Indluplace posts lower interim revenue, profit, despite improved letting activity
JSE-listed real estate investment trust (Reit) Indluplace has reported a 4% year-on-year decrease in revenue and a 7% year-on-year decrease in operating profit for the six months ended March 31.
The Reit owns a portfolio of 9 220 residential units and 15 549 m2 of associated retail space. The portfolio is valued at about R3.5-billion, with most of the properties located in Gauteng.
The company told shareholders on March 18 that the residential letting environment remained highly competitive. However, it had seen a substantial improvement in letting activity since January, calling it “a welcome sign following the difficult end to 2021”.
Indluplace said it had ended the period under review with the best occupancy rate it had seen since July 2020, and that it anticipated further improvements in the second half of the financial year.
However, the “disappointing” performance of the company’s student portfolio and the high cost of council charges negatively impacted on the overall results, the company said.
Indluplace also noted that it had successfully completed the internalisation of its property management function, which was previously outsourced to various property management companies. The company now directly employs more than 280 people who provide all the services required to efficiently manage a large portfolio, housing 25 000 people.
The staff complement includes those located at various buildings in the portfolio as well as head office staff, ensuring that tenants are provided with good service, and that buildings are clean and well maintained.
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