Resilient, one of the top-performing listed property companies, said the retail trading environment was buoyant and trading densities in its portfolio, particularly in Limpopo, were growing faster than rental escalations.

"This provides opportunities for increased rentals on expiry of leases and underpins existing rentals in the event of a slow- down in the retail trading environment," said the company.

Resilient, whose strategy is investment in dominant retail developments in small cities and large towns, has a fixed property portfolio and investments in listed property stocks.

Its market capitalisation is about R3,27billion, while its total property assets are worth about R3billion. Resilient is poised to benefit from new retail developments in the 2007 financial year.

The company said during the year to December it had the benefit of nine months of earnings from its Diamond Pavilion shopping centre in Kimberley and Northam Shopping Centre in Limpopo, and two months' earnings from Soweto's Jabulani Mall.

"Resilient will receive full years' earnings from these developments during the 2007 financial year," said the company.

Resilient said it would also receive income from the expansion to the Mvusuludzo Mall in Thohoyandou, as well as earnings from the new Highveld Mall in Witbank, both scheduled for opening during April.

"All these property developments and extensions yield a minimum of 10% and are thus earnings enhancing."

Resilient owns a 55% stake in the 43500m² Jabulani Mall, which opened on October 26.

The company said the mall was "trading well" and included anchor tenants Edgars, Game, Shoprite and Woolworths.

Northam Shopping Centre, in which Resilient has a 55% stake, opened in April.

A new development Resilient will be involved in this year is The Grove shopping centre, Pretoria.

The company and developer Keystone Investments have entered into a 50-50 venture to develop the mall of 38500m² of gross lettable area. Construction of the mall, which will include anchor tenants Edgars, Pick 'n Pay and Woolworths, is expected to begin in May.

Resilient MD Des de Beer said on Wednesday the company had no plans to merge with its sister property companies or funds.

Other entities include Acucap Properties, Diversified Property Fund and Capital Prop-erty Fund, in which Resilient has strategic stakes. Several listed-property commentators have speculated that the most likely candidate for a merger with Resilient would be Acucap because of the similarities in the two companies' property portfolios. But he said Resilient had reduced its stake in Acucap to 7,2% from the 19,5% it owned in December 2005.

This was in line with policy to "sell down" its holdings in listed property securities and buy fixed property.