Ascension Properties grows distributable earnings by 9.9% for the year ended 30 June 2015

Posted On Friday, 02 October 2015 09:50 Published by
Rate this item
(1 Vote)

The results represent the first full year performance of Ascension since Rebosis acquired the asset manager of Ascension in February 2014.

Kameel Keshav

The company achieved distributable earnings of R222.8 million for the year ended 30 June 2015 (30 June 2014: R202.7 million), in line with expectations.

Ascension’s portfolio comprises of 81.0% offices, 9.3% retail and 9.7% other. The total portfolio is 62.1% tenanted by government in line with Ascension’s strategic focus on this market. Total vacancies decreased to 6.46% and the weighted average rental escalation remains at a healthy 8.1%. 

"Despite the challenging business environment we believe that Ascension has a defensive portfolio and that the quality of its assets, together with healthy lease and escalation profiles, should ensure that the group continues to deliver acceptable returns to its shareholders," Ascension said.

During the year, Ascension changed its financial year-end from 30 June to 31 August and converted its capital structure from a linked unit capital structure to an all-share capital structure, comprising Ascension A shares and Ascension B shares. The company appointed Kameel Keshav, former Financial Director of Rebosis Property Fund Limited, as the new CEO of Ascension, effective 1 October 2015. 

Ascension Properties is a REIT focusing on centrally located commercial office buildings in South Africa with a strong focus towards government tenants. Its portfolio consist of 29 properties valued at R3.83 billion, with a total gross lettable area of 316 570m². 

Last modified on Saturday, 03 October 2015 22:09

Most Popular

Africrest Properties completes mixed-use development, Stanley Studios in Johannesburg

Jan 21, 2020
39 Stanley Avenue
What could be better than living in an extremely well-priced apartment or working in…

Three stocks to boost your portfolio in 2020

Jan 22, 2020
Dr Adrian Saville CEO Cannon Asset Managers
After enduring a trying decade under the mismanagement and malfeasance of Jacob Zuma,…

New hotspots driving cost hikes in key data centre markets - thriving market in South Africa

Jan 21, 2020
Dan Ayley Turner and Townsend
Major global data centre markets are seeing soaring construction costs as development in…

Equites Property Fund Limited to develop a R1.3 bn warehouse for Pepkor

Jan 21, 2020
Andrea Taverna Turisan  CEO Equites Property Fund
Equites Property Fund Limited (Equites) today announced an agreement with leading…

2020 Commercial Property Themes –Electricity supply and cost will be a key wildcard for the Commercial Property Sector this year

Jan 23, 2020
John LoosFNB
Will electricity supply reliability and cost increases become a key issue again in 2020?

Please publish modules in offcanvas position.