Increase in Indluplace’s portfolio skews comparison with matching period
INDLUPLACE Properties, the residential-focused real estate investment trust (Reit) unbundled from Arrowhead last year, will pay a 46c dividend for the six months to end-March.Rental revenue of R160.7m was nearly four times the matching period’s R41.5m.Aftertax profit mushroomed to R107m from the matching period’s R3.1m."Given the substantial increase in the property portfolio, comparisons to the prior period may not be meaningful," Wednesday’s interim results statement said.At the end of March, Indluplace owned 5,037 residential units, three times more than the 1,659 units it owned the previous year.Indluplace aimed to raise the bar "in a sector often characterised by poor and even abusive management practices", CEO Carel de Wit said."Indluplace is positioned to assist in overcoming the shortage of rental housing in SA by providing an exit for developers and owners of residential stock or portfolios who will reinvest the capital in additional stock."
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