Oryx happy with results

ORYX Properties Limited, the NSX-listed investment company, has released its final results for the year ended June 30 2005.

Oryx declared a distribution of 37,35 cents per unit payable on September 30 this year. This represents a 9,9 per cent growth on the comparable period last year and the total distributions for the year show an 8,2 per cent growth over those for the 2004 financial year.Oryx has shown a 13,8 per cent income return on the June 30 2005 closing price of 510 cents per unit, and, with a realisable net asset value (excluding the deferred tax on revaluations) of 721 cents per unit, shows excellent value to the investor.The property portfolio performed well and the income streams were in line with expectations.During the past year the Virgin Active property adjacent to Maerua Mall was acquired for N$14 million.The directors stated that the Maerua Mall phase II development was proceeding well and on track for completion and opening on March 30 2006.The new centre will be 19 000 square metres in size and is already 92 per cent let.According to the leasing agents, Joseph & Snyman, it will be fully let by October 2005, almost five months before opening date.This represents a 9,9 per cent growth on the comparable period last year and the total distributions for the year show an 8,2 per cent growth over those for the 2004 financial year.Oryx has shown a 13,8 per cent income return on the June 30 2005 closing price of 510 cents per unit, and, with a realisable net asset value (excluding the deferred tax on revaluations) of 721 cents per unit, shows excellent value to the investor.The property portfolio performed well and the income streams were in line with expectations.During the past year the Virgin Active property adjacent to Maerua Mall was acquired for N$14 million.The directors stated that the Maerua Mall phase II development was proceeding well and on track for completion and opening on March 30 2006.The new centre will be 19 000 square metres in size and is already 92 per cent let.According to the leasing agents, Joseph & Snyman, it will be fully let by October 2005, almost five months before opening date.