Delta Property Fund (“Delta” or “the Fund”) today reported solid results for the financial year ended 29 February 2016.
Distribution growth of 90.79 cents per share was declared for the year under review period, up 8% on the prior financial year and in line with the Group’s growth forecast.
Delta CEO, Sandile Nomvete commented:
“These results are indicative of our focus on doing the basics right. In line with our strategy, we reduced Delta’s loan-to-value ratio from 47.2% in the prior year to 42.3% post the Redefine transaction, and we’ll gradually reduce debt levels to within a 40% range relative to income producing assets”.
“Our strategy to dispose of non-core assets further supports our focus on reducing gearing and has gained momentum over the review period with sales totaling R658 million concluded, of which R107 million transferred and R551 million are under sale agreement”.
“We expect that the balance of non-core disposals will happen in the current financial year with a number of transactions close to finalization.”