Its basic earnings per linked unit‚ however‚ have decreased from 7.65c to approximately 4.80c‚ mainly due to a smaller adjustment in the fair value of properties compared with the previous year.

“Current market conditions necessitated this more conservative approach‚” it said.

Total comprehensive income for the period is expected to decrease from a profit of R 47.9m to a profit of approximately R30.1m due to the smaller adjustment in property values.