Income decreased by 0.50% to R539.5 million (R542.2 million) while headline earnings per unit remained stable at 38.4c. The net asset value is 24.9% higher than that of the previous year. The market rating of the property portfolio in terms of the anticipated forward earnings yield has improved from 9.5% to 8.7% over the past year. By value, the vacancies equated to 7% of potential rental income compared with 5% at half year.
Distribution
A distribution of 19.7c per unit was declared for the six months ended 30 September 2006.
Prospects
The board anticipates that distributions per unit for the year ending 30 September 2007 will increase between 8% and 12% compared with the year ended 30 September 2006.
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