Atlantic Leaf sticks to conservative gearing

Paul Leaf-Wright (Supplied)
Paul Leaf-Wright (Supplied)

Cape Town - Atlantic Leaf Properties, the Mauritian-domiciled property investment company, released its financial results for the first quarter of the financial year ending February 28 2017.

The company reported adjusted headline earnings per share of 2.34 pence per share for the three months ended 31 May 2016, up 33% from the comparative period in 2015.

Commenting on the latest results, Paul Leaf-Wright, CEO of Atlantic Leaf, said “Management is pleased with the results, which are in line with forecasts and keep the company on track to deliver the estimated full year dividend of 8.5p per share.”

The company has had a busy start to the current financial year, with all acquisitions announced in the previous financial year having now been completed. With the successful conclusion of these acquisitions, Atlantic Leaf’s total property assets now stand at £264m.

“The properties acquired in February and March this year are performing well. We are also exploring the market for new investment opportunities that meet our investment criteria,” Leaf-Wright added.

The UK property market has been challenging given the volatility experienced following the outcome of the Brexit referendum. However, Atlantic Leaf’s gearing remains conservative at 50% loan to value and its lease profile and quality of the tenants, position the company to deal with the current market volatility.

“In addition to having sound property fundamentals, which has always underpinned our acquisition criteria, our properties are let to well-established businesses with solid credit ratings and long terms to expiry of the leases, giving us a stable income profile,” Leaf-Wright added. Management believes the uncertainty created by Brexit could provide good acquisition opportunities for investors.

In its 2016 full year results, the company announced that it would be pursuing a migration of its listing from the AltX to the main board of the JSE.

“We are advanced in our plans to migrate to the main board and are liaising regularly with the JSE to satisfy their requirements to implement the move. We will keep shareholders informed of updates,” said Shaun Fourie, head of asset management and operations at Atlantic Leaf.


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