Listed Property Sector Results Highlights

Posted On Sunday, 01 September 2013 03:15 Published by Commercial Property News
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Listed Property Sector Results Highlights

Full-year Results

Growthpoint Properties reported distribution growth of 7.2% to investors for the year ended 30 June 2013, outperforming its original forecast and delivering on higher performance prospects announced at its half year. Total return to Growthpoint linked unitholders is 21.2% for the year, comprising capital growth of 14.7% and income yield of 6.5%. Growthpoint raised R4 billion in capital, as a direct result, the company's loan-to-value ratio, excluding GOZ, reduced substantially from 33.9% to 23.9%. Despite continued tough market conditions, particularly in the office sector, vacancies remained largely stable in the South African portfolio at 4.4% overall.

Emira Property Fund reported distribution growth of 3.5% for its financial year ended 30 June 2013. Total return of 26.2% for the year, with a capital return of 17.3% and income return of 8,9%. Vacancy rates dropped below 7.0% for the first time since 2008. Emira's retail and industrial portfolios have vacancy levels well below the national average, at 2.8% and 2.2% respectively.

Hospitality Property Fund records 26.2% increase in distributable earnings. Rental income increasing 9.1% to R356 million led by increases in occupancy of 4.4% to 60.1% while average room rates rose 4.8% to R 1020 for that portion of its portfolio which is subject to variable rental income.

City Lodge Hotels increased average occupancies by 3% points to 62% in the 12 months to June 30‚ 2013. Normalised diluted headline earnings per share rose by 31% to 578.3 cents and a final dividend of 175 cents was declared‚ taking the total dividend to 351 cents‚ an increase of 31% on the previous year. Cash generated by operations was 20% higher than in the 2012 financial year and return on equity was 26% compared to 22% in the prior year.

Ascension Properties grows property portfolio by R1.95 billion (R2.65 billion including unconditional acquisitions). The fund raised over R1.1 billion in new capital since the start of the financial year. Ascension have met their distribution forecast of 38 cents per A-linked unit and delivered 18.8 cents per B-linked unit, slightly ahead of its forecast of 18.71 cents per unit.

Synergy Income Fund announced full-year distributions of 82.66 cents per Synergy A linked unit, up 5.0% in line with forecasts, while distributions to Synergy B linked unitholders of 51.38 cents per unit grew a remarkable 78.0%. Vacancies reduced from 4.6% to 3.3% and achieved positive rental reversions of 6.9% and a tenant retention ratio of 88% during the year.

Fortress Income Fund reports that its total distributions for the year ended 30 June 2013 increased by 11.72% to 140‚70c. The distribution attributable to the A linked units was 112.02 cents (a 5% increase) with 28.68 cents attributable to the B linked units (a 48.91% increase).

Half-year Results

SA Corporate Real Estate Fund reports 7.3% year-on-year growth in distributions to 16.28c per unit for the six months ended June. Industrial rental growth of 7.3%, retail rental income decreased by 15.3% due to disposals and a 1.3% increase in vacancies. Office rental income decreased by 11.7%‚ attributed to disposals and a 5.4% increase in vacancies. Gearing level was low at 14.5%.

Vunani Property Investment Fund grows distributions by 19.7% to 77.25 cents per linked unit. 83% reduction in net finance costs

Hyprop Investments reports a 7.6% rise in total distributions to 213c per combined unit for the six months ended June. Total vacancies increased slightly‚ to 2.7% from 2.5%.

Capital Property H1 distribution per unit up 6.91% to 35.58c. Total vacancies from 5.9% at the end of December to 5.1%. Gearing had reduced to 21.3%. 

Compiled by: Mduduzi Ngwenya

Last modified on Sunday, 01 September 2013 10:25

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