Distribution from Arrowhead Properties up 12.36%

14 Nov 2013

Arrowhead Properties has reported a total distribution of 113.01c per combined A and B unit for the year to September‚ representing 12.36% growth over the 100.58c per unit for the previous year.

The Fidelity Centre in Port Elizabeth is one of the properties in the Arrowhead Properties portfolio. Image: Arrowhead Properties

This is well above the 7% average growth achieved in the sector and the fund's forecast 10% distribution growth for the year.

The asset base grew by R723m to R3.1bn.

This marks Arrowhead's second year as a listed entity and the last as a property loan stock company. Arrowhead converted to a real estate investment trust (Reit) with effect from October.

"The distribution for the fourth quarter of the financial year was 29.33c and the company expected the next distribution to exceed the 30c threshold at which the A units start to participate in the growth in distributions‚" Arrowhead said.

The company owns a diverse portfolio of retail‚ commercial and industrial properties in secondary locations throughout SA.

The fund has grown its portfolio significantly over the last two years and has diligently adhered to its stated objective of making acquisitions that enhance distributions.

To further diversify their offering‚ Arrowhead recently concluded the purchase of a portfolio of residential properties servicing the affordable housing market. These properties are valued at R406m.

Source: I-Net Bridge

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