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Stanlib Fahari I-Reit 2018
Rank: Member Joined: 5/2/2018 Posts: 267
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Fahari I-Reit's net profit for the half-year period ended June 30th dropped 16% to Sh65.78 million, compared to Sh75.27m in a similar period in 2017. This translates to distributable earnings of 36 cents per unit (June 2017: 43 cents); no interim distribution declared.
Revenues dropped 2.1% to Sh132.42m vs Sh135.29m in H1 2017.
Operating expenses decreased by 0.9% to Sh111.56m vs Sh112.55m in H1 2017.
The I-Reit now owns four properties: a shopping centre, an office building and two semi office/light industrial buildings; valued at Sh3.3 billion and all held through special purpose vehicles.
The fund is installing a three-screen cinema (with 100 seats each) at Greenspan Mall, with constriction works set for completion in December 2018. It expects this development to strengthen the mall’s entertainment offering and increase foot traffic, benefit existing and future tenants, and increase rental income.
The I-Reit says it has adopted IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers, effective 1 January 2018. The adoption of IFRS 9 has had an impact in the classification of the Reit’s financial instruments. The adoption of both standards has not had a material impact on the amounts and disclosures of the financial statements of the REIT.
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Rank: Chief Joined: 1/3/2007 Posts: 18,102 Location: Nairobi
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I was at one of the cinemas yesterday for a 9pm show. There were no more than 10 people. Are these cinemas making money? Even on weekends, I don't think most cinemas are full after the first weekend. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 5/5/2011 Posts: 1,059
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VituVingiSana wrote:I was at one of the cinemas yesterday for a 9pm show.
There were no more than 10 people. Are these cinemas making money?
Even on weekends, I don't think most cinemas are full after the first weekend. They are all struggling, but they make some cash from Indian movies, i wonder why not do live show theaters instead, I have seen an increase in people going to shows at KNT, and the few other live show theaters in Nairobi and Mombasa, Kenyans would rather watch movies on their 60 inch tvs with high end home theater systems To Each His Own
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Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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VituVingiSana wrote:I was at one of the cinemas yesterday for a 9pm show.
There were no more than 10 people. Are these cinemas making money?
Even on weekends, I don't think most cinemas are full after the first weekend. When I went to watch "wakanda" it was so packed and I felt so old, yet i went a month after the first wknd. Young kenyans may not have the purchasing power but they have a cinema hangout culture. Cinema halls never get out of fashion-it's an emotional experience that sticks with the movie-goers many years on. Imagine Odeon is still dominant in pulling traffic(the restaurants there make a killing from the foot traffic). "let's meet outside kenya cinema" is still the easiest way to plan a date. Cinema halls can always be hired out for other functions
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Rank: Chief Joined: 1/3/2007 Posts: 18,102 Location: Nairobi
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wukan wrote:VituVingiSana wrote:I was at one of the cinemas yesterday for a 9pm show.
There were no more than 10 people. Are these cinemas making money?
Even on weekends, I don't think most cinemas are full after the first weekend. When I went to watch "wakanda" it was so packed and I felt so old, yet i went a month after the first wknd. Young kenyans may not have the purchasing power but they have a cinema hangout culture. Cinema halls never get out of fashion-it's an emotional experience that sticks with the movie-goers many years on. Imagine Odeon is still dominant in pulling traffic(the restaurants there make a killing from the foot traffic). "let's meet outside kenya cinema" is still the easiest way to plan a date. Cinema halls can always be hired out for other functions Wakanda was "special" ... the African connection with the MCU/Marvel draw. Anyway, good luck to them! I wish them well. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Stanlib are so unreasonable IMHO. They can't fill the office/shop spaces in the mall yet all corridors and grounds are let-out to permanent vibanda (selling the same products that the anchor and other high-rent paying tenants are supposed to sell) Add that to the All-Day, All-Night charged parking in a low traffic zone thereby denying Tuskys the milk-and-bread-on-the-way-home drive-by customers. Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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Superprime1 wrote:Fahari I-Reit's net profit for the half-year period ended June 30th dropped 16% to Sh65.78 million, compared to Sh75.27m in a similar period in 2017. This translates to distributable earnings of 36 cents per unit (June 2017: 43 cents); no interim distribution declared.
Revenues dropped 2.1% to Sh132.42m vs Sh135.29m in H1 2017.
Operating expenses decreased by 0.9% to Sh111.56m vs Sh112.55m in H1 2017.
The I-Reit now owns four properties: a shopping centre, an office building and two semi office/light industrial buildings; valued at Sh3.3 billion and all held through special purpose vehicles.
The fund is installing a three-screen cinema (with 100 seats each) at Greenspan Mall, with constriction works set for completion in December 2018. It expects this development to strengthen the mall’s entertainment offering and increase foot traffic, benefit existing and future tenants, and increase rental income.
The I-Reit says it has adopted IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers, effective 1 January 2018. The adoption of IFRS 9 has had an impact in the classification of the Reit’s financial instruments. The adoption of both standards has not had a material impact on the amounts and disclosures of the financial statements of the REIT. IFRS 9 must have some impacts. Towards the goal of financial freedom
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:Acquisition completed
On 29 May 2018, STANLIB Fahari I-REIT successfully completed the acquisition (through an SPV structure) of a Grade A, 3 storey office building situated in Lavington, Nairobi. The property has now been on-boarded to the existing portfolio.
The acquisition has contributed positively to the sectoral diversification of the portfolio increasing exposure to the office and semi-industrial sector from 12% to 34%. Similarly, exposure to the Lavington node has enhanced the portfolio’s geographical diversification. Total fund asset allocation has also improved; investment property now accounts for 91%
of assets under management and 92% of net asset value which is above the Regulatory minimum threshold of 75%. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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 Quote:Borrowings
STANLIB Fahari I-REIT is currently ungeared. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:Change in directors of the REIT Manager
The following directors of the REIT Manager were appointed or resigned during the period under review:
Jeff Hubbard, Non-executive Director: Resigned 26 April 2018
John Sturgeon, Acting Chairman: Appointed 30 May 2018
Surinder Kapila, Non-executive Director: Appointed 30 May 2018 Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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Pesa Nane wrote:Quote:Acquisition completed
On 29 May 2018, STANLIB Fahari I-REIT successfully completed the acquisition (through an SPV structure) of a Grade A, 3 storey office building situated in Lavington, Nairobi. The property has now been on-boarded to the existing portfolio.
The acquisition has contributed positively to the sectoral diversification of the portfolio increasing exposure to the office and semi-industrial sector from 12% to 34%. Similarly, exposure to the Lavington node has enhanced the portfolio’s geographical diversification. Total fund asset allocation has also improved; investment property now accounts for 91%
of assets under management and 92% of net asset value which is above the Regulatory minimum threshold of 75%. Good direction! Towards the goal of financial freedom
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Rank: Veteran Joined: 11/13/2015 Posts: 1,590
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The 3 storey Highway house on Mombasa road has been vacant from 1st April 2018. Tenant opted not to renew the lease.
Greenspan Mall has a 10% vacancy
Real estate reality
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