Rebosis FY distribution up 7.6% to 92c per unit

Rebosis Property Fund (REB) on Wednesday declared a 7.6% rise in total distribution to 92c per unit in the year to August compared with the previous year.

Escalated rentals‚ the gearing effect and operating cost efficiencies were the main contributors to the growth in distribution.

Rental income increased by 26.2% to R522.8m‚ with a dominant contribution of 54% from the retail portfolio. Operating efficiencies resulted in an improvement in the net operating cost ratio from 13.5% in 2012 to 12.5% in the year under review.

CEO Sisa Ngebulana said: “The past year saw us continue to evolve and differentiate ourselves within the sector as a specialist high-growth property fund.”

The Rebosis portfolio consists of 14 properties valued at R5.28bn‚ including Hemingways Mall‚ the largest retail centre in East London.

The fund’s target distribution range for the year ending August 2014 is expected to be between 97c and 99c per linked unit.

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