Octodec Investments on Monday reported a 6.5% rise in total distribution to 201.5c per share in year to August from the year-earlier period.The company invests in the residential, retail, shopping centre, industrial and office property sectors. All its properties are situated in Gauteng.The property fund said rental income increased following a number of successful improvements to its properties, which attracted new tenants.Net rental income and net operating income increased by 6.8% and 7.6% respectively. The core portfolio, which represents the properties held for the previous comparable year with no major development activity, reflected rental income growth of 5.3%.Vacancies, including properties held for redevelopment, amounted to 15.6% of gross lettable area in the period under review from 15.1% a year earlier.The core vacancies, which exclude the gross lettable area relating to properties held for development and those currently being redeveloped, amounted to 9.8% from 9.1%.© ...
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