Stenprop delivers interim results in line with expectations

Posted On Thursday, 26 November 2015 11:18 Published by
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Ongoing portfolio development to underpin continued growth.



§  EPRA NAV per share up 1.8% to €1.68 since year-end

§  Diluted adjusted EPRA earnings per share*  up 5.5% to 5.17 cents

§  4.2 cents interim dividend per share declared

§  Successful migration to JSE Mainboard

§  Ongoing strengthening of portfolio

Thursday, 26 November 2015. Stenprop, a property company with dual primary listings on the Bermuda Stock Exchange and the JSE’s Main Board, announced solid interim results for the six months ended 30 September 2015.

Stenprop’s diluted EPRA (European Public Real Estate Association) Net Asset Value (NAV) per share as at 30 September 2015 was €1.68, an increase of 1.8% since year-end. An interim dividend of 4.2 cents per share was declared for the six months to 30 September 2015.

The adjusted EPRA earnings attributable to shareholders were €14.3 million, resulting in diluted adjusted EPRA of 5.17 cents per share being reported, compared to the pro forma 4.90 cents per share in 2014. This equates to a 5.5% increase on the pro forma diluted adjusted EPRA earnings per share at 2 October 2014.

Paul Arenson, Stenprop CEO said: “Our migration to the Main Board of the JSE in October 2015 was a great milestone for Stenprop. We believe that it has strengthened our position in the South African property sector amongst the investment community.

“During the past six months, we completed the acquisition of our 50% interest in the multi-let office building, 25 Argyll Street, located in London’s West End as well as the Hermann Quartier retail centre in Berlin, further enhancing the quality of our current portfolio.”

Stenprop has an interest in 56 properties valued at €907 million mainly in the office and retail sectors. 44% of the portfolio is in the United Kingdom, 39% in Germany and 17% in Switzerland by value with six of the core properties accounting for 60% of the total portfolio asset value.

“Our portfolio value increased by €18 million over the period, driven by a strengthening UK economy and strong growth in rental and capital values in central London,” commented Arenson.

The Company’s overall gearing ratio decreased to 52.4%.

“We completed the refinancing of £64.6 million of debt on Euston House and Pilgrim Street in May 2015, taking advantage of lower longer term interest rates, and we remain committed to targeting an average of 50% gearing ratio as we build out our portfolio,” said Patsy Watson, Stenprop CFO.

Stenprop completed the acquisition of the Victoria shopping centre in Berlin at a purchase price of €20.6 million post the reporting period on 24 November 2015. 

“We are confident that we can continue to deliver sustainable and growing earnings as well as capital growth to our shareholders. We remain on track to deliver adjusted EPRA EPS of 10.32 cents per share and distributions totalling 8.5 cents per share for the year ending 31 March 2016,” concluded Arenson. 

Last modified on Thursday, 26 November 2015 20:20

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