Growthpoint, the largest listed fund at R43bn market cap, reported a 7.2% growth in distributions attributed to growing revenue from Growthpoint's South African property assets and favourable conditions which boosted the distribution enhancing performance of its investment in Growthpoint Properties Australia. Excellent occupancy levels at the V&A Waterfront improved from 98.4%, ending the period at 99.1%. Growthpoint's loan-to-value ratio stayed largely unchanged at 36.6%.
Vunani reported distribution growth of 24.4% for the six months ended 31 December 2012 despite the toughest market conditions experienced in the Fund's seven year history. The Fund had a loan to value of 35.0% and boasts a stable occupation level of 94.2% across the portfolio as a result of its tenant focus consisting predominantly of national government departments, listed and blue chip entities.
Synergy Income Fund reported its interim results for the six-month period to 31 December 2012 showing significant growth in its core retail property business and delivering on all performance projections to its investors. During the six-months, the ratio of national tenants in the portfolio increased from 81.1% to 85.6%. Operating cost ratio is in line with sector standards at 25.2% of contractual rental income. Reporting conservative gearing levels, Synergy's loan-to-value ratio was 32.7% at the end of the half-year.
Hyprop reported distributions up 6,8% to 409 cents a unit for the year to December 2012. Total return to unitholders was 44,8% supported by a 37% growth in market capitalisation to R17,7 billion. Driven by strong demand for retail, particularly in the larger shopping centres, vacancy levels reduced to 1,7%. Total vacancies overall decreased to 2,5% from 3,9%. Effective cost control improved the overall cost to income ratio to 35,4% while total arrears reduced from R41,3 million in the previous year to R19,8 million.
Putprop says financial results for the six months ended December 2012 indicates that the earnings per share is expected to be between 52.2c and 64.7c.
SA Corporate Real Estate Fund reports 4.6% distribution growth for the full year ended December, with full year distribution of 30.15c per unit. SA Corporate was also focusing on obtaining high quality property management services. The fund's "optimal capital structure" strategy included an appropriate level of gearing as well as well-priced debt and a managed interest rate policy. Gearing at the end of the period remained low with debt amounting to 14% of the total portfolio.
Hospitality Property Fund reported A-linked unit distribution growth of 5% to 66.51c, and B-linked unit distributions increasing 16.2% to 9.19c. The fund's turnaround from previous distribution declines was due to the continued recovery of the hospitality sector, an improved portfolio, and the fund having overcome its "critical" debt- refinancing issues. Rental income for the period rose 8.3% to R174m, underpinned by improving occupancies and average room rates.
Fortress Income Fund reported 10.89% growth in distributions for the six months ended December 2012. Of this, 56.01c accrues to the A-linked units and 13.46c to the B-linked units, representing growth of 5% and 44.6% respectively. Fortress's financial gearing at 22% loan-to-value was still below the sector average.
New Europe Property Investments continues to churn out a solid and growing dividend stream despite ongoing eurozone troubles. Income distributions for the year to December have risen by 15%. The portfolio is poised for further growth over the next two years through various development and acquisition opportunities. Construction on nine retail development and extension projects is either already under way or expected to commence this year. The company is looking to replicate Nepi's Romanian model in other Eastern European countries, possibly including Slovakia, Serbia and Hungary.
Rockcastle declared its maiden cash dividend at 4.56 USc per share for the nine months to December 2012. The board is confident that a dividend yield of between 7% and 9% on the initial share issue price of 100 US cents per share‚ will be achieved for the financial period ending June 30 2013.
Emira Property Fund reported distribution growth of 3,5% for the six-month period ended 31 December 2012, representing a significant improvement in growth prospects. Total return to investors was 19% for the period, attributed to acquisition of A-grade office development and improved leasing, with portfolio occupancy levels sailing over 92% for the first time since 2009. This helped improve portfolio vacancies from 10,2% to 7,8%,"
Ascension has delivered annualised total returns of 25% per A-linked unit and 41% per B-linked unit since listing. With a combined market capitalisation of R1,62 billion, the company is a property income fund focusing on centrally located commercial office buildings in South Africa with a strong focus towards government and other empowerment sensitive tenants. Ascension published its results for the six months ended 31 December 2012 and declared a second interim distribution of 3.17 cents per A-linked unit and 1.43 cents per B-linked unit.
Resilient reported distribution growth of 10.8% for the year ended 31 December 2012 which was slightly above market expectations. Resilient has committed R600m to an African joint venture with Standard Bank and Shoprite Checkers, and Resilient Africa has entered into memoranda of understanding with five Nigerian landowners.
Compiled by: Mduduzi Ngwenya, eProp
