Stenprop, listed on the JSE’s Main Board and the Bermuda Stock Exchange, announced its results for the year ended 31 March 2016 today.
Paul Arenson, Stenprop CEO said: “We are very pleased with the strong performance achieved over the past year and we will continue to actively work on the portfolio to deliver future growth. We are confident that over the next three financial years, Stenprop can deliver earnings and dividend growth of at least 1.5% per annum purely from management activity, without issuing new shares for acquisitions.”
During the year, Stenprop refinanced £64.6 million of debt on two London properties at reduced interest rates with no capital repayments. Post year end, Stenprop also refinanced its Davemount and GGP1 portfolios which collectively hold 10 properties across the UK valued at £32.6 million, at lower interest rates.
“Our loan to value is currently 51.6%, down from 56.7% at the effective date of the Stenprop transaction in 2014. We continue to manage our debt profile by optimising the terms of our debt, including interest rates, maturity terms and covenants, whilst minimising capital repayments. We are also exploring options to enhance liquidity in our share which may include a limited share buyback programme,” says Patsy Watson.
Stenprop will continue to consider selective acquisitions that can deliver earnings enhancement, whilst preserving the quality and sustainability of the portfolio.
“Stenprop’s strategy to deliver sustainable balanced growth for shareholders remains intact,” concluded Arenson.