- Net property income increased to US$1.27 million
- Highland Park Phase 2 is expected to open prior to the busy Christmas season
- Net asset value of US$22.5 million was archived
Harare- Tigere Property Fund, a real estate firm, has reported a total of US$1.27 million in net property income for the nine months ended 30 September 2023 according to the company’s latest trading update.
The REIT experienced a significant rise in total comprehensive income, reaching US$804,899 with improvement in occupancy levels, which reached 100%, and an increase in the rent per square meter, which rose to US$17.75.
The net asset value (NAV) of the company surged to US$22.5 million. This indicates that the value of the company's assets exceeded its liabilities, reflecting positive growth and financial strength.
The company said Chinamano Corner and Highland Park Phase 1 have maintained their exceptional performance during the quarter as these highly sought-after real estate assets have consistently maintained full occupancy and have experienced an increase in customer footfall.
In response to robust tenant demand, the company has taken steps to convert certain unutilized spaces into additional rentable areas. This strategic decision is expected to generate additional rental income and contribute to the overall growth of the company.
Highland Park Phase 2 is expected to open prior to the busy Christmas season. This new phase is anticipated to enhance the turnover of existing tenants by attracting increased activity and foot traffic in the area.
It is important to note that Tigere REIT holds a pre-emptive right to acquire Highland Park Phase 2 upon its completion. This represents a significant opportunity for Tigere REIT to expand its portfolio and capitalize on the promising potential of this new development.
As a result, the REIT has announced the declaration of an interim dividend for the quarter. The dividend amounts to USD 261,740 and is composed of USD 235,225 (equivalent to 0.0327 United States cents per unit) and ZWL 140,525,792 (equivalent to 19.5358 Zimbabwe cents per unit). Based on its projected net income for the final quarter, the REIT expects sustained growth in distributions to its unitholders.
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