Shares in Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF) were in positive territory following a trading statement on Monday from the property group that seemed to pass muster with the market.
Investment banks Panmure Gordon and Peel Hunt appeared suitably impressed, with the former stating Sirius 'has the levers to pull to drive results'.
Panmure reiterated its 'buy' advice and 120p a share price target, 5p more than the valuation set by Peel Hunt, which said its forecasts remained unchanged.
In afternoon trading, the stock was changing hands for 96p, up a penny on the day.
Earlier, Sirius, owner and operator of business and industrial parks in Germany and the UK, reported an 8.2% increase in its group rent roll for the financial year ending March 31.
This marks the tenth consecutive year of like-for-like rent roll growth exceeding 5%, demonstrating the company's resilience in challenging macroeconomic conditions.
The company’s effective management strategy has led to improved rates and occupancy across its properties, with rent roll growth of 7.2% on a like-for-like basis.
Sirius has maintained a strong cash collection rate above 98% over the past twelve months and anticipates that the full-year results will align with market expectations.