As part of its JSE listing requirements, residential-focused real estate investment trust (Reit) Indluplace announced earlier this month a divi- dend pay-out of 46c a share for the six-month period ending March 2016.
The company paid its dividends on a quarterly basis, which amounted to 22.93c a share for the quarter ending December 2015 and 23.07c a share for the quarter ending March 2016.
The value of its portfolio also increased by 29% to R2.2-billion.
Indluplace CEO Carel de Wit told Engineering News that, during the six-month reporting period, the company increased its unit count by 36% to 5 037 residential units.
During the reporting period, the Prime and Connaught portfolios were acquired for about R500-million, increasing the number of residential properties within the portfolio from 95 to 109.
The Connaught portfolio consists of nine high-rise buildings comprising
1 181 units in the inner city of Johannesburg. The Prime portfolio consists of three suburban townhouse complexes in Florida, Springs and Fourways comprising 166 units in total.
The company was also finalising the transfer of about 500 units to its portfolio, which is expected to be concluded next month.
De Wit noted that the company was on track to meet its 92.5c a share dividend pay-out by the end of September.
The expected dividend a share price was announced in Indluplace’s financial year statement for the year ended September 2015, which company FD Terry Kaplan highlighted was about 10.5% higher than the guidance provided at prelisting on the JSE.
At the end of March, the company’s vacancy rate was 6.2%, 3.2% down from the 9.4% vacancy rate it reported in September last year, including demolished units. However, De Wit noted that the average vacancy rate for the six-month period ending March this year was 3.2%, excluding demo- lished units.
He added that the company’s portfolio had delivered escalation rates of between 6% and 8%.