Transcend Residential Property Fund Achieves Impressive Growth and Increased Dividend

Transcend Residential Property
  • Transcend Residential Property Fund reports strong financial performance with a 28.3% increase in distribution per share.
  • The company successfully reduces its loan-to-value ratio to 37.1% and expands its green loan book, enhancing its financial position.
  • Transcend declares a dividend of 14.53269 cents per share for the three months ending 31 March 2023, representing a 28.3% increase over the previous reporting period.

Transcend Residential Property Fund Limited, a leading real estate investment trust (REIT) listed on the JSE, has announced its provisional summarised audited financial statements for the fifteen months ending 31 March 2023. The company has demonstrated robust financial and operational performance, with notable increases in distribution per share and a reduction in the loan-to-value ratio.

During the reporting period, Transcend achieved a distribution per share of 72.34 cents, marking an impressive 28.3% increase compared to the previous year. The company maintained a distribution per share pay-out ratio of 100%, emphasizing its commitment to providing value to shareholders. Net Asset Value per share rose to R8.232, showing a 1.9% increase from the end of 2021. Transcend also successfully decreased its loan-to-value ratio to 37.1% from 38.2% at the close of 2021, demonstrating prudent financial management.

In terms of operational metrics, Transcend’s total units reached 4,033, with a property value of R2.22 billion. The portfolio occupancy rate stood at an impressive 97.9% as of 31 March 2023, indicating strong demand for Transcend’s properties. The average portfolio occupancy rate year-to-date was 95.9%, highlighting the company’s consistent ability to maintain high occupancy levels. Transcend showcased effective management of rental collections, with portfolio arrears representing only 0.5% of revenue.

The company achieved significant milestones during the reporting period. Transcend notably reduced its loan-to-value ratio from 52.7% to 37.1% by the end of the period. Additionally, Transcend acquired 442 green units at a cost of R256 million, enhancing the overall environmental sustainability of its portfolio. The company successfully sold 425 units, generating net cash sales proceeds of R390.7 million, which were predominantly allocated to debt repayment. Transcend also expanded its green loan book by R371.5 million, with green loans now comprising 68% of the total term debt book as of 31 March 2023. These initiatives have significantly improved Transcend’s financial position.

Transcend announced a dividend of 14.53269 cents per share for the three months ending 31 March 2023. This brings the total 15-month distribution to 72.35049 cents per share, representing a substantial 28.3% increase compared to the previous reporting period. The dividend meets the requirements of a “qualifying distribution” under the Income Tax Act.

Shareholders are advised of the following dividend timetable:

  • Last date to trade cum dividend: Monday, 12 June
  • Shares trade ex-dividend: Tuesday, 13 June
  • Record date: Thursday, 15 June
  • Payment date: Monday, 19 June

Dividends received by South African tax residents will be subject to income tax but exempt from dividend withholding tax. Non-resident shareholders will receive an ordinary dividend exempt from income tax, subject to any applicable double taxation agreement.

KPMG Inc., the auditors of Transcend, issued an unqualified audit opinion for the fifteen months ending 31 March 2023, affirming the accuracy and reliability of the financial statements. The full audit report and annual financial statements are available on Transcend’s website.

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