JOHANNESBURG, March 14 (Reuters) – South African commercial real estate group Attacq (ATTJ.J) said on Tuesday that its half-year distributable income rose 27.3% on higher rental income, the settlement of Cell-C arrears and lower financing costs.
The company said that distributable earnings per share, the primary measure of underlying financial performance in the public real estate sector, increased to 35.9 cents for the six months ended December 31, from 28.2 cents a year earlier.
The group’s rental income rose 4% to 1.2 billion rand (US$65.77 million), mainly due to an increase in rental income from the transregional Mall of Africa. Like-for-like rental income increased by 7.2%.
Sales and foot counts from all retail centers continued to rise, with hospitality and apparel categories, which were hardest hit during the pandemic lockdown, posting a double-digit increase in sales, Attacq said.
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Despite ongoing power outages that have dampened demand from some retailers, the increased foot count had a positive impact on retail density, with weighted average annual retail density – sales per square meter – rising 14.7% for the entire portfolio.
($1 = 18.2425 rands)
($1 = 18.2462 rands)
Reporting by Nqobile Dludla; Edited by Kim Coghill
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