FAIRVEST, which specialises in shopping centres near taxi ranks and in rural areas, has increased its total distribution by 10.29% to 16.660c per share in the year to June.This was at the top end of its recent guidance.Revenue jumped 48.9% to R279.7m as a result of income growth in the historic portfolio as well as acquisitions during the year.Fairvest property portfolio consists of 39 properties, with 185,937m² of lettable area and valued at R1.92bn.Net profit from property operations was up 44.3% to R176.3m, while corporate administration expenses increased 37.4% to R16.7m, resulting in distributable earnings increasing 28.8% to R109.7m.Vacancies reduced from 4.4% to 3.8% during the year under review, mainly as a result of some positive letting at Qualbert Centre, Richmond Shopping Centre and South African Social Security Agency House.The property group aims to achieve distribution growth of between 9% and 10% for the 2017 financial year."This view assumes no material deterioratio...
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