RESILIENT REIT LIMITED - Pre-close update and change to the board

Pre-close update and change to the board

RESILIENT REIT LIMITED
Incorporated in the Republic of South Africa
Registration number: 2002/016851/06
JSE share code: RES
ISIN: ZAE000209557
Bond company code: BIRPIF
LEI: 378900F37FF47D486C58
(Approved as a REIT by the JSE)
(“Resilient” or “the Company”)


PRE-CLOSE UPDATE AND CHANGE TO THE BOARD


The following pre-close update is provided in anticipation of Resilient’s results for the year ending
December 2022. The financial information on which this update is based has not been reviewed or reported
on by the Company’s external auditors.

SOUTH AFRICA
RENEWALS AND NEW LEASES
During the year to date, tenants remaining in occupation renewed expiring leases at rentals on average 3,4%
higher than under the expired leases. Leases concluded with new tenants were on average 17,2% higher than
the rentals of the outgoing tenants. In total, rentals for renewals and new leases increased on average by 6,7%.

TRADING PERFORMANCE
Comparable sales growth of 10,1% was achieved for the 10 months ended October 2022. Sales growth was
enhanced through right-sizing, relocations and other tenant-focused initiatives. Excluding July (which was the
portion of the prior period most affected by social unrest), comparable sales grew 8,9%.

VACANCIES
Following the opening of the new Spar at Mams Mall and the Fit24 at Rivonia Village, Resilient’s pro rata
share of vacancies has declined to 1,7%. Although vacancies may still decline marginally in future, the current
position is optimal to accommodate tenant rotation and right-sizing in future.

ENERGY
As a result of an accelerated solar and battery rollout, Resilient currently produces 15% of its energy
requirements, a substantial increase from the 7,5% at the end of December 2021. This is projected to exceed
20% by June 2023. Loadshedding without battery support negatively impacts on solar energy utilisation.

FRANCE
The Lidl grocer at Docks Vauban opened in October 2022 and is trading ahead of expectations. The Biltoki
market at Docks 76 opened in November 2022 and is proving popular. Primark at Saint Sever is scheduled for
handover in Q1 2023 with opening scheduled for Q3 2023.

OFFSHORE INVESTMENTS
Resilient has acquired a 3,94% interest in Hammerson plc and continues to evaluate further investment
opportunities. Resilient’s policy is not to enter into “cross-currency swaps”, however, depending on future
opportunities, this policy may be re-evaluated.

CHANGE TO THE BOARD
Nick Hanekom has resigned as chief operating officer and from the board of directors ahead of his pending
emigration. His resignation takes effect on 29 December 2022. Nick will continue to be available to Resilient
as a consultant.

1 December 2022


Sponsor           
Java Capital

Debt Sponsor
Rand Merchant Bank
(a division of First Rand Bank Limited)

Date: 01-12-2022 08:00:00
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