SA Corporate Real estate has grown distributions by 26.3% to 12.97c per share from 10.27c in the six months to end-June.
The company said on Thursday interim distributable income was up 5.2% from R344.5m in June 2021 to R362.3m, while net property income increased from R589.9m to R594.8m.
SA Corporate is JSE-listed real estate investment trust (Reit) which owns a diversified property portfolio in SA and Zambia. At the end of June it had 160 properties valued at R15.1bn, a 50% joint venture in three Zambian entities, a 90% joint venture interest in The Falls Lifestyle Estate as well as listed investments worth R161.9m.
Across its portfolio, vacancies reduced from 3.6% to 2.7%, with Afhco residential portfolio vacancies coming down from 8.4% to 4% in June.
Gross rental income decreased from R1.05bn to R1.03bn while operating profit saw a jump to R631.9m from R354.9m in the same period in 2021.
It recorded headline earnings per share of 17.55c, with net asset value per share of 412c from 393c previously.
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