Ascension 'continues to deliver acceptable returns'

Ascension Properties says its portfolio is designed to insulate it from the tough business conditions.

For the full year to June 2015, the company said on Thursday that no earnings woud be distributed to unitholders.

The results represent the first full-year performance of Ascension since Rebosis acquired the asset manager of Ascension in February 2014 and assumed responsibility for the day-to-day operations of Ascension.

"Despite the challenging business environment we believe that Ascension has a defensive portfolio and that the quality of its assets, together with healthy lease and escalation profiles, should ensure that the group continues to deliver acceptable returns to its shareholders," Ascension said.

Basic and diluted earnings per A share dropped to 42.15 cents in 2015 from 71.25 cents in 2014, while basic and diluted earnings per B share fell to 25.06 cents from 53.90 cents.

Ascension's portfolio consisted of 29 properties valued at R3.83 billion. Its sectoral profile of the portfolio is 81.0% offices, 9.3% retail and 9.7% other.