Office parks remain the biggest segment contributing 35% to the property portfolio and for 2015 its contribution to revenue, at 35% matched its size.
PEARL posted a set of financials largely showing a standstill position for the year ended 31 December 2015 when compared to 2014. Revenue slipped 3,53 percent to US$8,4 million, weighed in the main by declining occupancy levels and pressure on rentals especially for the retail segment (both CBD and Suburban) of the property portfolio. This was aggravated by property expenses which soared 19.62% to $1.13m on the back of increasing voids and the accompanying costs of maintaining vacant buildings. Net property income resultantly declined 2.73% to $8.4m translating to a rental yield of 7.05%, down from 7.50% for 2014. Pearl had revised downwards the value of its investment portfolio by 4.10% to $135.02m, which was however not enough shoring up rental yields.