Resilient Property Income Fund dividend up on dollar

Posted On Saturday, 06 August 2016 11:42 Published by
Rate this item
(0 votes)

Resilient increases 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.

 Des_de_Beer_Res

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

Last modified on Saturday, 06 August 2016 22:10

Most Popular

Empowering women in engineering through B-BBEE

Jan 13, 2020
Andrew Yorke
Working to embrace the spirit of transformation and developmen.

Cheap cement imports crippling local industry

Jan 16, 2020
Databuild CEO Morag Evans
Local cement manufacturers are being severely undermined by cheap imports from countries…

Repo rate cut by 25 basis points

Jan 16, 2020
Governor_Lesetja_Kganyago_SARB1
The Reserve Bank has reduced the repo rate by 25 basis points to 6.25% in line with…

Property in 2020 - here's what's happening

Jan 16, 2020
Carl Coetzee CEO of BetterBond
With the political, economic and social landscape in South Africa being what it is, i.e.…

The rising tide of the silver economy

Jan 16, 2020
Chris Cilliers
Whilst we may not yet have discovered the long-coveted elixir of eternal youth, the truth…

Please publish modules in offcanvas position.