Enhanced Investments - Financial Portal

Unaudited results for the six months ended 31 March 2023

Published: 2023-05-24 08:05:54 ET

Unaudited results for the six months ended


31 March 2023
                                    INDLUPLACE PROPERTIES LIMITED                   JSE share code: ILU ISIN: ZAE000201125
                             (Incorporated in the Republic of South Africa)         (Approved as a REIT by the JSE)
                                   (Registration number: 2013/226082/06)            (“Indluplace” or “the company”)


                                                                     INCREASE /(DECREASE)                                31 MARCH 2023                        31 MARCH 2022

Revenue (R)                                                                            7,2%                                   302 829 896                          282 583 086
Operating profit^ (R)                                                                  7,9%                                   120 709 530                          111 915 823
Earnings (R)                                                                          (3,3%)                                    69 837 104                          72 244 280
Earnings per share (cents)                                                            (3,5%)                                           22,20                               23,00
Diluted earnings per share (cents)                                                    (4,6%)                                           21,76                               22,80
Headline earnings per share (cents)                                                   (3,5%)                                           22,20                               23,00
Diluted headline earnings per share (cents)                                           (4,6%)                                           21,76                               22,80
Net asset value per share (cents)                                                     (5,5%)                                         659,83                               698,51
Dividend for the period ended (cents)                                               (100,0%)                                                 -                         13,16350
^ Rental income less property and adminstration costs



Nature of business
Indluplace is a proud South African property investor, owning a portfolio           released on 14 March 2023 and the circular distributed to Indluplace
primarily focused on the affordable end of the residential rental market. The       shareholders on 5 May 2023), Indluplace will not declare an interim dividend,
company was listed on the Main Board of the JSE in June 2015 and currently          but will declare a clean-out dividend prior to the scheme being implemented.
owns a portfolio of 9 282 residential units and 15 494m2 of associated retail       Should the scheme of arrangement lapse, the board of Indluplace will revisit
space. The portfolio is valued at approximately R3,4 billion, with properties       the declaration of an interim dividend.
situated mainly in Gauteng. The Group employs in excess of 280 people
providing all the services required to efficiently manage a large portfolio which
is home to almost 30 000 people. These include building based staff as well         Short-form announcement
as all head office departments.                                                     This short-form announcement is the responsibility of the board of directors
                                                                                    of the company. This short-form announcement is a summary of the full
Overview                                                                            announcement released on SENS and published on Indluplace’s website
                                                                                    (www.indluplace.co.za) at
Following the successful internalisation of the property management function
in 2021, the Board set targets for the company to stabilise distributions in        https://www.indluplaceproperties.co.za/downloads/2023/results/indluplace-interim-results-2023.pdf

2022, and for it to show inflation related growth in 2023. The improvement
                                                                                    on 24 May 2023 and on the JSE website at
in residential portfolio occupancies (from 89,7% in March 2022 to 94% in
March 2023), the complete turn-around in the student portfolio occupancies          https://senspdf.jse.co.za/documents/2023/jse/isse/ilu/indlu0323.pdf

(from 43% in March 2022 to over 98% currently), excellent collection numbers
                                                                                    and does not contain full or complete details. Any investment decision by
and low bad debt write-offs, as well as the good performances from all other
                                                                                    investors and/or shareholders should be based on consideration of the
departments, enabled us to exceed the growth target set by the Board.
                                                                                    full announcement.
The second half of the financial year is traditionally stronger than the first
half and we expect the current financial performance to continue and even           The full announcement is available for inspection at the registered offices of
slightly improve.                                                                   the company, on the company’s website, www.indluplace.co.za and the offices
                                                                                    of the sponsor, Java Capital (6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
                                                                                    (entrance at 39 Wierda Road West)) at no charge during normal business
Dividend for the six months ended                                                   hours from Wednesday, 24 May 2023 to Thursday, 1 June 2023. A copy of the
31 March 2023                                                                       full announcement is available on request from
                                                                                    info@indluplaceproperties.co.za
In accordance with the scheme implementation agreement concluded
between Indluplace and SA Corporate Real Estate Limited (details of which                                                                                 By order of the Board
have been provided to shareholders in the joint firm intention announcement                                                                                        24 May 2023




Directors C Abrams*^, C de Wit (CEO), T Kaplan (CFO), G Harris (COO), S Noik (Chairman)*^, N Tetyana*^, D.M. Wilder*
* Non–executive, ^ Independent. All directors are South African.
Registered office 2nd Floor, 158 Jan Smuts, 9 Walters Street, Rosebank, Johannesburg, 2196. PO Box 685, Melrose Arch, 2076.
Transfer secretaries Computershare Investor Services Proprietary Limited Sponsor Java Capital Company secretary CIS Company Secretaries Proprietary Limited
Website www.indluplace.co.za

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.