CEO Andrew Konig said the feat had been achieved through managing a "strategic group of higher-contributing‚ low risk assets while strengthening the company's market position through the redevelopment and expansion of core properties".
Fountainhead owns 46 investment properties and its portfolio is predominantly focused on retail assets located in SA's major metropolitan areas‚ including Centurion Mall‚ Boulders Shopping Centre and Benmore Gardens Shopping Centre. Fountainhead has a majority share (58%) in the N1 City Mall.
In the six months ended February 2015‚ the real estate investment trust (REIT) took transfer of acquired assets totaling R584m and approved redevelopment projects of R578m.
The company also disposed of 18 non-core properties to the value of R1.1bn while a further seven properties were sold for R264m‚ subject to conditions precedent‚ the largest of which was Brightwater Commons.
The trust declared an interim distribution of 30.60c‚ up 5.5% compared to the year-earlier period.
"We are pleased with the distribution growth achieved over the period. We have made significant progress in building a sustainable growth platform‚" said Konig.
"Particularly pleasing is that we have also significantly improved our cost margins and exposure to risk. We are well-placed to exploit new revenue opportunities beyond retail... In the interim‚ we will continue to focus on the management‚ growth and protection of the portfolio‚" he said.
In the run up to the company's results‚ the share has risen 34.87% in the last six months; and 10.45% in the past month.
At 10.40am‚ shares were hit by a bit of profit taking‚ dipping 1.15% to R10.30.
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