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Fairvest Property's distribution per unit

20 Sep 2013

JSE-listed Fairvest Property Holdings on Thursday (19 September) confirmed that it had achieved its forecast distribution of 6c per linked unit for the year to June.

Fairvest Property's distribution per unit

The company said 2013 marked the start of the 'new' Fairvest with the transfer of 18 properties during the first quarter of the year‚ taking the property portfolio from 10 smaller assets to a portfolio of 28 assets valued at R770.3m.

Fairvest said its strategies were starting to crystallise.

During the year‚ the company raised R349m through new equity‚ and increased its market capitalisation from R107.2m to R503.7m. Its conversion to a real estate investment trust (Reit) was approved by the JSE with effect from July.

The company said its forecast distribution for the coming 12 months of 14.06c per linked unit remains achievable.

"We will continue to focus on growing the portfolio through strategic value-enhancing acquisitions‚ coupled with a focus on improving the quality of the portfolio through the purchase of larger centres that dominate in the area in which they are located.

"Growth in distributions will be delivered through the implementation of strong operational controls‚ tenant optimisation‚ rental escalations and a reduction in vacancies‚" Fairvest said.

Source: I-Net Bridge

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