The JSE-listed property fund saw property portfolio revenue increase from 500 million rand for the year ended 31 August 2012 to 565 million rand for the 2013 period.
“Rental income increased by 26.2 per cent, with a dominant contribution of 54 per cent from the retail portfolio. Operating efficiencies resulted in an improvement in the net operating cost ratio from 13.5 per cent in 2012 to 12.5 per cent in the year under review,” said Rebosis Property Fund’s chief executive Sisa Ngebulana.
“Rebosis delivered against its growth objectives given its strong fundamentals and prudent management. It increased assets under management through yield enhancing strategic acquisitions and delivered on distribution growth targets whilst maintaining operational costs.”
Net operating profit increased from 407 million rand in the 2012 fiscal year to 429 million rand in 2013 while profit from operations decreased from 564 million rand to 426 million rand.
Profit before taxation also decreased, from 246 million rand in 2012 to 33 million rand in 2013. Total comprehensive income for the year however, increased from 144 million rand to 275 million rand.
Rebosis reported a full year distribution of 92 cents per linked unit and an 11.8 per cent final distribution growth to 47.5 cents per linked unit.
Market capitalisation grew 40.9 per cent to four billion rand and acquisitions of one billion rand were concluded.
“Demand for space remains strong, vacancies in the portfolio have remained at low levels and operating costs are well managed. The planned expansion and tenant mix optimisations at Hemingways and Bloed Street Malls during 2014 will reposition these retail centres as ultimate destinations geared for future exceptional growth,” said Ngebulana.
“Taking into account the expected short-term dilution from the planned expansion and tenant mix optimisations of the retail centres, the board anticipates that the distribution for the year ending 31 August 2014 will be between 97 cents and 99 cents per linked unit.”