Attacq, the listed Real Estate Investment Trust (REIT), has announced robust financial results for the year ending June 30, 2024, highlighting significant growth and strategic developments.
Attacq’s distributable income per share (DIPS) saw a notable increase of 19.9%, reaching 86.2 cents.
The full-year dividend grew by 19.0% to 69.0 cents per share, reflecting the company’s solid financial performance, and marking an increase from the previous year’s dividend of 58 cents per share.
The REIT also reported improved financial metrics, with gearing reduced to 25.4% and an enhanced interest cover ratio of 2.31 times.
Occupancy rates rose to 92.8%, with collection rates remaining strong at 100.2%. Attacq is advancing its development pipeline with ongoing projects and approvals totalling 43,766 m² of gross lettable area (GLA) at Waterfall City, involving a total investment of R1.7 billion.
Additionally, the company installed 12 rooftop photovoltaic (PV) systems with a combined capacity of 2.28 MWp.
Attacq has maintained a stable credit outlook with long-term and short-term Global Credit Ratings (GCR) of A+[ZA] and A1[ZA], respectively.
Key Transactions and Developments
During the fiscal year, Attacq made several strategic moves:
Increased its stake in Waterfall Junction to 50%, expanding its logistics development area to 313,791 m².
Successfully executed a R2.7 billion transaction with the Government Employee Pension Fund (GEPF) for Waterfall City and repaid R2.9 billion in debt.
Sold its remaining 6.5% interest in MAS P.L.C. for R773.1 million.
Acquired the remaining 20% share in Mall of Africa for R1.07 billion.
Repurchased 5.4 million Attacq shares at an average price of R9.35.
Entered into an agreement to sell its retail investments outside South Africa.
Attacq reported a remarkable 134% increase in profit for the year, reaching R1.22 billion. Revenue for the year rose by 7% to R2.60 billion, despite a 12% increase in gross property expenses.
Total comprehensive income, including fair value adjustments and foreign exchange impacts, was R1.01 billion, a 53% increase from the previous year.
Basic earnings per share surged by 83% to 135.3 cents, up from 73.8 cents. However, headline earnings per share decreased by 10.9% to 72.7 cents compared to 81.5 cents in 2023.
Attacq’s net asset value per share saw a modest increase of 1.6%, reaching R17.93. Total assets grew by 4.8% to R22.89 billion.
“This financial year, we concentrated on executing against our strategy, which included concluding key deals over this period. We achieved a significant milestone with the R2.7 billion Waterfall City transaction, completed in October 2023. In this deal, GEPF acquired a 30% stake in Attacq Waterfall Investment Company (AWIC). This strategic partnership provides additional capital, facilitating the ongoing development of Waterfall City,” said CEO of Attacq, Jackie van Niekerk.
Shares in the group are up some 55% over the past year to R12.28.
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