The highlight of this reporting period was the opening of Highveld Mall in April 2007. Resilient owns 60% of this regional shopping centre situated in Witbank. Resilient's 50% interest in Woolworths Kimberley was sold for R8.7 million and transfer has been effected. Subsequent to the reporting period Pick `n Pay Nelspruit was sold for R52 million. The sale remains subject to suspensive conditions. Resilient sold 3 677 420 units in Acucap Properties Ltd and a net 2 917 686 units in Capital Property Fund at average prices of R32.46 and R5.43 respectively. Resilient acquired a net 3 006 565 units in Diversified Property Fund Ltd at an average cost of R10.53. Property Fund Managers Limited, the management company of Capital Property Fund, was sold for R30 million.
Net rental and related income increased by 64.78% to R105.93 million (R64.28 million). Headline earnings per linked unit amounted to 36.07c (62.05c).
Distribution
The board has approved an interim distribution of 67.97c per linked unit for the six months ended 30 June 2007.
Prospects
The current financial year will have the positive impact of the full year's earnings from Diamond Pavilion, Northam Plaza and Jabulani Mall as well as eight months' earnings from Highveld Mall and the extensions to Mvusuludzo Mall. These developments yield a minimum of 10% and are earnings-enhancing for Resilient.
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