Oryx Properties reports higher earnings

Posted On Monday, 31 August 2009 02:00 Published by
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Oryx Properties reported earnings per linked unit of 143.34 cents for the year ended June 2009, from 128.13 cents a year ago.

Property-Housing-Residential.Distributions for the year to 30 June 2009 amounted to Nam$52 million, or 94.75 cents per unit, which shows a growth of 6.8% over the 2008 year.

The company said distributions were impacted significantly by vacancies.

The vacancies have improved from 2% in December 2008 to 1.5% at year end. Vacancies in the office portfolio during the year and the purchase of land for development have collectively affected distribution growth for 2009.

The land is situated in growth areas and are strategic purchases to allow future tenant driven or other developments.

The Oryx portfolio was valued at N$750m at 30 June 2009.

Looking ahead the group said despite the difficult economic conditions experienced during the financial year, the Maerua shopping node performed well and tenants have enjoyed good revenue growth.

The growth in the portfolio income was hampered mainly by vacancies in the office portfolio. South African national tenants represent in excess of 90% of lettable retail space.

This, together with low gearing, places Oryx in a strong position in the current economic times.

Oryx is considering acquiring South African industrial properties to add to sectoral and geographic diversification.

Management continues to focus on the leasing of vacant space, retaining of existing tenants, managing debtors and acquiring value adding assets, it said. 

Last modified on Tuesday, 29 April 2014 12:30

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