Heriot upbeat about prospects after upping distribtion 10%
Diversified property group Heriot Reit said on Thursday that it is confident it will manage distribution growth of between 6% and 8% in the year to end-June 2020, despite tough operating conditions in its sector.
The group, which has a portfolio of R4.59bn, upped its distribution 10.4% to 80.87c per share in the year to end-June 2019. However, it had changed its reporting period from the end of May, meaning the results were not directly comparable.
The company’s net asset value per share declined 0.2% to R115 during the period, while net profit after tax fell 58% to R213.92.
“Heriot remains committed to its strategy of acquiring high-quality properties, and redeveloping existing properties, to add value both in terms of capital growth and rental appreciation,” the statement read.
The little-traded share was unchanged at R11 on Thursday, giving the company a market capitalisation of R2.8bn.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.