Net income from rentals and investments were R18.3 million from R17.7 million a year earlier.

Operating profit came in at R18.4 million compared with R17.2 million.

Oasis said in a weak economic environment the fundamentals of South African property companies remained strong due to industry debt levels remaining conservative. Low levels of new development will limit the supply of lettable property, it said.

"As economic growth boost demand, we envisage industry-wide vacancy to reduce and support higher rentals," it said.

The fund said it was well positioned to take advantage of the improved conditions, with a fully let industrial and office portfolio that comprised 28% and 12% of total assets respectively. The retail portfolio comprised 32% of total assets.

"The focus of management is to improve the tenant mix by attracting further national tenants through the consolidation of existing space. Changing demographic and shopping trends have supported efforts to increase retail trading hours to align with peak footfall.

"We are pleased to note that, as a result, the operating and trading environments are showing continued improvement, with positive growth in retail trading density and a 4% growth in footfall over the comparable period."

The Fund said it had cash and short-term investments amounting to R29.3 million, which enables it to take advantage of investment opportunities.

"Improving demand, together with supply constraints and the lack of major new developments within the footprint of the Fund's portfolio, provide a positive outlook for rental growth," it said.