Oryx Properties wants to grow portfolio by 55% in three years
Unitholders in Oryx Properties received some welcome news when the NSX-listed property manager announced its disbursement has increased incrementally from 99.75 cent per unit (cpu) to 101.75 cent, in the form of interest based on 75% of total distributable income.
Oryx Properties released its Year-end announcement for the period ended 30 June 2022, on 02 September 2022.
Announcing the turn in the fortunes of the struggling property company, Chief Executive, Ben Jooste said in a statement, “Despite tough economic conditions which have been prevailing since 2018, we are excited and confident about our results and our vision for the future. We see a lot of opportunity within the current market. We wish to thank our management team, employees and service providers for their commitment and dedication during the year and we extend our gratitude to our tenants, financiers, board, and unitholders for their continued support.”
Although operating income declined marginally by 1.4% due to Covid, improvements in the core portfolio and residential vacancies helped turn the tide.
“Performance in the latter part of the financial year went particularly well and better than anticipated, which was the result of proactive initiatives to reduce tenant debtor balances, including restructuring significant tenancy lease terms. COVID-19-related rent concessions were suspended during the year and our average debtor’s collection improved to 96% (2021: 89%). The outcome was a reduction of other expenses, which includes receivable impairments, to N$34 million (2021: N$61 million),” stated Jooste.
The portfolio, including investment property held for sale, was independently valued at N$2.9 billion (2021: N$2.8 billion) by Mills Fitchet Magnus Penny with a positive fair value adjustment of N$47 million (2021: negative N$94 million).
The Board under the chairmanship of Peter Kazmaier, approved the Oryx group’s strategy for the next three years until 2025, with the aim to grow the total asset base by 55% to N$4.5 billion.