Spear REIT sees 100% occupancy of Western Cape real estate portfolio
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CAPE TOWN - SPEAR, the only regionally specialised REIT on the JSE-focused Western Cape property, saw its distributable income per share fall 19.94 percent to 73.38 cents in the year to end-February, 2021.
The distribution per share fell 35.95 percent to 58.70c.
The final dividend per share was down 37.56 percent to 29.36c, and the payout pay-out ratio was 80 percent of distributable income a share, versus 100 percent payout in the prior period.
The group, which owns 32 industrial-, retail-, commercial- and hospitality-focused properties, collected 97.79 percent of billings versus the billings as measured as at April 30, 2021.
Net asset value fell by 5.57 percent to 1 153c per share.
Portfolio occupancy stood at 93.84 percent, and was 100 percent for the Western Cape properties.
The investment property value rose 7.46 percent to R4.5bn. Loan to value increased to 45.81 percent from the 39.63 percent reported at the year to end-February, 2020.