The real estate investment trust Resilient increased total distributions for its financial year by 25.1%, thanks to the effects of capital raising, a solid performance from its property portfolio and a weaker rand.

In the year to end-June 2016, Resilient declared a final dividend of 256.27c, bringing the total dividend to 488.73c. Net rental income grew 7.4% despite increased operating costs and refurbishment expenses.

“In an economy characterised by low growth, Resilient’s property portfolio performed well. The performance was again mixed with a wide disparity between provinces and malls. Malls affected by mining and resources, particularly platinum mining, showed some recovery,” it said.

Overall performance was boosted by dollar income from offshore investments.

Resilient holds stakes in Fortress Income Fund, New Europe Property Investments, Rockcastle, Hammerson and Greenbay. It is also the 60.94% partner of the Resilient Africa joint venture for the development of malls in Nigeria.

Resilient said business risks in Nigeria had increased, but that the region remained an attractive investment. It said offshore exposure would continue to buffer it from the volatility in the economy. “Distributions are forecast to increase by between 14% and 16% for the 2017 financial year,” it said.

source: Business Day