INVESTEC PROPERTY FUND LIMITED - Investor pre-close conference call and trading update for the six months ending 30 September 2021
Investor pre-close conference call and trading update for the six months ending 30 September 2021
INVESTEC PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Reg. No: 2008/011366/06)
Approved as a REIT by the JSE
Share Code: IPF
Bond Code: INV
ISIN: ZAE000180915
("Investec Property Fund" or "the Fund")
Investor pre-close conference call and trading update for the six months ending 30 September 2021
Investors are reminded that Investec Property Fund will host a pre-close conference call this morning at
10:00 prior to entering its closed period for the half-year ending 30 September 2021.
Participants should register for the conference call by navigating to
https://www.diamondpass.net/8118762. Please note that only registered participants will receive the
dial-in details.
The investor document has been published on the Fund’s website at https://invest.ec/2VZD8Yr.
Trading update
Expect distributable income per share for H1 FY22 of 51.70 to 52.50 cents per share, representing DIPS
growth of 10%-12%, driven by:
- Stabilisation of SA business
- Major renewals concluded and limited leasing risks anticipated across both portfolios; and
- Consistent performance from PEL platform in line with expectations
The above voluntary trading update is based on the assumption that current normalised trading conditions
will persist and does not take into account the impact of any unforeseen circumstances, further COVID-19
lockdowns and restrictions, potential business failures or the occurrence of any other factors that are
beyond the Fund’s control. This trading update has not been reviewed or reported on by the Fund’s auditors.
The Fund intends to continue to apply a consistent dividend pay-out policy of between 90-95% as a result
of strong underlying cash flows and visibility thereof and having achieved comfortable levels of gearing.
Maintenance capex and tenant incentives will be adequately covered by earnings not paid out, with no
adverse tax consequences for the Fund. Project capex is expected to be accretive to earnings and will
accordingly be debt funded.
Investec Property Fund will be releasing its results for the half-year ended 30 September 2021 on
17 November 2021.
Johannesburg
22 September 2021
Sponsor
Investec Bank Limited
Date: 22-09-2021 09:09:00
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