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Release Date: 29/11/2021 17:35
Code(s): RES40 RES50 RES52 RES41 RES49 RES53 RES     PDF:  
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Pre-close update

Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
(“Resilient” or “the Company”)


In anticipation of Resilient’s results for the six-months ended December 2021, the following pre-close update is provided.
The financial information on which this update is based has not been reviewed or reported on by the Company’s external

Resilient’s portfolio achieved strong comparable sales growth of +7,8% for the four months ended October (+6,1%
compared to the 2019 pre-COVID performance). Resilient continues to benefit from dominant shopping centres serving
markets exposed to export-commodities. The COVID-pandemic continues to impact footfalls, however, the trading
performance has recovered well.

Jabulani Mall and a section of Mams Mall were looted during the social unrest of July 2021. As a result, retail sales in these
centres declined by 40,1% and 10,0%, respectively, compared with the same four-month period of 2020 and were excluded
from the comparable sales performance. Resilient’s share of the damage sustained to these properties amounted to R3,6
million and R2,3 million, respectively.

Resilient is insured for damage to the shopping centres as well as the loss of rental during the period of social unrest.
Resilient’s share of the total insurance claim submitted amounts to R31 million.

During FY2020, Resilient’s insurance policy included pandemic cover. Resilient has agreed to a settlement of R12,6 million
in respect of its claim. As the amount was not previously accrued, it will be included in the results for the current financial
period. This cover is no longer available.

For the five months to date, Resilient has collected 96,6% of rental and recoveries billed before discounts. This number
includes the full rental billing for the period of social unrest. Rental discounts of R19 million were granted during this
financial period to date.

Resilient’s pro rata share of the vacancy in the portfolio was 2,6% at October 2021. This includes vacancy of 0,5% which
is earmarked for the introduction of three additional grocery stores and is therefore not available for letting.

Expiring leases with tenants that remained in occupation were renewed on average at -0,6% compared to the expiring
rentals. Leases concluded with new tenants were on average 8,0% higher than the rentals of the outgoing tenants. In total,
rentals for renewals and new leases increased on average by 1,8%.

The four shopping centres acquired in France will be included in Resilient’s results for Q4 2021. The malls are open and
trading and retail sales are returning to pre-COVID levels. The official fully-vaccinated coverage is 88,0% in France and
the impact of the fourth COVID-wave has been limited to date.

With the change in the Company’s year-end to December, the property portfolio is being externally valued by Jones Lang

29 November 2021

Java Capital

Date: 29-11-2021 05:35:00
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