The listed property unit trust‚ whose real estate investment trust (Reit) status will come into effect in January next year‚ owns a portfolio of retail‚ industrial and commercial buildings located mainly in SA's major metropolitan areas.
The fund said its industrial rental growth of 7.3% was underpinned by positive rental reversions and good tenant retentions of 65.1%.
Meanwhile‚ retail rental income decreased by 15.3%‚ which was caused by a combination of the effect of sales in 2012 and 2013‚ and a 1.3% increase in vacancies.
Retail rental income on the existing portfolio improved from 4.7% in June last year to 6.2% in June this year.
Commercial rental income decreased by 11.7%‚ as a result of a combination of the impact of buildings sold and a 5.4% increase in vacancies relative to the comparable period.
Property expenses decreased by 4% for the year mainly because of the sales of properties. Property expenses in respect of the standing portfolio increased by 9.4%. The standing portfolio's municipal costs‚ which represents 59.7% of property expenses‚ increased by 10.7%‚ because of higher electricity‚ rates and water charges.
The fund's gearing level was 14.5%. It said it expected distributions to remain at a similar level for the full financial year.
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
