The company achieved distributable earnings of R222.8 million for the year ended 30 June 2015 (30 June 2014: R202.7 million), in line with expectations.

Ascension’s portfolio comprises of 81.0% offices, 9.3% retail and 9.7% other. The total portfolio is 62.1% tenanted by government in line with Ascension’s strategic focus on this market. Total vacancies decreased to 6.46% and the weighted average rental escalation remains at a healthy 8.1%. 

"Despite the challenging business environment we believe that Ascension has a defensive portfolio and that the quality of its assets, together with healthy lease and escalation profiles, should ensure that the group continues to deliver acceptable returns to its shareholders," Ascension said.

During the year, Ascension changed its financial year-end from 30 June to 31 August and converted its capital structure from a linked unit capital structure to an all-share capital structure, comprising Ascension A shares and Ascension B shares. The company appointed Kameel Keshav, former Financial Director of Rebosis Property Fund Limited, as the new CEO of Ascension, effective 1 October 2015. 

Ascension Properties is a REIT focusing on centrally located commercial office buildings in South Africa with a strong focus towards government tenants. Its portfolio consist of 29 properties valued at R3.83 billion, with a total gross lettable area of 316 570m².