STRONG IN-HOUSE MANAGEMENT
Rental income growth boosts Sirius dividend
Sirius Real Estate, the JSE-listed owner of German flexible office space and storage assets, grew its dividend 32% in the year to March due to strong in-house management and rental income growth. The only pure German property play on the JSE has recently moved to the main board having grown quickly and attracted the interests of institutional investors during its time on AltX. Sirius declared a dividend of 2.92c per share for the year, compared with 2.22c in 2016. CEO Andrew Coombs said continued demand for flexible and conventional workspace "coupled with the ability to uncover value has led to a strong year with adjusted profit before tax up 54%". "Total income increased 23% to €68.8m compared with 2016’s €55.8m," Coombs said. Like-for-like annualised rental income increased 5.1% to €65.6m compared with €62.4m for the period to March 2016. There was a 34% increase in adjusted earnings per share to 4.25c from 3.16c. Chris Segar of Ivy Asset Management said Sirius had delivered "a p...
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