Publications
Partners
Johannesburg – Property group Acucap [JSE:ACP] on Thursday reported headline earnings per linked unit of 229.91 cents for the year ended March 2010 compared with 223.64 cents a year ago.
Revenue for the year came in at R552.1m from R558.3m.
Profit for the year was R105.1m against a loss of R59.9m a year ago. The group declared a total distribution per linked unit of 259.26 cents, made up of the final 130.56 cents, and 128.70 cents declared in the interim results.
The group said tenant revenue across all its retail assets grew by 2.3% in nominal terms for the year to March 31 2010 compared to the previous year, and by 3.8% for the quarter under review compared to the same quarter last year.
"The upward trend is clear, although this result was dampened by temporary vacancies arising from a high level of redevelopment activity in
Acucap's retail portfolio," it said.
Acucap's high quality office portfolio performed well in the period under review, with the office vacancy rate remaining constant at around 2.5% and renewal rentals achieved coming in at just over 97% of budget, Acucap said.
Bad debts written off and tenant receivables impaired amounted to R3.5m, up from R1m in the prior year and R2.6m in 2008, as the effects of the recent recession remained evident throughout the year under review.
Smaller retail tenants in particular are likely to remain under pressure until the economic recovery is more firmly established.
Looking ahead, Acucap said the growth of the South African economy is expected to be subdued, with many tenants still facing difficult trading conditions. "Retail turnovers have shown a pleasing recovery, but rental growth is likely to remain under pressure as administered costs borne by tenants continue to increase at rates well in excess of the general rate of inflation," it said.
Distributions from Acucap's investment in Sycom will be influenced by the demand for office space in Sycom's portfolio, where relatively high
office vacancies persist.
- I-Net Bridge
Revenue for the year came in at R552.1m from R558.3m.
Profit for the year was R105.1m against a loss of R59.9m a year ago. The group declared a total distribution per linked unit of 259.26 cents, made up of the final 130.56 cents, and 128.70 cents declared in the interim results.
The group said tenant revenue across all its retail assets grew by 2.3% in nominal terms for the year to March 31 2010 compared to the previous year, and by 3.8% for the quarter under review compared to the same quarter last year.
"The upward trend is clear, although this result was dampened by temporary vacancies arising from a high level of redevelopment activity in
Acucap's retail portfolio," it said.
Acucap's high quality office portfolio performed well in the period under review, with the office vacancy rate remaining constant at around 2.5% and renewal rentals achieved coming in at just over 97% of budget, Acucap said.
Bad debts written off and tenant receivables impaired amounted to R3.5m, up from R1m in the prior year and R2.6m in 2008, as the effects of the recent recession remained evident throughout the year under review.
Smaller retail tenants in particular are likely to remain under pressure until the economic recovery is more firmly established.
Looking ahead, Acucap said the growth of the South African economy is expected to be subdued, with many tenants still facing difficult trading conditions. "Retail turnovers have shown a pleasing recovery, but rental growth is likely to remain under pressure as administered costs borne by tenants continue to increase at rates well in excess of the general rate of inflation," it said.
Distributions from Acucap's investment in Sycom will be influenced by the demand for office space in Sycom's portfolio, where relatively high
office vacancies persist.
- I-Net Bridge
