The company's occupancy factor as at 31 December 2006 remained high at 97.29% (97.5%). In addition, Pangbourne has strengthened its lease expiry profile, extending the majority of leases to expire over 3 to 5 years. Since 30 June 2006 there has been a 4% increase in the overall valuation of the property portfolio. Pangbourne has delivered a total return of 24% to combined unit holders, for the six months ended 31 December 2006. The company declared a 10.6% increase in its interim distribution to 52.00c per combined unit, thereby demonstrating the continuing improvement in the growth of distributions. The unit price increased from R12.00 as at 30 June 2006 to R14.35 as at 31 December 2006.
Prospects
Despite the increases in interest rates in recent months the commercial property market remains buoyant. Provided this trend continues, growth in distributions is targeted to be maintained at the same level for the second half of the year.
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