The total portfolio value now exceeds R3 billion and comprises 26 investment properties with a value of R2.81 billion and four development properties with a combined value of R252 million. The company sees development continuing to enhance asset growth at rates exceeding a traditional investment approach.

Gross revenue increased by 18.1% for the half-year 2015 compared to the half-year 2014 as a result of rental escalations, the letting of vacant areas and rentals earned on newly acquired investment properties.

The ratio of property expenses to gross revenue increased to 24.8% for the half-year 2015 from 23.3% for the half-year 2014 due to an increase in scheduled maintenance that occurred on certain properties. Finance charges increased by 28% to R66.8 million from R52.2 million in the comparative half-year 2014, mainly due to the funding of investment properties acquired and the use of borrowings to fund development. 

During the period under review the Company took transfer of Pinewood Park, an investment property consisting of office space with a GLA of 1 997 square metres, at a cost of R35 million; the remaining undivided half share in The Modern, a development property, at a cost of R38 million; and 64 White Road,a mixed-use office and industrial property with a GLA of 18 222 square metres, at a cost of R124.5 million.

The Company also signed an agreement to acquire an investment property (comprising office space and retail with a GLA of 1 500 square metres) situated in Rivonia Road, Sandton in Gauteng, at a cost of R40.5 million. Transfer is expected around 1 May 2015.

Ingenuity sits with a loan to value ratio of 59% (2014: 57%) and an improved Vacancy ratio of 1.9%, from 2.5% in the 2014 comparative figures. Net property income, which comprises gross rental income less direct property expenses, has increased by 26% to R95.3 million (2014: R75.6 million) due mainly to the properties acquired during the period, a reduction in vacancy levels and rental escalations from existing leases.

At the reporting date the total value of investment properties increased to R2.81 billion (2014: R2.3 billion), whilst properties under development and land held for future development increased to R251.7 million (2014: R114.7 million) due to the acquisition and development of the Strand Street (R89.4 million) and Louis Gradner (R47.6 million) properties currently under development.

Net asset value per share (based on shares in issue net of total treasury shares) increased by 17.1% to 98 cents from 84 cents in the comparative period. The Company remains focused on its strategic drive to build a quality property portfolio underpinned by solid long-term cash flows. Management continues to seek value-creating investment opportunities and are in various stages of process to extract value from a substantial development  pipeline.