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Fountainhead's distribution drops 6.8%

10 May 2013

Fountainhead Property Trust's distribution dropped to 26.11c per unit for the six months to March‚ down 6.8% from the similar period last year.

"The reduction in distribution was mainly to due advisory costs in relation to the proposals to acquire the assets of the trust‚ the dilutive effect of the interest on expenses for the development of Blue Route Mall and short-term dilution on the purchase of 25% of Centurion Mall‚" Fountainhead said in a statement.

Total vacancy levels were 7.6% up from 5.6% a year ago.

The company expected the full year distribution to be lower based on its assessment of "difficult" trading conditions and a continuation of the factors that led the reduction its interim distribution.

Source: I-Net Bridge

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