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Provisional annual results
for the year ended
31 August
Octodec Investments Limited (Octodec or the company), its subsidiaries and associated company (the group) is a real estate investment trust (REIT) listed
on the JSE Ltd (JSE) with a diversified portfolio of 246 residential, retail, office, industrial and specialised properties situated in the major metropolitan areas
of Tshwane and Johannesburg. The portfolio, including an equity-accounted joint venture, has a lettable area of 1 557 460m2 and is valued at R11.0 billion.
Salient features
Distributable
income after tax
Distributable income Dividend per share Net asset value
(REIT funds from
operations R’million) per share (cents) (cents) (NAV) per share Loan to value (LTV)
R466.1 175.1 130.0 R23.28 39.7%
(2021: R358.4) (2021: 134.6) (2021: 50.0) (2021: R23.20) (2021: 43.2%)
This short form announcement is the responsibility of the directors. This announcement is only a summary of the information in the full announcement and does not
contain full or complete details. The condensed consolidated provisional financial statements were reviewed by Ernst & Young Inc. and their unmodified report is
available for inspection at the company’s registered address.
Copies of the full announcement may be requested at the company’s registered office (elizeg@octodec.co.za) or the office of the sponsor (sponsor@javacapital.co.za),
at no charge, during office hours, Monday to Friday. Any investment decisions made by shareholders and/or investors should be based on a consideration of the full
announcement, released on the Stock Exchange News Service (SENS) on 1 November 2022, which may be downloaded from
https://senspdf.jse.co.za/documents/2022/JSE/isse/OCT/FY2022.pdf
The full announcement is also available on the Octodec Investments Limited website at
https://www.octodec.co.za/financial_results/provisional-results-for-the-year-ended-31-august-2022/
Dividends Prospects
Octodec’s dividend policy is based on the premise of retaining sufficient funds for Octodec has experienced an increase in residential leasing activity,
developments and acquisitions, as and when these opportunities arise, maintaining with reduced vacancies in the residential portfolio in 2022, which has
a strong balance sheet with an acceptable loan to value ratio, while at the same time had a positive impact on the group’s results. We are optimistic as
taking into consideration our shareholders’ expectations around distributions. we continue to roll out the measures previously introduced to other
residential buildings, rendering them a more attractive proposition
Based on the above policy, the board of Octodec declared a final dividend of 80.0 cents for prospective tenants.
per share on 28 October 2022, payable to shareholders on Monday, 21 November 2022.
The total dividend for the year is 130.0 cents (FY2021: 50.0 cents) per share, a 160% Although there has been a continued downward resetting of rentals
increase on the prior year. across most sectors, it is pleasing, from an Octodec perspective,
to see that a number of renewals are being concluded at increased
Reviewed Audited
rentals, and we continue to experience demand from large retailers
for space in both Johannesburg and Tshwane CBDs.
% 31 August 31 August
change 2022 2021 At the same time, we are cognisant of the impact that rising inflation,
Revenue (R’000) 5.7 1 939 072 1 834 313 increasing energy costs and high interest rates will have on our tenants
and on Octodec. The failure of municipalities to deliver services,
Basic and diluted profit/(loss) per share (cents) * 227.3 (65.7) combined with the ongoing power outages, will undoubtedly have a
Headline and diluted headline earnings per negative impact on an already weak economy. We therefore remain
share (cents) 45.6 258.7 177.7 cautious in our approach to developments, including new builds and
Distributable income per share (cents) 30.0 175.1 134.6 conversions, focusing on maintaining a healthy balance sheet and
providing a steady distribution to our shareholders.
Dividend per share (cents) 160.0 130.0 50.0
Sharon Wapnick Jeffrey Wapnick
Net asset value per share (cents) 0.3 23.28 23.20
Chairman Managing director
* Increase by more than 100% 28 October 2022
OCTODEC INVESTMENTS LIMITED Group company secretary Investor relations
Incorporated in the Republic of South Africa Elize Greeff Instinctif Partners
Registration number: 1956/002868/06 CPA House, 101 Du Toit Street, Tshwane 0002 Contact person: Bryan Silke
Tel: 012 357 1564, e-mail: elizeg@octodec.co.za 2nd Floor, Oxford Park, 8 Parks Boulevard, Dunkeld,
JSE share code: OCT
Johannesburg
ISIN: ZAE000192258 (Approved as a REIT by the JSE) Sponsor Tel: 011 447 3030, e-mail: investorrelations@octodec.co.za
Registered address Java Capital Auditors
CPA House, 101 Du Toit Street, Tshwane 0002 Contact person: Jean Williams Ernst & Young Inc.
Tel: 012 319 8781 6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196 Contact person: Gail Moshoeshoe CA(SA)
e-mail: info@octodec.co.za PO Box 522606, Saxonwold 2132 102 Rivonia Road, Sandton
Directors: S Wapnick (Chairman)1, JP Wapnick (managing Tel: 011 722 3061, e-mail: sponsor@javacapital.co.za Private Bag X14, Sandton 2146
director)2, A Vieira (financial director)2, RWR Buchholz4, Tel: 011 502 0601, e-mail: gail.moshoeshoe@za.ey.com
DP Cohen3, NC Mabunda4, EMS Mojapelo4, MZ Pollack1, Transfer secretaries
Date of publication
PJ Strydom4, LP van Breda4 Computershare Investor Services (Pty) Ltd
Contact person: Leon Naidoo 1 November 2022
1
Non-executive director
2
Executive director Rosebank Towers, 15 Biermann Avenue, Rosebank 2196 www.octodec.co.za
3
Lead independent director Private Bag X9000, Saxonwold 2132
4
Independent non-executive director Tel: 011 370 5000, e-mail: leon.naidoo@computershare.co.za
