Updated trading statement and updated guidance
REBOSIS PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
Alpha code: REBI
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company”)
UPDATED TRADING STATEMENT AND UPDATED GUIDANCE
Shareholders are referred to the announcement published by the Company on SENS on 28 November
2018 regarding a trading statement and market guidance.
The Company hereby wishes to provide an updated market guidance on the distributable income as
• distributable income for the year ending 31 August 2019 is expected to be 52% to 62% lower
than the comparative year ended 31 August 2018;
• dividend per A Share for the year ending 31 August 2019 will continue to attract a guaranteed
distribution growth of 5%; and
• dividend per B Share for the year ending 31 August 2019 is expected to be 24 to 22 cents per
B Share, being 74% to 76% lower than the comparative year ended 31 August 2018.
The reasons for the lower than expected distributable income from the previous market guidance are
set out below:
• an increase in the cost of debt on renewing expiring facilities, as a result of the higher loan to
• the cancellation of the cross currency derivative due to the reduced value of the foreign
investment in New Frontier Properties Limited;
• net property income growth being lower than the expected 4 to 5% growth, on a like-for-like
basis, due to rent reversions in the main; and
• tenant vacations that underscored progress in vacancy fill-ups.
The Board of Directors hereby advises shareholders that given the current weak balance sheet with
higher loan to value levels, especially in light of the major impairment of the UK investment asset, it is
critical in the short-term that capital is deployed to strengthen the balance sheet and to deleverage the
The Board has therefore resolved to not declare an interim dividend and defer same to H2 2019.
The Board has resolved to distribute a full year dividend at the final distribution date, being after the
conclusion of its year ending 31 August 2019.
The above information has not been reviewed or reported on by Rebosis’ auditors.
The Company’s interim financial results for the six month period ended 28 February 2019 will be
published on Tuesday, 14 May 2019.
10 May 2019
Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
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