Our opinion on the current state of FTBPROPB(FTB)
Fairvest (FTB) is a real estate investment trust (REIT) specializing in investing in smaller rural and non-urban shopping centers that focus on consumers with a lower living standard measure (LSM). It has 131 properties valued at R11.8 billion, broken down as 67% retail, 23% office, and 10% industrial. It also owns 60.9% of Indluplace (ILU) and 5.1% of Dipula (DIB). The company boasts that it is the top-performing REIT in South Africa, with a return to investors of just under 18% for the year.
In its results for the six months to 31st March 2024, the company reported revenue up 4.9% and headline earnings per share (HEPS) up 5.3% for the "A" shares and down 6.9% for the "B" shares. The loan-to-value (LTV) was 32.6% and vacancies were 5.3%. The company said, "We anticipate net property income growth, on a like-for-like basis exceeding inflation and positive renewal reversion from all sectors for the full financial year."
Technically, the share was in a steady upward trend since April 2020 but has been moving sideways and upwards recently, especially since the latest results. Fairvest remains one of the better options in the property sector.
In its results for the six months to 31st March 2024, the company reported revenue up 4.9% and headline earnings per share (HEPS) up 5.3% for the "A" shares and down 6.9% for the "B" shares. The loan-to-value (LTV) was 32.6% and vacancies were 5.3%. The company said, "We anticipate net property income growth, on a like-for-like basis exceeding inflation and positive renewal reversion from all sectors for the full financial year."
Technically, the share was in a steady upward trend since April 2020 but has been moving sideways and upwards recently, especially since the latest results. Fairvest remains one of the better options in the property sector.
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