemic. The Company has successfully implemented an income declaration process for tenants
whose income has been affected and has implemented recommended best practice COVID-19
preventative measure protocols at its properties and business premises. The Company has also
contributed to the Solidarity Response Fund.
Portfolio performance
Transcend’s portfolio has achieved the following results to date:
• portfolio occupancies of 95.5% and an average collection of rental income of 95.6% for the
first quarter ended 31 March 2020;
• occupancies of 94.6% for April 2020;
• collections of rental income of 92% and 95% for April 2020 and May 2020, respectively; and
• a collection rate of 94.5% for the period from 1 January 2020 to 31 May 2020.
Notwithstanding the pleasing portfolio statistics shown above, Management and the Board are
aware that the negative effects of the Pandemic on the South African economy and the economic
well-being of its citizens may continue to affect business and operating conditions in both the short-
and the long-term.
Management and the Board extend their appreciation to tenants, staff, service providers, property
managers and all other stakeholders for their commitment and patience during the Pandemic. We are
all in it together.
Bryanston
12 June 2020
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 12-06-2020 01:01:00
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