Higher vacancies hit Texton’s headline earnings
Texton has been unable to replace office tenants at the same rate at which offices have become vacant
The headline earnings of the Texton Property Fund more than halved in its 2022 year while vacancies jumped, as Transnet did not renew one of its major leases and other tenants reduced their office space, the company said on Friday in its annual results.
Headline earnings, a widely used measure of profit that strips out impairments and one-off items, fell by 59.4% to R103.7m, the real-estate investment trust (Reit) said in the results to end-June, while vacancies in its core SA portfolio increased 11.8 percentage points to 22.3%...
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