Industrials Reit reports higher passing rent despite economic downturn
Strong tenant demand helped to deliver 4.8% like-for-like growth over 12 months in passing rent
28 April 2023 - 11:21
UK-based Industrials Reit, which owns multilet industrial (MLI) properties providing work spaces for small- and medium-sized businesses, reported passing rent growth despite a lower occupancy rate.
The company, valued at R11.3bn on the JSE, said in its final quarterly trading update for its 2023 year to end-March that strong tenant demand helped to deliver 4.8% like-for-like growth over 12 months in passing rent — rental income from current leases — while the occupancy rate decreased 1.5 percentage points year on year to 92.3%...
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