iFour delivers below-average earnings growth
2006-02-23
LISTED property company iFour Properties yesterday announced a 6% growth in distributions to unitholders. Its payout rose from 39c to 41,5c per linked unit for the six months to end-December.
The group also said total return of 50% to unitholders for the 12-month period to December 2005 consisted of a capital return of 39% and an income return of 11%.
Occupancy levels increased from 94,8% at June 30 2005 to 96,7% at December 31 2005, which has contributed to the increase in the distributable earnings. “High occupancies level is expected to continue to the end of the financial year,” the group said.
The property portfolio increased in value from R1,9bn at June 2005 to R2,2bn in December.
Angelique de Rauville, MD of Investec Listed Property Investments, said the 6% earnings growth was the lowest “we have seen in 2006”.
“We expect management to deliver better earnings growth, given the group’s quality portfolio of A and B grade properties,” said De Rauville.
On prospects, the group said present occupancy levels are expected to be maintained. The positive outlook for the economy should enable iFour to continue to expand.
Source: Moneyweb - www.moneyweb.co.za
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