The JSE-listed REIT grew gross property revenues by 2.9% to R99.5 million in 2015 although other direct property operating cost, administrative and management expenses, repairs and maintenance cost increased by 5,7% from R76.3 million in 2014 to R80.7 million.

The average vacancy factor of the portfolio increased from 12.4% in June 2014 to 19.8% in June 2015.

Headline earnings per share decreased from 1.44 cents in 2014 to -0.57 cents in 2015, with basic earnings per share increasing from 6.37 cents per share to 17.52 cents per share. Net Asset Value has improved from 81.16 cents to 98.68 cents.  

The company is set to make a related party acquisition buying Safari Lodge for R100m from Gmeiner Investment Holding Proprietary. R42 million of which to be funded through a mortgage bond and the remainder of R58 million by the creation of a loan account in the financial records of the seller.

The company is set to make a related party acquisition buying Safari Lodge for R100m from Gmeiner Investment Holding Proprietary. During the year under review it disposed of Mountain View Shopping Centre, Marlboro 142 and Score Mfuleni earning a combined capital gain of R11.3 million on the transactions.

Orion group announced the appointment of Anthony Old as Chief Financial Officer with effect from 1 October 2015. Anthony is a Chartered Accountant, qualifying initially in New Zealand as an Associated Chartered Accountant in 1985 and as a CA(SA) in South Africa in 1993. He has 30 years’ Group Financial Management experience obtained across various industries and in both the listed and unlisted environments as well as extensive private practice experience.