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Dipula H1 distribution up 6.8%

28 May 2015

Dipula Income Fund on Wednesday said it had achieved an increase in distributable earnings of 33.2% for the interim period to February 2015, translating into a 6.8% growth in distributions per combined A- and B-linked unit over the preceding period...

Dipula is a real estate investment trust (REIT), which owns a diversified R5.7-billion property portfolio, comprising retail, office and industrial properties.

The distribution attributable to the A-linked units was up 45.940 cents per unit from 43.752 cents per unit previously, while the distribution attributable to the B-linked units rose to 35.346 cents per unit from 32.338 cents per unit.

Vacancies relative to the August 2014 year-end increased marginally to 9.6%.

Office vacancies decreased by 25.4% to 14.1% from 18.8% and industrial vacancies reduced by 11.5% to 4% (31 August 2014: 5%), while retail vacancies increased to 10% (31 August 2014: 7%) mainly due to Ellerines vacating several of Dipula's properties following their business rescue proceedings.

Dipula has commitments for property acquisitions of R754-million, which will be funded by a combination of debt and equity.

As at August 2014, the all-in blended rate of the group's debt was 8.51%. Currently the all-in rate is 8.57%. The company has total debt facilities of R2.2-billion, with R1.9-billion utilised to date.

On 8 December 2014, Dipula issued 18.67-million A-linked units at R9.59 per unit and 18.67-million B-linked units at a price of R7.47 per unit to Redefine as part of the acquisition of R425-million worth of properties.

The units were immediately placed with institutional investors.

On 13 February, Dipula successfully raised R400 million in terms of an accelerated bookbuild. The purpose of the private placement was to fund previously announced acquisitions.

Source: INET BFA

Source: I-Net Bridge

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