Property Investment group Pangbourne said its interim distribution for the 6 months to 31 December 2009 amounted to 70.20 cents per linked unit, from 63.50 cents previously.

Pangbourne reported headline earnings (linked units) of R37,125 million, from R254.63 million.

The group recorded headline earnings per linked unit of 92.04 cents, from 63.96 million previously, and basic earnings per linked unit of 89.53 cents, from 84.57 cents earlier.

Pangbourne said it had continued the intensive management of every asset in the portfolio with many properties being upgraded, refurbished and, where appropriate, re-tenanted.

"This proactive approach resulted in good growth in rental income for the period despite a tougher economic environment and the higher level of vacancies," it said.

Considerable resources had also been directed at the group's retail portfolio.

"The profile and mix of tenants in most of the centres have been improved and the majority of the centres have been, or are in the process of being refurbished," the investment group said.

Looking ahead, it said that although there were strong indications that the economic environment was improving, "the property market is expected to remain difficult for the
remainder of the financial year.

"The board is nonetheless optimistic that the previous forecast of 10% growth in distributions will be achieved," the group concluded.