Fairvest beats inflation against with 8% distribution growth
However, the company is warning that its 2020 results could be hit by declining rental income
On Thursday, the real-estate investment trust reported 8.7% growth in like-for-like net property income for the six-months to end-June, but warned that due to tough economic conditions, it was unlikely to meet its historic full-year target of distribution growth of between 8% and 10% in 2020.
The company, which has a portfolio of 42 properties worth R3.16bn, saw its net asset value per share rise 0.7% to 229.38c per share during its first half. Revenue increased 21.1% to R490m.
Fairvest's share price rose 5.46% to R1.93 at 12pm on Thursday. This pared its 2019 loss to 11.47%, while the JSE's property index had fallen 4.78% over the same period.Read more: Business Day
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