Reviewed results for the year ended 31 August 2021
REBOSIS PROPERTY FUND LIMITED
(Rebosis or the company or the group or the fund) (Registration number 2010/003468/06)
(Approved as a REIT by the JSE)
JSE share code Rebosis A share: REA
JSE share code Rebosis Ordinary share: REB
ISIN Rebosis A share: ZAE000240552
ISIN Rebosis Ordinary share: ZAE000201687
- Expired debt renewed 98%
- Achieved milestone disposal (Announced) R6.3 billion
- Maintained portfolio valuation growth 0.3%
- New vacancy letting 18 074 m2
- Rental collections rate (including arrears) 103.9%
- Covid 19 rental relief R23 million
REVIEWED RESULTS For the year ended 31 August 2021
INTRODUCTION
Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified
portfolio across commercial and retail assets. The majority of its commercial income enjoys
a sovereign underpin from national, provincial and local government departments across 35
buildings. The retail portfolio has a mix of regional and super regional malls, spread
across Gauteng and the Eastern Cape.
FINANCIAL RESULTS
Net property income decreased by 10% when compared on a like for like basis to the prior
year. This is as a result of reversions on the portfolio, as well as increase in rates
assessments. The distributable income before tax excluding once off items (capitalised
interest and operating expenses on deferred payment liability) is R83 million.
The higher distributable income is as a result of a decrease in the head office costs
of the group to R151 million (2020: R175 million) and the decrease in finance costs
relating to bank facilities to R602 million (2020: R828 million), due to the repo rate
cuts and the repayment of facilities using the proceeds from the Medscheme sale.
The Board deemed it prudent to deleverage the fund and has therefore resolved to not
declare a full year dividend for the year ended 31 August 2021 (31 August 2020: Nil).
The retail and commercial property portfolio was independently valued at year end,
taking into account COVID-19 considerations. During the period, proceeds from the
disposal of Medscheme were used to settle Standard Bank facilities to the value of R89.1 million.
The fair value of the Rebosis Property Portfolio as at 31 August 2021 amounted to
R13.1 billion (0.3% growth year on year, excluding the Medscheme building disposal).
This is mainly attributable to successful government lease renewals completed, and
the continued strong covenant tenant profile in the retail portfolio with long term
lease profile.
Reviewed for Audited for
the year ended the year ended
31 August 2021 31 August 2020
R000 R000
Revenue (R'000) 1 666 660 1 704 854
Distributable income per A Share (cents) 292.72 278.78
Distributable income per B Share (cents) - -
Basic and diluted earnings per A Share (cents) * 292.72 278.78
Basic and diluted loss per B Share (cents) (68.39) (9.67)
Basic and diluted headline earnings per A Share (cents) 292.72 278.78
Basic and diluted headline loss per B Share (cents) (36.06) (47.94)
Net asset value per A Share (R) 0.75 1.15
Net asset value per B Share (R) 4.51 4.89
* The dashes represent negative amounts.
SHORT-FORM ANNOUNCEMENT
This Short-form Announcement has been prepared by Ms A.L. Magwentshu CA (SA), in her
capacity as Chief Financial Officer of the company, and is the responsibility of the
directors of Rebosis. The Full Announcement ("Full Announcement") was released on the
JSE's website on 2 December 2021 and can be found on the company's website at
http://www.rebosis.co.za/#investor-relations. The Full Announcement is also available
on the JSE's website at https://senspdf.jse.co.za/documents/2021/jse/isse/REB/ye2021.pdf.
The information contained in this Short-form Announcement is only a summary of the
information in the Full Announcement and does not contain full or complete details.
Any investment decision by investors and/or shareholders should be based on consideration
of the Full Announcement published on the JSE's website and on the company's website as a whole.
A copy of the Full Announcement is available for inspection, and may be requested, by
investors and/or shareholders at the company's registered office, Office 95 & 95A,Forest Hill City,
6922 Forest Beech Street, Monavoni Centurion, 0157, Attention: Asathi Magwentshu, and at the
offices of the Sponsor (Nedbank Corporate and Investment Banking, a division of Nedbank Limited.
The information contained in this Short-form Announcement has not been reviewed or
reported on by the company's auditors.
The Full announcement has been reviewed by the company's auditors, BDO South Africa Incorporated,
their unqualified review conclusion is available on the company's website at
http://www.rebosis.co.za/#investor-relations.
The auditors review conclusion contains a material uncertainty that may cast significant doubt
on the group's ability to continue as a going concern. The review conclusion has not been
modified as a result of the material uncertainty.
By order of the Board
2 December 2021
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 02-12-2021 08:22:00
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