Redefine reports lower year earnings

Posted On Wednesday, 01 October 2003 02:00 Published by eProp Commercial Property News
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Property company Redefine Income Fund has reported headline earnings per linked unit of 29.75 cents for the year ended August compared with 37.07 cents for the previous year.

Brian AzizollahoffFor the quarter ended August, Redefine has declared a distribution of 6.5 cents per linked unit, which exceeded the forecast of 6.25 cents made after the May 2003 quarter reflected a decline to 6.25 cents per linked unit.

The company said on Tuesday it expects to achieve its forecast of no less than 31 cents per linked unit for the financial year ending August 2004. While the total distribution for this financial year is below last year's Distribution, Redefine reflected a positive net current asset position for this financial year compared to a net current liability position for the previous year.

Redefine's listed securities portfolio was valued at R1.31-billion at the close of the financial year — having increased by R223-million as a result of net acquisitions of R129-million and an increase in market value of R84-million.

Redefine's operating profit for the year under review increased by 38 percent to R292-million. Non-current assets reflected an increase of 29 percent to R2.45-billion, with net asset value per linked unit rising to 2.41 rand from 2.35 rand in 2002.

The company said it had one of the highest liquidity levels in the sector with over 79 percent of its free float units traded during the financial year. In addition Redefine became the first South African property company to receive a rating from Fitch Ratings which, based on Redefine's superior ability to both service and repay debt, rated Redefine an impressive "A- minus".

Aggressive leasing initiatives ensured that approximately 39 000m2 of vacant space was let during the year and approximately 24 800m2 of leases were renewed. Redefine now enjoys a lease expiry profile better than the sector average with more than 37 percent of leases expiring in 2008 and beyond.

Redefine's directly-owned portfolio is 94.3 percent let, representing a three percent reduction in vacancy over the past year.

"Redefine's responsible forward-looking focus, which involves actively seeking yield-enhancing acquisitions and growing the fund in both the listed and direct property sectors without compromising the quality of the portfolio or diluting existing shareholders' interest, forms a solid basis for increased future performance," said CEO Brian Azizollahoff.

"A clear investment strategy, positive outlook, responsible management and well-defined action plan positions Redefine to enjoy strong performance into the future with attractive forward yields, a high level of interest and better-than-ever liquidity," he added.

 

Last modified on Friday, 09 May 2014 18:03

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