Fourways Mall owner takes earnings hit as expenses jump

Fourways Mall owner Accelerate Property Fund said on Monday that while it managed to grow revenue and cut vacancies in its six months to end-September, its earnings still slumped amid extra municipal charges and the costs of load shedding.

Revenue improved by 5% to about R470 million, but distributable earnings fell about three quarters to R27 million, the group reported. Finance charges rose more than a fifth to about R232 million amid higher interest rates, while operating expenses jumped 70%.

Vacancies fell to 17.7% from 19.9%, with the company reporting that while it benefited from improved post-Covid-19 retail trends, office assets remain under pressure, with many companies still pursuing hybrid work models.