Resilient posts 7% rise in distributions

Posted On Friday, 04 February 2005 02:00 Published by eProp Commercial Property News
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Resilient Property Income Fund yesterday announced a 7,2% rise in its distributions to unitholders for the year ended December last year, compared with the previous year's annualised results.

Des de Beer ResilientThe company attributed its positive results to the positive performance of its underlying property portfolio. It also approved a final distribution of 44,08c a linked unit for the six months to December 31 last year.

Resilient MD Des de Beer was also upbeat about the company's future prospects, saying it expected similar growth in distributions for this year.

Mariette Warner, fund manager of Stanlib Property Income Fund, said the range of expectations from the market for the listed property sector as a whole this year was a growth in distributions of 4%- 6%.

Warner said a total return of 12%- 15% for the listed property sector was also the market consensus.

Resilient said it was well positioned to provide growth in distributions for this year. It said demand for quality investment properties, particularly retail properties, exceeded supply, and that it was in the fortunate position of owning half of a retail property currently under construction in Kimberley, the Diamond Pavilion.

The company said it also had the option to acquire the remaining share at an attractive price.

Resilient has a large exposure to retail property, which compris es 79,5% of its portfolio. Industrial properties make up 18,8% of the portfolio, while its exposure to office property was only 1,6%.

Last modified on Tuesday, 13 May 2014 16:13

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