Wrap Text
Condensed consolidated interim results for the six months ended 31 August 2020
EQUITES PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
Share code: EQU ISIN: ZAE000188843
Alpha code: EQUI
(Approved as a REIT by the JSE)
(“Equites” or “the Company”)
SHORT-FORM ANNOUNCEMENT: CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2020
NATURE OF BUSINESS
Equites is the only specialist logistics REIT on the JSE with a market capitalisation of R11 billion and 63
properties under management. This portfolio has been carefully curated to bring together the best assets
in the most desirable locations, let to blue-chip covenants on long-dated leases.
The logistics asset class has proven to outperform in key global markets over time, and through careful
acquisition and development activity, we have managed to unlock significant value for shareholders.
We pride ourselves on being able to provide high quality logistics assets to our tenants, enabling them with
solutions to grow, optimise and redefine their businesses.
We believe that a strong financial result is meaningless without ensuring the sustainability of income. In
order to ensure this goal is met, we have prioritised sustainability and governance as cornerstones of our
strategy.
THE PERIOD IN BRIEF
- Net asset value per share has increased by 0.4% to R17.44 as at 31 August 2020, compared to R17.37
at 31 August 2019
- Distribution per share of 74.44 cents compared to 74.43 cents for the six months ended 31 August
2019
- 100% of distributable earnings has been declared as an interim cash dividend to shareholders
- Average collection rate above 99.0% over the six-month reporting period, across SA and the UK
- Loan-to-value of 29.5% as at 31 August 2020 reflecting a conservative financial profile against an
uncertain macroeconomic backdrop
- The all-in cost of debt has decreased by 50bps since 29 February 2020 to 5.44%
- Cash and undrawn facilities in excess of R1.0 billion at 31 August 2020 available to execute
development pipeline
- Raised R600 million in senior unsecured floating rate notes at a margin of 205bps above JIBAR
through a heavily oversubscribed private bookbuild in September 2020
KEY FINANCIAL HIGHLIGHTS
Unaudited Unaudited
Six months ended six months ended Change
31 August 2020 31 August 2019 %
Gross property revenue (R’000) 510 382 492 458 3.6%
Distributable earnings (R’000) 457 572 405 577 12.8%
Headline earnings per share (cents) (7.6) 70.9 110.7%)
Earnings per share (cents) (20.1) 95.4 (121.1%)
Dividend declared per share (cents) 74.44 74.43 0.0%
Net asset value per share (cents) 1 744 1 737 0.4%
DECLARATION OF AN INTERIM CASH DIVIDEND WITH THE ELECTION TO REINVEST THE CASH DIVIDEND IN
RETURN FOR EQUITES SHARES
The board has approved, and notice is hereby given of the declaration of a gross interim dividend
(dividend number 14) of 74.43601 cents per share. Subject to final regulatory approvals, shareholders will
be entitled, in respect of all or part of their shareholdings, to elect to reinvest the cash dividend in return for
equites shares and a circular containing details of the election to reinvest the cash dividend, accompanied
by the requisite SENS announcements will be issued in due course.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of and the contents were approved by
the board on 12 October 2020. This short-form announcement is a summary of the full announcement
released on SENS on 13 October 2020 and does not include full or complete details. None of the
information in this announcement has been reviewed or reported on by the company’s external auditors.
The full announcement is available on the Company’s website at https://www.equites.co.za/investor-
community/investors-documentation/ and can also be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2020/jse/isse/EQU/H12020.pdf
A copy of the full announcement may be requested from info@equites.co.za or the sponsor, Java Capital
at sponsor@javacapital.co.za. Any investment decision should be based on the full announcement
available on the Company’s website.
The condensed consolidated interim results have not been reviewed or audited by the Company’s
external auditors, PricewaterhouseCoopers Inc.
Non – Executive Directors
P.L. Campher* (Chairman), G Lanfranchi (Deputy Chairman), R.E. Benjamin-Swales*, M.E. Brey*, E. Cross*,
K Dreyer, A.J. Gouws, N Khan*, K. Ntuli*
*Independent
Executive Directors
A Taverna-Turisan (CEO)^, G.R. Gous (COO), L. Razack (CFO)
^Italian
Registered office and business address
14th Floor, Portside Towers, 4 Bree Street, Cape Town, 8000
Contact details
info@equites.co.za
Company secretary
Riaan Gous
Transfer secretary
Computershare Investor Services Proprietary Limited
Auditors
PricewaterhouseCoopers Inc.
Bankers
Nedbank Limited
Debt sponsor
Nedbank Limited
Corporate advisor and equity sponsor
Java Capital
6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
13 October 2020
Date: 13-10-2020 07:05:00
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