LISTED PROPERTY
Resilient lives up to its name with growth during recession
Resilient Reit’s strategy of owning a diverse range of shopping centres in SA and interests in several offshore groups is paying off, with the company continuing to outdo its peers. Resilient grew its dividend 16.1% in the 2017 financial year to June, making it one of only a few listed property stocks to declare double-digit growth in distributions this results season. Resilient benefited from attractive currency rates previously locked onto its offshore dividend income from its holdings in Greenbay Properties, Hammerson, New Europe Property Investments and Rockcastle Global Real Estate. The relatively small Nigerian portfolio disappointed. The group said SA’s recession had affected retail sales at its centres which, on a comparable basis, rose 5.1% from 7.7% a year ago. But the Northern Cape, where retail sales declined 4.9% in the previous financial year and 0.3% during the interim period, grew 3.5% for the full financial year on improvements in volumes and the prices of mineral c...
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