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Voluntary announcement regarding portfolio investments and performance and trading statement
RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/016851/06)
JSE share code: RES ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient”)
VOLUNTARY ANNOUNCEMENT REGARDING PORTFOLIO INVESTMENTS AND PERFORMANCE AND TRADING STATEMENT
In preparation for engagement with certain investors, Resilient advises shareholders of information regarding its
performance in the current interim period as follows:
Slower retail sales growth has been recorded for the four months to October 2016. However, Black Friday sales
were substantially higher than the previous year and will only reflect in the November 2016 sales figures.
To reduce volatility in dividend income from its foreign listed holdings, the board has amended its hedging
policy as follows:
- hedge 100% of the dividends to be received in the following 12 months;
- hedge 67% of the dividends to be received in months 13 to 24; and
- hedge 33% of the dividends to be received in months 25 to 36.
The board is of the view that the resultant increased certainty and predictability outweigh the potential benefits
from a weakening Rand.
The board has agreed to acquire a further 6% of Mafikeng Mall at a yield of 8%.
In terms of the JSE Listings Requirements, property entities are required to publish a trading statement as soon
as they are satisfied that a reasonable degree of certainty exists that the distribution for the period to be reported
on next will differ by at least 15% from the distribution for the previous corresponding period. Following recent
distribution guidance published by Greenbay Properties Limited, New Europe Property Investments plc and
Rockcastle Global Real Estate Company Limited, Resilient’s distributions are now forecast to increase by
between 15% and 17% for the 2017 financial year.
The financial results on which this trading statement is based have not been reviewed or reported on by
Resilient’s auditors. The financial results for the six months ended 31 December 2016 will be published on or
about 2 February 2017.
5 December 2016
Sponsor
Java Capital
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