Rebosis distribution of 48.50c per linked unit

The real estate investment trust‚ Rebosis Property Fund reported a 9.0% rise in its distribution per linked unit to 48.5c for the six months ended February from 44.5c in the year-earlier period.

25 Apr 2014

Rebosis has increased its distribution for the first six months of this year. Image: 3D Mask Fotolia

Diluted headline earnings fell to 54.79c from 66.79c previously. An interim distribution of 48.50c per share linked unit was declared.

The fund said it had reached an occupancy level of 98% and increased its assets under management by 51% to R7.01bn through yield-enhancing strategic acquisitions delivered on distribution growth targets.

"Given our strong portfolio fundamentals of long-term leases with contractual escalations in the office sector combined with strong turnover growth in the retail sector‚ we remain confident about the performance of the fund. Demand for space is strong‚ vacancies are low and operating costs are well managed. The current retail expansion and tenant mix optimisations will further position the centres for exceptional growth in the future‚" the fund said.

Rebosis said despite a tougher economic environment‚ it forecasts distribution of between 97c and 99c per linked unit for the year ending August.

The property portfolio is valued at R6.592bn‚ an increase of R175.2m since August last. The portfolio has a total gross lettable area of 414‚398m,²‚ located in Gauteng‚ the Eastern Cape‚ KwaZulu-Natal and the North West.

Source: I-Net Bridge

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