Delta Property Fund, which is mainly in the government leased office space, on Monday, reported a 7.1% rise in total distribution to 97.24c in year to end-February from a year-earlier period. Contractual rental income and property operating expenses increased by 32.1% and 44.1% respectively, largely influenced by the growth in the portfolio due to transfer of previous acquisitions. In 2015, the fund acquired a portfolio of properties from Redefine, which were transferred in 2016. Delta’s portfolio of R11.4bn consists of 112 properties with a total gross lettable area of 981,777m², which includes assets held-for-sale comprising 18 properties. In terms of the tenant breakdown by revenue, national government made up 41.1%, provincial government 19.8 %, state-owned enterprises around 10.5% and local government 5%. Delta forecast earnings to be flat in the 2018 financial year due to one-off lease adjustments being traded off for longer-term leases and the disposal of noncurrent assets he...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now