SA Corporate Real Estate grew its dividend 4.4% in the financial year to December, missing market expectations. The company had said about half a year ago that it expected to grow its dividend 6% for the full 2017 year. Total net property income increased 13.7%, with the like-for-like income increasing 5.7%. Retail NPI growth of 14.2% was underpinned by strong tenant retentions of 79.9%, weighted average lease escalations of 7.6%, positive reversions of 5.5% and reduction in vacancies, according to the group. The retail like-for-like (excluding developments) portfolio grew by 6.8% and if the growth generated from solar installations and green initiatives is included, this increases to 8.7%. The overall retail performance was further enhanced by proactive unlocking of value in the retail portfolio through redevelopments and improvements to tenant mix. Industrial like-for-like portfolio net property income growth of 5.9% was better than inflation, supported by 8% rental escalations an...
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