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Condensed Consolidated Unaudited Interim Results for the six months ended 31 December 2024
Texton Property Fund Limited
Incorporated in the Republic of South Africa
Registration number 2005/019302/06
A REIT, listed on the JSE Limited
Main Board - General Segment
JSE share code : TEX
ISIN : ZAE000190542
("Texton" or "the Company")
Condensed Consolidated Unaudited interim results for the six months ended 31 December 2024
Highlights
- Our NAV per share increased from 625,08 to 643,4 cents per share at June 2024, driven
primarily by strong operational performance and foreign exchange diversification.
- Distributable earnings were R37,5 million, which remained largely consistent period on period.
SA NOI increased by 17%, attributed to improved letting. This was partially offset by a decline
in the UK due to asset sales.
- LTV decreased to 14,7% due to debt repayments from asset sales, while ICR increased from
1.98x to 2.1x.
- SA core portfolio vacancies decreased to 9.2%, excluding GLA under development or
mothballed. Our self-storage GLA expanded to 6,334m², with an additional 8,663m² under
development.
- Offshore investment balance remained stable at R441 million, with key movements including
R18.7 million deployed into offshore investments, R3.5 million sold down, a R4.3 million
negative fair value adjustment, and a R13.8 million increase due to forex movement
Key Financial Results
Unaudited Unaudited Audited
31-Dec 31-Dec Change % 30-Jun
2024 2023 2024
Property revenue (R'000) 135,532 140,752 -3.71% 282,040
Distributable earnings (R'000) 37,545 36,870 1.83% 79,901
Headline earnings per share (cents) 11.39 (9.49) 220.00% 2.52
Earnings/(loss) per share (cents) 8.97 (10.31) 187.06% (4.92)
Net asset value per share (cents) 643.40 711.99 -9.63% 625.08
Dividend
The Board of directors of Texton has elected not to pay an interim dividend for the six months ended
31 December 2024.
Short-form statement
This short form announcement is the responsibility of the Board and does not include full or complete
details. Any investment decision should be based as a whole on the condensed consolidated
unaudited interim results ("full announcement"), which can be found on the Company's website,
https://www.texton.co.za/reportsandpublications , and can also be viewed on the JSE link,
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/TEX/interims25.pdf.
This short-form announcement has not been audited or reviewed by the Company's external auditor.
Sandton
10 March 2025
Important Information
Executive director: JH Rens (Chief Executive Officer); HSP Welleman (Chief Financial Officer)
Non-Executive Directors: MA Golding (Non-executive chairman), JR Macey (Lead independent non-
executive), *AJ Hannington, * W van der vent, RA Franco (Non- executive) *Independent non-
executive
Registered Office: Block D, Vunani Office Park, 151 Katherine, Sandton 2031
Postal address: PO Box 653129, Benmore 2010
Auditors: BDO South Africa Inc
Company secretary: Corpstat Governance Services Proprietary Limited
JSE Equity Sponsor: Investec Bank Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited
Date: 10-03-2025 03:20:00
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