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NEWPARK REIT LIMITED - Trading statement

Release Date: 25/01/2019 17:45
Code(s): NRL     PDF:  
 
Wrap Text
Trading statement

NEWPARK REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2015/436550/06)
JSE share code: NRL  ISIN: ZAE000212783
(Approved as a REIT by the JSE)
("Newpark" or "the company" or "the Group")
                                                                                                 

TRADING STATEMENT


Shareholders are advised that as a result of further increased vacancies and tenant defaults in the 
Group's mixed use segment the board of directors has decided to revise the outlook for distributable 
earnings performance for the full year ending 28 February 2019 downwards from a decrease in distributable 
earnings of between 6.0% and 8.0% to a decrease in distributable earnings of between 16% and 18% compared 
with the 12 months ended 28 February 2018. The outlook for financial year 2019, previously communicated to 
the market is no longer expected to be achievable due to a further deterioration in market conditions and 
the direct impact this has had on the Group's vacancy profile and tenant performance. The board of directors 
remains mindful of the current pressures experienced by tenants in the mixed-use (retail and office) segment, 
manifesting in higher than desired vacancies for the short-term. 

The revised forecast is based on no further material vacancies arising and no further material tenant default 
occurring.

The financial results on which this trading statement is based have not been reviewed or reported on by Newpark's
auditors. The financial results of Newpark for the year ended 28 February 2019 will be published on or about
31 May 2019.

25 January 2019


Sponsor
Java Capital

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