Delta sitting pretty with 80% rental collection for April and May so far this year

CAPE TOWN – Delta Property Fund said on Monday that its R10.6 billion portfolio proved defensive during the lockdown, with more than 80 percent of monthly rentals collected for April and May despite the country’s coronavirus (Covid-19) lockdown. The group said government departments led the way.

It said June collections were also tracking normally and that a further 10 percent was expected once sovereign tenants returned to work.

Chief executive Sandile Nomvete, said the group’s exposure to retail and non-government tenants represented only 9 percent of monthly billings.

Nomvete said the group was engaging with tenants requiring rental assistance.

In the year to end February, Delta’s distributable earnings plunged 38.1percent to 45.69 cents a share, due to economic headwinds, rising vacancies and the expected rebasing of government leases.