File picture: James White
Pretoria - Listed property company Fairvest on Thursday reported a 9.6 percent growth in distributions a share to 8.953 cents in the six months to December from 8.171c in the previous corresponding period.
The growth was within the company’s guidance range of 9 percent to 10 percent growth in distributions.
The company’s net asset value increased 20.8 percent to R1.6 billion in December from R1.3 billion in June following the successful capital raises of R206.7 million, acquisitions and growth in property valuations.
Vacancies increased to 4.1 percent from 3.8 percent.
The total value of the property portfolio increased 8.2 percent to R2.08 billion from R1.93 billion following acquisitions to the value of R179.9 million, which was offset by the disposal of Sassa House for R40 million.
Revenue increased by 20.6 percent in the reporting period to R162.2 million and net profit from property operations by 16.6 percent to R103 million.
Administration expenses rose by 22 percent to R9.8 million.
Chief executive Darren Wilder said the consistently good performance of the company over the past few years was providing shareholders with the type of returns that had positioned Fairvest as one of the top performing property funds over the past 12 months.
He said the company had delivered a compound annual growth rate of 31 percent in net asset value and 18 percent in distributions since 2013. BUSINESS REPORT